- Mar 23, 2004
- Professional Status
- Certified Residential Appraiser
- New York
I'm working on a multi-family REO property that has been abandoned for 10 years and is uninhabitable. The lender wants the As-Is value. Since the property is not habitable, it seems the income approach would not be applicable. There are no market rents for uninhabitable properties so how would I even develop the income approach? Market rents are only available for habitable units. Have any of you ever completed a 1025 appraisal without the income approach?