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<br />Valuation Section
<br />
<br />WHITE DOVE APPRAISALS
<br />UNIFORM RESIDENTIAL APPRAISAL REPORT
<br />
<br />File No. 0076
<br />
<br />35,000
<br />
<br />Commenls on Cosl Approach (such as, source of cosl eslimale,
<br />sile value, square fool calculation and for HUD, VA and FmHA, Ihe
<br />eslimaled remaining economic life of Ihe property):
<br />Reproduction cost fioures are compiled from a collection of
<br />data from local builders.
<br />
<br />ESTIMATED SITE VALUE. . . . . . . . . . . . . . . . . . . . . . . . . . . = $
<br />ESTIMATED REPRODUCTION COST-NEW OF IMPROVEMENTS:
<br />_Dwelling 1,246 Sq. Ft.@$80.00=$.99,680
<br />Sq. Fl. @$ 18.00 = 16,830
<br />~ -up, cent vac = 3,000
<br />, GaragelCarport ~ Sq. Fl. @ $ 18.00 = 13,824
<br />- T olal Eslimaled Cosl New = $ 133,334
<br />Less Physical I Fu'n~I'i~n~I'I' E~~;n~I' . Est. Remaining Econ. Life:
<br />· Depreciation 20% --- --- = $ 26,667
<br />Deprecialed Value of Improvements . . . . . . . . . . . . . . . . . .. = $ 106 667
<br />'As-is' Value of Sile Improvemenls. . . . . . . . . . . . . . . . . .. = $ 5 000
<br />INDICATED VALUE BY COST APPROACH. . . . . . . . . .. = $ 146700
<br />ITEM SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3
<br />1217 5th Street 847 Xenia Ave 11934 191st Ave 957 York Ave
<br />Address Elk River Elk River Elk River Elk River
<br />Proximity 10 Subiecl/"; 1 mile Northwest 1 mile Northeast 1 mile Southwest
<br />Sales Price $ ot., $ 141500......,'/".. $1.11.7 onn/.,,':i. $ 159,900
<br />PricelGrossLiv.Area $ 0.00 III $ 136.06 IllF/ <i'ii' $ 146.73 IllL).;'<. .............. $ 95.18 Ill"; ....
<br />Dala and/or Inspection MLS 43 days on market MLS 71 days on market MLS 95 days on market
<br />Verification Sources
<br />
<br />VALUE ADJUSlMENTS DESCRIPTION
<br />Sales or Financing... ,.' .., ".
<br />Concessions- . '. . .....
<br />" . ..,.
<br />Suburban
<br />Fee Simple
<br />0.24 acres
<br />AveraQe
<br />Rambler lave
<br />Averaoe
<br />20 Yrs. eft
<br />Averaoe
<br />
<br />Nel Adi. (Iolal) <<... rxl + f - ' $ 700 f 1 + fxl - ' $
<br />
<br />~:~:::r:I:~POCe .i"~ iil.,.;,. .."~niij,:,!: $ 142.200~:i0s:i1~;~o;i,i;.
<br />
<br />Commenls .on Sales Comparison (including Ihe subjecl property's compalibilily 10 Ihe neighborhood, ele. ):
<br />serviced with city sewer and water as was the subject.
<br />
<br />SUBJECT
<br />Dale, Price and Dala N IA
<br />rea for prior sales
<br />ill year of appraisal
<br />Analysis of any currenl agreemenl of sale, option. or lisling of the subjecl property and analysis of any Prior sales of subject and corrparables within one year of Ihe dale of appraisal:
<br />There is no sale, option, or lease on the subiect prooerty. Prior sales over the oast several years ( if any) have been indicated above
<br />for the subject and com parables:
<br />INDICATED VALUE BY SALES COMPARISON APPROACH. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
<br />. INDICATED VALUE BY INCOME APPROACH (If Aoolicable) Estimated Markel Renl $ N/A /Mo. x Gross Renl MuHioIier N/A = $
<br />This appraisal is made (ZJ 'as is' 0 subject to the repars, aHerations, inspections or conditions listed below 0 subject to colJlllelion per plans and specifications.
<br />CondilionsofAppraisal: The~incE..rT}e a~P-foach was not aPJ:>!ica.!?~to this prop_e.!!L ,___
<br />
<br />Date of SalelTime
<br />Localion
<br />Leasehdd.fee SJrde
<br />Site
<br />View
<br />Design and Appeal
<br />c1Cons1rudion
<br />
<br />Condition
<br />
<br />Above Grade
<br />
<br />_ Room Count
<br />
<br />_ Gross Livino Area
<br />Basemenl & Finished
<br />.
<br />Rooms Below Grade
<br />
<br />. Functional UIilitv
<br />
<br />Heatino/Coolino
<br />
<br />Energy Efficient lIems
<br />
<br />Garage/Carport
<br />. Porch, Patio, Deck,
<br />
<br />Fireplace(s). ele.
<br />
<br />Fence Pool elc.
<br />
<br />.
<br />
<br />ITEM
<br />
<br />ToIal ' Bdrms' Baths
<br />6: 3: 1.00
<br />1,246 SaH.
<br />full -- walk-up
<br />. Q35 ft finished
<br />AveraQe
<br />Gas BB, none
<br />
<br />2+, Det. GaraQe
<br />Cent vac
<br />
<br />DESCRIPTION
<br />".i FHA -- 0 pts
<br />:.;.
<br />! 3/16/00
<br />equal
<br />Fee Simole
<br />0.46 acres
<br />equal
<br />rambler I equal
<br />eQual
<br />20 yrs eft
<br />equal
<br />
<br />I . (-) $ Adjustment
<br />
<br />I . (-) $ Adjustment
<br />
<br />I . (-) $ Adjustment
<br />
<br />DESCRIPTION
<br />--- Cash
<br />
<br />DESCRIPTION
<br />--- ConY -- 0 pts
<br />
<br />--- 7/14/00
<br />--- eoual
<br />--- Fee Simole
<br />0.76 acres
<br />-- eoual
<br />--- rambler I equal
<br />--- equal
<br />25 vrs eft
<br />-- eaual
<br />
<br />--- 3/20100
<br />--- equal
<br />--- Fee Simole
<br />--- 0.8 acres
<br />--- equal
<br />--- rambler I eoual
<br />-- equal
<br />--- 15 yrs eft
<br />-- equal
<br />
<br />-1,000
<br />
<br />-1,000
<br />
<br />+5000
<br />
<br />-5 000
<br />
<br />Total I Bdrms: Baths :
<br />6: 3: 1.00'
<br />1.040 5o.Ft. :
<br />full -- :
<br />,
<br />1000 ft finished :
<br />eQual :
<br />Gas FA, ClAir :
<br />
<br />Total, : Bdrms I Baths :
<br />6: 3: 1.00:
<br />1 008 Sa.FI. :
<br />full -- wlo :
<br />,
<br />--- 863 ft finished :
<br />--- eQual :
<br />Gas FA, ClAir :
<br />
<br />-2,000
<br />
<br />Total : Bdrms I Baths :
<br />7: 3: 1.50:
<br />1 680 SQ.Ft. :
<br />full - :
<br />,
<br />900 ft finished :
<br />--- eoual :
<br />Gas FA, ClAir :
<br />
<br />+6,200
<br />
<br />+7,100
<br />
<br />-1,000
<br />-10,600
<br />
<br />-600
<br />
<br />+500
<br />
<br />-2,000
<br />
<br />-2,000
<br />
<br />2 att, 2 det
<br />deck, see sys
<br />
<br />-2,000 2+ att
<br />-1,000 por, fpl
<br />
<br />-5,000
<br />
<br />-2,000 2 att, 2 det
<br />-1,500 patio,sec sys
<br />
<br />4,500 r 1 + [xl-
<br />Gr()$S;.1p,7%
<br />$ 143,400 Net:"~8.8%'
<br />All of the comoarables were in
<br />
<br />: $ 14 100
<br />
<br />$ 145800
<br />subdivisions
<br />
<br />COMPARABLE NO.1
<br />
<br />COMPARABLE NO.2
<br />
<br />COMPARABLE NO.3
<br />
<br />N fA
<br />
<br />N IA
<br />
<br />N IA
<br />
<br />144,000
<br />o
<br />
<br />Final Reconc~ialion: The sales comparison approach best indicates the value of the subiect and was weiohed the most in the final
<br />determination of value.
<br />
<br />.
<br />
<br />.'
<br />
<br />The purpose of Ihis appraisal is 10 estimale Ihe markel value of the real property Ihal is Ihe subject of this report, based on Ihe above conditions and the certification, conlingenl
<br />and Iim~ing cond~ions, and markel value definition thai are s1aled in Ihe attached Freddie Mac Form 439IFannie Mae Form lOO4B (Revised 6/93 ).
<br />I WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF 10/10/2000
<br />IICH~EDATEOFINSPECTIONANDTHEEFFECTIVEDATEOFTHISREPORT)TOBE$ 144,000 . .'
<br />, , P~E': C;;:::;::' /7 # SUPERVISORY APPRAISER (ONLY IF REQUIRED):
<br />Sionalure ~ - Signalure
<br />Name Je~ E Smjtfi/ Name
<br />Dale ReporM igned 10/3112000 Dale Report Signed
<br />SIale Certification # SIale MN SIale Certificalion #
<br />Or SIale License # 4000439 Slale MN. Or SIale License #
<br />
<br />Freddie Mac Form 70 (;,93
<br />
<br />o Did DDid Nol
<br />Inspecl Property
<br />
<br />SIale
<br />Slale
<br />
<br />PAGE 2 OF 2
<br />This form was produced on the ACt Deveklpment RapidForms. $~tem (800)2.14.-8nl
<br />
<br />white dove appraisals
<br />
<br />Fannie Mae Form 1004 (;,93
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