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Milestone Appraisal Services
<br /> Residential Appraisal Report File No. m727
<br /> FEATURE SUBJECT COMPARABLE SALE NO.1 COMPARABLE SALE NO.2 COMPARABLE SALE NO.3
<br /> 1627 Main Street NW 18207 Ironton Street NW 18196 Gary Street NW 1639 Main Street NW
<br /> Address Elk River Elk River MN Elk River MN Elk River,MN
<br /> Proximitv toSubect 1.16 miles WSW 1.03 miles WSW 0.02 miles SSW •
<br /> Sale Price E 1 E 159,900 S 152,000 Is 134,900
<br /> Sale Price/Gross tiv.Area $ 0.00 s.ft. E 164.51 sq.ft. E 144.21 .tt $ 141.70 sq.ft.
<br /> Data Sources MAAR MAAR Sherburne County Tax
<br /> Verification sources Sherburne Countv Tax Sherburne Count,Tax Sherburne Count,Tax
<br /> VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION A-)SAd'slaent DESCRIPTION )$Ad'stment DESCRIPTION (-SAd' bnent
<br /> Sale or Financing FHA Conventional Other
<br /> Concessions 4797 -1199 4560 -1140
<br /> Date ofSale/rime n/a 06/01/2012 09128/2012 10/2012
<br /> Location Suburban Suburban Suburban Suburban
<br /> Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
<br /> site 29621 S .Ft. 12197 sf 4,356 10454 sf 4,792 8775 sf 5,212
<br /> View Average/Homes Avera a/Homes Average/Homes Av/Homes/Comrr 2,500
<br /> Design(Style) Split Level Split Level Split Level Split Level
<br /> Quality of Construction Average Average Averacie Avera e
<br /> Actual Age 25+/-Years 17 Years -2,000 17 Years -2.000 25 Years
<br /> Condition Averacie Averacfe Averacie Avera e
<br /> Above Grade Total I Bdrms Baths Total Bdrms Baths Total Bd,.. Baths Total Bd ms Baths
<br /> Room Count 5 2 1 5 1 2 1 1 5 1 2 1 1 5 2 1
<br /> Gross Living Area 1,058 s.ft. 972 sq,ft. 3,010 1,054 sq.ft. 952 sq.ft. 3,710
<br /> Basement&Finished Partial 400 Fin Full W/O 920fin -7,700 Full 438 Fin Full 900 Fin -5,000
<br /> Rooms Below Grade 1 BR 3/4 Bath 2BR 3/4 Bath -2,000 113R,3/4 Bath 2 BR 2.29L0
<br /> Functional Ublity Acceptable Acceptable Acceptable Acceptable
<br /> HeatinglCooling FWA C/Air FWA C/Air FWA C/Air FWA C/Air
<br /> Energy Efficient Items Typical Typical Typical Typical
<br /> Garaqe]Carpon 2 Attached 3 Attached -2,000 2 Attached 2 Attached
<br /> Porch/Patio/Deck Deck 3 Sea Pch None 7,500 Deck 5,000 Deck 5,000
<br /> Fireplace 1 F/P None 2,000 None 2,000 None 2,000
<br /> Fence Fence Fence None 1.000 None 1,000
<br /> Main Street Main Street Ironton Street -5 000 Ga Street -5,000 Main Street
<br /> Net Adjustment(Total) Is 3 033 Is 4,652 E 12,422
<br /> Adjusted Sale Price Net Adj. -1.9% Net Adj. 3.1%1 Net Adj. 9.2%
<br /> of Com arables Gross Ad 23.0% E 111,867 Gross Ad 13.8%I- 156 652 GmssAd. 19.6% $ 147 322
<br /> Summary of Sales Comparison Approach See Attached Addendum
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<br /> COSTAPPROACHTO VALUE
<br /> Site value Comments The cost approach was not used and would not have lead to a more credible conclusion.
<br /> ESTIMATED REPRODUCTION OR U REPLACEMENT COST NEW OPINION OF SITE VALUE........................................=E 30,000
<br /> Source of cost data Marshall&Swift Contractors Builders Dwelling 1,058 S.FL 0 E 100............=$ 105,800
<br /> Quality rating from cost service Effective date of cost data 2012 Bsmt:544 S .Ft. S.Ft.@$ 40............=E 21,760
<br /> Comments on Cost Approach(gross living area calculations,depreciation,etc. Other Features 20,000
<br /> Cost Parameters based on regional Publications,contractors and Garafle/Carport 506 S.Ft.@$ 25............=$ 12,650
<br /> experience.The depreciation is determined by the Marshall and Total Estimate of Cost-New =$ 160,210
<br /> Swift depreciation schedule condition of the property and field Less 85 Physical Functional External
<br /> experience. Depreciation $28,272t =E 28,272)
<br /> Depreciated Cost of Improvements................................=$ 131,938
<br /> "As-is"Value of Site Improvements................................=E 5,000
<br /> INDICATED VALUE BY COST APPROACH...................... =$ 166,900
<br /> INCOME APPROACH TO VALUE
<br /> Estimated Monthly Market Rem$ X Gross Rent Multiplier =E Indicated Value by Income Approach
<br /> Summary of Income Approach(including support for market rent and GRM) The income approach was considered but not used because a search in the
<br /> market indicated no single family houses similar in location and characteristics.The neighborhood is an owner occupied neighborhood.
<br /> Indicated Value by: Sales Comparison A roach$150000 Cost Approach if develo ed$ 166,900 Income Approach if develo ed$0
<br /> See Attached Addendum
<br /> This appraisal is made "as is," subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed,
<br /> ❑subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed ❑subject to the following: •
<br /> Based on the scope of work,assumptions,limiting conditions and appraiser's certification,my(our)opinion of the defined value of the real property
<br /> that i s the su bject of th i s report I s$ 150,000 asof 11121/2012 ,which is the effective date of this appraisal.
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