A subject property built 5 years ago is located in a new suburb or a large city. The property is 3 bedroom, 2 baths, living room, den, large kitchen, and a two car garage. The residence is 1,800 square feet of air-conditioned space. The quality of construction appears to be average for the area. Assume the lot of the subject property is worth $13,000 without the improvement. Air-conditioned space costs $36 per square foot to build, and it would cost $3700 to build a similar two car garage. The estimated useful life of the property is 60 years, and depreciation is taken on a straight line basis. *Use the cost approach to appraise the value of the home.*

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