Which of the following is least likely to be considered in the Income Approach?

The Income Approach to real estate valuation is primarily focused on the income-generating potential of a property. This method considers factors that directly influence the ability of the property to produce income, such as market rent, operating expenses, and vacancy rates.

Market rent assesses how much income the property can generate based on similar properties in the area. Operating expenses are crucial in determining the net operating income, which reflects the actual income after costs related to the property's operation are subtracted. Vacancy rates indicate potential income loss when units are not rented out, further impacting the net income.

In contrast, the cost to construct the property falls outside the Income Approach. While understanding the construction costs can inform overall value assessments, it does not directly relate to the income the property generates. The Income Approach does not significantly factor in how much it costs to build the property, as it prioritizes income over expenses or investment. Therefore, considering the cost of construction makes this option the least relevant in the context of the Income Approach.