Which mathematical model includes properties stratified by condition and location characteristics?

The stratification model is designed to analyze properties based on specific characteristics such as condition and location. By categorizing properties into distinct strata or groups, the model enhances the accuracy of property valuation. This approach allows appraisers to account for differences in the physical state of properties and their various locations, which can significantly influence market value.

In contrast, other models like the net income and gross income models primarily focus on income generation from properties without explicitly stratifying them based on condition or location characteristics. The overall rates model, while useful for determining property rates, does not emphasize the stratification aspect that is critical for refining assessments based on the unique characteristics of real estate. Thus, the stratification model is the most appropriate choice for this question as it specifically incorporates these important factors into its methodology.