At what point do we stretch the idea of a sales comparison approach so far that it is no longer the most reliable indicator of market value? I just completed an assignment to appraise a duplex. As with most work I have these days, it is either the biggest, smallest, best, least, weirdest. I had 2 closed sales within a 10 mile radius or semi similar, almost not comparable properties within 6 months. The best comp was from 7/08. Using all multi-families, the market indicated an 8% decline since the 7/08 sale. Interestingly enough, when that discount was applied, it brought the sales price inline with the other closed and actives. 14 listings within the subject's price range either cancelled or expired in the last 6 months. Lower price units are still selling. The borrower bought the duplex 10/08 for $370,000, it was not listed. They already own another duplex in the development. I came in at $345. As luck would have it, the income and cost approach came in line around the $345,000, not exact, but in support of. It got me to thinking...with income properties, we have the income approach which I think is a good approach and a good check as most investors weigh that pretty heavily, If this had been a single family, I am not sure that I could have given the sales comparison approach much validity. Then what...put most weight on the cost approach? Does there come a point when none of the approaches provide a credible result? Or is it credible, because we have applied all of the approved methodology in the correct fashion. I remember in one of Hagar's classes, he was talking about a different way to quantify view quality. Not really an accepted methodology, but the only one available. At the beginning of this downward cycle, I had an elder tell me " If you can make it through a down cycle...then you can call yourself an appraiser." At the time I did not fully understand what she was talking about...I am begining to! Anyhow, my weekly rambling. Time for some single malt. Have a good week all. I am off to Denver on Friday to see my brother. It looks like the weather will improve.