David is looking to purchase an old church building. He hires an appraiser to help determine the market value of the property. Why would the appraiser most likely value the property using the cost approach?

• The church building will most likely have income, which when a capitalization rate is applied will help determine the market value.
• A church building will have at least three comparable properties to use to help determine the market value.
• The income capitalization approach should be used rather than the cost approach.
• A church is a specialty building that will most likely not have any comparable properties. It is also not an income producing property, so the best method would be the cost approach.