9. Comment on the appropriateness of the rent comparables, the reimbursement rate conclusions (if applicable), and the overall effective gross income. The last sentence should indicate if the reviewer finds this item acceptable. 10. Analyze any commercial lease(s), if appropriate, and the value attributed to that space by the appraiser. The last sentence should indicate if the reviewer finds this item acceptable. 11. Discuss whether any tax abatements were analyzed in a manner consistent with the HUD Handbook 4232.1, Section II, Production, Chapter 7. If not, explain the correct approach and the impact on the Net Operating Income. 12. Indicate if the expense comparables, expense percentage, expense per resident day and the overall and net operating income are credible and reasonable. expense forecast The last sentence should indicate if the reviewer finds this item acceptable. 13. Describe if the capitalization rate was based upon sales where the rates were correctly calculated, based upon adequate data, utilized the appropriate time frame, and whether the analysis resulted in a credible and reasonable conclusion by the income capitalization approach to value. Indicate if the reviewer finds the cap rate of X.X% acceptable. 14. Comment on the completeness, accuracy, adequacy, relevance and reasonableness of the sales comparables used in the sales comparison approach to value, and if the analysis resulted in a credible and reasonable conclusion. The last sentence should indicate if the reviewer finds this item acceptable. 15. Analyze the land lease, if applicable, and indicate if it meets the parameters set forth in the HUD Handbook 4232.1, Section II, Production, Chapter 7. 16. Comment on the appropriateness of the land comparables and the land value conclusion. If purchased within the last 3 years include date of purchase and purchase price. The last sentence should indicate if the reviewer finds this item acceptable. 17. Comment on the completeness, accuracy, adequacy, relevance and reasonableness of the cost approach. Discuss the concluded remaining economic life of the facility. Consider any obsolescence or depreciation detailed in the appraisal. The last sentence should indicate if the reviewer finds this item acceptable.
9. Comment on the appropriateness of the rent comparables, the reimbursement rate conclusions (if applicable), and the overall effective gross income. The last sentence should indicate if the reviewer finds this item acceptable. 10. Analyze any commercial lease(s), if appropriate, and the value attributed to that space by the appraiser. The last sentence should indicate if the reviewer finds this item acceptable. 11. Discuss whether any tax abatements were analyzed in a manner consistent with the HUD Handbook 4232.1, Section II, Production, Chapter 7. If not, explain the correct approach and the impact on the Net Operating Income. 12. Indicate if the expense comparables, expense percentage, expense per resident day and the overall expense forecast and net operating income are credible and reasonable. The last sentence should indicate if the reviewer finds this item acceptable. 13. Describe if the capitalization rate was based upon sales where the rates were correctly calculated, based upon adequate data, utilized the appropriate time frame, and whether the analysis resulted in a credible and reasonable conclusion by the income capitalization approach to value. Indicate if the reviewer finds the cap rate of X.X% acceptable. 14. Comment on the completeness, accuracy, adequacy, relevance and reasonableness of the sales comparables used in the sales comparison approach to value, and if the analysis resulted in a credible and reasonable conclusion. The last sentence should indicate if the reviewer finds this item acceptable. 15. Analyze the land lease, if applicable, and indicate if it meets the parameters set forth in the HUD Handbook 4232.1, Section II, Production, Chapter 7. 16. Comment on the appropriateness of the land comparables and the land value conclusion. If purchased within the last 3 years include date of purchase and purchase price. The last sentence should indicate if the reviewer finds this item acceptable. 17. Comment on the completeness, accuracy, adequacy, relevance and reasonableness of the cost approach. Discuss the concluded remaining economic life of the facility. Consider any obsolescence or depreciation detailed in the appraisal. The last sentence should indicate if the reviewer finds this item acceptable.
HUD_APPRAISAL_REVIEW-NC.DOCX