Do You Use Comps or Financial Formulas to Determine Price on 2-4-units?

[Brandon Sturgill]

Is there a best approach when valuating a small multifamily property (2-4 units)? Seems a lot easier to valuate based on NOI and Cap Rate through a basic present value formula than to do a comp analysis...is there a reason for doing one over the other...or an argument for doing both?