17220 Limberlost Road.PDF

Property Information Package

230803

File No.

APPRAISAL OF

LOCATED AT:

Three Rivers, MI 49093 17220 Limberlost Road

CLIENT:

Three Rivers, MI, 49093 17220 Limberlost Road John Bippus

AS OF:

August 9, 2023

BY:

Erich R Schacht III

C:\Program Files (x86)\ACI32\REPORTS\17220 Limberlost Road.aci

Residential Appraisal Report

230803

File No.

The purpose of this appraisal report is to provide the client with a credible opinion of the defined value of the subject property, given the intended use of the appraisal. Client Name/Intended User E-mail Client Address City State Zip Additional Intended User(s) No additional intended users MI Three Rivers 17220 Limberlost Road jbippus@bippususa.com John Bippus

49093

Estimate of value for collateral assessment

Intended Use

17220 Limberlost Road

Three Rivers

49093

Property Address

City

State

Zip

Bippus Family Truse

St Joseph

Owner of Public Record

County

75 009 161 008 00 LOT 8 PLAT OF LIMBERLOST. SEC 32 T6S R11W.

Legal Description Assessor's Parcel # Neighborhood Name

2022

0412.00 2,426.31

Tax Year

R.E. Taxes $ Census Tract

Lockport Township/Three Rivers Schools

26149

Map Reference

Property Rights Appraised

Fee Simple

Leasehold

Other (describe)

My research did Prior Sale/Transfer:

did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.

N/A

No prior transactions noted. MLS and county records

Date Source(s) Analysis of prior sale or transfer history of the subject property (and comparable sales, if applicable) Price

No offerings, options or contracts known to the appraiser.

Offerings, options and contracts as of the effective date of the appraisal

Neighborhood Characteristics

One-Unit Housing Trends

One-Unit Housing

Present Land Use %

X X X

Location Urban

Suburban

Rural

Property Values

Increasing Shortage

Stable

Declining

PRICE

AGE One-Unit

% % % % %

Built-Up Growth

Over 75% 25-75% Under 25% Demand/Supply

In Balance Over Supply $(000)

(yrs)

2-4 Unit

250 700 100

40 100 5

Rapid

Stable

Slow

Marketing Time

Under 3 mths

3-6 mths

Over 6 mths

Low High

Multi-Family Commercial

Neighborhood Boundaries Boundaries are the Three Rivers School District excluding the city. Area bounded roughly by Fairchild (1 mile south of subject), Strobel (3 mi east), Flowerfield (10 mi north), County Line (six miles west).

Pred. The subject is located two miles south of the City of Three Rivers (schools, shopping and employment districts) in a plat of 30-50 year old ranch and traditional style homes. Homes are generally in average/good condition and appeal is average or above in comparison to other plats of the area (based on marketing times and market values). Homes outside the plat range from older farm houses to new contemporaries equally diverse in condition. 30 Vacant Other Neighborhood Description Market Conditions (including support for the above conclusions) The unemployment rate in the area is near record lows and consumer spending is steady. Marketing times have increased with the increasing interest rates but remain under 30 days. The average/median sales price in the area has increased over the past year in comparison to the prior twelve months. There is not an adequate number of recent sales to establish the impact on values from the recent interest rate increases. Supply is at record lows while demand remains high. This results in increasing values with most sales representing an absolute cap on value in relation to comparable sales.

150x299

44850 sf

Rectangular

Residential

Dimensions

Area

Shape

View

Single Family Residential

Specific Zoning Classification

Zoning Description

Zoning Compliance Illegal (describe) Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? Yes Legal Legal Nonconforming (Grandfathered Use) No Zoning

Single family

No If No, describe.

residential (current usage and no other) is considered the highest and best use of the property.

Utilities

Public Other (describe)

Off-site Improvements—Type

Public Private

Electricity No adverse site conditions or environmental concerns noted. Utilities (gas, well water, electric) were operational at the time of inspection and observation indicates all to be in working order. Public water and sewer are not available at the subject site. This is not a detriment to value or marketability. The subject plat has local traffic only (no through streets). As a result, traffic is minimal. None X Asphalt Water Street Gas Sanitary Sewer Alley Site Comments X Private Septic X Private Well X X

GENERAL DESCRIPTION

FOUNDATION

EXTERIOR DESCRIPTION materials

INTERIOR

materials

X X

Composite/Average Brick/Stucco/Avg Concrete/Average

FiberSurround/Avg Vinyl/Average StainedWd/Avg Plaster/Average Cpt/Vinyl/Average

Units

One One w/Acc. unit

Concrete Slab Full Basement

Crawl Space

Foundation Walls

Floors Walls

# of Stories

Partial Basement

Exterior Walls

897

Type

Det.

Att.

S-Det./End Unit

Basement Area

sq. ft. Roof Surface

Trim/Finish Bath Floor

Alum/Average Combo/Average Wood/Average Alum/Average

Existing

Proposed

Under Const. Basement Finish

% Gutters & Downspouts

Traditional

Design (Style)

Outside Entry/Exit

Sump Pump Window Type

Bath Wainscot Car Storage

1980

Year Built

Storm Sash/Insulated

None

Effective Age (Yrs)

Screens

Driveway # of Cars

Concrete

Attic

None Stairs

Heating FWA HW Radiant Amenities

WoodStove(s) #

Driveway Surface

Natural Gas

X X

None None None

0 2

Drop Stair

Other

Fuel

Fireplace(s) #

Fence Porch Other

Garage # of Cars

Deck

Floor

Scuttle Heated

Cooling

Central Air Conditioning

Patio/Deck

Carport

# of Cars

None

Finished

Individual

Other

Pool

Att.

Det.

Built-in

Appliances

Refrigerator

Range/Oven

Dishwasher

Disposal

Microwave

Washer/Dryer

Other (describe)

2.5

2,179

Finished area above grade contains:

Rooms

Bedrooms

Bath(s)

Square Feet of Gross Living Area Above Grade

None noted. Age is an estimate. The subject plat was developed in 1979.

Additional Features

Comments on the Improvements Typical physical depreciation with no functional or external depreciation noted. The southeast bedroom was not inspected (door locked). The assumption is this room is similar to the remainder of the home in terms of condition. The subject has outdated decor throughout but is in average condition. Marketability is good due to setting and supply/demand factors at this time.

Produced using ACI software, 800.234.8727 www.aciweb.com

Page 1 of 4

C:\Program Files (x86)\ACI32\REPORTS\17220 Limberlost Road.aci

Residential Appraisal Report

230803

File No.

FEATURE

SUBJECT

COMPARABLE SALE NO. 1

COMPARABLE SALE NO. 2

COMPARABLE SALE NO. 3

Address Proximity to Subject Sale Price $ Sale Price/Gross Liv. Area $ 17220 Limberlost Road

5.03 miles NW Three Rivers, MI 49093 56178 Woodridge Ave

4.85 miles NW Three Rivers, MI 49093 17202 Cherokee Trl

4.55 miles NE Three Rivers, MI 49093 56502 Tamarac Lane

Three Rivers, MI 49093

274,000

277,000

300,000

0.00

$ Assessor's Office SWMRIC #22051257 108.77 sq. ft.

$ Assessor's Office SWMRIC #23003956 159.47 sq. ft.

$ Assessor's Office SWMRIC #22035386 125.00 sq. ft.

sq. ft.

Data Source(s) Verification Source(s) VALUE ADJUSTMENTS Sale or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade

DESCRIPTION

+(-) $ Adjustment

Average 55 years Average Traditional Residential/Avg 24394 sf Fee simple Residential/Avg Sold 02/17/2023 Conv;0 ArmsLength

Conv;800 ArmsLength

Average 46 years Average Traditional Residential/Avg 32670 sf Fee Simple N;Res; Sold 10/28/2022 Conv;0 ArmsLength

-800

13,700

Sold 04/14/2023

13,850

30,000

Average 43 years Average Traditional Residential/Avg 44850 sf Fee Simple Residential/Avg

26571 sf Fee Simple N;Res;

20,000

15,000

Average 28 years Average Traditional Residential/Avg

Total Bdrms.

Baths

Total Bdrms.

Baths

Total Bdrms.

Baths

Total Bdrms.

Baths

8 3

2.5

8 4

2.5

7 3

2.5

8 4

2.5

Room Count Gross Living Area

40.00

2,179

2,519

-13,600

1,737

17,700

2,400

-8,800

sq. ft.

Deck,FP 2 Car Garage None FWA/CAC Conforms Unfinished 897 sf

EnclPorch,FP 2 Car Garage None FWA/CAC Conforms Unfinished 1219 sf

1rr 1047 sf

Deck,Porch,2FP 2 Car Garage None FWA/CAC Conforms Unfinished 1200 sf

Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck

-7,500

1-G Detached Deck,Fence 2 Car Garage None FWA/CAC Conforms

-5,000

-7,500 -5,000

-5,000

Amenities

None

29 days None

40 days None

Days on market

N/A

21 days

15,100

25,750

16,200

Net Adjustment (Total) Adjusted Sale Price of Comparables

19.1 5.5

24.3 9.3

14.6 5.4

Net Adj.

289,100

302,750

316,200

Gross Adj.

% $

Gross Adj.

% $

Gross Adj.

% $

See addendum

Summary of Sales Comparison Approach

320,000

Indicated Value by Sales Comparison Approach $ COST APPROACH TO VALUE Site Value Comments

Site value conclusions derived from analysis of the area and, due to the lack of recent sales, includes weight placed on older sales. Final opinion stated is

based on allocation.

30,000

ESTIMATED

REPRODUCTION OR

REPLACEMENT COST NEW

OPINION OF SITE VALUE........................................= $ Dwelling Sq. Ft. @ $ ............= $ Sq. Ft. @ $ ............= $ Bsmt: 897 Sq.Ft. 2,179

0 0

Source of cost data Quality rating from cost service

Effective date of cost data Comments on Cost Approach (gross living area calculations, depreciation, etc.) Cost approach was considered but not deemed reliable as a valid indication of market value. This is due to highly speculative depreciation estimates associated with existing homes which can then result in a deceptive value conclusion.

515

0 0

Garage/Carport

Sq. Ft. @ $

............= $ ............= $

Total Estimate of Cost-New

Less

Physical

Functional

External

Depreciation

= $ (

)

Depreciated Cost of Improvements................................ = $ "As-is" Value of Site Improvements................................ = $

30,000

INDICATED VALUE BY COST APPROACH......................

= $

INCOME APPROACH TO VALUE Estimated Monthly Market Rent $

X Gross Rent Multiplier

= $

Indicated Value by Income Approach

Income approach was considered but not deemed reliable as this is primarily an owner occupied area.

Summary of Income Approach (including support for market rent and GRM)

There are no recent sales of rented properties from which to extract accurate GRM figures.

Methods and techniques employed: Sales comparison analysis was given most weight in the determination of market value. Income approach was considered but not deemed reliable as the neighborhood is primarily owner occupied properties. Cost approach involves speculative depreciation estimates and is not considered a reliable indication of value. X Sales Comparison Approach Cost Approach Income Approach Other: Discussion of methods and techniques employed, including reason for excluding an approach to value:

See addendum

Reconciliation comments:

Based on the scope of work, assumptions, limiting conditions and appraiser's certification, my (our) opinion of the defined value of the real property that is the subject of this report as of , which is the effective date of this appraisal, is: Single point $ Range $ to $ Greater than Less than $ This appraisal is made "as is," subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed subject to the following: X 320,000 X 08/09/2023

The market value estimate is based on as is conditions with no repairs or inspections required.

Produced using ACI software, 800.234.8727 www.aciweb.com

Page 2 of 4

ESI Appraisals

C:\Program Files (x86)\ACI32\REPORTS\17220 Limberlost Road.aci

Residential Appraisal Report

230803

File No.

FEATURE

SUBJECT

COMPARABLE SALE NO. 4

COMPARABLE SALE NO. 5

COMPARABLE SALE NO. 6

Address Proximity to Subject Sale Price $ Sale Price/Gross Liv. Area $ 17220 Limberlost Road

4.26 miles NW Three Rivers, MI 49093 56832 Franklin Dr

5.80 miles NW Three Rivers, MI 49093 57184 Gearharts Landing Road

Three Rivers, MI 49093

325,000

375,000

0.00

$ Prior Inspection SWMRIC #22037897 186.89 sq. ft.

$ Assessor's Office SWMRIC #23015600 176.06 sq. ft.

0.00

sq. ft.

DESCRIPTION

+(-) $ Adjustment

Average 49 Average Ranch Residential/Avg 1.42 ac Fee simple Residential/Avg Sold 09/23/2022 Cash;0 ArmsLength

Residential/Avg Sold 06/22/2023 Conv;0 ArmsLength

32,500

Average 43 years Average Traditional Residential/Avg 44850 sf Fee Simple Residential/Avg

5.71 ac Fee simple

-15,000

-30,000

Average 48 Average Ranch Residential/Avg

Total Bdrms.

Baths

Total Bdrms.

Baths

Total Bdrms.

Baths

Total Bdrms.

Baths

8 3

2.5

6 3

3.0

17,600 -5,000

6 3

1.0

15,000

Room Count Gross Living Area

40.00

2,179

1,739

2,130

sq. ft.

Deck,FP 2 Car Garage None FWA/CAC Conforms Unfinished 897 sf

1rr1br 1208 sf

1558 sf w/o

-5,000

Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck

-10,000

1rr1ba

-15,000

Fence,2-G Det,Pool Patio,Deck,FP 2 Car Garage None FWA/CAC Conforms

Pole Barn Deck,FP 2 Car Garage None FWA/CAC Conforms

Amenities

None

-25,000

-20,000

Days on market

N/A

1 day

9 days

4,900

55,000

Net Adjustment (Total) Adjusted Sale Price of Comparables

32.3 -1.5

22.7 -14.7

0.0 0.0

Net Adj.

320,100

320,000

Gross Adj.

% $

Gross Adj.

% $

Gross Adj.

% $

See addendum.

Summary of Sales Comparison Approach

Produced using ACI software, 800.234.8727 www.aciweb.com

Additional Comparables

C:\Program Files (x86)\ACI32\REPORTS\17220 Limberlost Road.aci

Residential Appraisal Report

230803

File No.

Scope of Work, Assumptions and Limiting Conditions Scope of work is defined in the Uniform Standards of Professional Appraisal Practice as " the type and extent of research and analyses in an assignment." In short, scope of work is simply what the appraiser did and did not do during the course of the assignment. It includes, but is not limited to: the extent to which the property is identified and inspected, the type and extent of data researched, the type and extent of analyses applied to arrive at opinions or conclusions. The scope of this appraisal and ensuing discussion in this report are specific to the needs of the client, other identified intended users and to the intended use of the report. This report was prepared for the sole and exclusive use of the client and other identified intended users for the identified intended use and its use by any other parties is prohibited. The appraiser is not responsible for unauthorized use of the report. The appraiser's certification appearing in this appraisal report is subject to the following conditions and to such other specific conditions as are set forth by the appraiser in the report. All extraordinary assumptions and hypothetical conditions are stated in the report and might have affected the assignment results. 1. The appraiser assumes no responsibility for matters of a legal nature affecting the property appraised or title thereto, nor does the appraiser render any opinion as to the title, which is assumed to be good and marketable. The property is appraised as though under responsible ownership. 2. Any sketch in this report may show approximate dimensions and is included only to assist the reader in visualizing the property. The appraiser has made no survey of the property. 3. The appraiser is not required to give testimony or appear in court because of having made the appraisal with reference to the property in question, unless arrangements have been previously made thereto. 4. Neither all, nor any part of the content of this report, copy or other media thereof (including conclusions as to the property value, the identity of the appraiser, professional designations, or the firm with which the appraiser is connected), shall be used for any purposes by anyone but the client and other intended users as identified in this report, nor shall it be conveyed by anyone to the public through advertising, public relations, news, sales, or other media, without the written consent of the appraiser. 5. The appraiser will not disclose the contents of this appraisal report unless required by applicable law or as specified in the Uniform Standards of Professional Appraisal Practice. 6. Information, estimates, and opinions furnished to the appraiser, and contained in the report, were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy of such items furnished to the appraiser is assumed by the appraiser. 7. The appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. The appraiser assumes no responsibility for such conditions, or for engineering or testing, which might be required to discover such factors. This appraisal is not an environmental assessment of the property and should not be considered as such. 8. The appraiser specializes in the valuation of real property and is not a home inspector, building contractor, structural engineer, or similar "expert", unless otherwise noted. The appraiser did not conduct the intensive type of field observations of the kind intended to seek and discover property defects. The viewing of the property and any improvements is for purposes of developing an opinion of the defined value of the property, given the intended use of this assignment. Statements regarding condition are based on surface observations only. The appraiser claims no special expertise regarding issues including, but not limited to: foundation settlement, basement moisture problems, wood destroying (or other) insects, pest infestation, radon gas, lead based paint, mold or environmental issues. Unless otherwise indicated, mechanical systems were not activated or tested. This appraisal report should not be used to disclose the condition of the property as it relates to the presence/absence of defects. The client is invited and encouraged to employ qualified experts to inspect and address areas of concern. If negative conditions are discovered, the opinion of value may be affected. Unless otherwise noted, the appraiser assumes the components that constitute the subject property improvement(s) are fundamentally sound and in working order. Any viewing of the property by the appraiser was limited to readily observable areas. Unless otherwise noted, attics and crawl space areas were not accessed. The appraiser did not move furniture, floor coverings or other items that may restrict the viewing of the property. 9. Appraisals involving hypothetical conditions related to completion of new construction, repairs or alteration are based on the assumption that such completion, alteration or repairs will be competently performed. 10. Unless the intended use of this appraisal specifically includes issues of property insurance coverage, this appraisal should not be used for such purposes. Reproduction or Replacement cost figures used in the cost approach are for valuation purposes only, given the intended use of the assignment. The Definition of Value used in this assignment is unlikely to be consistent with the definition of Insurable Value for property insurance coverage/use. 11. The ACI General Purpose Appraisal Report (GPAR™) is not intended for use in transactions that require a Fannie Mae 1004/Freddie Mac 70 form, also known as the Uniform Residential Appraisal Report (URAR).

Additional Comments Related To Scope Of Work, Assumptions and Limiting Conditions

The market value estimate is based on a specific exposure time . Said exposure time is considered to be similar to the DOM of the comparable (s) given most weight in the estimate of market value. Should no comparable be given most weight, the comparable sale with the lowest adjustment percentages and/or the least number of adjustments would be considered to be most similar to the subject and the exposure time for said comparable would be the best indication of exposure time for the subject. Marketing time for the subject is hypothetical at best as it calls for speculation. Due to this, the marketing time estimate for the subject is considered to be similar to the exposure time.

Produced using ACI software, 800.234.8727 www.aciweb.com

Page 3 of 4

C:\Program Files (x86)\ACI32\REPORTS\17220 Limberlost Road.aci

Residential Appraisal Report

230803

File No.

Appraiser's Certification The appraiser(s) certifies that, to the best of the appraiser's knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are the appraiser's personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. Unless otherwise stated, the appraiser has no present or prospective interest in the property that is the subject of this report and has no personal interest with respect to the parties involved.

4. The appraiser has no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. The appraiser's engagement in this assignment was not contingent upon developing or reporting predetermined results.

6. The appraiser's compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. The appraiser's analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. 8. Unless otherwise noted, the appraiser has made a personal inspection of the property that is the subject of this report. 9. Unless noted below, no one provided significant real property appraisal assistance to the appraiser signing this certification. Significant real property appraisal assistance provided by: Appraisers in the State of Michigan are regulated by the Department of Licensing and Regulatory Affairs.P.O. Box 30018, Lansing, Michigan, 48909. I have performed no other services, as an appraiser or in any other capacity, regarding the property that is the subject of the work under review within the three-year period immediately preceding acceptance of this assignment.

Additional Certifications:

The intended user of this appraisal report is Lender/Client. The intended use is to evaluate the property that is the subject of this appraisal for collateral assessment, subject to the stated scope of work, purpose of the appraisal, reporting requirements of the appraisal report form and definition of market value. No additional intended users are identified by the appraiser.

There are limiting conditions associated with this report as are outlined in the addenda section of the appraisal.

The subject property has been inspected by a geographically competent appraiser; the market area has been analyzed; the market area has been researched for similar sales; all conclusions have been reported in a summary format. Data regarding comparables provided strictly by the source quoted in the sales comparison grid. Unless otherwise noted, the appraiser has taken the extraordinary assumption that the electrical, mechanical and plumbing systems are in working order in their entirety.

The appraiser has not performed any prior services, appraisal or valuation assignments relating to the subject property within the past (3) three years as an appraiser, or in any other capacity. The appraiser has read and is in compliance with Fannie Mae Appraiser Independence Requirements.

Fannie Mae X

Definition of Value: Source of Definition:

Market Value

Other Value:

Market value is the most probable price that 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 from seller to buyer under conditions whereby: •buyer and seller are typically motivated; •both parties are well informed or well advised, and each acting in what he or she considers his/her own best interest; •a reasonable time is allowed for exposure in the open market; •payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and •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.

ADDRESS OF THE PROPERTY APPRAISED:

Three Rivers, MI 49093 17220 Limberlost Road

EFFECTIVE DATE OF THE APPRAISAL: APPRAISED VALUE OF THE SUBJECT PROPERTY $ 08/09/2023

320,000

APPRAISER

SUPERVISORY APPRAISER

Signature: Name: Company Name: Company Address:

Erich R Schacht III

8944 W. RS Avenue ESI Appraisals

Schoolcraft, MI 49087

1204003454 erich.schacht@gmail.com 269.324.8980

Telephone Number: Email Address: State Certification # or License # or Other (describe):

Telephone Number: Email Address: State Certification # or License # State: Expiration Date of Certification or License: Date of Signature:

State #:

State: Expiration Date of Certification or License: Date of Signature and Report:

07/31/2024

08/09/2023 08/11/2023

Date of Property Viewing: Degree of property viewing: Interior and Exterior

Date of Property Viewing: Degree of property viewing: Interior and Exterior X

Exterior Only

Did not personally view

Exterior Only

Did not personally view

Produced using ACI software, 800.234.8727 www.aciweb.com

Page 4 of 4

ESI Appraisals

C:\Program Files (x86)\ACI32\REPORTS\17220 Limberlost Road.aci

Borrower:

File No.: Case No.:

230803

Property Address:

17220 Limberlost Road

City:

State:

Zip:

Three Rivers

49093

Lender:

John Bippus

SUBJECT SECTION No additional comments

CONTRACT SECTION No additional comments

NEIGHBORHOOD SECTION No additional comments

SITE SECTION No additional comments

IMPROVEMENTS SECTION No additional comments

SALES COMPARISON APPROACH SECTION The search for comparables was limited to properties in the Three Rivers School District with condition and general appeal similar to the subject property. Properties were selected specifically with bracketing in mind. That being that some of the comparables are clearly inferior to the subject while some are clearly superior. Age adjustments are not warranted as typical buyers in the area value condition (tied closely to effective age) over chronological age. The five sales comparables illustrated are considered the most recent and proximate available with general appeal similar to the subject. Adjustments for amenities are only applied when a difference exists which influences value. When a comparable has an inferior amenity, a positive adjustment is applied. Comparable #1, for example, has an inferior site (value). The logic is that the subject is superior in this category and therefor a positive adjustment is warranted. This results in the adjusted sale price at the bottom of the grid being an indication of value for the subject as opposed to the actual sales price of the comparable. Comparable #1, as stated, has an inferior site. The site is located on the ninety degree bend in a road and privacy of the site is compromised. A site value adjustment was made accordingly. Comparables #2 and #3 are both older sales included due to the favorable quantity of adjustments required. Both are considered to be inferior to the subject from an overall perspective. Comparable #4, previously inspected by the appraiser, is included due to the similarity in setting. Comparable #5 is considered to be clearly superior to the subject. This being due to the acreage, basement finish and the pole barn. RECONCILIATION As stated, bracketing was utilized in order to establish parameters on value. The combination of quantity of adjustments and bracketing ability of comparables #3 and #5 carried most weight in the market value opinion. It should be noted that there are no active listings in the area similar to the subject while demand continues to be strong. As a result, the market value opinion should be considered a minimum figure for the subject property. ADDITIONAL COMMENTS In some instances comparable photographs have been used from previous appraisal files. In those instances where the appraiser did not recently take the comparable photograph, an external inspection of the comparable was made from a public street (when possible) to verify the accuracy of the mls listing. Also note that digital photography is used and photographs that are taken by the appraiser are saved for later use sometimes resulting in seasonal differences. In all cases, Lender/Client is aware that the appraiser has used his best judgement when visually inspecting comparable sales and listings when pictures may result in threatening conditions. The neighborhood data on page one of the GPAR includes all property types, not just those similar to the subject. The comparables selected are the most similar available with amenities similar to the subject, consequently the marketing times may vary from the predominant times in the neighborhood comments. Likewise, the market value of the subject may fall outside the predominant value in the neighborhood. Should the subject be over or under-improved for the area, this is discussed in the depreciation comments. If no comments exist then it is concluded that the subject is neither over or under-improved for the area. Adjustment values of zero in the sales comparison grid indicate that the appraiser considered an adjustment. However, after consideration, it was determined that the difference was so minimal that it is not recognized by the market. Therefore no adjustment was made. The subject property is located within 25 miles from my office. Proximity is not considered proof of geographic competency. This assignment requires geographic competency as part of the scope of work. I have spent sufficient time in the subjects market and understand the nuances of the local market and the supply and demand factors relating to the specific property type and the location involved. Such understanding will not be imparted solely from a consideration of specific data such as demographics, costs, sales and rentals. The necessary understanding of local market conditions provides the bridge between a sale and a comparable sale or a rental and a comparable rental. It is imperative that the reader of this report understand that the appraiser is not a home inspector. The appraiser has inspected the property for purposes of establishing the market value. Unless otherwise noted, mechanical systems are assumed to be in working order. Some mechanical systems (radon removal systems, smoke detectors, carbon monoxide detectors, etc.) may be a code requirement. The appraiser is not a code inspector. Should the market value be influenced by the presence or absence of such systems, it is indicated in this report.

Appraiser:

Supervisory Appraiser:

Name:

Additional Text Addendum

Produced using ACI software, 800.234.8727 www.aciweb.com

TXT4 01282013

C:\Program Files (x86)\ACI32\REPORTS\17220 Limberlost Road.aci

SUBJECT PROPERTY PHOTO ADDENDUM

Client:

File No.: Case No.:

John Bippus

230803

Property Address:

17220 Limberlost Road

City:

State:

Zip:

Three Rivers

49093

FRONT VIEW OF SUBJECT PROPERTY

Appraised Date: Appraised Value: $

320,000 August 9, 2023

REAR VIEW OF SUBJECT PROPERTY

STREET SCENE

C:\Program Files (x86)\ACI32\REPORTS\17220 Limberlost Road.aci

Client:

File No.: Case No.:

John Bippus

230803

Property Address:

17220 Limberlost Road

City:

State:

Zip:

Three Rivers

49093

Additional front view

Additional rear view

Additional street view

View across the street

View to the rear of the site

Mechanicals

Produced using ACI software, 800.234.8727 www.aciweb.com

PHT6

C:\Program Files (x86)\ACI32\REPORTS\17220 Limberlost Road.aci

Client:

File No.: Case No.:

John Bippus

230803

Property Address:

17220 Limberlost Road

City:

State:

Zip:

Three Rivers

49093

Crawl Space

Bedroom

Bath

Bedroom

Bath

Living room

Produced using ACI software, 800.234.8727 www.aciweb.com

PHT6

C:\Program Files (x86)\ACI32\REPORTS\17220 Limberlost Road.aci

Client:

File No.: Case No.:

John Bippus

230803

Property Address:

17220 Limberlost Road

City:

State:

Zip:

Three Rivers

49093

Dining

Family

Kitchen

1/2 bath

Garage interior

Laundry

Produced using ACI software, 800.234.8727 www.aciweb.com

PHT6

C:\Program Files (x86)\ACI32\REPORTS\17220 Limberlost Road.aci

FLOORPLAN SKETCH

Client:

File No.: Case No.:

John Bippus

230803

Property Address:

17220 Limberlost Road

City:

State:

Zip: 49093

Three Rivers

Bath

Bedroom

Bath

31.5'

Bedroom

31.6'

54.5'

Open Wood Deck

14'

28.4'

31.6'

26.1'

12'

Family

Kitchen

Dining

Unfinished Basement

1/2 Bath

28.4'

Garage

22.5'

Living Room

31.6'

22.9'

Sketch by Apex Medina™

Comments: Interior walls not necessarily drawn to scale. necessarily drawn to scale.

AREA CALCULATIONS SUMMARY

LIVING AREA BREAKDOWN

Code

Description

Net Size 1183.8 995.4 897.4 515.3 703.4

Net Totals

Breakdown

Subtotals

GLA1 First Floor

1183.8 995.4 897.4 515.3 703.4

First Floor

GLA2 BSMT GAR P/P

Second Floor Basement Garage Wood Deck

9.9 x 54.5 2.1 x 28.4 18.5 x 31.6 31.5 x 31.6

539.5 59.6 584.6 995.4

Second Floor

4 Items

(rounded)

2179

Net LIVABLE Area

(rounded)

2179

C:\Program Files (x86)\ACI32\REPORTS\17220 Limberlost Road.aci

COMPARABLE PROPERTY PHOTO ADDENDUM

Client:

File No.: Case No.:

John Bippus

230803

Property Address:

17220 Limberlost Road

City:

State:

Zip:

Three Rivers

49093

COMPARABLE SALE #1

Three Rivers, MI 49093 56178 Woodridge Ave

Sale Date: Sale Price: $

274,000 Sold 02/17/2023

COMPARABLE SALE #2

Three Rivers, MI 49093 17202 Cherokee Trl

Sale Date: Sale Price: $

277,000 Sold 04/14/2023

COMPARABLE SALE #3

Three Rivers, MI 49093 56502 Tamarac Lane

Sale Date: Sale Price: $

300,000 Sold 10/28/2022

C:\Program Files (x86)\ACI32\REPORTS\17220 Limberlost Road.aci

COMPARABLE PROPERTY PHOTO ADDENDUM

Client:

File No.: Case No.:

John Bippus

230803

Property Address:

17220 Limberlost Road

City:

State:

Zip:

Three Rivers

49093

COMPARABLE SALE #4

Three Rivers, MI 49093 56832 Franklin Dr

Sale Date: Sale Price: $

325,000 Sold 09/23/2022

COMPARABLE SALE #5

Three Rivers, MI 49093 57184 Gearharts Landing Road

Sale Date: Sale Price: $

375,000 Sold 06/22/2023

COMPARABLE SALE #6

Sale Date: Sale Price: $

C:\Program Files (x86)\ACI32\REPORTS\17220 Limberlost Road.aci

FLOOD MAP

Client:

File No.: Case No.:

John Bippus

230803

Property Address:

17220 Limberlost Road

City:

State:

Zip: 49093

Three Rivers

C:\Program Files (x86)\ACI32\REPORTS\17220 Limberlost Road.aci

AERIAL MAP

Client:

File No.: Case No.:

John Bippus

230803

Property Address:

17220 Limberlost Road

City:

State:

Zip: 49093

Three Rivers

C:\Program Files (x86)\ACI32\REPORTS\17220 Limberlost Road.aci

LOCATION MAP

Client:

File No.: Case No.:

John Bippus

230803

Property Address:

17220 Limberlost Road

City:

State:

Zip: 49093

Three Rivers

C:\Program Files (x86)\ACI32\REPORTS\17220 Limberlost Road.aci

230803

File No.

********* INVOICE *********

File Number:

230803

08/11/2023

John Bippus Client:

Invoice # : Order Date : Reference/Case # : PO Number :

230803

Three Rivers, MI 49093 17220 Limberlost Road

$ $

--------------

Invoice Total

$ $

0.00 400.00

State Sales Tax @

Deposit Deposit

($ ($

) )

--------------

Amount Due

400.00

Terms:

Please Make Check Payable To:

Schoolcraft, MI 49087 8944 W. RS Avenue ESI Appraisals

Fed. I.D. #:

C:\Program Files (x86)\ACI32\REPORTS\17220 Limberlost Road.aci

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