This section is from the book "Practical Real Estate Methods For Broker, Operator & Owner", by Thirty Experts. Also available from Amazon: Practical Real Estate Methods for Broker, Operator, Owner.
Of old buildings which are no longer an adequate improvement to the lot on which they stand, we say that their value has merged with the value of the land and is inconsiderable. Old buildings which by the addition of some improvements may be reclaimed to adequacy for a time and, as it were, given a new lease of life - to these a certain allowance of value is given based upon the time they are likely to remain profitable.
 
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