2-4 UNIT RESIDENTIAL APPRAISAL SUMMARY REPORT

Transcription

1 SUBJECT ASSIGNMENT MARKET AREA DESCRIPTION G.C. Appraisals, Inc File No.: FTF-1447 Lefferts Blvd : 1447 Lefferts Blvd. City: Richmond Hill State: NY Zip Code: County: Queens Legal Description: Sec 41, Blk 73, Lot UNIT RESIDENTIAL APPRAISAL SUMMARY REPORT Assessor's Parcel #: Tax Year: 215 R.E. Taxes: 4,362 Special Assessments: Current Owner of Record: Deutsche Bank National Trust Co., As Trustee (if applicable): Occupant: Owner Tenant Vacant Project Type: PUD Other (describe) HOA: per yr. per mo. Market Area Name: Richmond Hill Map Reference: Hag 14,K-13 Census Tract: 166. The purpose of this appraisal is to develop an opinion of: Market Value (as defined), or other type of value (describe) This report reflects the following value (if not Current, see comments): Current (the Inspection Date is the Effective Date) Retrospective Prospective Approaches developed for this appraisal: Sales Comparison Approach Cost Approach Income Approach (See Reconciliation Comments and Scope of Work) Property Rights Appraised: Fee Simple Leasehold Leased Fee Other (describe) Intended Use: To establish fair market value for a non-federally related lending transaction Intended User(s) (by name or type): Fund That Flip, Inc, 85 East 1th St., Suite 1N, New York, NY 13 : Address: 85 East 1th St., Suite 1N, New York, NY 13 Appraiser: Michael Mullahey Address: 9 Transverse Rd, Garden City, NY Location: Urban Suburban Rural Predominant 2-4 Unit Housing Present Land Use Change in Land Use Built up: Over 75% 25-75% Under 25% Occupancy PRICE AGE One-Unit 4 % Not Likely Growth rate: Rapid Stable Slow Owner 9 () (yrs) 2-4 Unit 45 % Likely * In Process * Property values: Increasing Stable Declining Tenant 1 2 Low 1 Multi-Unit 1 % * To: Demand/supply: Shortage In Balance Over Supply Vacant (-5%) 725 High 12 Comm'l 5 % Marketing time: Under 3 Mos. 3-6 Mos. Over 6 Mos. Vacant (>5%) 49 Pred 9 % Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): The subject's neighborhood is located north of Rockaway Blvd., South of Atlantic Ave, East of Woodhaven Blvd, and West of the Van Wyck Expy. The subject is located primarily in a residential community made up of owner occupied single and multi-family properties. Market conditions at this time indicate a stable market place with 3 to 6 month levels of inventory. Demand has increased over the past 4 years as the housing market rebounded. Home price values in general have increased as well as market demand has increased. See addendum for valuation trend graphs. The subject's neighborhood provides easy access schools, shopping, transportation. There is both public bus and subway lines that provide easy access to New York City. Access to local highways are also conveniently located. Dimensions: 2.25 x 1 Site Area: 2,25 Sq.Ft. Zoning Classification: R4 Description: Residential construction of all types. Min 4' width lot and Min. 3,8 sf Lot requirements Zoning Compliance: Legal Legal nonconforming (grandfathered) Illegal No zoning Are CC&Rs applicable? Yes No Unknown Have the documents been reviewed? Yes No Ground Rent (if applicable) / Comments: Highest & Best Use as improved: Present use, or Other use (explain) Actual Use as of Effective Date: Summary of Highest & Best Use: as a 2 family dwelling is its highest and best use. 2 family dwelling Use as appraised in this report: 2 family dwelling The appraiser, following the guidelines that establish highest and best use, concludes that at the present time the subject's use SITE DESCRIPTION Utilities Public Other Provider/Description Off-site Improvements Type Public Private Frontage Typical Electricity Gas Water Sanitary Sewer Storm Sewer Telephone Multimedia Con Edison Con Edison City of New York City of New York City of New York unknown unknown Street Width Surface Curb/Gutter Sidewalk Street Lights Alley Two Way / Busy roadway unknown macadam concrete/concrete concrete Mercury Vapor none Topography Size Shape Drainage View level typical rectangular appears adequate residential Other site elements: Inside Lot Corner Lot Cul de Sac Underground Utilities Other (describe) FEMA Spec'l Flood Hazard Area: Yes No FEMA Flood Zone: Zone X FEMA Map #: F FEMA Map Date: 9/5/27 Site Comments: none needed. DESCRIPTION OF THE IMPROVEMENTS General Description Exterior Description Foundation Basement None Heating # of Units 2 Accessory Unit Foundation concrete Slab none Area Sq. Ft. 68 Type fwa # Stories 2 # Bldgs. 1 Exterior Walls vinyl siding Crawl Space none % Finished 9 Fuel gas Type Det. Att. semi-det. Roof Surface asphalt Basement full Ceiling sheet rock Design (Style) colonial-semi-det Gutters & Dwnspts. alum/alum Sump Pump Walls sheet rock Cooling none Existing Proposed Und.Cons. Window Type dh/vin. replcment Dampness Floor vinyl Central Actual Age (Yrs.) Effective Age (Yrs.) 2 Storm/Screens none/none Settlement Infestation none noted none noted Outside Entry yes Other Interior Description Appliances # Attic None Amenities Car Storage None Floors hwd/vinyl/ceramic Refrigerator 2 Stairs Fireplace(s) # Woodstove(s) # Garage # of cars ( Tot.) Walls Trim/Finish Bath Floor Bath Wainscot Doors plaster/paneling wood ceramic ceramic hollow core Range/Oven Disposal Dishwasher Fan/Hood Microwave 2 2 Drop Stair Scuttle Doorway Floor Heated Patio Deck Porch Fence Pool pto none none chain none Attach. Detach. Blt.-In Carport Driveway 1 Washer/Dryer / Finished Balcony blcny Surface concrete paver Unit # 1 contains: 3 Rooms; 1 Bedrooms; 1 Bath(s); 736 Sq.Ft. GLA Above Grade The Total Gross Building Area Unit # 2 contains: 4 Rooms; 2 Bedrooms; 1 Bath(s); 68 Sq.Ft. GLA Above Grade for the Subject Property is: Unit # 3 contains: Rooms; Bedrooms; Bath(s); Sq.Ft. GLA Above Grade 1,344 Sq.Ft. Unit # 4 contains: Rooms; Bedrooms; Bath(s); Sq.Ft. GLA Above Grade Copyright 27 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GP2-4 "WinTOTAL" appraisal software by a la mode, inc. 1-8-ALAMODE 4/27

2 2-4 UNIT RESIDENTIAL APPRAISAL SUMMARY REPORT IMPROVEMENTS (cont.) COMPARABLE RENTAL ANALYSIS Additional features: none noted File No.: FTF-1447 Lefferts Blvd Describe the condition of the property (including physical, functional and external obsolescence): The 1st flr. kitchen is new and in good condition. The bathroom is modern and in average-good condition. The 1st flr. has has been recently subdivided to create a large living room and large one bedroom unit. Both rooms are in average-good condition. The 2nd flr. unit has a small modern kitchen. New appliances noted. The bathroom is modern and in average condition. The basement has been finished and has electric baseboard heating. An on-site parking spot has been created on the front portion of the subject's lot. Spackling and painting throughout house is noted. The subject's exterior is said to be in average-good condition. External obsolescence noted for the subject's street. See addendum. The following properties are representative current, similar, and proximate rental properties comparable to the subject property. This analysis is intended to support the opinion of the market rent for the subject property. FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3 Address 1447 Lefferts Blvd th St th St th St. Richmond Hill, NY Richmond Hill, NY Richmond Hill, NY S. Ozone Park, NY 1143 Proximity to Subject.37 miles E.71 miles NW.44 miles E Current Monthly Rent 1,4 1,2 1,4 Less: Utilities Furnishings Plus: Rent Concess Adj. Monthly Rent 1,4 1,2 1,4 Adj. Mo. Rent / GLA /sq.ft..8 /sq.ft..76 /sq.ft. 1.9 /sq.ft. Data Source(s) owner Libor MLS#27125 Libor MLS# office files RENT ADJUSTMENTS DESCRIPTION DESCRIPTION +/ Adjust DESCRIPTION +/ Adjust DESCRIPTION +/ Adjust Rent Control Yes No Yes No Yes No Yes No Lease Date Location Design (Style) Age Condition Total GBA good colonial-semi-det average-good 1,344 sq.ft. 1/2/215-1/1/216 good colonial 9 good(renovated) 1,75 sq.ft. 5/26/215-5/25/216 good colonial -15 average-good 1,579 sq.ft. mo/mo good colonial-semi-det 85 average-good 1,28 sq.ft. Total # of Units Total GLA 2 1,344 sq.ft. 2 1,75 sq.ft. 2 1,579 sq.ft. 2 1,28 sq.ft. Unit Breakdown Tot. Bed. Baths GLA Tot. Bed. Baths GLA Tot. Bed. Baths GLA Tot. Bed. Baths GLA Unit # 1 Unit # 2 Unit # 3 Unit # , Utilities Included Heat and Hot Water Heat and Hot Water Heat and Hot Water Heat and Hot Water Net Rental Adjustment (Total) Indicated Monthly Market Rent 1,25 1,2 1,4 Analysis of rental data: Comparable rental data is located within the subject's neighborhood. Data was selected based on similar bedroom count as compared to the subject. Rental income is affected by the bedroom count and condition of the unit. The indicated monthly market rent for comps 1 and 2 is based on a 1 bedroom rental. The 2nd floor unit for both of these rentals is used by the owner. The indicated monthly market rent for comp 3 represents the 2nd floor 2 bedroom unit. SUBJECT RENT SCHEDULE Rent Schedule: The appraiser must reconcile the applicable indicated monthly market rents to provide an opinion of the market rent for each unit in the subject property. Leases Actual Rents Opinion of Market Rent Lease Dates Per Unit Total Per Unit Total Unit # Begin Date End Date Unfurnished Furnished Rents Unfurnished Furnished Rents 1 vacant vacant 1,2 1,2 2 vacant vacant 1,4 1,4 3 4 Comments on lease data na Total Actual Monthly Rent Total Gross Monthly Rent 2,6 Other Monthly Income (itemize) Other Monthly Income (itemize) Total Actual Monthly Income Total Estimated Monthly Income 2,6 Utilities included in estimated rents Electric Water Sewer Gas Oil Trash collection Multimedia Telephone Other heat/hot wtr. Comments on actual or estimated rents and other monthly income (including personal property) The opinion of market rent is based upon comparable rentals. INCOME APPROACH INCOME APPROACH TO VALUE The Income Approach was not developed for this appraisal. Gross Rent Multiplier Analysis: Address Date Sale Price Gross Rent GRM Comments th St., Richmond Hill, NY 7/27/215 48, 2, same bdrm count/condition as subject th St., Richmond Hill, NY 8/6/ , 2, infer. condition/superior bdrm count th St., Richmond Hill, NY /18/215 45, 2,5 18. superior condition/superior bdrm count Opinion of Monthly Market Rent 2,6 X Gross Rent Multiplier 185 = 481, Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM): The GRM for the subject was most closely associated with the first comparable. This comparable is most similar to the subject in terms of bedroom count and condition. Market rent is supported by the rental comparables above. Copyright 27 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GP2-4 "WinTOTAL" appraisal software by a la mode, inc. 1-8-ALAMODE 4/27

3 TRANSFER HISTORY SALES COMPARISON APPROACH File No.: FTF-1447 Lefferts Blvd My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data Source(s): Comps inc. 1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing: The prior transfer was the foreclosure of the Date: 2/27/215 subject property by the lender. Price: 465, Source(s): comps inc. 2nd Prior Subject Sale/Transfer Date: Price: Source(s): SALES COMPARISON APPROACH TO VALUE (if developed) The Sales Comparison Approach was not developed for this appraisal. FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 1447 Lefferts Blvd th St th St St 2-4 UNIT RESIDENTIAL APPRAISAL SUMMARY REPORT Richmond Hill, NY Richmond Hill, NY Richmond Hill, NY S. Ozone Park, NY 1142 Proximity to Subject.73 miles W.71 miles W.4 miles SE Sale Price 48, 529, 46, Sale Price/GBA /sq.ft /sq.ft /sq.ft /sq.ft. Gross Monthly Rent 2,6 2,6 2,6 2,6 Gross Rent Multiplier Price per Unit , , , Price per Room 68,571 75,571 65,714 Price per Bedroom 16, 176, ,333 Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION comps inc Libor# / acris DESCRIPTION +/ Adjust comps inc Zillow.com/Acris DESCRIPTION +/ Adjust comps inc. Libor#* DESCRIPTION +/ Adjust Rent Control Yes No Yes No Yes No Yes No Sales or Financing Concessions FHA mtg none known Conv. Mtg. none known FHA mtg none known Date of Sale/Time Rights Appraised Location Site View Design (Style) Quality of Construction Age Condition Fee Simple good 2,25 sf residential colonial-semi-det frame/average average-good 7/27/215 /167 dom Fee Simple good 1,998 sf residential colonial-semi-det frame/average average-good 8/6/215 / 6 dom Fee Simple good 2,18 sf residential colonial-semi-det frame/average 85 good 9/22/214 /9 dom Fee Simple good 3, sf residential colonial/detached frame/average -3, average -5, -1, +3, Total GBA 1,344 sq.ft. 1,362 sq.ft. -1, 1,372 sq.ft. -1,5 1,86 sq.ft. +13, Total # of Units Total GLA 1,344 sq.ft. 1,362 sq.ft. 1,372 sq.ft. 1,86 sq.ft. Unit Breakdown Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Unit # 1 Unit # 2 Unit # 3 Unit # Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Parking Porch/Patio/Deck full bsmt / finished 3 rms 2 family Y / N none noted on-site pto/blcny full bsmt / finished 3 rms 2 family Y / N none noted on-site none full bsmt / finished 3 rms & full bath 2 family Y / N none noted on-site / 1 car garage +2, pto full bsmt / finished -4, 3 rms 2 family Y / N none noted -5, on-site / 1 car garage +1, none -5, +2, discount to list % Net Adjustment (Total) + 1, + -39,5 + 25, Adjusted Sale Price of Comparables Net Gross.2 %.6 % 481, Net Gross 7.5 % 7.8 % 489,5 Net Gross 5.4 % 14.1 % 485, Adjusted Price of Comparables per GBA Adjusted Price of Comparables per Unit 24,5 244,75 242,5 Adjusted Price of Comparables per Room 68,714 69,929 69,286 Adjusted Price of Comparables per Bedroom 16, , ,667 Ind. Val. per GBA 355 X 1,344 SF GBA = 477,12 Ind. Val. per Unit 24, X 2 Units = 48, Ind. Val. per Room 7, X 7 Rooms = 49, Ind. Val. per Bedroom 16, X 3 Bedrooms = 48, Summary of Sales Comparison Approach Comparables were obtained from Comps Inc and Libor MLS service and verified by a search of county transfer records on ACRIS. The appraiser's initial search for comparable sales included all arms length transactions of two family semi-detached homes in the subject's defined neighborhood within 1 mile of the subject, with 3-4 bedrooms, between 7 and 11 years old, with a GLA between 1,5 and 1,65 sf., which closed within the last 9 days. There were 2 sales that met this criteria. Appraiser expanded the time frame to include sales that closed within the last three to twelve months. This yielded additional sales. Appraiser next altered the search criteria to include all detached 2 family homes. This resulted in 8 additional sales. It should be noted that most of the comparable sales sold privately or exclusively and were not listed on MLS or any public data service such as Zillow.com. The appraiser only considered comparable data when the room count and condition could be verified. This reduced the number of comparable sales for use in this report. As a result, the appraiser was not able to included 3 comparable sales that had closed within 9 days of the effective date of this report. All comparable sales are within 6 month of the effective date of this report, with comps 1 and 2 within the 9 day lender requirement. Indicated Value by Sales Comparison Approach 482, Copyright 27 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GP2-4 "WinTOTAL" appraisal software by a la mode, inc. 1-8-ALAMODE 4/27

4 2-4 UNIT RESIDENTIAL APPRAISAL SUMMARY REPORT COST APPROACH TO VALUE (if developed) The Cost Approach was not developed for this appraisal. Provide adequate information for replication of the following cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value): File No.: FTF-1447 Lefferts Blvd COST APPROACH ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW OPINION OF SITE VALUE = Source of cost data: DWELLING = Quality rating from cost service: Effective date of cost data: = Comments on Cost Approach (gross living area calculations, depreciation, etc.): = = = = Garage/Carport = Total Estimate of Cost-New = Less Physical Functional External Depreciation =( ) Depreciated Cost of Improvements = ''As-is'' Value of Site Improvements = = = Estimated Remaining Economic Life (if required): Years INDICATED VALUE BY COST APPROACH = PROJECT INFORMATION FOR PUDs (if applicable) The Subject is part of a Planned Unit Development. Legal Name of Project: Describe common elements and recreational facilities: PUD Indicated Value by: Sales Comparison Approach 482, Income Approach 481, Cost Approach (if developed) Final Reconciliation The appraiser concludes that the sales comparison approach is the best indicator of value. The income approach was completed and is used to support the results of the sales comparison approach. The cost approach was not considered due to the subject's age and lack of comparable land sales. Most weighting has been placed on comparable 1. This comparable was determined to be most similar to the subject in terms of condition and room count. It also regarding the fewest adjustments. RECONCILIATION This appraisal is made ''as is'', subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: See addendum for repair/renovation list. ATTACHMENTS This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda. Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: 482,, as of: 9/17/215, which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda. A true and complete copy of this report contains 23 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. Attached Exhibits: Scope of Work Limiting Cond./Certification Narrative Addendum Photograph Addenda Sketch Addendum Map Addenda Cost Addendum Flood Addendum Additional Sales Additional Rentals Income/Expense Analysis Hypothetical Conditions Extraordinary Assumptions Repair/Renov. Proposal Data Trends Letter of no objection license and insurance Contact: Name: Address: 85 East 1th St., Suite 1N, New York, NY 13 APPRAISER SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) SIGNATURES Supervisory or Appraiser Name: Michael Mullahey Co-Appraiser Name: Company: G.C. Appraisals, Inc. Company: Phone: (516) Fax: (8) Phone: Fax: mullahey@optonline.net Date of Report (Signature): License or Certification #: 9/26/ State: NY Date of Report (Signature): License or Certification #: State: Designation: Designation: Expiration Date of License or Certification: 4/13/217 Expiration Date of License or Certification: Inspection of Subject: Interior & Exterior Exterior Only None Inspection of Subject: Interior & Exterior Exterior Only None Date of Inspection: 9/17/215 Date of Inspection: Copyright 27 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GP2-4 "WinTOTAL" appraisal software by a la mode, inc. 1-8-ALAMODE 4/27

5 SALES COMPARISON APPROACH File No.: FTF-1447 Lefferts Blvd FEATURE SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6 Address 1447 Lefferts Blvd th St ADDITIONAL COMPARABLE SALES Richmond Hill, NY Richmond Hill, NY Proximity to Subject.66 miles W Sale Price 469, Sale Price/GBA /sq.ft /sq.ft. /sq.ft. /sq.ft. Gross Monthly Rent 2,6 2,6 Gross Rent Multiplier Price per Unit ,5 Price per Room 67, Price per Bedroom 156,333 Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION comps inc libor# DESCRIPTION +/ Adjust DESCRIPTION +/ Adjust DESCRIPTION +/ Adjust Rent Control Yes No Yes No Yes No Yes No Sales or Financing Concessions listing Date of Sale/Time Rights Appraised Location Site View Design (Style) Quality of Construction Age Condition Fee Simple good 2,25 sf residential colonial-semi-det frame/average average-good contract / 33 dom Fee Simple good 2, sf residential colonial/detached frame/average average -1, +3, Total GBA 1,344 sq.ft. 1,344 sq.ft. sq.ft. sq.ft. Total # of Units 2 2 Total GLA 1,344 sq.ft. 1,344 sq.ft. sq.ft. sq.ft. Unit Breakdown Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Unit # 1 Unit # 2 Unit # 3 Unit # Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Parking Porch/Patio/Deck full bsmt / finished 3 rms 2 family Y / N none noted on-site pto/blcny full bsmt / finished 3 rms 2 family Y / N none noted off-site pto +15, +1, discount to list % actual -19, Net Adjustment (Total) + 17, + + Adjusted Sale Price of Comparables Net Gross 3.6 % 16. % 486, Net Gross % % Net Gross % % Adjusted Price of Comparables per GBA Adjusted Price of Comparables per Unit 243, Adjusted Price of Comparables per Room 69,429 Adjusted Price of Comparables per Bedroom 162, Summary of Sales Comparison Approach The above listing closed on 9/18/215, the day after the effective date for this report. Copyright 27 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GP2-4.(AC) "WinTOTAL" appraisal software by a la mode, inc. 1-8-ALAMODE 4/27

6 Subject Photo Page City 1447 Lefferts Blvd. Subject Front 1447 Lefferts Blvd. Sales Price G.B.A. 1,344 Age Subject Rear Subject Street Form PIC4x6.SC "WinTOTAL" appraisal software by a la mode, inc. 1-8-ALAMODE

7 Additional Subject Photos City 1447 Lefferts Blvd. additional rear photo Form GPIC4X6 "WinTOTAL" appraisal software by a la mode, inc. 1-8-ALAMODE

8 Interior Photos City 1447 Lefferts Blvd. 1st flr. kitchen area 1st flr. kitchen area 1st flr. bathroom 1st flr. dining area 1st flr. living room area 1st flr. front porch Form PICINT6 "WinTOTAL" appraisal software by a la mode, inc. 1-8-ALAMODE

9 Interior Photos City 1447 Lefferts Blvd. ceiling in 1st flr. front porch ceiling in 1st flr. front porch 1st floor front entrance hole in ceiling of 1st floor front entrance view of common hallway to 2nd flr. stairway left blank intentionally Form PICINT6 "WinTOTAL" appraisal software by a la mode, inc. 1-8-ALAMODE

10 Interior Photos City 1447 Lefferts Blvd. 2nd flr. kitchen 2nd flr. living room 2nd flr. bathroom 2nd flr. bedroom 2nd flr. bedroom left blank intentionally Form PICINT6 "WinTOTAL" appraisal software by a la mode, inc. 1-8-ALAMODE

11 Interior Photos City 1447 Lefferts Blvd. heating plant and hot water tank rear yard Form PICINT6 "WinTOTAL" appraisal software by a la mode, inc. 1-8-ALAMODE

12 Building Sketch City 1447 Lefferts Blvd. 2' Stairs Stairs 46' 46' 4' 4' 38' 38' 2' 38' Stairs Stairs 38' Form SKT.BldSkI "WinTOTAL" appraisal software by a la mode, inc. 1-8-ALAMODE

13 Location Map City 1447 Lefferts Blvd. Form MAP.LOC "WinTOTAL" appraisal software by a la mode, inc. 1-8-ALAMODE

14 Comparable Photo Page City 1447 Lefferts Blvd. Comparable th St Sales Price 48, G.B.A. 1,362 Age Comparable th St Sales Price 529, G.B.A. 1,372 Age 85 Comparable St Sales Price 46, G.B.A. 1,86 Age Form PIC4x6.CC "WinTOTAL" appraisal software by a la mode, inc. 1-8-ALAMODE

15 Comparable Photo Page City 1447 Lefferts Blvd. Comparable th St Sales Price 469, G.B.A. 1,344 Age Comparable 5 Sales Price G.B.A. Age Comparable 6 Sales Price G.B.A. Age Form PIC4x6.CC "WinTOTAL" appraisal software by a la mode, inc. 1-8-ALAMODE

16 Propertyshark.com Multi-family Value Trends City 1447 Lefferts Blvd. Value trends taken from Propertyshark.com represent sales of 2-4 family homes over the past 3.5 years within the subject's neighborhood.. All trends indicate a positive slope or increasing valuation over the past 3 years. Most weighting has been placed on median price/sf. This trend is believed to give the best indicator of value trends. Over the past 3 years it has been increasing. In the most recent time period a slight moderation has occurred however, this is not believed to be a change in trend based upon all other trends on this page. At this time it is believed that that multiple family valuations in the subject's neighborhood have been relatively stable over the past year. No market timing adjustments are needed for comparable data. The client should not rely on these past trends as an indication of the future trends for multi-family home valuations. The housing market can be affected by a number of factors that cannot be anticipated or predicted. Form PICLG2 "WinTOTAL" appraisal software by a la mode, inc. 1-8-ALAMODE

17 Addendum File No. FTF-1447 Lefferts Blvd 1447 Lefferts Blvd. City Zoning The subject is dimensionally non-conforming. Most of the homes in the area are dimensionally non-conforming. All comparable sales are dimensionally non-conforming. The subject was built prior to current zoning. Its use is therefore grandfathered. The following text was lifted from the New York City Department of Building Website regarding the permitted rebuilding of a non-conforming 1 and 2 family dwellings Permitted Reconstruction If a non-complying building or other structure is damaged or destroyed by any means, including any demolition as set forth in this Section, to the extent of 75 percent or more of its total floor area, such building may be reconstructed only in accordance with the applicable district bulk regulations,except in the case of a one- or two-family residence, such residence may be reconstructed provided that such reconstruction shall not create a new non-compliance nor increase the pre-existing degree of non-compliance with the applicable bulk regulations. If the extent of such damage or destruction is less than 75 percent, a non-complying building may be reconstructed provided that such reconstruction shall not create a new non-compliance nor increase the pre-existing degree of non-compliance with the applicable bulk regulations. In addition, the alteration of such existing building resulting in both the removal of more than 75 percent of the floor area and more than 25 percent of the perimeter walls of such existing building, and the replacement of any portion thereof, shall be considered a development for the purposes of the provisions set forth in Section (Demolition and Replacement). In the event that any demolition, damage or destruction of an existing building other than one- or two-family residences produces an unsafe condition requiring a Department of Buildings order or permit for further demolition of floor area to remove or rectify the unsafe condition, and the aggregate floor area demolished, damaged or destroyed including that ordered or permitted by the Department of Buildings constitutes 75 percent or more of the total floor area of such building, then such building may be reconstructed only in accordance with the applicable district bulk regulations. Cost Approach The cost approach was not completed. There is insufficient market evidence to credibly support the site value and due to the subject's age the derivation of total depreciation cannot be calculated with any surety. Comparable Data Comparable 1 was found to be most similar to the subject in terms of condition and bedroom count. This comparable has received most weighting in this report as it required the fewest adjustments. Comparables 2 was determined to be in overall superior condition as compared to the subject. Comparable 3 closed just over one year from the effective date of this report. It was included in this report because it bracketed the subject's size and condition rating. None of the other comparable sales that had closed in the past year bracketed these features. Comparable 4 closed the day after the effective date for this report. It supports the subject's valuation. Additional Comments The subject property was listed on Libor MLS# on 7/23/215 for 399,9. The property is an REO listing. The property is currently in contract. The appraiser does not have access to the contract of sale and does not know the contract price. The subject is located on Lefferts Boulevard. This is a busy roadway with above average traffic patterns. The subject is also located in close proximity to both train and bus lines that provide access to NYC. The subject's location on this busy roadway is off-set its proximity to mass transit. No locational adjustments need to be made in this report. Comparable data located in South Ozone Park are considered to be located in immediate neighborhoods that are similar and competitive with the City of Richmond Hill. No locational adjustment needed for different city. Extraordinary Assumptions While the contractor has supplied a repair/renovation list to the appraiser, this list lacks detail. It is therefore assumed that the contractor will be completing the following repairs/renovation as part of the work outlined on his list that is included in this report: All renovation/repair work will be to code and will have proper permits. The conversion of the front portion of the subject property into a legal parking space will be approved the the Queens Building Department. Included in the 1st floor kitchen renovations is new floor coverings and lighting. The creation of a single bedroom after the 1st floor has been subdivided to create the bedroom. Form SUP "WinTOTAL" appraisal software by a la mode, inc. 1-8-ALAMODE

18 Contractor's Repair/Renovation Proposal Form SCNLGL "WinTOTAL" appraisal software by a la mode, inc. 1-8-ALAMODE

19 Scope of Work / Certification Statements File No. FTF-1447 Lefferts Blvd 1447 Lefferts Blvd. City Scope of Work Information about the subject property was obtained primarily from public records as published in Comps Inc. The information gathered included the age of the improvements, the last date of sale (if any), the subject's legal description, physical characteristics, including square foot information of the subject and square footage of the land, current real estate taxes and zoning information. Maps showing the subject site and the subject's market area were examined and a location map and aerial map have been included in this report. Several well known internet based real estate websites were also used to provide any information about prior listings of the subject, as well as, any information about comparable data. The appraiser made an interior and exterior inspection of all readily accessible areas of the subject property improvements. Appraiser did not make entry into the finished attic. Appraiser did not move any personal property or furniture. Appraiser has noted all readily observable conditions of the subject property, that is, conditions that are immediately noticeable and discernible during a typical site visit. Appraiser is not responsible for determining the functionality of appliances or mechanical systems. Although due diligence was exercised, the appraiser is not an expert in matters such as pest control, structural engineering, hazardous substances or environmental hazards, and no warranty is given as to these elements. The appraiser has also made an analysis of the neighborhood. This analysis included the consideration of any known factors that could be expected to have an impact on the value of the subject property. An analysis was made of the subject real estate market and of available market/sales data, utilizing Comps inc, Propertyshark.com, Acris, and LIBOR MLS. Those sales considered to provide the best indication of the market value of the subject property were selected and compared to the subject in the Quantitative Sales Comparison Analysis. Typically, only an exterior inspection from the street is made of the comparable properties however only comparables sales that the appraiser was able to verify condition and room count were used to value the subject property. Other information about the comparables including pertinent financing information relating to the transaction was also verified using the named sources. Dollar adjustments were made to each of the comparable properties, reflecting estimated market reaction to those items of significant variation between the subject and comparable properties. If a significant item in a comparable property was superior to, or more favorable than the subject property, a minus (-) adjustment was made to the comparable, thus reducing the indicated value of the subject in comparison to that comparable; if a significant item in a comparable was inferior to, or less favorable than the subject, a plus (+) adjustment was made, thus increasing the indicated value of the subject. Further analysis was made, considering such factors as the comparables relative proximity to the subject property, recentness of sale and overall similarity to the subject property, in order to reconcile to the final estimate of the value of the subject property by the Sales Comparison Approach to value. The subject's valuation is based on the hypothetical assumption that specific repairs/renovations have been made to the subject property. A copy of these repairs/renovations has been obtained from the buyer/contractor for the subject. The appraiser has made the extraordinary assumption that materials used for repairs/renovation to the subject are of average or typical quality as commonly found in the neighborhood and that all work will be performed to code with all proper permits obtained should any be necessary. The appraisal report was prepared, together with attached exhibits, and the completed appraisal report was delivered to the client, which constituted completion of the assignment. Certifications I have performed no(or the specified) other services, as an appraiser or in any other capacity, regarding the property that is the subject of the work under review within the three-year period immediately preceding acceptance of this assignment. The Intended User of this appraisal report is the Lender/. The Intended Use is to evaluate the property that is the subject of this appraisal for a non-federally related lending purpose. This report is subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value. No additional Intended Users or uses are identified by the appraiser. Exposure Time Exposure Time: Exposure Time is presumed to precede the effective date of the appraisal. I have developed an opinion of reasonable exposure time linked to my opinion of market value of the subject property. This exposure time is based on information taken from comparable data. If data is lacking or the current data does not provide enough information to develop an appropriate measure of Exposure Time, the appraiser has broadened his search for sales data in the subject's neighborhood and may even expand his search into competing neighborhoods. At this time it is my opinion that a reasonable exposure time for the subject property can range from 6 to 12 days. Form SUP "WinTOTAL" appraisal software by a la mode, inc. 1-8-ALAMODE

20 File No. FTF-1447 Lefferts Blvd DEFINITION OF MARKET VALUE: 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 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 the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. (Source: FDIC Interagency Appraisal and Evaluation Guidelines, October 27, 1994.) *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is valued on the basis of it being under responsible ownership. 2. Any sketch provided in the appraisal report may show approximate dimensions of the improvements and is included only to assist the reader of the report in visualizing the property. The appraiser has made no survey of the property. 3. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 4. Any distribution of valuation between land and improvements in the report applies only under the existing program of utilization. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 5. The appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous waste, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. This appraisal report must not be considered an environmental assessment of the subject property. 6. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 7. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, and any applicable federal, state or local laws. 8. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 9. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. 1. The appraiser is not an employee of the company or individual(s) ordering this report and compensation is not contingent upon the reporting of a predetermined value or direction of value or upon an action or event resulting from the analysis, opinions, conclusions, or the use of this report. This assignment is not based on a required minimum, specific valuation, or the approval of a loan. Page 1 of 2 Form ACR2 "WinTOTAL" appraisal software by a la mode, inc. 1-8-ALAMODE

21 File No. FTF-1447 Lefferts Blvd CERTIFICATION: The appraiser certifies and agrees that: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial and unbiased professional analyses, opinions, and conclusions. 3. Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interest interest with respect to the parties involved. 4. Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 5. I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. 6. My engagement in this assignment was not contingent upon developing or reporting predetermined results. 7. My compensation for completing this assignment 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 opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 8. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. 9. Unless otherwise indicated, I have made a personal inspection of the interior and exterior areas of the property that is the subject of this report, and the exteriors of all properties listed as comparables. 1. Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report). ADDRESS OF PROPERTY ANALYZED: APPRAISER: 1447 Lefferts Blvd., Richmond Hill, NY SUPERVISORY or CO-APPRAISER (if applicable): Signature: Name: Michael Mullahey Title: State Certification #: or State License #: State: NY Expiration Date of Certification or License: 4/13/217 Date Signed: 9/26/215 Signature: Name: Title: State Certification #: or State License #: State: Expiration Date of Certification or License: Date Signed: Did Did Not Inspect Property Page 2 of 2 Form ACR2 "WinTOTAL" appraisal software by a la mode, inc. 1-8-ALAMODE

22 Letter of No Objection Form SCNLGL "WinTOTAL" appraisal software by a la mode, inc. 1-8-ALAMODE

23 Appraiser License and E&O Policy City 1447 Lefferts Blvd. Form PICLG2 "WinTOTAL" appraisal software by a la mode, inc. 1-8-ALAMODE