PROPERTY CONDITION ASSESSMENT

Transcription

1 PROPERTY CONDITION ASSESSMENT Of Lybolt Road Lybolt Road Bullville, Orange County, New York and Prepared for: Ten-X.com 1 Mauchly Irvine, California Prepared by: Property Solutions Inc. 31A Northfield Avenue Edison, New Jersey Final: September 18, 2017 Property Solutions Project No SERVING YOUR NEEDS NATIONWIDE FROM OUR OFFICES IN: PHILA NY CHICAGO LA DALLAS MIAMI ATLANTA BALTIMORE

2 PROPERTY CONDITION ASSESSMENT Of Lybolt Road Lybolt Road Bullville, Orange County, New York and Prepared for: Ten-X.com 1 Mauchly Irvine, California Prepared by: Property Solutions Inc. 31A Northfield Avenue Edison, New Jersey Final: September 18, 2017 Property Solutions Project No Miguelino Joseph Project Manager Dennis D. Heindel, P.E. V.P./Manager, Engineering Services SERVING YOUR NEEDS NATIONWIDE FROM OUR OFFICES IN: PHILA NY CHICAGO LA DALLAS MIAMI ATLANTA BALTIMORE

3 TABLE OF CONTENTS SECTION PAGE 1.0 LIMITATIONS AND EXCEPTIONS OF THE ASSESSMENT EXECUTIVE SUMMARY General Description General Physical Condition Opinions of Probable Costs Deferred Maintenance and Physical Deficiencies Replacement Reserve Analysis Recommendations PURPOSE AND SCOPE Purpose Scope of Work SYSTEM DESCRIPTION AND OBSERVATIONS Salient Information Site Topography Stormwater Drainage and Flood Zone Ingress and Egress Paving, Curbing, and Parking Flatwork Landscaping and Appurtenances Utilities Recreational Facilities Property Lighting Structural Frame and Building Envelope Foundations Building Frame Exterior Walls Roofing Windows and Doors Patios, Terraces, and Balconies Interior and Exterior Stairs Interior Elements Mechanical and Electrical Systems Plumbing Heating, Ventilation, and Air Conditioning Electrical Vertical Transportation Life Safety and Fire Protection Other Structures... 17

4 5.0 DOCUMENT REVIEW AND INTERVIEWS Building and Fire Code Violations Document Review Interviews ADDITIONAL CONSIDERATIONS Seismic Zone Classification ADA Mold Observation Other Considerations OPINIONS OF PROBABLE COST TO REMEDY PHYSICAL DEFICIENCIES Deferred Maintenance and Physical Deficiencies Replacement Reserve Analysis INSURABLE VALUE REFERENCES APPENDICES

5 1.0 LIMITATIONS AND EXCEPTIONS OF THE ASSESSMENT Property Solutions Inc. conducted a Property Condition Assessment of the property known as Lybolt Road located at Lybolt Road in Bullville, Orange County, New York (subject property). The scope of work for this report is based upon the Ten-X.com Scope of Work and the American Society for Testing and Materials (ASTM) Standard E The work was authorized by the signed proposal dated August 25, This report has been prepared for the sole benefit of the Ten-X.com and may not be relied upon by any person or entity without the written authorization of Property Solutions Inc. The report represents an assessment of the physical condition of the buildings and property based upon limited site observation of readily accessible and visible components, and professional judgment, and is current only as of the date of the site observation. Floors, walls, ceilings, and surfaced site areas, were not opened to reveal and observe substrate components. In light of this, concealed or not readily accessible substrate deterioration may be present, which ultimately, may negatively impact the conclusions of this assessment. Sampling of any property components was not conducted. The report is not to be construed as a warranty or guarantee of future building conditions, performance or, as an estimate of value. Opinions of probable cost used in the report are preliminary in nature and represent a range of probable costs. Firm price quotations from contractors, vendors, or suppliers would be required for more detailed costs, and would be based upon a detailed definition of the proposed scope of work. Environmental assessment of the subject property is beyond the scope of this report and accordingly, was not performed. No representation is made as to the property being free of toxic materials, termite or insect infestation, or other potentially damaging components Property Solutions Inc. 31A Northfield Avenue Edison, New Jersey Phone Fax

6 2.0 EXECUTIVE SUMMARY 2.1 General Description Property Solutions Inc. conducted a Property Condition Assessment of the property known as Lybolt Road located at Lybolt Road in Bullville, Orange County, New York (subject property) at the request of Ten-X.com of Irvine, California. As part of this assessment, a property visit was conducted on September 5, 2017 by Miguelino Joseph, Project Manager, of Property Solutions with Hershy Tannenbaum, Weiss Realty & Management. The assessment included a request for available information and documentation for the subject property. The subject property consists of an irregular shaped, 2.10-acre parcel of land. The subject property is improved with eight (8), one and two of story, residential buildings constructed in circa 1900s (subject buildings). The gross area of the subject building is approximately 5,860 square feet. The subject buildings contain ten (10) occupied residential apartment units, one (1) unfinished apartment (647 #6) and one storage building (Building 9). The subject property is covered with asphalt paved parking lot areas, lawn areas, and landscaping. Vehicular access to the subject property is gained via two single entrances along Lybolt Road to the eastern side of the subject property. The subject building is constructed of standard wood platform framing with concrete masonry foundations and pitched wood framed roof systems. Interior finishes include painted gypsum drywall walls and ceilings. Laminated kitchen cabinets and bathroom vanities with composite type counter tops are standard throughout the rental units. Floor finishes include vinyl, carpet and ceramic floorings in the kitchen and bathrooms. Each apartment unit is equipped with a refrigerator, gas or electric range with range hood and tenant owned countertops microwaves. Costs associated with re-leasing or tenant improvement work are speculative and are not addressed within this report. 2.2 General Physical Condition The subject property is in overall fair condition, with some measurable defects noted or reported. Tenant improvements are of average construction, and are poorly maintained It is Property Solutions opinion that the subject property is comparable to or less than other properties of similar age in this area and, subject to immediate repairs and a continued program of sustained preventative maintenance, the remaining economic life should exceed 35 years Property Solutions Inc. 31A Northfield Avenue Edison, New Jersey Phone Fax

7 2.3 Opinions of Probable Costs Deferred Maintenance and Physical Deficiencies Deferred maintenance and physical deficiencies for which action is recommended represent potentially unsafe conditions, material code violations, and items that require corrective work on a higher priority than routine work. Based upon observations conducted during the property visit, items required as corrective work to remedy immediate physical needs are as follows: Item Quantity Unit Unit Cost Immediate Cost Replace concrete sidewalk sections 440 Square Feet $5.80 $2,552 Replace deteriorated sections of asphalt pavement 500 Square Feet $7.50 $3,750 Replace electrical breaker Panel 1 Each $850 $850 Replace wood frame, single pane windows 8 Each $275 $2,200 Repair/replace T1-11 siding 1,000 Square Feet $1.25 $1,250 Repair/replace vinyl siding 6 Square Feet $25.00 $150 Replace asphalt shingle roofs 2,700 Square Feet $2.25 $6,075 Restore apartment interior finishes 1 Lump Sum $30,000 $30,000 Test water, inspect well pump(s) 1 Lump Sum $2,500 $2,500 TOTAL COST: $48, Replacement Reserve Analysis Components or systems that will require replacement reserves during the term are itemized with opinions of probable cost on the attached schedule titled Replacement Reserve Analysis. The Replacement Reserve Analysis has been projected for the term of 10 years plus two years, for a total of 12 years, and is summarized as follows: Reserve Summary Total Uninflated Total Inflated Total Reserves $89,375 $101,950 Per Unit Reserves (All Years) $11, $12, Per Unit Reserves (Per Year) $ $1, Property Solutions Inc. 31A Northfield Avenue Edison, New Jersey Phone Fax

8 2.3.3 Recommendations Property Solutions was not provided access to the well pump structure along the west corner of the Site. The tenants reported that the water had excessive chlorine and wasn t easily drinkable. Due to the lack of access and records by the management company, Property solutions recommend that the well pump be inspected and tested by a third-party company. 3.0 PURPOSE AND SCOPE 3.1 Purpose This report summarizes the findings of the Property Condition Assessment conducted for the subject property known as Lybolt Road located at Lybolt Road in Bullville, Orange County, New York As part of this assessment, a property visit was conducted on September 5, 2017 by Miguelino Joseph, Project Manager, of Property Solutions Inc. with Hershy Tannenbaum, Weiss Realty & Management. Report preparation was predicated on a review of on-site readily accessible and visible property components, and a review of available documentation regarding the property. Readily accessible site areas, building exteriors and tenant interiors were observed. The purpose of the Property Condition Assessment is to identify significant defects, deficiencies, items of deferred maintenance, and material building code violations associated with the property. The report includes recommendations and opinions of probable cost for the replacement of major property components that will be required during the proposed loan term plus two years. It is the intent of the ASTM E and this report that the material physical deficiencies observed and the corresponding opinions of probable cost not be minor or insignificant. Therefore, the opinions of probable cost that, either individually or in aggregate, total less than a threshold amount of $1,000 for like items are omitted from this Property Condition Assessment Property Solutions Inc. 31A Northfield Avenue Edison, New Jersey Phone Fax

9 3.2 Scope of Work The scope of work for this Property Condition Assessment is based upon the Ten- X.com Scope of Work and the American Society for Testing and Materials (ASTM) Standard E and includes the following: Property Solutions performed a property visit on September 5, The visit included a visual survey of easily accessible property components and systems. This included a review of the subject property, architectural, structural, mechanical, plumbing, and electrical systems, plus a limited review of the Americans with Disabilities Act (ADA) of Submittal of a pre-assessment request for information and documentation regarding the physical condition of the subject property. Interviews with people knowledgeable of the subject property. A review of local building and fire department records regarding the subject property. Opinions of probable costs to remedy Immediate Physical Deficiencies. Schedule of Replacement Reserves as required by the client. Preparation of a Property Condition Assessment Report as required by the client. No plans for the subject property were available for review. No previous reports for the subject property were available for review Property Solutions Inc. 31A Northfield Avenue Edison, New Jersey Phone Fax

10 4.0 SYSTEM DESCRIPTION AND OBSERVATIONS 4.1 Salient Information Project Number Property Name Property Address Year Built Year Renovated Ownership Entity Lybolt Road Lybolt Road Bullville, Orange County, New York Circa 1900s Unknown Bas Associates L P Property Manager Hershy Tannenbaum, Weiss Realty & Management Occupancy 90% 10 occupied, one unfinished unit Number of Buildings Eight (8) Number of Units Number of Stories 11 and one storage building 1 and 2 stories Basement Only in building and Total Building Area 5,860 SFG Gross Site Area Total Number of Parking Spaces Property Visit Date September 5, 2017 Approximately 43,560 square feet (2.10-acres) Parking are unstripped and includes 2 per apartment. Property Visit conducted by Accompanied by Weather Miguelino Joseph and Project Manager Heidi Biggs and property resident (Building 647 #4) 70 Degrees and cloudy Property Solutions Inc. 31A Northfield Avenue Edison, New Jersey Phone Fax

11 4.2 Site Description: The subject property consists of an irregular-shaped, Prop Size-acre parcel of land. The subject property is located on the western side of Lybolt Road. The subject property is located on the United States Geological Survey (USGS) 7.5- minute series topographic quadrangle map of Middletown NY. The subject property is identified as Tax Map ID: , according to the Orange County Tax Assessor s Office. According to the Town of Crawford Zoning Department, the subject property is zoned as OR Office and Residence. An area map locating the subject property is included in the appendices. Observations/Comments: The subject property is located in a rural area of Bullville, New York. The site is located in an area that is composed predominantly of residential/retail/industrial properties Topography Description: Review of the United States Geological Survey (USGS) 7.5-minute series topographic quadrangle map of Middletown NY reveals that the elevation of the subject property ranges from approximately 520 to 530 feet above mean sea level. Topography in the vicinity of the subject property appears to decline to the east. Observations/Comments: Overall no significant effects on the operation of the property can be attributed to topographic particulars at this location. Therefore, no immediate repairs are required, and no replacement reserves are anticipated over the term Stormwater Drainage and Flood Zone Description: Stormwater runoff is expected to exit the subject property via overland flow and enter the underground stormwater collection system via storm drains located within the subject property s parking areas and along local roadways and discharge to municipal system. Stormwater is also expected to percolate through the landscaped areas and along the west boundary of the Site. The building roof drains to the surrounding ground surface. No water bodies are located on the subject property Based on a review of the National Flood Insurance Program s Flood Insurance Rate Map (Community-Panel No C0090E, dated August 3, 2009) for Crawford, New York, the subject property is located in Flood Zone X. Flood Zone X is an area designated by the Federal Emergency Management Agency as having a moderate or minimal risk of flooding Property Solutions Inc. 31A Northfield Avenue Edison, New Jersey Phone Fax

12 Observations/Comments: No areas of erosion or evidence of flooding were noted and no incidents were reported. No remedial measures are recommended Ingress and Egress Description: The subject property is accessed via two asphalt paved entrances from Lybolt Road on the eastern side of the property. Observations/Comments: Access and egress are satisfactory. Automatic traffic signals are located at the access points to the subject property. No remedial measures or replacement reserves are recommended Paving, Curbing, and Parking Description: Asphalt paved parking areas are provided on the along the interior and sides of the subject property. Parking areas are unstriped. Parking is reportedly available for approximately 24 automobiles. Property Solutions did not observe any handicapped parking spaces at the subject property. No striping is provided along the parking lot surfaces. Limited extruded asphalt curbing is provided along the perimeter of the parking lot. Observations/Comments: Overall the paving, curbing, and parking appeared to be in good to fair condition. However, the paved parking areas were observed with isolated cracks and alligatoring of the surface sections. Special attention should be directed toward the main vehicular entrance and building 647 #4-6. Previous patch type repairs were noted. Property Solutions recommends that the asphalt pavement be cut and patched and an immediate repair. The effective useful life (EUL) of seal coating is approximately 5 years. Life-cycle seal coating and striping of the asphaltpaved parking areas will be required during the term, and every 5 years thereafter to maximize the pavement life. The curbing was observed to be in good condition. Immediate reserves are required for paving, curbing, and parking and are included in the Immediate Reserve Analysis. Replacement reserves are recommended and costs are included in the Replacement Reserve Analysis Flatwork Description: Cast-in-place concrete sidewalks and concrete steps are provided along the front elevations of the subject buildings. Observations/Comments: The sidewalks and other flatwork were observed to be in poor condition. Significant stretches of sidewalks sections are severely cracked, Property Solutions Inc. 31A Northfield Avenue Edison, New Jersey Phone Fax

13 heaved and deteriorated. These conditions were noted throughout the front entrances of the residential structures. The sidewalks will require immediate repair to mitigate the life safety hazard. Immediate reserves are required for flatwork and are included in the Immediate Reserve Analysis. No replacement reserves are necessary for flatwork Landscaping and Appurtenances Description: Landscaping at the subject property consists of grass lawn areas and grown mature trees. Wood criss-cross slat fencing is provided along the rear perimeter entrance of Building 649 #1-3. A single dumpster without an enclosure is provided along the interior parking lot of the Subject property. The dumpster is on the asphalt pavement. The solid waste is collected on a regular basis by Countywide Carting. Observations/Comments: The landscaping appeared to be minimally maintained. The condition of live plant material is satisfactory with no diseased and/or dead material. The fencing was observed to be in good condition. The dumpster is owned and maintained by the refuse contractor. No immediate reserves are necessary for landscaping and appurtenances. No replacement reserves are necessary for landscaping and appurtenances Utilities Description: Property Solutions was informed by Heidi Biggs, Resident of apartment building #4 that the following companies and Town of Crawford currently provide utility services to the subject property: UTILITY Electricity Natural Gas Sanitary Sewerage Potable Water Solid Waste Removal PROVIDER Orange and Rockland Individual Propane Tanks Town of Crawford Well Pump Countywide Carting On-site utilities are underground. Electricity is from pole-mounted transformers located along Lybolt Road to the east with overhead conductors routed to an electrical equipment room located within each building. Tenants are individually metered for electricity Property Solutions Inc. 31A Northfield Avenue Edison, New Jersey Phone Fax

14 A small 5 x 5 single story wood frame structure houses a well pump along the west section of the property. Refer to Section Plumbing for additional discussion. Observations/Comments: No corrective measures regarding the basic utility services are recommended Recreational Facilities There are no recreational facilities located on the subject property Property Lighting Description: Site lighting in the vicinity of the subject building is provided by exterior wall mounted fixtures along the front entrances of the buildings. The parking areas on the subject property are not illuminated. Observations/Comments: Site lighting appeared to be in good condition. Although the property was not observed at night, property lighting appears to be distributed for adequate illumination. No immediate reserves are necessary for the property lighting. No replacement reserves are necessary for the property lighting. 4.3 Structural Frame and Building Envelope Foundations Description: The foundation walls of the subject buildings are constructed of stone rubble and perimeter load bearing concrete spread footings with cast-in-place concrete slabs-on-grade. A basement level is only provided within building and and is accessed via bilco metal doors and exterior concrete steps. Observations/Comments: The foundations appeared to be in good condition. Visual observation of the foundations, interior walls, and exterior perimeter building walls indicated no evidence of structural foundation movement. The foundation walls that were visible in the basements appeared to be in good condition with no significant cracks or moisture intrusion observed. No immediate reserves are necessary for the foundations. No replacement reserves are necessary for the foundations Property Solutions Inc. 31A Northfield Avenue Edison, New Jersey Phone Fax

15 4.3.2 Building Frame Description: The residential buildings utilize wood frame construction. The basement level is supported via perimeter stone rubble foundation walls and isolated steel columns. Typical construction elements for buildings of this type consist of wood stud bearing walls supporting wood frame joisted upper level floor decks with lightweight concrete topping. Internal nonbearing partitions are also most likely of wood frame. Roof systems are comprised of pre-engineered wood trusses sheathed with plywood or oriented strand board (OSB). Observations/Comments: The building frame was observed to be in good condition. The obscured building frame was observed to be in satisfactory condition. Finished surfaces exhibited no deflections or other evidence of underlying structural distress. Vertical elements appear to be plumb and horizontal elements level to the unaided eye. Property Solutions noted that the residential structure 647 apartment numbered 6 was unfinished with exposed framing and insulation. Refer to Section 4.4 Interior Elements for further discussion. No immediate reserve costs are recommended. No immediate reserve costs are recommended. No replacement reserves are necessary for the building frame Exterior Walls Description: The exterior walls of the subject building are a combination of painted T1-11 wood paneling and vinyl siding. Building sealants (caulking) were ovserved between dissimilar materials, at expansion joints, and around window and door openings. Observations/Comments: The exterior walls were observed to be in fair to poor condition. Many of the exterior T1-11 facades were found to have stained and worn or peeling paint and were rotted along the base of the panels. The exterior T1-11 wood paneling must be repaired or replaced as an immediate repair. The exterior siding along the rear of residential structure 647 #7 was observed to be damaged. The insulation is partially exposed and this location could become a location for water infiltration. Repair of the damage to the building at this location is required as an immediate repair. Exterior maintenance such as painting, power washing, caulking, and sealing is typically required every six to eight years, depending on the quality of preparation of the surfaces, the quality of materials used and weather conditions. The building will require maintenance during the term. Damaged exterior components should be Property Solutions Inc. 31A Northfield Avenue Edison, New Jersey Phone Fax

16 repaired or replaced as part of the on-going routine maintenance of the property and during pre-painting preparation. Immediate reserves are required for the exterior walls and are included in the Immediate Reserve Analysis. Replacement reserves are required for the exterior walls and are included in the Replacement Reserve Analysis Roofing Description: The building shave pitched wood frame roofs with gable geometries. The roofs are covered with asphalt composite shingles over building felts and wood sheathing. Roof venting is provided by a combination of turtle vents and gable end vents. Drip edge flashings are of factory coated metal and penetrations are limited to plumbing and HVAC systems. The roofs have been replaced over the years but generally appear to be more than 10 years old. Stormwater runoff from the roofs is directed via sheeting action to metal gutters located along the roof edges. Integral metal down spouts discharge stormwater onto the grass and away from the buildings. Observations/Comments: The roofing was observed to be in fair to poor condition. The asphalt shingles roofing system along residential structure numbered 647 #4 and #7 are reported to be leaking. At the front section of this house, previous repairs were observed which have since failed. This roof appears to have exceeded its useful life. Replacement of this roof is required as an immediate repair. Roofing of this type typically has an effective useful life of 20 to 25 years, depending on the quality of materials, installation, and maintenance, climatic conditions, and the amount of roof traffic. The roofing is approximately years old and are expected to require replacement during the term. Immediate reserves are required for the roofing and are included in the Immediate Reserve Analysis. Replacement reserves are required for the remaining roofing systems and are included in the Replacement Reserve Analysis Windows and Doors Description: Windows are comprised of painted wood and vinyl frames with single and double pane glazing. Exterior doors are insulated metal in wood frames. Some of the unit doors have glazing in the upper portions of the door. Interior doors are a mixture of solid and hollow wood doors in wood frames. Windows are single hung type and are equipped with insect screens. Building sealants (caulking) were utilized between dissimilar materials, at expansion joints, and around window and door openings Property Solutions Inc. 31A Northfield Avenue Edison, New Jersey Phone Fax

17 Observations/Comments: The windows were observed to be in good to poor condition. The wood framed, single pane windows at residential structure 10 are aged and deteriorating. The wood frames are rotted, peeling and most glazing is dry and cracked. Some of the windows will require replacement as an immediate repair. The remaining windows and the doors will require replacement during the term. Immediate reserves are required for the windows and doors and are included in the Immediate Reserve Analysis. Replacement reserves are required for the windows and doors and are included in the Replacement Reserve Analysis Patios, Terraces, and Balconies No patios, terraces, or balconies were observed at the subject property Interior and Exterior Stairs Description: Exterior cast-in-place concrete steps with wooden railings are provided at the entrances of the apartment buildings. In addition, concrete steps provide access to the basement level of Building and Observations/Comments: The exterior stairs were observed to be in good to fair condition. Some of the concrete steps exhibit cracks which should be repaired. The cost of this work is relatively insignificant and can be completed as part of routine property maintenance. No immediate reserves are necessary for the exterior stairs. No replacement reserves are necessary for the interior and exterior stairs. 4.4 Interior Elements Description: The gross area of the subject building is approximately 5,860 square feet. The subject buildings contain 11 residential apartment units and one storage building unit (Building 649 #9). Approximately 10 apartments are occupied. Floor coverings in the apartment units consist of carpet, vinyl and ceramic tile flooring in the living room, kitchens and bathrooms respectively. The interior walls and ceilings are painted gypsum drywall. Window coverings are provided by management and consist of mini blinds. Moldings and casework is painted wood. Apartment unit kitchens are equipped with a range gas or electric stove and refrigerator. Stoves are equipped with a re-circulating and exterior exhausted vents. Kitchens and bathrooms cabinets are compressed wood framed cabinets with painted finishes. Countertops are composite type with laminated surface countertop types in the apartment units. Kitchen sinks are stainless steel with standard base mounted Property Solutions Inc. 31A Northfield Avenue Edison, New Jersey Phone Fax

18 faucets. Bathrooms are equipped with clay vitreous fixtures consisting of a vanity sink, water closet, and tub/shower enclosure. The tub/shower enclosure is a onepiece fiberglass unit with vinyl tub surround. Unit Type No. of Units Square Feet 1-Bedroom, 1-Bathroom 6 Not Provided 2-Bedroom, 1-Bathroom 4 Not Provided Building Storage 1 Not Provided Total Number of Units 11 Observations/Comments: The interior elements were observed to be in fair to poor condition. The interior elements of the subject building are maintained by building management. A "down unit" is a term used to describe a non-rentable unit due to poor conditions such as fire damage, water damage, missing equipment, damaged floor, wall or ceiling surfaces, or other significant deficiencies. Property Solutions noted that the residential structure 647 apartment numbered 6 is a down unit. The unit is presently in an unfinished state of renovation. This unit will require finishing as an immediate repair. The tenant unit floor finishes are in fair condition. Based on the estimated Remaining Useful Life (RUL), the floor finishes will require replacement during the evaluation period. The tenant kitchen appliances were observed to be fair condition. Based on the estimated Remaining Useful Life (RUL), the refrigerators and electric ranges will require replacement during the evaluation period. The apartment bathrooms are in fair condition. Based on the estimated Remaining Useful Life (RUL), the bathrooms will require refurbishment during the evaluation period. Immediate reserves are necessary and costs are included in the Immediate Reserve Analysis. Replacement reserves are required for the interior elements appliances, kitchen and bathrooms and are included in the Replacement Reserve Analysis Property Solutions Inc. 31A Northfield Avenue Edison, New Jersey Phone Fax

19 4.5 Mechanical and Electrical Systems Plumbing Description: Due to concealed conditions, hot and cold-water piping was only partially observed during the site visit. The plumbing system includes the necessary hot and cold-water supply, drainage, waste, and vent systems. Water supply, waste, drainage and vent lines consist of copper and PVC for vent piping. Individual 30-gallon electric and gas-fired domestic hot water heaters provided domestic hot water to the apartment units. The domestic hot water heater tanks are located within the mechanical utility closet and basement levels. The domestic hot water heaters vary in age and condition. Property Solutions observed that the domestic hot water heater was recently replaced in Building 649 apartment numbered 111. A small 5 x 5 single story wood frame structure houses a well pump along the west section of the property. The site escort Heidi Biggs reported that the well pump provided domestic water to the individual buildings at the Site. However, Property Solutions was not provided access to the well pump structure. Observations/Comments: Plumbing systems and equipment appear to be adequate for the demands of this property with no problems observed or reported. The plumbing was observed to be in good condition. The tenants reported that the water had excessive chlorine and wasn t drinkable. Due to the lack of access and records by the management company, Property solutions recommend that the well water, well pump be inspected and tested by a third-party company as an immediate need. Immediate reserves are necessary and costs are included in the Immediate Reserve Analysis. Replacement reserves are required for the domestic hot water heater and are included in the Replacement Reserve Analysis Heating, Ventilation, and Air Conditioning Description: each apartment unit is heated by a low pressure, oil and gas-fired force air furnace. The furnaces (FAU) are located in the mechanical utility closets and basement level of the Subject property. There are a total of ten furnace units. The force air furnaces are second or third generations and are manufactured by various brands and have an average capacity of 96,000 BTU/HR. Individual above ground oil and propane storage tanks are provided along the rear of the property. The tanks vary in size and condition. Cooling in the apartment is provided by tenant owned thru-window air conditioning units. Tenants are responsible for the maintenance and replacements of their own units Property Solutions Inc. 31A Northfield Avenue Edison, New Jersey Phone Fax

20 Observations/Comments: The heating, ventilation, and air conditioning (HVAC) equipment was observed to be in good to fair condition. The furnaces are approximately 1-20 years old. Some of the units are anticipated to require replacement during the term. Immediate reserves are not required for the HVAC system. Replacement reserves are recommended and costs are included in the Replacement Reserve Analysis Electrical Description: Electricity is from pole-mounted transformers located along Lybolt Road with overhead conductors routed along the exterior of the buildings. Tenants are individually metered for electricity. Exterior main gear with unit specific ampere switchgear breakers feed a 60 to 100 amperes sub-panel located in each apartment. Each apartment is separately metered. The distribution wiring was reported and observed to be to be copper. Each apartment is separately metered. Based on the age of construction, internal wiring is assumed to be of nonmetallic cable. GFCI protective outlet devices were observed in wet locations. Observations/Comments: The electrical system was observed to be in good to fair condition. Property Solutions observed copper wiring conductors in the apartment 649 apartment numbered 8. The electrical panel associated with residential structure numbered 649 #8, was reported to be defective. The breaker panel exhibits a failure to trip in overload conditions, and represent a hazard. Replacement is recommended as an immediate repair. Immediate reserves are required for the electrical system and are included in the Immediate Reserve Analysis. No replacement reserves are necessary for the electrical system. 4.6 Vertical Transportation There are no elevators or escalators associated with this property. 4.7 Life Safety and Fire Protection Description: A smoke detector was observed in each apartment unit. Wall-mounted ABC style fire extinguishers are provided within the apartment units. Observation/Comments: The life safety and fire protection systems were observed to be in good condition. The fire extinguishers were last inspected by Blaze Fire Protection in August Property Solutions Inc. 31A Northfield Avenue Edison, New Jersey Phone Fax

21 No immediate reserves are necessary for the life safety and fire protection systems. No replacement reserves are necessary for the life safety and fire protection systems. 4.8 Other Structures There are no other structures of significance located on the subject property. 5.0 DOCUMENT REVIEW AND INTERVIEWS 5.1 Building and Fire Code Violations During the course of the assessment of the subject property, Property Solutions contacted the following agencies via phone, letter, or in person: Michael Grass - Assistant Building Inspector & Code Enforcement Officer Town of Crawford Building Department Crawford, New York According to ASTM E , Section 7.4.5, information that has been requested must be reasonably ascertainable as part of performing the Property Condition Assessment. Information that is reasonably ascertainable per ASTM means that information will be provided by the source within 10 business days of receiving a written, telephone, or in-person request. Copies of the letters and records of communication are included in the appendices. 5.2 Document Review No documents or plans were provided to Property Solutions for review. 5.3 Interviews Property Solutions interviewed Ms. Heidi Biggs, Resident of Building 647 #4 of company, regarding the subject property. Ms. Biggs stated that she has been associated with the resident of the property for 8 years. 6.0 ADDITIONAL CONSIDERATIONS 6.1 Seismic Zone Classification Based on a review of the Seismic Zone Map of the U.S. Figure 16-2 of the Uniform Building Code, the subject property is located in a Seismic Zone 2A. Seismic Zone 2 is an area where the probability of damaging ground motion is moderate Property Solutions Inc. 31A Northfield Avenue Edison, New Jersey Phone Fax

22 6.2 ADA Overview of the Americans with Disabilities Act: The Americans with Disabilities Act ( ADA ) is a civil rights law that was enacted in 1990 to provide persons with disabilities with accommodations and access equal to, or similar to, that available to the general public. Title III of the ADA requires that owners of buildings that are considered to be places of public accommodations remove those architectural barriers and communications barriers that are considered readily achievable in accordance with the resources available to building ownership to allow use of the facility by the disabled. The obligation to remove barriers where readily achievable is an ongoing one. The determination as to whether removal of a barrier or an implementation of a component or system is readily achievable is often a business decision, which is based on the resources available to the owner or tenants, and contingent upon the timing of implementation as well. Determination of whether barrier removal is readily achievable is on a case-by-case basis; the United States Department of Justice did not provide numerical formulas or thresholds of any kind to determine whether an action is readily achievable. The ADA became effective on January 26, As defined under Title III of the ADA, facilities that existed prior to the effective date that are considered to be a place of public accommodations must take steps to remove architectural and communication barriers that are deemed readily achievable under the retroactive requirements. Buildings constructed after the 1992 effective date of the ADA are required to provide barrier free access to accessible areas of the building. On September 15, 2010, the Department of Justice issued revised regulations for Title III of the ADA which applies to public accommodations and commercial facilities. The subject property does not meet the ADA definition of Places of Public Accommodations. The subject property was constructed in circa 1900s, prior to the effective date of the ADA and is not subject to the retroactive requirements of the ADA guidelines. While a Full Accessible Survey is beyond the scope of this assessment, a Limited Visual Accessibility Survey was conducted. The survey did not include the taking of measurements or counts. The following areas were surveyed: Path of Travel Parking The paths of travel are not wide enough for a wheelchair and are not free of obstructions, wheelchair accessible public toilets and telephones are not available, and there is a path of travel that does not require the use of stairs Property Solutions Inc. 31A Northfield Avenue Edison, New Jersey Phone Fax

23 There are approximately 24 total unstripped parking spaces at the property, of which none are ADA. The number of on-site ADA designated spaces is not sufficient. A van-accessible parking stall can be added as part of sealcoating identified as an immediate repair in section The Americans with Disabilities Act (ADA), Title III, 28 CFR Part 36 dated July 26, 1991 and printed in the Federal Register, as it applies to multifamily properties, governs all areas of public accommodation. The provisions of Title III provide that persons with disabilities should have accommodations and access to public facilities that are equal or similar to those available to the general public. The ADA calls for a property owner to expend, if required, "reasonable" sums for "practicable" or "readily achievable" solutions to ADA barrier removal and non-compliance issues. The definitions of "reasonable," "practicable" or "readily achievable" are site dependent, and vary based on the owner's financial status. The dwelling units in multi-family housing properties fall under the jurisdiction of the Fair Housing Act, as amended in 1988, which governs both private and publicly funded housing. According to the Act the owner of a property constructed prior to the effective date of the act is not specifically required to complete modifications to an older unit or units for compliance with the ADA. Existing or prospective tenants must be permitted to make modifications to their units and/or the common areas at their own expense, but these modifications can be completed only to meet their individual needs, and do not need to conform to the ADA guidelines. Due to the unique nature of each property, the extent of analysis required and the many variables of compliance with the ADA guidelines, evaluating costs for full ADA conformity is beyond the scope of this Report. For the purposes of this Report the analysis is limited to a visual survey of areas readily observable or easily accessible, and an action that can be accomplished as routine maintenance or as a replacement, rather than a renovation. Changes could be necessary to the public areas of the Subject Property interior and/or site to make the property at least minimally compliant. Site work could include, but not be limited to, ramps and curb cuts at the building entrances, addition of HCP parking spaces, HCP signs or parking area markings, and an alternative accessible entrance designation and configuration. Alterations could also be required at the leasing office and laundry facilities. This work could include, but not be limited to, door and door hardware modifications; bathroom configuration changes; changes to plumbing accessories and fixtures; changes to cabinets and counters, and alterations to fire alarm devices and controls, if present. The property has no units that comply with ADA guidelines or that are fully accessible to the handicapped Property Solutions Inc. 31A Northfield Avenue Edison, New Jersey Phone Fax

24 No immediate reserves are necessary for ADA. No replacement reserves are necessary for ADA. 6.3 Mold Observation Property Solutions observed interior areas of the subject building(s) for the presence of mold, conditions conducive to mold, and evidence of moisture in readily accessible areas of the building(s). No visual indications of the presence of mold or water damage were observed. No sampling was conducted as part of this assessment. This limited observation was conducted for overview purposes only; additional suspect areas may exist in concealed locations (behind walls and ceilings, etc.). The observations and conclusions are based on interviews with property personnel and conditions as observed in readily accessible areas of the buildings on the assessment date. Based on the above observations, the presence of mold is not considered to be a concern to the subject property and no further action is recommended at this time. 6.4 Other Considerations No other considerations were revealed during the property visit. 7.0 OPINIONS OF PROBABLE COST TO REMEDY PHYSICAL DEFICIENCIES 7.1 Deferred Maintenance and Physical Deficiencies Deferred maintenance and physical deficiencies for which action is recommended represent potentially unsafe conditions, material code violations, and items that require corrective work on a higher priority than routine work Property Solutions Inc. 31A Northfield Avenue Edison, New Jersey Phone Fax

25 Based upon observations conducted during the property visit, items required as corrective work to remedy immediate physical needs are as follows: Item Quantity Unit Unit Cost Immediate Cost Replace concrete sidewalk sections 440 Square Feet $5.80 $2,552 Replace deteriorated sections of asphalt pavement 500 Square Feet $7.50 $3,750 Replace electrical breaker Panel 1 Each $850 $850 Replace wood frame, single pane windows 8 Each $275 $2,200 Repair/replace T1-11 siding 1,000 Square Feet $1.25 $1,250 Repair/replace vinyl siding 6 Square Feet $25.00 $150 Replace asphalt shingle roofs 2,700 Square Feet $2.25 $6,075 Restore apartment interior finishes 1 Lump Sum $30,000 $30,000 Test water, inspect well pump(s) 1 Lump Sum $2,500 $2,500 TOTAL COST: $48, Replacement Reserve Analysis Components or systems that will require replacement reserves during the term are itemized with opinions of probable cost on the attached schedule titled Replacement Reserve Analysis. The Replacement Reserve Analysis has been projected for the term of 10 years plus two years, for a total of 12 years, and is summarized as follows: Reserve Summary Total Uninflated Total Inflated Total Reserves $89,375 $101,950 Per Unit Reserves (All Years) $11, $12, Per Unit Reserves (Per Year) $ $1, INSURABLE VALUE A review of the Insurable Value was not a part of the Ten-X.com Scope of Work Property Solutions Inc. 31A Northfield Avenue Edison, New Jersey Phone Fax

26 9.0 REFERENCES 1. United States Geological Survey s 7.5-minute topographic quadrangle map of Middletown, NY. 2. Flood Insurance Rate Map (Community Panel Number 3671C0090E) for Bullville, New York 3. Seismic Zone Map of the U.S. Figure 16-2 of the Uniform Building Code Property Solutions Inc. 31A Northfield Avenue Edison, New Jersey Phone Fax

27 TERMINOLOGY Excellent Good Satisfactory Fair Poor New or like new requiring routine maintenance Satisfactory as is, requiring routine maintenance. Component or system is sound and performing its function. Other than routine preventive maintenance, no repairs or improvements are required at this time. Component or system is performing adequately at this time but exhibits normal wear and tear expected for the specific type of material, component, or equipment and the use or exposure to the elements for the given locale. Although it may show signs of normal wear and tear, commensurate with its age, some minor remedial work may be required. Acceptable as is for the most part but some aspects demand attention in the future. Component or system is performing adequately at this time but: exhibits deferred maintenance, evidence of previous repairs, workmanship not in compliance with commonly accepted standards, is obsolete, or is approaching the end of its typical useful life. Repair or replacement is required to prevent further deterioration, restore it to good conditions, prevent premature failure, or to prolong its EUL. Component or system exhibits an inherent deficiency that is best remediated by a program of increased preventive maintenance or periodic repairs. Requires immediate repair, replacement or significant maintenance. Component or system has either failed or cannot be relied upon to continue performing its original function as a result of having realized or exceeded its typical EUL, excessive deferred maintenance, a state of disrepair, an inherent design deficiency or workmanship. Present condition could contribute to or cause the deterioration of contiguous elements or systems. Repair or replacement is required.

28 IMMEDIATE RESERVES & REPLACEMENT RESERVES

29 Immediate Reserves Project Number: Date: 09/18/17 Project: Address: ITEM QUANTITY UNIT UNIT COST IMMEDIATE COST Replace concrete sidewalk sections 500 Square Feet $5.80 $2,900 Replace deteriorated sections of asphalt pavement Lybolt Road Lybolt Road Bullville, Orange County, New York and Square Feet $7.50 $3,750 Replace Electrical Breaker Panel 1 Each $850 $850 Replace wood frame, single pane windows 8 Each $275 $2,200 Repair/Replace T1-11 siding 1,000 Square Feet $1.25 $1,250 Repair or replace vinyl siding 6 Square Feet $25 $150 Replace asphalt shingle roofs 2,700 Square Feet $2.25 $6,075 Restore apartment interior finishes 1 Lump Sum $30,000 $30,000 Test water, inspect well pump(s) 1 Lump Sum $2,500 $2,500 COMMENTS Significant stretches of sidewalks sections are severely cracked, heaved and deteriorated. The paved parking areas were observed with cracks and alligatoring of the surface sections. Particularly the main vehicular entrance and building 647 #4-6. The electrical panel at 649 #8, was found to fail to trip in overload conditions, and represent a hazard. Structure numbered 10 wood window frames are rotted, peeling and most glazing is dry and cracked. T1-11 facades is worn and rot conditions were observed along the base of the panels. The exterior siding along the rear of residential structure 647 #7 was observed to be damaged. The asphalt shingles roofing system at residential structure numbered 647 #4 and #7 were reported to be leaking. Property Solutions noted that residential structure 647 apartment number 6 was unfinished with exposed framing and insulation. The tenants reported that the water had excessive chlorine and was not drinkable. TOTAL COST: $49,675 Page 1 of 2

30 Replacement Reserves 10 plus 2 years Project Number: Date: 09/18/17 Project: Lybolt Road Inflation Rate: 2.50% Address: Lybolt Road Bullville, Orange County, New York and Year Built: 1900 Number of Units: 8 COST PER YEAR SUMMARY ITEM EUL AGE RUL QUANTITY UNITS UNIT COST YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 TOTAL RESERVES (ALL YEARS) Sealcoat asphalt pavement ,000 Square Feet $0.25 $2,750 $2,750 $2,750 $8,250 Asphalt pavement repair allowance ,100 Square Feet $3.50 $3,850 $3,850 $7,700 Exterior maintenance ,000 Square Feet $1.50 $4,500 $4,500 $9,000 Replace asphalt shingle roofs ,800 Square Feet $2.25 $2,850 $2,850 $2,850 $8,550 Replace hot water heaters Each $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 $3,600 Replace oil/gas furnaces Each $1,000 $7,000 $7,000 $7,000 $21,000 Replace apartment unit floor finishes Each $650 $650 $650 $650 $650 $650 $650 $650 $650 $650 $5,850 Replace kitchen cabinets/countertops Each $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $6,750 Refurbish apartment bathrooms Each $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $9,000 Electric range/oven, replace Each $450 $450 $450 $450 $450 $450 $450 $450 $450 $450 $4,050 Refrigerator, replace Each $625 $625 $625 $625 $625 $625 $625 $625 $625 $625 $5,625 EUL- Expected Useful Life TOTAL UNINFLATED $3,475 $6,225 $3,475 $8,375 $13,725 $17,575 $16,475 $3,875 $3,875 $400 $4,900 $7,000 $89,375 RUL- Remaining Useful Life Inflation Factor % % % % % % % % % % % % TOTAL INFLATED $3,475 $6,381 $3,651 $9,019 $15,150 $19,884 $19,106 $4,606 $4,721 $500 $6,272 $9,185 $101,950 CUMULATIVE TOTAL UNINFLATED $3,475 $9,700 $13,175 $21,550 $35,275 $52,850 $69,325 $73,200 $77,075 $77,475 $82,375 $89,375 CUMULATIVE TOTAL INFLATED $3,475 $9,856 $13,507 $22,526 $37,675 $57,560 $76,666 $81,272 $85,993 $86,493 $92,765 $101,950 RESERVE SUMMARY TOTAL UNINFLATED TOTAL INFLATED Total Reserves $89,375 $101,950 Per Unit Reserves (All Years) $11, $12, Per Unit Reserves (Per Year) $ $1, Page 2 of 2

31 APPENDIX A MAPS

32 Subject Property US DEPARTMENT OF THE INTERIOR GEOLOGICAL SURVEY 7.5 TOPOGRAPHIC QUADRANGLE Property Solutions Inc Lybolt Road Lybolt Road Bullville, Orange County, New York and Project No.: Topo Quad Name: Pine Bush, NY Property Boundaries are Approximate

33 Subject Property Property Solutions Inc. TAX MAP Lybolt Road Lybolt Road Bullville, Orange County, New York and Project No.:

34 Subject Property Property Solutions Inc. PROPERTY SHARK GIS AERIAL Lybolt Road Lybolt Road Bullville, Orange County, New York and Project No.:

35 Subject Property Property Solutions Inc. FLOOD INSURANCE RATE MAP Lybolt Road Lybolt Road Bullville, Orange County, New York and Project No.: Location: Orange County, NY Date: August 3, 2009 Map Number: 36071C0090E

36 RD SA L IL M RED R G B LN N L AV E RE R BP ST D RD LO BP LN VA IL EL W RD A LL O H RY L N E LL W A 17 N M OR TH N G N LO N CT R TE N E IL LC T H D R D G RD M R O S YO LN UN GB EA M E O V DO W JUDS LO O DR A A CT SO AH N SO ED BL X ON O LN HA M T O LN SO FO DR N KA RA RE BE A SO C TR L RU ER NG LN K H RD N RT RD BE IC RLI AT D RI C FO E O M G IC RD BU TT O D PA C RA NS M I LL D PE O RA C D DR CK U LH O O TR H SC TR H US O DU Y RE RD R CR OS W E D R A ND S N ER D SE BY ST CT DOG R D VE RD A R WA W 302 E OO R Q S NO VE RS VI 48 M N AV DR C A M P RD DS E EL YR D D BI B LE ST L S LN G N LA O M HOW A R RO N T E CT D V K V A AR N BL N M EN CL G O L DI 89 R D OR PI KE G ST N Q52 R MU N E E IN AV RA N U A WF LN BO W LN RI A IR E D R K CL I E IS C AV BO BON IFA E E D E D DR IT X EL HU ST OR UY LE BR CR OR WH DR A GR R T OS I N S S ST T EG W ST NE ER EF A N R Y CT DU AT M PL F I N NE RA RD AV T N RI Y EP O B LA C K H AW RI BP HE NORTH ST AR BP S TO NE E BE I L LE RD V R A VE T KO N W I R ST U LS T 1 inch = 300 feet N A Y V T I L N L U U O S C LN LL RM 52 RM KE LN Q R DS BP BP E UN NT ED M D TE PL EG HU RM TY AV A LIC E C ST D IL L R U CH IE AN L LK D ll Ki EN gu nk HA Sh an aw T q 1 Mile 1 inch = 1,500 feet Y CE E AV RA ST E N R 0.5 WA I I LL E ST L U U O C ST T E SP HO AV ON T S R R Y AV ER O ST TE LL EN M CH H N KE RD CA EP RT CE BO ST IL 302 D NO AD W NE S Y o r k 0.25 Date of Last Amendment: Local Law #1 of 2010, adopted 21 October 2010 RO ST E V A E PL A LE M Q R AR N e w CURRENT ZONING DISTRICTS ****Please note: this map and the c ontents therein are currently u n d e r t h e p r o c e s s o f v e r i f i c a t i o n b y t h e To w n o f C r a w f o r d. The Planning Department does not guaranty the accuracy of th e zo n in g i nf or ma ti o n d ep ict ed h er e. CH C o u n t y, 0 RD O r a n g e Date Title Signature Crawford CS To w n o f I hereby certify this document as the official Zoning Map for the Town of Crawford. RD N A V BP: I: Business Park Industrial Scenic Overlay District State Route County Road Local Road Historic/Architectural Review Overlay District US LN TD R BA A LL CO Sullivan LE Dutchess L L n NS CH O OL RD E B EY 47 M N RS RD PA T N N e e w w Westchester J Y Passaic e RD SR D ST Putnam o N LA V i l l a g e o f Orange M O N T G O M E R Y w I UNI O o K Ulster TT R CR A Highway C T EZ LI TE CT T L PE N SO Municipal Boundary Federal CO R o IC RN FE PL TE L BP I C L I AG IT Z FE T ER RD H RO LN CT IN A O EM P E R M 17K f Q R RD RD LT CT O R Center Hamlet Office-Residence OR O W Multiple Residence CH: OR: D H I LL R N SV E S K I RD ER f B Interstate Thompson Ridge NG N E o Tax Parcels TR: C SO RM: G 43 M N T ER n Residence / Agriculture Residential N BP LY R: O W IN DI OR RA: EJ RD B w L E G E N D Zoning Districts D G D O o IL RD T R T BU V LL LE Orange County Planning Department M e da: t2e Jdu :l y J u b yl y M2. 0R1y 1a n Ma ap pu pud apt d The County of Orange makes no warranty whatsoever as to the accuracy or completeness of any information depicted on this map. Data depicted here may have been developed in cooperation with other County departments, as well as other Federal, State and Local government agencies. The County of Orange hereby disclaims liability for any loss or damage resulting from the use of the information and/or representations contained herein. The locations of tax parcel lines are approximate only and are presented solely as a general aid in understanding their approximate location in relation to other mapped features. No reliance whatsoever should be placed on the tax parcel depictions shown herein. The parcel lines are neither intended to be nor are they representations of the County s official tax maps prepared and maintained by the County Real Property Tax Department. r r Rockland s k e y

37 APPENDIX B PROPERTY PHOTOGRAPHS

38 PHOTO 1. Main vehicular asphalt paved entrance along Lybolt Road. PHOTO 2. Asphalt paved and unstripped parking lot. PHOTO 3. Alligatoring along the asphalt paved entrance. Property Solutions Inc. Project No.:

39 PHOTO 4. Concrete steps along the entrance of Building PHOTO 5. Deteriorated and damaged concrete sidewalk along Building PHOTO 6. Heaving concrete sidewalk along the front entrance of Building Property Solutions Inc. Project No.:

40 PHOTO 7. Cracked concrete steps along building PHOTO 8. Deteriorated wood windows framing and windows of Building PHOTO 9. Deteriorated T1-11 wood paneling along Building Property Solutions Inc. Project No.:

41 PHOTO 10. Stained and missing wood siding along building PHOTO 11. Missing vinyl siding along Building 649 #8. PHOTO 12. East elevation of Building Property Solutions Inc. Project No.:

42 PHOTO 13. Eastern exterior elevation of Building PHOTO 14. East elevation of Building 649 #8. PHOTO 15. Main exterior elevation of Building Property Solutions Inc. Project No.:

43 PHOTO 16. Curling and aged asphalt shingles along Building 649 #8. (Reported to be leaking) PHOTO 17. Single-story wood frame well pump structure. PHOTO 18. Hot water heater. Property Solutions Inc. Project No.:

44 PHOTO 19. Propane gas tank along the rear of the buildings. PHOTO 20. Oil storage tank along the rear of the buildings. PHOTO 21. Furnace unit. (Older) Property Solutions Inc. Project No.:

45 PHOTO 22. Furnace unit. (Newer) PHOTO 23. Thru-window air conditioning unit. PHOTO 24. Electrical meters. Property Solutions Inc. Project No.:

46 PHOTO 25. Interior electrical breaker panel PHOTO 26. GFCI electrical outlet. PHOTO 27. Fire extinguisher unit. Property Solutions Inc. Project No.:

47 PHOTO 28. Unfinished apartment unit. (647 #6) PHOTO 29. Living room unit interior finishes. PHOTO 30. Kitchen apartment unit interior finishes. Property Solutions Inc. Project No.:

48 PHOTO 31. Kitchen apartment unit interior finishes. (Older) PHOTO 32. Bedroom unit interior finishes. PHOTO 33. Bathroom unit interior finishes. Property Solutions Inc. Project No.:

49 APPENDIX C CORRESPONDENCE

50 Page 1 of 13 8/28/2017 Property Report by PropertyShark.com Property Report for: 645 Lybolt Rd, Middletown, NY A. Your Notes A1. Your Notes Watch List me when the property is updated Your folders Favorite Properties New folder name autocomplete content Create B. Overview B1. Photos Google Street View Microsoft Bird's Eye View

51 Page 2 of 13 8/28/2017 Google Street View Upload photos for this property B2. Overview

52 Page 3 of 13 8/28/2017 Location Property address Lybolt Rd T/O Crawford, NY Section, Block & Lot Parcel ID 3375 Neighborhood Municipality School district Neighborhood Last Sale Crawford Pine Bush Pine Bush Sale date 07/29/2004 Sale price $625,000 Owner Name Address 645 Lybolt Corp Monsey NY Market Value and Taxes Tax year 2016 Land value $160,000 Building value $368,000 Market value $528,000 Property tax $16,046 Land Acreage 4.7 Property class Residential - Multi- Purpose/Multi-Structure (280) Zoning Business Park (BP) Buildings on lot 6 Building Year built 1900 Square footage 2,480 Stories 2 Rooms 8 Bedrooms 4 Bathrooms 1 For information on other buildings on this parcel, please check the Building Section. B3. Maps

53 Page 4 of 13 8/28/2017 B4. For Sale Post Ad Market your commercial listing for FREE. Have your listing displayed in front of thousands of potential buyers by posting it in our commercial for sale section. This enables you to: Market your listing for free - no subscription required. Reach a targeted audience - thousands of real estate investors visit our commercial for sale section each month. Promote your listing in great detail - specify the type of property, upload photos, floor plans and much more. C. Owners & Residents C1. Registered Owner 645 Lybolt Corp Monsey NY Source: Assessment Roll Last recorded: 07/01/2016 Phone Lookup See who is behind the LLC Add to Address Book D. Sales & Value D1. Sales History Recorded date Type Amount Party1 Party2 9/7/2004 Deed $625,000 Bannon James & Cynthia 645 Lybolt CORP 5 Neil Rd Spring Valley, NY D2. Valuation Model

54 Page 5 of 13 Our database has 0 properties that meet the following criteria: Sold within the last 18 months In the zip code Property class Residential - Multi-Purpose/Multi-Structure Sale price over $25,000 Expecting more results? Occasionally the actual use and recorded building use are different. Maybe you should be looking at a different building class. Browse more recently sold properties in the neighborhood. D3. Neighborhood Price History We analyzed all sales of property class Residential - Multi-Purpose/Multi-Structure in the zip code since For each year we found the median sale price (half of sales were higher, half were lower) and the median size of the properties sold (half were bigger, half were smaller). We also computed the median price per square foot for this property class and the value of a median (5,356 sqft) property if it were to sell for the median price per square foot. Year # of Sales Median Price Median Sqft Median $ per Sqft Value at Median $ per Sqft $1,700,000 3,896 $436 $2,337, $243,000 2,968 $81 $438, $625,000 5,356 $116 $625,000 D4. Sales & Values Maps Date of Last Sale This map shows the most recent sales around the subject property, with darker colors indicating more recent sales. Sale age: 13 years Price per Square Foot 8/28/2017

55 Page 6 of 13 8/28/2017 On this color-coded map, view the price paid per square foot around the subject property. Building sqft Sale price Price per sqft 5,356 $625,000 $116 E. Development & Use E1. Land Site Description Property class Zoning Neighborhood Site desirability Residential - Multi- Purpose/Multi-Structure (280) Business Park (BP) Pine Bush Typical Utilities Water supply Sewer type Electric Private Private Site number Land type Acreage Shape 1 Residual 1.7 Regular 1 Primary 3 Regular 4 Secondary 0.01 Regular 5 Secondary 0.01 Regular 6 Secondary 0.01 Regular 7 Secondary 0.01 Regular 8 Secondary 0.01 Regular E2. Residential Buildings Site number Building style Square footage Year built Stories 1 Old style 2,

56 Page 7 of 13 8/28/2017 Site number Building style Square footage Year built Stories 4 Cottage Cottage Cottage Cottage Cottage E3. Urban Landscape Maps

57 Page 8 of 13 8/28/2017 Land Use On this map, view the current land use for a property. The land use specifies how a property is used or what type of building is present on that property. Land use: Residential - Multi-Purpose/Multi-Structure (280) Year Built On this map, view the year each property was built. Year built: 1900

58 Page 9 of 13 8/28/2017 Building Stories On this map, view the number of stories per building. Stories: 2 F. Property Tax F1. Property Tax In New York State, the real property tax is a tax based on the value of real property. Counties, cities, towns, villages, school districts, and special districts each raise money through the real property tax. The money funds schools, pays for police and fire protection, maintains roads, and funds other municipal services enjoyed by residents. Market Value Market value is determined by the Department of Taxation and Finance and reflects the amount of money a buyer would be willing to pay a seller for property offered for sale on an open market, over a reasonable amount of time, where both the buyer and seller are well informed and neither is under undue pressure to act. Assessed Value Land value $160,000 Building value + $368,000 Market value = $528,000 In New York State each municipality is authorized to assess the property at market value or some fraction of market value. The assessed value is a uniform percentage of the market value of the property as of January 2 for any given year. Equalization rates are calculated each year to reflect that year's assessment roll and current market values for each assessing unit. For this property, the equalization ratio is: 40.00%. Land assessed value $64,000 Building assessed value + $147,200 Assessed value = $211,200

59 Page 10 of 13 8/28/2017 Exemptions Orange County offers several exemptions that qualified homeowners can apply for, such as Veterans, Senior Citizen, Cold War Veterans, Volunteer Firefighters and Ambulance Workers, Limited Income Disability, or Home Improvement exemptions. Also, New York State School Tax Relief Program (STAR) provides homeowners who earn less than $500,000 and own and live in their home with two types of partial exemptions from school property taxes. Property Tax Property tax is calculated by multiplying the assessed value with the corresponding rate per 1000 of assessed value. Current tax represents the amount the present owner pays, including exemptions or reductions. Base tax is an estimate of what an owner not benefiting from tax exemptions or reductions would pay. Actual taxes might differ from the figures displayed here due to various abatement and financial assistance programs. Notice that we used 2012 tax rates since 2015 tax rates are not available yet. Tax description Assessed value Exemption Taxable value Tax rate Tax amount Orange County $211,200 - $0 = $211,200 * = $1, Town of Crawford $211,200 - $0 = $211,200 * = $2, Pine Bush School District $211,200 - $0 = $211,200 * = $11, Current tax = $16,046 Base tax $211,200 * = $16,046 For more information please visit The New York State Department of Taxation and Finance or Orange County website. Tax per Square Foot This map shows property tax in correlation with square footage of the property. Property tax $16,047 Tax year 2016 Square feet 5,356 Tax per sqft $3 F2. Assessment History Year Property class Market value Assessment value Total tax rate Property tax 2011 $526,600 $201, $14,471

60 Page 11 of 13 8/28/2017 Year Property class Residential - Multi-Purpose/Multi- Structure 2010 Residential - Multi-Purpose/Multi- Structure 2009 Residential - Multi-Purpose/Multi- Structure Market value Assessment value Total tax rate Property tax $572,900 $201, $14,272 $633,386 $201,100 n/a n/a G. Neighborhood G1. Neighbors Odd Addresses Address Property class Square feet Sale date Sale price Price/sqft 617 Lybolt Rd One Family Year-Round Residence (210) 1,790 10/7/2013 $100,000 $ Lybolt Rd One Family Year-Round Residence (210) 1,288 8/11/2005 $10 $0 621 Lybolt Rd One Family Year-Round Residence (210) 2, Lybolt Rd One Family Year-Round Residence (210) 1, Lybolt Rd Manufacturing and Processing (710) 3/11/1998 $ Lybolt Rd One Family Year-Round Residence (210) 1, Lybolt Rd One Family Year-Round Residence (210) 1,578 1/15/2002 $10 $0 637 Lybolt Rd One Family Year-Round Residence (210) 1,922 4/19/1993 $120,000 $ Lybolt Rd Converted Residence (483) 1,360 5/2/2001 $100,000 $ Lybolt Rd One Family Year-Round Residence (210) 2,028 12/5/2003 $285,000 $141 Even Addresses Address Property class Square feet Sale date Sale price Price/sqft 606 Lybolt Rd One Family Year-Round Residence (210) 2,732 6/9/2016 $282,900 $ Lybolt Rd One Family Year-Round Residence (210) 2,312 1/8/2001 $201,520 $ Lybolt Rd One Family Year-Round Residence (210) 1, Lybolt Rd One Family Year-Round Residence (210) 1, Lybolt Rd One Family Year-Round Residence (210) 2,152 1/6/2016 $10 $0 632 Lybolt Rd One Family Year-Round Residence (210) 2, Lybolt Rd One Family Year-Round Residence (210) 1, Lybolt Rd One Family Year-Round Residence (210) 2,248 9/21/2016 $90,000 $ Lybolt Rd One Family Year-Round Residence (210) Lybolt Rd Converted Residence (483) 2,960 2/4/2016 $100,000 $34

61 Page 12 of 13 8/28/2017 G2. Demographics By Zip Code Demographic data shown in this section was gathered from the 2014 American Community Survey and refers to zip code Population Demographics Total population 13,572 Female population 50.7% Male population 49.3% Median age 39.2 Male median age 34.8 Female median age 40.9 Education No highschool 2.4% Some highschool or college 61.6% Bachelors degree 16.4% Other Citizens 94.8% Citizens born in US 84.0% English speakers 98.8% Journey to Work Work in a metropolitan area 97.7% Work at home 1.6% Go to work by car 91.2% Go to work after 10 am 22.6% Economic/Employment Average household income $83,154 White collar 81.4% Blue collar 18.6% Housing Family households 74.5% Households with kids 40.2% Housing units 4,890 Occupied housing units 4,676 Owner occupied units 73.0% Average number of people per 2.89 household Median year structure built 1977 Houses with mortgages 71.6% Wealth Median value for units with a $258,700 mortgage Median value for units without $240,300 a mortgage Median gross rent $1,213 Median mh values Median housing costs per $1,430 month Population in poverty 6.0% Disclaimer Copyright by Property Research Partners LLC All data comes from government sources. No attempt has been made to validate it. No attempt has been made to validate the accuracy of the programming of this web site. Do not rely on this report to support investment decisions. The only authoritative source for the information in this report is the government agencies from which the data was acquired.

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