Unit count decides the valuation approach itself. Up to four units, appraisers generally still work from comparable sales with a rent adjustment. Five units and above moves to stabilized net operating income divided by a capitalization rate, usually requiring a report from an Appraisal Institute of Canada designated appraiser before a lender will advance funds.
Legality is the variable that changes the number most. A basement or garage suite added without a City of Saskatoon building permit does not count as rentable income for underwriting purposes, no matter how long it has been rented in practice, so two otherwise identical buildings can be worth very different amounts.
Averaging across neighbourhoods, property conditions and permit statuses produces a figure that fits almost nothing on the ground. Get your hand-reviewed valuation from Joel Dyck.