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Home My WebLink About951616.tifftiT Wi�'Yc COLORADO July 5, 1995 Brian R. McDonald 700 Florida Avenue 204 #345 Longmont, CO 80501-6456 Dear Petitioner(s): CLERK TO THE BOARD PHONE (303) 356-4000 EXT.4218 FAX: (303) 352-0242 915 10TH STREET P.O. BOX 758 GREELEY, COLORADO 80632 PIN No.: R 3297886 Based upon information furnished to this Board, we understand that you have withdrawn the petition challenging the valuation of the above PIN number. Please be informed that a withdrawn petition precludes any further challenge to the valuation of the above PIN number for this assessment period. Therefore, the Board of Equalization took no action on your petition and the assessed value remains as that set by the Assessor. Very truly yours, BOARD OF EQUALIZATION Donald D. Warden Clerk to the Board BY: ( %_.L�� Carol A. Harding, Deputy cc: Warren Lasell, Assessor 951616 COLORADO NOTICE OF DENIAL U l .U'-(UL\I' ASSESSOR 1400 NORTH 17th AVE. GREELEY. COLORADO 80631 PHONE (970) 353-3845, EXT. 3656 GR 3405 L21-22BLK9 ARL HTS%1841 7TH AVE.% 1841 / N7 OAV T OWNER MC DONALD BRIAN R KC DONAL') BRIAN 700 FLORIDA AVENUE 2C4 4345 L'7NGMO,NT CO 80501-6456 C5/18/1995 r, /(HEEL PARCEL O961OH311O14 PIN R 32447;386 YE AR LOG 14'45 01 990 The appraised 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): i..SIDEt1TIAL PROPERTY IS VALUED BY CONSIDERING THE MARKET APPROACH. AGRICULTURAL LAND VALUE IS DETERMINED SOLELY BY THE EARNING OR PRODUCT IVE CAPACITY OF THE LAND. CAPITALIZED AT A RATE SET SY LAW. ALL OTHER PR7P _RTY, INCLUDING VACANT LAND, IS VALUED BY CONSIDERING THE COST, e4A2K`.:T, AND INCOME APPROACHES. 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 fora listing of these districts, and plan to attend these budget hearings. The Assessor has carefully studied ail available information, giving particular attention to the specifics included on your protest and has deter- mined the valuation(s) assigned to your property. The reasons for this determination of value are: YOUR APPEAL WAS DENIED. THE PROPERTY VALUE IS CORRECT BASED UPON TIME TRENDED SALES 3ETWEEN JANUARY '93 AND JUNE 94. THESE SALES WERE TIME TRENDED TU THE END CF JUNE 1994. THIS IS DONE TO ACCOUNT FOR THE CONTINUING RISE IN MARKET VALUES DURING THAT TIME PERIOD. PROPERTY CLASSIFICATION PETITIONER'S ESTIMATE OF VALUE ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO REVIEW ACTUAL VALUE AFTER REVIEW LAND I MPS • 16,150 59,324 15,150 59,324 TOTALS $ $ 75,474$ 75.474 If you disagree with the Assessor's decision, you have the right to appeal to the County Board of Equalization for further consideration, 39-8-106(1)(a), C.R.S. Please see the back of this form for detailed information on filing your appeal. By: WARREN L. LASELL WELD COUNTY ASSESSOR 15 -OPT -AR Form PR -207.87/94 06/09/95 ADDITIONAL INFORMATION ON REVERSE SIDE DATE i8 YOU -HAVE THE RIGHT 1 Al*LAL i'HE 4 SE;s:-0H':y t.it:_.. The County Board of Equalization vcri i.sit to heal' apl. etiis buginnir-ig JUi;r 3 all( rr•::::. real property (land and buildings) and p:_.!r!.)r ai 39'8-107(2), G.R.S. APPEAL PROCEDURES: :1 y0'.: choose to appeal the Asses.so .....,_ , .... , Gi:. syCilf right to appeal, your appeal must PROPERTY: AND JULY 20 FC)Fi WELD COLIN t Y BOARD OF E i]I1 w1t_iZAi ION 915 l uth Street; P.0i box 158 Greeley, Coloraue 80632 Telephtilit (970) 356-4000, Ext. •t:.?w'o August .5 for 3-3-104 and .r. NOTIFICATION OF HEARING: You will be notified of the tine and placese '1 s •3i:,l.;i:c,i COUNTY BOARD OF EQUALIZATION'S i:lr:t"I:--3ftVtiNA -i . The County Board of Equalization must make a decie.i wi ;And r'<«;ii ��:;.:..:_t�::- .:.; .,; .,E....., five '_,Usiness days. The County Board must .::�t:c:i,:cir_ t:.:i: i i;:t#: t '; `-.., .• TAXPAYER RIGHTS FOR FURTHER APPEALS: it you are not satisfied with the County Board of t:+aiializati;.:n s you mr.l.:ir tile wii :;r, t;• t°; County Board of Equalization's written decision w tlri ONE. the'fo!iC1wiriq. Board of Asse srvient Appeals (BAA): Contact the BAA at 3 .., ti' Berri:. ' , ;0i:';. ', iE:i:NE'.i_ .. vl•.? ..+.�`.. District Court: 9th Avenue and 9th Street, P.(U. Box U Greeley, Colorado 80632 Telephone (970) 356-4000. Ext 45201 , :if the Arbitration: WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 8u6;32. Telephone (970) 356-4000., Fxt. 4225 If you do not receive a determination from the county bei.iift ytrir ionst Mc; •x.. >....I . ins*: Huar.-.1 of Assessment Appeals by September 18. TO PRESERVE YOUR APPEAL RIGHTS, YOU tVttJST gFlttiVt YOU HAVt7. Fit. ,t.. s ;tlrt t.'I APPEAL! THEREFORE. WE RECOMMEND ALL CORRESpoNLiENC BE, MAti.-LL) i#4tiii•H PROS}?' PETITION TO 'THE COON I the space below, please e , r� ryr,', ji t fi ^ri=8.1176('1.5). C.R.S. YOU MU . AMOUNT Attach additional doc,�t7-,} n'.s Residential property is valued bar considering the market approach. The subject property was professionally appraised on April 5, 1994, with a market value of $70,000. A time trend upward adjustment of .5% per month for a two month period would bring the appraised value to 70,700. e / -1/.1,14 $,c -NAT . Oi.p;•: T'l ;i Ji.i F. t. Foster Valuation Company File No. 94-006 Subject Address 1841 7th St. Legal Description Lots 21 and 22, Block 9, Arlington Heights City Greeley County Weld State co ZIP Code 80631 Census Tract 2.0 Map Reference 096-108-311-014 Sale Price S n/a Date of Sale n/a Borrower/Client n/a/Robert Ray, Attorney Lender n/a Size (Square Feet) 1,025 Price per Square Foot S Location Arlington Heights Subdivision, Greeley, CO Age 80+/- actual/ 15 Effective Condition Average + Total Rooms Six Bedrooms Two Baths One Appraiser A ��e J. Lawless, SRA, CG01325103 Date of Appraised Value April 5, 1994 FinalEstimate':of Value M11CS, ❑,cpa, dson, TX 7601{1 (2 11) 699 7703 Foster Valuation Company rperty Description UNIFORM RESIDENTIAL APPRAISAL REPORT File No. 94-006 Property Address 1841 7th St . ID '9 Lots 21 and 22, Bl clry Greeley rlincrton Heights Stale CO zip code 80631 county Weld 0:, As.es,or's Parcel No. 096-108-311-014 Tax veer 1994 RE. Taxed d 622.04 Special Assessments $ n/a Borrower n/a Current Owner Katherine McDonald Occupant nOwner nTenant nee 1�1 Property rights appraised IXl Fee simple n Leasehold I Protect Type n POD n Condominium p WDNA onlyi IIOA $ IMo. Ell Neighborhood or Protect NameArlingtOn Heights Map Reference 096-108-311-014 Census Tract 2.0 Sale. Price S n/a Date of Sale n/a Description and $ amount of loan charnel/concessions to ba paid by seller Lender/client Robert Ray, Attorney Adams. 1122 9th Street, Greeley, CO 80631 Apprai,er Albert J. Lawless, SRA Address Suite 303, 1750 25th Ave., Greeley, CO 80531 location Built up bid © 1 II jLi UrbanLJ Suburban Rural Over 76% ❑ 26J6% ❑ Under 26% Predominant ocustiteery Single family foxing PRICE $ 10001 AGE lyre) Prowl land use % One family 95 Land X use clung* Not likely ❑ ilk. Growth rate IIII Rapid ill Stable ElSlow RI Owner 80% 60 Law 50 2-4 family 5 ❑ In process Property values © Increasing . Stable i Declining X Tenant 20% 150 High 80 Multifamily To: Demand/supply Shortage ❑ In balance U Over supply la Vacant 10-6%I >i Predominant I' 1 Commercial F�X� Inarketmg time Ri n t Under 3 mos. 3.8 mos. 7 I Over a moo. n Vacant Inver 6%l 80 65 '!. A'. O_ OI.'.. p:' --. 2. (..acco ,w. Z: !'. -:' Nett --lace and the racial composition of the neighborhood ...not appraisal factors. NeighmMmdboundadeandcharecterlsilcs: The subject neighborhood is an older residential area situated in the southeast portion of the City of Greeley. It is bounded on the north by Sixteenth Street and on the south by Twenty -Second Street. The western boundary is formed by 8th Avenue, and the eastern boundary is, more or less, formed by the main line of the Union Pacific Railroad. However, the industrial and commercial areas, extending along the railroad tracks are excluder Access to and from the neighborhood is good and is provided primarily by 8th Avenue (U.S. Highway 85 Business Route) and 18th Street (U.S. Highway 34 Business Route). Eighth Avenue, which borders the subject neighborhood to the west, is also known as U.S. Highway 85 Business Route. This is a four -lane, arterial street and is one of Greeley's main north -south routes through the city. It serves as a fairly effective barrier in terms of land development patterns. The main campus of the University of Northern Colorado lies directly west of 8th Avenue. The subject's immediate neighborhood is fully developed, consisting of primarily wood -framed homes built in the early part of this century. In some cases, older homes have been razed in order to build newer apartment or duplex construction. However, there have been practically n. new structures of any -consequence built. Since the neighborhood is zoned multi -family residential, a significant number of the residential properties are rentals occupied by students at the University of Northern Colorado. While the majority of the homes were originally constructed as single-family residences, many have since been converted to mmodate more than one tenant. Rents, in the area, typically range from $350 to $600 for at apartment or house. At the present time, vacancy rates are low, under the 5% level. In summary, the neighborhood consists primarily of older residences, many nearing the end of their economic lives. The presence of the university has created a demand in the immediate arr, for student rentals, as evidenced by the many neighborhood residences put to that use. To data this rental demand has had a stabilizing effect on residential real estate values in the neighborhood. Factors that affect the marketability of the propertied in the neighborhood (proximity to employment and amenities, employment stability, appeal to market. etc.]: Properties comprising the subject neighborhood are typically older residences best suited for the first-time homebuyer. Positive factors affecting the neighborhood include its central location which affords close proximity to schools, shopping, parks, and churches. The University of Northern Colorado is within walking distance to the subject. This makes homes i the general area attractive for purchasing for rental purposes. Market conditions in the subject neighborhood (including support for the above conclusions related to the trend of property values, demand/supply. and makering lime ..s uch as data on competitive pmpe,0es for sale in the neighborhood, description of the prevalence of sale. and financ ng concession., etc.!: As of the date of this appraisal report, property values are -steadily increasing, throughout the Greeley area, as well as all of Northern Colorado, as demand for residential properties continues to outpace the current supply. MLS statistics, from the Greeley Board of REALTORS, showed the following: average sales price of homes, in Greeley, increased from $77,941 in 1992, up 13.19% to $88,222, in 1993; the average marketing time for single-family dwellings during 1992 was 88 days while i was 59 days in 1993. This represents a drop in marketing time of almost 33% for this period time. Although some owner financing exists, the norm is still conventional financing as current rates are still considered somewhat low. The average interest rate for a 30 -year fixed loan i around 8% while adjustable rate mortgages range from 4% to 5%.I O: :I. a. ' Project Irdwmatbn for WDa Ilf applicsblel--Is the developer/builder In control of the Home Owners' Association 810A)) Li Yes ❑ No Approximate total number of units in the subject protect Approximate total number of units for sale In the subject project Describe common elements and secteatlanal facilities: • r eddle Mac Form 70 6.93 MCS, Richardson, TX 12141 600-7 /uS Page 1.1 Fannie Mae Fonn 1004 perty Description Foster Valuation Company UNIFORM RESIDENTIAL APPRAISAL REPORT File No. 94-006 Topography Level eimenaion.50' x 90' ❑ Yes © No Size Typical Site Aye. 9,500 SF corns, tot Shape Rectangular and description R-3; Multi -Family Residential Specific zoning cla..betion II' ❑ Drainage Adequate Zoning compliance X Legal ❑ Legal nonconforming 'Grand!athered use) Degal No zoning View Residential cubet & beat use as Improved X prevent use ❑ Other use (explain) Landscaping Adequate Utilities Public Other Off -site Type Public Private Driveway swl.<. Gravel r'.W. �7-: Improvements U Apparent Easements See Comment -:F Electricity LxJ Street Asphalt L1 N1.. x❑ Curb/Gutter Concrete ❑ U Gas Water In Sidewalk Concrete x ❑ FEMA Special Flood Hazard Area in Yes II FEMA Zone C Map Date 7/16/75, Sanitary Sewer I Street lights None Sewer Alley Asphalt n [1 FEMA Map No. 080184 0001-0004 Storm Commentatspps,ent x adverse easements. encroachments, special assessments, slide erase illegal or Ieeal nonconforming driveway with the abutting property. This is not considered marketability of the property. No adverse encroachments inspection. Zoning, use, etc.): -The subject site shares -a to be adverse to the or easements were noted during the appraisal GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT Area Sq. Ft. 1,088 INSULATION Roof No. of Units One Foundation Concrete Slab No No % Finished 90 Ceiling Unknown I No. of Stories One Exterior Walls WdClapbd Crawl Space y: Ceiling Drywall Walls Unknown ~'. TypelDot./Att.IDetached Roof Surface Composit Basement Yes Z Walls COnc/Plat Floor �' Design (Style) Ranch cmwr. & Dwn.pt. Aluminum Sump Pump No Floor Vnyl/Cat None w: E„iatingthropoaed Existing Window Typo WdDblHncf Dampness NO Outside Entry Yes Unknown I '7'. Age (Yrs.) 80+1- Storm/Screens Yes Settlement NoneObsvd `DC 15 Manufecured NomeNO Infestation NoneObsvd a. Effective Age fusel Foyer Living Dining Kitchen Den Family Rm. Roc. Rm. Bedrooms N Bat is Laundry Other Aron Sr ,.". ROOMS 1 Area 1 2 .75 1,0 Basement 1 1 1 2 1 1 1, 0. O 0 Level 1 O Level 2 contains: 6 Rooms; 2 Bedronm(s); 1 Bath s); 1,025 Square Feet of Gross Living A, •Drier It. Finished area above grade INTERIOR Matedabrcondition HEATING KITCHEN EQUIP. ATTIC None p --I IJ AMENITIES Fireplace(s) K E CAR STORA<. None W.- Floors Cp/Vn/Wd/Av Type FA Refrigerator IPPI Range/Oven Stairs ❑ Patio Covered El Garage ten 0_ Walls Plaster/Avg Fuel Gas CO Disposal II Drop Stair ❑ Deck CI Attached — Trim/Finish Stud/Avg condition Average ��-1 2 Dishwasher Scuttle ❑ Porch Enclosed LxJ Detached Bath Floor Vinyl/Avg COOLING LJ Fan/Hood ❑ Floor Ill Fence Wood LxJ null In enhwalnacot Tile/Avg Central None Microwave Heated ❑ Pool ❑ Carport _ _ Doors Solid Wood Other nnla coon h❑�1 Washer/Dryer lrl Finished n n Driveway GI `ce '~'- �: 2 : (p, 'U: Additional features !special energy elficient item., ete.l:The subject property includes a finished basement apartment which a legal use. This unit features two bedrooms, a kitchen with dining area, living room, bath with shower, and large storage room. Basement finish includes concrete and plaster walls, plaster ceilings, carpet in living room and bedroom. Other property features include a covert concrete patio off the back of the house and an enclosed porch at the front. The rear of the property has alley access via a wooden fence with gate. Condition of the improvement., deprecbUon iphysical, functional, and eetamali, repair. needed. aualby of construction remodelingraddinona, etc.: Overall, the subject property has been well -maintained. According to the owner, anew roof and furnace was installed within the last two years. Physical deterioration of 25% (15 yr Effective Age/60 yi Economic Life) is estimated. No functional or external obsolescence noted. Adv./fee environmental conditions such as, but not limited to, hazardous waste., toxic substance, etc.I present In the improvements, on the site, or In the immediate vicinity of the subject property: See attached Environmental addenda. -._.. _.. ... ...........s,..,, Perot.? Fannie Mae Fenn 1U, rer(di Mac Form 70 6-0a Foster Valuation Company SQUARE FOOT COST FORM File No. 94-006 7 Ray, ESQ. Borrower/Client n/a/Robert McDonald Property Owner Katherine 1841 7th St. Property Address CountyWeld State CO Zip Coda 00631 City Greeley Attorney Lender Robert Ray, Appraiser Albert J. Lawless, SRA, CG01325103 Date QUALITY TYPE Single Family Multiple Town House Row House Mobile/Manuf. House FLOOR AREA 1st 1025 2nd 3rd Total 1025 El CI PROPERTY 'INFORMATION Low Fair Average Good Very Good Excellent BASEMENT Unf.1, 088 Fin. 980 NUMBER OF PLUMBING FixturesO Rough -In STYLE No. Stories Bi-level Split Level 1-1/2 story - Fin. 1-112 story- Unf. 2-1/2 story - Fin. 2-1/2 story - Unf. End Row Inside Row 1 El GARAGE TYPE EXTERIOR WALLS Hardboard/Plywood Stucco Siding or Shingle Masonry Veneer Common Brick Face Brick or Stone Concrete Block MOBILE/MANUFACTURED Alum., Ribbed 0 Alum., Lop Siding El NUMBER OF MULTIPLE Hardboard ❑ UNITS NA Plywood ❑ COMPUTATIONS Detached Attached Built -In Subterranean Carport Garage Area 288 BALCONY AREA PORCH BRZWY. AREA (a) 198 (b) 78 Cost Extension 1. COMPUTE RESIDENCE BASIC COST: 1.025 Floor area x 41.14 selected sq.ft. cost 2. SQUARE FOOT ADJUSTMENTS: 3. Roofing 4. Suhfloor Plywood 5. Floor Cover Allowance 6. Plaster Interior 7. Heating/Cooling FA 8. Energy Adjustment Moderate Climate 9. Foundation Moderate Climate 10. LUMP SUM ADJUSTMENTS: 11. Plumbing Base Plus 2 12. 13. 14. Fireplaces Built -In Appliances Allowance Miscellaneous TDormers) 15. SUBTOTAL ADJ. RESIDENCE COST: Line 1 plus or minus Lines 2-14 16. BASEMENT, UNFINISHED 17. Add for basement interior finish 18. Add for basement outside entrance 1.9. Add for basement garage: ❑ Single ❑ Double 20. PORCH/BREEZEWAY, describe Covered Patio 21. Enclosed Porch 22. SUBTOTAL RESIDENCE COST: Total of Lines 15-21 23. GARAGE OR CARPORT - 288 sq. ft. area x 18.31 24. Miscellaneous (roofing adjustment) selected sq. ft. cost 25. SUBTOTAL GARAGE COST: Line 23 plus or minus Line 24 26. SUBTOTAL OF ALL BUILDING IMPROVEMENTS: Sum of Lines 22 and 25 27. .98 Current Cost Multiplier x .99 Local Multiplier 28. REPLACEMENT COST NEW: Line 26 x 27 . 29. Depreciation: -Age _ Condition Avq Deduction 30 h of Line 28 30. Depreciated cost of building improvements: Line 28 less Line 29 31. Yard improvements cost: List, total, apply local multiplier and depreciate on reverse side 32. Landscaping cost: List and compute on reverse side 33. Lot or land value Quantity 1,025 1,025 1,025 1,088 1,088 980 198 78 1.55 1.64 Base Base 560 1310 10.77 15.17 11.17 29.20 • 4. 6. 6. 7. 8. 9 11. 12. 13. 14 42,169 1,589 1,681 1,120 2,620 15. 49,179 16. 17. 18. 19. 20. 21 11,718 14,867 2,21: 2,271 22. 8 0 , 2 5,, 23. 24 5,273 25. 5,27 26. 85,52'. 27. .970' 28. 82,97::-. 29. 24,89: 30. 58,0W 31. 32. 1,00l 33. 14,25t 34. TOTAL INDICATED VALUE: Total of Lines 30-33 34. 73,33' MCS, nkherdson, TX 76081 12141 699-7783 MCS Form Foster Valuation Company UNIFORM RESIDENTIAL APPRAISAL REPORT File No. 94-00 TIMATED SITE VALUE = $ Comments on Cost Approach (such as source of cost estimate, site value, square foot calculation and for HL' VA, and FmHA, the estimated remaining economic life the property/: Please see attached -floor plan. The Marshall and Swift -Residential Cost Handbook was utilized. See cost schedule in the attached addenda. The site value was derived from comparable -sales which indicated -a unit value of $1.50 per square foot ($1.50/SF x 9,500 SF - $14,250) . ;1 ESTIMATED REPRODUCTION COST -NEW OF IMPROVEMENTS: wl• Dwelling 1,025 Sq. Ft. @ $ = $ Sq. Ft. @ S = = � cc °'.- Garage/Carport Sq. Ft. @ S — n < Total Estimated Cost New = $ I-: t/) p. V!. Physical Less Depreciation Functional External = $ Depreciated Value of Improvements = S "Ass" Value of Site Improvements = $ INDICATED VALUE BY COST APPROACH = -$ ITEM I SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 1841 7th Ave. Add.e..Greeley 1821 7th Ave. Greeley 1740 7th Ave. Greeley 810 20th St. Greeley - 1/2 block north 1 block north 1 block south Proximity to Sublect Sales Pr'ce sn/a -'Is68,900 's74,000 s60, 000 Pnae Grose LI Area $ 1 /l s54.77 MI - .55.85 nl s 81.08 nit' - Oat. and/or Verification sources Inspection 4/5/94 Broker/MLS Broker/MLS Broker/MLS VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +411 Adjustment DESCRIPTION + 1'1s Adjustment DESCRIPTION +L1/ Atr Sales or Financing concessions:' Conventional None Reported Cash None Reported Conventional None Reported Date of Sale/Time :11/12/93 1,378 01/06/94 1,110 11/24/93 1 Location Average Similar Similar Similar Leasehold/Feesimple Fee Simple Fee Simple Fee Simple Fee Simple Site 9,500 SF 8,550 SF 9,500 SF 4,300 SF 3, vew Average Similar Similar Similar -. De•ion and Appeal Ranch/Avg Similar Similar Similar oualny or Construction Average Similar Similar Similar Age 80/15 Eff 82/15 Eff 78/15 Eff 53/15 Eff Condition Average + Inferior 2,000 Inferior 2,000 Inferior 2, Baths Total Bdrm. Bathe Total edrm. .Bath. Total BAnn, Bath. Above Grade Total Bdrm. 6 1 5 1 5 2 1 4 2 1 Room Count Gross Living Area 2 1,025 Sq. Ft. l,2 1, 258 Sin. Ft. -3,500 1,325 Sq. Ft- -4,500 740 Sq-EL +4 Basement&Finl,hed Room, Below Grade 1,088 90% .,75 Bth 1,258 100% 1.0 Bth -2,200 919 100% 1.0 Bth +500 740 85% 1.0 Bth 2 FunctionalUt ity Average Similar Similar Similar :-: Reatinocoollno FA/None FA/None FA/None FA/None 0}: Energy Efficient Rem. None None None None ; Garage/Carpon 2 -Detached 1 -Detached 1,500 1 -Detached 1, 500 1 -Detached 1 r -' Q Z Porch. Patio, Deck. Fi,evmc<Ll. ale. EnclPch,CvPat None Covd Pch 1 Fireplace -2,000 Covd Pch 1 Fireplace -2 000 Covd Pch None d'! Fence Pool, etc. Wood Fence Wood Fence None Metal Fence Z Q U) Net Adl (total) n+ 52I-- s -2,622 f nl+ s -1,390 n+ O— s 14 QAdjusted g, Sales Pnce er compan.ble Net'/. = 4.1 t rs% = 18.3 $ 66, 078 Not. .= 1.9 '.: Crs= 15.7 ' $ 72, 610 Net% = -. 24.77 '. 4r.% ='. 26.7 ' s 74 Q' (] CinW Comment, on Sales Compenl.on (Including the subject property's compatibility to the neighborhood. etc.): EXPLANATION OF ADJUSTMENTS: TIME (Market Conditions): As discussed previously in the market conditions section of this report, demand for residential properties is strong. MIS statistics, for 1993, showed an increase of almost 13% in average sales price over 1992. Most of the increase occurred duri the summer months. For purposes of this analysis, an upward adjustment of .5% per month has been applied to the comparable sales. LOCATION: All three sales were located within one block of the subject, in the Arlington Heights section of Greeley, therefore, no adjustments for location were warranted. SITE SIZE: Comparable sales 1 and 2 had similarly -sized lots and no adjustments were appliu Comparable 3 had a smaller lot and required an upward adjustment to equate with the subject VIEW: All three comparable sales had similar neighborhood views and no adjustments were applied. CONDITION: Overall, the subject is in better than average condition. Each of the sales were considered slightly inferior for condition and each was adjusted upward to equate with the subject. - ::. GROSS LIVING AREA ADJUSTMENT: Gross living area adjustments were based on a contributory v;: of $15 per square foot. BASEMENT FINISHED AREAS: Each of the comparable sales had finished basements utilized as rc units, similar to the subject. Adjustments for basement finished areas was based on a contributory value of $8.00 per square foot for differences in amounts of finish. OTHER PHYSICAL ADJUSTMENTS: Various other adjustments for physical differences represent m,. reactions and do not necessarily reflect actual costs. MC S, Flich.rd•on, Tx 76081 12141 609-77BJ annle Mao Fan 1 r eddie Mac Form 70 6-93 ape . Lion Section Foster Valuation Company UNIFORM RESIDENTIAL APPRAISAL REPORT File No. 94-006 RECONCILIATION OF THE SALES COMPARISON APPROACH: The three sales analyzed are the most recent transactions and are the most physically similar properties. Each has been considered in the final valuation of the subject. The three sales show an adjusted range of values from $64,700 to $73,600. Sales 1 and 2 required the least amount of net and gross adjustments and are considered to best represent the subject. Therefore, sales 1 and 2 are weighted the most in th. final value conclusion. Sale 3's adjustments exceeded the FNMA guidelines due mainly to site differences, GLA adjustments, and amount of basement finish. This sale has been considered but weighed less in the final value conclusion. Based on the above discussion, and weighing sales 1 and 2 the most, a value of $70,000 is concluded from the Sales Comparison Approach, as of April 5, 1994. INCOME APPROACH y y Gross monthly rent multipliers (GMRMs) can be analyzed from each of the sales utilized in the Q 1 Sales Comparison Approach. Comparable sale 1 was receiving a rent of $450 per month, for the Zbasement unit. The upstairs unit was occupied by the owners. However, market rent for this unit Q'. would be approximately $550 per month. This results in an indicated GMRM of 68.9 Op ($68,900/$1,000 - 68.9). Comparable 2 was receiving a rent of $550 per month for the upstairs V) unit and $350 per month for the basement unit. This results in an indicated GMRM of 82.2 Q ::. ($74,000/$900 - 82.2). Comparable 3 was receiving a rent of $500 per month for the upstairs " . unit and $375 per month for the basement unit. This results in a GMRM of 68.6 ($60,000/$875 �. 68.6). These sales suggest that a GNRM of 74 is appropriate for the subject. U N The subject's basement unit is currently rented for $400 per month through July, 1994. Based of w -I. comparable rentals, an estimated rent of $600 per month is reasonable for the upstairs unit. vThe projected total monthly rent for the subject property would be $1,000. The subject's value, -based on the Income Approach, equates as follows: GMRM x Gross Monthly Rent - Indicated Value by the Income Approach 74 x $1,000 - $74 000 ITEM Date, Price and Data Source for prior sales within year of appraisal SUBJECT None COMPARABLE NO. 1 None COMPARABLE NO. 2 None COMPARABLE NO. 3 None Z D I- Q J U: Z 0 U cc w Analysis of any current agreement of sale, option, or listing of the subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal: The subject property is not currently under agreemnet of sale or is listed for sale. INDICATED VALUE BY SALES COMPARISON APPROACH $ 70,000 INDICATED VALUE BY INCOME APPROACH m Applicable, Estimated Market Rent s 1, 000 /Mo. x Dross Rem 6lunipii 74 = $ 74, 000 The appraisal is matla LhJ "es n LJ subject to the repairs, alterations, Inspections or condition, listed below u subject to completion per plans andsped Itcauons. ConditionsofAppraisal:The subject property is appraised in the 'as -is' condition, as of April 5, 1994, subject to the attached Limiting Conditions and Environmental Addenda. Final Racenciliation:All three approaches to value have been considered and applied in the valuation of the subject property. The Cost Approach indicated the highest value of the three approaches. This approach is considered but weighed less as it is reflective of market behavior. The Incom. Approach is considered appropriate for analysis of properties in the subject market area as several properties have been purchased within the last year by investors with the purpose of student rentals. This approach has been considered and weighed with the Sales Comparison Approach. The Sales Comparison Approach best reflects market behavior and has been given primary consideration. Based on the above considerations and weighing the Sales Comparison and Income Approaches, mart or less equally, a final value, for the subject property, as of April 5, 1994, of $72,000, is concluded. The purpose of this appraisal is to estim.te 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 condition., and market value definition that are stated In the attached Freddie Mac Form 439/Fannie Mae Form 10040 Inevised 6/93 I. I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF April 5e, 1944_ (WHICH IS THE gpTE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE -S 72,000 ApmmaR' SOItitVISOtW APPR.N ET (ONLY IF REODIIIEDI Signature Signature ❑ Did ❑ DidM. Nam.Albert . Lawle s, S Name Inspect Property Date Report Signed April 8, 1994 Statec-tulcstien a CG01325103 slate CO Or State License / Slate Date Report Signed State Certification I State Or State License I ' State r edeie Mac Form 70 8-93 MCS,--Richardson, TX 75081 12141699-7793 Page 2.2 Fannie Mae Form 1004 6 Hello