Trailer with on investment property.

[Woodworker]

I am appraising SFR that is currently being used as an investment property. Included in the parcel is a singlewide trailer that the owner is planning on renting out. The trailer is not on a permanent foundation and is not recorded as real estate. Typically, I would not include the trailer in the report but simply state that it is there but not part of the appraisal.

However, since this property is being used as an income producing property and the owner (newly purchased, private sale) is planning on renting both the house and the trailer, should I do anything different with the trailer such as include it in the income approach? This appraisal is for lending purposes.

 

[Thomas Fiehler]

Have you asked your client that question?

 

[Woodworker]

Not yet. It is a local bank and I wanted to get your opinions before I discussed it with them. I just want to be sure I don't violate any regulations if they do want me to include it in the appraisal.