Problem 7-3 You are trying to estimate the value of a property that you are interested in buying. The subject property is located at 322 Rock Creek Road in a new suburb of a large metropolitan area. The property is like many others in the area, with three bedrooms, two baths, a living room, a den, a large kitchen, and a two-car garage. The residence has about 1,800 square feet of air-conditioned space and is of traditional design. The property is located on an interior lot with no potential flooding problems. The quality of construction appears to be about average for the market area. The property being purchased was built within the past two years. Three properties have been chosen as comparables and they also were constructed within the past two years. Comparable properties in the area have the following characteristics: Address Sale price Time of sale Design Comparable I 123 Clay Street $ 85,000 6 months ago Modern 2-car garage Comparable II 301 Cherry Lane $ 79,000 7 months ago Traditional 2-car carport Interior lot Comparable 111 119 Avenue X $75,000 13 months ago Traditional 1-car garage Interior lot Good Parking Location Corner loti Drainage Good Below average Bedrooms Four Three Two Baths Two Two Two Construction Average Average Below average