Which of the following is the last step in the sales comparison approach?

In the sales comparison approach, the ultimate goal is to determine the market value of the subject property based on recent sales of comparable properties. After identifying and selecting comparable properties that share similar features and characteristics with the subject property, the next steps involve making necessary adjustments to account for differences between these properties and then analyzing them to arrive at a value estimate.

The final step is indeed estimating a fair and current market value for the subject property, as it encapsulates all prior analyses and adjustments made based on the comparison with similar properties. This value reflects what a buyer might be willing to pay for the subject property in the current market, effectively concluding the sales comparison process.

The other choices represent important, but preliminary, aspects of the sales comparison approach. Identifying features of the subject property and selecting comparables are foundational steps, while making adjustments provides the framework for arriving at an accurate value. However, the act of estimating the market value represents the culmination of this analysis, making it the last step in the process.