1. You are appraising a brick house that is 15 years old. It is a foreclosure and has been poorly cared for. It is 15 years old and has an estimated effective age is 24 years. The economic life on brick houses is 45 years. The house has 4 bedrooms and 3,000 square feet sitting on a 3-acre lot. Lots in this neighborhood sell for $22,000 per acre and it costs approximately $210 per foot to build brick houses in this market. What is the value via the cost approach given the information available?

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