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
DESCRIPTION
DESCRIPTION
DESCRIPTION
+(-) $ Adjustment
+(-) $ Adjustment
+(-) $ 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.
sq. ft.
sq. ft.
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
X
15,100
X
25,750
X
16,200
-
-
-
Net Adjustment (Total) Adjusted Sale Price of Comparables
+
$
+
$
+
$
19.1 5.5
24.3 9.3
14.6 5.4
Net Adj.
%
Net Adj.
%
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
0
Depreciation
= $ (
)
0
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 $
0
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
This form Copyright © 2005-2016 ACI, a First American Company. All Rights Reserved. (gPAR™) General Purpose Appraisal Report 3/2017 GPARSUM_17 03272017
Page 2 of 4
ESI Appraisals
C:\Program Files (x86)\ACI32\REPORTS\17220 Limberlost Road.aci
Made with FlippingBook - Online Brochure Maker