Opinion and Order Valuing Secured Claim of Marine Federal Credit Union. Debtor purchased and refinanced property in Purlear, NC to operate cabins and build “glamping” pods for short-term rentals, but stopped making loan payments in 2023 and filed for bankruptcy in September 2023. Creditor filed a claim of approximately $4.9 million, while Debtor’s plan proposed valuing the secured portion at $2 million. Both parties submitted expert appraisals, with Creditor’s valuation at $4.36 million and Debtor’s at $2.46 million. After an evidentiary hearing, the Court held that Debtor bore the burden of proof and that the appropriate standard was fair market value based on the income approach, assuming completion of rental units. Finding flaws in both appraisals, the Court relied on Debtor’s own projected operating income and a 9% capitalization rate, ultimately valuing the secured claim at $3,794,314.89 and deeming the remainder unsecured.