Proforma Future Property Value, Cap Rate or Appreciation

[Jared Foster]

Curious how people model future property values for multi-family investments. Seems that there are two approaches. 1. Based on Appreciation 2. Based on Rental Income I generally struggle with Cap Rates and whether I should use them to value property, but it seems everybody else does, so it may not matter what I think. Anyway in a pro-forma I am trying to decide if I should use income and cap rate to back-into an estimated selling price for a property or make an assumption about appreciation. Thanks, Jared