4Plex Appraisal Issues - No COMPS and asking for a NARRATIVE App.

[Jonathan Pflueger]

I am having trouble getting an appraisal completed for a 4-plex I just finished renovating. Two appraisers have taken up the appraisal and then later declined to complete the appraisal due to a lack of comparables in the area. The last 4-plex to have sold was in JAN 2018 and it was similar but significantly different than mine.

To be fair, the property consists of four separate cabins on 1.5 acres in the San Lorenzo Valley and is considered unique due to its unconventional characteristics. The best comparables have been a few tri-plexes that sold last year, but they are located a few towns over, and according to the bank they will not allow a 4-plex to be comped against anything other than a 4-plex.

The last appraiser recommended asking the bank if they will allow a “narrative appraisal” to be completed by a general appraiser in order to utilize an income approach to value.

Does anyone have any thoughts or similar experiences, I am at a loss as to what to do at this point?