Calculation of the energies, magnetic dipole hyperfine structure constants, E1 transition amplitudes between the low-lying states, and nuclear spin-dependent parity-nonconserving amplitudes for the 2 S 1/2 -2 D 3/2,5/2 transitions in 171 Yb + ion is performed using two different approaches. First, we carried out many-body perturbation theory calculation considering Yb + as a monovalent system. Additional all-order calculations are carried out for selected properties. Second, we carried out configuration interaction calculation considering Yb as a 15-electron system and compared the results obtained by two methods. The accuracy of different methods is evaluated. We find that the monovalent description is inadequate for evaluation of some atomic properties due to significant mixing of the one-particle and the hole-two-particle configurations. Performing the calculation by such different approaches allowed us to establish the importance of various correlation effects for Yb + atomic properties for future improvement of theoretical precision in this complicated system.