You have been asked to appraise an income$-$producing property in a rural area where it is difficult to substantiate either building or land values. You have obtained the following income and sales price data on comparable properties:

$\backslash$table$[[,$Net Operating Income,Sales Price,$],[$Property $1,$$$15,000,16,400,],[$Property $2,20,000,100,700,],[$Property $3,12,500,140,600,],[$Property $4,18,000,,],[$Subject$,16,000,,]]$

Because all these properties are highly comparable, you feel that an average cap rate will probably be applicable to the subject. What is your estimate of value for the subject property?