Page 6 - Appraisal Maison Chenal

Summary Appraisal Report
Uniform Residential Appraisal Report File # DS050091
"The appraisal was prepared in accordance with the requirements of the Uniform Standards of Professional Appraisal
Practice." Additionally, Reg Z will also require a signed certification that "The appraisal was prepared in accordance
with the requirements of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as
amended (12 U.S.C 3331 et seq.) and any implementing regulations.
value and the most weight was given to Comp 3 as it is most similar and next door.
The Appraiser has included sales from within the market area. No
adjustments for age/condition/quality of construction were made as our research the sales and listings in the market
area deemed them un necessary. All comps regardless of age are an accurate reflection of value. Due to the historical
nature of the subject property comps several years old have been used because they are the best representations of
value and are still considered accurate indicators of value. The median price was used in determining overall market
A D D I T I O N A L
C O M M E N T S
***The adjustments made by the appraiser are market derived, and based upon match paired sales analysis. The
quality and condition ratings and the location and view determinations for the subject and comparable sales are based
upon my personal inspection of the subject, and my interpretation of the photos and comments for comparable sales
from the MLS, and how they compare to the subject. The appraiser is not privy to and does not have access or
knowledge of quality and condition ratings from other appraiser's peers for the same comparable sales utilized.
Additionally, the appraiser does not have knowledge or information regarding the adjustment methods utilized by other
appraiser's peers.
The value of the subject's site is estimated to be $300,000. The site values of the
comps and the adjustments made by the Appraiser are based on several factors- their locations, lot sizes and overall
value. The land in St Francisville aqnd Hammond is the most valuable per acre while the land in Clinton/East Feliciana
Parish is the least valuable and adjusted accordingly based on each sites value not just its size. That is why there are
not uniform adjustments per acre.
number of structures as well and with raw land plentiful in the area the likelyhood of this tract being developed is not
The subject is
located in a very rural area of the state where large tracts of vacant land are quite common. The Appraiser has
determined the highest and best use of the subject to be as a residential tract. This is primarily based on the overall set
up of the home and its many buildings and also the similar plantation next door. The homeowner actually own the tract
across the main road "Chenal Rd" and it houses another structure as well. So with its sprawling acreage comes a vast
likely.
C O S T
A P P R O A C H
COST APPROACH TO VALUE (not required by Fannie Mae)
Provide adequate information for the lender/client to replicate the below cost figures and calculations.
Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value)
The site value estimate is based on recent sales and listings of property within the subject's market area, as well as the
appraiser's knowledge of the area.
ESTIMATED REPRODUCTION OR X REPLACEMENT COST NEW
Source of cost data Marshall & Swift
Quality rating from cost service Good Effective date of cost data 07/2018
Comments on Cost Approach (gross living area calculations, depreciation, etc.)
The Marshall & Swift Valuation Service was used in the
calculation of the reproduction cost. Physical
depreciation is based on straight-line (age/life) using
effective age.
Estimated Remaining Economic Life (HUD and VA only) 80 Years
OPINION OF SITE VALUE...........................................................................=$ 350,000
Dwelling 2,459 Sq. Ft. @ $ 200.00 ....................... =$ 491,800
Other 7,505 Sq. Ft. @ $ 90.00 ....................... =$ 675,450
Garage/Carport Sq. Ft. @ $ ....................... =$ 0
Total Estimate of Cost-New
....................... =$ 1,167,250
Less Physical Functional External
Depreciation 233,450 =$ ( 233,450)
Depreciated Cost of Improvements..............................................................=$ 933,800
'As-is' Value of Site Improvements..............................................................=$ 350,000
Indicated Value By Cost Approach.........................................................=$ 1,633,800
I
NC Estimated Monthly Market Rent $ 0 X Gross Rent Multiplier 0 = $ 0 IndicatedValuebyIncomeApproach
MO Summary of Income Approach (including support for market rent and GRM) Incomeapproachisnotconsideredtoapplyinthiscase. E
INCOME APPROACH TO VALUE (not required by Fannie Mae)
PROJECT INFORMATION FOR PUDs (if applicable)
P U D
I N F O R M A T I O N
Is the developer/builder in control of the Homeowners' Association (HOA)? Yes No Unittype(s) Detached Attached
Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.
Legal name of project
Total number of phases Total number of units Total number of units sold
Total number of units rented Total number of units for sale Data Source(s)
Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion
Does the project contain any multi-dwelling units? Yes No Data Source(s)
Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion.
Are the common elements leased to or by the Homeowners' Association? Yes No If Yes, describe the rental terms and options.
Describe common elements and recreational facilities
FreddieMacForm70March2005 UAD Version 9/2011 Page 3 of 6 FannieMaeForm1004March2005
Noland Appraisal Service