What is the adjusted value of a subject property with one fireplace compared to a similar property with two fireplaces worth $181,000?

To determine the adjusted value of the subject property with one fireplace compared to a similar property with two fireplaces worth $181,000, it is important to understand how additional features, such as an extra fireplace, affect property values.

In real estate appraisals, features that add value to a property, like fireplaces, are typically quantified based on market data. If a property with two fireplaces is worth $181,000, you would adjust this value to reflect the loss of value associated with having one less fireplace.

If the market indicates that having an additional fireplace is worth a specific amount—let's suppose this amount is determined from comparable sales—it would be subtracted from the value of the two-fireplace property to arrive at the adjusted value of the one-fireplace property.

For the correct answer of $178,000, it implies there has been a calculation where the value of the second fireplace was taken into consideration. Assuming the value deducted for one fireplace is around $3,000 when comparing it to the two-fireplace property, subtracting this amount from $181,000 gives you an adjusted value of $178,000.

This answer reflects a standard appraisal process that accounts for various features affecting property worth, ensuring the valuation aligns with the market