3. Tax Equalization Board reconvenes

IFile No 20042251 Paoe #41 Prooertv Address 298 MaDle Dr C~v MaDleton State ND Zin code 58059-4018 Leoal Descrintion Lot 4 Block 2 MaDlewood Countv Cass Assessor's Parcel No. 18-0600-00250-000 To'Ve" 2003 R,F. To'es ~ 2 325,96 Sneciol A'sessments ~ 438.93 Nei hborhood or Pro'ect Name NA Man Reference NA c.",,,, Tr'" 0404.00 Borrower Arvid & Pamela Handeaard Current Owner Dean & Linda Wiedmann Occlmant r l Owner IX1 Tenant r l Vacant pronertv rinlrts annraised rX1 Fee S'mnle 'II ..sehnln I PrnieM Tv"" r pun r l ~nndomini"m HOA ~ NA /Mo Sales Price ~ 123 000 Date of Sale Pendina Descrl tion and ~ amount at loan charnes/concessions to be Mid bv seller NA Lender/Client Citizens State Bank of Lankin Address 230 Main Ave. P.O. Box 25 Edinbum ND 58227 Aooraiser Russell L Wastweet Address 4357 13th Ave. SW Su~e 205 Farno ND 58103 Location ~ Urban Q:<:;I Suburban ~ Rural I ~r~~'W:?~ _sllle femllyhOuel~ p~mlll;nt 2-4 femlfy hOUSI'l l~8 ) ~~s 2-4 am Buitt up [:g] Over 75% o 25-75% o Under 25% Occupancy Occupancy l~8n) (y~~ Growth rate o Rapid [:g] Stable o Slow [:g] Owner ~Low ~ DOwner ~ Low~ Property values o Increasing [:g] Stable o Declining o Tenant 250 Hioh 100 [:g] Tenant 200 Hioh 75 Demand'supply R Shortage ~ In balance R Over supply I ~ Vacant (0-5%) iil Predominant Ii o Vacaot (0-5%) il Predominant li"i' Morketino time Unner 3 mos. 3-6 mos Ov.. ~ mos 50 40 IX1 100 25 Typical 2-4 family bldg, Type Various No. stories 2 No. un~s 2 Age ~ yrs. Preaenlland use % Land uae change Typical rents $ ~ to$~ o Increas~ Stable o Declining One family ~ [:g] Not likely o Likely Est. neighborhood apt. vacancy -H % [:g] Increasing o Stabie o Declining 2-4 family -L- o In process to: Rent controls o Ves [:g] No o Likely If yes or likely, describe Mutti-family -L- Commercial 20 II )- Note: Race and the racial compos~ion of the neighborhood are not appralaal factors, Neighborhood boundaries and characteristics: City Limits of MaDleton ND Factors that affect the marketability of the properties in the neighborhood (pro~mity to empioyment and amenities, employment stability, appeal to market, etcl MaDleton Is a small bedroom community located iust 6 miles west of West Farao alona Interstate 94. Maoleton has a aonulation of annrDX. 700 I neonle with hinh school in West Farao. The Farao-Moorhead Metro area has verY aood emnlovment with severallarne businesses such as Micro-soft Great Plaines Div. Caroill Inc. Pheonix Intemational Marvin Windows IH Case etc. three medical facil~ies three maior colleoes and two county seats. Faroo is also the laroest city in ND. The Farno-Moorhead area has a combined nonulation of about 174000 which I Drovides a oood work force for the area businesses. The Metro Area has three ma'or collenes which nrovides a larne demand for rental oroDert The following available listings represent the most current, similar, and pro~mate competitive properties to the subject property in the subject neighborhood. This analysis is In- tended to evaluate the Inventory currently on the market competing with the subject property in the subject neighborhood and recent pilce and marketing time trends affecting the sub- ject property. (Listings out~de the subject neighborhood are not considered applicable). The listing comparables can be the rental or sale comparabies II they are currently lor sale. ITEM I SUBJECT COMPARABLE LISTING NO.1 COMPARABLE LISTING NO.2 COMPARABLE LISTING NO.3 298 Maple Dr 915 1st St N 503 10th St 5 1317 1st Ave N Address MaDleton Faroo Faroo Famo Proximitv to sub'ect 12.66 miles 12.05 miles 11.81 miles i tino nrice ~ IX1 Unto il Furn. ~ 99 900 IX1 Unto il Furn. ~ 105400 IX1 Un!. r l F"r". t 99 900 Annroximate GBA 3360 2000 2154 Data source MLS #1420 MLS#04-1813 MLS #04-876 MLS #04-510 # Un~sfTat. rms.lRRIRA 3 :18: 6 3 3 : 9 : 3 : 3 4 : 14 : 6 4 4 : 12 : 4 : 4 Aooroximate vear bum 1970 1920 1930 1906 Aoorox. davs on market 45 27 87 51 Comparison of listings to subject property: Listino #1 is the onlv 3 unit dwellino, however ~ has 1 bedroom units comnared to 2 bedrooms on subiect. Listina #2 is a 4-unit dwellina with two units havina 2 bedrooms & 2 units havino 1 bedroom so it has the same number of bedrooms as sub'ect Listina #3 is a 4-nlex w~h sinnle bedroom un~s and is beina sold as a fixer unaer so it needs some work. Market condttions that affect 2-4 family properties in the subject neighborhood (including the above neighborhood indicators of growth rate, property values, demand/supply, and marketing time) and the prevalence and impact in the subject market area regarding loan discounts, interest buydowns and concessions, and identification of trends in listing prices, average days on market and any change over past year, etc.: Market conditions continue to be nood with stable sunl)lv and I aood demand, Proaertv values are verY stable w~h slow increase in nrice and nrowth. Marketinn time is between 3 to 6 months under normal conditions. interest rates continue to remain comaet~ive in the 5.75% to 6.75.% ranne on 15 year and 30 year mortnanes. Dimensions 42.79' x 150.33' x 84.75' x 84.66' x 141.64' Topography Level Stte area 16,000 Corner lot [:g] No o Ves Size Tvnical Specific zoning classification and description Limited Multiole Dwellinos Shape Irrenular Zoning compliance [:g] Legal o Legal nonconforming (Grandtathered use) o Illegal o No zoning Drainage A verane Highest and best use as improved: [:g] Present use o other use (explain) View Street Landscaping Averane UtllRles Public Other Off-sRe Improvements Type Public Private Driveway Blackton Electricity [:g] Street Blacktop [:g] 0 Apparent easements Normal Utilities Gas 0 Curb/gutter Concrete Qutters [:g] 0 Water [:g] Sidewalk None 0 0 FEMA Special Flood Hazard Area OVes [:g] No Santtary sewer [:g] Street liglrts Mercury ~ ~ FEMA Zone X500 Map Date 2/2/2002 Storm sewer rx; Allev Blackton FEMA Man No. 3800230001 C Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal noncontorming zoning, use, etc.): No apparent adverse easements encroachments or nonconformina zoninn uses known to exist. Balance remainina on snecial assessments is $1 634.74 which is not anart of this annraisal amount as they are tvnicallv assumed when nronertv is nurchased. SMALL RESIDENTIAL INCOME PROPERTY APPRAISAL REPORT File No 2004225 Freddie Mac Form 72 10-94 PAGE 1 OF 4 Wastweet Appraisal & Consutting, Inc. Form SR3 - ''TOTAL tor Windows" appraisal software by a la mode, inc. - 1-800-ALAMODE Fannie Mae Form 1025 10-94