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Small Residential Income Property Appraisal Report

(Form FHLMC 72/FNMA 1025)

What is a Small Residential Income Property Appraisal Report  (Form 1025)?

This is the industry-standard appraisal report type for 2-4 unit residential properties. It is the most commonly used report format for two to four unit residential income property appraisals.

Property Types

This report is for 2-4 unit residential properties.

This includes a duplex, triplex or fourplex.

These property types are typically leased.

The form includes the income approach.

The form is not for single-family, condo, townhome, manufactured homes or apartment properties with greater than 4 units.


A full interior and exterior inspection of the subject property is made by the appraiser for this report type.

An inspection made by an appraiser is not the same as a "home inspection" made by a property inspector.

Comparable sales may or may not be inspected from the street by the appraiser, depending on the assignment parameters.


Standardized Format

Easy to compare to other appraisals.

Good Price

Cheaper than a narrative appraisal report.

Complete Appraisal

Full interior inspection and analysis.

4+ Units

Not suitable for properties with 4+ units which are considered "commercial" properties (apartments).


The Small Residential Income Property Appraisal Report is a "form" format meaning that is it has pre-defined sections.

It was developed by lending institutions for a standardized look and feel.

Appraisers fill out the form and insert data about the subject, neighborhood, comparable sales, valuation and more.

Appraisers include additional data not part of the form such as pictures, maps, valuation analyses and more, depending on the property and assignment.

Most appraisers use software such as A La Mode, ClickFORMS, ACI, etc. to speed up the process of filling out sections of the form and assisting in the valuation.

When to Use

This report type is best for practically all uses.

It is most commonly used for:





  Tax Appeal

  Estate Settlement/Date of Death

  Almost All Typical Appraisal Uses

  Can be difficult to read and make sense of if you are not used to seeing them.

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Main Appraisal Content

Scroll through the below images for the main content of the form.

There are other elements of the appraisal not included below, such as a cover page (if used), letter of transmittal (if used), subject and comparable sales pictures, maps, additional valuation explanations, addenda, market conditions analyses, and more.

Download the Small Residential Income Property Appraisal Report Here