Multi-Family Homes Appraisal.🏠
This property type is designed with multiple living units.
The number of living units contained in the property determines what appraisal format is needed.
A 2-4 unit multi-family property is considered a residential property that can by appraised using the 1025/Small Residential Income Property Report form.
Multi-family properties containing more than 5 living units is considered a commercial property.
While there are some generic forms that can be used for a 5 or more unit multi-family property, typically a narrative format is used to develop the appraisal.👌