Over the past decade, single-family rentals have become an immense and still-growing commercial enterprise for individual and institutional investors. As a result, getting accurate, well-supported market rent appraisals has become paramount to investment success and minimizing owner and lender risk. Fannie Mae (FNMA) single-family rent schedules (Form 1007) are typically requested by lenders when financing single-family rental homes and non-owner-occupied properties. The information is used to estimate the market rent by the appraiser.
What is Appraisal Form 1007?
Moody Williams has been helping lenders, property owners and investors estimate comparable single-family market-rate rents in Jacksonville and North Florida for more than four decades. We understand the nuances of the Jacksonville single-family residential rental market and its many unique neighborhoods, and how to accurately appraise individual rental properties in this large, diverse geographical area.
What Does a Form 1007 Appraisal Consider?
A form 1007 appraisal helps residential appraisers determine the market rent value of a single-family rental unit by comparing and analyzing the subject property with three other rental properties that share significant characteristics with the unit including information related to its physical structure, location, and lease rental terms. The appraisal 1007 form takes into consideration such items as:
- Location / View
- Proximity to Subject Property
- Lease Start / Expiration Dates
- Monthly Rental Amount
- Adjustments (Utilities, Furniture, etc.)
- Design and Appeal
- Age / Condition
- Room Count (Bedrooms, Baths)
- Gross Living Area
- … and more
A form 1007 is only for use with conventional single-family investment properties and should be prepared by a certified appraiser and included as an attachment to the appraisal for the property.
The Moody Williams Difference
At Moody Williams, we utilize a variety of databases and our extensive knowledge of the single-family rental market to inform our property and market data when executing a Form 1007 Single-Family Comparable Rent Schedule. This includes variables like vacancies for single-family rental properties, the general trend of rents and vacancies, and more. The results are highly detailed 1007 Form rental property surveys and precise market rate rent values. You won’t find a more accurate resource for comparable rent analysis for single-family rental properties in Jacksonville.
Trust Moody Williams If you need a 1007 Form appraisal for a single-family rental property in Northeast Florida
Moody Williams Appraisal Group is a full-service real-estate appraisal group in Jacksonville, Florida. If you need a 1007 Form appraisal for a single-family rental property in Jacksonville or elsewhere, contact Moody Williams Appraisal Group. You can also speak with one of our experts today by calling (904) 516-8900 or emailing us at email@example.com. We look forward to assisting you!