RE 539 Real Estate Valuation I

Fundamentals of appraising real estate, focusing on valuation techniques for income-producing real estate assets. Analysis of income and expenses, net operating income, leveraged and unleveraged cash flows, debt coverage ratios, direct capitalization, multipliers, and discounted cash flows. Marketability analysis, highest and best use concepts, zoning, environmental issues, and the risks and rewards of real estate development are discussed. Also offered for undergraduate-level credit as RE 439 and may be taken only once for credit.