APPRAISAL OF LOCATED AT:

Transcription

1 APPRAISAL OF LOCATED AT: 5905 S County Road K South Range, WI 54874

2 February 18, 2015 In accordance with your request, I have appraised the real property at: 5905 S County Road K South Range, WI The purpose of this appraisal is to develop an opinion of the market value of the subject property, as improved. The property rights appraised are the fee simple interest in the site and improvements. In my opinion, the market value of the property as of February 16, 2015 is: The attached report contains the description, analysis and supportive data for the conclusions, final opinion of value, descriptive photographs, limiting conditions and appropriate certifications.

3 APPRAISAL REPORT Manufactured Home Appraisal Report General Description Foundation Exterior Description materials/condition Interior materials/condition # of Units Additions Poured Concrete Concrete Runners Skirting Vinyl/avg Floors Cpt/vinyl/fair X One # of Stories 2 Other Other-att. description Exterior Walls Vinyl/avg Walls Drywall/fair X Block & Pier X 1 Design (Style) Singlewide Full Basement Partial Basement Roof Surface Asph.Shingle/avg Trim/Finish Wood/fair # of Sections 2 3 Basement Area sq. ft. Gutters & Downspouts Bath Floor Vinyl/fair X 1 Other Basement Finish % Window Type Dbl. Hung/avg Bath Wainscot Fiberglass/fair Car Storage Type Att. S-Det./End Unit Outside Entry/Exit Sump Pump Storm Sash/Insulated Yes/avg X Det. # of Cars 4 Proposed Under Const. Evidence of Infestation Screens Yes/avg X Driveway X Existing Driveway Surface Gravel Year Built 1980 Effective Age (Yrs) 30 Dampness Settlement Doors Steel/avg # of Cars 1 Attic Heating X FWA HWBB Radiant Amenities WoodStove(s) # 0 X Garage Carport # of Cars 0 Drop Stair Stairs Other Fuel LPG Fireplace(s) # 0 Fence Attached Floor Cooling Central Air Conditioning Porch X Detached X Patio/Deck 2 Wd X Scuttle Built-in Finished Heated Individual Pool Other X Other Appliances Disposal Microwave Washer/Dryer Other (describe) P Refrigerator P Range/Oven B Dishwasher Finished area above grade contains: 6 Rooms 3 Bedrooms 1.1 Bath(s) 1,166 Square Feet of Gross Living Area Above Grade Describe any additions or modifications (decks, rooms, remodeling, etc.) 16'x24' Detached Garage. IMPROVEMENTS Installer s Name Is the manufactured home attached to a permanent foundation system? Date Installed Model Year NA If, describe the foundation sytem and the manner of attachment. Home is being taxed as real estate. Have the towing hitch, wheels, and axles been removed? Yes If, explain Unsure Is the manufactured home permanently connected to a septic tank or sewage system and other utilities? If, explain Does the dwelling have sufficient gross living area and room dimensions to be acceptable to the market? If, explain Additional features (special energy efficient items, non-realty items, etc.) The appraiser must rate the quality of construction for the subject unit based on objective criteria (such as N.A.D.A. Manufactured Housing Appraisal Guide, Marshall & Swift Residential Cost Handbook, or other published cost service). The appraiser must also report the source used for this quality of construction rating determination. Quality Poor X Fair Average Good Excellent Identify source of quality rating Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). Inspection C5; This is an average built and poorly maintained dwelling. Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Provide adequate information for the lender/client to replicate the below cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) area. Yes X If Yes, describe If, describe Site value is typical of other sites in the general

4 APPRAISAL REPORT Manufactured Home Appraisal Report There are 3 There are 4 comparable properties currently offered for sale in the subject neighborhood ranging in price from comparable sales in the subject neighborhood within the past twelve months ranging in sale price from FEATURE SUBJECT COMPARABLE SALE NO. 1 to. to COMPARABLE SALE NO. 2. COMPARABLE SALE NO. 3 SALES COMPARISON APPROACH 5905 S County Road K Address South Range, WI Proximity to Subject Sale Price Sale Price/Gross Liv. Area Manufactured Home Data Source(s) Verification Source(s) VALUE ADJUSTMENTS Sale or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade Room Count Gross Living Area Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Fireplace Outbuildings sq. ft sq. ft. RANWW #880867;DOM 19 County Records DESCRIPTION DESCRIPTION N;Rural; Fee Simple 5.00 ac N;Woods; Singlewide Q5 35+/- Years C5 ArmLth Conv;0 09/25/2014 N;Rural; Fee Simple 4.81 ac N;Woods; Singlewide Q5 43 C5 Total Bdrms. Total Bdrms. 6 Baths 3 0 Yes sq. ft. County Records DESCRIPTION +(-) Adjustment X did DESCRIPTION +(-) Adjustment N;Rural; Fee Simple N;Woods; Singlewide 0 C5 Baths Total Bdrms. Baths Total Bdrms ,166 sq. ft. +(-) Adjustment Conv;0 sq. ft. sq. ft. 0sf 0sf Average FWA 1 Car Garage Decks Average FWA 2 Car Garage Deck,Porch Sheds Average FWA X + X %% Net Adj % % Net Adj..7% Gross Adj. 40.4%% Gross Adj. % did not research the sale or transfer history of the subject property and comparable sales. If not, explain Baths 2 1,125 sq. ft. 0sf Net Adjustment (Total) Adjusted Sale Price of Comparables I sq. ft. Deck + Net Adj. 800 Gross Adj. - % My research did X 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) Douglas County Records. My research did X did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale. Data source(s) SAAR MLS Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 4). ITEM SUBJECT COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s) Analysis of prior sale or transfer history of the subject property and comparable sales capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. Summary of Sales Comparison Approach. Indicated Value by Sales Comparison Approach Cost Approach Income Approach (if developed) 0 Most weight was given to the value estimate derived by the Sales Comparison Approach, which is well supported by the Cost Approach. The Income Approach was not used, because this type of property is seldom purchased for a rental unit. RECONCILIATION Indicated Value by: Sales Comparison Approach This appraisal is made X "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, or inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: subject to the following required Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is as of Freddie Mac Form 70B March 2005, which is the date of inspection and the effective date of this appraisal.

5 SUBJECT PROPERTY PHOTO ADDENDUM Borrower: N/A Property Address: 5905 S County Road K City: South Range Lender: U.S. Marshals Service State: WI File.: Case.: Zip: FRONT VIEW OF SUBJECT PROPERTY Appraised Date: February 16, 2015 Appraised Value: 23,000 REAR VIEW OF SUBJECT PROPERTY STREET SCENE

6 Borrower: N/A Property Address: 5905 S County Road K City: South Range Lender: U.S. Marshals Service State: WI BATHROOM FURNACE BEDROOM BEDROOM KITCHEN FAMILY ROOM File.: Case.: Zip: 54874

7 Borrower: N/A Property Address: 5905 S County Road K City: South Range Lender: U.S. Marshals Service State: WI File.: Case.: LIVING ROOM BEDROOM BATHROOM HUD TAG PAINTED OVER END VIEW OF HOME END VIEW OF HOME Zip: 54874

8 Borrower: N/A Property Address: 5905 S County Road K City: South Range Lender: U.S. Marshals Service State: WI File.: Case.: Zip: DETACHED GARAGE STREET SCENE OPPOSITE DIRECTION ADDRESS/FIRE NUMBER