You are asked to estimate the value of a 3 bedroom, 2 bathroom house by the sales comparison approach. You have identified two houses that have recently sold in the area. One of these houses has 4 bedrooms and 2 bathrooms and sold for $215,000. The other has 4 bedrooms and 3 bathrooms and sold for $220,000. Your research reveals that an additional bedroom adds $15,000 to the value of a house in this market and that an additional bathroom adds $5,000 to the value of house in this market. Calculate the indicated value of the subject property.

SubjectComp 1Comp 2

Value $215,000 $220,000

Bedrooms3 (15,000) (15,000)

Adjustment for bedrooms $200,000 $205,000

Adjusted value $200,000 $205,000

Baths2 0 5,000

Adjustment for bath rooms $200,000 $210,000

Adjusted value $200,000 $210,000

Value of subject: