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Appraisal for 7 Water Street
Nantucket Real Estate & Appraisal 34R Somerset Ln Nantucket, MA 02554 11/02/2022 Sean Enright Re:Property:7 Water St West Yarmouth, MA 02673 Borrower:NA File No.:45674 Opinion of Value: $605,000 Effective Date:11/01/2022 In accordance with your request, we have appraised the above referenced property. The report of that appraisal is attached. The purpose of the appraisal is to develop an opinion of market value for the property described in this appraisal report, as improved, in unencumbered fee simple title of ownership. This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood and city, and an economic analysis of the market for properties such as the subject. The appraisal was developed and the report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice. The opinion of value reported above is as of the stated effective date and is contingent upon the certification, hypothetical conditions, extraordinary assumptions and limiting conditions attached. It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additional service to you. Sincerely, William Moran RAA/GAA License or Certification #: 70815 State: MA Expires: 03/22/2024 APPRAISAL OF REAL PROPERTY 7 Water St West Yarmouth, MA 02673 BCRD Book 35260 Page 140 Sean Enright 605,000 11/01/2022 William Moran Nantucket Real Estate & Appraisal 34R Somerset Ln Nantucket, MA 02554 Form GA2V - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE LOCATED AT FOR OPINION OF VALUE AS OF BY 45674Sean Enright 7 Water St West Yarmouth Barnstable MA 02673 William Moran Letter of Transmittal .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Cover Page .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Table of Contents .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Qualifications - Page 1 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Qualifications - Page 2 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Certifications & Limiting Conditions - Residential .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Location Map .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Expanded Commentary .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Listing Sheet .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... GP Residential .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... GP Residential .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Additional Comparables 4-6 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... GP Residential .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Subject Photos .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Comparable Photos 1-3 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Comparable Photos 4-6 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Comparable Sales Map .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Market Area Summary - Page 1 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Market Area Summary - Page 2 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Site Map .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Flood Map .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Zoning .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... UAD Definitions Addendum .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... UAD Definitions Addendum .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... UAD Definitions Addendum .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... License .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 1 2 3 4 5 6 8 9 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Form TOCNP - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Client Appraiser File No. Property Address City County State Zip Code TABLE OF CONTENTS Qualifications - Page 1 Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Qualifications - Page 2 Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Sean Enright 7 Water St, West Yarmouth, MA 02673 45674 Form AI9005 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Client:Client File #: Subject Property:Appraisal File #: STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS This appraisal is subject to the following assumptions and limiting conditions: This report is prepared using forms developed and copyrighted by the Appraisal Institute. However, the content, analyses, and opinions set forth in this report are the sole product of the appraiser. The Appraisal Institute is not liable for any of the content, analyses, or opinions set forth herein. No responsibility is assumed for matters legal in character or nature. No opinion is rendered as to title, which is assumed to be good and marketable. All existing liens, encumbrances, and assessments have been disregarded, unless otherwise noted, and the property is appraised as though free and clear, having responsible ownership and competent management. I have examined the property described herein exclusively for the purposes of identification and description of the real property. The objective of my data collection is to develop an opinion of the highest and best use of the subject property and make meaningful comparisons in the valuation of the property. The appraiser's observations and reporting of the subject improvements are for the appraisal process and valuation purposes only and should not be considered as a warranty of any component of the property. This appraisal assumes (unless otherwise specifically stated) that the subject is structurally sound and all components are in working condition. I will not be required to give testimony or appear in court because of having made an appraisal of the property in question, unless specific arrangements to do so have been made in advance, or as otherwise required by law. I have noted in this appraisal report any significant adverse conditions (such as needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) discovered during the data collection process in performing the appraisal. Unless otherwise stated in this appraisal report, I have no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and have assumed that there are no such conditions and make no guarantees or warranties, express or implied. I will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because I am not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable public and/or private sources that I believe to be true and correct. I will not disclose the contents of this appraisal report except as provided for in the Standards and Ethical Rules under which this appraisal was developed and reported and/or applicable federal, state or local laws. The Client is the party or parties who engage an appraiser (by employment contract) in a specific assignment. A party receiving a copy of this report from the client does not, as a consequence, become a party to the appraiser-client relationship. Any person who receives a copy of this appraisal report as a consequence of disclosure requirements that apply to an appraiser's client, does not become an intended user of this report unless the client specifically identified them at the time of the assignment. The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. If this valuation conclusion is subject to satisfactory completion, repairs, or alterations, it is assumed that the improvements will be completed competently and without significant deviation. VALUE DEFINITION Market Value Definition (below)Alternate Value Definition (attached) MARKET VALUE is defined as the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1.buyer and seller are typically motivated; 2.both parties are well informed or well advised and acting in what they consider their own best interests; 3.a reasonable time is allowed for exposure in the open market; 4.payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5.the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.Source: The Dictionary of Real Estate Appraisal, 6th ed., Appraisal Institute *NOTICE:The Appraisal Institute publishes this form for use by appraisers where the appraiser deems use of the form appropriate.Depending on the assignment,the appraiser may need to provide additional data,analysis and work product not called for in this form.The Appraisal Institute makes no representations,warranties or guarantees as to,and assumes no responsibility for,the data,analysis or work product,or third party certifications,verifications,data specifications,scores,indexes, or valuation tools,used or provided by the individual appraiser(s)or others in the specific contents of the AI Reports®.AI Reports®AI-900.05 Certification, Assumptions and Limiting Conditions©Appraisal Institute 2017,All Rights Reserved June 2017 Sean Enright 7 Water St, West Yarmouth, MA 02673 45674 William Moran 11/02/2022 70815 MA 03/22/2024 Form AI9005 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Client:Client File #: Subject Property:Appraisal File #: APPRAISER CERTIFICATION I certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. The reported analysis, opinions, and conclusions are limited only by the report assumptions and limiting conditions, and are my personal, unbiased professional analysis, opinions, and conclusions. I have no present (unless specified below) or prospective interest in the property that is the subject of this report, and I have no (unless specified below) personal interest with respect to the parties involved. I have no bias with respect to any property that is the subject of this report or to the parties involved with this assignment. My engagement in this assignment was not contingent upon the developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. My analysis, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. Individuals who have provided significant real property appraisal assistance are named below. The specific tasks performed by those named are outlined in the Scope of Work section of this report. None Name(s) As previously identified in the Scope of Work section of this report, the signer(s) of this report certify to the inspection of the property that is the subject of this report as follows: Property Inspected by Appraiser Yes No Property Inspected by Co-Appraiser Yes No Services provided, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment:None Specify services provided: ADDITIONAL CERTIFICATION FOR APPRAISAL INSTITUTE MEMBERS, CANDIDATES AND PRACTICING AFFILIATES Appraisal Institute Designated Member, Candidate for Designation, or Practicing Affiliate Certify: The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. APPRAISERS SIGNATURES APPRAISER: Signature Name Report Date Trainee Licensed Certified Residential Certified General License #State Expiration Date CO-APPRAISER: Signature Name Report Date Trainee Licensed Certified Residential Certified General License #State Expiration Date *NOTICE:The Appraisal Institute publishes this form for use by appraisers where the appraiser deems use of the form appropriate.Depending on the assignment,the appraiser may need to provide additional data,analysis and work product not called for in this form.The Appraisal Institute makes no representations,warranties or guarantees as to,and assumes no responsibility for,the data,analysis or work product,or third party certifications,verifications,data specifications,scores,indexes, or valuation tools,used or provided by the individual appraiser(s)or others in the specific contents of the AI Reports®.AI Reports®AI-900.05 Certification, Assumptions and Limiting Conditions©Appraisal Institute 2017,All Rights Reserved June 2017 Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Location Map Sean Enright 7 Water St West Yarmouth Barnstable MA 02673 William Moran Client Appraiser Property Address City County State Zip Code BACKGROUND PANDEMIC - LOCAL MARKET CONDITIONS ·Presently there are no market indicators as of the effective date of the appraisal to support a "decreasing market" due to impact of Covid-19. ·In fact, a macro view of all island sales, indicates continued value increases. ·Please see additional "assignment specific" discussion in the addendum under the heading "Market Conditions" within this "Expanded Commentary" addendum. KEY TERMS ·Extraordinary Assumption; an assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or conclusions. ·Hypothetical Condition; An assumption made contrary to fact, but which is assumed for the purpose of discussion, analysis, or formulation of opinions. LISTING & SALES HISTORY MLS #Status Price % Change Date DOM Begin Date Original List Price 22204968 Active $329,900 -32.7%09/16/2022 47 09/16/2022 $349,900 22203543 Cancelled $489,900 09/16/2022 72 07/06/2022 $559,000 ·Corelogic public records indicate the subject's most recent transfer occurred on 6/21/2022 (foreclosure deed - doc #35200-140 recorded on 6/21/2022). ·Corelogic public records also indicate the following transfer(s) of the subject within the last three years: quit claim deed on 3/11/2020, doc# 32755-218 recorded on 3/13/2020. SUPPLEMENTAL CLIENT INSTRUCTIONS ·As of effective date, the subject interior has been gutted to studs and per listing sheet is marketed as: ·"...tear down and replace with new house. Or raise existing house foundation & renovate 3BDR Ranch. Owner can also offer custom build with quality builder or sell the lot. The lot sits in AE flood zone, foundation needs to be at 12'. Can get approximately 2600 SF+/- 50x26 foot print on the lot meeting all the minimum set back requirements, see plan attached..." ·Appraisal is made subject to supplemental client instructions that include the following: ·Hypothetical condition: property to be appraised in condition prior to recent gutting of interior and described for purposes of analysis to be Q4 (quality) & C4 (condition) per UAD (universal appraisal dataset), see definitions attached. APPRAISAL COMPLEXITIES ·The subject's dominant feature is the location, south of Rt 28 near Lewis Bay. ·The land value is influenced by a favorable location near water in an area of high-seasonal/vacation demand ·Therefore, the primary search for comparables was focused on identification of comparable market area sales that bracket the subject location as well as bracketing the improvements and other amenities. ·There is an extreme limited inventory of sales and listings with similar dominant features as the subject found within the defined market area and therefore, scarcity of sales on the island often requires the use of sales that will require adjustments that exceed client expectations and this is typical in areas of limited sales transactions, i.e. island; and ·Use of sales outside the market area do not meet the definition of a comparable sale and were not considered. EXPOSURE TIME & MARKETING TIME ·In accordance with 2022-2023 USPAP, an estimate of exposure time is required by USPAP for market value appraisal assignments. Exposure time is the estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. ·A reasonable exposure time for the subject property developed independently from the stated marketing time is: 1-3 months. PRIOR ASSIGNMENTS ·In accordance with 2022-2023 USPAP, the appraiser has included the following certification: ·I have not performed prior services, as an appraiser, or in any other capacity regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. HIGHEST & BEST USE ANALYSIS ·Highest and Best Use is defined as; the reasonable, probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. ·The subject is zoned residential. ·The subject is improved with a residential dwelling. ·The Highest and Best Use “as is” is determined to be residential use. ·The Highest and Best Use “as though vacant” and ready for development is also residential use. ·In summary, any use other than present residential would be considered highly speculative due to zoning, use restrictions and surrounding land uses. ·Supplemental client instructions request that the property is appraised as single family, same footprint, frame, etc. prior to gutting interior. Therefore, any additional highest and best use analysis is superfluous to the assignment. EXTERIOR INSPECTION & UTILITIES, MECHANICAL SYSTEMS ·Per hypothetical conditions, systems assumed to be functioning properly for purposes of analysis. DIVERGENCE WITH PUBLIC RECORDS ·Gross Living Area is the total area of finished, above-grade residential space. It is calculated by measuring the outside perimeter of the structure and includes only finished, habitable, above-grade living space. Finished basements and unfinished attic areas are not included in total gross living area. The appraiser must match the measurement techniques used for the subject to the comparable sales. An area that is considered finished must be an enclosed area with walls, floors, and ceilings which are covered with acceptable construction materials. The area must also be suitable for year round use. ·The GLA (finished area and finished square footage) was measured to ANSI standard ANSI Z765-202 ·The assessor often times includes finished below grade space with the above grade GLA, and ·The assessor often times includes below grade rooms, bedrooms and baths with the above grade room, bedroom and bath count. ·The appraiser has correctly not included (if any) below grade finish, room(s), bedroom(s) or bath(s) with the above grade GLA. ·Absent the ability to measure the interior of each of the comparables, the appraiser and the local real estate community rely upon public data sources for information for comparable sales info. SITE DIMENSIONS ·The appraiser has attached a site description obtained from public records. ZONING ·Appraiser has attached a Zoning Addendum. Expanded Commentary Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 45674 Sean Enright 7 Water St West Yarmouth Barnstable MA 02673 William Moran Client Appraiser Property Address City County State Zip Code File No. SUBJECT ·Please see listing sheet attached. NEIGHBORHOOD & MARKET AREA YARMOUTH ·Yarmouth is a town in Barnstable County, Massachusetts, United States, Barnstable County being coextensive with Cape Cod. ·The population was 23,793 at the 2010 census. ·The town is made up of three major villages: South Yarmouth, West Yarmouth, and Yarmouth Port. ·Developers began to refashion Yarmouth into a summer resort near the end of the nineteenth century. ·Hotels and summer cottage communities proliferated in the first half of the twentieth century, particularly along what is now Route 28. ·In general, majority of homes south of 28 are second homes and/or seasonal rentals. The area north of Route 28 to Yarmouthport is populated with yearly residents, second homes and yearly rentals. ·According to the United States Census Bureau, the town has a total area of 28.2 square miles, of which 24.1 square miles is land and 4.1 square miles is water. ·Yarmouth is bordered by Cape Cod Bay to the north, Dennis to the east, Nantucket Sound to the south, and Barnstable to the west. Yarmouth is approximately 75 miles southeast of Boston. ·The Bass River and its tributaries make up the majority of the town's border with Dennis. ·The town's southern shore is known for its beaches, from the west jetty of the Bass River to Great Island, on the east and south sides of Hyannis Harbor. ·In addition to the beaches, the town’s four public golf courses drive tourism from the north. ·Cape Cod's three major east-west routes, U.S. Route 6, Massachusetts Route 6A and Massachusetts Route 28, all run through the town. Unlike many towns on the Cape, there are no other state routes crossing between the three roads, with all crossing routes being local roads. There are two exits off Route 6 (also known as the Mid-Cape Highway) in town. ·Freight rail service is provided by the Massachusetts Coastal Railroad from the Barnstable town. ·The Cape Cod Central Railroad operates seasonal tourist excursions from nearby Hyannis to Sandwich and Sagamore. ·The nearest inter-city passenger rail stations are Boston's South Station and Providence. ·The nearest MBTA commuter rail stations are Kingston/Route 3 and Middleborough/Lakeville, providing direct service to Boston. ·The nearest airport is the Barnstable Municipal Airport, just over the town line. ·The nearest national and international air service is at Logan International Airport in Boston. ·Yarmouth is represented in the Massachusetts House of Representatives as a part of the First and Second Barnstable Districts. The town is represented in the Massachusetts Senate as a part of the Cape and Islands Districts, which includes all of Cape Cod, Martha's Vineyard and Nantucket except the towns of Bourne, Falmouth, Sandwich and a portion of Barnstable. ·On the national level, Yarmouth is a part of Massachusetts's 9th congressional district, and is currently represented by William R. Keating. ·Yarmouth is governed by the open town meeting form of government and is led by a town administrator and a board of selectmen. ·There is a central police station, and one firehouse, post office and library each in South Yarmouth, West Yarmouth and Yarmouth Port. ·Yarmouth schools make up one-half of the Dennis-Yarmouth Regional School District. Yarmouth operates two elementary schools (Station Avenue and Marguerite E. Small) which serve students from pre-kindergarten through third grade and the Mattacheese Middle School for grades 6 through 7. Grades 4-5 are served at Wixon Innovative School in Dennis. ·The town is the home to Dennis-Yarmouth Regional High School, where both towns send their grade 8-12 students. MARKET AREA - SOUTH OF RT28/LEWIS BAY ·The market area is defined as; the study of real estate market conditions for a specific type of property. Market Analysis and Highest and Best Use, published by Hondros Learning, “Market analysis needs to be done in general covering the conditions in the market place for the area where the property is located, and also on a specific level for the particular property compared with all the other properties against which it competes in the market.” ·The market area analysis includes; all sales and listings that effectively compete with the subject, with similar amenities and value influences. ·Due to unique appeal of the location, amenities and character of the subject neighborhood, the appraiser is reluctant to expand the market area and considered recent sales outside the market area as "not credible". SALES COMPARISON APPROACH MARKET CONDITIONS & DATE OF SALE ADJUSTMENT ·Please refer to the extensive market data addenda found in this report. ·Values have increased across all price points. ·FNMA Selling Guide B4-1.3-09 (Adjustments to Comparable Sales 1/31/20217): “The date of sale and the time adjustment (market conditions) are critical elements in determining an accurate value because the appraisal is based on a specific date in time (effective date of appraisal). The comparable sales being considered must be analyzed by the appraiser to determine if there have been any changes in market conditions from the time the comparable went under contract to the effective date of the appraisal. This analysis will determine whether a time adjustment is warranted...." ·Appraiser has analyzed a vast amount of market data and has concluded that the best indicator for a market condition adjustment is comparison of the 12 month median sales price as of the effective date of report (11/1/2022) verse the 12 month median sales price as of the comparable contract date (single family sales, Yarmouth, as extracted from Cape Cod MLS). Median Sales Price Avg Cost Per SF Effective Date 11/01/2021 - 10/31/2022 $535,000 $445 Comp 1 05/01/2021 - 04/30/2022 $495,000 +.080% $392 +.135% Comp 2 01/01/2021 - 12/31/2021 $469,500 +.139% $376 +.183% Comp 3 03/01/2021 - 02/28/2022 $487,500 +.097% $385 +.155% Comp 4 10/01/2021 - 09/30/2022 $525,000 +.019% $412 +.080% ·Please note that the average cost per sf increase is far greater than the overall median sales price. ·Given the quantity of market appreciation data, the appraiser conservatively applied the median sales price increase to each of the comparable sales. SELECTION OF COMPARABLES ·Bracketing, as defined in The Dictionary of Real Estate Appraisal, Fourth Edition, Appraisal Institute, is “a process in which the appraiser determines a probable range of values for a property by applying qualitative techniques of comparative analysis to a group of comparable sales. Jul 9, 2014. ·All comps are located within the defined market area. ·Despite a 24 month search of the market area, the appraiser is not able to bracket each of the subject's features. ADJUSTMENT METHODOLOGY ·Qualitative analysis recognizes the inefficiencies of real estate markets and the difficulty in expressing adjustments with mathematical precision. For each amenity warranting an adjustment, the appraiser has discussed the need for an adjustment. ·In arriving at an adjustment, the appraiser has relied upon: ·Work files and surveys of local participants (agents and builders), and ·Utilization of the various methodologies available to the appraiser including; extraction, allocation, group trend analysis, relative comparison analysis, matched pair analysis and ranking. ·Finally, upon the completion of the adjustment process, the appraiser applied “sensitivity analysis” as a test of reasonableness. ·All adjustments are rounded. Expanded Commentary Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 45674 Sean Enright 7 Water St West Yarmouth Barnstable MA 02673 William Moran Client Appraiser Property Address City County State Zip Code File No. ·All adjustments are rounded. LOCATION, SITE SIZE ·Comp 1; located next to subject, similar in all aspects. ·Please note that values exponentially increase with favorable proximity to water and beach. ·Comp 1; similarly located near water. ·Comp 2; inferior distance to water; slightly off-set by superior acreage/privacy. ·Comp 3; inferior distance to water; inferior acreage/privacy. ·Comp 4; inferior distance to water; slightly off-set by superior acreage/privacy. DESIGN, QUALITY & CONDITION ·Please note that variances within a UAD rating are common and adjustments for variances applied if warranted. ·Appraiser has considered all available data for quality and condition ratings as well as additional consideration given to peer data recently made available to appraisers through Corelogic. ·Comp 1; total renovation to studs adjusted @ $150 sf. ·Comp 2-4; superior overall condition with some updates, adjusted @ $75 sf. AGE ·Age and effective age considered and reflected in the condition adjustment, and if necessary, an additional adjustment for reserve and replacement for age has been applied. ROOM COUNT & BEDROOM COUNT ·Room counts are considered proportionate with GLA and a matter of owner preference. Any disproportion would be discussed under the functional utility adjustment. GROSS LIVING AREA (GLA) ·Contributory value adjusted at $250 per square foot. BATH & 1/2 BATHS ·Contributory value adjusted $30,000 per full and $10,000 per 1/2 bath. Only above grade baths considered. Below grade baths (if any) considered in basement adjustment. BASEMENT & BASEMENT FINISH ·Full basements are highly valued for storage and ability to expand living space. ·Basement adjustment at $50 per sf of basement foundation/footprint. GARAGE ·Adjusted $25,000 per bay. SALES COMPARISON CONCLUSIONS ·Appraiser brackets the value between the sales data presented. ·Despite Comp 1 being the most obvious comparable sale (location, size, etc.), the un-adjusted sales price and adjusted value appears to be an outlier (high). The appraiser is not able to identify any other amenity warranting an adjustment for Comp 1 and therefore does not give the sale the most weight. ·The value conclusion represents the central tendency of Comp 2-4 adjusted values, which is further supported by the adjusted value of Comp 1. COST APPROACH SITE VALUE ·Scarcity of comparable market area vacant land sales required the appraiser to consider allocation and extraction methods. ·Comp 1 -4 have land assessment ratios ranging from 38-49%, with allocated land values as follows: ·Comp 1; ~$310,000 ·Comp 2; ~$340,000 ·Comp 3; ~$250,000 ·Comp 4; ~$270,000 ·Appraiser has reported a vacant land value that represents the central tendency of the land assessment allocation ratio. BUILDING COSTS ·Appraiser has found that local builder estimates are far more reliable for this remote location than any cost manuals. ·The building costs reported in the Cost Approach were extracted from a recent survey of local builders. INCOME APPROACH - NA INCOME APPROACH ·Comparable properties are generally rented seasonally by the week or month and utilized at other times for personal use and therefore application of a GRM is not applicable to this form. ·Full development of the Income Capitalization Approach is beyond the scope of the assignment as ordered by Client. ·The appraiser was not provided any historical rental data for the subject. RECONCILIATION ·Market actions of buyers and sellers are best analyzed by the Sales Comparison Approach. ·The Cost Approach was developed as a test of reasonableness. ·The Income Approach is not relied upon as the area is composed primarily of primary and seasonal second homes and application of any weekly seasonal income/GRM to this form is not credible. Expanded Commentary Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 45674 Sean Enright 7 Water St West Yarmouth Barnstable MA 02673 William Moran Client Appraiser Property Address City County State Zip Code File No. Listing Sheet Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Nantucket Real Estate Appraisal 45674RESIDENTIAL APPRAISAL REPORT 7 Water St West Yarmouth MA 02673 Barnstable BCRD Book 35260 Page 140 YARM-000022-000399 2022 2,398 NA Drake Hldgs Llc 0 West Yarmouth/Lewis Bay (south of Rt 28)12700 0121.02 Purchase/Construction planning Client Sean Enright 94 Sisters Cir, Yarmouthport, MA 02675 William Moran 34R Somerset Ln, Nantucket, MA 02554 60 35 129 1,850 521 0 100 70 75 10 10 5 Market Area - south of Rt 28, West Yarmouth; north of Nantucket Sound and Lewis Bay; west of Hyannis; east of Parkers River. One-Unit Housing reflects 2 year search of market area single family sales and listings. Average price per sf $445 (ranging from $190 sf - $784 sf). See Market Area Summary attached. 80' X 90'7,200 sf R25 25000 sf lot minimum Residential Residential Residential zoning; any other use would be highly speculative. Private Septic Macadam Level Typical Rectangular Appears Adequate Residential AE 25001C0588J 07/16/2014 See "Expanded Commentary" addendum. 1 1 Ranch 62 20 Concrete Wood Siding Asphalt Shingle Avg Avg Avg X Unknown Unknown 0 0 BB Electric Carpet Drywall Wood Vinyl Other Wood 1 0 5 3 1.0 1,092 None C4; Appraisal is made subject to supplemental client instructions that include the following: Hypothetical condition: property to be appraised in condition prior to recent gutting of interior and described for purposes of analysis to be Q4 (quality) & C4 (condition) per UAD (universal appraisal dataset), see definitions attached. Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.:SUBJECTProperty Address:City:State:Zip Code: County:Legal Description: Assessor's Parcel #: Tax Year:R.E. Taxes: $Special Assessments: $Borrower (if applicable): Current Owner of Record:Occupant:Owner Tenant Vacant Manufactured Housing Project Type:PUD Condominium Cooperative Other (describe)HOA: $per year per month Market Area Name:Map Reference:Census Tract:ASSIGNMENTThe purpose of this appraisal is to develop an opinion of:Market Value (as defined), or other type of value (describe) This report reflects the following value (if not Current, see comments):Current (the Inspection Date is the Effective Date)Retrospective Prospective Approaches developed for this appraisal:Sales Comparison Approach Cost Approach Income Approach (See Reconciliation Comments and Scope of Work) Property Rights Appraised:Fee Simple Leasehold Leased Fee Other (describe) Intended Use: Intended User(s) (by name or type): Client:Address: Appraiser:Address:MARKET AREA DESCRIPTIONLocation:Urban Suburban Rural Built up:Over 75%25-75%Under 25% Growth rate:Rapid Stable Slow Property values:Increasing Stable Declining Demand/supply:Shortage In Balance Over Supply Marketing time:Under 3 Mos.3-6 Mos.Over 6 Mos. PredominantOccupancy Owner Tenant Vacant (0-5%) Vacant (>5%) One-Unit Housing PRICE $(000) Low High Pred AGE (yrs) Present Land Use One-Unit % 2-4 Unit % Multi-Unit % Comm'l % % Change in Land Use Not Likely Likely *In Process * * To: Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends):SITE DESCRIPTIONDimensions:Site Area: Zoning Classification:Description: Zoning Compliance:Legal Legal nonconforming (grandfathered)Illegal No zoning Are CC&Rs applicable?Yes No Unknown Have the documents been reviewed?Yes No Ground Rent (if applicable)$/ Highest & Best Use as improved:Present use, or Other use (explain) Actual Use as of Effective Date:Use as appraised in this report: Summary of Highest & Best Use: Utilities Public Other Provider/Description Off-site Improvements Type Public Private Electricity Gas Water Sanitary Sewer Storm Sewer Street Curb/Gutter Sidewalk Street Lights Alley Topography Size Shape Drainage View Other site elements:Inside Lot Corner Lot Cul de Sac Underground Utilities Other (describe) FEMA Spec'l Flood Hazard Area Yes No FEMA Flood Zone FEMA Map #FEMA Map Date Site Comments:DESCRIPTION OF THE IMPROVEMENTSGeneral Description # of Units Acc.Unit # of Stories Type Det.Att. Design (Style) Existing Proposed Und.Cons. Actual Age (Yrs.) Effective Age (Yrs.) Exterior Description Foundation Exterior Walls Roof Surface Gutters & Dwnspts. Window Type Storm/Screens Foundation Slab Crawl Space Basement Sump Pump Dampness Settlement Infestation Basement None Area Sq. Ft. % Finished Ceiling Walls Floor Outside Entry Heating Type Fuel Cooling Central Other Interior Description Floors Walls Trim/Finish Bath Floor Bath Wainscot Doors Appliances Refrigerator Range/Oven Disposal Dishwasher Fan/Hood Microwave Washer/Dryer Attic None Stairs Drop Stair Scuttle Doorway Floor Heated Finished Amenities Fireplace(s) # Patio Deck Porch Fence Pool Woodstove(s) # Car Storage None Garage # of cars (Tot.) Attach. Detach. Blt.-In Carport Driveway Surface Finished area above grade contains:Rooms Bedrooms Bath(s)Square Feet of Gross Living Area Above Grade Additional features: Describe the condition of the property (including physical, functional and external obsolescence): Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 45674RESIDENTIAL APPRAISAL REPORT Corelogic Public Records 06/21/2022 $446,000 Public Records/MLS Corelogic public records indicate the subject's most recent transfer occurred on 6/21/2022 (foreclosure deed - doc #35200-140 recorded on 6/21/2022). Corelogic public records also indicate the following transfer(s) of the subject within the last three years: [quit claim deed on 3/11/2020, doc# 32755-218 recorded on 3/13/2020] 7 Water St West Yarmouth, MA 02673 554 10/30/2022 Fee Simple S28; nr water 7200 sf Street Ranch Q4 62,20 C4 5 3 1.0 1,092 0sf Average Elec/None None 2dw FP Land Assessment Ratio 48% 5 Water St West Yarmouth, MA 02673 0.01 miles NW 750,000 744.05 MLS2200835;DOM 35 Exterior Inspection;PubRecrd ArmLth Conv;0 s05/22;c04/22 +60,000 Fee Simple S28; nr wtr 6970 sf Similar Ranch Q4 54 C2 $150 sf -151,000 6 3 1.1 -10,000 1,008 +21,000 0sf Average FHA/CAC -20,000 None 2dw Dk/Shed/FP -13,000 38% -113,000 637,000 4 Massachusetts Ave West Yarmouth, MA 02673 0.16 miles NE 675,000 545.23 MLS#22107012;DOM 12 Exterior Inspection;PubRecrd ArmLth Conv;0 s02/22;c12/21 +94,000 Fee Simple S28; inferior +100,000 17424 sf -50,000 Similar Ranch Q4 57 0 C3 $75 sf -93,000 5 3 1.1 -10,000 1,238 -37,000 1238sf0sfwu -43,000 Average FHANone None 1gd2dw -25,000 Deck -10,000 44% -74,000 601,000 21 Mayflower Rd West Yarmouth, MA 02673 0.55 miles NW 465,000 496.79 MLS#22106818;DOM 73 Assessors Records ArmLth Conv;0 s04/22;c02/22 +45,000 Fee Simple S28; inferior +100,000 5227 sf +50,000 Similar Ranch Q4 72 0 C4 $75 sf -70,000 3 2 1.0 936 +39,000 0sf Average FHA/None None 2dw Dk/Shwr/FP -15,000 49% 149,000 614,000 See "Expanded Commentary" attached. 605,000 Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.:TRANSFER HISTORYMy 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): 1st Prior Subject Sale/Transfer Date: Price: Source(s): 2nd Prior Subject Sale/Transfer Date: Price: Source(s): Analysis of sale/transfer history and/or any current agreement of sale/listing:SALES COMPARISON APPROACHSALES COMPARISON APPROACH TO VALUE (if developed)The Sales Comparison Approach was not developed for this appraisal. FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address Proximity to Subject Sale Price $$$$ Sale Price/GLA $/sq.ft.$/sq.ft.$/sq.ft.$/sq.ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust.DESCRIPTION +(-) $ Adjust.DESCRIPTION +(-) $ Adjust. Sales or Financing Concessions Date of Sale/Time Rights Appraised Location Site View Design (Style) Quality of Construction Age Condition Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count Gross Living Area sq.ft.sq.ft.sq.ft.sq.ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total)+-+-+-$$$ Adjusted Sale Price of Comparables $$$ Summary of Sales Comparison Approach Indicated Value by Sales Comparison Approach $ Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 45674ADDITIONAL COMPARABLE SALES 7 Water St West Yarmouth, MA 02673 554 10/30/2022 Fee Simple S28; nr water 7200 sf Street Ranch Q4 62,20 C4 5 3 1.0 1,092 0sf Average Elec/None None 2dw FP Land Assessment Ratio 48% 14 Egg Harbor Rd West Yarmouth, MA 02673 0.44 miles E 549,000 712.99 MLS#22105174;DOM 14 Assessors / Exterior Inspection ArmLth Conv;5000 s02/22;c09/21 +10,000 Fee Simple S28; inferior +100,000 10019 sf -25,000 Similar Ranch Q4 57 0 C3 $75sf -68,000 5 3 1.0 770 +81,000 0sf Average FHA/CAC -20,000 None 2dw EP/Shwr/FP -20,000 48% 58,000 607,000 Form GPRES2.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 4 5 6 File No.:SALES COMPARISON APPROACHFEATURE SUBJECT COMPARABLE SALE #COMPARABLE SALE #COMPARABLE SALE # Address Proximity to Subject Sale Price $$$$ Sale Price/GLA $/sq.ft.$/sq.ft.$/sq.ft.$/sq.ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust.DESCRIPTION +(-) $ Adjust.DESCRIPTION +(-) $ Adjust. Sales or Financing Concessions Date of Sale/Time Rights Appraised Location Site View Design (Style) Quality of Construction Age Condition Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count Gross Living Area sq.ft.sq.ft.sq.ft.sq.ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total)+-+-+-$$$ Adjusted Sale Price of Comparables $$$ Summary of Sales Comparison Approach Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 45674RESIDENTIAL APPRAISAL REPORT There is an extreme scarcity of comparable land sales within the market area (south of Rt 28). Additionally, the age of the improvements further diminishes the appraiser's confidence in the Cost Approach application. Surveyed Data NA 10/01/2022 300,000 1,092 400.00 436,800 0 436,800 145,585 145,585 291,215 25,000 Septic 616,215 Appraiser has found that local builder surveys are far more reliable than any cost publication. 40 605,000 616,215 See "Hypothetical Conditions" and "Extraordinary Assumptions" discussed in the "Expanded Commentary" addendum. 605,000 11/01/2022 29 Qualifications Exppanded Commentary Subject Photos Site Map UAD Definitions Certifications Listing Sheet Comparable Photos Flood Map License Location Map GP Residential (Form)Market Area Summary Zoning Sean Enright 94 Sisters Cir, Yarmouthport, MA 02675 William Moran Nantucket Real Estate & Appraisal 11/02/2022 70815 MA RAA/GAA 03/22/2024 11/01/2022 Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.:COST APPROACHCOST APPROACH TO VALUE (if developed)The Cost Approach was not developed for this appraisal. Provide adequate information for replication of the following cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value): ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW Source of cost data: Quality rating from cost service:Effective date of cost data: OPINION OF SITE VALUE =$ DWELLING Sq.Ft. @ $=$ Sq.Ft. @ $=$ Sq.Ft. @ $=$ Sq.Ft. @ $=$ Sq.Ft. @ $=$ =$ Garage/Carport Sq.Ft. @ $=$ Total Estimate of Cost-New =$ Less Physical Functional External Depreciation =$() Depreciated Cost of Improvements =$ ''As-is'' Value of Site Improvements =$ =$ =$ INDICATED VALUE BY COST APPROACH =$ Comments on Cost Approach (gross living area calculations, depreciation, etc.): Estimated Remaining Economic Life (if required):Years INCOME APPROACHINCOME APPROACH TO VALUE (if developed)The Income Approach was not developed for this appraisal. Estimated Monthly Market Rent $X Gross Rent Multiplier = $Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM):PUDPROJECT INFORMATION FOR PUDs (if applicable)The Subject is part of a Planned Unit Development. Legal Name of Project: Describe common elements and recreational facilities:RECONCILIATIONIndicated Value by: Sales Comparison Approach $Cost Approach (if developed) $Income Approach (if developed) $ Final Reconciliation This appraisal is made ''as is'',subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed,subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed,subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda. Based on the degree of inspection of the subject property,as indicated below,defined Scope of Work,Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications,my (our)Opinion of the Market Value (or other specified value type),as defined herein,of the real property that is the subject of this report is:$, as of:,which is the effective date of this appraisal. If indicated above,this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report.See attached addenda.ATTACHMENTSA true and complete copy of this report contains pages,including exhibits which are considered an integral part of the report.This appraisal report may not be properly understood without reference to the information contained in the complete report. Attached Exhibits:SIGNATURESClient Contact:Client Name: E-Mail:Address: APPRAISER Appraiser Name: Company: Phone:Fax: E-Mail: Date of Report (Signature): License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Interior & Exterior Exterior Only None Date of Inspection: SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) Supervisory or Co-Appraiser Name: Company: Phone:Fax: E-Mail: Date of Report (Signature): License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Interior & Exterior Exterior Only None Date of Inspection: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 Form PICPIX.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Subject Photo Page Sean Enright 7 Water St West Yarmouth Barnstable MA 02673 William Moran Subject Front Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 7 Water St 1,092 5 3 1.0 S28; nr water Street 7200 sf Q4 62,20 Subject Rear Subject Street Client Appraiser Property Address City County State Zip Code Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page Sean Enright 7 Water St West Yarmouth Barnstable MA 02673 William Moran Comparable 1 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 5 Water St 0.01 miles NW 750,000 1,008 6 3 1.1 S28; nr wtr Similar 6970 sf Q4 54 Comparable 2 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 4 Massachusetts Ave 0.16 miles NE 675,000 1,238 5 3 1.1 S28; inferior Similar 17424 sf Q4 57 Comparable 3 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 21 Mayflower Rd 0.55 miles NW 465,000 936 3 2 1.0 S28; inferior Similar 5227 sf Q4 72 Client Appraiser Property Address City County State Zip Code Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page Sean Enright 7 Water St West Yarmouth Barnstable MA 02673 William Moran Comparable 4 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 14 Egg Harbor Rd 0.44 miles E 549,000 770 5 3 1.0 S28; inferior Similar 10019 sf Q4 57 Comparable 5 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Comparable 6 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Client Appraiser Property Address City County State Zip Code Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Sales Map Sean Enright 7 Water St West Yarmouth Barnstable MA 02673 William Moran Client Appraiser Property Address City County State Zip Code Market Area Summary - Page 1 Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Market Area Summary - Page 2 Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Site Map Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Form MAP.FLOOD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Flood Map Sean Enright 7 Water St West Yarmouth Barnstable MA 02673 William Moran Client Appraiser Property Address City County State Zip Code Zoning Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 45674 Form UADDEFINE1A - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No. UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Condition Ratings and Definitions C1 The improvements have been recently constructed and have not been previously occupied. The entire structure and all components are new and the dwelling features no physical depreciation. Note: Newly constructed improvements that feature recycled or previously used materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100 percent new foundation and the recycled materials and the recycled components have been rehabilitated/remanufactured into like-new condition. Improvements that have not been previously occupied are not considered “new” if they have any significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep). C2 The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category are either almost new or have been recently completely renovated and are similar in condition to new construction. Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physical depreciation, or an older property that has been recently completely renovated. C3 The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well maintained. Note: The improvement is in its first-cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and is being well maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority of short-lived building components have been replaced but not to the level of a complete renovation. C4 The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate. Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived building components have been replaced, and some short-lived building components are at or near the end of their physical life expectancy; however, they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property. C5 The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs, rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains useable and functional as a residence. Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which many of its short-lived building components are at the end of or have exceeded their physical life expectancy but remain functional. C6 The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many or most major components. Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property with conditions severe enough to affect the safety, soundness, or structural integrity of the improvements. Quality Ratings and Definitions Q1 Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-quality exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishes throughout the dwelling are of exceptionally high quality. Q2 Dwellings with this quality rating are often custom designed for construction on an individual property owner’s site. However, dwellings in this quality grade are also found in high-quality tract developments featuring residence constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high quality exterior ornamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality. UAD Version 9/2011 (Updated 1/2014) Form UADDEFINE1A - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Quality Ratings and Definitions (continued) Q3 Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard residential tract developments or on an individual property owner’s site. The design includes significant exterior ornamentation and interiors that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from “stock” standards. Q4 Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship, finish, and equipment are of stock or builder grade and may feature some upgrades. Q5 Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials with limited refinements and upgrades. Q6 Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additions to the original structure Definitions of Not Updated, Updated, and Remodeled Not Updated Little or no updating or modernization. This description includes, but is not limited to, new homes. Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major components have been replaced or updated. Those over fifteen years of age are also considered not updated if the appliances, fixtures, and finishes are predominantly dated. An area that is ‘Not Updated’ may still be well maintained and fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration. Updated The area of the home has been modified to meet current market expectations. These modifications are limited in terms of both scope and cost. An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute updates include refurbishment and/or replacing components to meet existing market expectations. Updates do not include significant alterations to the existing structure. Remodeled Significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and/or expansion. A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include some or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocation of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of) square footage). This would include a complete gutting and rebuild. Explanation of Bathroom Count Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are not included in the bathroom count. The number of full and half baths is reported by separating the two values using a period, where the full bath count is represented to the left of the period and the half bath count is represented to the right of the period. Example: 3.2 indicates three full baths and two half baths. UAD Version 9/2011 (Updated 1/2014) AU Accessory Unit Throughout Appraisal Report Form UADDEFINE1A - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Abbreviations Used in Data Standardization Text Abbreviation Full Name Fields Where This Abbreviation May Appear A Adverse Location & View ac Acres Area, Site AdjPrk Adjacent to Park Location AdjPwr Adjacent to Power Lines Location ArmLth Arms Length Sale Sale or Financing Concessions AT Attached Structure Design (Style) B Beneficial Location & View ba Bathroom(s)Basement & Finished Rooms Below Grade br Bedroom Basement & Finished Rooms Below Grade BsyRd Busy Road Location c Contracted Date Date of Sale/Time Cash Cash Sale or Financing Concessions Comm Commercial Influence Location Conv Conventional Sale or Financing Concessions cp Carport Garage/Carport CrtOrd Court Ordered Sale Sale or Financing Concessions CtySky City View Skyline View View CtyStr City Street View View cv Covered Garage/Carport DOM Days On Market Data Sources DT Detached Structure Design (Style) dw Driveway Garage/Carport e Expiration Date Date of Sale/Time Estate Estate Sale Sale or Financing Concessions FHA Federal Housing Authority Sale or Financing Concessions g Garage Garage/Carport ga Attached Garage Garage/Carport gbi Built-in Garage Garage/Carport gd Detached Garage Garage/Carport GlfCse Golf Course Location Glfvw Golf Course View View GR Garden Design (Style) HR High Rise Design (Style) in Interior Only Stairs Basement & Finished Rooms Below Grade Ind Industrial Location & View Listing Listing Sale or Financing Concessions Lndfl Landfill Location LtdSght Limited Sight View MR Mid-rise Design (Style) Mtn Mountain View View N Neutral Location & View NonArm Non-Arms Length Sale Sale or Financing Concessions o Other Basement & Finished Rooms Below Grade O Other Design (Style) op Open Garage/Carport Prk Park View View Pstrl Pastoral View View PwrLn Power Lines View PubTrn Public Transportation Location Relo Relocation Sale Sale or Financing Concessions REO REO Sale Sale or Financing Concessions Res Residential Location & View RH USDA - Rural Housing Sale or Financing Concessions rr Recreational (Rec) Room Basement & Finished Rooms Below Grade RT Row or Townhouse Design (Style) s Settlement Date Date of Sale/Time SD Semi-detached Structure Design (Style) Short Short Sale Sale or Financing Concessions sf Square Feet Area, Site, Basement sqm Square Meters Area, Site Unk Unknown Date of Sale/Time VA Veterans Administration Sale or Financing Concessions w Withdrawn Date Date of Sale/Time wo Walk Out Basement Basement & Finished Rooms Below Grade Woods Woods View View Wtr Water View View WtrFr Water Frontage Location wu Walk Up Basement Basement & Finished Rooms Below Grade UAD Version 9/2011 (Updated 1/2014) License Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE