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1 <br /> IN T E R <br /> OFFICEmEmo• <br /> To: Cathy Bennett, Di ctor of Economic Development <br /> From: Jennifer Bergm <br /> Subject: Information on Cost of Purchasing Rental Properties <br /> Date: July 31, 1997 <br /> Estimates: <br /> Listed below are the estimates for the purchase price and relocation costs for 8271 Long Lake Road and <br /> 2510 Ardan Avenue. <br /> ii: •iii}iii::.::5::^:•'f.ii:i:i::::::i:i::ili::::::ii: "-': .......::ii::iiiii::i:: r.. :.v......i........iiiiiii:::}::is�::.:: :f{iL::i::::::ii:iii <br /> $48,000 $8,000 $30,000 8 .40(,: <br /> dan., venu . ::.:.._:::::::. $95,000 $10,000 $30,000 <br /> • <br /> (Must seal <br /> and <br /> remove <br /> septic) <br /> P ) <br /> Purchase Price: <br /> The table below compares the house that was purchased at 8283 Long Lake Road to the adjacent rental <br /> homes located at 8271 Long Lake Road and 2510 Ardan Avenue. <br /> The percentage increase from the tax value of the property at 8283 Long Lake Road and the purchase price <br /> of the property was 22%. Therefore, using that figure, we could guess that the purchase price of the home at <br /> 8271 Long Lake Road would about$48,000, and the purchase price for 2510 Ardan Avenue would be about <br /> $95,000. <br /> However, I believe that the appraisal on 2510 Ardan Avenue would be considerably lower than$95,000. I <br /> would make an estimate closer to $55,000, such as 8283 Long Lake Road, but to be cautious I used the <br /> $95,000 figure. <br /> • <br />