4.5. HRSR 09-08-2020 - Laserfiche WebLink

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Supplemental Addendum NO NO 5132175- 1 BMWLF__ .Erin_CunNngham PrWp AdftS 1420 5th St NW Gh Elk PJvW Ginty SperLum6 $last MN Dp 000 ss3m LaM9riG " The $mk of Eik River search parameters to inc=lude date of sale, leases, location, size, type of property, and distance from subject. These parameters start with relatively narrow guidetines and were expanded until a credible opinion of market value could be reached. Verified researched sales data with persons directly involved in the transaction. Investigated and reviewed any pertinent easements or restrictions of the fee simple ownership of the subject property. A title report was not supplied to the appraiser by the client. The appraiser rel led on a visual inspection and retarded sale information to Identify any readily apparent easements or restrictions. Analyzed the data found to reach a conclusion regarding the opinion of market value (as defined in Fannie Mae form 1004 03/05: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each ,acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in the definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considerers his or her own best interest; (3) a reasonable tune is allowed for exposure In the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions' granted by anyone associated with the sale) of the subject property as of the date of value in a manor that is clear, meaningful, and not misleading to the identified intended users subject only to limiting condirions. Prepared an appraisal report which included the following: 1, Descriptions of the subject neighborhood, site, site Improvements, and zoning 2. A highest and best use analysis 3. A summary of the most comparable sales 4. A reconciliation and cant#usion 5. Photographs of the subject property 6, Location/Aerial maps of the subject property relative to included sales. Pertinent data and analysis not included in the report are retained in the appraiser's workfile. 3. highest & Best Use: The use that Is (1) Legally Permissible, {2) Physically Passible, (3) Economically Feasible, and (4) Maximally Productive {Profitable}. Proposed uses that fail any of the four tests are discarded and another use Is reviewed. The highest and best use of the subject property is a single family resilience based on the following: I. The use is legally permissible through its zoning 2. The use is physically possible 3. The use is financially feasible 4. The use is maximally productive Highest and Best Use: (Vauantl: The appraiser has not been provlded with a soil or geological survey of the site. It is adequate for residential use (based on the appraiser's inspection). Site size, location, and off site infra -structure are also adequate. Based on a review of zoning regulation of Ric, single family usage appears to be the major permitted use. This residential use is also considered to be economically feasible given current market conditions and will return the maximum productivity to the site in the current market. Therefore, single family residential use is considered to be the "highest and best use" of this site. Highest and Best Use: (Improvedl- The subject improvements were designed with single family residential usage as the prlmary intended , n-rIs WJA;AW *nmaa Nine Rpgg )Y49tklne 4& SPW 0&120M Srata C40k9 n I 40454919 Wt MN Or Stria kkmw 0 SMO — UK a* siw — so Cer Cwm Or State !loose I Fam TADD2 - TOTAL' appraaat sd*-m by a la mDk. ex - I.ODO-WMWE Stzk Stela