Small Residential Income Property Appraisal Report

An Ideal Field Appraisal for Small Residential Income Property

The Small Residential Income Property Appraisal Report (FHLMC 72/FNMA 1025) is for the appraisal of two- to four-unit properties, including properties in PUD, condo or co-op projects. The appraisal report, which is based on interior and exterior property inspections, is used for mortgage lending, servicing and portfolio management in the mortgage lending industry.

Common sections featured on a Small Residential Income Property Appraisal Report include:

• Basic information including address, legal description, owner’s and/or borrower’s names
• Information on the contract for sale
• Information pertaining to the size, shape, zoning and access to utilities as well as FEMA flood-zone information
• Data indicating physical characteristics of the subject property such as age, materials and condition
• Analysis of comparison to recent sales of similar properties
• Includes rental information and income approach

A Small Residential Income Property Appraisal Report allows an appraiser to document observations based off of the following actions:

• An interior and exterior inspection of the subject property
• A street map that shows the location of the subject property and of all comparables used
• An exterior building sketch that indicates the dimensions
• Clear, descriptive photographs of the subject property and of the comparable sales used