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Updated over 11 years ago,
Sales Comparison vs Income approach to value
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.