Which of the following is NOT one of the approaches to valuing property?

The investment return approach is not typically recognized as a standard method for valuing property. Instead, commonly accepted approaches include the cost approach, sales comparison approach, and income approach.

The cost approach involves estimating the current cost to replace the property minus depreciation, which is useful for unique properties where no comparable sales exist. The sales comparison approach looks at the sale prices of similar properties in the market to establish a value, making it a very effective method in active real estate markets. The income approach, primarily used for rental properties or commercial real estate, assesses the potential income the property could generate, capitalizing that income into a present value.

While the idea of return on investment is crucial to property valuation, it is typically not articulated as a formal approach in the same way that the other three are, which is why it is the correct choice for this question.