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HANSON APPRAISAL SERVICES, INC. 10473186 <br />Uniform Residential Appraisal Report File No. 105181-4 <br />All utilities were on and in workin order at time of a ralsat ms ecnon. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />COST APPROACH TO VALUE(notr uiredb Fannie Mae) <br />Provide ode uate information for the lender/client tore licate the below cost ri tires and calculatons. <br />Support for the opinion of site value (summary of comparable land sales a other methods for estimating site value) The land Value W8S derived from the extfaCtlOn <br />method. I have researched similar tom arable vacant land sales in the nei hborhood to arrive at m o inion of site value. <br /> <br /> <br />ESTIMATED REPRODUCTION OR X REPLAGEMEN7 COST NEW <br />" Sourceotwstdata Marshall & Swift <br />Qual' ratio from cost service Good Effectivedatedcostdata 12/01/2009 <br /> <br />- Comments on Cost oath ross livin area calculations, de reciation, etc. <br />See the attached addenda for the buildin sketch and calculation <br />• of measured dimensions. I have based de reciation A e-Life <br /> <br />Method on the sub ecPs condition. The land value was derived <br />from the extraction method. Land value is not excessive for the <br />nei hborhood. Estimated remainin et~nomic I'rfe is 66 ears. <br />Cost Source: Marshall & Swift Cost Services 8r Local Buildin <br />OPINION OF SITE VALUE .............................. <br />Dwellin 1,792 S .Ft.@E 80.00... <br /> <br />R. ca S 20.00... <br />Bsmt:1156 <br />Gara elCar ort 504 S . Ft. @ S 22.00... <br /> <br />.. <br />Total Estimate of Cost-New <br />Less 70 Ph seas Functional External <br />De eciation 6% <br />De eciated Cost of lm ovements ....................... <br />"As-is vawcofSitelm ovemcros ....................... - E 29,900 <br />......... - <br />......... = E 143,360 <br /> <br />......... = E 23,120 <br /> <br />......... _ $ 177,568 <br /> <br />......... <br />= E 10 654 <br /> <br />......... = E 166 914 <br /> <br />3,000 <br />......... = E <br />and Su tiers. <br /> <br />66 Years <br />Estimated Remainin Economic Life HUD and VA onl <br />1NCOMEAPPROACHTOVAL <br /> <br />INDICATED VALUE BY COST APPROACH .............. <br />UE(notraquired Fannie Mae) <br /> <br />........ = E 199 800 <br />• Estimated Monthl Markei Renl E N/A X Gross Rent Muhi ier N/A = E N/A Indicated Value b Income A roach <br />Summary of Income Approach (including support for market rent and GRM) <br />PROJECTINFORMATION FOR PUDs (if ap licable) <br /> <br />Detached X Anached <br />Is the develo !builder in control of the Homeowners Association HOA ? Yes X No Unit a s) <br />Provide the followin information for PUDs ONLY if the develo er/builder is in control of the HOA and the su ~ect o is an attached dwellin unit. <br />L al name of ro cd <br />Total number of bases Total number of units Taal number of units sold <br />• Total number of units for sale Data sources <br />Total number or units rented <br />Was the o ect created b the conversion of an existin lwildin s into a PUD? Yes No If Yes, date of conversion. <br />Does the ro t conwin an multi-dwellin units? Yes No Data sourc s <br />Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of conpletion. <br />• <br />Arc the common eh:ments leased to or by the Homcrowrmrs' Assaiation? Ycs No tt Ycs, describe the rental terms and options. <br />Describe common elements and reveational facikties. <br />Rotlu[eG sting ACl sohrene. W0234R1P w.w.arMebcan Parties Mae Fam 1004 MarrJt 2005 <br />FreMfc Mac Form 70 March MO5 payp 7 d 6 t W4 ~~ <br />