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Home My WebLink About971362.tiffRESOLUTION RE: THE BOARD OF EQUALIZATION, 1997, WELD COUNTY, COLORADO -ADJUST VALUE IN PART PETITION OF: PARKER JAMES W IV & TRACY 2202 27 AVE CT GREELEY, CO 80631 DESCRIPTION OF PROPERTY: PIN: R1910186 PARCEL: 095902419039 - GR GT-1B UNIT 1 BLDG B GREELEY TOWNHOUSE COND PT L19-20 BLK18 6TH EDWARDS HOMES %702 37 AV CT#1% WHEREAS, the Board of County Commissioners of Weld County, Colorado, convened as the Board of Equalization for the purpose of adjusting, equalizing, raising or lowering the assessment and valuation of real and personal property within Weld County, fixed and made by the County Assessor for the year 1997, and WHEREAS, said petition has been heard before the County Assessor and due Notice of Determination thereon has been given to the taxpayer(s), and WHEREAS, the taxpayer(s) presented a petition of appeal of the County Assessor's valuation for the year 1997, claiming that the property described in such petition was assessed too high, as more specifically stated in said petition, and WHEREAS, said petitioner being present, and WHEREAS, the Board has made its findings on the evidence, testimony and remonstrances and is now fully informed. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, acting as the Board of Equalization, that the evidence presented at the hearing supported, in part, the value placed upon the property by the petitioner. The assessment and valuation of the Weld County Assessor shall be, and hereby is, adjusted as follows: ACTUAL VALUE AS DETERMINED ADJUSTED BY ASSESSOR ACTUAL VALUE Land Improvements OR Personal Property TOTAL ACTUAL VALUE $ 4,826 $ 4,826 51.065 $ 55.891 41.424 $ 46.250 971362 AS0038 RE: BOE - PARKER JAMES W IV & TRACY Page 2 BE IT FURTHER RESOLVED that a denial of a petition, in whole or in part, by the Board of Equalization may be appealed by selecting Qne of the following three options; however, said appeal must be filed within thirty (30) days of this resolution: 1. Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's (CBOE's) decision to the Board of Assessment Appeals (BAA). Such hearing is the final hearing at which testimony, exhibits, or any other evidence may be introduced. If the decision of the BAA is further appealed to the Court of Appeals only the record created at the BAA hearing shall be the basis for the Courts decision. No new evidence can be introduced at the Court of Appeals. (Section 39-8-108(10), CRS) Appeals to the BAA must be made on forms furnished by the BAA, and should be mailed or delivered within thirty (30) days of denial by the CBOE to: Board of Assessment Appeals 1313 Sherman Street, Room 523 Denver, CO 80203 Phone: 866-5880 OR 2. District Court: You have the right to appeal the CBOE's decision to the District Court of the county wherein your property is located. New testimony, exhibits or any other evidence may be introduced at the District Court hearing. For filing requirements, please contact your attorney or the Clerk of the District Court. Further appeal of the District Court's decision is made to the Court of Appeals for a review of the record. (Section 39-8-108(1), CRS) OR 3. Binding Arbitration: You have the right to submit your case to arbitration. If you choose this option the arbitrator's decision is final and your right to appeal your current valuation ends. (Section 39-8-108.5, CRS) Selecting the Arbitrator: In order to pursue arbitration, you must notify the CBOE of your intent. You and the CBOE select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator, the District Court of the county in which the property is located will make the selection. 971362 AS0038 RE: BOE - PARKER JAMES W IV & TRACY Page 3 Arbitration Hearing Procedure: Arbitration hearings are held within sixty days from the date the arbitrator is selected. Both you and the CBOE are entitled to participate. The hearings are informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records, documents and other evidence. He also has the power to administer oaths, and all questions of law and fact shall be determined by him. The arbitration hearing may be confidential and closed to the public, upon mutual agreement. The arbitrator's written decision must be delivered to both parties personally or by registered mail within ten (10) days of the hearing. Such decision is final and not subject to review. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the CBOE. In the case of residential real property, such fees and expenses cannot exceed $150.00 per case. The arbitrator's fees and expenses, not including counsel fees, are to be paid as provided in the decision. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 17th day of July, A.D., 1997. Dale K. Hall APPROVED AS TO FORM: BOARD OF COUNTY COMMISSIONERS WELD CfJUNTY, COLORADO V George {r. Baxter, Chair /i rat--e-,�� f ) A�,[ I" Constance L. Harbert, o- em EXCUSED EXCUSED Barbara J. Kirkmeyer W. H. Webster 971362 AS0038 Wi�Pc iieet COLORADO July 11, 1997 PARKER JAMES W IV & TRACY 2202 27 AVE CT GREELEY, CO 80631 Dear Petitioner(s): CLERK TO THE BOARD PHONE (970) 356-4000 EXT.4218 FAX: (970) 352-0242 915 10TH STREET P.O. BOX 758 GREELEY, COLORADO 80632 Parcel No.: 095902419039 PIN No.: R1910186 The Weld County Board of Equalization has set a date of Thursday, July 17, 1997, at or about the hour of 3:30 p.m., to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Centennial Center, 915 10th Street, Greeley, Colorado, in the First Floor Hearing Room. A number of hearings have been scheduled at this time; peitioners will be asked to sign in with the Clerk upon arrival, and cases will be heard on a first come / first heard basis. You have a right to attend this hearing and present evidence to the Board in support of your petition. The Weld County Assessor or his representative will be present. The Board will make its decision on the basis of the record made at said hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 1997, and mailed to you on or before August 10, 1997. Because of the volume of cases before the Board of Equalization, all cases shall be limited to 15 minutes, of which you will be allowed 10 minutes for your presentation. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. PARKER JAMES W IV & TRACY - R1910186 Page 2 At least two (2) working days prior to your hearing the Assessor will have available, at your request, the data supporting his valuation of your property. Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF E(JALITION Donald D. Warden, Clerk to the Board BY: arol A. Harding Deputy Clerk to the Board cc: Warren Lasell, Assessor WL`Dc. COLORADO NOTICE OF DENIAL GR GT-1B UNIT 1 BLDG B GREELEY1-, TOWNHOUSE COND PT L19-20 BLK18' 6TH EDWARDS HOMES $702 37 AV CT#1% OWNER: PARKER JAMES W IV & TRACY tJj_ '-C; PARKER JAMES W IV & TRACY 2202 27 AVE CT GREELEY, CO 80631 06/30/1997 LOG 5054 PARCEL 095902419039 ACCOUNT R1910186 YEAR 1997 OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. GREELEY, CO 80631 PHONE (970) 353.3845, EXT. 3650 The appraisal value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has determined that your property should be included in the following category(ies): RESIDENTIAL PROPERTY IS VALUED BY CONSIDERING THE MARKET APPROACH. If your concern is the amount of your property tax, local taxing authorities (county, city, fire protection, and other special districts) hold budget hearings in the fall. Please refer to your tax bill or ask your Assessor for a listing of these districts, and plan to attend these budget hearings. The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest and has determined the valuation(s) assigned to your property. The reasons for this defemination of value are: YOUR PROPERTY HAS BEEN UNIFORMLY VALUED FOLLOWING COLORADO LAW AND INSTRUCTIONS PUBLISHED BY THE STATE DIVISION OF PROPERTY TAXATION. YOUR PROTEST OF VALUE HAS BEEN DENIED DUE TO COMPARISON OF OTHER SIMILAR PROPERTIES WHICH SOLD DURING THE 1995/1996 TIME PERIOD. THIS COMPARISON SHOWS YOUR ACTUAL PROPERTY VALUE TO BE CORRECT FOR THAT PERIOD. PROPERTY CLASSIFICATION PETITIONER'S ESTIMATE OF VALUE ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO REVIEW ACTUAL VALUE AFTER REVIEW LAND IMPS 4826 51065 4826 51065 TOTALS $ $ 55891 $ 55891 If you disagree with the Assessor's decision, you have the right to appeal to the County Board of Equalization for further consideration, 39-8- 06(1)(a), C.R.S. Please see the back of this form for detailed information on tiling your appeal. By: I5-DPT-AR Form PR -207-87/94 WARREN L. LASELL WELD COUNTY ASSESSOR 06/30/1997 DATE ADDITIONAL INFORMATION ON RJVERSE SIDE L-6 .' /95 YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR'S DECISION The County Board of Equalization will sit to hear appeals beginning July 1 and continuing through August 5 for real property (land and buildings) and personal property (furnishings, machinery, and equipment) 39-8-104 and 39-8- 107(2), C.R.S. APPEAL PROCEDURES: If you choose to appeal the Assessor's decision you must appeal to the County Board of Equalization. To preserve your right to appeal, your appeal must be POSTMARKED OR DELIVERED ON OR BEFORE JULY 15 FOR REAL PROPERTY, AND JULY 21 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION'S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days. The County Board must conclude their hearings by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization's decision you must file within thirty days of the County Board of Equalization's written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. District Court: 9th Avenue and 9th Street, P.O. Box C Greeley, Colorado 80632 Telephone (970) 356-4000, Ext. 4520 Arbitration: WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970) 356-4000, Ext. 4225 If you do not receive a determination from the County Board of Equalization, you must file an appeal with the Board of Assessment Appeals by September 11. TO PRESERVE YOUR APPEAL RIGHTS, YOU MUST PROVE YOU HAVE FILED A TIMELY APPEAL; THEREFORE, WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF OF MAILING. PETITION TO THE COUNTY BOARD OF EQUALIZATION In the space below, please explain why you disagree with the Assessor's valuation. IN ACCORDANCE WITH 39- 8-106(1.5), C.R.S., YOU MUST STATE YOUR OPINION OF VALUE IN TERMS OF A SPECIFIC DOLLAR AMOUNT. Attach additional documents as necessary. 4 . 6 Ti I Jun 1997 Jayiy1t? Weld County Board of Equalization 915 10th Street P.O. Box 758 Greeley, CO 80632 RE: Property Tax Appeal Parcel # 095902419039 Acct # R1910186 HAND DELIVERED To Whom it May Concern: I have received a Notice of Denial from the Office of the County Assessor regarding my appeal of property tax on the above referenced parcel. I have attached a copy. The category of assessment into which my property was placed is "residential property [which] is valued by considering the market approach". I believe this is a correct assumption. The denial reason is then given as " been denied due to comparison of other similar properties which sold during the 1995/1996 time period. This comparison shows your actual property value to be correct for that period". This is where I have a problem, and wish to appeal to your better judgement. I have attached a copy of my original appeal letter. However, I wish to describe the property again. The parcel above was part of transaction involving four uniquely described townhomes. The townhomes are part of a fourplex as described below: Parcel # Acct # 1)095902419039 R1910186 2)095902419040 R1910286 3)095902419041 R1910386 4)095902419042 R1910486 Total assessed Value Valuation by Assessor 55,891 54,404 54,404 55 891 220,590 I purchased these townhomes for a total of $175,000 as part of a single, arms length transaction on December 17, 1996. The very definition of the market approach is that price agreed to by a willing buyer and a willing seller, which would indicate $175,000. I understand however, that more objective evidence is required. Therefore, I have attached a copy of the appraisal done on the property at the time of the sale. I had also included excerpts for the Assessor, which may not have been adequate for his purposes. The appraisal was done by a certified, licensed appraiser. The final value was determined using market value approach. The final value arrived at by the appraiser was $177,000. The appraiser used six comparable sales within the same time period as the Assessor's data. There were three additional listings of property for sale which were also included in the appraisal. This is objective, comparable data utilized by a qualified individual to arrive at an independent valuation of $177,000 for all four units using the market valuation approach cited by the assessor as required under Colorado law. I believe the appraiser is correct, and in accordance with 39-8-106(1.5), C.R.S. state that I believe the property should be valued at $177,000. Therefore, I submit to you, that the valuation of each unit can be calculated at $177,000 divided by 4, which equals $44,250 each. Please adjust the property tax values accordingly. VV ames W Parker enclosures June 17, 1997 Warren Lasell Weld County Assessor 1400 N 17th Avenue Greeley, Co 80631 RE: Parcel # 095902419039 Acct # R191C$86 Dear Mr. Lasell, This letter is being written to appeal the property valuation assigned to the above referenced parcel. This parcel was purchased as part of a transaction involving 4 uniquely described townhomes. The townhomes are part of a 4-plex, as described below: Parcel # Acct # Valuation by Assessor 1) 095902419039 R1910186 55,891 2) 095902419040 R1910286 54,404 3) 095902419041 RI910386 4) 095902419042 R1910486 54,404 55.891 Total Valuation 220,590 I purchased these 4 townhomes as part of a single transaction on December 17, 1996. The purchase price was $175,000. I have attached a copy of the Warranty Deed proving this. I have also attached a copy of the appraisal, showing a valuation of $177,000 on the appraisal date. This is for all 4 units and is supported by comparable sales. Additionally, the 4 units which share a common parking lot were also sold in December, 1996 for $180,000. These units were in better condition, having been managed by a professional property management company for several years. Therefore, due to my appraisal, and the sales prices for all area units, I am convinced the evaluation of the property in total does not exceed $177,000. Taking this valuation and dividing it by 4, the value for each individual unit would be $44,250. Please use this valuation for property tax purposes. I have attached a copy of this letter and the appraisal with each appeal request for the 4 townhomes. Sinc ames W Parker TABLE OF CONTENTS Borrower Parker File No. ld-1025a Property Address 702 37th Ave Ct City Greeley County Weld state CO Zip Code 80631 Lender 1st Choice Bank 702 37th Ave Ct Services Invoice, Legal Size 1 Summary of Salient Features 2 USPAP Report Identification 3 Small Income --10/94 4 Income --10/94 Comparable Photo Page (1.31 8 Income --10/94 Subject Photo Page 9 Building Sketch 10 Location Map 11 Operating Income Statement 12 14 16 18 Statement of Limiting Conditions -- 6/93 Multi -purpose Supplemental Addendum Addenda Form P54 -- 'TOTAL 2000' appraisal software by a la mode,,lnc. -- 1'-800,ALAMODE file No. 1 d-10252( Page # 4 SUMMARY OF SALIENT FEATURES SubjectAddress Legal Description City County Slate Zip Code Census Tract Map Reference 702 37th Ave Ct See Attached: Greeley Weld CO 80631 14.02 MBA 3060 Sale Pnce $ 175.000 Date of Sale Current Borrower/Client Parker Lender 1st Choice Bank Size (Square Feet) Price per Square Foot Location Age Condition Total Rooms Bedrooms Baths S MSA 3060 N. Greeley Appraiser Kenton Sick Date of Appraised Value 12/05/96 Final Estimate of Value $ 177,000 Form SSD •- 'T0TAL.2D00' appraisal software by,&la-mode.,ina. -- 1,-800.-ALAMODE Filo No. 1 d -102U Pape # APPRAISAL AND REPORT IDENTIFICATION This Appraisal conforms to one of the following definitions: E] Complete Appraisal The act or process of estimating value, or an estimate of value, performed without invoking the Departure Provision. ❑ Limited Appraisal The act or process of estimating value, or an estimation of value, performed under and resulting from invoking the Departure Provision. This Report Is one of the following types: ❑ Self Contained Report A written report prepared under Standards Rule 2-2(A) of a complete or limited appraisal performed under Standard 1. Summary Report A written report prepared under Standards Rule 2-2(B) of a complete or limited appraisal performed under Standard 1. ❑ Restricted Report A written report prepared under Standards Rule 2-2(C) of a complete or limited appraisal performed under Standard 1. Comments on Appraisal and Report Identification Note any departures from Standards Rules 1-2, 1-3, 1.4, plus any USPAP-related Issues requiring disclosure: CERTIFICATION STATEMENT I certify that, to the best of my knowledge and belief, the report analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Practice of the Appraisal Institute. requirements of the Code of Professional Ethics and the Standards of Professional Appraisal I certif that the use of this resort is sub ect to the resuirements of the A..raisal Institu e rela ins to review b its dul authorized resresentatives. Austin & Austin Appraisal Services, (970) 353-0790 Form,lpt, -- 'TOTAL 200Q' appmisal.aaftware.by, a la. made„Inc. •- 1400-ALAMODE Pro.e Address m w Proximity to subject Listin! .rice A.. roximate GBA Data source M Units of rms.: • :A A.. roximate ear built A..rox. da son market y Le'aiDescri.ton See Attached: Assessors Parcel No. 0 95902419039/40 /41 /42 Neighborhood orProjectName West Greeley Borrower Parker Property rights appraised n Fee Simple Sales Price $ 175.000 Date of Sale Lender/Client 1st Choice Bank Appraiser Kenton Sick Location 0 Urban 0 Suburban Built up 0 Over 75% 025-75% Growth rate ❑ Rapid E Stable Property values Increasing Stable Demand/supply ❑ Shortage DX In balance Marketing time j X Under 3 mos. n 3-6 mos. TYplcai2-4farniy bldg. Type Row Typical rents Si 300 to S _ Est neighborhood apt vacancy 2 Rent controls 7Yes X No Likely 750 Current Owner Markle 71 Leasehold Project Type PUD Current Description and $ amount of loan charges/concessions to be paid by seller Address 2164 35th Ave, Greeley, CO 80634 Address 918 13th Street Greeley CO 80631 pSCnglefamtyhousirgE Pt%omina $ (000) (yrs) Occupancy AFaibr 80 Low 15 7Owner File No. td-10254Page #4I ' SMALL RESIDENTIAL INCOME PROPERTY APPRAISAL REPORT 702 37th Ave Ct CI Greele '�lei-1025a 80 State CO ZI. code 80631 Coun Weld Tax Year 1995 Map Reference ❑ Rural Single Fin d& ❑ Under 25% Occupancy ❑ slow ❑ Owner ❑ Declining x❑ Tenant n Over supply 0 Vacant (0-5%) n Over 6 mos. f Vacant (over 5%) No. stories 2 No. units 2 - 6 20 Age El Increasing 0 Stable 0 Declining Increasing n Stable ❑ Declining If yes or likely, describe Not Race and the racial composition of the neighborhood am not appraisal fedora, Neighborhood boundaries and characteristics: of 4th Street. West Greeley, west of 35th Avenue, north of 10th Street, and south One family 2-4 family 20 Multi-famiy Commercial 10 Tenant 0 Vacant (0-5%) 23 El Vacant (over 5% yrs. I Present land use 70 RE. Taxes $ 1 , 443 Special Assessments $ 0 MSA 3060 CensusTract 14.02 Occupant Owner © Tenant 17] Condominium HOA $ Vacant 0 /Mo. 0 2-4 famiy $ housing drs) 120 Low 15 200 Hi.h 25 Predominant .. 150 20 Land use change Dx Not likely Likely In process to: Factors that affect the marketability of the properties In the neighborhood (proximity In employment and amenities, employment stability, appeal to market etc.): Edwards is a nice Greeley subdivision developed during the 1960's. made up mostly of ranch styled single family homes. The neighborhood is close to both shopping and parks; Epple, Pheasant Run and Bittersweet parks are all with in walking distance. The neighborhood is well cared for, and the homes are in a price range that is much in demand. The south edge of the neighborhood is zoned R-3 and has a number of multi -family buildings. The following available listings represent the most current similar, and proximate competitive properties to the subject property in the subject neighborhood. This analysis is Intended to evaluate the inventory currently on the market competing with the subject properly In the subject neighborhood and recent price and marketing time trends affecting the subject property. (Listings outside the subject neighborhood are not considered applicable). The listing comparables can be the rental or sale comparables if they are currently for sale. ITEM 1 SUBJECT COMPARABLE LISTING N0. 1 702 37th Ave Ct COMPARABLE LISTING No. 2 COMPARABLE LISTING NO. 3 3308 Empire St 700 38th Street 2001 9th Avenue Address Greele Evans •--- Evans Greele 30 blocks east Unf. ■ Fum. $ 750 000 8 100 4 000 16'8 6 1972 N/A 2 miles south unt. ■ Fum. $ 159 900 2 940 MLS/A•ent 2 12 '6 '2 1995 28/Duplex 2 miles south Unf. ■ Furn. $ 149 900 2 280 2 '10 6 2 1992 MLS/A•ent 21 110 '55 '21 1926& 1975 2/12 plex Compadsonofllstingsmsub)ectpmpery: Listin• are ver limited. There u•are no listin•s oflex8si/SFmilar desi•ned properties or four-•lexes. Market conditions that affect 2-4 family properties in the subject neighborhood (including the above neighborhood indicators of growth rate, property values, demand/supply, and marketing time) and the prevalence and Impact in the subject market area regarding loan discounts, Interest buydowns and concessions, and Identification of trends in listihg prices, average days on market and any change over past year, etc,: The local market in • en e r a l h a s improved over the past ear with •enerall increased prices for rental properties. There is evidence that rents have peaked and demand and soul are in balance. Althou.h with continued construction of rental •ro•erties Listin• prices could to be stron•. No financin• concessions prevalent. Interest rates are at a ver attractive 8%- 9% .resentl . Dimensions Ap•rox. 76x127 Site area 9 652 Corner Specific zoning classification and description Multi -Fami1 ResidencteEjNo ❑Yes Zoning compliance n Legal n Legal nonconforming (Grandfathered use) 0 illegal ❑ No zoning Highest and best use as Improved: 0 Present use O Other use (explain) Unties Public Other Electricity E Gas 0 Water Sanitary sewer ❑X Storm sewer Comments (apparent adverse easements, encroachments, special assessments slide areas illegal or legal nonconforming zoning, use, surve etc.) was provided to the appraiser• inspection of the site anMn all information re•ardin• easements and possible encroachments•ucrecords d butcannotbepreliedu.on. The site has a paved off-street .arki • fenced back ard, Each unit has a patio area ands ra sto ore a area. x1 Off -sib hnproves ertb Type Street Asphalt curb/gutter Concrete sidewalk Concrete Street lights Pole Al- None Public Private ED El ■ ■ Topography Gen erall Level Size T •ical for area Shape Rectan•ular Drainage Appears ade.uate Vie' Interior Landscaping Avera•e for the area Driveway Asphalt Apparent easements Utilit & Draina•e FEMA Special Flood Hazard Area Yes 0 No FEMA Zone C Map Date 07/16/79 FEMA Ma. No. 080184 0001 8 n in the front la area•ed with •rass and a rivac eddie Mac Form 72 10-94 PAGE 1 OF 4 Form,SR3 -- 'TOTAL 200A' appraisal software bra la,mode„Inc.. -- 1,-B0Q-ALAMCDE Fannie Mae Form 1025 10-94 SMALL RESIDENTIAL INCOME PROPERTY APPRAISAL REPORT Pile No, 1tl-1025a Pape #$ 0 0 cc General description Units/bldgs. 4 / 1 Stones 2 story Type (det/att) Detached Design (style) 2 story Eaisting/proposed Existing Under construction No YearBuitt 1972 Effective age(yrs.) 10 Units 4 Level(s) 1 Foyer I Nina 1 Extrbrdescripton (Materials/condition) Foundation Foundation Concrete Slab 0% Eztenorwalls Brick/Sidin• Crawl space 100% Roof surface Corno, Sump Pump None Gutters &dwnspts, Metal Dampness None obs Wlndowtype Aiumn Settlement None obs Stonnsash/Screens Yes/Yes/DP Infestation None obs Manufactured housing" riYes ri No Basement 0 % of 1st floor area "(Compiles wit the HUD Manufactured Housing Basement finish Crawl - space Construction and Said Standards. Dining x Kitchen 1 Den famjf.rm. Bedrooms 2 Baths 1.5 laundry Other Infuttion (R -value II known) ❑X Roof Fiber xOCeiling Fiber [walls Fiber n Floor E None Adequacy Avg Energy efficient Items: Sa. ft/untt 1,000 Total citi 4,000 HA err,. 16 ,u GROSS BUILDING ARM (GM) IS DEFINED AS THE TOTAL FINISHED AREA ONCLUDING COMMON AREAS) OF THE IMPROVEMENTS BASED UPON EXTERIOR M S .EM a Surfaces Floors Walls Trim/Finish Bath floor Bath wainscot Doors (Materials/candltlon) Crpt/vl/gd Dr wall./v•d Wd/.ainted/•d Vinyl/avq-qd Units/vqd HC/Stud/•d Heathy HWBB IOthenequip. (#/unitcond.) Attic Car Storage No. Cars 2/u Type Refrigerator 1/Unit/av• ❑Nona Garage O Fuel Gas Range/oven 1/unit/av• El Stairs Carport El Condition AV Disposal 1/unit/aV. El Drop O Central Unit Dishwasher 1/unit/avg etalr Attached Scuttle Detached El Cooing Fan/hood 1/unit/avq E3 Floor Adequate ED Central Room Units Compactor El other None Washer/dryer Common/Coin �Fina@d Inadequate ❑Usd Condition Av•nnNofne 0 Microwave Flreolace(s1 None # 0 ❑Unfiished None IE ntamorr_ Condition of the Improvements, repairs needed, quality of construction, additional features, modernization, etc.: The subject is a four unit building, each unit being a 2 story with the bedrooms and a full bath on the upper floor and the living room, dining area, and kitchen on the main level; the building includes the following features: brick facing; units are identical with two bedrooms, bathroom, living room, combined kitchen and dining area accessing the patio; the carpet and vinyl floors are in good condition with unit 1 being dated and unit 4 having all new floor coverings; unit 1 has hardwood floor in the kitchen/dining area: bath wainscot has been updated and are single unit fiberglass; walls have newer painted and in good condition; The units are in good condition with low anticipated maintenance cost. Depreciation (physical,functional, and external Inadequacies, etc.): The construction quality is typical for the area. Based on maintenance, condition & comparison to competing neighborhoods, the estimated effective age is below the actual age. Adverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) present In the Improvements, on the site, or In the immediate vicinity of the subject property: There are no known or apparent environmental conditions that would ne.ativel im.act on the value of the .ro.ert . NOTE: The building has has always been held as as such been condomiuiumized but has never had a formal association set-up and a 4-plex apartment building with a common owner. Therefore it is view ESTIMATED SITE VALUE . _ ....... ....................... = $ ESTIMATED REPRODUCTION dOST-NEW OF IMPROVEMENTS: 4,000 Sq.Ft®a 40.00 =$ 160,000 Sq.Ft©S =$ Sq.Ft®S =S Sq. Ft CP S = S Sq. Ft@s =S =g =S =3 =S =3 =a =$ 160,000 VALUATION ANALYSIS 30 000 Special Energy Efficient Items Porches, Patios, etc. Total Estimated Cost New Physical Functional Less 14 Depreciation 22,400 Depreciated Value of Improvements 'As is' Value of Site Improvements INDICATED VALUE BY COST APPROACH rddie Mac Form 72 10-94 External =$ 22,400 $ 137,600 $ 10.000 177 600 Comments on Cost Approach (such as, source of cost estimate, site value, square foot calculation and, for HUD and VA, the estimated remaining economic MKeofthe properly): All sale dates are closed dates, contract dates will be noted. Cost information: Residential Cost Handbook Marshall & Swift - Average Quality Remaining Economic Life: 40 years Site value is determined by the extraction method. PAGE 2 OF 4 Fprm.$R3 -- 'TOTAL 2000' appralsal.software by a la,mode,,Inc. .. 1.^821-ALAMODE Fannie Mae Form 1025 10-94 , SMALL RESIDENTIAL INCOME PROPERTY APPRAISAL REPORT rile No. id -1025a Page #q At and proximate to the subject property as pos ble.arables should be reported a (This nd ncomparison Is based zed in this oonn. Tcurrent he trrental l comparables the preenta comparables typically aent the most current fire not thae same comparables used in the sales comparison anaysis.) The appraisal report should assure the reader that the unit and properties selected as comparables are comparable to the subject properly (both the units and the overall property) and accurately represent the rental market for the subject properly (unless otherwise stated within the report). ITEM J SUBJECT Address 702 37th Ave Ct Greeley Proximity to subject Lease dates (if available) Rent survey date Data source Rent concessions Insp Prop. Manager Description of property -units, design, appeal, age, vacancies, and conditions Individual unit breakdown Utilities, furniture, and amenities Included In rent Functional utility, basement hung/cooling, HWBB-Combine HWBB-Combine 2/unit0ff HWBB-Combine FANG/Ind Unit None No. Units 4 No. Vac Yr. Blt.: 1972 4-plex Brick/Frame 2 story Units Appeal:Good Rm. Count COMPARABLE RENTAL NO. 1 706 37th Avenue Greeley Same area COMPARABLE RENTAL NO.2 724 37th Ave Greeley Same area Yearly Agent Files None 0 No.Units4 No. Vac. 0 Yr. Btt:1971 Tot 4 4 4 4 Br 2 2 1.51,000 2 1.51,000 2 1.51,000 Ba 1.5 Size Sq. Ft 1,000 ater/Trash Heat Unfurnished None 4-plex Similar 2.story Units Good Rm. Count Tot 4 4 4 4 Br 2 2 2 2 Ba 1.5 1.5 1.5 1.5 Size Sq. Ft 998 998 998 998 ater&Trash Heat Unfurnished None Total Monthly Rent 550 550 550 550 Yearly Agent Files None No. Units 4 No. Vac. 0 Yr, Bit. :1976 4-plex Similar 2 story Units Good Rm. Count Tot 4 4 4 4 Br 2 2 2 2 Ba 1.5 5 5 5 Size Sq. Ft 1,000 1,000 1,000 1,000 Water&Trash Heat Unfurnished None Total Monthly Rent 550 550 5504 5504 COMPARABLE RENTAL NO.3 2709 27th Street Greeley 15 blocks southea Yearly MLS/Agent Files None s t No. Units 4 No. Vac. 0 Yr. Btt.:19 5 0 4 plex Similar 2 story Units Good Rm. Count Tot Br 2 2 2 2 Ba 1.5 1.5 5 Size Sq. Ft 988 988 988 988 Total Monthly Rent 500 550 550 575 1.5 ater&Trash Heat Unfurnished None F.Util : Avg Average Average Average project amenitis,etc. sir 2/unit0ffstr Coin-opLaund LaundHookups CenCentral ral L aun y LaunLaundryfHoor Anaysls of rental data and support for estimated market rents for the individual subject units (including the adjustments used, the adequacy rof comparables, rental concessions, Hookups) Comparables are all very similar designed units and similar in appeal and condition. The rent for this style of unit is very well defined in the local market. Subjects rentschedub The rent schedule reconciles the applicable indicated monthly market rents to the appropriate subject unit, and provides the estimated rents for the subject property. The appraiser must review the rent characteristics of the comparable sales to determine whether estimated rents should reflect actual or market rents. For example, if actual rents were available do the sales comparables and used to derive the gross rent multiplier (GRM), actual rents for the subject should be used. If market rents were used to consimctthe cdmparabls' rdhts and derive the GRM, market rents should be used. The total gross estimated rent must represent rent characteristics consistent with the sales comparable data used to derive the GRM. The total gross estimated rent is not adjusted for vacancy. LEASES Unit 1 2 3 4 4 Other monthly Income (Itemize) Vacancy: Actual last year 0 % Previous year 0 % Estimated: 3 % S 800 Annually Utilities included in estimated rents: ❑ Electric f-1 Water x❑ Sewer n Gas 7 011 x❑ Trash collection Comments on the rent schedule, actual rents, estimated rents (especially regarding differences between actual and estimated rents), utilities, etc.: Typical rent in.area is $250-300/bedroom. The comparables are all located in the general neighborhood of central Greeley with similar amenities. Market rent of this styled unit does not live in Greeley very well defined in the local market. The subject property has been managed by the owne Lease Date Begin End onthly Onthly onthly onthly Monthly onthly 07/13/96 1/13/9/ o. nits Vacant 0 0 0 0 ACTUAL RENTS Per Unit Unfurnished $ 440 440 440 465 $ Furnished Total Rents 440 440 440 465 ESTIMATED RENTS Per Unit Unfurnished $ 5505 550 1, 785 550 550 Furnished Total Rents 550 550 550 550 2,200 $ Total gross estimated resat 25,600 r 5 ho eddie Mac Form 72 10-94. PAGE 3 OF 4 Form.5R3 -- 'TQTAL 2000.' appralsal.4oftware by a la mode, Inc. -- 1,-B00-ALAMODE Fannie Mae Form 1025 10-94 rile No. 1d-1025al Page # 7I SMALL RESIDENTIAL INCOME PROPERTY APPRAISAL REPORT Austin & 79 The undersigned has recited three recent sales of properties most similarand n proximappralte to the subject property al Services, (970) nd has described and analyzed . these In this anaysls. If there is a sigthe nificant variation between the subject and comparable properties, the analysis Includes a dollar adjusment reflecting the market reaction to those items or an explanation supported adjusted sted sales data, of theslcomparableItem propery;In the comparable significant item InIs thecompior arable r propere favorable iferior to,the or less fat vorable Naminus subject (uprrooperty a plus (+) adjustment is made, thus increasing the adjusted sales price of the comparable property.pp ITEM [(I) Sales Prk:e/Gross Monthy Rail SUBJECT COMPARABLE SALE NO. I COMPARABLE SALE NO.2 702 37th Ave Ct Address Greeley Proximity to subject Sales price Sales price per GSA Gross monthly rent Gross mo. rent mutt (1) Sales price per unit Sales price per room Data and/or Verification Sources ADJUSTMENTS Sales or financing concessions Date of sale/dme Location Leasehold/Fee Simple Site view Design and appeal Quality of construction Age Condition Gros 9>'sfk�n ijj 2702 9th Avenue Greeley 2 miles southea $ 175,000 nUnt.E1Fum. $146,000 $ 43.75 $ 40.56 $ 2,200 $ 1,780 79.55 82.02 $ 43,750 S 36,500 $ 10,938 $ 9,125 Insp Leases DESCRIPTION s t Inspection/files MLS/Agent/Insp DESCRIPTION + (—) $ Adjustment Cony 80% None Clsd 6/96 2440 W 11th Street Greeley 10 blocks east nUnt.fFum.$185,000 $ 61.67 $ 2,100 88.1 46,250 $ 11,562 Inspection/files MLS/Agent/Insp DESCRIPTION + (—) $ Adjusbnen Cony 70% None 04/30/96 C. Greeley Fee Simple 10000 Inte Raised Ranch Avg/Brick 45 Excellent COMPARABLE SALE No. 3 708 37th Ave Ct Greeley Next door f 1Unf.nFum. $182,500 $ 45.63 $ 2.200 82.95 40,000 $ 11,400 Inspection/files Pending Sale DESCRIPTION Cony 70% None Clsing 1/97 N. Greeley Fee Simple 9,652 Interior 2 story Avg/Brick 18 Superior Building Area Unit breakdown Basement description Functional utility Heating/cooling Parking on/ott site Project amenities and fee (If applicable) Nat Ad; (total) Adjusted sales price of comparable N. Greeley SE Greeley Fee Simple Fee Simple 9,_652 Interior Interior 2 story Avg/Brick Avg/Brick 18 Avg/Good Average 7,500 sq ft Ranch 16 4,000 Ed It 3 600 Sq.ft No. Rm, count units Tot Br Ba 1 421.50 1 421 0 1 421.50 1 421 0 1 1 No. No , Am, count No, Vac. units Tot Br Ba Vac 421.50 1 421 0 421.50 1 421 0 None Average Average HWBB/Combin FANG/Individ Off-street Off -Street Included 10,000 +10.000 5,000 +500 +500 +500 +500 ri or 3 000 sq.1t oo• Rm. count No. units Tot Br Ba Vac. 1 4 2 1 0 1 4 2 1 0 1 1 None Average HWBB/combine Off-street 4 2 1 0 4 2 1 3 -5,000 -15.000 10,000 +500 +500 +500 +500 ) $ Adjustment 4,000 Sq.ft No, ol units Tot 1 1 1 Am. count Br 2 2 2 Ba No. Vac, 4 4 4 4 1.5 1.5 0 0 0 1.5 5 Included Average HWBB/Indivd Off-street OffStreet -5 000 S 27,000 8,000 177,000 177,500 Comments on sales comparison (Including reconciliation of all Indicators of value as to consistency and relative strength and evaluation of the typical investors/purchasers motivationinthatmarket): Sale 3 is the identical units in design with all units recently updated. Sale 2 has recently been completely updated and is in excellent condition. It is more centrally located and in a superior neighborhood. Sale 1 is located in a less appealing area amounq commercial use properties. It is in average condition with floor coverings near the useful ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. Date, Price and Data No Sales 10/91 9/92 COMPARABLENO. 3 Sourceforpriorsales History $79,000 Pub1/89 wlthinyear ofappraisal Pub Rec Pub Rec ,Pub Rec Pub1,ub ec Analysis of any current agreemtnt of sale, option, or listing of the subject property and analysis of any prior sales of subject and comparablesPwithin one year of the date of appraisal: The subject is hot an active listing in the local MLS. IT 5,000 173,000 Total gross monthly estimated rent 2,200 X gross rent multiplier (GRM) 82 .$ 180,400 INDICATED VALUE BY INCOME APPROACH Comments on income approach (Including expense ratios, if available, and reconciliation of the GRM) Capitalization value equals $172,800 See addendum fo expanded income and market data approach. INDICATED VALUE BY SALES CbeAPARISON APPROACH INDICATED VALUE BYPCOMEAPPROACH S 177,000 INDICATED VALUE BY COST APPROACH ......... This appraisal is made 0'as is. [] subject to the repairs, alterations, Inspections, or conditions listed below l $ 177 , 600 . Comments and conditions of appraisal: This appraisal was made "as is." nsubjectlecompletlonparplansandspeclfications. $ 180,400 Final reconciliation; The th weakest, with the recent price volatilita y in buildid range of value. approach ngmaterils and constructithe on costs making many factors very difficult to estimate. The market and income approaches are expected to be The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the certification, contingent and limiting conditions, and market value definition that are stated In the attached Freddie Mac Form 439/Fannle Mae form 10048 (Revised 06/93 I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, Cf THE REAL PROPERTYTHAT E THE SUBJECT Cf THIS REPORT, As OF 12/05/96 (WHICH IS THE DATE OF INSPECTION AND THE EFffCT)�E DATE OF THIS REPORT) TO BE S 177 , 000 Signature : Signature NameKenton Sick DateReportsigned December 5, 1996 Stale Certification# CR01320540 Or Stale License # ree approaches provide SUPERVISORY APPRAISER (ONLY IF REQUIRED): Stoneyre Name Date Report Signed n Did ❑ Did Not Inspect Properly ddle Mad Form 72 10.94, State CO State Certification State OrStateLicense Roni$h11..�T,Q,TM.aQA.Of PA 40F4 aggl SaL arhblya,lAmmAA;,inG;, w 1rRNJLMaAMIyYc State State Fannie Mae, Form.1025 10-94, Borrower Parker PropeMAddress 702 37th Ave Ct ADDENDA Wile No.1 1d-1() FIIeNo. 1d -1025a 2 city Greeley Lender 1st Choice Bank County We l d state CO ZlpCode 80631 LEGAL DESCRIPTION LOT 20 AND THE NORTH ELEVEN FEET OF LOT NINETEEN BLOCK EIGHTEEN SIXTH ADDITION TO EDWARDS HOMES, CITY OF GREELEY, COUNTY OF WELD, STATE OF COLORADO; ALSO KNOWN AS: UNITS 1, 2, 3, AND 4, GREELEY TOWNHOUSE CONDOMINIUMS, CITY OF GREELEY, COUNTY OF WELD, STATE OF COLORADO, IN ACCORDANCE WITH THE MAP RECORDED NOVEMBER 5, 1973 IN BOOK 702 AS RECEPTION NO. 1624245; ALSO IN ACCORDANCE WITH THE DECLARATION RECORDED NOVEMBER 5, 1973 IN BOOK 702 AS RECEPTION NO. 1624244; AND ALSO THE RATIFICATION OF SAID MAP AND DECLARATION RECORDED MAY 21, 1982 IN BOOK 968 AS RECEPTION NO. 1892349. COMMENTS ON SALES COMPARISON life. The data support the subject's contracted Sale price with Sale 3 given additional consideration. Sale 3 is under -contract with closing scheduled after year end. After discussions with the local property management company, the subject's expense ratio is projected at 28%. The data ratios provide market ranges to evaluate the subject Gross Rent Multi Expense Percentage Net Annual Income Overall Cap Rate Price per unit Price per room Price per sq ft Vintage Corp, property, Comp Range Subject Value Estimate -- 82-88x 25-28% 10-12% 36K -46K $9K -11.5K $40.56-61.67 82x 28% $19,000 11% $45K $11000 $45.00 $180,000 $172,800 $180,000 $176,000 $180,000 The subject is representatively placed in each range with weight given to Sale 3 due to design and the similar gross monthly rents. Gross Rent Multiplier and the Overall Capitalization Rate are given the most weight with the remaining data providing excellent support. FINAL RECONCILIATION relatively close because the typical purchasers in the market require a quantified return. Therefore the Market and Income approaches are given the most consideration. This a summary report. Borrower Parker INCOME --10/94 COMPARABLE PHOTO PAGE (1-3) File No. 1d -1025x' Pape # PropertyAddress 702 37th Ave Ct city Greeley Lender 1st Choice Bank County Weld State CO FiteNo. 1d -1025a zip code 80631 Comparable 1 Address Condition Location Quality of Constr. 2702 9th Avenue Average SE Greeley Avg/Brick Comparable 2 Address Condition Location Quality of Constr. C 2440 W 11th Street Excellent C. Greeley Avg/Brick omparabl Address Condition Location Quality of Constr. e3 708 37th Ave Ct Superior N. Greeley Avg/Brick Form P01 -- 'TOTAL 200Q1 appraisal software by a la.mode,,Inc.. -- 1:800-ALAM0DE • Operating Income Statement One- to Four -Family Investment Property and Two- to Four -Family Owner -Occupied Property Properly Address Tile No. Id-1025al Page #14 Street 702 37th Ave Ct city Greeley State CO Zip Code 80631 General Instructions: This form Is to be prepared jointly by the loan applicant the appraiser, and the lender's underwriter. The applicant must complete the following schedule Indicat- ing each unit's rental status, lease expiration date, current rent market rent and the responsibility for utility expenses. Rental figures must be based on the rent for an *unfurnished' unit Currently Expiration Current Rent Market Rent Paid Paid Rented Data Par Month Per Month Utility Expense By Owner By Tenant Unit No. I Yes X No Montl y S 440 S 550 Electricity UnitNo.2 Yes X No Montly $ 440 $ 550 Gas 0 0 UnlNo. 3 Yes X No Monthly S 440 S 550 Fuel Oil Unit Na.4 Yes X No 01/13/97 S 465 S 550 Fuel (other) CD IT: Total S' 1,785 S 2,200 Water/Sewer 0 0 Trash Removal E CD The applicant should complete all of the income and expense projections and for existing properties provide actual year-end operating statement for the past two years (for new properties the applicants projected income and expenses must be provided). This Operating Income Statement and any previous operating statements the applicant provides must then be sent to the appraiser for review, comment and/or adjustments next to the applicants figures (e.g. Applicant/Appraiser 288/300). If the appraiser is retained to complete the form Instead of the applicant, the lender must provide to the appraiser the aforementioned operating statements, mortgage Insurance premium, HOA dues, leasehold payments, subordinate financing, and/or any other relevant Information as to the income and expenses of the subject property received from the applicant to substantiate the projections. The underwriter should carefully review the applicants/appraisers projections and the appraiser's comment concerning those projections. The underwriter should make any final adjustments that are necessary to more accurate& reflect any Income or expense items that appear unreasonable for the market (Real estate taxes and insurance on these types of properties are included In pm and not calculated as an annual expense item.) income should be based on the current rents, but should not exceed market rents. When there are no current rents because the property is proposed, new, or currently vacant market rents should be used. Annual Income and Expense Projection for Next 12 months Income (Do not Include Income for owner -occupied unit) Adjustment by Gross Annual Rental (from unh(s) to be rented) By Applicant/Appraiser Lenders Underwriter $ 26.400 S Other Income (Include sources) + Total + Less Vacancy/Rent Loss S 26,400 S Effective Gross Income 25,600 S Expenses (Do not Include wanes for Darner -occupied units) Electricity Gas Fuel OH Fuel Water/Sewer Trash Removal Pest Control Other Taxes or Licenses Casual Labor (Type • - This Includes the costs for public area cleaning, snow removal, etc., even though the applicant may not elect to contract for such services. Interior PainVDecorating This includes the costs of contract labor and materials that are required to maintain the interiors of the Irving unit General Repairs/Maintenance This Includes the costs of contract labor and materials that are required to maintain the public corridors, stairways, roofs, mechanical systems, grounds, etc. Management Expenses Supplies These are the customer,/ expenses that a professional management company would charge to manage the property. This Includes the costs of Items like light bulbs, janitorial supplies, etc. 2.000 1,250 360 200 700 500 1,500 0 Total Replacement Reserves • See Schedule on Pg. 2 1,278 Miscellaneous Total Opening Expales Freddie Mac Form 998 Aug 88 S 7,788 S 800 ( 3 %) — ( %) Fannie Mae Form 216 Aug B8 Page 1 of 2 Form INC •• 'TOTAL 2000' appraisal software by a a mode„Inc. -• 1-800-ALAMODE File No, 1d-10254 Page #11 Replacement Reserve, Schedule Adequate replacement reserves must be calculated regardless of whether actual reserves are provided for on the owner's operating statements or are customary In the local market This represents the total average yearly reserves. Generally, all equipment and components that have a remaining life of more than one year -such as refrigerators, strives, clothes washers/ dryers, trash compactors, furnaces, roofs, and carpeting, etc. - should be expensed on a replacement cost basis. Equipment Replacement Remaining Cost Life By Applicant/ Lender Appraiser AdjustmeMs Stoves/Ranges @ $ 300 ea. / 15 Yrs, z 4 units = $ Refrigerators © $ 400 ea. / 10 Yrs. x 4 60 $ DishwashersUnits = 152 @ $ 300 ea. / 8 Yrs. x 4 Units = $ $ 152 $ $ A/c Units @ $ 150 ea. / 8 Yrs. x 4 Units = $ C. Washer/Dryersp $ 350 ea. / 5 yrs. x 1 Unite = 70 $ $ 70 HWHeaters @ $ 1,500 ea. / 15 Yrs, x 1$ Fumace(s) @ $ 1,500 ea. / 25 Yrs. X 1 Una _ $ 160 $ (Other Una _ $ 60 $ ) C� $ ea. / Yrs. x Units = $ $ Roof ® $ 1,500 / 15 Yrs. x One Bldg. = $ 100 $ Carpeting (Wall to Wall) Remaining Life (Unite) 400 Total Sq. Yds. ® $12.00 Per Sri, Yd, / 10 Yrs. = $ 480 $ (Public Areas) Total Sq. Yds. @ $ Per Sq. Yd. / Yrs. $ $ Total Replacement Reserves, (Enter on Pg. 1) $ 1,278 $ Operating Income Reconciliation $ 25,600 - $ 7.788 = $ + 17.812 Effective Gross Income Total Operating Expenses / 12 =3 + 1.484 Operstinp Income Monthly Operating Income $ + 1,484. — $ S + 1,484 Monthly Operating Income Monthly Housing Expense Net Cash Flow (Note: Monthly Housing Expense Includes principal and Interest on the mortgage, hazard Insurance premiums, real estate taxes, mortgage insurance premiums, HOA dues, leasehold payments, and subordinate financing payments.) Underwriter's Instructions for 2-4 Family Owner•Occupled Properties • if Monthly Operating Income Is a positive number, enter as 'Net Rental Income' In the 'Gross Monthly Income' section of Freddie Mac Form 85/Fannie Mae Form 1003. If Monthly Operating Income Is a negative number, It must be Included as a liability for qualification purposes. • The borrower's monthly housing expense -to -Income ratio must be calculated by comparing the total Monthly Housing Expense for the subject property to the borrower's stable monthly income. Underwriter's Instructions for 1.4 Family Investment Properties If Net Cash Flow Is a positive number, enter as 'Net Rental Income' In the 'Gross Monthly Income' section of Freddie Mac Form 65/Fannie Mae Form 1003. If Net Cash Flow Is a negative number, it must be Included as a liability for qualification purposes, • The borrower's monthly housing expense -to -Income ratio must be calculated by comparing the total monthly housing expense for the borrower's prpr y,residence to the borrower's stable monthly Income. Appraiser's Comments (Including sources for data and rationale for the projections) The'subject and all appliances are in working and assumed in good condition. Data is from Marshall & Swift and local advertisements. Kenton Sick ftn7.5 Appraiser Name Appraiser Signature COLORADO CERTIFICED APPRAISER #CR01320540 Underwriter's Comments and Rationale for Adjustments Underwriter Name Freddie Mac Form 998 Aug 88 12/05/96 Data Underwriter Signature Date Austin & Austin Appraisal Services, (970) 353-0790 Page 2 of 2 Fannie Mae Form 218 Aug 88 Form INC -- 'TOTAL 2000' appraisal software by a la mode, Inc. -- 1-800-ALAMODE Property Address 702 37th Ave City Greeley State CO SKETCH/AREA TABLE ADDENDUM File No, 1d -1025a Borrower Parker Lender/Client 1st Choloe Bank Main Level Upper Level 20.3' Urinal Unit e2 Coudty ,.. Weld 21p Code 80834 Patio Bath LMnd Room Unit13 AREA CALCULATIONS SUMMARY Area Name of Area OLA1 First Floor OLA2 Second Floor POR Patio TOTAL LIVABLE (rounded) 73' 73' Size Totals 2018.09 1995.09 584.00 2018.09 1995.09 584.00 4013 Bedroom Basement Store 1s Storag Bath Bath Patio Bedroom IBedroom a 12' 27.3' SCALE: 1 Inch . 15 feet LIVING AREA CALCULATIONS Breakdown Subtotals 81.00 X 26.33 -8.00 X 14.33 73.00 X 27.33 2132.73 -114.64 1995.09 4013 AUS11N 4 AUSTIN APPRAISAL SERVICES APEX SOFTWARE 210-0O0.eaee APX-0100 Apevli He No, id -1025a Page # 14 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,.Imowledgeaby, 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 Mb 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. *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 tiaditton or low 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 tabulated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the markets reaction to the financing or concessions based on the appraiser's judgement STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S 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 He is good and marketable and, therefore, will not render any opinions about the titre. The properly is appraised on the basis of ft being under responsible ownership. 2. The appraiser has provided a sketch In the appraisal report to show approximate dimensions of the improvements and the sketch is Included ony to assist the reader of the report in visualizing the property and understanding the appraiser's determination of Its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other date sources) and has noted in the appraisal report whether the subject site Is located in an Identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. 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. 5. The appraiser has estimated the value of the land in the cost approach at Its highest and best use and the Improvements at their contributory value. 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. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise slated In the appraisal report the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, 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 Because the appraiser Is not an expert In the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. 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 bins that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, 9. 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. 10, 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 erally ed insurer, United professional States;oae or to District of raisal organizations; except that thedlen er/clliienntmayfinancial distributel the property description on; or any sectionent agency, ol the report only to n 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, pubic relations, news, sales, or other media. Freddie Mac Form 439 8.93 Page l of 2 Form ACA -- 'TOTAL 2000' appraisalsofpgarggy ala,mod,,,lpc. „ 1400-ALAMODE Fannie Mae Form 10048 6-93 rile No. 1d-1025aj Page *151 State Certification 0: CR01320540 State Certification#: APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that 1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration In the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item In a comparable property Is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant Item Ira comparable property Is Inferior to, or kiss favorable than the subject property, I have made a positive adjustment to Increase the adjusted sales price of the comparable. 2. I have taken Into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct 3. I stated In the appraisal report ony my own personal, unbiased, and professional anaysis, opinions, and conclusions, which are subject ony to the contingent and limiting conditions specified In this form. 4. I have no present or prospective interest In the property that is the subject to this report, and I have no present or prospective personal Interest or bias with respect to the participants In the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familialstatus, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties In the vicinity of the subject properly. 5. I have no present or contemplated future Interest In the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. I performed this appraisal In conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were In place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not appy. I acknowledge that an estimate of a reasonable time for exposure In the open market is a condition in the definition of market value and the estimate I developed Is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated In the reconciliation section. 8, I have personally Inspected the Interior and exterior areas of the subject properly and the exterior of all properties listed as comparables in the appraisal report I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. I personally prepared all conclusions and opinions about the real estate that were set forth In the appraisal report if I rolled on significant professional assistance from any individual or Individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report I certify that any individual so named Is qualified to perform the tasks. I have not authorized anyone to make a change to any Item In the report therefore, If an unauthorized change Is made to the appraisal report, I will take no responsibility for It SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report he or she certifies and agrees that I direct' supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 Through 7 above, and am taking full responsibility for the appraisal and the appraisal report ADDRESS OF PROPERTY APPRAISED: 702 37th Ave Ct APPRAISER: SUPERVISORY APPRAISER (only If required): Signature: a� Signature: Name: Kenton Sick Name: Date Signed: December 5, 1996 Date Signed: or State License #: or State License #: State: CO State: CO Expiration Date of Certification or License: 12/31/98 Expiration Date of Certification or License: ❑ Did Ej Did Not Inspect Property Austin & Austin Appraisal Services, (970) 353.0790 Freddie Mac Form 439 8.93 Page 2 of 2 Fannie Mae Form 10048 6-93 Form ACR-,'SQT.AL20QT apWala4.snitgaj bxalama44„log..— t-UQQ4UM.DDE MULTI -PURPOSE SUPPLEMENTAL ADDENDUM FOR FEDERALLY RELATED TRANSACTIONS Flle No. 1 d-1025➢' Page # 10 Borrower/Client Parker PropertyAddress 702 37th Ave Ct City Greeley county Weld Lender 1st Choice Bank state CO Zip Code 80631 This Multi -Purpose Supplemental Addendum for Federal& Related Transactions was designed to provide the appraiser with a convenient way to comply with the current appraisal standards and requirements of the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of Currency (OCC), The Office of Thrift Supervision OS). the Resolution Trust Corporation (RTC), and the Federal Reserve. i This Multi -Purpose Supplemental Addendum Is for use with any appraisal. Only those statements which have been checked by the appraiser apply to the property being appraised. tat .................. The purpose of the appraisal Is to estimate the marketvalue of the subject property as defined herein. The function of the appraisal Is to assist the above -named Lender in evaluating the subject property for lending purposes. This Is a Federally related transaction. rl The appraisal Is based on the Information gathered by the appraiser from pubic records, other identified sources, inspection of the subject property and neighborhood, and selection of comparable sales within the subject market area. The original source of the comparables Is shown in the Data Source section of the market grid along with the source of confirmation, If available. The original source Is presented first The sources and data are considered reliable. When conflicting information was provided, the source deemed most reliable has been used. Data believed to be unreliable was not included In the report nor used as a basis for the value conclusion. 0 The Reproduction Cost is based on Marshall & Shift Cost Handbook supplemented by the appraiser's knowledge of the local market n Physical depreciation Is based on the estimated effective age of the subject properly. Functional and/or external depreciation, If present Is specifically addressed In the appraisal report or other addenda. In estimating the site value, the appraiser has relied on personal knowledge of the local market This knowledge Is based on prior and/or current analysis of site sales and/or abstraction of site values from sales of Improved properties. n The subject property Is located In an area of primarily owner -occupied single family residences and the Income Approach is not considered to be meaningful. For this reason, the Income Approach was not used. n The Estimated Market Rent and Gross Rent Multiplier utilized in the Income Approach are based on the appraiser's knowledge of the subject market area. The rental knowledge is based on prior and/or current rental rate surveys of residential properties. The Gross Rent Multiplier Is based on prior and/or current analysis of prices and market rates for residential properties. n For Income producing properties, actual rents, vacancies and expenses have been reported and analyzed. They have been used to project future rents, vacancies and expenses. Accordingm Tri-City MLS Information n has not been offered for sale in the past 30 days. n Is current& offered for sale fors 175,000 7 w• as offered for sale within the past 30 days for $ ] O• ffering Information was considered in the final reconciliation of value. 7 O• ffering information was not considered in the final reconciliation of value. 7 O• ffering Information was not available. The reasons for unavailability and the steps taken by the appraiser are explained later In this addendum. the subject property: According to Weld/Larmier County Assessor and MLS Records n has not transferred in the past twelve months. 7 has transferred in the past twelve months. 7 All prior sales which have occurred In the past twelve months are listed below and reconciled to the appraised value, either in the body of the report or in the addenda. Date Sales Price Document # Seller Buyer the subject property: Subject property is not located In a FEMA Special Flood Hazard Area. ❑ Subject property Is located in a FEW Special Flood Hazard Area. Zone FEMA Map/Panel # Map Date Name of Community C 080184 0001 B 07/16/79 West Greeley 7 T• he community does not participate in the National Flood Insurance Program. n T• he community does participate In the National Flood Insurance Program. 7 it Is covered by a regular program. 7 It is coVered by an emergency program, Page 1 of 2 Form MPA. -- 'TOTAL.2=AA' appralsal.sostwaraby, a.la.made Ina -- 1, SpA-ALAMOOE O❑ The subject property is currentiv not--- under tract The contract and/or escrow Instructions were not available for �---IThe unavailability of the contract Is explained leer in the addenda section. Q The contract and/or escrow Instructions were reviewed The following summarizes the contract Contract Data O❑ The contract Indicated that personal property was no lutled In the sale. The contact indicated that persona ❑0 Personal properly was no Included In the final value est/male. ❑Personal properly was laded In the final value estimate. ❑The contract indicated no flnancin concessions or other Incentives. The contract Indicated the folbwine concessions or incentives; O I1 concessions or incentives exist the comparables were checked forslmllar concessions and a that the final value conclusion Is in compliance with the Maappropriate ad i4"�a'•;;t,'�ss�xv«<n,,,;„ ,��.. ,,,,�;yg.,,[ Market adjustments here ��ntrA�rc�rb'✓��'�,;>~w��`�<M� � `� In were made,lfappllcabe,so 3-6 •pra ser ce ;`es an. agrees that (1) The anayses, opinions and conclusions were developed, and this report was prepared, In conformity with the Uniform Standards of Professional Appraisal Practice CUSPAP), except that the Departure Provision of the USPAP does not apply. (2) Their compensation Is not contingent upon the reporting of predetermined value or direction in value that favors the cause of the client the amount of the value estimate, the attainment of a stipulated result of the occurrence of a subsequent event (3) This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. I property was Included. It consisted of Estimated contributory O' BjiRiy ens..[ ::.t::$;kii.k"R$iS:.:iR`:ik: oiik'4",i.l::k��,F;.':::.'�iDi;Xi}?;i;x^,.!hx:xw:np't^lpypyeYan%Cve%Cp.. ..7)a„1M,i��n% :., r�.} t' M%r M>;e.<.. �i,. +..:%oar}�:'C.}:::..:rh,;::i::8:^a::C�.:R„:R„:p,»aC:[n:C,Y:::n.n::„n.... A ottioNFIL' 1�'1:F` it itl.47' �. � Fr1G1[VGNDJT' ; :n.i 4d.i'$ t :'%SC,uf 6R �'hiJ:hktY`}:) 'i The value estimated is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimental4 environmental conditions unless otherwise stated in this report The appraiser is not an expert in the identification of hazardous substances or detrimental environmental conditions. The appraiser's routine Inspection of and inquiries about the subject property did not develop any information that indicated any apparent significant hazardous substances or detrimental environmental conditions which would affect the property negatively unless otherwise stated in this report It is possible that tests and inspections made by a qualified hazardous substance and environmental expert would reveal the existence of hazardous substances or detrimental environmental conditions on or around the property that would negatively affect Its value. ::{ik:i%kY'y>f��:'`(.nth:.\f<:QY:,Cy^'Ct1M;C:tY,:.i.CN\"S,.NY.�j.:kY:Y VC\�Yt<M'M"Gh:n4• :. Z Ap. Di se J x s TII7 GCSMAMEf�TS This .ro.ert does does stora.e of items contsiners not best of mdshow evidence or materials that are not intended for normal and averra.e consumer usa•e around the home. :.y'<:1:Ij:f:i:Yn:. ..'.:SIG inA ti41::).k<:,�rx.y,i.:a:}::+ai::k.%k:�.<\R,3„9k•Qag Sya?ii;:f1(:,£k°`�i2k>,:.;%og: a::.: f?f AISERI11004SEMERTIPI lath'„s AppraisersSignature -�� Effective Date 12/05/96 Appraiser's Name (print) Kenton Sick See El License 10 Certification# CR01320540 LINING #PRAISOR'S GE I IFI it Date Prepared 12/05/96 Phone# (970) 353-0790 Tax ID# 84-1229034 The co-signing appraiser has acted the subject property, both inside and out and has made an exterior Inspection of all comparable sales listed in the report The report was prepared by the appraiser under direct supervision of the co-signing appraiser. The co-signing appraiser accepts fug), to the co-signing appraiser. responsibility for the contents of the report including the value conclusions and the limiting conditions, and confirms that the certifications apply ❑ The co-signing appraiser has not personally inspected the interior of the subject property and: n has not Inspected the exterior of the subject property and all comparable sales listed In the report ❑ has Inspected the exterior of the subject property and all comparable sales listed in The report ❑ The report was prepared by the appraiser under direct supervision of the co-signing appraiser, The co-signing appraiser accepts responsibility for the contents of the report Including the value conclusions and the limiting conditions, and confirms that The certifications apply fully In the co-signing • appraiser with the exception of the certification regarding physical inspections. The above describes the level of inspection performed by the co-signing appraiser. O The co-signing appraisers level of inspection, Involvement in the appraisal process and certification are covered elsewhere in the addenda section of this appraisal. Mt}..:*..:k i't 4k\;irc:'n, >: .Q' MCrall:k:fwY.CyC'iiiin.: n,.:.... .its:..r..s...Uu.:.i:;g.;A�i)fi§+?ki'ifi:>:y.>jk: i>�.+xri:.y;:<8:.:'(.i'}:Ply:[.YarnoviC..a;:°iif:.i:::•nx>:k#t.u:[.Ya.}:[:.::::::....:.... n.....,..... Gi,S1GNING APPRAISEBt SIGNATURE & UCENSRJCERTIFICATION Co -Signing Appraisers Signature N/Y:"""•> Co -Signing Appraisers Name (print) Effective Date 12/05/96 Date Prepared 12/05/96 State ❑ License O Certification # Phone # Tax ID # Page 2 of 2 Austin & Austin Appraisal Services, (970) 353-0790 ForniMPA -- 'TOTAL.2000' appralMlsoftware by a.lamodalna •- t-8.4Q-ALAMQ0E RESUME OF APPRAISER Kenton Sick is a full time certified fee appraiser for Austin Austin Appraisal Services. Kenton holds a M.S. in Finance University of Colorado -Denver and & University of Wyoming. a B.S. in Economicsfrom the Institute, and has ben Kenton is a Candidate from pthe appraising full-time since Apr Appraisal Kenton formally April, 1993. worked at The First National Bank of Fort Morgan serving as chief financial officer, Commercial loan officer appraisal reviewer for FIRREA compliance. and He currently appraises for 1st Choice Bank, Kersey First National Bank of Fort Morgan, First National Bank of Union Colony Bank State Bank, The Mortgage of of Greeley, First City Financial, Greeley, oaGreeley, Select Mortgage Resources Pioneer , Commerical Mortgage Federal, Banc One Mortgage Corporation, of Denver, 9 g Company of Denver, Eaton Bank, KeyCorWatefield Exe Financial Corporation, ICM Mortgage, Pacific Mortgage, Mortgage, g g Firsate g 9 and Firstate Kenton is registered with HUD and a qualified FHA appraiser. C:\wp51\form\kent.res rNumber CR01320540 e n -f Talurntdu ` Tres �Xp• Not Transferable DEPARTMENT OF REGULATORY AGENCIES CERT RESIDENTIAL APPRAISER December thirty-first # +ta•r ** * * This is to certify that the e ' �s� person KENTON A SICK 212918TH ST RD GREEL.EY, CO 80631 shown y +r*a# through r... below has been duly enrolled as shown above in the S # as provided for by the Laws of Colorado. Expires December thirty first. iggg tam Colo'ratftb for #+t+r non ;4 * * Authorized by the Board of Real Estate AppraisersWITNESS by my hand and official seal at Denver, Colorado this +� da of_Jan �- ^19iQfz__ y ar Program Administrator l9/o72, f/)9f WELD OUMY COLORADO OFFICE OF WELD COUNTY ASSESSOR 1400 N. 17TH AVENUE GREELEY, COLORADO 80631 PARKER, JAMES W. IV & TRACY PIN NO: R1910186 ADDRESS: 702 37 AVENUE COURT #1 GREELEY, COLORADO 80631 MARKET REPORT: JUNE 30, 1996 1997 PROPERTY VALUATION $ 58,275.00 WELD COUNTY ASSESSOR'S OFFICE COMPARABLE MATRIX GRID PIN NO. ADDRESS CITY SCHEDULE NO. SALE DATE SALE PRICE TIME ADJ. S/PRICE LAND VALUE IMPS VALUE CHARACTERISTICS: YEAR BUILT IMPS SF BASEMENT SF FINISHED BSMT CONSTRUCTION QUALITY STYLE BATHS: FULL 3/4 1/2 GARAGE ADJUSTMENTS: AGE SIZE BASEMENT FINISH BSMT CONSTRUCTION QUALITY STYLE PLUMB FIXTURES GARAGE TOTAL ADJUSTMENTS: ADJUSTED IMPS VALUE: SUBJECT VALUE PER SF: SUBJEC 191018 702 37 AVCT #1 GREELE' 09590241903 COMP. 1 1911786 815 37 AVCT GREELEY 095902420017 COMP. 191258 830 37 AVC GREELE 09590242002 COMP. 191278 834 37 AVC GREELE 09590242002 11/03/95 09/25/95 04/14/95 $70,000 $67,900 $61,900 $71,120 $69,122 $63,633 $4,826 $4,986 $4,986 $4,986 $51,065 _ $66,134 $64,136 $58,647 1972 988 FR/MSNR FAI 2 STY END AVERAGE SALES PRICE PER SF LAND OTHER TOTAL RECOMMEND: DENY 1978 1040 480 480 FR/MSNRY FAIR 2 STY END 1 1978. 1040 480 240 FR/MSNRY FAIR 2 STY END 1 1978 1040 480 480 FR/MSNRY FAIR 2 STY IN 1 1 0 CARPORT 1 0 CARPORT 04 1 CARPORT $1,984 $1,924 $1,759 ($2,480 $2,480 $2,480 ($4,440 ($4,440 $4,440 ($5,160 ($2,580 ($5,160 $0 $0 $0 $0 $0 $0 $0 $0 $1,759 $0 _ $0 $1,500 $2,500 $2,500 $2,500 $11,564 $8,924 ($8,080 $54,570 $55,212 $50,567 $55.23 $55.88 $51.18 $54.10 x 988 SF = $53,449 $4,826 $58,275 V_ --T V :.,_.-..1-..�_.._�_I.._.Ivy.. 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