INCOME APPROACH (RESIDENTIAL):	Project No.:	FA-12A (Rev. 2025)
Before	Tract No.:

(Appraiser can select preferred method below.)

Rent Multiplier Method (1)

(Note: may also be calculated on annual rents [GRM] if local market dictates)

GRMM Method (Subject Gross Monthly Income x GRMM Multiple- derived from market sales tabulated/correlated below and details included in the Report or Master File)

Market Support

Sale #	Sales Price $	÷	Rent (Mth/Ann)	=	Multiple
÷	=
÷	=
÷	=
÷	=
÷	=
÷	=
÷	=
Correlation

Correlation Comments:

Gross Monthly Income $	X	(GRMM)	=GRMM Concluded Value $
Gross Annual Income $	X	(GRM)	=GRM Concluded Value $
Market Value Conclusion $

Comments:

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Rent Multiplier Method (2)

Commercial	Sale-1	Sale-2	Sale-3	Sale-4
Sales Price $
Gross Ann. Rent $
Sale’s GRM
Subj.’s Eco. Rent $
Indicated Value $
Correlation
Market Value Conclusion $

Comments: