Which of the following factors is NOT considered when determining the value of income-producing property?

When determining the value of income-producing property, several financial and economic factors are considered, including expected cash flows, market competition, and the timing of cash flows. These elements directly affect the property’s ability to generate income and, consequently, its overall value.

Expected cash flows represent the projected income that the property will generate over time, which is a fundamental aspect in assessing property value. Market competition reflects the prevailing conditions in the real estate market that can influence pricing and rental rates of comparable properties. The timing of cash flows is crucial as it considers the present value of future cash flows, emphasizing when the income is expected to occur and how that affects the property's valuation.

In contrast, investor sentiment, while it might influence market trends, is more subjective and less quantifiable. It encompasses attitudes, beliefs, and emotional responses of investors which can lead to market fluctuations but does not have a direct, consistent effect on property valuation the way quantifiable factors do. Thus, it is not typically included in the formal analysis when determining the value of an income-producing property.