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Income Property Appraisal Outline and Grading Values

Topic

Possible Score

Appearance

3

Pages Numbered

1

Letter of Transmittal

1

Table of Contents

1

Certification of Appraisal

1

Purpose of Appraisal

1

Definition of Value Used

1

Area Analysis

National and International Considerations

1

State and Intrastate Considerations

1

Multi-County Regional Considerations

1

County Considerations

1

Township and Borough Considerations

1

Property Tax Considerations

1

Economic Base Identification and Projections

2

Appropriate Linkage Maps

1

Conclusions

1

Neighborhood Analysis

Boundaries

1

Neighborhood Map

1

Competitive Areas

1

Utilities

1

Social Considerations

1

Land Use Restrictions

1

Conclusions

1

Highest and Best Use Analysis

Definition

1

Analysis and Conclusions

2

Site Analysis

Site Plan

1

Utilities

1

Size

1

Site Improvements

1

Landscaping

1

Drainage

1

Property Photographs

1

Identification of External Obsolescence

1

Conclusions

1

Improvement Analysis

Age, Effective Age, and Economic Life

1

Floor Plan (Map)

1

Functional Design of Floor Plan

1

Size

1

Exterior Construction

1

Roof

1

Fenestration

1

Interior Wall Construction

1

Floor Coverings

1

Electrical Service

1

Plumbing

1

Room Count and Descriptions

1

Identification of Curable/Incurable Physical Deterioration

1

Identification of Curable/Incurable Functional Obsolescence

1

Identification of Superadaquacies

1

Conclusions

1

Sales-Comparison Approach

(If Applicable)

Explanation of Approach (Definition)

1

Identification and Description of Comparable Properties

1

Analysis of Adjusted Sales Price (Adjustment Grid)

1

Explanation of Adjustments

2

Reconciliation of Adjusted Sales Prices, Value Est., and Range

1

Cost-Depreciation Approach

Identification of Base Cost

1

Roof Adjustment

1

Subfloor Adjustment

1

Floor Covering Adjustment

1

Heating and Cooling Adjustment

1

Energy Efficiency Adjustment

1

Foundation Adjustment

1

Plumbing Adjustment

1

Appliance Adjustment

1

Basement Adjustment

1

Porch Adjustment

1

Current Price and Regional Price Adjustments

1

Computation of Curable/Incurable Physical Deterioration

3

Computation of Curable/Incurable Functional Obsolescence

1

Computation of Superadequacy Penalties

1

Computation of External Obsolescence

1

Cost-Depreciation Value Estimate

1

Site Value Estimate

Identification and Description of Comparable Properties

1

Analysis of Adjusted Sales Price (Adjustment Grid)

1

Explanation of Adjustments

1

Reconciliation of Adjusted Sales Prices and Value Estimate

1

Income Approaches

Estimation of Net Operating Income

1

Estimation of Overall Rates

OAR using simple Band of Investment

1

OAR using Ellwood

1

Valuation Techniques

Simple (V=I/R) using Ellwood

1

Building Residual Technique

1

Property Residual Technique

1

Discounted Cash Flow

Estimation of Ye

1

Estimation of Holding Period

1

Estimation of Cash Flows

3

Estimation of Reversion

2

Reconciliation of Income Valuations

1

Reconciliation and Final Value Estimate

2

Statement of Assumptions and Limiting Conditions

1

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