Sales Comparison vs Income approach to value

[Mineto Anfield]

Just received my appraisal back on a rental that I'm trying to do a cashout on. I feel that it came back really low.

1. The appraisal states that the property is located in a totally different city than it actually is.

2. The sales comparison approach was used. I also found the following statement "the subject is not an income producing property, which negates the applicability of the income approach to value." This is a false statement. I have been receiving rental income for over a year.

[Mineto Anfield]

Being new to this ballgame I didn't know until now that the income approach is not used for residential properties. Thank goodness for BP and its amazing members:) I learn something new every time I read the forums.