Property Valuation
In Michigan appraisal, the 'income multiplier' approach is most commonly used for:
ASingle-family homes with no rental history
BSmall residential income properties where detailed income data is unavailable✓ Correct
CCommercial properties with detailed lease agreements
DVacant land with development potential
Explanation
The Gross Rent Multiplier (GRM) or Gross Income Multiplier (GIM) approach is used primarily for small residential income properties (2-4 units) where detailed income/expense data is limited and comparable sales are readily available.
Related Michigan Property Valuation Questions
- Paired sales analysis in Michigan appraisal is used to:
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