How to determine value of asset - property - for FAFSA
Any ideas of a reasonable way to estimate the value of property with the following characteristics:
1. Not our primary home so must be reported on FAFSA
2. Passed down from family. Now owned jointly with several relatives, three of which are retirees and live on the property
3. Federal housing calculator isn't usable because the property was bought in the early 1960's as raw land and a house later built on it
4. In the middle of no-where so I can't find any comparable sales near-by. Zillow shows a vast expanse of nothing in the vicinity of the property.
5. No outstanding mortgages or loans on the property.
It should be simple: market value minus loans divided by number of joint owners
However, I can't figure out how to estimate the market value in a way that would be better than plucking a number out of thin air.