The appraisal types a lender orders — full interior report, exterior drive-by, desktop review, rent schedule, or commercial narrative — shape your closing timeline, your budget, and often your loan amount. Most investors only hear that “the appraisal was ordered.” Knowing the appraisal types in advance works better. You can budget the fee, push for a lighter report when the deal allows it, and avoid surprises when the value comes back.
Why lenders order different appraisal types
Every report answers the same two questions: what is the collateral worth, and what can it earn? Risk sets the depth. A high-LTV purchase earns a full interior inspection, while a low-leverage refinance may qualify for a faster review. Fannie Mae publishes the standard residential forms most lenders use, and DSCR lenders follow the same playbook with extra attention on rent.
The full interior report
The classic single-family report is the Form 1004. The appraiser walks every room, photographs the property, measures it, and compares recent nearby sales. Expect $450 to $700 and one to two weeks in most Florida markets. Condos use a similar form that adds a look at the association. This is the default report for purchases and for any cash-out refinance at full leverage.
Rent schedules and multifamily forms
Rental deals add income to the value question. The Form 1007 rent schedule states the market rent a house should command, and that number — not just your lease — feeds the DSCR. Two-to-four unit properties use the Form 1025, which includes rent comparables for every unit. Consequently, a vacant or under-rented property can still qualify on market rent. Test the likely figure against your payment with our DSCR calculator before you spend appraisal money.
What each report costs and how long it takes
- Full interior (1004/1025): about $450 to $900; one to two weeks; the standard for purchases.
- Rent schedule (1007): usually $100 to $200 added to the main report; required on most DSCR loans.
- Drive-by or desktop review: $150 to $400; a few days; offered on some low-LTV refinances.
- Commercial narrative: $2,500 to $5,000; three to six weeks; standard on 5+ units and mixed-use.
Timelines stretch in busy seasons, so order early and keep access easy — a locked unit is the most common delay in the whole file.
A typical deal
An investor puts a Cape Coral fourplex under contract at $780,000 with a DSCR loan at 70 percent LTV. The lender orders a Form 1025 with rent comparables on all four units. The report lands in nine days at $795,000, with market rent of $6,900 a month against actual leases of $6,500. The lender qualifies the deal on the stronger market figure, the DSCR clears 1.25x, and the file moves to closing without a second inspection.
Get the right report the first time
Alpha Equity Lending arranges investor loans across Florida and nationwide and tells you upfront which appraisal types your deal needs — and what they will cost. Send your property and timeline through our submit your deal page, and we will map it out — in English or Spanish.
By Andres Jara — Alpha Equity Lending (NMLS #1855083). 20+ years in real estate finance, an MS in Finance, and an active South Florida investor and landlord.
