For folks doing simple net present value valuations, please keep in mind that small businesses and small websites are a different world. Most require work and promotion to maintain. Thankfully, IRobot, whose stock I own a few shares of, has never asked me to run an adwords campaign, pay their hosting bills or do their customer support. Selling a small business is often like selling a job.

Take a look at the sitepoint marketplace at closed sales and see how many you see going for 10x multiples. In terms of selling, the value of any business is exactly what the market will pay.