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Mid—Continent Resources <br /> July 15, 1986 <br /> Page — 6 — <br /> RECONCILIATION AND CONCLUSIONS <br /> The cost approach continues to be given the most weight in making the final <br /> estimate of value. <br /> Three revised estimates of value have been developed. These are as follows: <br /> Cost Approach $815,903 <br /> Market Approach $795,600 <br /> Income Approach $787, 138 <br /> The total property value conclusion remains at $800,000. <br /> Mathematical calculations are useful and necessary in guiding thought <br /> processes into structured and disciplined conclusions. However, in the final <br /> analysis , estimating value is a matter of judgement. <br /> REVISED FINAL ESTIMATE OF VALUE <br /> JULY 15, 1986 <br /> Land $525,000 <br /> Improvements $275,000 <br /> Total Property Value $800,000 <br /> Applegate & Co. Real Estate Appraiser <br />