Appraise
Every Income Property,
Measured to the Inch.
We specialize exclusively in 2–4 unit residential income properties. No single-family detours, no commercial overreach — just the asset class where our methodology is sharpest.
Duplex
Side-by-side and stacked configurations. Full interior access with rental schedule analysis.
Triplex
Mixed-use capable. Income approach weighted with gross rent multiplier and cap rate.
Fourplex
Maximum conforming unit count. Full DCR analysis included for commercial lender submissions.
Standard Turnaround
Completed Annually
FNMA Forms
Geographic Coverage
Three Lenses.
One Defensible Opinion.
USPAP-compliant analysis means every conclusion is traceable to market evidence. We document the reasoning so the underwriter doesn't have to guess.
Sales Comparison Approach
We identify three to five closed comparables within a defined radius, applying defensible adjustments for GLA, unit configuration, condition, and concessions. Every adjustment line is bracketed and justified against paired-sale data — not appraiser opinion.
Income Approach
Gross Rent Multiplier and direct capitalization are applied to the subject's actual and market rent schedule. We derive GRM from comparable rentals and extract cap rates from verified investor transactions — not published surveys.
Cost Approach
Marshall & Swift cost manuals anchor our replacement cost estimates. Depreciation is measured physically, functionally, and externally — documented with photographs. Land value is extracted from improved sales using abstraction, not assessment ratios.
Every Adjustment Line
Justified in Writing.
The grid below is drawn from an actual appraisal. Every adjustment is bracketed by paired-sale evidence. Underwriters receive a report where nothing requires follow-up.
Free Download
What Lenders Look For in a Multi-Family Appraisal
12-page PDF covering underwriter checklist items, common report deficiencies, and how to read an adjustment grid.
Download PDF| Adjustment Item | Subject | Comparable 1 | Comparable 2 | Comparable 3 |
|---|---|---|---|---|
| Sale Price | — | $385,000 | $412,000 | $368,000 |
| Sale Date | Current | 3 mo ago +0 | 5 mo ago +$2,100 | 7 mo ago +$4,200 |
| Gross Liv. Area | 2,840 sf | 2,760 sf +$3,200 | 2,920 sf -$3,200 | 2,680 sf +$6,400 |
| Unit Count | 2 | 2 0 | 2 0 | 2 0 |
| Condition | Good | Good 0 | Avg+ +$8,000 | Good 0 |
| Garage | 2-car | 1-car +$5,500 | 2-car 0 | None +$11,000 |
| Net Adjustment | — | +$8,700 | +$6,900 | +$21,600 |
| Adj. Sale Price | — | $393,700 | $418,900 | $389,600 |
The Report Held Up.
Every Time.
The adjustment grid came back with every line bracketed against a verified paired sale. Our underwriter had zero conditions on the appraisal — that's the first time that's happened on a multi-family submission this year.
Marcus Delgado
VP of Commercial Lending
Meridian Community Bank
We had four siblings and three different attorneys who all wanted a different number. The report held up in mediation because every conclusion traced back to the market. Nobody could argue with the comps — they were all county-verified.
Catherine Okafor
Estate & Probate Attorney
Okafor & Reyes LLP
I've ordered 1025s from three different firms over the past two years. Appraise is the only one that comes back in under a week without me chasing them. The income approach section is thorough enough that my lender stopped asking for addenda.
James Whitfield
Real Estate Investor
Whitfield Capital Group
Request an
Appraisal Quote.
Three questions and sixty seconds. We'll review the property details and respond with a firm quote within one business day.
Quote within 1 business day — no commitment required
Inspection scheduled within 3 days of engagement
Draft delivered for review before final report
Final signed report in FNMA-compliant PDF format
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