Cool discussion!
Real property uses (1) market value approach for residential housing, (2) cost approach for replacement cost, and (3) income approach for income property. US GAAP, very recently, adopted these approaches, but uses some modified terms. They fall under the area of "revenue recognition" and will be tested on the CPA exam starting January 2018. Generally, there are about 80 different ways to compute the present value of and income stream or cash flows or after-tax cash flows. All of this stuff is used by appraisers. Looks very good and very legit and I am long this stock.