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Updated over 5 years ago,
My recent commercial appraisal HELP please
- I'm a property owner of a 2 ac plot in the allegheny national forest in a small touristy driven town in Pennsylvania. Prop includes the following: 2 cabins
- 1-house
- . 1-pavillion
- 1-house
Ive owned the prop for 2 yrs now d have been rehabbing the place since time of purchase. So I finally received my new appraisal about a week ago and it was a pretty big disappointment from what I was expecting.
So I then spent some time on trying to teach myself the appraisal process and try and keep it as short and sweet as I can.
Here is his appraisal analysis sheet
So hes telling me that the best use of this property would be to owner occupy the house. The house is the only unit out of the 4 units on property that cash flows. The cabins just finished the rehab the day before the appraiser appraised haha
He appraised my prop for $82,000
so then I utilized all the input and values that he gave BUT I added in the $700 monthly income that I receive from my long term tenant
the left column would be my appraisers values Right column would still be his values but I added the 700$ to the gross income
I ALSO ADDED A $250 PROP MGT EXPENSE just to show him (at least imo) that his value isn't accurate from the income approach method.
ALSO FOR HIS COMPARATIVE APPROACH METHOD HE COMPARED ME TO All single family RESIDENTIAL HOMES.
so I haven't been able to get a face to faCE opportunity to discuss this with him because he is never in office nor answers receptionist and my loan officer doesn't seem to Care as long as its done soon.
SO I can't seem to make any logical sense of how the "highest and best use of the subject is to owner occupy the ONLY unit that was alreaDY bringing in revenue. Hp[ping that someone can shed some light own this situation for me and I would be extremely grateful.
Thank you
Johnny