Appraisal of Small Residential Income Properties
May 20, 2020 || 8:30am - 4:30pm
Hours: 7 CE
Instructor: Sharon K. Lowman, MAI, SRA
Knowing how to appraise two to four-family and multi-family properties allows appraisers to accept more assignments involving income-producing properties. This course provides background information to appraise such properties. The course identified key elements of market analysis of two to four-family and multi-family properties and distinguishes which features and characteristics are important to an appraiser's analysis. Students learn how to analyze income and expenses and how this analysis is used in an appraisal of income-producing property. The course also discusses appropriate income methodologies and how the appraisal approaches apply to income-producing properties. Then it walks students through Fannie Mae Reporting Form 1025/Freddie Mac Reporting Form 72, Small Residential Income Property Appraisal Report, including the guidelines for each and how to compile the required data and correctly complete the analysis. This section also covers Fannie Mae Form 216/Freddie Mac Form 998, Operating Income Statement Form, as it is a required exhibit that accompanies the 1025/72 report.