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
MI
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
X
Property Rights Appraised
Fee Simple
Leasehold
Other (describe)
X
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
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
X X X
70
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
SF
Single Family Residential
Specific Zoning Classification
Zoning Description
X
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
X
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)
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 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
2
# of Stories
Partial Basement
Exterior Walls
X
897
Type
Det.
Att.
S-Det./End Unit
Basement Area
sq. ft. Roof Surface
Trim/Finish Bath Floor
X
0
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
40
X
8
Effective Age (Yrs)
Screens
Driveway # of Cars
X
0
Concrete
Attic
None Stairs
Heating FWA HW Radiant Amenities
WoodStove(s) #
Driveway Surface
Natural Gas
X X
1
None None None
X
0 2
Drop Stair
Other
Fuel
Fireplace(s) #
Fence Porch Other
Garage # of Cars
X
X
Deck
Floor
Scuttle Heated
Cooling
Central Air Conditioning
Patio/Deck
Carport
# of Cars
None
X
Finished
Individual
Other
Pool
Att.
Det.
Built-in
p
p
X
X
p
Appliances
Refrigerator
Range/Oven
Dishwasher
Disposal
Microwave
Washer/Dryer
Other (describe)
8
3
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
This form Copyright © 2005-2016 ACI, a First American Company. All Rights Reserved. (gPAR™) General Purpose Appraisal Report 3/2017 GPARSUM_17 03272017
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