The old adage is that a property's value is based on how much a buyer is willing to pay for it.
And in real estate, the guiding rule has been "location, location, location." However, as the market shifted, it is also about "price, price, price."
In the face of looking and growing number of foreclosures and short sales, we have found homes that have been trashed, stripped of anything and everything that can be re-sold (appliances, heating/cooling units, copper). As such, although some homes may look virtualy undisturbed outside, it could be a total wreck inside. So the third factor must be the condition of the property. Has it been upgraded, or is it in state of disrepair?
As such, the value of the property is measured based on location, price and condition.
What a Comparable Market Analysis will show you is how much homes similar to this property are worth (based on how much they sold for). But that analysis is merely the first step, and won't be the ONLY factor in pricing this property. Physical inspection of the property is necessary.