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- Complete Appraisal Analysis - Summary Appraisal Report .
<br /> Valuation Section UNIF VI RESIDENTIAL APPRAISAL REPOT File No. 980178
<br /> I ESTIMATED SITE VALUE =s 27,000 Comments on i.ost Approach (such as, source of cost estimate,
<br /> C
<br /> -0
<br /> O value,REPRODUCTION COST-NEW-OF IMPROVEMENTS: site lue, square foot calculation and for HUD, VA and FmHA, the
<br /> g` Dwelling 1,152 sq.Ft C2 s 65.00 =s 74,880 estimated remaining economic life of the property): Reproduction
<br /> smntFin 978 sq.Ft®$ 12.00 = 11,736 cost figures were obtained from local building cost sheets
<br /> Illp Deck,GeoThmCA,BIA = 5,500 and Boeckh's Building Valuation Manual. See sketch for
<br /> P, Garage/Carport 748 sq.Ft®$ 12.00 = 8,976 square footage calculations. Age/Life method was used
<br /> p, Total Estimated Cost New =$ 101,092 in determination of physical depreciation.
<br /> R Less 5,3 Physical Functional External.
<br /> o Depreciation 5,358 ( I 3,000 =s 8 358
<br /> A
<br /> C Depreciated Value of Improvements =$ 92 734
<br /> H. -As-is Value of Site Improvements =S 6,000 t,
<br /> INDICATED VALUE BY COST APPROACH 125,700 as 125,734 Remaining Economic Life:61 Remaining_pliysjcaILife;71
<br /> ;a. ITEM SUBJECT COMPARABLE NO. I COMPARABLE NO.2 COMPARABLE NO.3
<br /> ! 11452 197th Ave.NW 10938 208th Ave. 12781 206th Ave.NW 21522 155th St.NW
<br /> , Address Elk River Elk River Elk River Elk River
<br /> c Proximity to Subject ��;� _ �i�fi 75 Miles 1 Mile
<br /> 3.5 Miles
<br /> Sales Price s N/A ^:;_( s 119,000 t," ,�.. � ,�r s 108,500.-Yr�..�, �„,,w1 *1 s 131,500
<br /> Price/Gross Liv.Area s N/A 11 s 131.35 17 I _ ""' : s 91.33 [ rtn'1 i, ts 122.67 GI„ic.'„'.a'""'rw,rt. '.;
<br /> Data and/or Inspection MLS MLS MLS
<br /> ' Verification Source Inspection County Records County Records County Records ,
<br /> VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-)S Adjustment DESCRIPTION +(-)S Adjustment DESCRIPTION +(-)$Adjustment
<br /> r `t v x J u�
<br /> Sales or Financing x , .;Cony.
<br /> -0-Cony. -0-Cony. -0-
<br /> C.oncessions W,1FP p q, !. d{ +`F 5rt'::.
<br /> Date of Sale/Time ,_ 4. :`,;; . . 08,28/97 -0-10/31/97 -0-01/29/98 -0-
<br /> ';': Location Suburban Suburban -0-Suburban -0-Suburban -0-
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<br /> ,ItF File No. 980178
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<br /> DDITIONAL COMMENTS ,r��
<br /> .:x
<br /> Borrower or Owner Becker, Cheryl
<br /> Property Address 11452 197th Ave.NW
<br /> city Elk River county Sherburne state MN Zip Code 55330
<br /> Lender or Client Homestead Mortgage Corporation
<br /> COMMENTS ON SALES COMPARISON
<br /> •
<br /> External Inadequacies:
<br /> Some external obsolescence may be indicated due to the subject backing up to a commercial area. Buyer
<br /> resistance may be encountered due to increased traffic levels and noise.
<br /> Site:
<br /> The adjustments for comparables 1 and 3 are due to the comparables' superior site sizes. Said adjustments
<br /> reflect the "contribution value" of the excess land included with the comparables.
<br /> View:
<br /> The adjustments for comparables 1 and 3 are due to the above mentioned external obsolescence suffered by
<br /> the subject property.
<br /> Design/Appeal:
<br /> Due to limited data, comparables 1 and 2 were used although their designs differ from the subject. Said
<br /> Ai designs are considered equal in this market.
<br /> IP Age & Condition:
<br /> The adjustments for comparables 1 and 2 are due to the subject being newer construction and considered to
<br /> be in superior condition.
<br /> Additional Comments On Sales Comparison Analysis:
<br /> Due to limited available closed data, comparable #1 was used although it's sale date is in. excess of 6 1
<br /> months from the date of this appraisal. No time adjustments are considered necessary in this market
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