Property Valuation
A West Virginia appraiser is asked to estimate the value of a 100-year-old historic building in downtown Charleston. Which approach to value would be least appropriate?
AIncome approach
BSales comparison approach
CCost approach✓ Correct
DGross rent multiplier approach
Explanation
The cost approach is least reliable for very old buildings because accurately estimating depreciation on a 100-year-old structure is extremely difficult. The income or sales comparison approach would typically be more reliable for such properties.
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