How do you calculate the intrinsic value or fair value of real estate? How do you calculate the intrinsic value or fair value of real estate?
I mean how do you determine that the house/commercial estate is undervalued or overvalued?
same as for a company, if you assume that you are buying it for the rent it will get you then the value of the asset is the sum of the discounted future cash flows (called FFO in RE)
you can also apply the comparables methods, in this field we usually apply it with a slight twist we read it in terms of yield (inverse of the multiple) which is called a cap rate and compare it to similar projects in similar areas for similar purposes.
this pdf is a good primer on all of this : 
https://www.merrilledge.com/publish/content/application/pdf/gwmol/bofaml-reit-primer.pdf