You are retained to appraise single family residential property. You have inspected the subject property and made the following notes Subject property. Subject property is a 20 years old 1 500 square feet bungalow with full unfinished basement. It has an attached garage that is 250 square feet and no patio. It is built on the 40' x 100' lot in the neighborhood known as Fruitland Landscaping is considered to be average for this neighborhood. You have estimated effective age of the subject 15 year. market suggested economic life of this type of house is 60 years. Replacement cost new is estimated at $160 per square foot of the house and $50 per square foot of the garage. Vacant residential lots are sold on per front foot basis at $3,000 per front foot. after the inspection you have researched multiple Listing Services database and found 9 sales You have made the following notes.