The Operating Income Statement (Form 216) is used on 1-4 family income investment properties and 2-4 family owner-occupied properties.
Applicant provides income and expense projections to be used in determining the income approach to value. This form summarizes the investment property’s annual income vs. expenses. The appraiser lists the going neighborhood market rents (from the 1007 Rental Survey) and then estimates all expenses throughout one year on that property (repair costs, utilities, upkeep costs, etc). Then, he calculates the difference between the two figures to determine the property’s annual income. For example, a rent of $1500 a month, or $18,000 a year, minus $5,000 in expenses throughout the year, averages a positive income of $13,000 for the year. Again, the lender adds this income on to the borrower’s other income sources to determine if he qualifies for the loan or not.
The TruValue Difference
TruValue prides itself on producing the most accurate and timely appraisals possible by:
Using Intelligent Quality Control, our pro-active quality control process that leads to more one-touch appraisals
Organizing customer service around you, with a single point of contact – no more being transferred from person to person
Being singularly focused on residential real estate valuation and your success
TruValue offers an Operating Income Statement as part of its suite of residential appraisal products. To learn more about TruValue’s appraisal services, contact us today at 561-568-5515.
When you order an appraisal report from us, you can expect. . . .
Prompt response to your initial inquiry: We will give you personalized information for your particular appraisal need. Just tell us your situation and we will make suggestions. Do you want to sell your home quickly or for the highest value?
Quick turnaround time: Typically 2-3 days from the date the request is received. If you've chosen to receive a copy of your appraisal or consulting report via the Internet (EDI), you'll receive it within MINUTES of its completion.
Appraisal and consulting reports formats to suit YOUR needs: When it comes to appraisal and consulting, "One size does NOT fit all!" We offer a variety of report types and delivery methods. We can deliver your report attached to a standard email, or notify you of an Internet site to download your report, the MINUTE it's completed!
Quick response to follow-up questions: Our reports are clearly written, understandable, and meet or exceed the Uniform Standards of Professional Practice that governs the appraisal practice. If you have any questions regarding your appraisal, after you've read the report, we encourage you to email or call us!