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, 6 ill <br /> REPLACEMENT COST ANALYSIS I�I <br /> . The cost approach to value adds the depreciated reproduction I <br /> cost of the improvements to the value of the vacant land, I <br /> this a roach is based on the ro osition that an informed I <br /> PP <br /> P P <br /> urchaser should a n m r h n � <br /> 0 o e t a the cost of roducin a <br /> P P Y P 9 <br /> substitute property with like utility and with no undue ', <br /> costly delays. ' <br /> This approach is best when land value is well supported, ' <br /> improvements are new, well conceived, well built and the �, <br /> highest and best use of the property. The cost estimate that ', <br /> is used in this approach is from several cost manuals and ', <br /> local construction cost estimates. ' <br /> Subject property is considered as unimproved, therefore the I, <br /> replacement cost approach will not be used. ', <br /> II <br />