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Usually the appraisal is based primarily on sq ft of living area and sq ft of land area using $/sq ft figures for similar properties in the area.

Sometimes they will add something for extras like garage, swimming pool, etc., and you would think they would deduct the cost of obvious repairs such as worn out carpeting.

Of course an older home that might require major renovation including plumbing, heating, electrical, as well as roof, kitchen and bathroom remodeling could be regarded a fixer upper. Then bottom line is land value less cost of removal with allowance for any salables.
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