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I i' }, Natwick Associates Appraisal Services /i File No. 051113 Case No. Uniform Residentla ~DDralsa epo There are 5 comparable oroDerties currentlv offered tDr sale in the subject neiahborhood rannino in orice from $ 269 000 to$ 329 000 There are 4 comparable sales in the sub'ect neinhborhood ..thin the Dastlweive months ranDinn in sale Drice from $ 284 900 10$ 395 000 FEATURE I SU8JECT COMPARABLE SALE # 1 COMPARA8LE SALE # 2 COMPARABLE SALE # 3 Address 6325 13th St N 1307 64th Ave N 7211 Co Rd 31 1216 43rd Ave N Farao ND 58102 FarQo Farqo Farqo Proximitv to Subiect 1[~~!!i~E!,:l~il!W1i1.~f.i~~ 1 Block 1.5 miles 2.5 miles $ ~il~~.~~~~i~!i$iTjmY1~ $ 290 000 ""'~f'i'f!~;;;tWf,~\I"1 $ 351 600 ~1~'h~N~i~i'~~fl;~~~1 $ 284,900 Sale Price n:1"'T. ,,},,:J,J!' "/."" .I':~~ s~epriceJGroSSUv.Area~$ 95.11 SQ. ft. ~r.rr~}It~l~L~;~t $ 157.53 sa. ft. !ml1fti!!.~I~irlfi $ 167.59 SQ. ft ~{lj~IU~~~lf~,t)(;;~ . '.. . _')' ." Dala SOurcelst : i"{ii.Jiiji Farao/Moorhead MLS & FaraolMoorhead MLS & Farao/Moorhead MLS & . Verificalion Sourcelst Drive-bv Drive-bv Drive-bv VALUE AOJUSTMENTS DESCRiPTiON DESCRIPTION I ;(-) $ Adiustment DESCRIPTION +l $ Adjustment DESCRIPTION j -t{-\$ Adiustment Sale or Financlna ~~I~:;W:J;W;~~#[;~rIi~E~;?~~~;)1iH\,j~' None None None Concessions ~!~~~rtf~~'{~j:~:i~;!:(~~~~t~! None None None Date of SaieITime 'T';ir;11,!,,~<IjI,i\';~;~~~~il~!i'i" 6/01/05 8/15/05 9/30/05 . ff.'f.fJJrrf~;.'i*ojI\;.:;r:~;~ AI'tli, Location Good Good Good Good LeaseholdfFee SimDle Fee Simole Fee Simole Fee Simole Fee Simnle Sile 1.26Ac 1 acre 2.64 acres -3000 0.27 acre . +2500 View 'River River River Good +5001 Desion ISlviel 2 storv 2 story 2 stOry 1 stOry Qualitv 01 Construction Good Good Good . V. Good -1000 Aclual Ane 13vrs 16 18 7 Condition Good Good Good Good Above Grade Total I Bdrmsl Baihs Total IBdrmsl Baths Total IBdrmsl Baths Total IBdrmsJ Balhs Room Count 8 I 4 I 2.00 B I 3 I 2.00 8 I 3 j 2.75 6 i 2 I 2.50 Gross Livina Area 2600 so. ft. 3049 SQ. ft. -1347 2232 so. ft, +1104 1700 so. ft. +27 00{ Basement & Finished 1350 sf 1,400 1,000 1,700 Rooms Below Grade 85 1:0:.75 +400C 3:2:1 4:3:RI .600 Functional Utililv Tvoical T voical , T voical Tvoicai Heatina/Coatina FWAlCentral EFAlCA EF AlCA GFAlCA Enemv Efficienlllems Tvoical Tvoical Tvoical T volcal GaraoelCamort 3 car all 3.carall 4 car .200 3 car all PorchlPatiolDeck Patio Deck 3 seas porch/deck -1000 3 decks -250 1 deck -100 Fireolaces 2 Fireolaces None +200 Fence None +200 Firenlace 2 1 +200 2 HP +200 Net Adiuslment IT otal\ [;i: j-- . I -I +IXI- II -6470 I I+IXI- $ -23 460 xl +i I- . 44 000 Adjusted Saie Price NelAdj: ... .... .. .... .... . NetAi!j:-7%:', NelAdj: 15%.:::::::.. . ~ofcomoarabies _ GrossAdi: 8%.01$ 283530 GrossAdi:13%:::I$ :128140 Gross Adi: 27'1,'..:: ~ 328 900 , I i X I d~ I I did not research the sale or transler history of. the subiecl Drooertv and comoarable sales. If not explain . , . Mv research I I did I X I did nol reveal anv orior sales or transfers of the subject orooertv for the three vears Drior to the effeclive date of this appraisal. Datasource/sl Owner ., - Mv research I I did I x I did not reveal any orior sales or transfers of the comparable sales lor lhe vear orior to the dale of sala of the comoarable sale. Oatasourcels! FarQo Moorhead MLS Report the resulls of the research and anaivsis of lhe prior sale or transfer history 01 the subiect nrollArtv and comparabie sales (reoori additionai orior sales on Oalle 3). ITEM SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Oate of Prior SalelT ransfer None . None None None Price 01 Prior SalelTransler . Oata Sourcel sl Effective Date of Data Source(s) Analvsis of orior sale or transfer history of the subiect orooertv and comparable sales To the knowledoe of the appraiser no other sales 01 the subject have been recorded in the oast3 vears and none of the comoarable sales in the oast year. - Summary of Sales Comparison Approach The above were considered to be the most recent and most oomparable saies to the subiect in the area. Sales 1 and 2 are slmiiar tvoe homes as subiect located in subiect's neinhborhood. Sale 3 is a 1 storv home located in a deveiooment similar to subiecl's. It is necesarv to exoand distance when lookino lor this ranoe of homes in North Faroo. Sales 1 & 2 are river lots as is subiect's. Sale 3 was adiusted for not having a river lot and aiso for difference in size of lot. Sale 3 was adlusted for ualitv of oonstruction since it has more brick .etc. Gross Livinq area was bracketed and adjusted at $30/SF. All of Ihe oroperties have similar access 10 schools, shoooino and emolovment onnortunities. -. - - -- '"- Indicated Value bv Sales Comparison Annroach $ 310000 Indicated Value by: Sales Comoarison Anoroach $ 310000 . Cost Aooroach IIf developed) $ 31B 748 Income Aooroach III developedl $ N/A A lack of rental data orecluded further analvsis of the Inoome Aooroach. The Cost Aooroach is sUOPoriive 01 the final value estimate nevertheiess I selected the Sales Comnarison Aooroach as mosl reflective of market value. This is a oompiete annraisal utilizino a summarY report. This appraisal is madelX] 'as is,' U subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, 0 subject 10 the following repairs or alleralions on the basis of a hypothetical condition thai the repairs or aiterations have been completed, or 0 subject to the lollowlno reouired inspection based on the extraordinary assumption thai the cDndilion or deficiency does not reQuire alleration or reoair: The oumose of this appraisal is to estimate market value for financlna nurnoses. Based on a complete visual inspection of the In~erlor and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting condmons, and appralser'scertllicatlon, my (our) opinion of the market vatue, as defined, ollhe real property ttiat Is the subject of this report Is 1$ 310000 as 01 11/9/05 which Is the date ollnsoection and Ihe effective date olthls aooralsal. 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