You have been asked to use the sales comparison approach to determine the market value of a single-family residence that is in a high crime area. The house has 2 bathrooms and a pool. To perform your analysis you have obtained the following comparables:
Comparable 1: Located in a low crime area with 2 bathrooms and no pool. Recently sold for $170,000.
Comparable 2: Located in a low crime area with 3 bathrooms and no pool. Recently sold for $185,000.
Comparable 3: Located in a high crime area with 3 bathrooms and no pool. Recently sold for $135,000.
Comparable 4: Located in a low crime area with 2 bathrooms and a pool. Recently sold for $180,000.
What is the value of the subject property?
a. $120,000b. $130,000c. $135,000d. $140,000e. None of the above (show work)
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