3. Tax Equalization Board reconvenes

IFile No 2004.2251 Paae #71 SMALL RESIDENTIAL INCOME PROPERTY APPRAISAL REPORT The undersigned has retited three recent sales of properties most similar and pro~mate to the subjett property and has descnbed and analyzed these in this analysis. ~ there is a significant vanation between the subject and comparable properties, the analysis includes a dollar adjuslment reflecting the market reaction to those ~ems or an explanation supported by the market data. If a significant item in the comparable property is supenor to, or more favorable than, the SUbject properly, a minus (-j adjuslment is made, thus reducing the adjusted sales pnce of the comparable property; n a signnicant item in the comparable property is infenor to, or less favorable than, the subjett property, a plus (+) adjuslment is made, thus increasing the adjusted sales pnce of the comparable property. [(1) Sal.. Price / Groll Monthly Rent! ITEM I 298 Maple Dr Address Maoleton Proxim~v to subiect Sales price Sales price per GBA Gross monthlv rent Gross mo. rent mull. (1 \ Sales price per un~ Sales price per room Data and/or Verification Sources ADJUSTMENTS Sales or financing concessions Date of sale/time Location Leasehold/Fee Simple S~e View Desion and apneal aual~v of construction Aoe Cond~ion Gross Buildinp Area Un~ breakdown Basement descriDtion Functional util~v HeatinDlcoolina Parkina on/off s~e Project amen~ies and fee (If applicable) SUBJECT I $ $ $ 123000 36.61 1 450.00 83.39 41000 6833 COMPARABLE SALE NO.1 COMPARABLE SALE NO.2 COMPARABLE SALE NO.3 1033 College St 123511 1/2 St N 810 2nd St N Farao Faroo Farao 11.74 miles 11.92 miles 12.60 miles IX1 Unf. il Furn. $ 127900 IX1 Unf. il Furn. $ 105900 IX1 Unf. l Furn. $ 97 000 $ M~ $<<~ $ ~.~ $ 1 485.00 $ 1 150.00 $ 1 300.00 86.13 92.09 74.62 $ 42 633 $ 35 300 $ 32 333 $ 9838 $ 8146 $ 8083 MLS #03-2356 MLS #03-3205 MLS #03-197 32 days on market 19 days on market 131 days on market DESCRIPTION : + (- \ $ Adiuslment DESCRIPTION :+ (-I $ Adiuslment DESCRIPTION : + (- \ $ Adiuslment Cony 0 Cony 0 Con v : 0 None 0 None 0 None 0 Auo 29 2003 0 Oct 30 2003: 0 Julv 23 2003 0 Urban 0 Urban 0 Urban : 0 Fee Simnle: 0 Fee Simnle 0 Fee Simnle: 0 7000 : 0 7000 0 7000 : 0 Street : 0 Street : 0 Street 0 1 1/2 Storv: 0 1 1/2 Storv: 0 1 1/2 StorY 0 Averaoe 0 Averaoe : 0 Averaoe : 0 1919 0 1922 : 0 1902 : 0 Avo/Good : -7700 Avo/Fair : +5300 Avo/Fair : +4900 2554 S . ft.: +8100 2356 Sa. ft.: +10 000 2345 Sa. ft.: +10100 ~. Rm. count No.: Nf' Rm. count No.: Nr Rm. count No.: un~s Tnt A, R, Vac.: u Oits I Tot Rr Aa Vac.: u~its Tot B R, Vac.: 1 5 3 1 0: -4,000 1 5 3 1 0: -4,000 1 4 2 1 0: 0 15310: 015310: 014210: 0 13110: 013110: 014210: 0 394 Unf A veraoe : EBB/None : NoGarane/6-offst : None +2800 200 Unf : o Averaoe : o EBB/None o NoGarane/6-offst : +2,000 None : +3 600 294 Unf : 0 Averane : 0 OFNCA : 0 2-DeU1-offstreet : +2,000 None +3 200 o -1000 o +2,000 Personal Insoeclion DESCRIPTION Suburban Fee Simnle 16000 Street 4-Level Averaoe 1970 Averaoe 3 360 SP. ft. Nr Rm. count No. u~its Tot Br Sa Vac. 1 6 2 1 0 1 6 2 1 0 1 6 2 1 0 1104 Unf Averaoe EEB/None NoGarane/6-off st Laundry Net Adi. (totan + - : $ 1 200~- : $ 16 900~-: $ Adjusted sales price of comparabie $ 129 100 $ 122 800 $ Comments on sales comparison (including reconciliation of all indicators of value as to consistency and relative strength and evaluation of the typical investor's/purchaser's motivation in that market): See attached addenda. ITEM Date, Price and Data Source for prior sales w~hin vear of appraisal Analysis of any current agreement of sale, option, or listing of the subject property and analysis of any prior sales of subject and comparables w~hin one year of the date of appraisal: The subiect orooertv has not sold within the oast 3 years of this aooraisal reoort. SUBJECT None 19200 116200 COMPARABLE NO.1 No sales within past 12 months COMPARABLE NO.2 No sales within past 12 months COMPARABLE NO.3 No sales within past 12 months Total gross monthly estimated rent $ 1.450 X gross rent mulliplier (GRM) 82.00 = $ 118,900 INDICATED VALUE BY INCOME APPROACH Comments on income approach (including expense ratios, IT available, and reconciliation of the GRM) The 5 comns from $85 000 to $150 000 have GRM rannino form $73.86 to $92.09 with an averaoe of $80.23. The 3 sales above averane $84.28 so I felt !!:82 to be a nood rate. INDICATED VALUE BY SALES COMPARISON APPROACH HH HH'HH $ 123000 INDICATED VALUE BY INCOME APPROACH HHHHHH"H"'HHH' $ 118900 INDICATED VALUE BY COST APPROACH . $ 134400 This appraisal is made ~ "as is" U subject to the repairs, allerations, inspections, or cond~ions listed beiow D subject to completion per plans and specITications. Comments and cond~ions of appraisal: See Attached Statement of Limitino Conditions. This is a Comnlete Annraisal Summa'" Renort for the nuroose of financino ourchase of subiect orooertv. Final reconciliation: The sales comoarison aooroach is felt to be the best indication of market value & niven 50% weinht. The income annroach is also used to helo suooort this market value and 35% weioht. The cost aooroach was considered but niven the least weinht at 15% in arrivino at l weiohted averaoe of $123 000. The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above cond~ions and the certification, contingent and iim~ing cond~ions, and market vaiue defin~ion that are stated in the attached Freddie Mac Form 439/Fannie Mae Form 1004B (Revised June 1993 ). I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OFTHE REAL PROPERTY THAT ISTHE SUBJECT OF THIS REPORT, AS OF June 4 2004 (WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $ 123 000 APPRAISER: .,~ ~.-+.... SUPERVISORY APPRAISER (ONLY IF REQUIRED): Sionature /( /iCj~ ~r Sionature Name Russe1lt"Wastweet Name Date Report Sioned June 11, 2004 Date ~.nnrt Sinned State Certiflcation # CG-1148 State ND State Certification # Or State License # State Or State License # Freddie Mac Form 72 10-94 D Did D Did Not Inspect Property State State PAGE 4 OF 4 Form SR3 - "TOTAL for Windows" appraisal software by a la mode, inc. -1-BOO-ALAMODE Fannie Mae Form 1025 10-94