Valuation method estimates current construction cost, deducts depreciation, adds land value. Used for unique properties when comparables unavailable. This is:
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Replacement Cost Approach
Reproduction Cost Approach
The Reproduction Cost Approach would require exact duplication of the original construction with identical materials and design, not modern equivalents as described in the question.
Market Data Approach
The Market Data Approach relies on comparing the subject property to recently sold similar properties, not estimating construction costs and adding land value.
Income Approach
The Income Approach values property based on its income-generating potential through capitalization of net operating income, not construction cost estimation.
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