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I would say that it depends on how hard that site owner has to work to make that money and how much money comes out of his pocket to make that money.
For example if that person makes their monthly income from adsense ads and their site is placed high in the natural results of google and yahoo then the site owner should ask for even more than the X18 month income. If the person has to put 1000 bucks out of his pocket for adwords then the new site owner has to keep testing new things on adwords, therefore its a bigger headache in many ways and that site should sell at a lower premium.
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