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HomeMy WebLinkAboutAPPRAISAL OF REAL PROPERTYAPPRAISAL OF REAL PROPERTY `904/vlV St zucie Co n© Y LOCATED AT 3244 River Dr Fart Pierce, FL 34981 FOR Nicholas and Lillian Evven 3244 River Drive Fort Pierce FL 34981 AS OF July 12, 2019 BY Daniel D. Fuller MAI, SRA State Certified Real Estate Appraiser RZ567 Fuller -An -field -Wagner Appraisal & Research Inc. 200 South Indian River Drive, Suite 309 Fort Pierce FL 34950 -1-WA ` �. IVi Form GA3NV-TOTAL' appraisal software by a la mode, inc.-1-300-ALAMODE Fuller-Armheld-WagnerAppraksal & Research, Inc. RESIDENTIAL APPRAISAL REPORT Fne Nor 20086Ewen PropedY Address: 3244 River Or City: Fort Pierce State: FL np Code: 34981 County' St. Lucie legal Descr bon: River Oak Estates Lot 12 0 Assessor's Parcel #: 243MO2-0012-G005 2 TasYear: 2018 R.ETaxss:$2013.77 Special Assessments:$ rda_ _ Borower(dapplicable:.. r1a w Current Owner of Record: Nicholas and Lillian Ewen Occupant N Owner n Tenant 71 Vacant I n Manufactured Housing ProlectType: PUD Lj Condominium Cooperative N Other (describe) Fee Simple HOA:$n/a LJ Per Yee F1 per month _ Market Area Name: Edwards Rgadnei hhomood Map Reference: 38940 Census Tract 3814.02 The purpose of this appraisal is to develop an opNionol:5Z Market Value as defined, or I I other type of value describe This report reflects the following value Of not Current see Comments): D4 Current Me Inspection Date is the Effective Date Retrospective Q Prospective z Approaches developed for this appraisal: X Sales Cornelison Approach R Cost Approach Income Approach See Reconciliation Comments and Scope of Work w Property Rights Appraised: N Fee Simple Leasehold R Leased Fee n Other describe Is Intended Use: See addendum. w . Intended Users (by name or type: See addendum. Cheat Nicholas and Lillian Ewen Address:.3244 River Drive Fort Pierre FL 34986 App2iser. Daniel D. Fuller MAL SPA Address: Fuller-Armfield-Wa ner A r & Poch 200 S Indian River Dr Ste 309 FP a ca Location: LJ Urban X Suburban Lj Rural BUkti up: ❑ Over75% N 25-75% ❑ Under 25% Growth rate: ❑ Rapid N Stable ❑ Slow PmpeMvalues: ❑ Increasing N Stable ❑ Declining Oemand/supply: ❑Shortage Nln Balance ❑Over Supply Marketing time: ❑ Under3 Mas. N 3.6 Mos. ❑ Over 6Mos. Predominant Occupancy N Owner ❑ Tenant ❑ Vacant (0-5%) ❑ Vacant (>5%) One -Unit Housing PRICE AGE $(C00) (Yrs) 95 Law 10 Present Land Use Cite-Unh go %I Change In Land Use N Not Likely ❑ likely' ❑ In Process' 'To: 24 Unit % Mu1LtUni1 5% 495 High 50 Comm'I 2% 260 Pled 25 Insthrlional 3% oMarket Area Boundaries, Description, and Market Conditions (including support for the above charuterldIcs and trends): Subject is located in an older residential area of SLC adjoining the southwest Ft Pierce city limits Boundaries Include Edwards Road (north) S 251h Street (east) Ten w Mile Creek (south) and Jenkins Road (west) Development is mixed but predominately residential or Inst0utionah the neighborhood is located a: H close to retail shopping and employment neighborhoods. Demand in the residential markets within the subject's neighborhood historically ll remains relatively level Historically the sutler's neighborhood developed as a suburban residential neighborhood and for the long term Is expected to remain "as is' Dimensions: 150Ox339R Site Area 1.17 ac Zoning Classification: Zoning: R-31 Land Use: RU Description: Residential low density Zoning Compliance: Legal Legal nonconforming grandfathered) Illegal No zoning Are CC&Rs apphcable7 -]Yes No Unknown Have the documents been reviewetll Yes ❑No Ground Rent (if applicable) $ / Highest& Best Use as improved: NPresent use, or ❑ Other use (explain) z 0 ACWal Use as of Effective Date: Single Family Residence Use as appraised in this repot Single family residence Summary of Highest & Best Use: Continued use "as is". F 6 u w c r e' ". Utilities Public Other Pmvider/Descdpbon Electricity N ❑ FPL Gas ❑ N LP Water ❑ N Well/On site Sanitary Sewer ❑ N Se liUOn site Sloan Sewer Naluralflow Off -site Improvements Type Public Pnvale Street Paved N ❑ Curb/Gutter none ❑ ❑ Sidewalk one ❑ ❑ SseetUghts Yes N ❑ Alle ❑ Topography MosttyleveUslo estowater She Adequate Shape Irregular Drainage Appears adequate Yew 10-Mile Creek frontage Other site elements: NInside Lot D Comer Lot ❑Cut de Sac 0 Underground lllllNes U Other(descrbe) FEMA Spool Flood Hazard Area DCYes 0 No FEMA Rood Zane AE FEMAMap# 12111C0188K FEMAMap Date Prem16/2017 SBA Comments: Site fronts Ten Mile Creek providing subject water access to the North Fork of the St Lucie River plus a rear vard view amenity. Waterfront within Flood Zone AE 1-percent annual chance flood Is also referred to as the base flood or 100.year flood y z Generai Desaription #of Units 1 ❑AccOnit #of Stores Two Type N DeL ❑ Aft. ❑ Design (Bye) A-irome/Wd siding N Existing ❑Proposed ❑Und.Cons. Actual Age(yrs.) 48 Effective Age(Yrs.) 25 Exteror Descdption Foundation Concrete Exterior Walls Frame/Cedar Roof Surface Asphalt Shingle Gutters&Dwnspis. Adequate WmdowType Impact Glass StomVScreens Foundation Basement Slab Concrete Area ❑None Sq.A. 1146 Heating Yes Type Central Foel Crawl Space Yes %Finished 0% Basement Yes Ceiling Sump Pump N Walls Dampness N Roar Settlement No Outside Wood Concrete Concrete Entry None Cooling Yes Centel Central net Infestation No M iy F u. z mtedor Desulptipn Floors Vinyl wood/cartIItls Walls p all/ aint TnnVFmsh Wood/Good Bath Roar Tilelvin I Bath Wainscot Tile Doors Wood Appliances Refrigerator N Range/Oven N Disposal N Dishwasher N FaNHood N Microwave N Washer/Dryer N Anic ❑None Amenities Stabs ❑ Fireptace(s)# Drop Stair N Patio Scuttle ❑ Deck Doorway ❑ Porch Floor ❑ Fence Heated ❑ Pool Fmished ❑ 1-porch Woudstove(s)# We None Fiat Ptah Wd Deck 165 of Rear Wd 274 of Dock Wood Car Storega ❑ None Garage #of cars ( 2 Tat.) Attach. 2 684 of Detach. BIL4n _ Caotor Driveway Surface Rear Sam 651 at Pool security 15'x3O'/spa & open deck rRn¢hed area above grade contains: 7 Rooms 4 Bedmoms 3 Bath(s) 2461 Square Feet of Gross Living Area Above Grade o. Additional features: Sam Porch has fireplace Additional features include 22 kw generator, 250 gal buried LP tank weiVnew septic 2018 WIRED do cca gal capacity. Basement leaks but under repair, new completion. w Describe the cartoon of the properly gnckuding physical, functional and external obsolescence): Over long term additions, remodeling and refurbishments/upgrades have occurred Basement can act as family room etc but limited access, lack of windows mn be Interpreted by market as functional obsolescence Strong demand market limits Hnot totally eliminates external obsolescence caused in part by weak economic conditions. CWyrgM*+tam byatanode.)¢. iNeloan nay ee mpeCuteO uuno6nW wa1eNwMEnpemdiahn, Mwerer,aWmmEe. the.rwareazmowsdo ant eredtt& 99RESIDENTIAL Farts GPRES2-'TOTAL'appraisalsafhvueby alamode,ins.-1-600-ALAh100E 32007 RESIDENTIAL APPRAISAL REPORT File No.: 20086Ewen Myreserch Ljdgd M did not reveal any pact sales or transfersatthe subject properly for the three years prior to the effective date of this totaled. Data Boudoir): p to 1st Prior Subject SauTcansfer Analysis of sallaUansfer history anyor any current agreement of saierysting: Date: Pace: ad w LL Sources: i 2nd Prior SubjedSaleRransfer Date: Nee: Source(s): -- SALES COMPARISON APPROACHTO VALUE fitdevelo e0 I i The Sales ComDadeon Approach was not developed for this appross. FEATURE I SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE t3 Address 3244 River Dr Fort Pierce FL 34981 SEE ATTACHED ADDENDA SEE ATTACHED ADDENDA SEE ATTACHED ADDENDA Peordafty to Subject Sale Pace S r9a .. S $ "' $ Sale Pall S We/sq.fL$ /sq.fl I= $ /sq.hl -; S /sgtL I^ -' Data Sources) Inspection Verification Sourus Insectlon/Ovmer VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-)$Adjust DESCRIPTION +- $Adjust. DESCRIPTION +- $Adjust ' Sales or prancing Concessions Expected cash or cash equivalent .. Date of Sale/Time Appr7112/19 Rights Appraised Fee Sim le :. Lacman River Oak Est SD Site 1.17 ac Vow 10-Mile Crk front e Design Syle) A-frame/Wd siding Quality of Construction Above average Age 48 `. Condition Good Above Grade Tutai Bdtms F Baths 7,W Bdtms F Baths Totd 13mms F Baths Total Bdims Baths ;. Room Count 7 4 3 } Gross Living Area 2461 of sq.fL sqA s.fl !_Basemem8 ". finished Rooms Below Grade Basemnt unfinsh 1146 of +` Pectoral Utlllry Average HeaUng/Cooling CentraU2 fireplaces •` Energy Efficient Items Typheal tso Garage/Catpod 2-Veh Att 584 of p Porch/PagWDack Rear Scr 651 sf a Fri Wd Deck 165sf Rear Wd Dk 274sf zO 2 Balconies 48 of e^ PooUS a/O en Dk BE Wood Dock Net Adjustment OoUp D + $ r+ S F+ $ w Adjusted Sale Pace of CamDamb@5 _ :. -f' : $ 0 $ 0 -' $ a c on Summary of Sales Comparison Approach SEE ATTACHED SALESA.ISTINGS SUMMARY See Scope of Work In attached addendum. ' NOTE' Appraisal assignment - value residential improvements "as is" Valuation requires extracting cantdbulory value of she and site Improvements from each property analyzed. Net resu its - mntribulgry value of residential improvements within each property analyzed. Analyzed residential Improvements adjusted to subject for physical differences. ` Adjusted sales/listing prices reconciled to form my opinion of the contributory value of the subject's residential Structure. Ad usted net conlrbulory value of subject's residential Improvement range is $300 90O 10 $313 900 Net value indication made is $112 to " $136 per square feet of subject's finished living area with my final opinion of contributory value say mid range of the data or $125 per square feet of living area for total value of $307 625 rounded' $310 000. ($125 x 2,461 of = $307 625) _,. Indicated Value by Sales Comparison Aroach$ COWA0=2MIbyau.. k Tvs courtnuY be reproduced mmo6ned xdhdm wddm pemikwn, mmer, a o moan. M. mug the Wooiedged W created. mRESIDENTIAL Form GPRES2-70TAL"applaisalsoftware byaIsmode, Inc. -1-800-ALAMODE 312007 RESIDENTIAL APPRAISAL REPORT Fill Na: 20086Ewen COST APPROACH TO VALUE(If developed) The Cost Approach was not developed for this appraisal. Provide adequate irdormab'on for replication of the following cost figures and calculations. -' Support for the opinion of site wine (summary of comparable land sales or other methods for estimating site value): ESTIMATED REPRODUCTION OR I I REPLACEMENT COST NEW OPINION OF SITE VALUE _$ u Source of cost does: _________________________ DWELLING Sqige$ _=$ p Ouagty, rating from cost service: Effective date of cost data Sq.FI@$ ____=$ y a a Comments on Cost Approach (gross IMng area calculations, depreciation, etc.j: Because the subject is an older improvement with remodeling $ .FL @ $ ___ =$ S .Ft. @ $ _ =$ additions and refurbishments, market participants do not lvpic Iffy Sq.R @ $ _ _$ 0 consider replacement cost less accrued depreciation as an indication ____ =$ `:- of value thus the Cost Approach Is not an applicable valuation Garage/Carport S .R. @ E _ =$ application and for these reasons the encroach is not performed Total Estimate of Cost -New, _ =$ Less Physical Functional Fxlemal Depreciation =E Depreciated Cost of Improvements ------ ------------ -_-_-=$ '-, "As -is" Value of Site Improvements ..___------_------___$ =a _$ Estmated Remaining Economic Life (if mquimd): Years INDICATED VALUE BY COST APPROACH ----------- -_____ _$ z INCOME APPROACH TO VALUE If developed) The Income Approach was not developed for this appraisal. G Estimated Monthly Market Rent$ X Gross Rent Multiplier =$ Indicated Value by Income Approach no n a Summary of Income Approach (incluNng support for market rent and GRM): The sublect cannot command adequate income to support the value Indication via the Sales Comparison Approach thus market participants do not typically value properties like the subject via the Income m Capitalization Approach thus the approach is not performed 0 0 U 2 PROJECT INFORMATION FOR PUDs ifs licable The Subject is pan of a Planned Von Development. Legal Name of Protect o Describe common elements and recreatonal facilNes: n i Indicated Value by: Sales Comparison Approach$ Cost Approach (if developed) E NIA Income Approach Of developed) $ NIA Final Reconciliation z 0 -' U z 0 U This appraisal Is made X "as is", ❑ subject be completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, ❑ subject to the following repairs or afteations on the basis of a Hypothetical Condition that the repairs or afteratons have been completed. ❑ subject to the following required Inspection based on the Mmordilury Assumption that the condition or deficiency does not require allocation or repair w to :. . This report is also subject to other Hypothelical'CandNpm rotor Extraordinary Assumptions as specified in the attached addenda. Based an the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, andrAppmiserstComfit cagons, m ur)-0pm f the arket Value or others cited aide ) as defined herein, of the real property that is the subject ot�thls�reportis: S 310;000 as oC Jury 12,.2019 which Is the effective date of this appraisal. f mtllcafed;above}IhisOpwloa MlVatue is supjeot to FLypdthefic - 010101 ggit(dt�Fzlra_rd;ha sumptons Included in this report Bee attached addenda. f z. f v aa— 6 A We and complete copy of this most contains 18 pages, including ediibits which are considered an integral pan of me report This appraisal report may not be property understood without reference to the informitiea contalned in the complete report Attached Exhibits: ® Scope of Work ® Uniting Cond.(CeNfications IS Narrative Addendum ® Photograph Addenda ® Sketch Addendum ®Map Addenda El Auctioned Sales El Cost Addendum ❑Flood Addendum ❑ Aimed. House Addendum othelical Conditions El Extraordinary Assumptions Cllem Gmtect Nicholas and Lillian Ewen Client Name: Nicholas and Lillian Ewen E-Mail: Address: 3244 River Drive Fort Pierce FL 34986 a w r: APPRAISER .!.l� Appraiser Name: Daniel D. Ful er MAL SFtA Company: State Certified Real Estate Appraiser RZ567 SUPERVISORY APPRAISER (if required) or CO -APPRAISER (it applicable) Supervisory or Co-APpraiser Name: Company: Phone: 772-468-0787 Fac 772468-1103 E-Math dan fawnbellsouth.nel Phone: Fac E-Mat Date of Report (Signature): 07/23/2019 License or Certification#: State Certified General Real> State: FL Designation: MAI, SRA Estate Appraiser RZ567 Date of Report (Signature): UcenseorCenfication#: State: Designation: Expiration Date of License or CeNficaton: 11/30/2020 Inspection of Subject ® Interior B Exterior ❑Extedor Only ❑None Inspection Date of Inspection: July 12 2019 Domten Date of Ucense or Cerfificali of Subject: ❑ Interior 6 Exterior ❑Exterior Only ❑None Date of inspection: mRESIDENTIAL g°�gft2"byapmode, cob.Tiesle. 1bereWWccedWenudMdmunt.=npsecson.hwwar..Unode,N=.m1MacNomiedgeolWcn61e6 Forth GPRES2- ROTAL' aamalsal schemes by a Is mode. Inc.-1.800-ALAMODE 3/2007 SALES SUMMARY pROPERTYDESCRIPTION 6 BJEC Jot 3M. 6",3 Intl Ino1 ADDRESS: 3244 RIwr Dtlw 3781 S.25M5L 3739S 25M St MO SeeeMalerDdw 7313 Ehrsa Grob Fad Pierce, FL FM PIew, FL Fad Pin —,FL Pod Pleura, FL Pod SI LWa, FL ORANFOR Owrwrs NlcMla¢/LiAian Ewan 8N402SW Fder 6L, LLC ...1.2.w Co., JerryB Margaret Wa%`MOlom MKG9D LLC GRANTEE EmU, C.ftr—E FIg-Ir; Ralael Blessin,, Lan, I W. DATE OF SALE APPRAISED 7/1VIG 1/19 a" el1 Cursor RECORDED OR BK/PG 4220/1685 4233N208 4287G.: �e DATAVERffgATOM Mpe¢4en-ewer MLS, Sebr MLS, ReaMr Dale MLS, ReaMr Dela MLS, ReaMr Dale GR0SS GALE PRICE GROSS SP/S.F. WNGAREA I 2.461 H.I. LESS: LAND VALUE LESS: 511E 6 0D1ER MPROVEMEN CONTRIBUTORY VALUE RESIDENML MPROVEMEM NETSP / SF MPROVEMENTS OWNERSHIP RGNB (COND. OF SALE): Fee FNANCNG: ■ Assur—e Cash Ea SRE AREA (SM VIEW HOUSE DESIGN CONSTRUCTONOUALRY Francal-ldl- AGEATSALE Btl CONDRGNATSALE Gaod,,adt LNNGAREA (ap EXTRA RCOMS UMNS1hed Bi BEDROCMSMAT 4 hei FUNCTON LLd N CARSTORAGE 2 Fmmv Rear, 2 .mdb ,Vah< dedvfod Dhow--.�I voml dock/vood stpc ¢hed 22KW Berom+w W 0ed 250 gel LP at4 Yam ¢pi nMsrs 15•Yf V Pool wwa S apen do. MARKET VALUE INDICATIONS - RESIDENCE: MARKET VALUE INDICATIONS -/ SF: Fee SlWto VAfivrc ry 0.0°k 33,541 B2nah Fom Flw Mio.= S. 25W St. / Five Mile Creek 1-sb0 CB S.-Average Btl 1972-42,n M aak Goad-M rtNElsh a . 2.300 Who 4 bedrooms W 3 hadd Ad.sas. 2 ve 11 Gar, 800 ¢I Yam FULLER-ARMFIELD-WAGNER 3388,800! s1o9,aoD t�1 $ze4,9g9L s1s,969i 310.0001 52aoo6' ¢Pall ealm 6159D1 315,000j g1_e os�l $300..00 S112 Subject and Comparables Location Map Bonower n/a PropeMAOAress 3244 River Dr City Fart Pierce Ccunly St. Lucie Stale FL lip Cede 34881 LendecUent Nicholas and Lillian Ewen _ ---- - wine eal weo ffa fk , - / ' wmmmio � SALE i i l . _hl_ P �i°461IIY D9'IML 9D AR9D'_y II ._ 4 _. W ��e Hl �C.a S ll g ytlI SwLErit#e2cE � m t,ksK .rti2u �L M.,' t1 III WICXr,D n � R Al d Ik f£ LIN I ® a a; lT✓J wn, eetezoomlm Fonn MARCOMP -°TOTAL° appraisal software by a la mode, Inc.-1-800-ALAMODE Comparable Photo Page Bortowe ro Preperty Address 3244 River Dr City Fort Pierce County St. Lucie Slate FL Lp Code 34981 Lender/Client Nicholas and Lillian Ewen Sale 1 3781 S 25th Street, Fort Pierce FL Sale 2 3739 S 251h Street, Fort Pierce FL Sale 3 2280 Sweetwater Drive, Fort Pierce FL Form PICPIX.BR.'40TW appraisal software by a la mode, ine.-1-B00-A AMODE Comparable Photo Page Borrower n/a PaperyAddaes 3244 River Dr Cry Fort Pierce Cowry SL Lucie State FL Tip Code 34981 Lender/Cfent Nicholas and Lillian Ewen Listing 1 7313 Elyse Circle, Part St Lucie, FL Forrn PICPI%.BR - TOTAL' apl aisel software by a la mode, inn.-1-860-ALAMODE PROPERTY TYPE & USE "AS IS" • Property Type: Detached single family residence. • Property Use "as is": Residence SCOPE OF WORK Owners of the subject of this appraisal, Mr. and Mrs. Nickolas Ewen, engaged my services to provide an opinion of the Contributory Value "as is" in the residential structure portion of the real estate located at 3244 River Drive, Fort Pierce, Florida. To form an opinion of value the following Scope of Work is required. • The subject is a detached single-family residence, older but with additions, remodeling and refurbishments. The property type requires valuation via the Sales Comparison Approach. Valuation via the Sales Comparison requires research and analysis of sales and listings of properties with a highest and best use similar to the subject of the appraisal. Research was conducted using recorded public records, data services, multiple listing services (MLS), and interviews with buyers, sellers, brokers, investors, developers, et cetera. Data gathered is ideally verified with a knowledgeable participant of a transaction, followed by analysis of the data to interpret market trends. The analyzed data was then applied to the subject for an indication value. In order to estimate the Contributory Value of only the residential structure, analysis requires extracting the Contributory Value of residential structures from sales of similar properties. The process begins with extracting the Contributory Value of the site and site improvements from a sale property. The remaining value is contributed to the residential structure. When compared to the subject the extracted Contributory Value of a sale property may require adjustments for quality, condition, building size, number of baths, and other amenities different from the subject. After adjustments, the value indications from the properties analyzed are reconciled to a final opinion of value. In the reconciliation, the adjusted gross sales prices as well as adjusted gross sales price per square foot of living area are weighted as indications of the Contributory Value of only the subject residential improvement. Because the subject is an older improvement with remodeling, additions and refurbishments, market participants do not typically consider replacement cost less accrued depreciation as an indication of value, thus the Cost Approach is not an applicable valuation application and for these reasons the approach is not performed. The subject cannot command adequate income to support the value indication via the Sales Comparison Approach, thus market participants do not typically value properties like the subject via the Income Capitalization Approach, thus the approach is not performed. • Client: Property owners, Mr. & Mrs. Ewen. • The appraisal and report are subject to the Ordinary Limiting Conditions and Certification included within this report. • Intended User: The Intended User of the appraisal are the owners, Mr. & Mrs. Ewen, and or their representatives and the report is not intended for another user. • Intended Use of the Appraisal: The appraisal is intended to provide an opinion of the Contributory Value of only the building improvement for the purposes of obtaining a building permit and the appraisal is not intended for any other use. FULLER-ARMFIELD-WAGNER EXPOSURE Exposure time: - SOLutie, Appraisal Institute, Dictionary ofReal Estate Appraisal, 5th ed. 1. The time a property remains on the market. 2. The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based on an analysis of past events assuming a competitive and open market. Properties analyzed closed with 2 to 4 months exposure period. Thus a sale of the subject consummated as of the date of appraisal would have required an exposure period of no greater than 3months. - DEFINITIONS APPRAISAL REPORT FORMAT Per Uniform Standards of appraisal Practice (USPAP 2016-2017) — Standards Rine 2-2. each written real property appraisal report must be prepared under one of the following options and prominently state which options is used: Appraisal Report or Restricted Appraisal Report. ARM'S LENGTH TRANSACTION — Source, Appraisal Institute, Dictionary of Real Estate Appraisal, 6th ad. A transaction between unrelated parties who are each acting in his or her own best interest. MARKET VALUE - Market Value, as defined in Chapter 12, Code of Federal Regulation, Part 34.42, is: The most probable price in terms of money 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 this 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 considers his own best interest. 3. A reasonable time 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 a normal consideration for the property sold unaffected by special or created financing or sales concessions granted by anyone associated with the sale. CONTRIBUTORY VALUE — Source, Apprulsallnstitute, Dictionary of Real Estate Appraisal, 6th ad. A type of value that reflects the amount a property or component of a property contributes to the value of another asset or to the property as a whole. FEE SIMPLE ESTATE — Source, Appraisal Institute, Dictionary ofReal Estate Appraisal, 6th ad. Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. SALES COMPARISON APPROACH — Source, Appraisal lest, Dictionary of Real Estate Appraisal, 6th ad. The process of deriving a value indication for the subject property by comparing sales of similar properties to the being appraised, identifying appropriate units of comparison, and making appropriate adjustments to the sale prices (or unit prices, as appropriate) of the comparable properties based on relevant, market -derived elements of comparison. The sales comparison approach may be used to value improved properties, vacant land, or land being considered as though vacant when an adequate supply of comparable sales is available. FULLER-ARMFIELD-WAGNER 10 ORDINARY LIMITING CONDITIONS AND UNDERLYING ASSUMPTIONS 1. The value given in this appraisal report represents the opinion of the signer as to the Value AS OF THE DATE SPECIFIED. Values of real estate are affected by an enormous variety of forces and conditions will vary with future conditions, sometimes sharply within a short time. Responsible ownership and competent management are assumed. 2. This appraisal report covers the premises herein described only. Neither the figures herein nor any analysis thereof, nor any unit values derived therefrom are to be construed as applicable to any other property, however, similar the same may be. 3. It is assumed that the title to said premises is good; that the legal description of the premises is correct; that the improvements are entirely and correctly located on the property; but no Investigation or survey has been made, unless so stated. 4. The value given in this appraisal report is gross, without consideration given to any encumbrance, restriction or question of title, unless so stated. 5. Easements may or may not be recorded or may exist by customary use or by other legal means. The appraisers have not nor are they qualified to search legal records as to other easements. Because rights of others can have influence on real estate values, the values reported herein are predicated on a qualified legal opinion that assumptions regarding easements and the rights of others is representative of actual conditions. 6. Information as to the description of the premises, restrictions, improvements and income features of the property involved in this report is as has been submitted by the applicant for this appraisal, or has been obtained by the signer hereto. All such information is considered to be correct; however, no responsibility is assumed as to the correctness thereof unless so stated in the report. 7. The physical condition of the improvements described herein was based on visual inspection. No liability is assumed for the soundness of structural members since no engineering tests were made of the same. The property is assumed to be free of termites and other destructive pests. 6. Possession of any copy of this report does not carry with it the right of publication, nor may it be used for any purpose by any but the applicant without the previous written consent of the appraiser or the applicant, and in any event, only in its entirety. 9. Neither all nor part of the contents of this report shall be conveyed to the public through advertising, public relations, news, sales or other media, without the written consent of the author; particularly as to the valuation conclusions, the identity of the appraiser or the firn with which he is connected, or any reference to the Appraisal Institute, or to the BRA or MAI designations. 10. The appraiser herein, by reason of this report is not required to give testimony in court or attend hearings, with reference to the property herein appraised, unless arrangements have been previously made therefore. 11. The Contract for the appraisal of said premises is fulfilled by the signer hereto upon the delivery of this report duly executed. 12. It is assumed that there is full compliance with all applicable federal. stale, and local environmental regulations and zoning laws unless non-compliance is stated, defined and considered in the appraisal report. 13. Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on or in the property. The appraiser, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea -formaldehyde foam insulation or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a lass in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in the field, if desired. 14. The Americans with Disabilities Act (ADA) became effective January 26, 1992, we have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the ADA could reveal that the property is not in compliance with one or more of the requirements of the act. If so, this fact could have a negative effect upon the value of the property. Since we have no direct evidence relating to this issue, we did not consider possible noncompliance with the requirements of ADA in estimating the value of the property. FULLER-ARMFIELD-WAGNER 11 CERTIFICATE OF APPRAISAL I certify that, to the best of our knowledge and belief: a) The statements of fact contained in this report are true and correct. b) The reported analysis, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. c) I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest with respect to the parties involved. d) My engagement in this assignment was not contingent upon developing or reporting predetermined results. e) My compensation is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. f) The reported analyses, opinion, and conclusions were developed, and this report has been prepared, in conformity with the requirement of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute, which include the Uniform Standards of Professional Appraisal Practice. g) Daniel D. Fuller made a personal inspection of the property that is the subject of this report. h) No one provided professional assistance to the signor of this report. i) The appraiser has performed within the context of the competency provision of the Uniform Standards of Professional Appraisal Practice. j) The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. k) "As of the date of this report, I, Daniel D. Fuller, MAI, SRA, have completed the requirements under the continuing education program of the Appraisal Institute." 1) This appraisal assignment was not made, nor was the appraisal rendered on the basis of a requested minimum valuation, specific valuation, or an amount which would result in approval of the loan. m) I have not appraised the subject, nor have I provided any other services in any capacity relating to this property within the three years prior to my engagement for this assignment. Daniel D. Fuller, MAI State -Certified General Real Estate Appraiser RZ567 FULLER-ARMFIELD-WAGNER 12 Subiect Photographed 7/12/2019 Subject property Front elevation Rear elevation FULLER-ARMFIELD-WAGNER 13 Living area FULLER -ARM FI ELD-W AGNER 14 Master bedroom Basement FULLER -ARM FI ELD-W AGNER 15 Aerial Map FU LLER-ARMFIELD-W AGNER FLOOR PLAN EXHIBIT n.� r tr ss firy � r fi U7 Ef!T OFL00RV 0O O0 DR R FLOOR FULLER-ARMFIELD-WAGNER 16 17 UP ppp T°I a z ll5 .fir 1i _ m 1 r r _ ..s.:�♦`j, r r. ni E%ISTINGFLfARPtPNaSECONDFlAOR.._..,.,-... ^^� EXISTING FLOOR, PLAN @ SECOND FLOOR. A 103 FULLER-ARMFIELD-WAGNER