Appraisal Value of MFHs

[Nathan Emmert]

How do banks appraise MFHs? I have heard conflicting responses... some believe it's the same as SFH (comparable sales), others say it's more like a stock ("value" is NPV of future returns).

Anyone actually know because they've had an appraisal done for a purchase or refi?

I can evaluate whether I'm getting a good deal based on cash on cash returns, but I'd also like to at least have the pulse of what the equity position could look like. Thanks!