The Income Approach Identify a property type that you think should be valued using the income approach. In 200 to 250 words, discuss how you would use the income approach to appraise this property type: List the six steps in the income approach to value. Explain the use of gross income multipliers in the income approach. Define the termscontract rentandmarket rentas used in appraisals. Name the three main categories of expenses and give examples of items in each. Outline the procedure used for reconstructing the owners operating statement.

According to Betts & Glickman, (2015) The six steps in the income approach to values are

1. Estimating the potential gross annual income
2. Estimate the typical vacancy and collection loss
3. Subtract the estimate vacancy and...