The value of a residence in an owner-occupied subdivision is not based on the amount of income it generates. Instead, it should be appraised using an approach other than the "income approach", which is only suitable for "income-generating rental properties".
These are questions that the above text answers:
1. What is the recommended approach for appraising an owner-occupied property in a residential subdivision?
2. What type of properties is the income approach suitable for?
4. What is the alternative to the income approach for appraising owner-occupied properties?
5. How should the value of a residence in an owner-occupied subdivision be assessed?
6. What is the purpose of the income approach in real estate appraisal?
8. What factors should be considered when appraising an owner-occupied property?
10. What approach should be used to appraise income-generating rental properties?