Property considerations

When evaluating an existing asset, always look at replacement cost.
If you’re ever looking at buying an existing asset, you always want to look at what it costs to replace it with something new. Because if it is more attractive, then you don’t want to buy something used.
The second thing about property considerations is you want to look at all the relevant attributes, so things like the square footage, the lot size, number of rooms and barfs, ceiling height, parking, curb appeal, essentially anything that is unique or that is different from what the property’s in the market you’re comparing it against.
The idea is to identify what are the most relevant attributes of the property and then look at it in terms of how it compares to the competitive or similar assets in the market.