Page 4 - Appraisal 2018

Small Residential Income Property Appraisal Report File # 38202
180529004
Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe.
IMPROVEMENTS Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe. Subject is typical

of the area for 2-4 unit properties.

Is the property subject to rent control? Yes No If Yes, describe

The following properties represent the most current, similar, and proximate comparable rental properties to the subject property. This analysis is intended to support the
opinion of the market rent for the subject property.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3
Address 22 Dow St 12 May St 91 Gray St 369-371 Cumberland Ave
Portland, ME 04102 Portland, ME 04102 Portland, ME 04102 Portland, ME 04101
Proximity to Subject 0.33 miles SE 0.30 miles SE 0.45 miles NE
Current Monthly Rent $ 2,400 $ 3,875 $ 3,800 $ 4,625
Rent/Gross Bldg. Area $ 0.77 sq.ft. $ 1.35 sq.ft. $ 1.46 sq.ft. $ 1.06 sq.ft.
Rent Control Yes No Yes No Yes No Yes No
Data Source(s) Prop. Vw'd, Owner ME Listings #1343293 ME Listings #1322187 ME Listings #1340659
COMPARABLE RENTAL DATA Actual Age 108 Ba Sq. Ft. 122 Ba Sq. Ft. Monthly Rent 124 Ba Sq. Ft. Monthly Rent 198 Ba Sq. Ft. Monthly Rent
Date of Lease(s)
Unknown (leases in place)
Unknown
Unknown (leases in place)
Unknown (leases in place)
Location
Urban/West End
Urban/Bayside
Urban/West End
Urban/West End
Condition
Good
Average+
Average+
Average+
Gross Building Area
4,364
2,864
2,608
3,129
Size
Size
Size
Size
Rm Count
Rm Count
Rm Count
Rm Count
Unit Breakdown
Tot Br
3,129 Tot Br
3,875 Tot Br
3,800 Tot Br
4,364
2,608
4,625
2,864
860 $
Unit # 1
Unit # 2
1,080 $
1,534 $
5
1,600
2 1.0
4 2.0
1,300 7
2 1.0
1,049 5
2 1.0
2,400 5
704 $
Unit # 3 5 2 1.0 1,031 5 2 1.0 1,080 $ 1,350 4 2 1.0 1,074 $ $ 1,400 4 2 1.0 1,752 $ 1,375
1,752 $
1,650
5
1,049 5
2 1.0
2 1.0
2 1.0
5
1,225
Unit # 4 $ $ $
Utilities Included Water/Sewer/Heat Water/Sewer/Heat Water and sewer only. Water and sewer only
Parking None Driveway None None
Analysis of rental data and support for estimated market rents for the individual subject units reported below (including the adequacy of the comparables, rental concessions,
etc.) Rentals 1 and 2 are located in the subject's neighborhood. Rental 3 is located in the inferior Bayside neighborhood, however was used as
it has similar bedroom counts. Rental 1 was used for being a three unit of mostly similar GBA. Rental 2 was used for having a similar two
bedroom units. The square footage for Unit 3 of Rental 1 was estimated utilizing its tax card footprint. These were the best rentals available for
analysis.
Rent Schedule: The appraiser must reconcile the applicable indicated monthly market rents to provide an opinion of the market rent for each unit in the subject property.
Leases Actual Rents Opinion of Market Rent
Lease Date Per Unit Total Per Unit Total
Unit # Begin Date T.A.W. $ Unfurnished Furnished $ Rents 1,200 $ Unfurnished Furnished $ Rents 1,400
End Date
SUBJECT RENT SCHEDULE Comment on lease data Unit 3 is owner Total Actual Monthly Rent $ $ $ 2,400 Total Gross Monthly Rent $ $ $ 1,400
1,400 $
1,200 $
1
T.A.W.
2
1,400
1,200
1,400
T.A.W.
1,200
T.A.W.
3
1,400
0
Owner
Owner
4
4,200
0 Other Monthly Income (itemize)
Other Monthly Income (itemize)
occupied. Unit 2 and Unit 3 are
0
2,400 Total Estimated Monthly Income
Total Actual Monthly Income
4,200
tenant-at-will
Trash collection
Cable
Other
Utilities included in estimated rents
Water
Oil
Gas
Electric
Sewer
Comments on actual or estimated rents and other monthly income (including personal property)
The subject's unit 1 and 2 are rented below market based on the
above rentals and would achieve $1,400 per month weighing unit 1 of Rental 2 and Rental 1. The owner occupied unit would also achieve a
similar amount as it is similar to both of the other units. Neither Rental 2 or Rental 3 provide on-site parking for their tenants and this is not
adverse to marketability, common and market accepted.
I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain
My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s) Assessor, mls, deed
My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.
PRIOR SALE HISTORY Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).
Data Source(s)
Assessor, ME Listings mls
SUBJECT
COMPARABLE SALE # 3
ITEM
COMPARABLE SALE # 2
COMPARABLE SALE # 1
Date of Prior Sale/Transfer
None in the past 3 years
None in the past 12 months None in the past 12 months None in the past 12 months
Price of Prior Sale/Transfer
N/A
N/A
N/A
N/A
Data Source(s)
Assessment records, MLS
Assessment records, MLS
Assessment records, MLS
Assessment records, MLS
Effective Date of Data Source(s)
06/12/2018
06/12/2018
06/12/2018
06/12/2018
Analysis of prior sale or transfer history of the subject property and comparable sales The subject has not sold or listed in the past 36 months. No sales of the
comparables were noted in the past 12 months.
Freddie Mac Form 72 March 2005 Page 2 of 7 Fannie Mae Form 1025 March 2005
Form 1025 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE