I use a URAR with an 'Operating Income' Addendum and a Comparable Rent Schedule. They are Fannie forms #216 and #1007, however if you use Alamode and try a search of #1007 it doesn't work. It brings up a Marshall and Swift cost form. Search by 'single family comparable' and you'll find it.
On 99% of the SFR rental properties I do NOT complete the cost approach as it is NOT applicable. Most of the surrounding SFR's are bought and sold by owner occupants. The owner occupants do not consider the income potential of the property when making their purchase decision. Even when I have what appears to be good rental data it does not support the market value.
Thank you Frederick! I was feeling like the lone wolf here. Or as if I was getting away with something. :redface: The real cheesy part, I don't have enough rental data to determine anything near a true adjustment to the rental comparables for differences in size, living area, garage, etc., so I don't and comment as such. The nearest match in rental comparable is the best indicator of market rent. We have so few, and there is a steady demand, the landlords can often get pretty much whatever they ask.