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THE COST APPROACH <br /> LAND <br /> The land value is estimated based on sales of unimproved sites <br /> in the subject community and surrounding communities. Consider- <br /> ation is given to the absence of public sanitary sewer value. <br /> IMPROVEMENTS <br /> The repalcement value is shown with the property in asis condition <br /> and no consideration is made for incurable factors in the property . <br /> RESIDENCE ` <br /> 1400 SF @ 47 PSF $ 659800 <br /> FIREPLACES @ each <br /> CENTRAL AIR CONDITIONING <br /> PATIOS , DECKS & PORCHES <br /> GARAGE <br /> TOTAL REPLACEMENT COST NEW $ 657800 <br /> DEPRECIATION <br /> PHYSICAL 25% $ 16,450 <br /> FUNCTIONAL <br /> ECONIMIC <br /> TOTAL DEPRECIATION FROM ALL CAUSES ($ 16 ,450) <br /> NET REPLACEMENT VALUE OF IMPROVEMENTS $ 499350 <br /> SITE IMPROVEMENTS $ 2 ,000 <br /> SITE VALUE $ 15 ,000 <br /> REPLACEMENT VALUE BY THE COST APPROACH $ 66 ,350 <br />