One thing you could also do is look at square footages and compare to what it is selling to and what has sold previously and you will have an idea if it is possibly overvalued or undervalued.Hope this helps!

Since it is a unique property with 4 cabins in a vacation rental destination, I am assuming the best way to value would be a cap rate on NOI, as there are not really sales comps to compare.  

As long as you're comparing ROI against your initial cost basis then you will always be able to see which is the best performer.

Increased rents don’t raise appraisal/value....4 pledges and under are valued by comparable sales. “$2-3k per unit” is considered a “rehab”.

So they have the subject property +30k compared to a property that didn't have a cottage.

@Michael Le this is my first time going into apartments so I’m scratching my head at 5 cap and I don’t really understand how this is superior (maybe just a little bit) compared to SFH. 

However, according to our By-Law/Master Deed, Garage is considered a part of "Limited Common Elements".Specifically, from our Master Deed: The Limited Common Elements of the condominium shall include any deck, patio, stairs, or garage to which there is direct access to that unit which is appurtenant to same, or any car port to which a Unit has been assigned....These Limited Common Elements are reserved for the use of the Unit(s) either immediately adjacent thereto or for the use of Units to which they have been assigned, to the exclusion of all other Units....Any expenses of repair or replacement relating to said Limited Common Elements, or involving structural maintenance, repair or replacement, shall be the responsibility of the Association, excepting for costs necessitated by negligence, misuse, or neglect of the Unit by a Unit Owner.One day, someone (not anyone I know) likely backed into our garage and crashed the garage doors.

Hoboken is expensive but how much more expensive is it compared to Brooklyn or queens?

I just sent you a connection request so we can compare notes. 

I was always under the impression that owner-occupied FHA loans would have a lower interest rate compared to a conventional purchase.