Small Residential Income Property Appraisal Report (Form 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.

Inspection

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.

About

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.