The appraiser will conduct what is called a "rental survey," which in essence is a comparison on what a similar unit would rent for nearby and from that they derive a gross monthly income number.Its important to note that on a refinance you have to actually have tenants to use net rental income while a purchase you do not(projected).

@Charles Parrish, I have had the lot surveyed awaiting the plats, I am considering extending the utilities to the parcel as they are not there currently to make the lot more attractive to potential buyers.   

They may or may not have an exiting survey you can use. 

However, I've also spent several hundred dollars on inspections and a flood survey.

You draw a map, hold the auction, and make surveying off the individual parcels the responsibility of the buyers.

She even claimed the city had workers our surveying the area.

This can include title insurance, loan origination fees, appraisal and survey fees, etc.

I have found that no matter what these studies and surveys say- if you want to invest in a market outside of your own then you need to go there and spend a significant amount of time in that market.

When rei hedge funds are surveyed, the vast majority make most of their returns via appreciation.The new president elect says "real estate is an appreciation game" and if one is to believe his financial statements 80%-90% is "dead equity."

The 13th Annual Demographia International Housing Affordability Survey covers 406 metropolitan housing markets (metropolitan areas) in nine countries (Australia, Canada, China, Ireland, Japan, New Zealand, Singapore, the United Kingdom and the United States) for the third quarter of 2016.