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The Mathematics of Income Property Valuation

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  • David Ellerman

Abstract

This paper surveys and generalizes the main valuation formulas used in real estate valuation and presents unified proofs. The results are otherwise scattered in obscure journals and books while the proofs are rarely available to researchers in the field. The material was originally developed so that it could be used by mathematically-trained appraisers and researchers in the former Soviet Union and in other transition economies that were starting their real estate valuation profession. Keywords: real estate valuations; six functions of one; Ellwood, Akerson, and Hoskold formulas; capitalization rate methods; amortization tables JEL: G12, R3

Suggested Citation

  • David Ellerman, 2025. "The Mathematics of Income Property Valuation," Papers 2512.05736, arXiv.org.
    • Handle: RePEc:arx:papers:2512.05736
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    File URL: http://arxiv.org/pdf/2512.05736
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    Keywords

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    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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