When analyzing rental income using the income approach, an appraiser should consider which characteristics of the income?

When analyzing rental income using the income approach, it is crucial to consider durability, quality, and quantity. These characteristics directly influence the property's ability to generate income over time and are essential factors in determining its value.

Durability refers to the physical longevity of the property and its components, which can impact maintenance costs and overall income stability. The quality of the property, including its amenities, finishes, and standards, also affects the rental income it can command; higher quality properties typically attract more tenants and can charge higher rents. Finally, the quantity of the rental income represents the actual dollar amount received, which is critical for evaluating the property's profitability.

In contrast, while factors like market trends, past performance, and interest rates are important in understanding the overall market and economic landscape, the direct attributes of durability, quality, and quantity provide a clearer insight into the specific income-generating potential of the property itself, making them the most relevant characteristics to consider in this context.