Form 1025: Small Residential Income Property Appraisal
Form 1025 is the standard appraisal form for 2-4 unit residential properties (duplexes, triplexes, fourplexes). It evaluates both residential value and income-producing potential for conventional mortgage financing.
Additional Sections vs. Form 1004
- Rental income: Current rents, market rents, vacancy rates for each unit
- Operating expenses: Taxes, insurance, maintenance, utilities, management
- Income approach: Greater emphasis than in single-family appraisals
- Gross rent multiplier: Property value relative to gross rental income
- Comparable sales: Must be similar multi-unit properties
When Used in Florida
- Duplex purchases (owner-occupied or investment)
- Triplex and fourplex acquisitions
- Refinancing multi-unit residential properties
- Estate valuations of small rental properties
- Not used for 5+ units (commercial forms required)
Related Terms
- Closing — Appraisal required before closing
- Equity — Income approach affects equity valuation
- Estate for Years — Rental leases affect appraisal value
Barnes Walker Title Services
Barnes Walker Title closes multi-unit residential transactions throughout Florida, coordinating appraisals and lender requirements. Submit a title inquiry for assistance.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC