External depreciation in the cost approach

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It is 5am and I just thought of a question that bother me:

If the subject was located in bad location, I will put a (positive) value for the "external depreciation" in the cost approach.
But what if the subject was located in good location? Would you put a (negative) value for the "external depreciation" in the cost approach?

This appears to have been appropriatly covered, but in simplest terms; External Obsolescence applies ONLY to the improvements, if land goes up or down in value, its just a lower or higher vale, its not called External Obsolescence.