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Functional Obsolescence: <br /> Against the comparable sales used in this report, the improvements suffer from functional <br /> obsolescence due to the specialty nature of the improvements. <br /> To support the functional obsolescence adjustment the following sales are identified. The data <br /> sheets are on page 51. <br /> Location Use Size Year Const. Functional <br /> SF Built Class Obsolescence <br /> 11890 SR 23 Church 3,680 1971/2007 D 30.8% <br /> 7121 Grape Road School 14,494 1991 D 34.8% <br /> Liberty Christian Center Church 28,652 1980/1988 C 38.0% <br /> City Church of the Brthern Church 24,260 10/50/65 C 39.0% <br /> 25416 CR 6 School 99,591 1974 C 40.0% <br /> Elkhart Baptist Church 58,337 57/63/71/74 C 41.8% <br /> 702 Williams School 24,080 1952/1983 C 46.0% <br /> 1000 West Hively Street School 20,283 1968 C 46.0% <br /> The subject property likely falls at the low end of the range due to its physical condition. The <br /> functional obsolescence is estimated at 28%of replacement costs. <br /> Site Improvements: Depreciated$15,000 <br /> COST APPROAH SUMMARY <br /> Replacement Costs _ $1,696,510 <br /> Entrepreneurial I ncent. _ $101,791 <br /> Less: Physical Depreciation -$1,265,613 <br /> Less: Functional Obsolescence -$503,524 <br /> Site Improvements $15,000 <br /> Site Value $106,000 <br /> Value By Cost Approach $150,164 <br /> Rounded $150,000 <br /> INDICATED MARKET VALUE BY COST APPROACH <br /> $150,000 <br /> 29 <br />