The valuator should determine which methodologies are to be utilized in developing the opinion of value of the subject property.

He is a real estate agent, also.We are debating between Corporation, S-Corporation, and LLC...I've noticed LLC is the most popular, but I remember from some ancient business contract class that S-Corps have the most benefits and protection.

I think of these Biggerpockets forums resembling  something like the ancient "Lyceum" where types such as Aristotle and Socrates debated topics but instead of philosophy, we discuss real estate :)

He dressed like a homeless guy in an ancient truck to collect rent (ok, his normal working on rentals outfit or working in the yard duds, even now).

@Claudia Diarte  Unfortunately because of the vast differences in how appraisers learned their stuff over the past few decades, one appraiser is going to use a completely different methodology than another.

The most conservative assumption is to use purchase price as appraised value, but most other comps are lower without rhyme or reason for methodology.

Strangely enough this one was not an ancient home either (built in the late 70s) and is worth pretty good money (150's now, was 200's at one time).

@Brian Nordman Banks don't like blowing the dust off ancient comps but I have seen them do it. 

@Nita Martin I agree with everything above: you definitely need to dial in your rehab estimate (and then double it for unexpected issues that are bound to crawl out from under the ancient floorboards).

I use your methodologies as a basis for my analysis, so it is nice to see your confirming the numbers.One question...