Appraisals (How to find cap rate or GRM)?

[Douglas Gratz]

Hello, so I am trying to figure out how much a 5 unit residential building would be appraised for.

All the equations mention sales price: NOI/sales prize to get cap rate . Income approach etc the formulas require sale price. Do they mean what I bought the property for , or total costs after all is said and done and it's rent ready?

Example I bought this 5 unit for 105,000, after I fix it it I will be all in about 260,000. Gross rent income should be 60,000 net income 30,000 . Can some help me with the calculation such as Gross rent multiplier, cap rate, and whatever else you think I should know. Maybe even tell me with different approaches what this property could appraise for?

Anything would be great thanks!