EXERCISE 11-6 The property you are asked to appraise is a ten-year-old, one-story, single-family dwelling with 1,900 square feet of living area. Given the following data, estimate reproduction cost, cost per square foot of living area, accrued depreciation, and total property value using the cost approach. Cost data Direct costs (including labor, materials, equipment, and subcontractors' fees): Indirect costs (including profit and overhead, architect's fees, survey, legal fees, permits, licenses, insurance, taxes, financing charges, and selling expenses): Depreciation data $98,500 $26,500 Physical deterioration Curable physical deterioration (deferred maintenance): Incurable physical deterioration-short-lived items: Incurable physical deterioration-long-lived items: Observed effective age (after curing physical curable and physical incurable short-lived items and curable functional obsolescence): Estimated economic life expectancy: Functional obsolescence Curable functional obsolescence: Incurable functional obsolescence: External obsolescence (location too close to highway; estimated by the sales comparison method): Site value Estimated value of site by sales comparison approach: Check your answers against those in the answer key at the back of the book. $5,250 $12,250 5 years 50 years none none $9,000 $40,000