Someone familiar with the area and flood plain maps should be able to compare the maps and various online resources (google earth) and have a pretty good idea if it is in or out. 

Compared to wholesalers who’s plan it is to pay 70% of the value minus repairs it does appear they are way overpaying if they are wholesalers.  

Are you using it for personal purposes also?

Use the BRRRR calculator to compare strategies.

I currently have 8 units (9th owner occ) in that triplex, a duplex (2009), and 4-plex (2014),  all in south seattle / burien areas.Seattle is way overpriced and IMO due for some kind of correction right now ;  I don't see how things can continue to appreciate like this,  and at least within seattle itself many smaller MF properties are worth more for the dirt under them than the structure itself just for the redevelopment potential,  which is unfortunate at least from the perspective of an buy and hold investment viewpoint and availability of decent and comparatively affordable rental units in neighborhood-scale buildings. 

Properties with 1 to 4 units are normally valued using recent sales of comparable properties.

You should, however have a copies stored somewhere for audit, lending, and insurance purposes.

She will be transitioning full time into a "real estate professional" for tax purposes.

I've put together a simple Comparable Appraised Homes Calculator to help folks use to input the information from these other properties in order to justify their appeal. 

Does having a rental property in Utah qualify for a business purpose without needing any evidence?