1025 form
Ask Henry Harrison

223) Small Income Property Guide

01/27/08
Dear Henry,
Is there a new book on filling out the newest 1025 small residential income property report, that is, the March 2005 revision?

Thanks,
Rick Martin rickmartin@coldwellbankernorthvernon.com

Dear Rick,
Presently there is only our Mini Guide that covers all the changes from the old form to the new one. Readers tell me it works quite well. A whole new book will be available in the summer of 2008.
H2

122) Using the 1025 Form

08/17/07
Dear Henry,
I was recently given an assignment to appraise a 2 unit property in Golden, Colorado. The two units, however, are not attached. They are sited on one lot, which is zoned R2.

I'm confused about which form to use, i.e, Form 1025 (2-4 Unit Small Income Property) or the 1004 (Single Family Uniform Residential Form). And should I consider valuing the properties separately since they technically are not a duplex?

Yours,
Darren djhayden2@msn.com

Dear Darren,
I see no reason not to use the 1025 form. However, as part of the Scope of Work discussion with the client, you should get their agreement. I think that you are looking for trouble if you try and split the property and use two URAR forms instead.

H2

Note: Darren wrote again to let us know that the client had approved the use of the 1025 Form for this assignment.