For my own purposes I'd probably lean closer to discounting by 15% but an appraiser might take off less.Guesstimating these adjustments is where the "art" comes from, though appraisers do it so often and have much more data & experience making those adjustments that it's a little more science for them I think.And remember that an appraiser will give the income approach more weight in a multi-unit situation like this, so you should too.

I am educating myself daily and learning loads from this site! 

Between my business, my other job, and my other other job, my e-mail load is already obscene so I prefer little to no e-mail. 

The reason my aunt and uncle are looking to off load them is they are moving across the country for a new business venture.

At this point how much weight will the initial appraisal have?

I have it intentionally front-loaded so that the homebuyer gets a lot of positive reinforcement early for little but important steps forward, and towards the end each one is a larger (and way more important) step.

The buildings are loaded with crap, machines, garbage.  

She had a handyman helper, Kevin, who knew how to take down walls (and recognize which ones were weight-bearing) and could also complete the roofing largely by himself, but she and Mike knew that the wiring should be left to an expert and budgeted accordingly.She and Kevin started with the floors, taking up the decades-old carpeting and revealing the original hardwood floors underneath—some of which was salvageable and some that needed to be replaced.

Tera,CAP = NET OPERATING INCOME (NOI)/ASSET PRICENOI = Gross Income - Expenses (NOT INCLUDING Debt Service, Depreciation etc)Your compare the CAP rate to your business plan or WACC (Weighted Average Cost of Capital).

In a competitive market, relationships with good brokers are worth their weight in gold, since they come across the best deals first.