CNA204 – Residential Income Approach

This 2 (two) day course presents a good basic overview of the valuation of small income producing properties. It provides a complete practical foundation upon which the appraiser can build effective appraisal methods necessary in the valuation of small and mixed use income properties. The course covers definitions and principles applicable to the valuation of income properties and address all three valuation approaches.


• Definitions
• Principles
• Basic income approach terminology
• The Cost Approach
• Land valuation methods
• Net operating income calculation
• The Sales Comparison Approach
• Gross rent multipliers
• Gross income multipliers
• The VIM formula
• The Income Approach
• The IRV formula
• Capitalization rate calculation
• Case studies

  • Course credit hours: 16
  • Students must attend the Zoom sessions and pass an online examination to receive credit for completing this course.
  • Students must have a financial calculator and be proficient in its use, access to Zoom, and a working camera and audio.
  • Registration closes 2 weeks before the course start date.

Course Material:
Textbook: “Appraising A Small Income Property”
By: Hondros Learning

  • You will receive the course material via email prior to the course start date. *It is highly recommended to self study before the course start date.*
  • This course is mandatory for the DAR professional designation and must be completed by the end of the second year of membership.

CNA101 Introduction to Real Estate Appraising