Two-to-four unit residential properties are valued in part on what they earn, not only on comparable sales. Form 216 is the piece of the appraisal that develops that income picture. It is a narrower, more specialized form than the 1004 or 1025, and it is worth confirming directly with the appraiser or lender exactly how it applies to a given file.
What it is used for
Form 216 is completed alongside a two-to-four unit property appraisal to support the income approach to value — the same broad concept covered generally on our net operating income page, applied specifically within the appraisal process rather than by the borrower.
Who completes it
The appraiser, as part of the same assignment that produces the Form 1025 report on the property.
Why it exists separately from the 1025
The 1025 documents the property and its comparable sales; Form 216 is where the appraiser works through the operating income side of the analysis in more detail, in support of the value opinion the 1025 ultimately reports.
What this page does not cover
We are not going to guess at the form’s exact line items here. If a file requires specifics on Form 216’s layout, ask the appraiser or lender directly rather than relying on a summary.
Form 216 (Operating Income Statement) FAQ
It is used on two-to-four unit residential income property appraisals, alongside Form 1025.
No. A one-unit property uses Form 1007 for its rent opinion rather than Form 216.
The lender orders it as part of the appraisal assignment on a qualifying two-to-four unit property. The appraiser completes it.
No. Form 1007 is the one-unit rent schedule. Form 216 is used on two-to-four unit properties to support the income approach within the 1025 appraisal.
Ask a lender or appraiser for the completed form, or consult the current Fannie Mae form directly. We have kept this page to what we can confirm rather than describing the field-by-field layout.