Appraiser’s Guide to the Income Approach

Learn how to convert income or potential income into an indication of market value.

Monday & Tuesday, July 21st & 22nd, 2025 | 2-day session; 3.5 hours each day

Session 1: Monday, July 21st
Session 2: Tuesday July 22nd
10AM-1:30PM Central Time each day

Register for Monday & Tuesday, July 21st & 22nd

7 HOURS

$155.95

COURSE APPROVAL INFORMATION

Education Provider: Appraiser eLearning LLC

Approved States: Certified for 7 hours of continuing education in AL, AR, AZ, CA, CO, FL, GA, HI, IL, IN, KS, KY, LA, MD, MI, MN, MO, MS, NE, NM, NV, NJ, NC, NY, OH, OK, OR, PA, SC, TN, TX, UT, VA, WA & WI.

AL – Course #C02715
AZ – Course #0821-0000022
AR – Course #AE011
CO – Course #2566
CA – Course #2110501025
FL – Course #3537
GA – Course #72949
HI – Course #22-142

*IA—Accepts
*ID—Accepts
IL – 575.010605
*IA—Accepts
IN – Course #18
KS – 372.C22.N
KY – Approved
LA – Approved

MA – Course #1360023
MD – Approved
MI – Course #20 – 1002634
MN – Course #1037759
MO – Approved
*MT – Accepts
MS – Course #50340
NE – Course #2233435.33
NM – Course #4140
NV – Course #CE.0009542-A

NH – Approved
NJ – Course #2021-206
NC – Course #4452
*ND—Accepts
NY – Course #A5535-07
OH – Course #Q04501212A 24
OK – Course #743
OR – Course #APEL-C-0724-0086
PA – Approved

RI – REA.0002249-CE
SC – Course #CE.1969
TN – Course #2441
TX – Course #41875
UT – Course #AC240603
VA – Approved
WA – Course #A22000979
WI – Course #4377

WV – Approved

*States with an asterisk will accept CE which is approved in the state where it is being taught.

Course Description

Assigned to appraise a rental property? Is it sorely lacking in comparable sales? Consider the income approach, one of three traditional methods of valuing properties (alongside the sales comparison approach and the cost approach).

In this course, we’ll talk about how to handle rental houses or other properties that generate income. You’ll learn how to convert income or potential income into an indication of market value, how to consider prevailing market rents and current rental market conditions, and when to select this approach from your appraiser’s toolkit and deploy it in your analysis.

Topics Explored

• When is the Income Approach Applicable?
• How Does USPAP Apply?
• 2-4 Family
• Contract and Market Rent
• GRM – Gross Rent Multiplier and GIM – Gross Income Multiplier
• Income vs Rent
• Examining Market Data
• Comparable Rentals
• Developing GRM and GIM
• Direct Cap Approach
• PGI
• Expenses
• Cap Rate and Applying the Cap Rate
• Extracting Market Data
• Extracting Collection and Vacancy Rates
• Developing Cap Rates
• Reconciliation

*KNOW YOUR TIME ZONE: We’re on CENTRAL TIME, and class starts at 10AM CT sharp!
If you are on Pacific Time, Class is from 8am-11:30am PT (doors open at 7am).
If you are on Mountain Time, Class is from 9am-12:30pm MT (doors open at 8am).
If you are on Central Time, Class is from 10am-1:30pm CT (doors open at 9am).
If you are on Eastern Time, Class is from 11am-2:30pm ET (doors open at 10am).

System Requirements:

  • This class is offered via Zoom meeting. Computer Audio, Video and a reliable internet connection are required.
  • If you’re new to zoom, we recommend testing your computer video and audio prior to class day by opening a practice meeting on https://zoom.us/test.

CE/Attendance Requirements:

  • The class is offered via Zoom Meetings. Computer audio/video, reliable internet connection, and 100% attendance are required for CE credit. We must be able to see and hear your camera, and you are not allowed to be driving or riding in a car during class. These are state requirements for CE.

Refund/Cancellation Policy:

  • Refund requests must be made at least 24 hours prior to the start of class. Cancellation must be in writing. No refunds will be given within 24 hours of class start.

    If you register within 24 hours of Class Start, you will only be eligible for a transfer. This transfer credit expires 30 days after the original class date. After this 30-day period, we are unable to issue a transfer, and you will forfeit the class cost.

Course Reviews

See what students are saying

One of the best courses taken, mostly due to Bryan being an engaging speaker. Have had a couple where the presenter was most effective at putting me to sleep.

The course exceeded my expectations. I found it to be very informative and expanded many of the items in USPAP. I would recommend it to other appraisers.

Very Good – Lots of meaningful issues were pointed out with good examples.

Very good, well presented and the instructor was very knowledgeable of the subject

Better than McKissick. Great course with good material

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Everything you need to know about our live virtual class offerings via Zoom

  • Add any live-zoom course(s) to your cart and proceed to checkout.
  • IMPORTANT: Be sure to provide the correct state and license number information during checkout, as this will be automatically pulled into our system for your completion certificate and reporting to your state.
  • Once purchased, you’ll be automatically registered for the Zoom class meeting and you will receive a receipt via email.
  • You will receive a confirmation email with your JOIN MEETING link (save this! This is the link you will click to join the zoom class meeting on Class Day.)
  • If this is your first purchase with us, you will also receive an email with your Student Login Credentials, which give you access to your Student Account; Your student account is where you will access any online courses or completion certificates. 
  • If your Zoom Class comes with Course materials, they will be made available in your student account and also emailed to you in reminder emails (see “What to expect on class day.” below)
  • If you don’t see your confirmation email (and you’ve checked your spam folder), just email us (we make typos too, and we’re happy to help).
  • We highly recommend you download zoom for an even better in-class experience.
  • You’ll receive reminder emails the day before and the morning of class. (NOTE: If you register within 24 hours of class start time, you might not receive reminder emails.)
  • Be sure to click the Zoom meeting link and join the meeting 30 minutes before class start time, so we can get you checked in.
  • Check your time zone! All classes are listed in CENTRAL TIME, so adjust your calendar accordingly. Our reminder emails the day before and the morning of class will list the correct times for all time zones, for reference.
  • Download any course materials. You can find all appropriate documents for your course under “My Courses” in your student account.
  • If you are taking a USPAP update course, have the current USPAP publication on hand.
  • It is required that you keep your camera on for the duration of the class. Be sure to have a device with a working webcam, audio, and microphone, as well as good internet access.

Use the Zoom meeting link to join the class 30 minutes before class start time, so we can get you checked in.

  • You should have received a confirmation email immediately after purchase, as well as reminder emails the day before and the morning of class. Your Zoom link to join class can be found in any of those emails.
  • Be sure to check your spam folder if it is not in your inbox.
  • Remember to use the Zoom meeting link to join class at least 30 minutes before the official start time, so we can get you checked in.
  • Zoom Confirmation Emails (how you join the class): We will resend everyone’s Zoom confirmation emails 1 hour prior to class start
  •  Class Reminder emails with handouts (if any) and reminders: We send reminder emails on the day before and the day of class (unless class falls on a Monday or Friday; we don’t work weekends)
  • Reminder emails will include: Any class handouts (if applicable), important expectations and requirements; REMINDERS ABOUT KNOWING YOUR TIME ZONE (we’re on Central Time); and student support / instructor contact information.
  • Remember: you must be present with your camera on 100% of the class time. (This is a state requirement, not ours. We cannot make exceptions.)
  • Refunds require a 24-hour written notice.
  • BUT if you miss class and forget to notify us, no worries! Just reach out to our team, and we’re happy to transfer you to a later class.
  • We can only provide one transfer, so if you miss the second class, you will not have the option for a transfer and will forfeit the purchase cost. 
  • You must be present with your camera on for the duration of class. (This is a state requirement, not ours. We cannot make exceptions.)
  • You must be visible and prepared to answer instructor questions (please do not drive, work on other tasks, walk your dog, or anything else that might be distracting to the class).
  • If you have an emergency or are otherwise prevented from being present and visible on camera, please contact one of the class moderators. 
  • Chat Feature
  • Raise Hand Feature (alt + Y is the keyboard shortcut, or click the Reactions button)
  • Mute/Unmute & Stop Video (you should only turn cameras off when on breaks)
  • In addition to the live instructor, we’ll have a team member available to help everything run smoothly during class.
  • Ben Maxwell, our Education Director, will email a Course Evaluation link to all students immediately after class.
  • Once you complete the evaluation, you’ll receive an emailed certificate from our LMS. Please keep in mind that failure to complete this survey will delay your certificate (it is REQUIRED).
  • If you have any issues with the automated certificate, just reply to Ben’s Course Evaluation email and request a PDF copy.
  • If you’re in a state that requires the provider to report on your behalf, we will report your CE after class. Please give us 24 hours to do so. (States in which we report on your behalf include: FL, GA, IL, NC, NV, OH, SC, TX, and UT.)
  • If you have any questions, the instructor and class moderator will stick around for a few minutes after class ends.

Course Author

Bryan Reynolds

Bryan S. Reynolds, CDEI™ is a KY/TN Certified General Real Property Appraiser, a registered agent with the TN State Board of Equalization and an AQB Certified USPAP Instructor. He has testified and appeared in various courts, planning and zoning boards as both an expert and as an agent making valuation arguments before local and state hearing officials and Administrated Law Judges. Reynolds is the owner of Bryan S. Reynolds & Associates, Reynolds Appraisal Service and a partner in Appraiser eLearning, www.appraiserelearning.com. He provides residential and commercial valuation services throughout the region and various educational offerings, mentoring, consulting and litigation support services throughout the country as well as being available for lectures and is well known for his Think Outside the “Check” Box approach.

AQB Certified USPAP Instructor
Certified General Real Property Appraiser
Consultant
Litigation Valuation Expert
FHA Lender Selection Roster Appraiser
Expert Witness

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