Investment Analysis for Income Properties

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Course Information:

Investment Analysis for Income Properties

NRPAB approval #: 2171420.04.  7 Hours continuing education. 100% attendance is required.

Course Description: This course provides, at an introductory to intermediate level, a thorough exploration of concepts, calculations, and processes involved in the analysis and valuation of income properties. The course delves into the steps of income property valuation and the foundation for the financial analysis of income properties. The various types of gross income (and their influence), gross income streams, as well as the conversion of income into a value indicator via multiplier capitalization is reviewed. Development of the NOI is reviewed and the course presents a presentation of how income production’s performance, durability, and quality is found through performance ratios. The calculation to find the capitalization rate for direct capitalization is presented and examined. The course concludes with an introductory level exploration of how compound interest is processed and applied to the Income Approach.

Course Objectives After completing this course, you will be able to: • Identify the appraisal process, investor concepts, and real estate agent duties. • Describe how Income Production Economic Principles are divided into the categories of Productivity and Marketability. • Define the appraisal process and the development process of finding a Net Operating Income Statement. • Contrast the difference between contract rent and market rent. • Define how to analyze market rent and how to make adjustments for that analysis. • Describe how to properly compose a market rent schedule. • Define the roles of vacancy and credit loss and other income in the development of Effective Gross Income. • Identify how to process Gross Market Rent, Potential Gross Income, and Effective Gross Income and how to perform multiplier capitalization. • Describe the process of extracting and concluding market rent. • Define risk evaluation components. • Identify how to develop four types of multipliers and the process of formulating the estimate of a future dollar amount needed. • Identify how to calculate the annual payment future worth at a compounded rate of interest. • Describe how to differentiate between fixed and variable operating expenses. • Identify a reserve estimate for the replacement of short-lived items. • Describe how to forecast cost and depreciation. • Identify how many parking spaces should be allotted for proposed or available units. Define the process for concluding gross monthly rent. • Describe how to calculate necessary equity when debt leveraging is the goal. • Describe how to extract a capitalization rate through the market method and the role of debt leveraging in the development of a cap rate. • Identify how to conclude a value using the IRV method. • Describe how to forecast future cost based on a compounded rate and describe the impact of time on money. • Identify which compound interest column is applicable in developing an Income Approach.

Required materials: Calculator.

NRPAB approval #: 2171420.04.  This course is approved by the Nebraska Real Property Appraiser Board (NRPAB) for seven (7) hours of continuing education.

The NRPAB approval of this course is honored by the Nebr. Real Estate Commission for continuing education for sales persons and brokers and the Nebr. Dept of Revenue for continuing education for assessor re-certification.

Appraisers in other states may be eligible to receive continuing education credit and they should check with their state appraiser board.

Moore Appraisal Education is owned and operated by The Moore Group, Inc. The Moore Group, Inc. is authorized to operate by the Nebraska Department of Education under the provisions of Sections 85-1601 – 85-1658.

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