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Home My WebLink About2014 05-05 CCP Board of Appeal and Equalization ReconveneBOARD OF APPEAL AND EQUALIZATION RECONVENE City of Brooklyn Center May 5, 2014 AGENDA 1.Call to Order 6:00 p.m. 2.Roll Call 3.Local Board of Appeal and Equalization (LBAE) Certification Form 4.Assessor's Report a.Kurt Graham and Robert Vetter 6913 Oliver Avenue North PID # 26-118-21-34-0001 b.Michael Johnson 5343 Sailor Lane PID #03-118-21-43-0014 c. Earle Brown Terrace, Independent Living/Apartment Homes 6100 Summit Drive PID # 35-119-21-44-0012 5. Adjournment DATE: May 1. 2014 TO: Curt Boganey, City Manager FROM: Gary Eitel, Director of Business & Development Aa-, SUBJECT: Agenda Items for the May 5, 2014 Reconvening Meeting of the Board of Appeal & Equalization Agenda Item # 3 - Local Board of Appeal & Equalization (LBAE) Certification Form. Attached for your reference is a copy of the Certification Form that is required by the State to be completed at the initial meeting of the Local Board of Appeal and Equalization and any subsequent reconvening of this meeting. Nancy Wojcik, Administrative Manager, Hennepin County Assessor's Office, will be serving as the City's Assessor and will have the necessary forms for the Mayor and Council Member signatures for this meeting of the 2014 Local Board of Appeals and Equalization. Agenda Item # 4 - Assessor's Report a.Kurt Graham and Robert Vetter 6913 Oliver Avenue North PID # 26-118-21-34-0001 Jill Brenna, City Appraiser II, will be presenting the enclosed report and recommendation to sustain the 2014 estimated market value of $153,900. b.Michael Johnson 5343 Sailor Lane PID # 03-118-21-43-0014 Jill Brenna, City Appraiser II, will be presenting the enclosed report and recommendation to sustain the 2014 estimated market value of $134,100. c. Earle Brown Terrace, Independent Living/Apartment Homes 6100 Summit Drive PID # 35-119-21-44-0012 Joshua Hoogland, Principal Commercial Appraiser, Hennepin County Assessing Office will be presenting the County's report and recommendation. No additional information was available at the time this agenda packet was being prepared for distribution. Also, attached for your reference is a copy of the April 21, 2014 minutes of the Board of Appeal and Equalization Meeting. MINNESOTA. REVENUE Local Board of Appeal and Equalization Certification Perm for 2014 The Local Board of Appeal and Equalization (LBAE) must complete and sign the LBAE Certification Form for each meeting of the local board. Since all local boards are required to comply with the training and quorum requirements, this form must be completed even if no appeals are heard. At the end of each LBAE meeting, the county assessor or authorized city assessor takes possession of the completed form. Section 1 — The following information must be completed at the beginning of the meeting. County name Hennepin County Jurisdiction name (indicate city or town) Brooklyn Center ---\%Meeting (circle one): convened o reconvened Date May 5, 2014 Time a.m. 6:00C.I p.m. Township/City Board Members Please list all voting members of the LBAE. For each voting member, check "Present" or "Absent' to indicate which members were in attendance. For each voting member present, check "Yes" or "No" indicating if the member has completed the training required under Minnesota Statutes, Section 274.014 within the last four years. All voting members present at the meeting must sign this form. By signing this form, you certify that you attended the LBAE meeting. You are also certifying that no board member participated in actions concerning the valuation or classification of a property owned by the board member, the board members spouse, parent, stepparent, child, stepchild, grandparent, grandchild, brother, sister, uncle aunt, nephew, or niece of a board member, or any property in which the board member has a financial interest (the relationships may be by blood or marriage). Print names of all voting members Title Attendance Training certified Signature (for those in attendance only) Tim Willson Mayor E Present LAbsent AI Yes •No X Dan Ryan Council Member 11 Present • Absent .1. Yes DNo X Carol Kleven Council Member [Present • Absent rlYes •No X Lin Myszkowski Council Member El Present • Absent EYes Mho X Kris Lawrence-Anderson Council Member [1Present •IAbsent •Yes •No X Present LAbsent U Yes U No X Present flAbsent •Yes lEINo X Assessment Personnel This section must be completed by the county assessor (or an assistant delegated by the county assessor) or authorized city assessor present at the meeting. Local assessor information County assessor (or delegate) I authorized city assessor information Does this jurisdiction have a local assessor? EYes IDNo If yes, was the local assessor present? • Yes I=INo Name Nancy Wojcik Title License no. Local assessor name License no.B Countysigning I took A quorum Li assessor (or delegate) I authorized city assessor certificationbelow, I certify I was present at the meeting and (please check one): was present and a training certified member was present; or over the meeting and changed it to an open book format because: A quorum was not present and/or A trained member was not present. Other assessment personnel present Please list additional names on back of this form. Name Jill Brenna Title Appraiser II County assessor (or delegate) / authorized city assessor signature XName Joshua Hoogland, SAMA Title Principal Commercial Appraiser, Henn. Co. I Board member acknowledges loss of LBAE for this and following assessment year (due to reason checked above). XNameTitle Section 2 — The following information must be completed at the end of the meeting. Meeting (circle one): recessed or adjourned Time Ela.m. Ep.m. Scheduling for Reconvene Meeting (if needed) The LBAE must resolve all issues before the meeting is adjourned. If issues are unresolved, the board should recess until the next meeting. The LBAE must complete and sign a LBAE Certification Form for each reconvene meeting. The date and time for the reconvene meeting must be determined before the initial meeting is recessed. Once the LBAE has adjourned it cannot reconvene. Date for reconvene meeting Time LIa.m. Rpm. City of BROOKLYN CENTER O1 Locai Loard of Apperi mu! Equalization May 5, 2014 6:00 PM City of CROOK-LYN CENTER 2014 Local !board of Appeal and Equalization Kurt J. Graham 6913 Oliver Ave N 26-119-21-34-0001 2014 Assessed Value: $153,900 Recommendation: Sustain This report is not an appraisal as defined in M.S. §82B.02 (subd.3) nor does it comply with the Uniform Standards of Professional Appraisal Practice. It is intended to be used as a reference only and any use other than its intended use is prohibited and unlawfitl The author does not represent this to be an appraisal and is not responsible for any inappropriate use. It is a report ofpublic records using a mass appraisal technique. 2014 City of Brooklyn Center Assessing Department Local it oard of Appeal and Equalization Staff Report Property Owner(s): Property Address: PID #: Kurt J. Graham 6913 Oliver Ave N 26-119-21-34-0001 Market Value Assessment Year 2014 $153,900 Assessment Year 2013 $136,500 Assessment Year 2012 $139,200 Sale:May 1, 1991 - 72,000 (11 - Other) Comments: Subject property is a 1,224 sq. ft. rambler built in 1953 backing to the Palmer Lake recreation area. The lot for this property is over 20,000 sq. ft. which is significantly larger than our average Brooklyn Center residential lot. The exterior is updated with vinyl siding and maintenance free soffits and fascia. There is an attached two car garage, as well as a detached 12x24 auxiliary garage in the rear yard with no car access. Home also has a wall unit for air conditioning. The main floor bedrooms of this property have been modified. Access to one bedroom is through another room via a small door. Currently, this home has only one legal bedroom. A negative functional adjustment has been added to the calculation of the value of this home to account for the odd room configuration. The basement is finished with a sprayed ceiling, painted paneling, sheetrock and ceramic tile floor. The rear 12x26 addition has a masonry fireplace, finished ceiling, ceramic tile floor, unfinished block walls and a hot tub. Unfinished areas of the basement include a laundry room and a mechanical room. The basement bathroom is ceramic tile. During review, unfinished and damaged components that were noted included, missing trim around some main floor windows, ceiling damage in a basement finished room, and a discolored area near the floor in the lower level addition that showed signs of possible moisture intrusion. The home is considered to be in average condition. The enclosed sales comparables completed by the Assessor's office compares the subject property to four similar homes in Brooklyn Center. The unadjusted cash equivalent sale price for these four sales range from $149,900 to $176,000. During the review, an appraisal or market analysis was requested. As of April 30th, nothing has been received It is the recommendation of the Assessor's office to sustain the 2014 estimated market value for the property at 6913 Oliver Ave N. at $153,900 for the taxes payable in 2015. Assessor Recommendation: Sustain Appraiser:Last Inspection Date: Jason Vaith April 23, 2014 2014 Board of Appeal and Equalization Subject Data Summary , PID #: Property Address: Multiple Address: Lot/Block: Addition: Legal(120): Owner(s): Property Classification: 2014 EMV: 2013 EMV: 2012 EMV: Last Sale: Lot Size: Zoning: Dwelling Type: Style: Bedrooms: Baths: Actual Year Built: Gross Building Area: Basement Area: Bsmt Finished %: Garage #1: Garage #2: 26-119-21-34-0001 6913 Oliver Ave N Brooklyn Center, MN 55430 No 003/004 Halek's Addition Kurt J Graham Residential - Non-Homestead 153,900 136,500 139,200 5/1/1991 - 72,000 - Other - 11 20,172 Sq.Ft. / .46 Acres RI Single Family One Level/Rambler 1 2 1953 1,224 1,224 80 2 Car Attached 1 Car Detached 2014 Board of Appeal and Equalization Additionall Subject Photos 6913 Oliver Ave N 2014 Board of Appeal and Equalization Comparable 3 2014 Board of Appeal and Equalization Comparable 3 Sales Comparables Item jjct Comparable 1 Comparable 2 PID 2611921340001 2611921340005 2511921310031 2711921420111 Address 6913 Oliver Ave N 2208 69th Ave N 7230 Bryant Ave N 7119 Palmer Lake Cir District Sale Price $72,000 $149,900 $159,900 $169,000 Sale Date 05/01/1991 01/18/2013 09/17/2013 09/09/2013 Cash Equivalent $149.900 $159,900 $169,000 Price Per Sq. Ft.$58.82 $116.84 $120.41 $137.62 Dwelling Type Single Family Single Family Single Family Single Family Style One Level/Rambler One Level/Rambler One Level/Rambler One Level/Rambler Property Area 20,172 23,161 10,108 13,500 Actual Age 1953 1953 1963 1959 Effective Age 1990 1990 1985 1990 Quality Class B06 B06 B06 B06 1st Floor Area 1,224 1,283 1,328 1,228 Total GBA 1,224 1,283 1,328 1,228 Finished Area 2,203 2,225 1,908 2,005 Basement Area 1,224 1,256 1,160 1,036 Basement Finished (%)80 %75 %50 %75 % Total Bedrooms 1 4 3 2 Total Bathrooms 2 2 2 2 Garage 1 Floor Area 525 572 528 418 Garage 1 # of Cars 2 2 2 2 Garage 1 Placement Attached Detached Detached Attached Total # of Cars 3 2 2 2 Walkout Type Standard Walkout Air Conditioning No Central Central Central Pool Area-Total Fireplaces 2 1 Deck Area-Total 168 432 Porches River Lake Influences 2014 Board of Appeal and Equalization Salles Comparabiles Comparable 4 2014 Board of Appeal and Equalization Saks Comparabks Comparable 4 I ••• _ - PID 2611921340001 2611921430095 Address 6913 Oliver Ave N 7032 Oliver Ave N District Sale Price $72,000 $176,000 Sale Date 05/01/1991 10/31/2013 Cash Equivalent $176,000 Price Per Sq. Ft. $58.82 $145.70 Dwelling Type Single Family Single Family Style One Level/Rambler One Level/Rambler Property Area 20,172 11,695 Actual Age 1953 1962 Effective Age 1990 1985 Quality Class B06 B06 1st Floor Area 1,224 1,208 Total GBA 1,224 1,208 Finished Area 2,203 1,988 Basement Area 1,224 1,040 Basement Finished (%) 80 % 75 % Total Bedrooms 1 3 Total Bathrooms 2 2 Garage 1 Floor Area 525 504 Garage 1 # of Cars 2 2 Garage 1 Placement Attached Attached Total # of Cars 3 2 Walkout Type Air Conditioning No Central Pool Area-Total Fireplaces 2 Deck Area-Total 168 Porches River Lake Influences 2014 Board of Appeal and Equalization Item 73rd In N c6 "4 ve N 04V.U.E3 Brookdide DrN ;di ^..2 ,1141 Al 2 15th di7rj 7 ,1th Cr N Ct 73rd Cr N -o z 73rd Aqe N 9 ▪ .Woodbine 1.1) 2 7_77.7thAve:1■1 A \76th Ave 11 Mcdrol P3rI: Me.:dove,vocr; Dr N 74 1/2 Air ri 73rd Ave N zsr, t-tcq 1 2 t1) Park • wi= 1 69ill Ave N Wcorkine trr 6 z <,..•,- 1....• -"I',' =-; \>. , , 8 "'kin Ave N Ave -IN _. 7 7 - 7 - :., Z '',' g ';' 72rld AVE ti 7, ';' ,,, .-9 r? - < .r..',.- T,,,., r -..'i. Amy Ln = . East PALI- ,2, .-.' - m ' x td,!..e Pl.". V. 701h Ave N N 69th Ave N ft Z 7ls! Pio N 68th Ave N (-7th A•rt: N Vve NParrplZakrInimPr :.7cund a e 7:4-''I r.)7t-!, Ave :111' -511Ingie Creek Pkvry COMPARABLE SALES MAP COMPARABLE #1 2208 69 th Ave N COMPARABLE #2 7230 Bryant Ave N COMPARABLE #3 7119 Palmer Lake Cir COMPARABLE #4 7032 Oliver Ave N Inter Office Metro To: Brooklyn Center Local Board of Appeal and Equalization From: Jill Brenna, Appraiser II City of Brooklyn Center CC: Gary Eitel, Director of Business and Development Date: 5/2/2014 Re: Notes on submitted appraisal for Kurt Graham-6913 Oliver Ave N On the afternoon of May f t , 2014 we received electronically from Mr. Graham a copy of an appraisal dated January 2, 2013 completed by Todd Whitson with an opinion of value of $115,000. Upon review, the date of this appraisal puts it outside the time frame for the January 2, 2014 assessment. Additionally, a copy of an Expert Report of Todd Whitson dated April 10, 2014 was included. This Expert Report appears to be an update to the original appraisal, and discusses additional comparable sales but does not state an updated opinion of value. These additional comparable sales all occurred early within the 2014 assessment study period. On the first page of this Expert Report a definition of the assignment reads: "I have been asked by Robin Offner and Karen B King to (1) determine the market value as of January 2, 2013 of the property located at 6913 Oliver Ave N, Brooklyn Center Minnesota 55430 (the 'subject property') Since both the original appraisal and the updated Expert Report are reflective of market value on January 2, 2013, they both fall outside the date range for the 2014 assessment. Time adjusting the initial appraisal's opinion of value of $115,000 by 16.07% (the average growth rate in neighborhood 51-NW) the result is a valuation of $133,500. (rounded) 1 STATE OF MINNESOTA FOURTH JUDICIAL DISTRICT COUNTY OF HENNEPIN JUDGE THOMAS M. SIPK1NS Case Type: Contract Robert Vetter, File No, 27-CV-13-14440 Plaintiff, V. EXPERT REPORT OF TODD WHITSON Kurt Graham, Defendant. A.ASSIGNMENT. I have been asked by Robin Offner and Karen B. King to (1) determine the market value as of January 2, 2013 of the property located at 6913 Oliver Avenue North, Brooklyn Center, Minnesota 55430 (the "subject property"), (2) review certain correspondence between Robert Vetter and certain individuals involved in the local real estate industry, and (3) opine as to the applicability of certain properties to the valuation of the subject property. B.STATEMENT OF ALL OPINIONS AND THE BASES AND REASONS FOR THEM. 1.Market Value of the Subject Property. The market value of the property located at 6913 Oliver Avenue North, Brooklyn Center, Minnesota 55430 as of January 2, 2013 is $115,000. The bases and reasons for my opinion are set forth in my appraisal report attached as Exhibit "A" to this expert witness report. 2.Correspondence between Robert Vetter and Individuals Involved in the Local Real Estate Industry. I have reviewed email correspondence between Robert Vetter and Mr. Dennis Debrobander of Metrowide Home Buyers LLC, From that correspondence, it appears that Mr. Vetter and Mr. Debrobander were considering Mr. Debrobander potentially investing in the subject property. In an email dated March 13, 2013, Mr. Debrobander provided Mr. Vetter an analysis of sales in the subject area. Specifically, Mr. Debrobander advised Mr. Vetter that homes in the area were selling between $74,000 and $140,000, with homes that were 100% updated bringing in $130,0004140,000. In his March 13, 2013 email, Mr. Debrobander advised Mr. Vetter that he was "willing to gamble that the home could be sold at least for $100k." Mr. 1 Debrobander's analysis of local property sales and his valuation of the subject property are consistent with my own analysis and valuation of the subject property. I have also reviewed correspondence between Robert Vetter and local real estate appraiser, Matthew Smith, whom I understand has appraised the subject property. In an email to Mr. Smith dated January 7, 2013, Mr. Vetter suggested that the value of the subject property was not "to[o] far off" from a $167,917 "zestimate" that Mr. Vetter had obtained for the property from the website www.zillow.com . Notably, the "zestimate" assumed that the subject property had four bedrooms when, in fact, the subject property has only one bedroom, As of early January 2013, there were multiple sales comparables available that were more similar to the subject property than the five properties listed below. Some of these other comparables are listed in my appraisal report (Exhibit "A"). All five of the below-listed properties were superior to the subject property, as discussed below. The selection of such uniformly superior properties, when more similar properties were available, would be consistent with a goal-oriented appraisal seeking to appraise the subject property as close as possible to the $167,917 value suggested by Mr. Vetter. 3. The Application of Certain Properties as Conparab1es to the The following five properties were not appropriate sale comparables to the subject property as of early January 2013 for purposes of a sales comparison approach to value. The bases and reasons for my opinion regarding these five properties are set forth below. a. 7018 James Avenue N, Brooklyn Center, MN 55430. The property located at 7018 James Avenue N was not an appropriate sale comparable to the subject property as of early January 2013, largely because its condition was substantially superior to the condition of the subject property. In addition, the James Avenue N property had features as described in the MLS data that the subject property lacked, such as the facts that it is a split level l , has one and one-half bathrooms on the main level, has exterior egress from the basement and has five bedrooms. Further, that property lacked the deferred maintenance of the subject property that is discussed and reflected in my appraisal report. MLS data for the James Avenue N property indicates that it was sold on April 11, 2012 for $99,900, and then resold in November 2012 for $169,900. MLS data demonstrates that the property was "totally rehabbed" prior to the November 2012 sale. Specifically, the listing agent described the property as follows in the "remarks" section of the listing: "Totally rehabbed!!! Beautiful hardwood floors, ceramic tile in bathrooms, recess lighting in living room. A real must see!! I" The sales history, property description, permitting records and photographs of the property available on the MLS website (www.northstarmls.com ) and/or the City of Brooklyn 1 Market research indicates that the split level style homes in Brooklyn Center are on average selling for approximately thirteen percent (13%) more than rambler style homes. 2 Center website are consistent with a property that has been purchased for the purpose of remodeling and/or renovating it in order to sell it at a higher price. This practice is sometimes referred to as "flipping." In my opinion, the pre-rehabilitation sale for $99,900 in April 2012 was a more relevant comparison to the subject property than the $169,900 sale that took place in November 2012 after the property was rehabilitated. b.1506 71' Avenue N, Brooklyn Center, MN 55430. The property located at 1506 71't Avenue N was not an appropriate sale comparable to the subject property as of early January 2013, largely because its condition was superior to the subject property. The 71 Avenue N property was recently updated. Specifically, the listing agent described the property as follows in the "remarks" section of the listing: Looking for updated kitchen and baths? This home has a newer kitchen with large center island, updated bathrooms, newer windows, 6 panel doors throughout, nicely landscaped yard with excellent curb appeal! The property also had other features as described in the MLS data that the subject property lacked, such as central air conditioning and four bedrooms. Furthermore, the 71" Avenue N property lacked the deferred maintenance of the subject property that is discussed and reflected in my appraisal report. c.7119 Halifax Avenue N, Brooklyn Center, MN 55430. The property located at 7119 Halifax Avenue N was not an appropriate sale comparable to the subject property as of early January 2013, largely because its condition was superior to the subject property. MLS data demonstrates that this property was well-maintained as compared to the subject property. Specifically, the listing agent described the property as follows in the "remarks" section of the listing: Beautifully maintained home, hardwood floors throughout main level, ceramic tile bathrooms, gorgeous family room addition with magnificent fire place. Great lower level with huge rec room, two large bedrooms and a workshop. Steel siding, huge fenced in yard[.] The listing agent further described the property as having updated and maintained mechanicals and a newer roof. In addition, the property is a significantly larger home that had features as described in the MLS data that the subject property lacked, such as five bedrooms, three bathrooms and central air conditioning. This property also lacked the deferred maintenance of the subject property that is discussed and reflected in my appraisal report. d. 1613 70th Avenue N, Brooklyn Center, MN 55430. The property located at 1613 70 th Avenue N was not an appropriate sale comparable to the subject property as of early January 2013, largely because its condition was substantially 3 superior to the condition of the subject property. The property also lacked the deferred maintenance of the subject property as discussed and reflected in my appraisal report. MLS data for the 70 th Avenue N property indicates that it was sold on March 1, 2012 for $70,450, and then resold in December 2012 for $181,000. MLS data demonstrates that the property was "totally updated" prior to the December 2012 sale, with a new kitchen with granite countertops and mosaic tile backsplash, new baths, new roof, new windows, new electrical and plumbing fixtures and new flooring. Specifically, the listing agent described the property as follows in the "remarks" section of the listing: Brklyn Ctr's finest! Sprawling rmblr features: new roof, windows, flooring, plmb/light fixts, tile surround, H20, C/A & much more! Totally new Idtchn w/gmte ctrs, mosaic tile bksplash & SS aplcs!! New baths with private /rise* inground sprinklr — must see! l 2 "Totally updated rambler has all the space a growing family needs. Updated from roof to floor! Close to freeway, schools and parks!" The sales history, property description, permitting records and photographs of the property available on the MLS website and/or the City of Brooklyn Center website are consistent with a property that has been "flipped." In my opinion, the pre-updating sale for $70,450 in March 2012 was a more relevant comparison to the subject property than the $181,000 sale that took place in December 2012 after the property was updated. e. 1012 721th Avenue N, Brooklyn Center, MN 55430. The property located at 1012 72n d Avenue N was not an appropriate sale comparable to the subject property as of early January 2013, largely because its condition was substantially superior to the condition of the subject property. The property also lacked the deferred maintenance of the subject property as discussed and reflected in my appraisal report. MLS data for the 72thi Avenue N property indicates that it was sold in April 2012 for $76,900 and then listed for sale in June. The property was relisted in October 2012 for $154,900, and sold in January 2013 for $145,000. MLS data demonstrates that the property was "completely remodel[ed]" with granite countertops, updated baths and refinished floor coverings prior to the January 2013 sale. Specifically, the listing agent described the property as follows in the "remarks" section of the listing: "Complete remodel done. Granite, stainless steel, hardwood floors. Located up the road and walking distance from the park. This house is a must see!" 2 In long hand, this paragraph reads: "Brooklyn Center's finest! Sprawling rambler features: new roof, windows, flooring, plumbing/light fixtures, tile surround, 1120, central air conditioning & much more! Totally new kitchen with granite counters, mosaic tile backsplash & stainless steel appliances!! New baths with private master** inground sprinkler — must see! 4 The property also had additional features as described in the MLS data that the subject property lacked, such as two and one half baths and four bedrooms. The sales history, property description, permitting records and photographs of the property available on the MLS website and/or the City of Brooklyn Center website are consistent with a property that has been "flipped." In my opinion, the pre-remodel sale for $76,900 in April 2012 was a more relevant comparison to the subject property than the $154,900/$145,000 listing/sale that took place in October 2012/January 2013 after the property was remodeled. C.IBE FACTS OR DATA CONSIDERED IN FORMING MY OPINIONS This report represents my opinions based upon the materials and information I have reviewed as shown in Exhibit "8," In addition, I performed a full inspection of the subject property in connection with preparing my appraisal. I have also done curbside inspections of all of the sale comparables identified in ray appraisal report (Exhibit "A"), as well as the five other properties identified above in Section 8.3, of this expert report, If additional materials or information come to my attention, I reserve the right to revise or supplement the opinions and/or bases for the opinions set forth in this report. D.EXHIBITS THAT WIT,1, BE USED TO SUMMARIZE OR SUPPORT MY OPINIONS The exhibits that will be used to summarize or support my opinions include my appraisal report and the materials and information referred to in Exhibit "B." If additional materials or information come to my attention, 1 reserve the right to revise or supplement the opinions and/or bases for the opinions set forth in this report. E. MY QUALIFICATIONS Tam a certified residential real property appraiser (license number 20252556). My qualifications are set forth in my resume that is included in my Exhibit "A" appraisal report. V. A STATEMENT OF COA I PENSATION TO BE PAID FOR MY STUDY AND TESTIMONY IN THIS CASE I bill my time for study and testimony in this case at $150.00 per hour. Apiil Q 2014 5 EXHIBIT "A" I Main He No 151)4247 Pap 4; 1 of 373 1 itorrows Client N/A File No. 1304247 Pro Address 6913 Oliver Ave N City Brooklyn Center Courtly Hennepin mete MN Ai Code 55430 Lender Private TA LE OF CONTENTS Table of Contents 1 Summary of Salient Features 2 DRAB • 3 Addl8onalComparables4-6 9 Additonal Comparables 7-9 10 Add/tonal Comparables 10712 11 General TextAddenclum 12 Market Conditions Addendum tolhe Appraisal Report 15 Additional MarketStalistics PG-1 16 Additional MarketStatistics P5-2 17 Additional MarketStatIstics PG-3 18 UAD Definitions Addendum 19 Plat Map 22 Aerial Map 23 Building Sketch (Page-1) 24 Building Sketch (Page-2) 25 Subiect Photos 26 Additonal Subject Photos pg - 2 27 Additional Sub1a ct Photos lag -3 28 Additional Subfect Photos pg -4 29 AdditionalSublect Photos pg-5 30 ComparablePhotos 1-3 31 Comparable Phcrtos 4-6 32 Comparable Photos7-9 33 Comparable Photos 10-12 . 34 Comparable 8ales Map 35 Resume-Page 1 36 Resume - Page 2 37 Awralser's License 38 Form TOCP - 'TOTAL appraisal software by ala mode, inn.. 1-800-ALAMODE 1_34Din fie No. 1264247 e 2 ol 311] SUMMARY OF SUET FEATURES 1 Subject Address Legal Description City County State Zip Code Census Tract Map Reference 6913 Oliver Ave N LOT 003 BLOCK 004 HALEKS ADDN Brooklyn Center Hennepin MN 55430 0202.00 78-B3 (King's Map) :Sale Price Data of Sale $ , Borrower/Client Lender N/A P 'mete .,_ Sim (Square Feet) Price per Square Foot Location Age Condition Total Rooms Bedrooms Baths 1,224 $ N;Res; 61 C5 5 1 1.0 1 Appraiser oate of Appraised Me Todd VVhitson 01/0212013 i_. Final Estimate of Value $ 115,000 Form SSD - 'TOTAL appraisal software by a la mode, Inc. - 1-800-ALAMODE North Metro Appraisal Service, Inc. (763)458-347 Uniform Residential Appraisal Report Mein Fee No.13114247 1±'No 3 of 36 eiCTVV Ftio g 1304247 The la 1.u' of this summary appraisal report is to reside the lender/client with an accurate and adequately supported, opinion of the market value of the subject property, Pro.- Address 6913 Oliver Ave N City Brooklyn Center State MN 3p Code 55430 Borrower N/A Owner of Public Record Vetter, Robert & Graham, Kurt County Hennepin legal Description LOT 003 BLOCK 004 HALEKS ADDN I Assessor's Parcel # 2611921340001 Tax Year 2013 R.E. Taxes $ 2,526 ti Neighborhood Name Brooklyn Center Map Reference 78-B3 (King's Map) Census Tract 0202.00 T.' Once ant Owner Tenant 0 Vacant Special Assessments $ 890 n PK) HOA $ 0 0 per year D per month : Properly flights Appraised 0 Fee Simple n Leasehold Li Other (describe) g , Assignment Type D Purchase Transaction 0 Refinance Transaction 0 Other (describe) 1 Lender/Client Private Address f lathe subject property currently offered for sale or has It offered for sale lathe twelve months prior lathe eflectise date 01 this appraisal? n Yes 0 No I Report data source(s) used, offering price(s), and dale(s). 0 MLS/Public Records I D did 0 did not analyze the contract for sale for the subject purchase transaction, Explain the results of the analysis of the contract for sale or why the analysis was not erformad. Contract Price $ Date of Contract Is the property seller the owner of public record? D Yes 0 No Data Seamen(s) Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) lobe paid by any party on behalf of the borrower? 0 Yes 0 NoCI If Y s re. rt the total dollar amount and describe the Items to be laid. 1 , 11 Notal Ree and the rapid cot Won of the ne borhood era a relerE_IfIL....._,_______ f I Neighborhood Characteristics Ono—Unit Housing Trends Ofte-Unit Housing Present Land Use % , Location 0 Urban El Suburban 0 Rural Property Values Xl IncreasIng_aStabH 0 Declining PRICE AGE One-Unit 80% 'Bolt-Up 0 Over 75% 0 25-75% 0 Under 25%Demand/Supply E) Shortage 0 In Balance [1 Over Supply Marketing Thee Nl Under 3 mths n 3-6 mths 0 Over 6 mths S(00O) (yrs) 40 Law 20 2-4 Unit 5% Multi-Family 5%Growth 0 Rapid 0 Stable ri Slow e6.Nub hborhood Boundaries The defined netehborhood is located South of Brook/ole Drive N West of 200 HI h 80 Commercial 5g Humboldt Ave N, North of Interstate 694, and West of 7_ane Ave N.105 Prod. 55 Other 5% r Neirthborhood Description The subject is located approximately 8 miles Northwest of the core city of Minneapolis. The immediate neighborhood Isitxwwell developed and consists of a mixture of single family homes, townhomes and condominiums. The subject Is convenient to schoolsE.shopping, employment and recreational areas. Commercial support improvements are readily available. 1 Market Conditions (including support for the above conclusions) The growth rate in this general market area was stable and property values were Increasing only slightly. There was a balance of supply and demand with marketing times typically under 3 months, Higher priced homes e erienced Ion er market times. The area -is of the market conditions is su pried • MLS sates and statistical data and coun assessment Dimensions 75x303x80x258 Area 20100 sf Shape Basically Rectangular View Ei:Prk Specific Zoning Classification R1 Zoning Description One Family Residence (Source: City of Brooklyn Center Zoning Mart) Zoning Compliance El Legal D Legal Nonconforming (Grandlethered Use) 0 No Zoning D Illegal (describe) I, s the highest and best use of subject property as Improved (or as proposed per plans and specifications) the present use? 0 Yes 0 No If No, describe I 'Utilities Public Other (derma ) Public Other (describe) Oft-stio Improvements -Type Public Private f Electric 0 D Water E) D Sheol Asphalt EL Gas Fl 0 Sanitary Sewer El 0 Alley None n n1FEMA Special Flood Hazard Ma D Yes El No FEMA Flood Zone X FEMA Map # 27053CO208E FEMA Map Date 09102/2004 , Are tire utilities and off-silo Improvements typical for the market area? N Yes U No If No, describe I Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? 0 Yes El No if Yes, describe, ; Site conforms to area norms, No adverse site conditions or significant external factors were noted. 1 . General Description Foundation Extedor Description motortele/condltion Interior materials/condition ; Units (X) One rl One with Accessary Unit 0 Concrete Slab ricrawl Space Foundation Walls Concrete Block/ADC Floors Carpet,Cer ltherADO ; # of Stories 1 jXj Full Basement 0 Partial Basement Herter Walls VinyVADC Walls Drywall/ADC) l Type N Del. 0 At rl S-Det/End Unit ; El Dion(' [1 Proposed n Under Coast. t °BAP (Style) Rambler ) Year Built 1953 Basement Area 1,224 5g./I. Basement Finish 43 % Roof Surface Asphalt/ADO Trim/Finish Wood Stained/ADCL Gutters & Downspouts Metal/ADO Bath Floor Ceramic/ADO 0 Outside Errtry/thOt r) Sump Pump Evidence at n Infestation 'i4 Dampness [I1 Settlement Windsor Tp f Casements/ADQ Storm Sash/Insulated Thermopane/ADQ Screens Yes/ADQ Bath Wainscot Ceramic Tile/ADO Car Storage None `Xj Driveway # Nears 2:1 Effective Az rs 35 ' I Attie • None in Drop Stair 0 Stairs 10 Floor 0 Scuttle Hr/shad D Heated Heating 11 FWA 111 MBE) Irl Radiantn Other Fuel Gas _ Cooling 0 Central Air Conditioning El Individual Wall 111 Other Amenities L.7 Woodstose(s) g 0 N Fireplace(s) # 2 n Fence None N Patio/Deck PLC* 0 Porch None Driveway Surface Concrete/ADO EJ Garage # el Cars 2 0 Carport #01 Cars 0 0 Pool None D Other None XI Att. 0 Det. 0 Built-in-};Li • . . lances N Rohl erator N Range/Oven 0 Dishwasher g Disposal 0 Microwave El Washer/Dryer El Oteloscribe Wir Softenert*..to Finished area above gyyyyyylains: 5 Rooms I Bedrooms 1.0 Bath(s) 1,224 Square Feet of GPOSS Living Area Above Grade O Additional features (special energy efficient items, etc.), 2 Fireplaces Wood Deck Concrete Patio and a i2`24 Garden Shedir Ib the condition of the property (Including needed repairs deterioration, renovations, remodeling, etc.) C5;No updates in the prIor 18 years:See attachedIDescribe addenda. I Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? El Yes n No If Yes, describe There are portions of the concrete block well In the basement level that are cracked. The subject appears to be structurally sound. There was no ; 1 evidence of sagging floors or wall stress noted. Efflorescence and staining on the concrete bloAcwalls and floors in the basement indicate ; some form of water Intrusion, (Source unknown) ' Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, tic,? F Yes III No II No describe Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 1 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD - 'TOTAL appraisal software by a la mode, Int - 1-800-ALAI/OD I Mail HD:No.13042 ,17 I Pape #1 of 33 Uniform Residential Appraisal Report 14CTW # 1304247 ; Thom are 6 comparable properties cogently offered for sale in the subject neighborhood ranging In pnce from 134,900 100 159,900 ( Them are 39 com.arable sales in the sub 1 FEATURE SUBJECT t neidtarhood within the 'ant twelve months COMPARABLE SALE #1 1618 Amy Ln BrooMm Center, MN 55430 rustic! In sale • as from $ 76 900 COMPARABLE SALE #2 2101 71st Ave N Brooklyn Center, MN 55430 to $ 159 000 COMPARABLE SALE 3 7200 Oliver Ave N Brooklyn Center, MN 55430 I Address 6913 Oliver Ave N Brooki n Center mN 55430 Penal to Subset 0.47 miles NE 0.21 miles NE 0.33 miles NE I Sale Price 5.11. DESCRIPTION $ 104.08 s it MLS#4180375 DOM Henne. n County DESCRIPTION $ 124 900 1 Records MLS#4172554.DOM I-Jennison Count 29 Records MLS/14136909130M Henna. n Coun $ 132,900 Sale Price/Gross Dv. Area ; Data Source I Verification Source(s) i JALUE ADJUSTMENTS 55 Records $ A ustment i Sales or Financing i Concessions ArrnLth Cash-0 -8 100 1. Dath of Sale/Time s09/12•c08/12 Location , Leasehold/Fee Sir leISIth View N'Res- Fee Sim le 20100 sf B.Pr ' 11328 of N-Res;+3747 +5,259 ftRen +2670 B'Prk' Best 1 Is 011-Rambler DT1 .Rembler 0-Ti 'Rambler DT1'Rambicr Dual' of Constucbon Q4 04 04 04 Actual Are 61 46 052 051 0 Condition C5 C4 -6245 C5 C3 -19935 Above Grade Room Count Gross Uvin Area Total Blms.BoAr Total Bdrms.1 Baths Total Bdrire BAron.Baths 5 1 1.0 8 3 11.0 -6000 6 3 1.0 -6 000 6 3 1.0 -6,000 1 224 S .ft 1 200 .11 0 1,036 so R.+5,640 1,235 soft 0 Basement & Finished Rooms Below Grade 1224sf526sfin 1rrObr1.013e10 1200sf892sfin irrObr1.0ba30 -3,650 0 1038stOsfin T 'bean of T ..e +5,200 +3,000 0 1235010011n +5,280 +3,000 0vFunctional WM T .ic-al of I .e 0AdverseT •ical of T •e Ithatn /Cooling G VVNVall AC GFA/CA 2 000 None Nonei..,0 Escrr Efficient Hems a. Gera G art 2 a2dw 2 a2clw +5000 Porch/Patio/Dock Patio, Deck 2 FP Deck 1 FP +1 000 +1 000Additional FeakirestoiE. Additional Features Shed None op one +2,000 Fence o E0 Net Ad ustrnent ota 1 MIMI •=01111$ -13 516 Net Adj. 10.2% Gross Ad'. 41.0% $ 119 384 0„I Adjusted Sale Price SI of Como arables Net Ad 5.4% Gross Ad . 23.2%118 129 Net Ad/. 23.2% Gross Ad* 42.7%5 109 634 `1. I W did U did not research the sale or transfer history of the subject property and comparable sales. II not, eraslaln 1 I My research 0 did Ei did not reveal apy prior sales or transfers of the subject property tor the three years priorly the elective dale of this appraisal. Data Source(s) MLS properly data and Hennepin County records My research IZI dld 11 did not reveal any prior Sales or transfers of the comparable sales for the year prior to the dale of safe of the comparable oars. -, Data Source(s) MLS property data and Hennepin County records. Report the results of the research and analysis cit titeprior sale or transfer history of the subject properly and comparable sales (report additional prior sales on page 3) ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s)Per Public Records Per Public Records Per Public Records Per Public Records Effective Dale of Data Source(s)01/02/2013 01/02/2013 01/02/2013 01/02/2013 Analysis of prior sale or transfer history ot the subject property and comparable sales There were no recorded sales of the subject property within the past 36 months per the MLS and County Records Prior sales of the comparables "If Any" within the previous 12 months are noted above. , i Summary ol Solos Comparison Approach See attached addenda, i Indicated Value by Sales Comparlsoralch $ 115 000 Indicated Value by: Sales Comparison Approach $ 115,000 Cool Approach DI developed) 3 Income Approach (If developed) $ 0 ..Tho Salem Comparison Approach is considered most reflective of buyer/seller expectations within the subjects submarket and is given orimary emphasis. Given the age c sob'-.i and due to the com dete lack of land sales in the area Cost A .. roach is not considered an a • i ..riate ...roach to value. TIncoma Approach is not considered 0 a.ollcobto to this owner occupied home in a .redominatel owner eau, ed ne hboificiod •rohlblUn Ore formulation of a reliable<a This appraisal Is made (Z 'as Is', LI subject to completion per plans and specifications on the basis of a hypothetical condition that the Improvements have been .65 completed, j=1 subject to tha following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or CI subject to the'2..0.. following moulted Inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair. This appraisal is done "as is" and is not based on a minimum valuation a s ..:fic value or a royal of a loan. Based on a complete visual Inspection of the Interior and exterior arm of the sub act property, defined scope of work, statement of assumptions and limitingconditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report to 3 115,000 ,as of 01102/2013 , which Is the date of Inspection and the effective date of Ode appraisal. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 2 of 6 Fannie Mae Form 1004 March 2005 Fermi 004UAD • 'TOTAL' appraisal sothvare by a Is mode, Inc. -1-300-AlAMOD Maly ron Nu, 130490 I P-ac5 - 5 us 39 Uniform Residential A raisal Report 14CTVV Filo le 1304247 The appraisal problem was defined and analyzed. The reale:stale was identified by legal description, appropriate Inspection type established as set forth herein. The appraisals use intended purpose as the appraisal's effective date. The property rinhts In be appraised as well as the type of by PID # and by sheet address within the body of the appraler — and function as well as the appraisals defined users were set forth hetet value sought and the definition of the value relative thereto are set forth hi a opriate appraisal reporting format was determined and utilized in the anal The Intended User's of this appraisal report Is learen Wet Robin Offmer, Robert Vetter, & Kurt Graham. The intended use is to evaluate the property that Is the sublet of this appraisal fore valuation purposes as of 0110212013, Based on my engagement and the required scope of work, I have developed a retrospective i and the retirospectIve effective date of Me report was 0110212013, I am making an extraordinary value for the subject gouty, The date of any Inspection was 03119/20' assumption that the condition of the property has not changed and tlit the condition of the property as of the date of my Inspection Is virtually Identical to the condition of the property as of the retrospective effective daft This Is retrospective appraisal with an effective date of 01102/2013. An effective date Is thei are based, I certify that the findings in my report were completed without bias and that retrospective date on which the appeeisefs analyses, opinions, and conclusk my final concluslona were completed objectively and impartially.. 1(1 An appropriate market analysis was performed to determine market trends, market Influences, and othersignificant factors pertinent to the subLect property's valuation. / i and best use analysis appropriate to the assignment type was done for the unbind property. The subieet property's current zoning parameters emitter with its site i locational influences were examined along with current uses of other properties in the area in determiniag the subleet ProPeffe's hkihest and best use which is set forth et factors extracted and considered, Sales were examined and confirmed asherein. A more detailed review of the collected data was then performed with all known relevant transactions front one or more data sources having sufficient !Kilda of reflabltity for this use.Data research Included examination of officath available orelhie county reel brokers and sellers), Plat Systems, Inc and other data sources as deemed [mixt!cable area multi. e listing services, interviews with local market participants (agents, Market factors were weighted and theft influences on the sailed t property were determined and appropriately utilized in the subject's final value analysis. All appropriate v of veto. The reasons for excluding a valuation approach, if any am excluded, Imethods were considered an. ed and reconciled to form a basis for the derived opinion , forth in the body of the report, The market sales approach to value was utilized in the analysis with the cost approach and the Income approach considered but not see owner occupied honI developed as they were deemed inapplicable to a home of this vintege In an area of primarily I I No employee, director, offter, or agent of the lender, or any other third party acting as a loin) venture partner, independent contractor, appraisal management company, o i on behalf of the lender has Influenced or attempted to Influence the development, reporting, result, of review of this assignment through coercion, extortion,c +compensation, instruction, inducement, intimidation, bribery or In any other manner. I have the first page of the remit), borrower, or deslonated contact to make an appointment to enter not been contacted by anyone other than the intended user (tender/dent as Ides the pro 1 i Exposure Time: The estimated length of time the property interest being appraised la sale at market value on the effective date of an appraise); a retrospective opinion would have been offered on the market prior to the hypothetical consummations based on an analysis of past events assuming a competitive and open market. 11 I appraiser has determined that the property would have to he exposed for Ito 90 days on the open market in orcter to have a market value of $115,000 on the effecti 'data of this appraisal. 1 have perforrnc-d no aervices, se en appraiser or In any other mpocity, regarding the property that is the eubtect of this report within th , three-year period Immediately preceding acceptance (this essireiment 1 COST APPROACH TO VALUE (not required by Fannie ) Provide adequate information for the lender/client to replicate the below cost figures and calculations, I Support forte opinion of site value (summary of comparable land sales or other methods for estimating slte value) ESTIMATED 11 REPRODUCTION OR n REPLACEMENT COST NEW OPINION OF SITE VALUE =5 eiA Source ol east data DWELLING S FL @ $ e--$ l, , Quality rating -barn cost service Effective date of cost data Sg.Ft. @ $ '-''. Comments on Goat APproach (gross living area calculations, depredation, etc.)= 4 Given the age of the subject and due to the complete lack of similar GalaffeiCalP011 Sg.Ft @ $ 4 Total Estimate of Cost-New -3. : recent land sales in the area the cost approach Is not considered an ! appropriate approach to valuation.Less Physical Funceonal Extemal Deareclaton -3( ) Depreciad Cost at Improvements (e$ "As-Is' Value of Site Ire nmements —$1 I Estimated Bernal& Economic Life HUD and VA en 30 Years INDSCA1 ED VALUE BY COST APPROACH ree INCOME APPROACH TO VALUE (not required by Fannie Mu) Estimated Monthly Market Rent $ 0 X Gross Rent Mariner 0 = $ 0 Indicated V ue by Income Approach , Summary of Income Approach (Including supped for market rent and (3RM) he Income A.. roach 'i not considered a .. icabfe to this owner exxup)ed of a reliable GPM. FOR PUN (if appileabIe) 1 lrhome in a predominately owner occtqe_d nei hborhood rotnlbltln the formulation I PROJECT INFORMATION Is the developer/builder In canted of the H011190WileiS' Association (IDA)? C) Yes 0 No Untipe(s) D Detached n Attached Provide the fallowing Information for PUDs ONLY lithe developer/builder loin control of the IDA and the subject property loon attached dwellingemit ; I Legal Neat of Project ' Total number of ases Total number of units Total number of units sold Total number of units rented Told ntnnber of units for sale Data scores(s) !ie., Was the project created by the conversion of Melte building(s) Into a PUD? n Yes D No II Yes, date of conversion.ES9i Does the project contain any mute-dwelling units? IA Yes D tie Data Scarce Are the units, commati elements, and recreation !genes complete? [I Yes 0 No if No, describe the setts of completion, idaoi Are the common elements leased to or by the Homeowners' Association? D Yes 111 Na If Yes, describe the rental terms and options, Describe common elements and recreational %aides, Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 3 of 6 Fannie Mae Form 1004 March 2005 Form 10041JA1) -10TAL" appraisal software by ala mode, Inc. - 1-850-ALAMOD No. 1U4247 I P-2 -7;,:i-c4T5-1 Uniform Residential Appraisal Report 14CTW Elle # 1304247 This report form Is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, Intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the Intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership In an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition at market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) Inspect the neighborhood, (3) inspect each of The comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions In this appraisal report, INTENDED USE: The intended use of this appraisal report Is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report Is the lender/client. DEFINITION OF MARKET VALUE: 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, 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 front seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well Informed or well advised, and each acting In what he or she considers his or her own best interest, (3) a reasonable time is allowed for exposure In the open market (4) payment is made In terms al 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. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which ere normally paid by sellers as a result of tradition or law In a market area; these costs are readily identifiable since the seller pays these costa in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved In the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: "The appraiser's certification In this report is subject to the following assumptions and limiting conditions: 1.The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for Information that he or she became aware of during the research involved In performing this appraisal. The appraiser assumes that the title Is good and marketable and will not render any opinions about the title. 2.The appraiser has provided a sketch in this appraisal repent to show the approximate dimensions of the improvements. The sketch Is included only to assist the reader in visualizing the property and understanding the appraiser's determination id its size. 3.The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an Identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or Implied, regarding this determination. 4.The appraiser will not give testimony or appear in court because he or she, made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 5.The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research Involved in performing the appraisal. Unless otherwise stated In this appraisal report, the appraiser has no knowledge of any hidden or unapparant physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, tole substances, adverse environmental conditions, etc.) That would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser 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 the appraiser is not an expert In the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property, 6.The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed In a professional manner. Freddie Mac Form 70 March 2005 UAD Version 912011 Page 4 of 6 Fannie Mae Form 1004 March 2005 Form 100411A0 - 'TOTAL" appraisal software bye Is mode, Inc. - I-800-ALAMODE I WI) f14: Nu. 1304217 I Per ri CI 1 Uniform Residential Appraisal Report 14CTINnew 1304247 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that 1.I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2.I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3.I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4.I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated In this report. 5.I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6.I researched, verified, analyzed, and reported on The prior sales of the comparable sales for a minimum of one year prior to the data of sale of the comparable sale, unless otherwise indicated in this report. 7.I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8.I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9.I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10.I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12,I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area In which the property is located. 13,I obtained the information, estimates, and opinions furnished by other parties and expressed In this appraisal report from reliable sources that I believe to be true and correct 14.I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse Influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions In my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15.I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are two and correct. 16.I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions In this appraisal report. 17.I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18.My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application), 19.I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of This appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item In this appraisal report; therefore, any change made to this appraisal Is unauthorized and I will take no responsibility for it 20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 5 of B Fannie Mae Form 1004 March 2005 Form 1004UAD - 'TOTAL' appraisal software by ala made, inc. - 1-800-A1AM0DE 14CTWUniform Residential Appraisal Re ort File* 1304247 21.The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22.I am aware that any disclosure or distribution of this appraisal report by me or the lender/client rosy be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23.The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or mom of these parties. 24.If this appraisal report was transmitted, as an "electronic record" containing my 'electronic signature,' as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version at this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, at seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that I. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraisers analysis, opinions, statements, conclusions, and the appraisers certification, 2.I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraisers certification. 3.The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4.This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5.If this appraisal report was transmitted as an 'electronic record' containing my "electronic signature,' as those terms are defined In applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER Todd \Ames SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Todd Company Name Appraisal Partners, Inc. Company Address 7111 West Broadway, Suite 201 Brooklyn Park, MN 55428 Telephone Number (763) 503-9364 Email Address inropappraisal-partners.com Date of Signature and Report 03/2912014 Effective Date af Appraisal 01/02/2013 State Certification at 20252556 or State License at or Other (describe) State State MN Expiration Date of Certification or License 08/31/2014 ADDRESS OF PROPERTY APPRAISED 6913 Oliver Ave N Brooklyn Center, MN 65430 APPRAISED VALUE OF SUBJECT PROPERTY S 115 000 LENDER/CLIENT Name No AMC Company Name Private Company Address Email Address Signature Name Company Name Company Address Telephone Number Email Address Date of Signature State Certification 41 or State License State Expiration Date of Certification or License SUBJECT PROPERTY r_I Did not inspect subject property •Did Inspect exterior of subject property from street Date of Inspection [1 Old inspect interior and exterior a1 subject property Date of Inspection COMPARABLE SALES o Did not inspect exterior of comparable sales from street O Did inspect exterior of comparable sales from street Date of Inspection Hain tda.1304247 T #- al 23 Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 6 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD - "TOTAL appraisal software by a la mode, Inc. -1-800-ALAMOOE Main F52 tla 1354247 [taro d ran Uniform Residential Appraisal Report 14CTW Broil 1304247 r ' FEATURE 7.1 SUBJECT COMPARABLE SALE #4 COMPARABLE SALE 45 -COMPARABLE SALE #6 • i Address 6913 Oliver Ave I ' Brooklyn Center N MN 55430 -. 4901 Beard Ave N Brooklyn Center, MN 55429 2.64 miles SW 5051 Bryant Ave N Brooklyn Carrier, MN 55430 1.61 milers SE 3601 72nd Ave N Brooklyn Center MN 50429 0.87 miles NW1 rqtairnily to Subject Sale Price 8, 125 000..$ 1 10000 . I$ $ 11875 srift MLS114123271:00M Hennepin County DESCRIPTION Arml_th VA;4560 s08/12;c05/12 11_,Res; Fee Simple 114,000 81 Records +(-) $ Adjustment Sala Nu/Gross Uy. ken sq.&$ 110.04 Sq.fL MILS/41181452;MM Hennepin Count,/ DESCRIPTION - . ' 41 Records +(-) S Adiusiment -3,331 $ 94.83 sag. MLS#4089200;DOM Hennepin County DESCRIPTION ArmLth FHA;6302 s04/12•c03/12 N;Resi 169 Records 40 $ Actitisiment -6,302 1MM Source(s) ' 1 kritication Source(s) VALUE ADJUSTMENTS DESCRIPTION 1 Sales or Bnancing CO1156551055 ArrnLth VA'3331 -4,560 Dale al Sale/Time s10/12;c09/12 N;Res;;Location N;Res;V ' Leasehold/Fee Simple Fee Simple 20100 of Fee Simple 29165 of 0 Fee Simole 22218 atSite 0 11761 of +4,170 View B;Prk; DTI:Rambler A:CtyStr DT1;Rarnbler 04 • 0 N;Resi DT1garnbler 04 +3 300 N;Res; DT1;Rambler 04 +3,420 Design (Style) Dual of Construction 04 Actual Age 81 81 59 056 0 Condition C5 C4 -12,500 C5 C4 -11 400 Above Grade Room Count Total Bdrms, Baths Total I &Inns. Baths Total !Baum.Baths Total likirrns.1 Baths 5 1 1.0 6 I 3 1.0 .Gross Living Area -moo 0 5 I 3 1,160 1.0 srift. -8,000 6 I 0 3 11.0 960 suit. -8 000 1-7 ,0201,224 sq.it.1,136 sq.% Basement & Finished nouns Below Grade ' 1224sf526sfin 1 rrObri .0bal o 1136sf570sfin 1 rrObrO.Oba0o Typical of Type GFA/CA 0 +3,000 0 -2 ,000 1160s1353s1tn lrrObrO.Oba0o Typical of Type OFA/CA None +1,730 +3,000 0 -2,000 960sfOsfin +5,260 0-3,000 Functional Utility Adverse GHW/Wall AC Typical of Type GFAAArindow o ' -Mating/Cooling ' Energy Efficient items Nana None None Garage/Carport 2na2dw Sodl dw -5,000 +1,000 2ni2dw Patio 2 FP 0 +1,000 2gd2dw o ' Porch/Patio/Deck Patio, Deck 2 FP Patio, Deck None None None +2,000 +1,000, Additional Featirres ' Additional Features Shed None 2,000 None +2,000 None 2,000 Nut Adjustment (Total) III + VI - Not Adj. 18.3% Gross Ad'. 27.9% -22,831 $ 102 169 CI + 14 - Not Adj. 3.0% Gross Adj. 23,0% -3,272 $ 106,728 1,i,1 Net Adj. Gross prior + D - 6.0% Adj. 44,5% sales on page COMPARABLE 5 6,810 $ 120 810 3). SALE #0 , Adlusted Sale Price ,,1 COR1 ambles_! deport ihe resulls at the research and analysis of theprior sale or transfer history SUBJECT of the subject property and comparable COMPARABLE SALE ii 4 sales OW additional COMPARABLE SALE #5ITEM Dais of Prior Sale/Transfer . Price of Prior SA/Transfer Dale Sore(e)Per Public Records Per Public Records Per Public Records Per Public Records esal Effective Dale of Data Source s 01/02/2013 01/02/2013 01102/2013 01/0212013 Analysis of prior S518 or bonier history dills subject property end comparable sales Analysistomramts, , *0 Ao' ‹Ivg Freddie Mao Form 70 March 2005 UAD Version 912011 Fannie Mae Form 1004 March 2005 Fent11004UAD,(AC) - 'TOTAL appraisal software by a la mode, inc. -1-800-ALAMOD Uniform Residential Appraisal Report [MOVO File No, 1004247 Paso 0 10 oi 3-31 14CTW Flirt LI 1304247 FEATURE SUBJECT COMPARABLE SALE #7 COMPARABLE SALE #8 COMPARABLE SALE #9 Address 6913 Oliver Ave N Brooklyn Center, MN 55430 2163 69th Ave N Brooklyn Center, MN 55430 3806 Urban Ave N , Brooklyn Center, MN 55429 0.95 miles W 4807 Azelia Ave N Brooklyn Center, MN 55-429 2.83 miles SWProton/ to Subject 0,10 miles E Sale Price $ 120,000 $ 112.50 sq.% 123,750 1 .- - $ 107.72 sq.fL $ 120 000 Sale Price/Gross Lk. Area S RILL $ 114.29 s , ft Data Source MLS#4168673;DOM 55 Hennepin County Records MLS#4164991;DOM 26 Hennepin County Records MLS#4133341:DOM 131 Verification Source(s) DESCRIPTION Hennepin Counip DESCRIPTION Records +(-) B AdjusbnenAR VALUE ADJUSTMENTS DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjusbnent Sales or Rnancing Concessions ArmLth FHA;5000 e08112;c07/12 -5,000 AnnLth Conv;3713 so9/12;c07112 N;Res; Fee Simple -3,713 Arrolth VA;3500 s08112;c08/12 N;Res; Fee Simple -3000 Bata of Salo/lime Location N;Res; Fee Simple N;Res; Fee Simple(:)tlrj leamholdiFee Simple Site 20100 st 10890 of +4,605 10019 of N;Rao; DT-I-Rambler +5,041 +3,713 23958 of N;Res;. DT1;Rambler 0 +3000ViewB;Prk; DTI -Rambler A;Commercial; DTI -Rambler +6,000 Dusitrr a Duality of Construction 04 Q4 Q4 Q4 Actual Age 61 44 056 050 o Condition CS C3 -18,000 C4 43,1813 -6.000 +3,720 0 0 0 -2,000 C3 8 000 -6,000 +3,300 0 +3,000 o -2,000 Baths Above Grade Room Count Gross Living Area Total Um Patio Tobl Bdims.1 Baths Tutor 5 Bdrms.1 Baths Total 6 Barns, 3 1.0511,0 6 3 1 1,0 -5,000 +520 -1,540 +3,000 3 11.0 1,224 shit 1224s1526afin IrrObr1.0balo 1,050 sq.lt I 050.st680ofin 1 rrObrO.Oba0o 1 100 3911. 11003155056n IrrObrl ,ObaGo Typical of Type GFA/CA -1,114 sq.fl 1114sf480efin 1rr0br0.0bcOo Typical of TYPe GFA/CA None Basement & Finished Rooms Below Grade Functional Ublity Adverse Typical of Type GFA/CA 0 -2,000Haag /Coolinl 011W/Wall AC Energy Efficient hems None None None Garai C t. t 2ga2clw 2 a2clii 1qaldw Porch 2 FF' None +5,000 0 +2,000 1 FP 1qa2qd2dw Screen Porch None -5000 0 0 +2 000 Porch/Patio/Deck Patio Deck Deck +1,000 /attune! Features 2 FP None +1,000 Additional Features Shed None +2,000 Net Adjustment (Toni) 0 + tXI - Net Adj, 8.1% Gross Ad, 46.1% $ -9,715 $ 110 285 Cgi it_____ $ 1,573 Net Ad), 1,3% Ging. 30.2%$ 126 323 D ± 4 - Net Adj. 18,9% Gross Ad'. 38.8% -22,700 9 97 300 Adjusted Sale Price 01 Comparables Re 1 rt the results of the research and analysis at rho pier sale or buster history of the subject property and comparable sales (report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE 401 COMPARABLE SALE # 8 COMPARABLE SALE #9 Date of Pilo( Sanif roaster 0.4/12/2010 : Price ot Prior Sale/Transfer $93,000Pj Data Source s Per Public Records Per Public Records Per Public Records Per Public Records Elie live Date of Data Seurce(g_01/0212013 01/02/2013 01/02/2013 01/0212013 Analysis of odor sale or transfer history of the subject property and comparable sans 177 Analysis/Comments t : J; Freddie Mac Form 70 March 2005 UAD Version 9/2011 Fannie Mae Form 1004 March 2005 Form 1004UAD,(AC) - 'TOTAL" appraisal software by a la mode, Inc. - 1-800-ALAMOD U iform Residential Aiirraisal Re ort 1001 Ells No, 1304247 1 Pue 1111 ol 30 14CTW F/n A 130-0247 FEATURE I SUBJECT COMPARABLE SALE 10 COMPARABLE SALE 411 COMPARABLE SALE 1112 ' Address 8913 Oliver Ave Ft Brooklyn Center MN 55430 3718 Violet Ave N Brooklyn Center, MN 55429 0.96 miles W 7001 James Ave N Brooklyn Center, MN 55430 0.38 miles EPro By to Subject Sale Price $$ 125,000 $ 123.97 stilt LSI/4166857i DOM 3 135,000 103 $ sett. Sale Price/Gloss Liv. Area sett $ 120.19 s .-ctit MLS-114147487•DOM 78, Data Souree(s) Hennepin County DESCRIPTION ArneLth Cash;0 Records +(-) $ Adjustment DESCRIPTION 4(-) $ Adjuslment ' Verification Source(s)Menne 'in Coun DESCRIPTION ArrinLth FHA;3537 i Records ±1.-) $ Adjustment -3 ,637 I VALUE ADJUSTMENTS DESCRIPTION ; Sales or Bouncing Concessions ' late of Selerrirne bli Res; Fee Simple s07/12;c0711 2 N;Rea; Fee Simple 10019 of +5,041 N;12es; e10/12:c10112 Fee Simple 12632 sr N;Res; DT1;Rambler 04 +4 ,030 +3,734 Location Leasehold/Fee Simple Stie 20100 of tiflew B;Prk; DT1•Rambler N;Res; DT1;Rambler 04 +3750 NS f 1 S Is Qual of Constuction 04 Acteal Age 61 Cs 55 04 -12,500 046 C4 Tatar Bdrres,Balm 0 -13,500 Total Bdrine Baths Condition Above Grade Room Count '4 Gross theng Area Told Hos,Baths Tot1 Bdans,Baths 5 1 1.0 6 3 1.0 -6,000 5 3 1.0 -6,000 sq.it. i 224 sett.1,040 sett 10403f800sfin irribrl .0540o +5,520 -2,740 0 1,089 sett. 1089st700On irrobr1.0ba0o +4,050 -1,740 0 Basement & Fleished ' ;Rooms Below Grade 122-0t,f526sfin 1rrObr1.0balo Typical of Type GFA/CA 0 -2,000 Typical of_Type GFA/CP None 0 -2,000 Eireciional Willy Adverse ;-(eatinwCoollne 00W/Well AC Energy Efficient hems None None 20d2dw 0;Safer/Carport _2jja2dvii zod2rivi 0 Deck +1,000 Patio 1 FP +1,000 o ' PoretVPatio/Deck Patio, Deck 1 FP 0Additional Features 2 FP ! Addlional Features Shed None +2,000 Sprinkler _ Net Adjustment (Total)ri + FQ -N -9,468 D + m •$ -10,406 rl + n - Net M , % Gross Au). % $ $ Net Adj. 7.6% Gross Ad.$ 115 534 Net Adj. 7.7% Gross Adj. 26,7%$ 124,594 Adlusted Sale Pdce ; of Corn arables Report the results of the research and analysis of Ike prior solo or booster history of the sublect property and comparable safes (report additional prior sales our pane 3). ITEM SUBJECT COMPARABLE SALE V 10 COMPARABLE SALE 4 11 i COMPARABLE SALE #12 ; Date of Prior Sale/Transfer ' Price of Prior Sale/Transfer !"-2 Data Source(s)Per Public Records Per Public Records Per Public Records Effective Date of Data Source(s)01/02/2013 01/02/2013 01102/2013 Analysis of prior sale or harder hIsteiy el the suAect property and comparable sales cm ' Anelysls/Comments; • _ —1 1 _ ' Freddie Mac Form 70 March 2005 UAD Verslon 9/2011 Fannie Mae FOrn11004 March 2005 Rem 1034UAD.(AC) 'TOTAL' appraisal software by a la mode, Inc. - 1-800-ALAMOD [i/ala He to. 13-042411-'.a1W1-21g 38 General Text Addendum Ale fie. 1304247 Borrower/Client N/A Property Address 8913 Oliver Ave N CY Brooklyn Center Hennepin State MN Zip Code 55430 Lender Private This property was appraised by Todd Whitson, License Number 20252555, Certified Residential Rea( Property Appraiser. A Certified Residential Real Property Appraiser may appraise residential or agricultural property without regard to transaction value or complexity. A person licensed in this category can perform appraisals for federally related transactions. APPRAISAL DEVELOPMENT AND REPORTING PROCESS At the request of the client, I conducted a REAL PROPERTY APPRAISAL Intended to comply with Standard 1 of the Uniform Standards of Professional Appraisal Practice (USPAP). The report itself is intended to meet the requirements of a SUMMARY APPRAISAL REPORT as outlined in Standards Rule 2-2(b) of USPAP. This appraisal still meets all prior guidelines normally required for a FNMA/FHLMC appraisal. The report presents summary discussion of the data, reasoning and analysis that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation that is not provided with the report concerning the data, reasoning, and analysis is retained in the appraiser's Re. The depth of the discussion contained in this report is specific to the needs of the client and for the intended use stated in the report. The appraiser is not responsible for unauthorized use of this report. VERIFICATION OF SALES Minnesota requires payment of a Deed Tax at the time of transfer of any real property. In order to enforce payment, and to provide sales data to assessors, a document called a Certificate of Real Estate Value (CRV) must accompany each Deed that is presented to the County Recorder for recording. The CRV has information regarding mortgage amount, terms, points paid by buyer and seller (if any), purchase agreement date and closing date. A private vendor of courthouse information, Moore Data Systems, collects that data and provides it to appraisers and other real estate professionals. This office subscribes to that service, and the sales used in this report were verified by that source. In addition, the financing terms were analyzed to develop any financing adjustment that may appear in this report. COMMENTS ON DIGITAL PHOTOS AND SIGNATURES 1.The photos included in this appraisal are digitatielectronic images, they have not been enlarged, enhanced or altered in any way. 2.If electronic/digital signatures are used, it has been ruled acceptable appraisal practice by 1/SPAR. 3.The appraiser/appraisers certifies/certify that this appraisal includes an electronic/digital signature that is maintained and controlled by the appraiser through Appraisal Partners, Inc. The appraiser/appraisers has given authorization to apply the digital signature to this report 4.Once the appraisal is digitally signed it cannot be altered In any way. CONFIDENTIALITY AND SECURITY POLICY In compliance with the Gramm-Leach-Bliley Act. We consider privacy to be fundamental to our relationship with clients. We are committed to maintaining the confidentiality, Integrity and security of clients' personal information. Internal policies have been developed to protect this confidentiality, while allowing client needs to be served. We restrict access to personal information to authorized individuals who need to know this information to provide service and products for you. We maintain physical, electronic, and procedural safeguards that comply with federal standards to protect your nonpublic personal information. No information regarding this transaction will be disclosed under any circumstance. • URAR : Sublect Overall Condition of the Property The Interior of the subject has extensive deferred maintenance and is in average to below average condition overall. The exterior has newer vinyl siding and a newer roof. The main floor has dated decor, at one time there were 2 bedrooms located on the main floor, it appears that the homeowner attempted to convert the two bedrooms into one large master bedroom, however the project was not completed in a workmanlike manner. There are several areas of damaged drywall, missing trim work, a boarded over window and numerous missing radiator covers as well. The basement level also has several areas of missing/damaged drywall and trim. There was also extensive evidence of efflorescence and staining on the concrete block walls and floors of water intrusion around the foundation of the home. The cause of the water intrusion was not determined by the appraiser. There is functional obsolescence noted as the subject has only one bedroom on the main floor which is not a typical feature in this market No significant external obsolescence was apparent. Accrued depreciation (age-life method) is based on the subjects observed condition. Quality of construction is typical for the area. A physical inspection was made of the subject property to determine the size and characteristics of the property. This inspection is for valuation purposes and is not intended to discover defective components. The roof was inspected from the ground with only those areas visible from the ground being observed. Mechanise! Inspections are limited to an exterior visual inspection only. The hot water boiler appeared to be an older unit with evidence of rust and corrosion. The appraiser is not an engineer, a heating contractor, an electrician, a plumber, an environmental expert, nor a similar housing construction expert. No detailed mechanical or structural analysis is deemed to be implied. The measurements and dwelling sketch supplied in the appraisal report are for appraiser purposes of comparison to the comparable sales analyzed In the Sales Comparison Analysis. The supplied sketch is not an architectural rendering of the subject dwelling and is not to be considered as such as the appraiser is not a licensed architect. The Gross Living Area stated In this report may or may not agree with the Gross Living Area published by the tax assessor, the MLS or the builder for the subject or for the comparable sales. Those stated square foot areas have no bearing on the comparison/bracketing/delimiting of the value range analysis utilized in the Sales Comparison Analysis of this appraisal report. Form TADD - 'TOTAL appraisal sotiviate by ala mode, Inc. -1-80D-ALAM0DE Mob ato No.1304247 I Paso *13 of 3ai voi Told Addendum Fite No. 1304247 Borrower/Client N/A Property Address 6913 Oliver Ave N City Brooklyn Center County Nennealrl state tvitq Lli Code 55430 Lender Private • URAR : Sales Comparison Analysis - Summary of Sales Comparison Approach The comparables selected represent the sales that were considered most similar to the subject at the time of this valuation estimate. The comparables were compared to the subject for significant valuation factors and were adjusted accordingly to compensate for the differences between the sales and the subject. In comparing the comparables to the subject, no attempt was made to isolate or reconcile every amenity but rather adjustments were made only for significant differences. The comparables are from the subjects established relevant market area, and are deemed reliable indicators of value. The subject is rated a CS In condition as it has had no recent interior updates and is In need of numerous repairs as noted In the condition of the improvements section of this report Comparable #1 is located in close proximity to the subject and is a recent traditional sale within 90 days of the effective date of this report. This property is rated a C4 as it is in average condition with no recent updates. This comparable was adjusted downwards by 5% to reeled the subject's need for repairs. Comparable #2 Is located in close proximity to the subject and is a recent traditional sale within 90 days of the effective date of this report. This property is rated a C5. A conversation with the selling agent revealed this property was very dated and in need of numerous cosmetic updates and minor repairs. Comparable #3 was a somewhat older sale located just north on the same street as the subject property, this sale was utilized due to overall similarities in age, above grade square footage and location with similar views of East Palmer Lake Park. This property is rated a C3 due to superior updates including new kitchen cabinetry, newer flooring, updated ceramic tile bathroom with whirlpool bath, new furnace and a new garage door. This comparable was adjusted downwards by 15% to reflect the subject's need for repairs and lack of updating. Comparable #4 was a recent traditional sale and was added due to similarities In age, style and above grade square footage. This property is rated a C4 as It Is in average condition with no recent updates. This property has a superior site size as compared to the subject, however it is located in close proximity to a major highway and is affected audibly. The site size and location are considered to be off setting features and no adjustment was applied. This comparable was adjusted downwards by 5% to reflect the subject's need for repairs. Comparable #5 was an older traditional sale, however it was utilized in an effort to find a comparable sale with a similar site size as compared to the subject. This comparable sale Is rated a C5 based on the overall condition of the property per the MLS listing. This property does not have newer siding and roof such as the subject and the interior is extensively dated. Comparable #6 was a somewhat older sale, however it is located in close proximity to the Palmer Lake perk area and is similar in age & style as compared to the subject This property is rated a C4 as it Is in average condition with no recant updates. This comparable was adjusted downwards by 5% to reflect the subject's need for repairs. Comparable #7 was a fairly recent sale In very close proximity to the subject. The property has inferior site size and has commerciel views, however it was completely remodeled and is rated a C3 for superior condition as compared to the subject. Recent updates to this property include a new kitchen, fresh paint and all new flooring. This comparable was adjusted downwards by 15% to reflect the comparable's extensive updating as well as the subjects need for repairs and lack of updating. Comparable #8 was a fairly recent "tradttionaf sale In dose proximity to the Palmer Lake park area and is similar in age & style as compared to the subject. This property is rated a C4 as it is in average condition with no recent updates. This comparable was adjusted downwards by 5% to reflect the subject's need for repairs. Comparable #9 was an investor owned property that was extensively updated and was utilized primarily to show the market for a property in below average condition. This comparable was previously purchased as a lender owned home in below average condition, then was extensively updated and re-sold. This comparable was adjusted downwards by 15% to reflect the comparable's extensive updating as well as the subject's need for repairs and lack of updating. Comparable #10 was a fairly recent traditional sale located in close proximity to the Palmer Lake park area and is similar In age & style as compared to the subject This property is rated a C4 as it is In average condition with some recent updating. This comparable was adjusted downwards by 10% to reflect the superior condition as well as the subject's need for repairs. Comparable 411 was a recent traditional sale located In close proximity to the Palmer Lake park area and is similar in age & style as compared to the subject. This property Is rated a C4 as it is In average condition with some recent updating. This comparable was adjusted downwards by 10% to reflect the superior condition as well as the subject's need for repairs. Comparables #1, #2, #3, #6, #8, #10 and #11 are all In the subject's immediate (Palmer Lake Park) neighborhood, however all have smaller sites and most have inferior views. Comparable #3 has very similar views as compared to the subject. In an effort to find sales with larger sites it was necessary to expand the market search area; subsequently exceeding recommended proximity guidelines. Site adjustments were made for significant differences in site slze and is based on the contributory value. Adjustments of $0.50 per square foot are applied to sales with significant site size differential. With the exception of Comparable #3 all sales have an inferior view. The individual adjustments applied were extracted from paired sales analysis and/or multiple regression models and are applied as follows: Bedrooms are adjusted at $3,000, full or 3/4 baths are adjusted at $3,000, differences in above grade living area Is adjusted at $30 per fsf, lower level finished area is adjusted at $10 per fsf for significant differences. Garages are adjusted at $5,000 per stall. The subject has a 12* 24 garden shed which is applied as a $3,000 adjustment. Quality of construction takes into consideration exterior siding and interior materials and craftsmanship. Condition rating based on listing descriptions and photos. Effective age takes into consideration actual age along with any reported mechanical and/or structural updates. Due to a very limited number of similar sales it is necessary to apply significant adjustments to the available sales which In turn makes it necessary to exceed recommended guidelines regarding net and gross adjustments. FOIM TADD 'TOTAL' appraisal software by a la mode, inc. - 1-8011-ALAMODE Demmer Client NIA Pros Address 6913 Oliver Ave N City Brooklyn Center Lender Private County Henli_opin L 1401 File No. 1:41247 / Pane # 14 el 38 j Rifirieria TOPA A32Ciklly Fl!,3 No. 1304247 The eleven comparable sales utilized within this report have an adjusted value range of $97,300 to $125,323 with an average of $114,000 (Rounded). Given the subjects need for repairs and updating the appraiser reconciles to the average of $114,000. Given the subjects need for updating and repairs, a typical purchaser of a property in the subject's current condition would be an Investor looking to update/repair the home and re-sell the property. Typically an investor would like to receive a return on his/her investment. Form TADD - 'TOTAL appraisal software bye la mode, Inc. -1-800-ALAMODE Mati File No.1304247 Pam # 15 of 95 I Market Conditions Addendum to the Appraisal Report Pito No, 11 34 0C4T2W47 The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and condllons prevalent In the subject neighborhood. This is a required addendum ref all appraisal reports with an effective date on or alter Ppill 1, 2009. j Property Address 6913 Oliver Ave N . City Brooklyn Center Stale MN ZIP Code 55430 1 Borrower N/A j Instructions: The appraiser must use the Information required on this form as the basis tor hts/lier conclusions, and must provide support tor these conclusions, regarding housing trends and neural market condlions as reported in the Neighborhood section of the appraisal report form The appraiser must fill in at the information to the extent i Ills available and reliable and must provide analysis as Indicated below. 9 any required data is unavailablo or Is considered unreliable, the appraiser must provide an1explanation. h is recognized that not all data sources will be able to provide data tor the shaded areas below, It ti Is available, however, the appraiser must Include the data •Is the analysis If data sources provide the required Informatian as an average Instead of the median, the appraiser should report thaavallable figure and Ideality It as an - ' I average. Sales and listings roust lou properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of the 1nub'- ct The • *iralser must e a sin an anomalies In the data, such as seasonal markets new construction, foreclosures, etc. .. -.. , i Total # of Comparable Sales (Settled) 1Absorption Rale (Total Sales/Months) , 1 Nal # of Comparable Active Listings Prior 7-12 Months IIIIIIMMIN Prior 4-6 Months Current -3 Months a „Overall TrendMIMIIllIlforrium•gWII, CI Declnint E) Dectintni Ili homes-in 1 , I Months of Housin I Su , I crtal Llstin stAb.fiate vvi.OPr': * r ' ' '.'t 0611,141,4 .' MIIIIIIIIIIIMPrIor II II 1,..t . le Overall Trend tre .442...44t, 1 Median Comparable Sale Price 124,000 124 700 135,000 Increasing El Stable 0 Declining i Median Corn. .ble Sales Da s on Market Median Par 36 17 44 El Dedlni I •Stable iI lsnrsaslsr,11111111111111111111111 le wonlrl fl (ii I 1 . wig Median Corn arabia Unis.s Da sort Market II !.k.2 . : .• i ; si Median Sale Price as % of List Price 99.07% 100.00% 96.77%El Increasing •Stable 0 °eolith! Seller- developer, builder, etc.)pald ffnanclat assistance prevalent? ti Yes 0 No 0 Declining g Stable D Increasing Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions Increased trom 3% 10 5%, Increasing use of buydowns, closing costs, condo •tees, options, etc.). Seger concessions of 3-6% are common in the current market as the inventory of homes increases the competition to sell these properties increases, Consideration Is given to the original list price in comparison to the final sales price when adjusting for •seller concessions. Dollar for dollar adjustments are warranted as seller concessions directly affect the sellers proceeds from the sale. Ate foreclosure sales (REO sales) a lector In the market? N Yes 1-1 No tf yes, explain (Including the trends In listings and sales at foreclosed properties). Over the past 12 months, the total number of "Lender Mediated" single faintly homes for sale in the defined neighborhood had decreased front 40 to 33. In the lest year, the months supply of Short sale inventory has decreased from 4.5 to 4.2 months, foreclosure inventory had decreased from 2.9 to i 1.7 months, and traditional Inventory had decreased from 5.6 to 2.9 months. Over the previous 12 month period the median sales price of foreclosure . sales had Increased by 19 percent, short sales decreased by 5.5 percent, while traditional sales have increased by only9 percent. Overall the median sales •1-ice has increased b 18.7 rrt I Cite data sources for above information. Northstar MLS and Public Records. -1I i Summarize the above Information as support for your conclusions In the Neighborhood section at the appraisal report form. If you used any additional Information, such as ' I an analysis of pending sales and/or opted and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions. The subject's defined neighborhood has experienced a 4-5 year period of declining values, however the median sales price of the , I comparable sales has been steadily increasing over the last 12 month period, The above grid indicates an 8.1% increase from the previous 7 -12 month time frame, The housing supply Is adequate and the absorption rate Is declining as this market was In the midst of the slower winter months. The median comparable list price has Increased slightly over the 12 month period. The median_historically -', comparable sales days on market remained relatively stable over the 12 month period with a median days on market well under 90 days. Per the Minneapolis Area Association of Realtors the median sales price of comparable sized homes within the defined neighborhood increased by only 1.7%. Per the Minneapolis Area Association of Realtors the median sales price of all traditionally sold homes within the defined neighborhood increased by only 1.4%. Per the Minneapolis Area Association of Realtors the median sates price per Sq. Ft. within the defined neighborhood increased byonly 2.8%. See Attached Market Statistics I lithe subject is a unit In si condominium or cooperative project , complete the following; Project Nem: — ProjectSubject —Prior 7-12 Months Prior 4-6 Months Current -3 Months Overall Trend ' pa (Settled)El Increasing El Stable 0 DeclinInL Absorption Rets (1- )•Increasing iiED Stable 1101 Declining Dactring on Stable 0 increasing Months of Unit Sopp(y (Total )DecloIng 0 Stable r-,1 Increasing Are fortelosure sales (RED sales) a factor In the mei ct? Yes No if yes, mdlcate thei Wilber of REO listings and allele the trends In hangs and &des ot foreclosed properties. ir I--' r Summate the above trends and address the Impact on rime subject unit and ph*ct I1-------- Signature ,,•-72 -.---,Signature Supervisory Augraiser Ulfillt•Varairier Natfie iiockYVVilitson ' Corn-41'1Y Narne tAnpraisal Partners, Inc.Company_Nerne Company Address State License/Certification i Slain Cmmary Address 7111 West Broadway Suite 201, Brooklyn Park, Mt , State LIcense/Catilcation # 20252556 State Mid 11 Email Address info@appraisal-partners.com Email Address Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009 Form 1004MC2 - 'TOTAL" appraisal software by a la mode, inc. - 1-1300-ALAMODE $135,003 1130,000 $125,000 len 2012 $1121000 5120,000 — IA, h_ - ---ii-,,' I.li I-1% 1 wary 2013 $1.14,60'i4l_...: ............—____ $105,000 1-2011 1-2012 1-2013 1-2014 001302020 Definsilt: Traditional, Stngia-Famnf 1300015 or Less WItesraproantmrsi012nrat4--adteataty,last 2rnnt&a-ch23,2014. • Uttar •deLsed wee-00000 Sfcrn tha0h0000.6 Drdisdawrpwl boi rdtpmpresed.rava,redtrylUKR.w.cilt-5,41-Wrthro Median Sates Price within the defined neighborhOod 1 0115,000 $110,00 0 r Main 00 00. 1304247 Pap 19 ol 38 I Additional Market Statistics PG-1 Todd Vyhttaon Appraisal Partners, Inc Office: 7003-503-9354 Cell 763-4683472 Fax: 763-764-2148 tearp,1%10pc . ;.- 0'71r fT"' (ICI] , ; For your Information For your Success Median Sales Price Fon SCNLGL - 'TOTAL appraisal software by ala mode, Inc. -1-800-ALAMODE Todd Whitson Appraisal Partners, Inc Office. 763-603-8354 Cell: 763-458-3472 Fax! 763-764-2148 ' r ."." '■I For your InlorrnatIon. For your Success, Median Sales Price - By Square Footage - I_Mak, He So. 1304241 I Par0 #11 0138_1 Additional Market Statistics PG-2 1 —1 - It Ten 21)12 - $140,000 1 I Ian 2013-- $142000 j k •',' ii Yg• 3150,000 I!'6 4-•i•5145,000 li 0P,I/7'7= $140,000 $135,030 1-2011 1-2012 1-2013 1-2014 0513 Oliver I:Mat-cr .:Traditional, 50n0Ia-0eratly 500e1dk0 12 o0 iltd4000 I to-n M-0,211,2014, •L00 ,c1.4,,:d et._ ebb De.LA deartd r.s1.-±ka kirciir-.6rk4.41 PomredtPf 120Romnii and f.tolVis $155100 Form SCNLGL - `TOTAL' appraisal software by a Is mode, Inc, -1-800-AIAMODE rit:On File XI). 1 al247 I-Paz:2 18 u130 Additional Market Statistics PG-3 Todd Whitson Approlsel fiarinore, Inc Office: 703-503-9364 Ca 753-458-3472 Fax: 783-754-2145 .te For your information For your Success. Median Price Per Square Foot - By Square Footage $00 555 I -Jan 201 -2: $7-4 per— iq ft— 1 -3a—n 2.63:- $76 pe— '[•1 I 575 Tr—t 1-2011 1-2052 1-2013 1-2014 8013 018:er Dfirlucr • Tra thitortal, Zinu!etFamay s/.1N.:11-1.:.:trottsg 12 rfrzlirie ..My. 5018 2witS5011211,5056, ' Unrdsirted Ero. fmathtultl-e.-%1.0 Ilhickttcrestd rgt:II:5 but :xi st.mult-.KAL Pwetted try 1at listitaral isrd ht,tfirtti -g. Form SONLOL - 'TOTAL appraisal software by a la mode, Mo. - 1-800-ALAMODE I Mali Ns No. 1304247 I Paige0 19 WWI 14CTVV Fife No. 1304247 UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Condition Ratings and Definitions Cl The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new and the dwelling features no physical depreciation.* "Note: Newly constructed improvements thatfeaturt recycled materials and/or components can be considered new dwellings provided Matte dwelling Is placed on a 100% new foundation and the recycled materials and the recycled components have been rehabilitated/re-manufactured into like-new condition. Recently constructed improvements that have not been previously occupied are not considered "new If they have any significant physical depreciation (i.e., 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 either are almost new or have been recently completely renovated and are similar in condition to new construction. 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. 04 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. 05 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. 06 The Improvements have substantial damage or deferred maintenance with deficiencies or detects that are severe enough to affectthe safety, soundness, or structural integrity of the improvements. The Improvements are In need of substantial repairs and rehabilitation, including many or most major components. Quality Ratings and Definitions 01 Dwellings with This quality rating are usually unique structures that are Individually designed by an architectfor 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 stratum. 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. 02 Dwellings with this quality rating are often custom designed for construction on an Individual property owners site, However, dwellings In this quality grade are also found in high-quality tract developments featuring residence constructed from individual plans orfrom 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. 03 Dwellings with this quality rating are residences 01 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. Dwellings with this quality rating meet a r 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 am of stock or builder grade and may feature some upgrades. UAD Version 9/2011 Form DADDEFINE TOTAL' appraisal sothvare by a la mode, Inc. -1-8DO-AlAMODE fAtIn F4e No. 1201247 I Pap 44 20 crt :id I UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Quality Ratings and Definitions (continued) 05 Dwellings \Otitis 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. 06 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.mdstent 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 wall 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/gasfIxtures/appliances, significant structural alterations (relocating walls, and/orthe 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 betas is reported by separating the two values using :a perfect, where the fultbath 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 Form UADDEFINE - 'TOTAL" appraisal software by ala inode, Inc. -1-80D-ALAMODE LIPIn Ille ?lo.130424 7 —1138 UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae HAD Appendbc D: HAD Field-Specific Standardization Requirements) Abbreviations Used In Data Standardization Text Abbreviation Full Name Fields Where This Abbreviation May Appear Area, SiteacAcres Ad Prk Ad acent to Park Location AdjPwr Adjacent to Power Lines A Adverse Location & View Arml h Arms Length Sale Sale orFinanclnçf Concessions Basement & Finished Rooms Below GradebaBathroom s br Bedroom Basement & Finished Roams Below Grade B Beneficial Location & View Cash Cash Sale sr Financing Concessions CtYSkY City View Skyline View City Street ViewClyStr Comm Commercial Influence C Contracted Date Date of Sale/Time Cony Conventional Sale or Financing Concessions CrtOrd Court Ordered Sale Sale or Financirrt DOM Days On Market Data Sources e Expiration Date Estate Sale Date of Sale/Time Sate or Flnancin. ConcessionsEstate FHA Federal Housing Authority Sale or Financing Concessions GlfCse Gott Course Gem Golf Course View Ind Industrial Location & View in Interior Only Stairs Basement & Finished Rooms Below Grade Lndfl Landfill LtdS ght Limited Sight Listing Listing Sale or Financing Concessions Mtn Mountain View N Neutral Location & View NonArm Non-Anna Length Sale Sale or Financing Concessions BsyRd Busy Road Location o Other Basement & Finished Rooms Below Grade Prk Park View View Petri Pastoral View View PwrLn Power Lines View PubTrn Public Transportation Location rr Recreational (See) Room Basement & Finished Rooms Below Grade Solo Relocation Sale Sale or Financing Concessions REO REO Sale Residential Sale or Financing Concessions Location & ViewRes RH USDA - Rural Housing Sale or Financing Concessions s Settlement Date Date of Sale/Time Short Short Sale Sale or Financing Concessions at Square Feet Area, Site, Basement sqm Square Meters Area Site Unk Unknown Data of Sale/Time VA Veterans Administration Sale or Financing Concessions w Withdrawn Date Date of Sale/Time wo Walk Out Basement Basemen & Finished Rooms Below Grade WU Walk Up Basement Basement & Finished Rooms Below Grade WirFr Water Fruitage Location Wtr Water View View Woods Woods View View Other Appraiser-Defined Abbreviations Abbreviation Full Name Fields Where This Abbreviation May Appear UAD Version 9/2011 Form UADDEFINE - 'TOTAL' appraisal software by a la mode, Inc. - 1-800-ALAMOOE (4311 ir#12o.1304.247 _PAN: # 22 of 3d Plat Map Porrower/Cilent N/A Pro r Address 6913 Oliver Ava N C F3rooldyn Center County Hennepin mare im Bp Coda 55480 Lender Private Form MAP.PLAT•'TOTAL appraisal software by a la made, trio. 1-800-ALAMODE Main M:1111304247 P-. dpr8 t 2 3 of 38 I Aerial Map Bornmar Client N/A Property Addres• 6913 Oliver Ave N City Brooklyn Center Uktitit Private Colinly Hennepin sko MN ilp Code 55-430 Form MARLOC - 'TOTAL" a,ppralsal software by a la mode, Inc.. 1-800-ALAMODE Kitchen Family Room 26' 12' Bath 38' Informatton PoerNerl Beat& But Not Gutronteed Att,t C35Cult•tionl Steoro ry Shed Full - Partially Finished Basement 12'r r...r...........—,-sumog II :: . • • .• • a iv. • • - • • Ii•• -.• •••• , •••1 1 Wood Deck g12'1 • -. . 11 • . .8 i • a i • . • • . I e....■•■••■■13e2samac,.....30.0.1.111.425 Patio First Floor [1224 Sq ft] Main Level Living Room Entry Ramb!oi - 1235 Sq ft 1224 Sq 11 872 Si R Garage 2 Car Attached [572 Sq ft] 22' iS a 26 = sOs 12 029 = 288 26 a 22 = 572 I Mall File no, 1304247 Pao 9 24 of 381 nuildhlg Skgich 1) 8 roweriChnt N/A Pro rt Address 8913 Oliver Ave N "it Brooklyn Center County Hennepin Slats MN Zip Cods 55430 Lender Private Form SKT,BiciSki 'TOTAL appraisal software by a la mode. Inc. -1-800-ALAMODE Unfinished Hot Tub Family 26' 36' Mechanicals Bath .1123811.18133.3=126=1.801., Laundry 12' 12' Basement [1224 Sq ft] Den Storage 24' 38' Moir' FIN No. 1304247 I PkerS 25 of Wages - 2) Borrow/ChM N/A Property Address 6913 Oliver Ave N My_ Brooklyn Center County Hennepin Stare NAN Zip Code 55430 Lander Private WI& Skttch ty b =1; irK, Area Calculations Surmnari NOn-ltvIng Area Baserwnt 1224 sci 36 % 26 12 x 24 u 986 288 Fran SKT.BldSkl 'TOTAL' appraisal software by a la mode, Inc. - 1-800-ALAMODE MaH Faa Ho. 13017.17_11,'ve #20 (430 I Subject Photos Borrower/ChM N/A Property Address 6913 Oliver Ave N City Braddyn Center County Hennepin We MN Zip Code 55430 Lender Private --. , - 4 i ' i t [ r • - Subject Front 6913 Oliver Ave N Sales Price aLk 1,224 Tot. Rooms 5 Tot. Beams. 1 Tot Ratans, 1.0 Location N;Res; View B;Prk; Site 20100 sf Age 61 Subject Roar Subject Street Form PI04x6,SR - 'TOTAL' appraisal software by ala mode, inc. - 1-800-ALAMODE Hail Me So. 130.1247 I No 4 27 at 30 Axial lo al S Mest Photos no - 2 Berrowerglent N/A Property Address 6913 °aver Ave N Oily Brooklyn Center MA+ Hennepin state MN Zip Cade 55430 Lender Private Front Street Garage Door 12*24 Shed Views Living Room Forrn PICSIX2 - 'TOTAL appraisal software by a la moth. Inc. - 1-800-ALAMODE 17,10-a No. 1,3042 :1-77ie #20 of 38 j Additional SkiNoct PliotQs 11ij - 3 Borrower/Ma N/A Property Address 6913 Qliv8r Ave Nctyy Brooklyn Center County Hennepin State MN Zip Code 5543n Lender Private Don Bedroom Living Room/Entry Area Family Room Dining Area Kitchen Fowl PICSIX2 'TOTAL" appraisal software by a la mode, ins. - 1-800-ALAMODE Filb No. 13-70:1;:ae #29 of 38 I AkIltlena1 u iect Pintas - 4 CorrotveriClient N/A Property Address 6913 Oliver Ave W City Brooklyn Center lender Private County Hennepin Slate MN Zip Code 55430 Living Room Basement Besement Basement Bath Guest Room No Egress Basement Concrete Block Walls Mechanicals Form PICSIk2 - 'TOTAL" appraisal sortvrare by a la mode, Inc.. 1-800-ALAMODE Evidence of Water DamageMissing Trim/Damaged Drywall Boarded Window Damaged Drywall Concrete Block Wall Concrete Block Wall wain File No. 1304247 Pane #30 at 38 Additional Subject Photos PO - 5 Borrower/Client N/A Property Address 6913 Oliver Ave N Clty Brooklyn Center County Hennepin State MN Zip Code 55430 Lender Private Evidence of Water Damage Evidence of Water Damage Damaged Drywall Form PIC12 . LI- "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Man FKo No, 1304247 I Pay 31 of 38 Comparable Photos 1-3 BoPowori011ent N/A P I I uty Allthess 6013 Olivar Ave N CO BrooklynCenter County Hennepin StEte MN Zip Cele 55430 Lollar Private Comparable 1 1618 Amy La Prot to Subject 0.47 miles NE Sales Price 124,900 Gross Living Area 1,200 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 1.0 Location N;Res; View N;Res; Site 11328 sf Quality Q4 • Age 46 Comparable 2 2101 71st Ave N Pros. to Subject 0.21 miles NE Sales Price 89,000 Gross Living Area 1,036 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 1.0 Location N;Res; View N;Res; Site 12632 sf Quality Q4 Aga 52 Comparable 3 7200 Oliver Ave N Prox. to Subject 0.33 miles NE Sales Price 132,900 Gross Living Area 1,235 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 1.0 Location N; Res; View B;Prk; Sae 9583 sf Quality 04 Age 51 Form FICPDCCR - 'TOTAL appraisal software by a La mode, inc. - 1-800-ALAMODE [Thin File No. 111)&247 Page 32 of 3.741 Conipapahla Pholos 440 Borrower/Client N/A Peoperty Address 8913 Oliver Ave N CRY Brooklyn Center Ceunry Hennepin Stale MN Zip Code 5E430 Lender Private Comparable 4 4901 Beard Ave N Prox. to Subject 2.64 miles SW Sales Price 125,000 Gross living Ana 1,136 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 1.0 Location N;Res; View A;CtyStr, Site 29185 sf Quality 04 Age 61 Comparable 5 5851 Bryant Ave N Prot to Subject 1.61 miles SE Sales Price 110,000 Gross Living Area 1,160 Total Rooms 5 Total Bedrooms 3 Total Bathrooms 1.0 Location N;Res; View N;Res; Site 22216 at Quality 04 Age 59 Comparable 6 3,601 72nd Ave N Prot to Subject 0,87 miles NW Sales Pdce 114,000 Gross Living Area 960 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 1.0 Location N;Res; View N;Res; Site 11761 sf Quality 04 Age 55 Form PICPIX.CR 'TOTAL appraisal software by a Is mode, Inc. - 1-1300-ALAMODE Borrovior/Cilent NIA Property Address 6013 Oliver Ave N City 13rooklyn Center Lender Private Courtly Hennepin Slate MN up Coda 55430 I W118115110. 1334247 I 203 ai 33 crl 38 I Cowart3111e Photos 7-9 Comparable 7 2108 69th Ave N Pm to Subject 0.10 miles E Sales Ptic e 120,000 Gross thing Area 1,050 Total ROOMS 6 Total Bedrooms 3 Total Bathrooms 1.0 Loudon N;Res; View A;Commereial; Site 10800 sf Quality 04 Age 44 Comparable 8 3808 Urban Ave N Pros, to Subject 0.95 miles W Sales Pnca 123,750 Gross Living Area 1,100 Total Rooms 5 Total Bedrooms 3 Total Bathrooms 1.0 Location N;Res; View N;Res; She 10019 sf ()nay 04 Age 58 Comparable 9 4807 Azelia Ave N Pros. to Subject 2.83 miles SW Sales Price 120,000 Gross UYIng Area 1,114 Total Rooms Total Bedrooms •3 Total Bathrooms 1.0 Location N;Res; View N;Res; Site 23958 sf Quality 04 Age 58 Form PIGPIX.CR - 'TOTAL" appraisal software by a to mode, Inc. - 1-800-AtAMODE I Mate He Pio_ 13°4247 Pe # 34 of 33 I Comparable Photo Page Bonower/ClIent NIA km C Address 6913 Oliver Ave N Bmoldvn Center County Hennepin State MN Zip Cds 55430 Lender Private Comparable 109716 Violet Ave N Pros. to Subject D.86 miles W Sale Plea 125,000 Gross Living Area 1,040 Total Rooms a Total Bedrooms 3 Total Bathrooms 1.0 location N;Res; View N;Res; Site 10019 of Dualtty 04 Age 55 Comparable 11 7001 James Ave N Pros, to Subject 0.38 miles E Sale Price 135,000 Gross Living Area 1,089 Total Rooms 5 Total Bedrooms 3 Total Bathrooms 1.0 Location N;Res; View N;Res; Site 12632 sf Quality 04 Age 46 Comparable 12 Prot to Subject Sale Price Gross living Area Total Rooms Total Bedrooms Total Bathrooms Location View Sits Duality Age Form PICPIX.CR - 'TOTAL appraisal software by ala mode, Inc. - 1-800-ALAMODE 1.1 r I Main roe Ito, 13042471 Pero #25 of Comparable Sales Map Borrower/Client N/A Papa,/ Mdress 0913 Oliver Avo N Cit Brooklyn Center COWIrf Flenneein Mate MN Zip Code 55430 Lender Private •,;_c/MPArtiky).1_t,119,. _ •, 1 " ; `;,•`)':'• _01 7n41 [WT. t+1' I ,4.flCcrtzr,t1l4 5C429 rnill?sfW 1,-.. ;',-- q [ c,1•1.1 C3.K.Atit_t Ho, 3C . .II;T:', Ilf.:;;:. , J . 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' Ill /0 II - 1 '1 Form MARLOC -"TOTAL appraisal software by a la mode, Inc, -1-800-ALAMODE LI,ein Re No. 1304247 I Powo 8 30 oi 37t Resume - Page 1 Todd Michael Whitson 2140— 138 th Avenue NW Andover, MN 55304 763-458-3472 Twelve years of concentrated experience in Real Estate Appraisal in The Twin Cities Metro Area Objective: Astute, tenacious, and analytical professional offering diversified experience in real estate appraisal, property valuation, and loan servicing activities. Possess qualifications in gathering and analyzing market data obtained from a variety of sources, and drawing conclusions from collected data. Results-driven; enjoys challenges and works efficiently In fast-paced, stressful situations with dedication to integrity and superior service. Work Exoerience: IRR Residential Appraisal Partners Managing Director 1 Partner/Operations Manager I Performed both review and field appraisals of 1 Single Family Residence, Condominium and Multi-Units I Field and Review Appraiser I Train and Manage Appraisal Trainees North Metro Appraisal Services inc. President 1 Appraise all residential properties including income properties 1 Day-to-Day Operations •Train and manage appraisal trainees 1 Field and review appraiser Appraisal Partners Incorporated Certified Residential Staff Appraiser 1 Appraise all residential properties including income properties •Review appraisals in house 1 Supervise and train registered appraisers 1 Produce marketing documents Cities Appraisals Inc, Registered Residential Stiff Appraiser I Owner ▪Appraise at residential properties including income properties 1 Scheduling all appointments 1 Day-To-Day Operations I Produce marketing documents Mid-America Appraisals Inc. Registered Residential Staff Appraiser 1 Appraise all residential properties 3 Scheduling all appointments 10115/2012 to Present 01/05/2005 - 10/15/2012 09/2002 - 01/05/2005 02/2001 - 09/2002 10/2000 02/2001 UMEISGAS: 1 Certified Residential Real Property Appraiser to FHA Approved Appraiser License # AP-20252556 •Emphasis on Single Family Residential, Small and Multi-Unit Residential Income Properties O Strong management and appraisal skills to provide extensive services to large lending institutions and mortgage brokers throughout the country. O Approved for numerous lending institutions and vendor management companies which include but is not limited to: RELS, Wells Fargo, Mortgages Unlimited, Land Safe, LSI, GMAC Mortgage, Countrywide, Chase, Clear Capital, Fiserv, and Prime Valuations — Fciii SCOLGL 10I-AU N]praisd ,.)11-ware by a la mode, 1no. - 1-000-ALAMODE Fhb FN No. 1304247 No a 37 of 311 Resume - Page 2 Education: te" Appraisal Institute 04/2005— 08/2012 12135 Josephine Road, Roseville, MN 55113 ▪Basic Income Capitalization Course 310 O Reviewing Residential AppraiSat and Using Fannie Mae Form 2000 O Advanced Internet Search Strategies *FHA and the Appraisal Process •Residential application using technology to measure and support assignment results •McKissock Professional Education •REO and foreclosures •Environmental issues for appraiser's •7 Hour National U.S.PA.P. Update Course •The Cost Approach I University of Saint Thomas 01/2004 - 06/2004 2115 Summit Avenue, Saint Paul, Minnesota 55105 .2004 National Uniform Standards of Professional Appraisal Practice •Foundations of Business Valuations •Foundations of Real Estate Investment Analysis and Valuation I •Foundations of Real Estate Investment Analysis and Valuation Il I Kaplan Professional Schools Formerly 08/2000 - 08/2010 Prosourco Educational Services 1295 Bandana Blvd, Suite 245, St Paul, MN 55108 •Appraisal 101: Introduction to Appraisal Principals I •Appraisal 102: Introduction to Appraisal Principals II •Appraisal 103: Introduction to Appraisal Practices I •Appraisal 104: Introduction to Appraisal Practices •Appraisal 105: Introduction to Appraisal Standards and Ethics •Appraisal 106: Appraiser's Guide to Residential Construction •Appraisal 107: How to Perform FHA Appraisals Within New HUD Guidelines •Appraisal 108: Investment and Financial Analysis •2007 National Uniform Standards of Professional Appraisal Practice •2008-2009 Nat'l Uniform Standards of Professional Appraisal Practice •Advanced Residential Bunding Analysis 403 O Houses: Is this Legal? ▪2010 Final RESPA Rule - Minneapolis Area Association Of Realtors O 2010 - 2011 National Uniform Standards Of Appraisal Practice Update I Lakewood Community College .Business Administration •Globe College of Business 1991 -1993 1989 - 1990 STATE OF -LAPNESOTA TODD M WHITSON2140 138TH AVE NW ANDOVER, MN 55334 Dpvtrnt of Coi .4011-erco The Undarsigned COfirK.SSiOXER OF COMERCE r the S -:"..e.e m Minliesstarnszeby cull-fez C.14.-1 TO3D tei fiffiEfStX■1 2140 13STH AVE NW FADOVER, MN 55304 has compiled with the 'avis of the State eThikulesota and Is hereby Ecenseci to truisect the 'Ashen of Resident Appraiser : Certified Residential License N Warier 2020250 unless this siithciily 's suspended, .7mitecl, or otherylise lefiaNy terrnirlaied. This license shall be in eflect August 31, 2014. im TESTIMONY WRER7-10F, 2119.-te. hereunto t my nasti this Aug -.0, 2012, I Wo FI Ho. 1M4247 I r?"-3 ,'rs 38 81-3-81 Appraiser's License COMPS:;::<-215ER -0:F" CearbERCE ktri.G7X3ifi Beirratrront of Corre -n-r--fte Lim-mhg Di*Ion 857th Place Era4, adta 5{143 Si PM, MN 55101-3165 Telrecito: (651) 296-6219 E1: hensing.rorreo5,2,slarle.mr_us. Wrmm:commesee.sWeirto.ta Nees: CastInuinD Eca:len: ..CE.12cciViMuLTYIKI.C.EamttLeaalo- itra Total - Appal Ger 30.00 USPAP 71:0 Corargo Ecktoation: 16 hce..-e is For:liked ir the in-, renevcal hsthrdes a 7 hour ULSTAP coiaa:e. 34 tours fa rovi,ad for Rath subs\--oent ralewll period. tellch !ntAAI■frs z 7 how IMPAP ozsrree, Ygr,..irnust hold a ricensed Rookbo eitt ResLiii_vrial. or Ge.-Lire4 esnerai cv.zer2,:ioinn in ord arta TO epixale24 ID( fetkrey-reled trardactions.7raime. s rb nes! q fy. For hrtier- &Ands. pdease %troacervais -Aa aerremrce_staternsum Form SONLBL- 'TOTAL appraIsal software by a la mode, lac, -1-800-ALAMODE EXHIBIT "B" Exhibit "B" to Expert Report of Todd Whitson 1,Appraisal report dated January 2, 2013 by Brian Manthey (KGPROD 0680 — 0722); 2,Appraisal report dated January 8, 2013 by Matthew N. Smith (VETTER 0024 — 0049); 3.The data referenced and/or set forth in my appraisal report (Exhibit "A"); 4.Email correspondence between Robert Vetter and gregpsmith@comeast.net , dated January 2013 (SMITH 0052 — 0059); 6.Email correspondence between Robert Vetter and Dennis Debrobander, dated March 2013 (VETTER 0095 — 0098); 7.E-permit inspection records from the City of Brooklyn Center for the properties identified in my appraisal report and this expert witness report (contained in KGPROD 1247 — 1623); 8.MLS records through www.northstarmls.com , including, inter alia, records for the properties referenced in my appraisal report and this expert witness report (contained in KGPROD 1247 — 1623); 9.Hennepin County Tax Assessor records for the properties referenced in my appraisal report and this expert witness report (contained in KGPROD 1247 — 1623); 10. Other records for the sales comparables listed in my appraisal report and the five dissimilar properties referenced in my expert report (KGPROD 0950 — 1101). 6 2014 i1ocal Board of Appeal and Equalization Michael R. Johnson 5343 Sailor Ida 03-118-21-43-0014 2014 Assessed Value: $134,100 Recommendation: Sustain This report is not an appraisal as defined in M.S. §82B.02 (subd.3) nor does it comply with the Uniform Standards of Professional Appraisal Practice. It is intended to be used as a reference only and any use other than its intended use is prohibited and unlawfid The author does not represent this to be an appraisal and is not responsible for any inappropriate use. It is a report ofpublic records using a mass appraisal technique. City of Brooklyn Center mmegariv Assessing Department )- 2014 Local Board of Appeal and Equalization A Staff Report Property Owner(s): Property Address: PID #: Michael R. Johnson 5343 Sailor La 03-118-21-43-0014 Market Value Assessment Year 2014 Assessment Year 2013 Assessment Year 2012 $134,100 $122,000 $124,200 Sale:February 1, 1977 - 37,000 (11 - Other) Comments: Mr. Johnson appeared as a walk in at the 2014 Local Board of Appeal and Equalization. He had general market questions and did not wish to appeal his 2014 valuation. I reviewed market information with him and he is satisfied with his value. The following grid compares Mr. Johnsons's property to three other properties that sold recently in Brooklyn Center. Properties with larger square footages are shown. Comparables two and three sold very recently and are in the 2015 assessment study period. They have been included here to show current sales in the immediate vicinity of the subject property. Since Mr. Johnson did not wish to schedule an interior review, the appraiser's recommendation is to sustain the 2014 estimated market value of $134,100 on the property at 5343 Sailor La. Assessor Recommendation: Sustain • Appraiser:Last Inspection Date: Jill Brenna June 25, 2009 2014 Board of Appeal and Equalization Subject Data Summary PID #: Property Address: Multiple Address: Lot/Block: Addition: Legal(120): Owner(s): Property Classification: 2014 EMV: 2013 EMV: 2012 EMV: Last Sale: Lot Size: Zoning: Dwelling Type: Style: Bedrooms: Baths: Actual Year Built: Gross Building Area: Basement Area: Bsmt Finished %: Garage #1: Garage #2: 03-118-21-43-0014 5343 Sailor La Brooklyn Center, MN 55429 No 003/002 Balfany's Northport 1st Addition Michael R Johnson Residential - Homestead 134,100 122,000 124,200 2/1/1977 - 37,000 - Other - 11 9,091 Sq.Ft. / .21 Acres R1 Single Family One Level/Rambler 3 1 1955 1,536 912 2 Car Detached None 2014 Board of Appeal and Equalization Additionnil Subject Photos 5343 Sailor La. 2014 Board of Appeal and Equalization 16.0' 38.0' Sketch by Apex tvkdinaTM 24.0' 2,1Garage 624 sf 24.0' 38.0'12.0' 38.0' Basement 912 Subject Sketch Sketch 2014 Board of Appeal and Equalization Comparable 1 Comparable 3 2014 Board of Appeal and Equalization Sales Comparablies Comparable I Comparable 2 Com arable 3 _ 1 Item Subject PID 0311821430014 1011821120025 0311821430087 0311821430064 Address 5343 Sailor La 5228 Ewing Ave N 3701 55th Ave N 5300 France Ave N District Sale Price $37,000 $157,410 $162,500 $144,000 Sale Date 02/01/1977 05/29/2013 11/15/2013 10/07/2013 Cash Equivalent $157,410 $156,812 $144,000 Price Per Sq. Ft.$24.09 $97.77 $120.62 $111.46 Dwelling Type Single Family Single Family Single Family Single Family Style One Level/Rambler One Level/Rambler One Level/Rambler One Level/Rambler Property Area 9,091 10,119 13,436 10,237 Actual Age 1955 1950 1957 1955 Effective Age 1980 1985 1980 1995 Quality Class B05 A04 B06 B06 1st Floor Area 1,536 1,610 1,300 1,292 Total GBA 1,536 1,610 1,300 1,292 Finished Area 1,536 2,830 2,125 2,166 Basement Area 912 1,626 1,100 1,092 Basement Finished (%)75 %75 %80 % Total Bedrooms 3 4 3 4 Total Bathrooms 1 2 2 2 Garage 1 Floor Area 624 768 380 420 Garage 1 # of Cars 2 2 2 2 Garage 1 Placement Detached Attached Attached Attached Total # of Cars 2 2 2 2 Walkout Type Standard Walkout Air Conditioning Central Central Central Central Pool Area-Total Fireplaces 1 2 1 Deck Area-Total 345 144 Porches River Lake Influences 2014 Board of Appeal and Equalization Terin Oak t210, 0 \■"' ra: 53rd Ave 31 tsr; Blvd 5411) A...c 51 s ; N / 7 liylavin Park 3521 Commodore Dr Z 2 3 ,.■ Admiral En N. < ;-c <..- zifP .'.°' 1 76'ffr,., I an T.• 6 . , n, I <'j 'cbz 59111 Ave II 'SCic.-...-4- 4% ay D, .c,:.'°':.•- 0. 9 Ncrtilwa sa,-3:415.4 ; Cry:Aal Airport Mac Pork z 77: o Z - TO] eta! Airport Rd 5811, Ave N _ 581h Ave N Flee ce 5731 - Ike N z 2 -a■ I' 57:h Ave r, .z6 -a z rt z Il_ike'Pek Z <84'0, 1:', 77, Er c3Rd 56th A -'•2 Ve' N in z c'c 1i'. IIrFi 7 22 Y 6as"ake Rd< — 2i. ',..1 a:: faiin81 Barquest En Nolhport Park 5.P ▪Dr z Eater° Di 531-11 AV ‘e' -- 52nd Ave N ID •‘ rr. 03:, 5; N co or 5611, i119 3 Smng'e Weimar Centerb Col r Lilac Dr N -71.- 32nd Ave N0 '1,C., 2orrard Age NParel DiscWmer...._ COMPARABLE SALES MAP COMPARABLE #1 5228 Ewing Ave N., Brooklyn Center COMPARABLE #2 3701 55 th Ave N., Brooklyn Center COMPARABLE #3 5300 France Ave N., Crystal Happy a . t 'an fpnt 9sn MINUTES OF THE PROCEEDINGS OF THE CITY COUNCIL OF THE CITY OF BROOKLYN CENTER IN THE COUNTY OF HENNEPIN AND THE STATE OF MINNESOTA BOARD OF APPEAL AND EQUALIZATION APRIL 21, 2014 CITY HALL — COUNCIL CHAMBERS 1.CALL TO ORDER The Brooklyn Center City Council met as the Board of Appeal of Equalization and the meeting was called to order by Mayor Tim Willson at 7:00 p.m. 2.ROLL CALL Mayor Tim Willson and Councilmembers Carol Kleven, Kris Lawrence-Anderson, Lin Myszkowski, and Dan Ryan. Also present were Director of Business and Development Gary Eitel, Appraiser Jill Brenna, Appraiser Technician Jason Vaith, and Deputy City Clerk Maria Rosenbaum. Others present from Hennepin County were Nancy Wojcik and Josh Hoogland. 3.LOCAL BOARD OF APPEAL AND EQUALIZATION (LBAE) CERTIFICATION FORM The Local Board of Appeal and Equalization Certification farm was signed by all Board Members. 4.QUESTIONS REGARDING THE LOCAL BOARD OF APPEAL AND EQUALIZATION DUTIES There were no questions regarding the Local Board of Appeal and Equalization duties. 5. APPEARANCES BY TAXPAYERS WITH APPOINTMENTS Joe Noonan — TMC Property Management, had requested an appointment to appear before the Local Board of Appeal and Equalization regarding the properties at 5338 Irving Avenue N, 5223 Xerxes Avenue N, and 6312 France Avenue N; however, did not appear. The Board discussed the three properties and had the following recommendations: A motion by Councilmember Kleven, seconded by Councilmember Ryan to reduce the 2014 estimated market value for the property at 5338 Irving Avenue N from $120,500 to $115,300 for taxes payable in 2015. Motion passed unanimously. 04/21/14 -1- A motion by Councilmember Ryan, seconded by Councilmember Lawrence-Anderson to sustain the 2014 estimated market value for the property at 5223 Xerxes Avenue N at $135,500 for taxes payable in 2015. Motion passed unanimously. A motion by Councilmember Lawrence-Anderson, seconded by Councilmember Myszkowski to sustain the 2014 estimated market value for the property at 6312 France Avenue N at $124,800 for taxes payable in 2015. Motion passed unanimously. 6.APPEARANCES BY TAXPAYERS WITHOUT AN APPOINTMENT Kurt Graham, 6913 Oliver Avenue N, addressed the Board so that he could have his property entered into the record for the reconvene meeting in May due to the fact that he was waiting on an upcoming judgment. It was noted that Mr. Graham should get documents to staff for review before the May reconvene meeting. 7.CONSIDERATION OF WRITTEN APPEALS The following provided written appeals and were not present. Appraiser Jill Brenna and Appraiser Technician Jason Vaith discussed each appeal and had the following recommendations: Randy Snodgrass, 4747 Twin Lake Avenue. A motion by Councilmember Myszkowski, seconded by Councilmember Ryan to reduce the 2014 estimated market value for the property at 4747 Twin Lake Avenue $6,100 to $322,800 for taxes payable in 2015. Motion passed unanimously. Invitation Homes IH3 Properties, 1900 Brookview Drive. A motion by Councilmember Ryan, seconded by Councilmember Myszkowski to sustain the 2014 estimated market value for the property at 1900 Brookview Drive at $153,100. Motion passed unanimously. Invitation Homes THR Properties, 5043 Brooklyn Boulevard. A motion by Councilmember Myszkowski, seconded by Councilmember Lawrence-Anderson to reduce the 2014 estimated market value for the property at 5043 Brooklyn Boulevard to $166,200. Motion passed unanimously. Randy Fox, Atwater Group, 6160 Summit Drive. Josh Hoogland from the Hennepin County Assessor's Office presented information regarding this appeal and larger reduction in the estimated market value. It was noted with this building being unique in layout and having smaller tenant spaces this is considered to be a reasonable reduction. A motion by Councilmember Ryan, seconded by Councilmember Kleven to reduce the 2014 estimated market value for the property at 6160 Summit Drive to $4,500,000. 04/21/14 -2- Earle Brown Terrace, Independent Living/Apartment Homes, 6100 Summit Drive. The owner of this property had just appealed this morning and at this time there is no recommendation. There was consensus of the Board to continue this property to the May 5, 2014, Continued Board of Appeal and Equalization meeting. 8.SET DATE OF LOCAL BOARD OF APPEAL AND EQUALIZATION RECONVENE MEETING Michael Johnson, 5343 Sailor Lane, addressed the Board to inform that he would like to submit an appeal to be heard at the May 5, 2014, Continued Board of Appeal and Equalization meeting. Mr. Johnson was informed that he would need to get the appeal to the City Assessor's Office before May 5, 2014. There was a motion by Councilmember Myszkowski, seconded by Councilmember Ryan to accept no more appeals and to set May 5, 2014, 6:00 p.m. for the Local Board of Appeal and Equalization Reconvene Meeting. 9.RECESS OR ADJOUNRMENT A motion by Councilmember Ryan, seconded by Councilmember Myszkowski to recess the Local Board of Appeal and Equalization at 7:54 p.m. to May 5, 2014, 6:00 p.m. Motion passed unanimously. 04/21/14 -3- ,4r,LhI BOARD OFOF APPEAL AND EQUALIZATION RECONVENE City of Brooklyn Center May 5, 2014 AGENDA 1.Call to Order 6:00 p.m. 2.Roll Call 3.Local Board of Appeal and Equalization (LBAE) Certification Form 4.Assessor's Report a. Kurt Graham and Robert Vetter 6913 Oliver Avenue North PID # 26-118-21-34-0001 Additional Information provided by Mr. Graham b.Michael Johnson 5343 Sailor Lane PID #03-118-21-43-0014 c.Earle Brown Terrace, Independent Living/Apartment Homes 6100 Summit Drive PID # 35-119-21-44-0012 Information provided by Hennepin County. 5. Adjournment 0.521 615t Ave N 10 64th Garden EAE Bsgfty ;park i 5f3/2014 NorthstarMLS Matrix .P roperty Full Display, Single Family Residential, MLS #: 4389910 Type: For Sale 6006 Washburn Avenue N, Brooklyn Center, MN 55430 Status: Sold List Price:$158,500 Sold Price: $153,000 Seller Cont: $4,500 Original List Price: $164,900 1; 231S MicmsoltRFF-k-r. ,J1?r■VH t AS:',(2013 Noka Map Page: 92 Map Coord: B1 Directions: Brooklyn Blvd. West on 60th, left on Washburn, home is on the right Total Bed/Bath: Style: Const Status: Foundation Size: AbyGrdFinSqFt: BelGrdFinSqFt: Total Fin SqFt: Acres: Lot Size: Yearly/Seasonal: 3/ 2 Garage: 2 Year Built: 1956 (SF) One Story Previously Owned 1,152 1,152 976 2,128 0.23 75x136x75x136 Yearly TAX INFORMATION Property ID:0211821220012 Short Format Tax Year:2012 Tax Amt:$2,228 Assess Bal: Tax w/assess:$2,228 Assess Pend:No Homestead:Yes List Date: 07/12/2013 Received By MLS:07/12/2013 Days On Market: 99 Off Market Date: 10/18/2013 Selling Agent: Joseph D Koltes Date Closed: 11/01/2013 Selling Office: U.S. Home Source Realty, Inc. CDOM: 100 General Property Information Legal Description: LOT 004 BLOCK 002 HIPPS 4TH ADDN County: Hennepin Postal City: Brooklyn Center School District: 281 - Robbinsdale, 763-504-8000 Manufactured Home?: No Complex/Dev/Sub: Lot Description: Road Frontage: Zoning: Common Wall: No Tree Coverage - Medium, City Bus (w/in 6 blks) City Residential-Single Accessibility: Ramp Remarks Agent Remarks: Public Remarks: Meticulously cared for one owner home! Hardwood floors, maintenance free siding, new furnace and AC in 2012, new windows, security system, fenced yard, oversized 2 car garage. Traditional Sale! Meticulous One Owner Home! So many updates-Maintenance Free Siding, Furnace & AC in 2012, New Windows, over- sized 2 car garage. Gleaming Hardwood Floors! Main Floor Family room opens to deck and private fenced yard! Structure Information Room Level Dimen Living Rm Main 21.5x12.5 Dining Rm Main 14x9 Family Rm Main 15x11 Kitchen Main 15x11 Bedroom 1 Main 12.9x9.5 Bedroom 2 Main 10x10 Bedroom 3 Lower 10x10 Bedroom 4 Other Rooms Level Dimen Heat: Forced Air Fuel. Natural Gas Air Cond: Central Water: City Water/Connected Sewer: City Sewer/Connected Garage: 2 0th Prkg: Pool: None Bathrooms Total: 2 3/4: 1 1/4:0 Full: 1 1/2: 0 Bath Description: Dining Room Desc: Family Room Char: Fireplaces: 1 Appliances: Basement: Exterior: Fencing: Main Floor Full Bath, 3/4 Basement Separate/Formal Dining Room, Eat In Kitchen Main Level, Lower Level Fireplace Characteristics: Living Room, Wood Burning Range, Microwave, Dishwasher, Refrigerator, Washer, Dryer, Water Softener - Owned Full, Finished (Livable), Egress Windows Vinyl, Brick/Stone Chain Link " A A A. AAA/kik A A1,-, et t,A — A • .11/J1, 44 NorthstarMLS Matrix if: Asphalt Shingles, Age Over 8 Years ,nenities-Unit: Deck, Patio, Kitchen Window, Ceiling Fan(s), Hardwood Floors, Tiled Floors ?arking Char: Attached Garage, Driveway - Asphalt Financial Cooperating Broker Compensation Buyer Broker Comp: 2.7 % Sub-Agent Comp: 0 % Variable Rate: N List Type: Exclusive Right Sale Mortgage Information Sale Financial Terms: FHA Sale Loan Amount: $150,228 Seller Contribution: $4,500 Sellers Terms: FHA, Conventional, Cash In Foreclosure?: No Lender Owned?: No Potential Short Sale?: No Owner is an Agent?: No Facilitator Comp: 0 % Contact Information Listing Agent: Jane L. Schmidt 612-232-8651 Listing Office: Keller Williams Classic Realty NW Office Phone: 763-463-7500 MLS #: 4389910 Address: 6006 Washburn Avenue N, Brooklyn Center, MN 55430 Information Deemed Reliable But Not Guaranteed. Copyright (c) 2014 Regional Multiple Listing Service of Minnesota., Inc. All Rights Reserved. httrdirreatriv nnrthcfarml rnrn/11A atrhdPrintinn /Printnntirris amOr:=AAEAAAD AQAAAAAAAAARAQAAAEwAAAAGAaAAAAQ2MDE1BaMAAAABNQYEA... 6/6 Status: Sold List Price:Sold Price: Seller Cont: Original List Price: $149,900$149,900 $144,000 sf6th Ave NNarthport Twin Park , La kt5 PerliastAa Park Shin* Cros Upper Twirl Lake örthstárli MIS General Property Legal Description: County: Postal City: School District: Manufactured Home?: Complex/Day/Sub: Lot Description: Association Fee: Road Frontage: Zoning: Pasture Acres: Tillable Acres: Wooded Acres: Information LOT 20, BLOCK 6 BELFANY'S NORTHPORT 1ST ADDN Hennepin Brooklyn Center 286 - Brooklyn Center, 763-561-2120 No Common Wall: No Irregular Lot City Residential-Single .00 .00 .00 Assoc Fee Frequency: N/A Accessibility: Other Heat: Fuel: Air Cond: Water: Sewer: Garage: 0th Prkg: Pool: Baseboard, Hot Water Natural Gas None City Water/Connected City Sewer/Connected 2 0 None 4J3/2014 NorthstarMLS Matrix Property Full Display, Single Family Residential, MLS #: 4403759 Type: For Sale 5300 N France Avenue N, Brooklyn Center, MN 55429-3314 Total Bed/Bath: 4/ 2 Garage: 2 YearStyle: (SF) One Story Const Status: Previously Owned Foundation Size: 1,344 AbyGrdFinSqFt: 1,344 BelGrdFinSqFt: 794 Total Fin SqFt: 2,138 Acres: 0.23 Lot Size: 132 X77 X132 X77 Yearly/Seasonal: Yearly List Date: 08/19/2013 Received Off Market Date: 09/30/2013 Date Closed: 10/08/2013' Built: 1955 TAX INFORMATION Property ID: 0311821430064 Short Format Tax Year: 2013 Tax Amt: $1,163 Assess Bal: Tax w/assess: $1,163 Assess Pend: No Homestead: Yes By MLS:08/19/2013 Days On Market: 43 CDOM: 94 Selling Agent: John D. Schuster Selling Office: Coldwell Banker Burnet Remarks Agent Remarks: Public Remarks: QUICK CLOSE POSSIBLE FANTASTIC! ALL BRICK, MAINTENANCE FREE RAMBLER W/METAL SOFFITS! HOME FEATURES IMPRESSIVE FAMILY RM, UPDATED KITCHEN W/GREAT BKFST AREA, BEAUTIFUL HDWD FLRS & FIREPLACE. MEASURMENT! REMODELED, NEW KITCHEN, WINDOWS, CARPET! FANTASTIC! ALL BRICK, MAINTENANCE FREE RAMBLER W/METAL SOFFITS! HOME FEATURES IMPRESSIVE FAMILY RM, UPDATED KITCHEN W/GREAT BKFST AREA, BEAUTIFUL HDWD FLFtS & FIREPLACE. MEASURMENT! REMODELED, NEW KITCHEN, WINDOWS, CARPET! ALOT OF SPACE Structure Information Room Level Dimen Other Rooms Level Dimen Living Rm Main 23 x 13 Office Lower 11 x 10 Dining Rm Main 19 x 10 Family Room Lower 24 x 14 Family Rm Main 19 x 10 Laundry Lower 13 x 12 Kitchen Main 13 x 11 BathroomsBedroom 1 Main 12 x 12 Bedroom 2 Main 12 x 10 Total: 2 3/4:0 1/4A0 Bedroom 3'Main 11 x 10 Full: 2 1/2:0 Bedroom 4 Lower 12 x 10 http://matrixnorthstarrnIs.corn/Matrix/Printina/PrintOntions.asoWc=AAEAAAD AQAAAAAAAAARAQAAAEwAAAAGAaAAAA02MDFiRri MAAAARNOYFA IR ,12014 Bath Description: Dining Room Desc: Family Room Char: Fireplaces: 1 Appliances: Basement: Exterior: Fencing: Roof: Amenities-Unit: Parking Char: Special Search: Out Buildings: NorthstarMLS Matrix Main Floor Full Bath Separate/Formal Dining Room, Living/Dining Room Main Level, Family Room Fireplace Characteristics: Other, Living Room Range, Exhaust Fan/Hood, Dishwasher, Refrigerator, Washer Full Brick/Stone None Asphalt Shingles Hardwood Floors Attached Garage, Garage Door Opener 3 BR on One Level Other Financial Cooperating Broker Compensation Buyer Broker Comp: 2.50 % Sub-Agent Comp: 1 0/0 Variable Rate: N List Type: Exclusive Right Sale Mortgage Information Sale Financial Terms: Cash Sale Loan Amount: Seller Contribution: Sellers Terms: FHA, Conventional, Cash In Foreclosure?: No Lender Owned?: No Potential Short Sale?: No Owner is an Agent?: No Facilitator Comp: 1.00 % Contact Information Listing Agent: Kama( Ibrahim 612-296-7677 Listing Office: Greater Midwest Realty Office Phone: 763-767-9200 MLS #: 4403759 Address: 5300 N France Avenue N , Brooklyn Center, MN 55429 Information Deemed Reliable But Not Guaranteed. Copyright (c) 2014 Regional Multiple Listing Service of Minnesota., Inc. All Rights Reserved. http://matrixnorthstarrrds.com/Matrix/PrintingPrintOptions.aspec=AAEAAAD AQAAAAAAAAARAQAAAEwAAAAGAgA4AAQ2MDE1 Bo MAAAABN QYEA... 4/6 ero kc Timu..ote Dr N Birch Grove CI School a, Park w 9r:r4 760 AveN Brookdal .e Park 2)13 Microsoft Coro:waif-on 5/3%2014 NorthstarMLS Matrix Single-Family Property Full Property Full Display, Single Family Residential, MLS #: 4323137 Type: For Sale 4416 78th Avenue N, Brooklyn Park, MN 55443 Status: Sold List Price: $120,000 Sold Price: Seller Cont: $125,000 Original List Price: $130,000 $2,500 L,*bin y 2:}13 Map Page: 78 Map Coord: A3 Directions: homeNoble Avenue North to 78th Ave, East to Total Bed/Bath:4/ 2 Garage: 2 Year Built:1962 Style:(SF) One Story TAX INFORMATION Const Status:Previously Owned Property ID: 2211921330074 Short Format Foundation Size:1,316 Tax Year: 2012 AbvGrdFinSoFt:1,316 Tax Amt: $2,734 BelGrdFinSciFt:684 Assess Bal: $493 Total Fin SciFt:2,000 Tax w/assess: $3,227 Acres:0.25 Assess Pend: Unknown Lot Size:110X88X126X105 Homestead: No Yearly/Seasonal:Yearly List Date: 12/12/2012 Received By ML5:12/13/2012 Days On Market: 234 CDOM: 234 Off Market Date: 07/29/2013 Selling Agent: Hatim Bit& Date Closed: 08/02/2013 Selling Office: Team Estates Realty General Property Information Legal Description: LOT 016 BLOCK 002 DONNAYS BROOKDALE ESTATES 02ND County: Hennepin Postal City: Minneapolis School District: 279 - Osseo, 763-391-7000 Manufactured Home?:No Complex/Dev/Sub: Common Wall: No Lot Description: Irregular Lot, Corner Lot Road Frontage: City Zoning: Residential-Single Accessibility: None Remarks Agent Remarks: SHORT SALE! SOLD Public Remarks: AGENT TO VERIFY ALL MEASUREMENTS! Structure Information Room Level Dimen Other Rooms Level Dirnen Heat:Forced Air Living Rm 22X12 Amusement Room Lower 19X11 Fuel:Natural Gas Dining Rm 14X12 Den Lower 10X10 Air Cond:Central Family Rm 12X11 Office Lower 12X10 Water:City Water/Connected Kitchen Bedroom 1 17X10 14X10 City Sewer/Connected 2Bathrooms Sewer, Garage: Bedroom 2 11X9 Total: 2 3/4: 1 1/4:0 0th Prkg: Bedroom 3 10X10 Full: 1 1/2: 0 Pool:None Bedroom 4 Lower 12X10 Bath Description: Dining Room Desc: Family Room Char: Fireplaces: 1 Appliances: Basement: Exterior: Fencing: Roof: Amenities-Unit: Main Floor Full Bath, Main Floor 3/4 Bath Separate/Formal Dining Room, Eat In Kitchen Main Level Fireplace Characteristics: Family Room, Wood Burning Range, Microwave, Exhaust Fan/Hood, Dishwasher, Refrigerator, Water Softener - Owned, Disposal Full, Finished (Livable), Egress Windows Vinyl Wood Asphalt Shingles, Age 8 Years or Less Kitchen Window _ • • -,■ • - http://matrixnorthstarmls.com/MatrixilDrinting/PrintPreAew.aspac=AAEAAAD AQAAAAAAAAARAQAAAEwAAAAGAgAAMQ2MiM1BoMAAAABMoYEAA.... 1/2 2014 N orthstarM LS Matrix ,arking Char: Attached Garage Special Search: Main Floor Bedroom, 3 BR on One Level Financial Cooperating Broker Compensation Buyer Broker Comp: 2.5 % Sub-Agent Comp: 2.5 % Facilitator Comp: 0.00 % Variable Rate: N List Type: Exclusive Right Sale Mortgage Information Sale Financial Terms: Conventional Sale Loan Amount: $100,000 Seller Contribution: $2,500 Sellers Terms: FHA, FHA Rehab 203k, Conventional, Cash Existing Financing: Conventional In Foreclosure?: Not Disclosed Lender Owned?: Not Disclosed Potential Short Sale?: Yes Owner is an Agent?: No Contact Information Listing Agent: Michael Thor 763-442-6934 Listing Office: Empire Realty LLC Office Phone: 651-224-4804 MLS #: 4323137 Address: 4416 78th Avenue N , Brooklyn Park, MN 55443 Information Deemed Reliable But Not Guaranteed. Copyright (c) 2014 Regional Multiple Listing Service of Minnesota., Inc. All Rights Reserved. kfil-vilrnthrivnni-f6cf.nrrnic rt-o-n111A,-sfriviDrirvfitIrtfOrin+Drcss; LA ne,,,/,"- A ACA AA n k*ArIA.AAAAAAAADAnAAAM.A AA Ar^,A,-. A AA ArVIRA:7,140...AAA AORI-NITA 6401 .4. 61st N List Date: 05/30/2013 Off Market Date: 06/ Date Closed: 07/ Received By MLS:05/30/2013 29/2013 Selling Agent: Bryan Cox 25/2013 Selling Office: Net Worth Realty, Inc Sold Days On Market: 31 CDOM: 31 014 NorthstarMLS Matrix Single-Family Property Full Property Full Display, Single Family Residential, MLS #: 4372899 Type: For Sale 6219 Chowen Avenue N, Brooklyn Center, MN 55429 Status: Sold List Price: $142,000 SOld Price: $143,300 Original List Price: $142,000 Seller Cont: $4,299 6 roaot CorinratkimI> 2-D12. Nokia to Chowen. North on Chowen to Map Page: 92 Map Coord: Al !Directions: 'Brooklyn Boulevard to 62nd. East on 62nd home.Total Bed/Bath:3/1 Garage: 2 Year Built:1958 Style:(SF) One Story TAX INFORMATION Const Status:Previously Owned Property ID: 3411921430023 Short Format Foundation Size:1,360 Tax Year: 2012 AbyGrdFinSciFt:1,360 Tax Amt: $2,257 BelGrdFinSciFt:602 Assess Bal: Total Fin SciFt:1,962 Tax w/assess: $2,257 Acres:0.24 Assess Pend: No Lot Size:134x80 Homestead: Yes Yearly/Seasonal:Yearly General Property Information Legal Description: LOT 004 BLOCK 002 GARDEN CITY 5TH ADDN County: Hennepin Postal City: Brooklyn Center School District: 279 - Osseo, 763-391-7000 Manufactured Home?:No Complex/Dov/Sub .: Common Wall: No Lot Description: Tree Coverage - Medium Road Frontage: City Zoning: Residential-Single Accessibility: None Remarks Public Remarks: Great rambler on amazing wood fenced, private lot with a large storage shed. Three bedrooms on one level. Two family room's. Non-conforming bedroom in lower level. Must see! Structure Information Room Level Dimen Other Rooms Level Dimen Heat: Forced Air Living Rm Main 19z13 Play Room Lower 10x13 Fuel: Natural Gas Dining Rm Main 10x8 Den Main 16x10 Air Condi Central Family Rm Lower 32x13 Water: City Water/Connected Kitchen Main 18x10 Bathrooms Sewer: City Sewer/Connected Bedroom 1 Main 14x9 Total: 1 3/4:9 1/4:0 Garage: 2 Bedroom 2 Main 13x11 Full: 1 1/2:0 0th Prkg: Bedroom 3 Main 10x9 Pool: Bedroom 4 Dining Room Desc: Fireplaces: 0 Appliances: Basement: Exterior: Fencing: Amenities-Unit: Parking Char: Special Search: Out Buildings: Informal Dining Room, Eat In kitchen, Breakfast Area Fireplace Characteristics: Range, Cooktop, Microwave, Exhaust Fan/Hood, Dishwasher, Refrigerator, Washer, Dryer, Water Softener - Owned Full, Partial, Finished (Livable) Vinyl Wood, Full Attached Garage, Driveway - Concrete, Garage Door Opener 3 BR on One Level Storage Shed _ _ _a_ —1- ------ .414.-k A e, 11••■■■••• • 2014 NorthstarMLS Matrix Financial Cooperating Broker Compensation Buyer Broker Comp: 2.7 % Sub-Agent Comp: 0 % Variable Rate: N List Type: Exclusive Right Sale Mortgage Information Sale Financial Terms: DVA Sale Loan Amount: $146,350 Seller Contribution: $4,299 Sellers Terms: FHA, DVA, Conventional, Cash Existing Financing: Conventional Assumable Loan: Not Assumable In Foreclosure?: No Lender Owned?: No Potential Short Sale?: No Owner is an Agent?: No Facilitator Comp: 2.7 % Contact Information Listing Agent: Leanne L. Peterson 763-443-2473 Listing Office: Better Homes and Gardens Real Estate-All Seasons Office Phone: 952-949-0263 MLS #: 4372899 Address: 6219 Chowen Avenue N, Brooklyn Center, MN 55429 Information Deemed Reliable But Not Guaranteed. Copyright (c) 2014 Regional Multiple Listing Service of Minnesota., Inc. All Rights Reserved. http://rnatrixnorthstarrrds.corn/Matrix/Printing/PrintOptions.aspOc=AAEAAAD -AQAAAAAAAAARAQAAAEwAAAAGAgAAAAQ2M DE1 Bg MAAAABNQYEA... 2/6 bs zts rET br-7, Inqa Z 16inpr,,i0i!) k,t0,1 q3,31('Op PWJfltIL polls wewesea petistufA Aileped - linJ n, 4.1 b5 1 ,ZZI- - ' LIDa LU0011 BulAn imarvurn0 }QM ,r,a ErIZOM pvmea UMW/M.111F {41 bS woovaq Aocop, . Lpee ,ZT wool] Aimed • . uaLiDloi ,17" - 'opal] e armies reetelcide .11/101. =n1300Finv-000 -1 °law icpeel 009(3 ep03 tig Nr1 aluiS uldemel-1 Aitino3 iqueo Opieulii Allo N eAv -, All o et 69 setePPV hdoid \UN V01lOPAR1108 I asp tz at■vd I Ltqt oel uieN I Irt Hennepin County Assessor Department A-2103 Government Center 300 South Sixth Street Minneapolis, Minnesota 55487-0213 www.henneoin.us DATE: May 2, 2014 TO: Brooklyn Center Local Board of Appeal and Equalization FROM: Christopher W. Halden, Commercial Appraiser SUBJECT: Earle Brown Terrace Apartments ADDRESS: 6100 Shingle Creek Parkway, Brooklyn Center, MN PID: 35-119-21-44-0012 The subject property consists of a 140 unit high-rise apartment facility built in 1987. The building is currently used as a senior housing facility urider the name Earle Brown Terrace. The property was inspected on May 1, 2014 by Christopher Halden who was accompanied on the inspection by the current property managers. The 2013 income and expenses were provided by Brad Matheidas of Altus Group, a representative of the owner. However, the current rent roll and a Marshall and Swift Cost Analysis reportedly indicating a market value of $6,500,000 have not yet been provided despite several requests. Given the short notice for availability of on-site inspection and incomplete data necessary to complete our market value analysis, it is recommended that the payable 2015 market value estimate of $8,140,000 remain unchanged. Appellant still has the right to go forward with his appeal to the County Board of Appeal and Equalization.