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a. Standard (05/09/2022)
There are three valuation approaches as applied to one-to four-residential unit Properties and Manufactured Homes:
• sales comparison approach;
• cost approach; and
• income approach to value.
The Appraiser must consider and attempt all approaches to value and must develop and reconcile each approach that is relevant. If the Appraiser cannot find sufficient data to complete one or more of the approaches to provide a credible valuation, the Appraiser must explain the lack of inclusion of that approach and the effect on the valuation and credibility of the appraisal analysis.