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 terms contract rent and market rent as 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.

Guided Response: Respond to two of your peers telling them why you think the sales comparison or the cost approach is a better approach for your peers selected property type. Include hypothetical situations to support your argument.