Page 3 - Appraisal 2018

United Valuation Group, LLC.

Small Residential Income Property Appraisal Report File # 38202
180529004
The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.
Property Address 22 Dow St City Portland State ME Zip Code 04102
Borrower Matthew Power Owner of Public Record Matthew Power County Cumberland
Legal Description Book 30603, Page 262
Assessor's Parcel # West End Tax Year 2018 See Attached R.E. Taxes $ 5,821
055 E005001
Neighborhood Name
Map Reference
Census Tract
23/005/0010.00
SUBJECT Occupant Owner Tenant Vacant Leasehold Special Assessments $ 0 PUD HOA $ 0 per year per month
Property Rights Appraised
Fee Simple
Other (describe)
Other (describe)
Purchase Transaction
Refinance Transaction
Assignment Type
HELOC
Lender/Client TruChoice Federal Credit Union Address PO Box 10659, Portland, ME 04104
Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes No
Report data source(s) used, offering price(s), and date(s). Per ME Listings mls and the owner
I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not
performed.
CONTRACT Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s) Yes No
Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower?
If Yes, report the total dollar amount and describe the items to be paid.
Note: Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood Characteristics 2-4 Unit Housing Trends 2-4 Unit Housing Present Land Use %
Location Urban Suburban Rural Property Values Increasing Stable Declining PRICE AGE One-Unit 55 %
Built-Up Over 75% 25-75% Under 25% Demand/Supply Shortage In Balance Over Supply $ (000) Low (yrs) 2-4 Unit 15 %
NEIGHBORHOOD Growth Congress St. to the north, State St. to the east, Danforth St. to the south and 950 Pred. 100+ Commercial 13 %
Marketing Time
2 %
Multi-Family
Under 3 mths
3-6 mths
Slow
Over 6 mths
Stable
Rapid
30
223
Neighborhood Boundaries
High
Other
15 %
548
Valley St. to the west. Present Land Use / Other: Vacant
75
Neighborhood Description
Established intown neighborhood with a mix of dwellings from single family to 2-4 units in average to good overall
condition. Construction types are mostly wood frame with a few brick constructed dwellings nearby. Convenient access to city services and
amenities (retail, grocery shopping, gas stations etc) on Congress St. in walking distance. Local school (K-5) is located nearby on Brackett St. in
walking distance. Area amenities include several nearby parks and attractions in walking distance.
Market Conditions (including support for the above conclusions) See the attached 1004MC for more specific analysis.
Dimensions 26' RF x Irregular Area 1,852 sf Shape Irregular (Not Adverse) View N;Res
Specific Zoning Classification Residential 6 Zoning Description 2,000 sf min; 20' road frontage; min. lot area/dwelling unit - 725 sf
Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe) Grandfathered, not adverse-can be rebuilt
Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe
SITE Utilities Public Other (describe) Water Public Other (describe) Off-site Improvements - Type Public Private
Street
Electricity
Asphalt
Gas Sanitary Sewer Alley None
FEMA Special Flood Hazard Area Yes No FEMA Flood Zone C FEMA Map # 2300510013B FEMA Map Date 07/17/1986
Are the utilities and/or off-site improvements typical for the market area? Yes No If No, describe
Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe
Site is a legal, non-conforming grandfathered lot of record. The improvements can be rebuilt as it currently exists given a certain time frame.
Typical site for this area with level topography.
General Description Foundation Exterior Description materials/condition Interior materials/condition
Units Two Three Four Concrete Slab Crawl Space Foundation Walls Brick, Stone/Avg Floors HW,Tile,Lm/Avg+
Accessory Unit (describe below) Full Basement Partial Basement Exterior Walls Wd clapboard/Avg+ Walls Plstr,Drywll/Avg+
# of Stories 3.0 # of bldgs. 1 Basement Area 1,031 sq.ft. Roof Surface Membrn/Good Trim/Finish Wood/Avg+
Type Det. Att. S-Det./End Unit Basement Finish 0 % Gutters & Downspouts None/ overhangs Bath Floor Tile,Vnyl/ Avg+
Existing Proposed Under Const. Outside Entry/Exit Sump Pump Window Type DH Wood / Avg+ Bath Wainscot Fibrgls,Tile/ Avg+
Design (Style) 3 Unit Evidence of Infestation Storm Sash/Insulated Almn / Thermal/Av+ Car Storage
Year Built 1910 Dampness Heating/Cooling Screens Amenities None # of Cars 0
Settlement
Vinyl /Avg+
IMPROVEMENTS Effective Age (Yrs) None Cooling HtPm,DV Fuel Other HtPmp Fireplace(s) # 0 Woodstove(s) # 0 Driveway Surface # of Cars Asphalt
Driveway
12
Radiant
FWA
Attic
HWBB
Other
Patio/Deck
Stairs
Fence
Garage
Drop Stair
Dk-2
0
None
Gas,Solar
Pool
Scuttle
Floor
Porch
# of Cars
Central Air Conditioning
Carport
0
OP
None
Att.
Built-in
Heated
Det.
Other
Finished
Individual
None
Range/Oven
Washer/Dryer
# of Appliances
Other (describe)
3
3
Unit # 1 contains: Refrigerator 3 5 Rooms 3 Dishwasher 3 Disposal 3 Microwave 1,031 Square Feet of Gross Living Area Applc=PrsnlPrpty
1.0 Bath(s)
2 Bedrooms
Unit # 2 contains: 5 Rooms 2 Bedrooms 1.0 Bath(s) 1,049 Square Feet of Gross Living Area
Unit # 3 contains: 5 Rooms 2 Bedrooms 1.0 Bath(s) 1,049 Square Feet of Gross Living Area
Unit # 4 contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area
Additional features (special energy efficient items, etc.). The subject has a roof mounted 26 panel solar array. Additional features include an open porch
and two decks. The subject has a full unfinished basement with walk-up access. The subject has direct vent heat on the first floor, gas fired hot
water on the second and third as a secondary heat source. All have heat pump with AC as primary source (not adverse).
Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). See Addenda.
Freddie Mac Form 72 March 2005 Page 1 of 7 Fannie Mae Form 1025 March 2005
Form 1025 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE