Clarification on Valuing Multifamily

[Angela Meraklis-Lyons]

Between books I've been reading and information I've researched, I'm confused about how a small multifamily property's value is determined. With mid-large multi's, I understand that the value is based on income. I thought I heard that small multifamilies (2-5 units) were the same, however, I've also heard that they are based on comps instead of income.

So my question is: How are small multifamily properties valued? If it is based on comps, does that mean it's based on comps of other multifamily properties or SFR's in the neighborhood?