Property Valuation
Which Mississippi property would require the appraiser to rely most heavily on the cost approach due to a lack of comparable sales?
AA standard three-bedroom ranch house in a suburban neighborhood
BA newly built fire station with specialized construction✓ Correct
CA duplex in a college town
DA downtown condominium
Explanation
Special-purpose properties—such as fire stations, churches, schools, and government buildings—have very limited comparable sales and no income stream to capitalize. The cost approach is the most appropriate method.
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