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<br /> • J.Brown&Associates
<br /> AuafionSection UNIFORM RESIDENTIAL APPRAISAL REPORT File No. 960702
<br /> 1. ESTIMATED SITE VALUE _$ 30,000 Comments on Cost Approach (such as, source of cost estimate,
<br /> / ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS: site value,square foot calculation and for HUD,VA and FmHA,the
<br /> ,f . Dwelling 940 Sq.Ft.@$ 56.00 =$ 52,600 estimated remaining economic life of the property):See attached
<br /> ,..
<br /> Bsmt. Unfin sq.Ft.@$ 0 addenda for building sketch and sq footage calculations.
<br /> Fans = 1,500 The extraction method along with a review of recent land
<br /> • Garage/Carport 352 Sq.Ft.@$ 14.00 4 900 sales was used to estimate the site value which does not
<br /> Total Estimated Cost NowLess Physical 25unctional =$ - 59,000 appear excessive for the neighborhood. Cost developed
<br /> FExternal 11 from Marshall&Swift&local contractors.No functional
<br /> Depreciation 14,750 l 0 - 5,000_ =$ 19,800 depreciation was noted that would affect value.External
<br /> Depreciated Value of Improvements =$ 39,200 depreciation was based on the traffic and noise nuisances
<br /> "As is Value of Site Improvements =$ 4 000 and mobile home park buildings.
<br /> INDICATED VALUE BY COST APPROACH =$ 73,200 Est Remain.Econ.Life: 75 yrs
<br /> ITEM I SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3
<br /> 4943 Old Highway 8 8290 Sunnyside Rd 7225 Knollwood Dr 5343 St Stephens
<br /> Address Mounds View Mounds View Mounds View Mounds View
<br /> Proximity to Subject
<br /> 1.75 Miles 1.25 Miles 7.5 Blocks
<br /> 7 900
<br /> 7 500 <.::$
<br /> 9
<br /> 73 000
<br /> 8
<br /> t
<br /> Sales Price $
<br /> N/Ay r
<br /> 1-_, 96
<br /> 82.5
<br /> Price/Gross Liv.Area $ L` $ 87 74 �'!'N`v:_'„y $ .,,
<br /> Data and/or Inspection MLS/DOM 18 MLS/DOM 10 MLS/DOM 18
<br /> Verification_Source___ MLS&County Records MLS&County Records_ MLS&County Records
<br /> VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION _10$Adjusiment DESCRIPTION +(-)3 Adjustment DESCRIPTION +(-ISAdjustmant
<br /> Financing Conventional FHA FHA
<br /> Sales or F n g
<br /> concessions 0 Points 0 Points 0 Points
<br /> June 96
<br /> June 96
<br /> of Sale/
<br /> Time
<br /> A ri196
<br /> Date
<br /> Location Fair-Avg_._.__ Average -5,000 Average -5,000 Average -5,000
<br /> Leasehold/Fee Sim>I le Fee Simple _ Fee Simple - Fee Simple Fee Simple
<br /> s Site _6 Ac/A_vg _5 Ac/Avg • _ .9 Ac/Avg_ .3 Ac/Avq_
<br /> A View Fair Average -1,000 Average -1,000 Average -1,000
<br /> L Design and_Appeal Rambler Avg_ Rambler/Avg - Rambler/Avg_ Rambler/Avg_
<br /> E Quality of Construction Avg/Hdbd Avg/Shake- Avq/Shake Avq/Vinyl -1,000
<br /> S Age__ Effective 1940 1938 _ +200 1941 -100 1951 -1,100
<br /> ' Condition Average Average Avera a Avera
<br /> C Above Grade--_-_-_-__ Tocol warms--Baths,_- Taal_B_dmc- _Buns___ Taa_Laarms Bans Tam earns Bairn
<br /> G Room Count -5 2 1.00 5 2 1.00 4 12 1.00 5 2 1.00 _
<br /> MGross Living Area 940 sq.Ft. 832 sq.Ft._-_ +1,700 816 Sq.Ft. +2 000 968 Sq.Ft. 0
<br /> P Basement 8 Finished Full -0 sqft Part -0 sqft +4,000 Full -0 sqft Part -0 sqft +4,000
<br /> A Rooms Below Grade Unfinished Unfinished --__-__ Unfinished Unfinished
<br /> AFunctional Utility Average Average Average Average
<br /> S Heapng(cooling�___
<br /> 11111
<br /> _FA /_None-/Oil_ -FA/None/Gas 1 000 FA/A/C/Gas -2,000 FA/None/Gas -1,000
<br /> - -� _
<br /> O Energy Efficient Items Area Norm Area Norm Area Norm Area Norm
<br /> N Garage/carport - - 1_Car Det Gar 2 Car Det Gar =2,000 2 Car Det Gar 2,000 _ 1 Car Att Gar -1 000
<br /> Porch,Patio,Deck, None Deck -1,000 Deck -1,000 Deck,Sec -2,000
<br /> A Fireplace(s),etc. 0 FplCe0Fplce 0 Fpfce 0 Fplce -
<br /> N Fence,Pool,etc. None None None None
<br /> A Kitchen Equip_ No built-ins No built-ins- -No built-ins - Dwsh -400
<br /> L Not Adj.(total) u+ rgi- $___4,100 j+.._U $ -9,100 (Q+ J-5(1- $ -8,500
<br /> Y Adjusted Sales Price :llatilFgliMMMNet=-6°/, Net=-12% Net=-11% i
<br /> S71,400
<br /> 4 Gross=2
<br /> 1%
<br /> 00S
<br /> Gross= 69
<br /> 17% $
<br /> Gross=
<br /> 68 900 ,
<br /> Comparable ___
<br /> G s 22% $
<br /> Comments on Sales Comparison(including the subject property's compatibility to the neighborhood,etc.): See attached addendum
<br /> s
<br /> ITEM _ SUBJECT COMPARABLE NO.1 I-__ COMPARABLE NO.2 COMPARABLE NO.3
<br /> Date,Price and Data No prior sales No prior sales No prior sales No prior sales
<br /> Source,for prior sales Past 12 months within the past 12 monthswithin the past 12 months within the past 12 months
<br /> within yearofappraisal CountyRecords - County_Records I County Records County Records
<br /> Analysis of any current agreement of sale,option,or listing of the subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal.
<br /> There is no sale option or listing presentlyon the subject property. Any prior sales over the 12 months have been indicated
<br /> above for the subject and/or the comparables.
<br /> INDICATED VALUE BY SALES COMPARISON APPROACH $ 70,000
<br /> INDICATED VALUE BY INCOME APPROACH (If Applicable)Estimated Market Rent$ - /Mo.x Gross Rent Multiplier - _$ N/A*
<br /> This appraisal is made[ j"as is" LJ subject to the repairs,alterations,inspections or conditions listed below Lf subject to completion per plans and specifications.
<br /> Conditions of Appraisal:•A lack of comparable rental sales precluded an analysis of the INCOMEAPPROACH. This COMPLETE
<br /> R APPRAISAL/SUMMARY_REPORT_is intended tQ.cornply with USPAP and contains no departures from specific guidelines.
<br /> E Final Reconciliation: The COST APPROACH is supportive of the final estimate of value. Nonetheless,the SALES COMPARISON
<br /> C u_APPROACH is given the greatest consideration as it is the most reflective of the attitudes of buyers and sellers in the market
<br /> place.
<br /> CThe purpose of this appraisal is to estimate the market value of the real property that is subject to this report,based on the above conditions and the certification,contingent
<br /> 1 and limiting conditions -, • rkot value definition that are stated in the attached Freddie Mac Form 439/Fannie Mae Form 10048(Revised 6-93_ ).
<br /> L I(WE)ESTIMAT E MAR 'T VALUE,AS DEFINED.OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT,AS OF July 26,19.96_
<br /> 1 (WHICH IS T E DATE O INSPECTION A •THE ECTIVE DATE OF THIS REPORT)TO BES 70,000_--
<br /> A APPRAISE': SUPERVISORY APPRAISER(ONLY IF REQUIRED):
<br /> T Signature ,i .e. Signature _-__ Li Did U Did Not
<br /> I Name James A.Brown Name -_- _-_ Inspect Properly
<br /> 0 Date R+,•ort Signed July 26,1996 Date Report Signed
<br /> N State Certification# - State State Certification SState
<br /> Or State License 6 4001115 Slate MN Or State License u Slate
<br /> Freddie Mac Form 70 6-93 Macnppreser""Real Estate Appraisal Software by Bradford and Robbins(tido)622-8727. Fannie Mae Form 1004(6-93)
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