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3 & 4 Plex Question

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EricKirby

Freshman Member
Joined
Feb 13, 2003
I would like to learn more about appraising a tri-plex or four-plex, does anybody have any books they would recommend? I've never done one before and would like to learn. Also what type of form does this type of appraial require? I'm still gaining my experinece but like to learn more about more complex appraisals for I'm better prepared once I'm ready to tackle tougher projects. I'm like a sponge! I just want to learn. I've helped out with income producing properties as an intern and have a good feel for devleoping a NOI, etc.

Any suggestions would bwe greatly appreciated!

Thanks


P.S. USA.....USA
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
The difference between a duplex and a four-plex is more a matter of size than style. You still utilize similar comps, analyze rentals, etc. The Income Approach is the primary indicator because these are definitely purchased for the income stream (except in certain unique areas where the buyer is looking for increasing property values to offset income stream problems). For Income Properties, I recommend Kinnard's Income Property Valuation. It's the best I've found.

As to how to complete the report, print out the 2-4 family form and go over it section by section. That'll teach you a lot.

Roger
 

Frederick R. Ruffell

Senior Member
Joined
Jan 21, 2002
Professional Status
Certified General Appraiser
State
California
The Small Residential Income Property Appraisal Report. 2nd Edition, Published by the Appraisal Institute.
 
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