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<br />At least three rental comparables should be reported and analyzed in this section. The rental comparables should represent the most current rental information on properties as <br />similar and proximate to the subject property as possible. (This comparison is based on current rental data, therefore, the rental comparables typically are not the same comparables <br />used in the sales comparison analysis.) The appraisal report should assure the reader that the units and properties selected as comparables are comparable to the subject <br />property (both the units and the overall property) and accurateiy represent the rental market for the subject property (unless otherwise slated within the report). <br /> iTEM I SUBJECT I COMPARABLE RENTAL NO.1 COMPARABLE RENTAL NO.2 COMPARABLE RENTAL NO.3 <br />...,. '" "... _""" '" ~ N 1138 12th St N 810 2nd St N <br /> Maoleton Farno Farno Farno <br />Proximity to subject 11.92 miles 11.88 miles 12.60 miles <br />Lease dates (If available) NA NA NA <br />Rent survev date June 10 2004 June 10 2004 June 10 2004 <br />Data source MLS #03-3205 MLS #02-952 MLS #03-197 <br /> Exterior Inscection Exterior Inscection Exterior Insnection <br />Rent concessions None None None <br /> No. Units3 No. Vac. No. Units3 No. Vac. 0 Yr. BIt.: 1922 No. Units 3 No. Vac. 0 Yr. BU957 No. Units 3 No. Vac.O Yr. BII.: 1902 <br />Description of Yr. BII.: 1970 2 Storv dwellinn 2 Storv Dwellinn 1 1/2 Storv Dwellinn <br />property-units, 1 unit is basement 1 Unit in Basement 1 Unit in Basement <br />design, appeal, <br />age, vacancies, <br />and conditions <br /> Rm. Count S~e Rm. Count Size Total Rm. Count Size Total Rm. Count Size Total <br />Individual Tot Br Ba Sa. Ft. Tot Sr Sa So. Ft. Monthlv Rent Tot Br Ba Sa. Ft. Monthlv Renl Tot Br Ba Sa. Ft. Monthlv Renl <br />unit 6 2 1 1104 4 2 1 750 300 3 1 1 750 330 4 2 1 750 375 <br />breakdown 6 2 1 1152 4 2 1 756 400 4 2 1 1008 495 4 2 1 550 400 <br /> 6 2 1 1104 5 3 1 900 450 4 2 1 1008 495 4 2 1 1044 525 <br /> Tenants Pav Heat Tenant Pavs Heat Tenant Pavs Heat Owner Pavs Heat <br />Utilities, Owner Pavs Water Owner Pavs Water Sewer & Owner Pavs Water Sewer & Owner Pavs Water Sewer & <br />fumiture, and Sewer & Garbaoe Garbaoe. Garbaoe Garbane. <br />amenities <br />included in rent <br /> No Garane No Garane 3 Garane Stalls 2 Garane Stalls <br />Functional utility, 6 offstreet P arkino Off Street Parkinn <br />basement, <br />heating/cooling, <br />project amenities, etc. <br />Analysis of rental data and support for estimated market rents for the individual subject units (including ll1e adjustments used, the adequacy of comparables, rental concessions, etc.) <br />Main & 2nd Level 2 bedroom units ranoe from $400 to !t525 oer month with basement level 2 bedrooms runninn !t300 to !t375. Subiect orooertv <br />runs sliohtlv hioher as it Is a oarden level rather than basement. Therefore a rate of !t500/month for the two unner units on subiect would be <br />reasonable with a rate of $450 for lower level unit as it is the same size but a narden level. <br />Subject's rent schedule The rent schedule reconciles the applicable indicated monthly market rents to the appropriate subject unit, and provides the estimated rents tor the <br />subject property. The appraiser must review the rent characteristics of the comparable sales to determine whether estimated rents should reflect actual or market rents. For <br />example, if actual rents were available on the sales comparables and used to derive the gross rent mulliplier (GRM), actual rents for the subject should be used. If market rents <br />were used to construct the comparables' rents and derive the GRM, market rents should be used. The total gross estimated rent must represent rent characteristics consistent <br />with the sales comparable data used to derive the GRM. The total gross estimated rent is not adjusted for vacancy. <br /> LEASES ACTUAL RENTS ESTIMATED RENTS <br />Unit Lease Date ~~s Per Unit Total Per Unit Total <br /> Renin Fnd acant UnfurnishAd Furnished Rents Unfurnished F"rn;sherl Rents <br />1 NA NA 0 I!i: 5251!i: !i: 525 I!i: 500 I!i: It 500 <br />1 NA NA 0 450 450 450 450 <br />1 NA NA 0 500 500 500 500 <br /> . <br />3 Iii Ii )'.'...';"ii" t 1475 'ii I!i: 1450 <br />Other monthly income (itemize) $ <br />Vacancy: Actual last year _ % Previous year _ % Estimated: ~% $ ~ Annually Total gross estimated rent $ 1450 <br />Utilities included in estimated rents: 0 Electric c><:J Water c><:J Sewer o Gas o Oil c><:J Trash collection 0 <br />Comments on the rent schedule, actual rents, estimated rents (especially regarding differences between actual and estimated rents), utilities, etc.: Actual & estimated rents <br />are verv close and actual rent schedule aooears to be in line with market rents. <br /> <br />IFile No 2004 2251 Paoe #61 <br />SMALL RESIDENTIAL INCOME PROPERTY APPRAISAL REPORT <br /> <br />Freddie Mac Form 72 10-94 <br /> <br />PAGE 3 OF 4 <br />Form SR3 - "TOTAl. for Windows" appraisal software by a la mode, inc. - 1-800-ALAMODE <br /> <br />Fannie Mae Form 1025 10-94 <br />