Question 1 Sales Comparison Approach Subject Elements of Comparison Sale price of comparable Comp Sale 1 $169,900 Comp Sale 2 $167,200 Comp Sale 3 $157,100 Transaction characteristics Property rights conveyed Financing terms Conditions of sale Expenditures immed, after purchase Market conditions Fee simple Conventional Arm's length Same Same Same None This month Same Same Same None 3 mos. ago Same Same Same None Today 4 mos. ago Parkway Estates Same Same Same 0.50 acres Siding/brick 0.45 acres Siding 0.48 acres Brick 6 years 10 years 15 years Property characteristics Location Physical characteristics Site/lot size Construction quality Effective age Living area Number of baths Garage spaces Porch, patio, deck Fence, pool, etc. Economic characteristics Use Nonrealty components 0.50 acres Siding 3 years 1,960 sq. ft. 2.5 baths 2-car None None N.A. Single-family None 2,060 sq. ft. 2.5 baths 2-car None None N.A. Same None 2,077 sq. ft. 2.5 baths 2-car None Pool N.A. Same None 1,818 sq. ft. 3.0 baths 2-car 200 sq. ft. Pool N.A. Same None Subject Comp 1 Comp 2 Comp 3 Elements of Comparison Sales price of comp $ 200,000 $ 195,000 210,000 $ $ $ $ Transaction Adjustments Adj for property rights Adj for financing terms Adj for conditions of sale Adj for expenditures after sale Adj for market conditions Total Transaction Adjustments Fee Simple Conventional Arm's Length None Today $ $ $ $ $ $ Parkway Estate $ $ $ .50 acres Siding/good $ $ $ Property Adjustments Location Physical Characteristics: Site Construction Quality Effective Age Living Area Baths Porch, patio, deck Fence, pool, etc. Total Property Adjustments 3 years $ $ $ 1960 sq. ft. 2.5 None $ $ None Final Adjusted Sales Price Assumptions Market Conditions Lot price Siding Brick Front/Siding All Brick Depreciation Living Area Porch/Patio Pool $ $ $ $ $ $ $ $ $ 0.50% month increase 150,000 per acre - adjustment 2,500 adjustment 3,500 adjustment 1,500 year 50 sq. ft. 15 sq. ft. 10,000 5,000 Bath