4.5. HRSR 09-08-2020 - Laserfiche WebLink

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Supplemental Addendum FJn rfl 5132175-1 BMWLF__ .Erin_CunNngham PrWp AdftS 1420 5th Sl NW _ C4 Elk PJvW CaretY SperturrIC 5ta1! N1N zip {Ads 55330 Lardrl NKO The Swk of Elk Rwar use. This use is currently legally permitted and under current market conditions represents a financially feasible use which will return the maximum productivity to the improved property. Therefore, and in consideration of the above analysis, the "highest and best use" of the subject "as improved" is the current residential use. 4. Conditions of the Appraisal: No warranty or guarantee of the appraised property is given or implied. No liability is assumed for the structural or mechanical elements of the property. This appraisal is based on the subject property being located within the defined boundaries and being free and clear of all encumbrances. f: ncumbrances could include, but are not limited to: leases, delinquent taxes, mortgages, outstanding special assessments, and other liens. The appraiser is not a home inspector and the appraiser is not acting as a home inspector when preparing the report. The borrower has the right to have the horne inspected by a professional home inspector. When performing the inspection of the property, the appraiser visually observed areas that were readily accessible- The appraiser is not required to disturb or move anything that obstructs access or visibility. When completing the appraisal, a visual inspection was done. The inspection is not technically exhaustive. The inspection does not Offer warranties or guarantees of any kind. No warranty of the appraised property is given or implied. All safes are verified as being closed transactions. All dates are closing dates unless otherwise stated. No personal property or chattel was included in this report. 5. Comments on the Neighborhood/Market Area. The subject property is located in a residential area in Elk River, Minnesota. It is bounded to the north by 221st Ave NW, to the south by the t44ississippi River & 181st Ave NW, to the east by the Elk River & Anoka/Nowthen boundary, and to the west by Zebulon St NW. This area is comprised primarily by residential properties including single family horn es, town & twin homes, and condo/m ulti-fa mily residences. Commercial property includes office & retal, golf courses, places of worship, schools, city/governmental, and restaurant & entertainment. Other land is comprlsed of some non -improved areas as well as park & recreational space/bodies of water. The neighborhood's land uses are typical of the area and do not adversely impact the subject property or its marketability. A high level of employment stability exists the greater Minneapolis area. Elk River is a suburban city. Construction quality and condition ratings of homes in the area range between Q3 -Q4 and C2-cs, respectively. The local neighborhood is of good appeal to market, Marketing times for the area are impacted by price in relation to supply. Most homes sell within three months. Most homes have garages and basements. Some vacant lots do exist in the area. Transition from vacant to residential is taking place. The subject's appraised value is lower than the neighborhood's predominant value, however, is not under built or under improved for the area. 6. Exposure Time The marketing time for the subject neighborhood was based on the comparable sale information in the described neighborhood and price range of the subject. The estimated exposure time based on valuation is less than three months. *nLEa Name Rpgg;M1?8tkkte OA SPP =12t2M WiO C40k9 n I 40454919 Wt MN Or 3* kkmw 0 Sate swan UK o* siw — So Cerdtkattm r Or Sta6e r ease • Form TADD2 - TOTAL'appraaatsd*-m by a la mDk. tx - 1-BOo-A.tAMWE Stag Stela