HUD 221D4 is for “median” apt rents for the area....just not luxury, above surrounding market rates.  

Hello I’m looking into Arlington VA and the surrounding area I’m not familiar with the market and was hoping someone could give me insight, Personally I lean towards multifamily but is apartment living popular in this area?

Our other show stoppers are related to the surrounding community, i.e., what are the unchangeables? 

For example, if you can prevent the nightmare tenant, you avoid--well-- nightmares (like real ones, where you lose sleep or wake up worried how the eviction will play out or toss and turn wondering if the non-paying tenants are trashing your place; you drift off imagining them doing nefarious things under dim lamps with bunson burners and beakers amid a pile of trash surrounded by half feral pit bulls resting on dirty mattresses)... 

Hey MartaGood to see you are in real estate.Am also in real estate but in DC and surrounding states.I do all kind of real estate.There was some one I know in that area.

If you go up to the cities surrounding Fortt Hood, there are tons of great rental opportunities.

I am also trying to build my network within the city and its surrounding areas, but have had trouble finding the right broker and larger investment companies to help guide me on this path.

Because the units/buildings/amenities are essentially commoditized by the surrounding buildings... 

Thanks, Matt, I figured I could just use the surrounding area.

The best you can do is to evaluate it yourself based on the 3 factors and appraiser should use.1) Income approach - project rents and NOI and use a cap rate you feel appropriate to the market.2) Comparables - look for anything similar sold in that area or surrounding areas.3) Replacement - if you're essentially rebuilding it look at the cost of new construction.