4.5. HRSR 09-08-2020 - Laserfiche WebLink

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Supplemental Addendum r& fay; 5132175.- BMWlg__ .Erin -Cunningham ftMr� AdftS 1420 5th St NW. - C4 Elk RNer rAWCY Spertum0 5tdk h1N Ib {Ade 55330 LiTdOTTIae The Sank of Eck River 7. Comments an the Site: The site description is based on a visual observation and referencing zoning Information, plat map, flood map and other Information gathered from the city. The site is improved with a single Family home zoned for residentlal use. A detailed comparison of every property characteristic relating to local zoning and building ordinances was not made. Similar single family properties are located throughout the neighborhood making it appear that the subject property's current use is its "Highest and Best Use." The site is serviced by public electricity, gas, water, and sewage system. All utilities were an and working at time of inspection. All systems within the property are assumed to be in working order and comply with all local codes. CO/ smoke detectors are required by code and noted to be present at time of inspection. Water heater straps are not required by code. No adverse site conditions or external factors were observed. Standard utility and right-of-way easements are insignificant to value. This community participates in the FEMA Flood program. The shape of the subject's lot +s rectangular with a total of 11,326 square feet, and is similar to other lots in the area. 8. Comments on the Subject Property/1 mprovements: The subject is a thirty-four year old split entry styled home. It is my opinion the effective age of the property should be fifteen years. The home features 867 sf above ground and a 845 5f basement. The main floor features a living room, dining roam, kitchen, two bedrooms, and bathroom. The basement area features a family room, two bedrooms, bathroom, and laundry/mechanical room. Other amenities noted include a two stall attached garage w/ asphalt driveway and wood deck. Photos of the property with respect to materials being used and condition have been entered into the report. The subject was given a construction quality rating of Q4 The subject was given a condition rating of CS 9. Comments on the Sales Comparison Approach: Market research was obtained from the Minneapolis Northstar NILS. Limited comparable sales were available for consideration attributed to the subject's location and design/size. It was necessary to expand location/distance guidelines within the defined market area, expand date of sale search criteria to twelve months, and exceed typical adjustment guidelines for some comparables and/or line items. Five properties were deemed the best market alternatives to the subject property and were included for review. Adjustments are based upon market extraction analysis (far condition, lot sire, design style, square footage, location, date of sale, and financing) and contributory value (far certain amenities). The amenity adjustments are dollar amounts based on market observations to include sales analysis, actual input by buyers, seller(s), realtors, and other market participants. All adjustments are rounded. In regards to search parameters for comparable sales, whenever possible, weight was given to the most recent sales within the stated neighborhood, being of similar age & effective age, featuring a gross living area within +/- ten percent of the subject's above ground square footage. Every effort was placed to retain this criteria, however, when comparable properties are limited, search parameters must be expanded. Comparables included in this report represent the best market alternatives available for the subject property. , 72,1. L 5prutua hive Rogg WaNt1; Oak Stied =12t2M Wi, C40k9 n I 40454919 Wt MN Or Strte tkmw 0 Sate — Form TAAD2 - TOTAL' appraaat sd*-m by a la mDk. ux - 1-BOO-WMWE Stale SL&