Posted by CarolFL on May 22, 1999 at 17:53:06:
Mike, you should be able to know within a couple grand what the property will appraise for, based on comps and market rents. Our multi units appraisals are always income based, with a glance at replacement cost and recent comparable sales… but the most weight being given to the income.
Ed Garcia posted a few days ago on Caps rates and Gross Revenue Multiplier… that might be helpful if you can seach that post, and check with knowledgeable realtors or appraisers as to the cap rate and grm generally used in your area.
You should be able to have a pretty decent idea of the appraisal once you’ve got that info.