Income Approach

The Income Approach section includes information about Gross Rent Multiplier (GRM) comparables, market rent, and the Gross Rent Multiplier. This section provides space for additional commentary and exhibits.

This section contains the following subsections (gray bars) that always display:

• Gross Rent Multiplier Comparables
• Indicated Value by Income Approach
• Income Approach Commentary
• Income Approach Exhibits

The section displays when IncomeApproachIndicator (UID: 1000.0030, FID: Not on report) = "true". When there is an Income Approach included in the appraisal, Rental Information section is required.

Gross Rent Multiplier Comparables#

The Gross Rent Multiplier Comparables subsection provides detailed information about the comparable properties used to determine the Gross Rent Multiplier for the subject property - GrossRentMultiplierFactorNumber (UID: 1200.0003, FID: 24.023).

• There must be at least 3 GRM comparables.
• A thumbnail must display for each GRM comparable.
• Display the subject property column and 3 GRM comparables in one grid.
• When there are more than 3 GRM comparables, the row headers and the Subject Property columns repeat, followed by "Comparable #" repeating as necessary for additional comparables. (Figure 24 - 1)

Figure 24 - 1

Reference "Supplement - Approaches to Value Grids" spreadsheet for more information about the rows in the GRM comparison grid.

Indicated Value by Income Approach#

The Indicated Value by Income Approach subsection always displays when the Income Approach section is included.

Indicated Value by Income Approach

Income Approach Commentary#

The Income Approach Commentary subsection always displays when the Income Approach section is included. Comments must use IncomeAnalysisCommentDescription (UID: 1200.0007, FID: 24.025).

Income Approach Exhibits#

The Income Approach Exhibits subsection always displays when Income Approach section is included. All text must display above the image in bold font.

Map of GRM Comparables#

A map showing the subject property and all GRM comparables must be provided and is delivered in the instance of PROPERTY where @ValuationUseType (UID: 0100.0043, FID: Not on report) = "SubjectProperty".

• The map must be delivered using ImageCategoryType (UID: 1400.0638, FID: 24.026.1) = "GrossRentMultiplierComparableMap". When it displays in the Income Approach Exhibits subsection the caption "Map of GRM Comparables" displays above the map in bold font. ▪ The Map of GRM Comparables may also be combined with other maps and displayed as one map in the Sales Comparison Approach section.

Photos of GRM Comparables#

Photos of the comparable properties are delivered in the instance of PROPERTY where @ValuationUseType (UID: 2000.0016, FID: Not on report) = "GrossRentMultiplierComparable" and display in this subsection with the Comparable # - PropertyOrdinalNumber (UID: 1200.0028, FID: 24.008) in bold. The thumbnails from the Gross Rent Multiplier Comparables subsection (FID: 24.009.1) are redisplayed, in addition to any other comparable photos provided.

• Images of comparable properties must be delivered using ImageCategoryType (UID: 1400.0870, FID: Not on report) = "PropertyPhoto".

• When a caption is provided in ImageCaptionCommentDescription (UID: 1400.0640, FID: 24.009.2), it displays above the image.

• When a comparable property has multiple images with the ImageCategoryType = "PropertyPhoto" only one displays as the thumbnail in the Gross Rent Multiplier Comparables subsection (FID: 24.009.1).

Additional Exhibits#

• Any additional images provided for the Income Approach section must be delivered using ImageCategoryType (UID: 1400.0638, FID: 24.027.1) = "IncomeApproachExhibit".
• An image caption may be included using ImageCaptionCommentDescription (UID: 1400.0640, FID: 24.027.2), and displays above the image in bold.

Income Approach - Arcrole Relationships#

Arcrole relationships, establishes "relationships" or linkages in the XML data file that may be visually obvious on the URAR Report. In the XML data, specific instances of data points or containers must be connected to properly represent the information.

• Containers or datapoints to be linked are identified using "xlink:label."
• The RELATIONSHIP container holds the xlink:arcrole, xlink:from, and xlink:to attributes that describe the data relationships.

DATA_SOURCE to PROPERTY#

When the data source is associated with a gross rent multiplier comparable, provide the relationship that joins to the applicable instance of PROPERTY where the ValuationUseType = "GrossRentMultiplierComparable".