Appraising a multi-family

[Sheena Lee]

Is it normal to have a high appraisal cost for multi-family properties? We are being quoted $1250. Here is the explanation: “A complexity fee has been added to this order, resulting in a total invoice amount of $1250, due to the following complexities: Older home converted to 3 unit rental in an area not known as a rental market, resulting in limited comps and additional time and research." Is this normal or unusual?

[Dustin Hickey]

@Sheena Lee In my experience the appraisal is around $400 per unit. So a triplex would be $1,200. When I checked on appraisal for a 10 unit property it was $4,000.