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Judgment & ambiguity · Calibrating confidence

You're valuing an unusual mixed-use property where only two arms-length comps exist and both are stale and imperfect. How do you set a number, and how do you communicate how confident you are in it?

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Thin comps don't excuse a refusal to commit — they change how I express the number.

The full answer: structure, worked example, likely follow-up.

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