Property Address: City: State: Zip Code:County: Legal Description:
Assessor's Parcel #: Tax Year: R.E. Taxes: $ Special Assessments: $Current Owner of Record: Borrower (if applicable):Occupant: Owner Tenant Vacant Project Type: PUD Other (describe) HOA: $ per yr. per mo.Market Area Name: Map Reference: Census Tract:
ASS
IGN
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The purpose of this appraisal is to develop an opinion of: Market Value (as defined), or other type of value (describe)This report reflects the following value (if not Current, see comments): Current (the Inspection Date is the Effective Date) Retrospective ProspectiveApproaches developed for this appraisal: Sales Comparison Approach Cost Approach Income Approach (See Reconciliation Comments and Scope of Work)Property Rights Appraised: Fee Simple Leasehold Leased Fee Other (describe)Intended Use:
Intended User(s) (by name or type):Client: Address:Appraiser: Address:
MA
RK
ET A
REA
DES
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Location: Urban Suburban RuralBuilt up: Over 75% 25-75% Under 25%Growth rate: Rapid Stable SlowProperty values: Increasing Stable DecliningDemand/supply: Shortage In Balance Over SupplyMarketing time: Under 3 Mos. 3-6 Mos. Over 6 Mos.
PredominantOccupancy
OwnerTenantVacant (0-5%)Vacant (>5%)
2 - 4 Unit HousingPRICE$(000)
LowHighPred
AGE(yrs)
Present Land UseOne-Unit %2-4 Unit %Multi-Unit %Comm'l %
%
Change in Land UseNot LikelyLikely * In Process *
* To:
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends):
SITE
DES
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Dimensions: Site Area:Zoning Classification: Description:
Zoning Compliance: Legal Legal nonconforming (grandfathered) Illegal No zoningAre CC&Rs applicable? Yes No Unknown Have the documents been reviewed? Yes No Ground Rent (if applicable) $ /Comments:Highest & Best Use as improved: Present use, or Other use (explain)
Actual Use as of Effective Date: Use as appraised in this report:Summary of Highest & Best Use:
Utilities Public Other Provider/Description Off-site Improvements Type Public PrivateElectricityGasWaterSanitary SewerStorm SewerTelephoneMultimedia
StreetWidthSurface
Curb/GutterSidewalkStreet LightsAlley
FrontageTopographySizeShapeDrainageView
Other site elements: Inside Lot Corner Lot Cul de Sac Underground Utilities Other (describe)FEMA Spec'l Flood Hazard Area: Yes No FEMA Flood Zone: FEMA Map #: FEMA Map Date:
Site Comments:
DES
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General Description# of Units Accessory Unit# Stories # Bldgs.Type Det. Att.Design (Style)
Existing Proposed Und.Cons.Actual Age (Yrs.)Effective Age (Yrs.)
G.C. Appraisals, Inc.5000761178FTF-10447 Lefferts Blvd2-4 UNIT RESIDENTIAL APPRAISAL SUMMARY REPORT
10447 Lefferts Blvd. Richmond Hill NY 11419Queens Sec 41, Blk 9573, Lot 58
4095730058 2015 4,362 0Deutsche Bank National Trust Co., As Trustee n/a
Richmond Hill Hag 14,K-13 0166.00
To establish fair market value for a non-federally related lending transaction
Fund That Flip, Inc, 85 East 10th St., Suite 1N, New York, NY 10003Fund That Flip, Inc. 85 East 10th St., Suite 1N, New York, NY 10003
Michael Mullahey 9 Transverse Rd, Garden City, NY 11530-3029
9010 200
725490
112090
404510
5
The subject's neighborhood is located north ofRockaway Blvd., South of Atlantic Ave, East of Woodhaven Blvd, and West of the Van Wyck Expy. The subject is located primarily in a residential communitymade up of owner occupied single and multi-family properties. Market conditions at this time indicate a stable market place with 3 to 6 month levels of inventory.Demand has increased over the past 4 years as the housing market rebounded. Home price values in general have increased as well as market demand hasincreased. See addendum for valuation trend graphs. The subject's neighborhood provides easy access schools, shopping, transportation. There is both publicbus and subway lines that provide easy access to New York City. Access to local highways are also conveniently located.
20.25 x 100 2,025 Sq.Ft.R4 Residential construction of all types. Min 40' width lot
and Min. 3,800 sf Lot requirements
2 family dwelling 2 family dwellingThe appraiser, following the guidelines that establish highest and best use, concludes that at the present time the subject's use
as a 2 family dwelling is its highest and best use.
Con EdisonCon EdisonCity of New YorkCity of New YorkCity of New Yorkunknownunknown
Form GP2-4 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
G.C. Appraisals, Inc.5000761178FTF-10447 Lefferts Blvd2-4 UNIT RESIDENTIAL APPRAISAL SUMMARY REPORT
10447 Lefferts Blvd. Richmond Hill NY 11419Queens Sec 41, Blk 9573, Lot 58
4095730058 2015 4,362 0Deutsche Bank National Trust Co., As Trustee n/a
Richmond Hill Hag 14,K-13 0166.00
To establish fair market value for a non-federally related lending transaction
Fund That Flip, Inc, 85 East 10th St., Suite 1N, New York, NY 10003Fund That Flip, Inc. 85 East 10th St., Suite 1N, New York, NY 10003
Michael Mullahey 9 Transverse Rd, Garden City, NY 11530-3029
9010 200
725490
112090
404510
5
The subject's neighborhood is located north ofRockaway Blvd., South of Atlantic Ave, East of Woodhaven Blvd, and West of the Van Wyck Expy. The subject is located primarily in a residential communitymade up of owner occupied single and multi-family properties. Market conditions at this time indicate a stable market place with 3 to 6 month levels of inventory.Demand has increased over the past 4 years as the housing market rebounded. Home price values in general have increased as well as market demand hasincreased. See addendum for valuation trend graphs. The subject's neighborhood provides easy access schools, shopping, transportation. There is both publicbus and subway lines that provide easy access to New York City. Access to local highways are also conveniently located.
20.25 x 100 2,025 Sq.Ft.R4 Residential construction of all types. Min 40' width lot
and Min. 3,800 sf Lot requirements
2 family dwelling 2 family dwellingThe appraiser, following the guidelines that establish highest and best use, concludes that at the present time the subject's use
as a 2 family dwelling is its highest and best use.
Con EdisonCon EdisonCity of New YorkCity of New YorkCity of New Yorkunknownunknown
Form GP2-4 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
File No.:SU
BJE
CT
Property Address: City: State: Zip Code:County: Legal Description:
Assessor's Parcel #: Tax Year: R.E. Taxes: $ Special Assessments: $Current Owner of Record: Borrower (if applicable):Occupant: Owner Tenant Vacant Project Type: PUD Other (describe) HOA: $ per yr. per mo.Market Area Name: Map Reference: Census Tract:
ASS
IGN
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T
The purpose of this appraisal is to develop an opinion of: Market Value (as defined), or other type of value (describe)This report reflects the following value (if not Current, see comments): Current (the Inspection Date is the Effective Date) Retrospective ProspectiveApproaches developed for this appraisal: Sales Comparison Approach Cost Approach Income Approach (See Reconciliation Comments and Scope of Work)Property Rights Appraised: Fee Simple Leasehold Leased Fee Other (describe)Intended Use:
Intended User(s) (by name or type):Client: Address:Appraiser: Address:
MA
RK
ET A
REA
DES
CR
IPTI
ON
Location: Urban Suburban RuralBuilt up: Over 75% 25-75% Under 25%Growth rate: Rapid Stable SlowProperty values: Increasing Stable DecliningDemand/supply: Shortage In Balance Over SupplyMarketing time: Under 3 Mos. 3-6 Mos. Over 6 Mos.
PredominantOccupancy
OwnerTenantVacant (0-5%)Vacant (>5%)
2 - 4 Unit HousingPRICE$(000)
LowHighPred
AGE(yrs)
Present Land UseOne-Unit %2-4 Unit %Multi-Unit %Comm'l %
%
Change in Land UseNot LikelyLikely * In Process *
* To:
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends):
SITE
DES
CR
IPTI
ON
Dimensions: Site Area:Zoning Classification: Description:
Zoning Compliance: Legal Legal nonconforming (grandfathered) Illegal No zoningAre CC&Rs applicable? Yes No Unknown Have the documents been reviewed? Yes No Ground Rent (if applicable) $ /Comments:Highest & Best Use as improved: Present use, or Other use (explain)
Actual Use as of Effective Date: Use as appraised in this report:Summary of Highest & Best Use:
Utilities Public Other Provider/Description Off-site Improvements Type Public PrivateElectricityGasWaterSanitary SewerStorm SewerTelephoneMultimedia
StreetWidthSurface
Curb/GutterSidewalkStreet LightsAlley
FrontageTopographySizeShapeDrainageView
Other site elements: Inside Lot Corner Lot Cul de Sac Underground Utilities Other (describe)FEMA Spec'l Flood Hazard Area: Yes No FEMA Flood Zone: FEMA Map #: FEMA Map Date:
Site Comments:
DES
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General Description# of Units Accessory Unit# Stories # Bldgs.Type Det. Att.Design (Style)
Existing Proposed Und.Cons.Actual Age (Yrs.)Effective Age (Yrs.)
Describe the condition of the property (including physical, functional and external obsolescence):
CO
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The following properties are representative current, similar, and proximate rental properties comparable to the subject property. This analysis is intended to support theopinion of the market rent for the subject property.
Rent Schedule: The appraiser must reconcile the applicable indicated monthly market rents to provide an opinion of the market rent for each unit in the subject property.Leases Actual Rents Opinion of Market Rent
Lease Dates Per Unit TotalRents
Per Unit TotalRentsUnit # Begin Date End Date Unfurnished Furnished Unfurnished Furnished
1234
$ $ $ $ $ $$ $ $ $ $ $$ $ $ $ $ $$ $ $ $ $ $
Comments on lease data Total Actual Monthly Rent $ Total Gross Monthly Rent $Other Monthly Income (itemize) $ Other Monthly Income (itemize) $Total Actual Monthly Income $ Total Estimated Monthly Income $
Utilities included in estimated rents Electric Water Sewer Gas Oil Trash collection Multimedia Telephone OtherComments on actual or estimated rents and other monthly income (including personal property)
INC
OM
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PPR
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INCOME APPROACH TO VALUE The Income Approach was not developed for this appraisal.Gross Rent Multiplier Analysis:
Address Date Sale Price Gross Rent GRM Comments
Opinion of Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income ApproachSummary of Income Approach (including support for market rent and GRM):
5000761178FTF-10447 Lefferts Blvd2-4 UNIT RESIDENTIAL APPRAISAL SUMMARY REPORT
none noted
The 1st flr. kitchen is new and in good condition. The bathroom ismodern and in average-good condition. The 1st flr. has has been recently subdivided to create a large living room and large one bedroom unit. Both rooms are inaverage-good condition. The 2nd flr. unit has a small modern kitchen. New appliances noted. The bathroom is modern and in average condition. The basementhas been finished and has electric baseboard heating. An on-site parking spot has been created on the front portion of the subject's lot. Spackling and paintingthroughout house is noted. The subject's exterior is said to be in average-good condition. External obsolescence noted for the subject's street. See addendum.
10937 126th St.S. Ozone Park, NY 114300.44 miles E
1,400000
1,4001.09
office files
mo/mogoodcolonial-semi-det85average-good
1,2802
1,280
3 1 1 7044 2 1 576
Heat and Hot Water
1,400Comparable rental data is located within the subject's neighborhood. Data was selected based on similar bedroom count as compared
to the subject. Rental income is affected by the bedroom count and condition of the unit. The indicated monthly market rent for comps 1 and 2 is based on a 1bedroom rental. The 2nd floor unit for both of these rentals is used by the owner. The indicated monthly market rent for comp 3 represents the 2nd floor 2bedroom unit.
heat/hot wtr.The opinion of market rent is based upon comparable rentals.
10334 105th St., Richmond Hill, NY 11419 07/27/2015 480,000 2,600 184.62 same bdrm count/condition as subject10313 105th St., Richmond Hill, NY 11419 08/06/2015 529,000 2,600 203.46 infer. condition/superior bdrm count10111 107th St., Richmond Hill, NY 11416 09/18/2015 450,000 2,500 180.00 superior condition/superior bdrm count
2,600 185 481,000The GRM for the subject was most closely associated with the first comparable. This
comparable is most similar to the subject in terms of bedroom count and condition. Market rent is supported by the rental comparables above.
Form GP2-4 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
5000761178FTF-10447 Lefferts Blvd2-4 UNIT RESIDENTIAL APPRAISAL SUMMARY REPORT
none noted
The 1st flr. kitchen is new and in good condition. The bathroom ismodern and in average-good condition. The 1st flr. has has been recently subdivided to create a large living room and large one bedroom unit. Both rooms are inaverage-good condition. The 2nd flr. unit has a small modern kitchen. New appliances noted. The bathroom is modern and in average condition. The basementhas been finished and has electric baseboard heating. An on-site parking spot has been created on the front portion of the subject's lot. Spackling and paintingthroughout house is noted. The subject's exterior is said to be in average-good condition. External obsolescence noted for the subject's street. See addendum.
10937 126th St.S. Ozone Park, NY 114300.44 miles E
1,400000
1,4001.09
office files
mo/mogoodcolonial-semi-det85average-good
1,2802
1,280
3 1 1 7044 2 1 576
Heat and Hot Water
1,400Comparable rental data is located within the subject's neighborhood. Data was selected based on similar bedroom count as compared
to the subject. Rental income is affected by the bedroom count and condition of the unit. The indicated monthly market rent for comps 1 and 2 is based on a 1bedroom rental. The 2nd floor unit for both of these rentals is used by the owner. The indicated monthly market rent for comp 3 represents the 2nd floor 2bedroom unit.
heat/hot wtr.The opinion of market rent is based upon comparable rentals.
10334 105th St., Richmond Hill, NY 11419 07/27/2015 480,000 2,600 184.62 same bdrm count/condition as subject10313 105th St., Richmond Hill, NY 11419 08/06/2015 529,000 2,600 203.46 infer. condition/superior bdrm count10111 107th St., Richmond Hill, NY 11416 09/18/2015 450,000 2,500 180.00 superior condition/superior bdrm count
2,600 185 481,000The GRM for the subject was most closely associated with the first comparable. This
comparable is most similar to the subject in terms of bedroom count and condition. Market rent is supported by the rental comparables above.
Form GP2-4 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
File No.:IM
PRO
VEM
ENTS
(con
t.) Additional features:
Describe the condition of the property (including physical, functional and external obsolescence):
CO
MPA
RA
BLE
REN
TAL
AN
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The following properties are representative current, similar, and proximate rental properties comparable to the subject property. This analysis is intended to support theopinion of the market rent for the subject property.
Rent Schedule: The appraiser must reconcile the applicable indicated monthly market rents to provide an opinion of the market rent for each unit in the subject property.Leases Actual Rents Opinion of Market Rent
Lease Dates Per Unit TotalRents
Per Unit TotalRentsUnit # Begin Date End Date Unfurnished Furnished Unfurnished Furnished
1234
$ $ $ $ $ $$ $ $ $ $ $$ $ $ $ $ $$ $ $ $ $ $
Comments on lease data Total Actual Monthly Rent $ Total Gross Monthly Rent $Other Monthly Income (itemize) $ Other Monthly Income (itemize) $Total Actual Monthly Income $ Total Estimated Monthly Income $
Utilities included in estimated rents Electric Water Sewer Gas Oil Trash collection Multimedia Telephone OtherComments on actual or estimated rents and other monthly income (including personal property)
INC
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PPR
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INCOME APPROACH TO VALUE The Income Approach was not developed for this appraisal.Gross Rent Multiplier Analysis:
Address Date Sale Price Gross Rent GRM Comments
Opinion of Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income ApproachSummary of Income Approach (including support for market rent and GRM):
My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.Data Source(s):
Analysis of sale/transfer history and/or any current agreement of sale/listing:
SALE
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PPR
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SALES COMPARISON APPROACH TO VALUE (if developed) The Sales Comparison Approach was not developed for this appraisal.FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3
Rent Control Yes No Yes No Yes No Yes NoSales or FinancingConcessionsDate of Sale/TimeRights AppraisedLocationSiteViewDesign (Style)Quality of ConstructionAgeConditionTotal GBA sq.ft. sq.ft. sq.ft. sq.ft.Total # of UnitsTotal GLA sq.ft. sq.ft. sq.ft. sq.ft.
Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms BathsUnit BreakdownUnit # 1Unit # 2Unit # 3Unit # 4
Net Adjustment (Total) + – + – + –$ $ $Adjusted Sale Priceof Comparables $ $ $Adjusted Price of Comparables per GBA $ $$Adjusted Price of Comparables per Unit $ $ $Adjusted Price of Comparables per Room $ $ $Adjusted Price of Comparables per Bedroom $ $ $Ind. Val. per GBA $ X SF GBA = $ Ind. Val. per Unit $ X Units = $Ind. Val. per Room $ X Rooms = $ Ind. Val. per Bedroom $ X Bedrooms = $Summary of Sales Comparison Approach
full bsmt / finished3 rms & full bath -4,0002 familyY / Nnone notedon-site / 1 car garage -5,000pto +1,000n/a
-39,500Net 7.5 %
Gross 7.8 % 489,500356.78
244,75069,929
163,167
11130 121 StS. Ozone Park, NY 114200.40 miles SE
460,000423.57
2,600176.92
230,00065,714
153,333comps inc.Libor#*1190949
FHA mtgnone known09/22/2014 /90 domFee Simplegood3,000 sf -5,000residentialcolonial/detached -10,000frame/average95average +30,000
1,086 +13,0002
1,086
4 2 13 1 1
full bsmt / finished3 rms2 familyY / Nnone notedon-site / 1 car garage -5,000none +2,000n/a
25,000Net 5.4 %
Gross 14.1 % 485,000446.59
242,50069,286
161,667355 1,344 477,120 240,000 2 480,000
70,000 7 490,000 160,000 3 480,000Comparables were obtained from Comps Inc and Libor MLS service and verified by a search of county transfer records
on ACRIS. The appraiser's initial search for comparable sales included all arms length transactions of two family semi-detached homes in the subject's definedneighborhood within 1 mile of the subject, with 3-4 bedrooms, between 70 and 110 years old, with a GLA between 1,050 and 1,650 sf., which closed within thelast 90 days. There were 2 sales that met this criteria. Appraiser expanded the time frame to include sales that closed within the last three to twelve months. Thisyielded 0 additional sales. Appraiser next altered the search criteria to include all detached 2 family homes. This resulted in 8 additional sales. It should be notedthat most of the comparable sales sold privately or exclusively and were not listed on MLS or any public data service such as Zillow.com. The appraiser onlyconsidered comparable data when the room count and condition could be verified. This reduced the number of comparable sales for use in this report. As aresult, the appraiser was not able to included 3 comparable sales that had closed within 90 days of the effective date of this report. All comparable sales arewithin 6 month of the effective date of this report, with comps 1 and 2 within the 90 day lender requirement.
482,000
Form GP2-4 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
5000761178FTF-10447 Lefferts Blvd2-4 UNIT RESIDENTIAL APPRAISAL SUMMARY REPORT
Comps inc.
02/27/2015465,000comps inc.
The prior transfer was the foreclosure of thesubject property by the lender.
full bsmt / finished3 rms & full bath -4,0002 familyY / Nnone notedon-site / 1 car garage -5,000pto +1,000n/a
-39,500Net 7.5 %
Gross 7.8 % 489,500356.78
244,75069,929
163,167
11130 121 StS. Ozone Park, NY 114200.40 miles SE
460,000423.57
2,600176.92
230,00065,714
153,333comps inc.Libor#*1190949
FHA mtgnone known09/22/2014 /90 domFee Simplegood3,000 sf -5,000residentialcolonial/detached -10,000frame/average95average +30,000
1,086 +13,0002
1,086
4 2 13 1 1
full bsmt / finished3 rms2 familyY / Nnone notedon-site / 1 car garage -5,000none +2,000n/a
25,000Net 5.4 %
Gross 14.1 % 485,000446.59
242,50069,286
161,667355 1,344 477,120 240,000 2 480,000
70,000 7 490,000 160,000 3 480,000Comparables were obtained from Comps Inc and Libor MLS service and verified by a search of county transfer records
on ACRIS. The appraiser's initial search for comparable sales included all arms length transactions of two family semi-detached homes in the subject's definedneighborhood within 1 mile of the subject, with 3-4 bedrooms, between 70 and 110 years old, with a GLA between 1,050 and 1,650 sf., which closed within thelast 90 days. There were 2 sales that met this criteria. Appraiser expanded the time frame to include sales that closed within the last three to twelve months. Thisyielded 0 additional sales. Appraiser next altered the search criteria to include all detached 2 family homes. This resulted in 8 additional sales. It should be notedthat most of the comparable sales sold privately or exclusively and were not listed on MLS or any public data service such as Zillow.com. The appraiser onlyconsidered comparable data when the room count and condition could be verified. This reduced the number of comparable sales for use in this report. As aresult, the appraiser was not able to included 3 comparable sales that had closed within 90 days of the effective date of this report. All comparable sales arewithin 6 month of the effective date of this report, with comps 1 and 2 within the 90 day lender requirement.
482,000
Form GP2-4 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
File No.:TR
AN
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HIS
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My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.Data Source(s):
Analysis of sale/transfer history and/or any current agreement of sale/listing:
SALE
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PPR
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SALES COMPARISON APPROACH TO VALUE (if developed) The Sales Comparison Approach was not developed for this appraisal.FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3
Rent Control Yes No Yes No Yes No Yes NoSales or FinancingConcessionsDate of Sale/TimeRights AppraisedLocationSiteViewDesign (Style)Quality of ConstructionAgeConditionTotal GBA sq.ft. sq.ft. sq.ft. sq.ft.Total # of UnitsTotal GLA sq.ft. sq.ft. sq.ft. sq.ft.
Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms BathsUnit BreakdownUnit # 1Unit # 2Unit # 3Unit # 4
Net Adjustment (Total) + – + – + –$ $ $Adjusted Sale Priceof Comparables $ $ $Adjusted Price of Comparables per GBA $ $$Adjusted Price of Comparables per Unit $ $ $Adjusted Price of Comparables per Room $ $ $Adjusted Price of Comparables per Bedroom $ $ $Ind. Val. per GBA $ X SF GBA = $ Ind. Val. per Unit $ X Units = $Ind. Val. per Room $ X Rooms = $ Ind. Val. per Bedroom $ X Bedrooms = $Summary of Sales Comparison Approach
COST APPROACH TO VALUE (if developed) The Cost Approach was not developed for this appraisal.Provide adequate information for replication of the following cost figures and calculations.Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value):
ESTIMATED REPRODUCTION OR REPLACEMENT COST NEWSource of cost data:Quality rating from cost service: Effective date of cost data:Comments on Cost Approach (gross living area calculations, depreciation, etc.):
=$Garage/Carport Sq.Ft. @ $ =$Total Estimate of Cost-New =$Less Physical Functional ExternalDepreciation =$( )Depreciated Cost of Improvements =$''As-is'' Value of Site Improvements =$
=$=$
INDICATED VALUE BY COST APPROACH =$Estimated Remaining Economic Life (if required): Years
PUD
PROJECT INFORMATION FOR PUDs (if applicable) The Subject is part of a Planned Unit Development.Legal Name of Project:Describe common elements and recreational facilities:
REC
ON
CIL
IATI
ON
Indicated Value by: Sales Comparison Approach $ Income Approach $ Cost Approach (if developed) $Final Reconciliation
This appraisal is made ''as is'', subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have beencompleted, subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, subject tothe following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair:
This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions,and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subjectof this report is: $ , as of: , which is the effective date of this appraisal.If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATT
AC
HM
ENTS A true and complete copy of this report contains pages, including exhibits which are considered an integral part of the report. This appraisal report may not be
properly understood without reference to the information contained in the complete report.Attached Exhibits:
Appraiser Name:Company:Phone: Fax:E-Mail:Date of Report (Signature):License or Certification #: State:Designation:Expiration Date of License or Certification:Inspection of Subject: Interior & Exterior Exterior Only NoneDate of Inspection:
Supervisory orCo-Appraiser Name:Company:Phone: Fax:E-Mail:Date of Report (Signature):License or Certification #: State:Designation:Expiration Date of License or Certification:Inspection of Subject: Interior & Exterior Exterior Only NoneDate of Inspection:
5000761178FTF-10447 Lefferts Blvd2-4 UNIT RESIDENTIAL APPRAISAL SUMMARY REPORT
482,000 481,000The appraiser concludes that the sales comparison approach is the best indicator of value. The income approach was completed and is used
to support the results of the sales comparison approach. The cost approach was not considered due to the subject's age and lack of comparable land sales.Most weighting has been placed on comparable 1. This comparable was determined to be most similar to the subject in terms of condition and room count. Italso regarding the fewest adjustments.
See addendum forrepair/renovation list.
482,000 09/17/2015
23
Scope of Work Limiting Cond./Certification Narrative Addendum Photograph AddendaSketch Addendum Map Addenda Cost Addendum Flood Addendum Additional SalesAdditional Rentals Income/Expense Analysis Hypothetical Conditions Extraordinary Assumptions Repair/Renov. ProposalData Trends Letter of no objection license and insurance
Fund That Flip, Inc.85 East 10th St., Suite 1N, New York, NY 10003
Form GP2-4 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
5000761178FTF-10447 Lefferts Blvd2-4 UNIT RESIDENTIAL APPRAISAL SUMMARY REPORT
482,000 481,000The appraiser concludes that the sales comparison approach is the best indicator of value. The income approach was completed and is used
to support the results of the sales comparison approach. The cost approach was not considered due to the subject's age and lack of comparable land sales.Most weighting has been placed on comparable 1. This comparable was determined to be most similar to the subject in terms of condition and room count. Italso regarding the fewest adjustments.
See addendum forrepair/renovation list.
482,000 09/17/2015
23
Scope of Work Limiting Cond./Certification Narrative Addendum Photograph AddendaSketch Addendum Map Addenda Cost Addendum Flood Addendum Additional SalesAdditional Rentals Income/Expense Analysis Hypothetical Conditions Extraordinary Assumptions Repair/Renov. ProposalData Trends Letter of no objection license and insurance
Fund That Flip, Inc.85 East 10th St., Suite 1N, New York, NY 10003
Form GP2-4 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
File No.:C
OST
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COST APPROACH TO VALUE (if developed) The Cost Approach was not developed for this appraisal.Provide adequate information for replication of the following cost figures and calculations.Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value):
ESTIMATED REPRODUCTION OR REPLACEMENT COST NEWSource of cost data:Quality rating from cost service: Effective date of cost data:Comments on Cost Approach (gross living area calculations, depreciation, etc.):
=$Garage/Carport Sq.Ft. @ $ =$Total Estimate of Cost-New =$Less Physical Functional ExternalDepreciation =$( )Depreciated Cost of Improvements =$''As-is'' Value of Site Improvements =$
=$=$
INDICATED VALUE BY COST APPROACH =$Estimated Remaining Economic Life (if required): Years
PUD
PROJECT INFORMATION FOR PUDs (if applicable) The Subject is part of a Planned Unit Development.Legal Name of Project:Describe common elements and recreational facilities:
REC
ON
CIL
IATI
ON
Indicated Value by: Sales Comparison Approach $ Income Approach $ Cost Approach (if developed) $Final Reconciliation
This appraisal is made ''as is'', subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have beencompleted, subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, subject tothe following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair:
This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions,and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subjectof this report is: $ , as of: , which is the effective date of this appraisal.If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATT
AC
HM
ENTS A true and complete copy of this report contains pages, including exhibits which are considered an integral part of the report. This appraisal report may not be
properly understood without reference to the information contained in the complete report.Attached Exhibits:
Appraiser Name:Company:Phone: Fax:E-Mail:Date of Report (Signature):License or Certification #: State:Designation:Expiration Date of License or Certification:Inspection of Subject: Interior & Exterior Exterior Only NoneDate of Inspection:
Supervisory orCo-Appraiser Name:Company:Phone: Fax:E-Mail:Date of Report (Signature):License or Certification #: State:Designation:Expiration Date of License or Certification:Inspection of Subject: Interior & Exterior Exterior Only NoneDate of Inspection:
Rent Control Yes No Yes No Yes No Yes NoSales or FinancingConcessionsDate of Sale/TimeRights AppraisedLocationSiteViewDesign (Style)Quality of ConstructionAgeConditionTotal GBA sq.ft. sq.ft. sq.ft. sq.ft.Total # of UnitsTotal GLA sq.ft. sq.ft. sq.ft. sq.ft.
Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms BathsUnit BreakdownUnit # 1Unit # 2Unit # 3Unit # 4
Net Adjustment (Total) + – + – + –$ $ $Adjusted Sale Priceof Comparables $ $ $Adjusted Price of Comparables per GBA $ $$Adjusted Price of Comparables per Unit $ $ $Adjusted Price of Comparables per Room $ $ $Adjusted Price of Comparables per Bedroom $ $ $Summary of Sales Comparison Approach
Rent Control Yes No Yes No Yes No Yes NoSales or FinancingConcessionsDate of Sale/TimeRights AppraisedLocationSiteViewDesign (Style)Quality of ConstructionAgeConditionTotal GBA sq.ft. sq.ft. sq.ft. sq.ft.Total # of UnitsTotal GLA sq.ft. sq.ft. sq.ft. sq.ft.
Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms BathsUnit BreakdownUnit # 1Unit # 2Unit # 3Unit # 4
Net Adjustment (Total) + – + – + –$ $ $Adjusted Sale Priceof Comparables $ $ $Adjusted Price of Comparables per GBA $ $$Adjusted Price of Comparables per Unit $ $ $Adjusted Price of Comparables per Room $ $ $Adjusted Price of Comparables per Bedroom $ $ $Summary of Sales Comparison Approach
Form PIC4x6.SC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Photo Pagen/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
Subject Front
Sales PriceG.B.A.Age
10447 Lefferts Blvd.
1,34495
Subject Rear
Subject Street
Borrower
Client
Form PIC4x6.SC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Photo Pagen/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
Subject Front
Sales PriceG.B.A.Age
10447 Lefferts Blvd.
1,34495
Subject Rear
Subject Street
Borrower
Client
Property AddressCity County State Zip Code
Property AddressCity County State Zip Code
Form GPIC4X6 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Additional Subject Photosn/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
additional rear photo
Borrower
Client
Form GPIC4X6 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Additional Subject Photosn/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
additional rear photo
Borrower
Client
Property AddressCity County State Zip Code
Property AddressCity County State Zip Code
Form PICINT6 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Interior Photosn/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
1st flr. kitchen area 1st flr. kitchen area
1st flr. bathroom 1st flr. dining area
1st flr. living room area 1st flr. front porch
Borrower
Client
Form PICINT6 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Interior Photosn/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
1st flr. kitchen area 1st flr. kitchen area
1st flr. bathroom 1st flr. dining area
1st flr. living room area 1st flr. front porch
Borrower
Client
Property AddressCity County State Zip Code
Property AddressCity County State Zip Code
Form PICINT6 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Interior Photosn/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
ceiling in 1st flr. front porch ceiling in 1st flr. front porch
1st floor front entrance hole in ceiling of 1st floor front entrance
view of common hallway to 2nd flr. stairway left blank intentionally
Borrower
Client
Form PICINT6 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Interior Photosn/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
ceiling in 1st flr. front porch ceiling in 1st flr. front porch
1st floor front entrance hole in ceiling of 1st floor front entrance
view of common hallway to 2nd flr. stairway left blank intentionally
Borrower
Client
Property AddressCity County State Zip Code
Property AddressCity County State Zip Code
Form PICINT6 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Interior Photosn/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
2nd flr. kitchen 2nd flr. living room
2nd flr. bathroom 2nd flr. bedroom
2nd flr. bedroom left blank intentionally
Borrower
Client
Form PICINT6 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Interior Photosn/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
2nd flr. kitchen 2nd flr. living room
2nd flr. bathroom 2nd flr. bedroom
2nd flr. bedroom left blank intentionally
Borrower
Client
Property AddressCity County State Zip Code
Property AddressCity County State Zip Code
Form PICINT6 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Interior Photosn/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
heating plant and hot water tank rear yard
Borrower
Client
Form PICINT6 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Interior Photosn/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
heating plant and hot water tank rear yard
Borrower
Client
Property AddressCity County State Zip Code
46' 46'
4' 4'
38' 38'38' 38'
Stairs
Stairs
Stairs S
tairs20
'20'
Property AddressCity County State Zip Code
Form SKT.BldSkI — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Building Sketchn/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
Borrower
Client
46' 46'
4' 4'
38' 38'38' 38'
Stairs
Stairs
Stairs S
tairs20
'20'
Form SKT.BldSkI — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Building Sketchn/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
Borrower
Client
Property AddressCity County State Zip Code
Property AddressCity County State Zip Code
Form MAP.LOC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Location Mapn/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
Borrower
Client
Form MAP.LOC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Location Mapn/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
Borrower
Client
Property AddressCity County State Zip Code
Property AddressCity County State Zip Code
Form PIC4x6.CC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Comparable Photo Pagen/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
Comparable 1
Sales PriceG.B.A.Age
10334 105th St480,0001,36295
Comparable 2
Sales PriceG.B.A.Age
10313 105th St529,0001,37285
Comparable 3
Sales PriceG.B.A.Age
11130 121 St460,0001,08695
Borrower
Client
Form PIC4x6.CC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Comparable Photo Pagen/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
Comparable 1
Sales PriceG.B.A.Age
10334 105th St480,0001,36295
Comparable 2
Sales PriceG.B.A.Age
10313 105th St529,0001,37285
Comparable 3
Sales PriceG.B.A.Age
11130 121 St460,0001,08695
Borrower
Client
Property AddressCity County State Zip Code
Property AddressCity County State Zip Code
Form PIC4x6.CC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Comparable Photo Pagen/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
Comparable 4
Sales PriceG.B.A.Age
10111 107th St469,0001,34495
Comparable 5
Sales PriceG.B.A.Age
Comparable 6
Sales PriceG.B.A.Age
Borrower
Client
Form PIC4x6.CC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Comparable Photo Pagen/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
Comparable 4
Sales PriceG.B.A.Age
10111 107th St469,0001,34495
Comparable 5
Sales PriceG.B.A.Age
Comparable 6
Sales PriceG.B.A.Age
Borrower
Client
Property AddressCity County State Zip Code
Property AddressCity County State Zip Code
Propertyshark.com Multi-family Value Trendsn/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
Value trends taken fromPropertyshark.com representsales of 2-4 family homes overthe past 3.5 years within thesubject's neighborhood. .
All trends indicate a positiveslope or increasing valuationover the past 3 years.
Most weighting has beenplaced on median price/sf.This trend is believed to givethe best indicator of valuetrends.
Over the past 3 years it hasbeen increasing . In the mostrecent time period a slightmoderation has occurredhowever, this is not believed tobe a change in trend basedupon all other trends on thispage.
At this time it is believed thatthat multiple family valuationsin the subject's neighborhoodhave been relatively stable overthe past year.No market timing adjustmentsare needed for comparabledata.
The client should not rely onthese past trends as anindication of the future trendsfor multi-family homevaluations. The housing marketcan be affected by a number offactors that cannot beanticipated or predicted.
Form PICLG2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Borrower
Client
Propertyshark.com Multi-family Value Trendsn/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
Value trends taken fromPropertyshark.com representsales of 2-4 family homes overthe past 3.5 years within thesubject's neighborhood. .
All trends indicate a positiveslope or increasing valuationover the past 3 years.
Most weighting has beenplaced on median price/sf.This trend is believed to givethe best indicator of valuetrends.
Over the past 3 years it hasbeen increasing . In the mostrecent time period a slightmoderation has occurredhowever, this is not believed tobe a change in trend basedupon all other trends on thispage.
At this time it is believed thatthat multiple family valuationsin the subject's neighborhoodhave been relatively stable overthe past year.No market timing adjustmentsare needed for comparabledata.
The client should not rely onthese past trends as anindication of the future trendsfor multi-family homevaluations. The housing marketcan be affected by a number offactors that cannot beanticipated or predicted.
Form PICLG2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Borrower
Client
Property AddressCity County State Zip Code
File No.
Property AddressCity County State Zip Code
Form SUP — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
FTF-10447 Lefferts Blvdn/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
Zoning
The subject is dimensionally non-conforming. Most of the homes in the area are dimensionally non-conforming.All comparable sales are dimensionally non-conforming.The subject was built prior to current zoning. Its use is therefore grandfathered.The following text was lifted from the New York City Department of Building Website regarding the permitted rebuilding ofa non-conforming 1 and 2 family dwellings.
54-41Permitted ReconstructionIf a non-complying building or other structure is damaged or destroyed by any means, including any demolition as set forth inthis Section, to the extent of 75 percent or more of its total floor area, such building may be reconstructed only inaccordance with the applicable district bulk regulations,except in the case of a one- or two-family residence, suchresidence may be reconstructed provided that such reconstruction shall not create a new non-compliance norincrease the pre-existing degree of non-compliance with the applicable bulk regulations. If the extent of such damage ordestruction is less than 75 percent, a non-complying building may be reconstructed provided that such reconstruction shall notcreate a new non-compliance nor increase the pre-existing degree of non-compliance with the applicable bulkregulations.In addition, the alteration of such existing building resulting in both the removal of more than 75 percent of the floor areaand more than 25 percent of the perimeter walls of such existing building, and the replacement of any portion thereof, shall beconsidered a development for the purposes of the provisions set forth in Section 11-23 (Demolition and Replacement).In the event that any demolition, damage or destruction of an existing building other than one- or two-family residencesproduces an unsafe condition requiring a Department of Buildings order or permit for further demolition of floor area to removeor rectify the unsafe condition, and the aggregate floor area demolished, damaged or destroyed including that ordered orpermitted by the Department of Buildings constitutes 75 percent or more of the total floor area of such building, then suchbuilding may be reconstructed only in accordance with the applicable district bulk regulations.
Cost Approach
The cost approach was not completed. There is insufficient market evidence to credibly support the site value and due to the subject's agethe derivation of total depreciation cannot be calculated with any surety.
Comparable Data
Comparable 1 was found to be most similar to the subject in terms of condition and bedroom count. This comparable has received mostweighting in this report as it required the fewest adjustments.Comparables 2 was determined to be in overall superior condition as compared to the subject.Comparable 3 closed just over one year from the effective date of this report. It was included in this report because it bracketed the subject'ssize and condition rating. None of the other comparable sales that had closed in the past year bracketed these features.Comparable 4 closed the day after the effective date for this report. It supports the subject's valuation.
Additional Comments
The subject property was listed on Libor MLS#2783389 on 07/23/2015 for $399,900. The property is an REO listing. The property iscurrently in contract. The appraiser does not have access to the contract of sale and does not know the contract price.
The subject is located on Lefferts Boulevard. This is a busy roadway with above average traffic patterns. The subject is also located in closeproximity to both train and bus lines that provide access to NYC. The subject's location on this busy roadway is off-set its proximity to masstransit. No locational adjustments need to be made in this report.
Comparable data located in South Ozone Park are considered to be located in immediate neighborhoods that are similar and competitivewith the City of Richmond Hill. No locational adjustment needed for different city.
Extraordinary Assumptions
While the contractor has supplied a repair/renovation list to the appraiser, this list lacks detail. It is therefore assumed that the contractor willbe completing the following repairs/renovation as part of the work outlined on his list that is included in this report:
All renovation/repair work will be to code and will have proper permits.The conversion of the front portion of the subject property into a legal parking space will be approved the the Queens Building Department.Included in the 1st floor kitchen renovations is new floor coverings and lighting.The creation of a single bedroom after the 1st floor has been subdivided to create the bedroom.
Addendum
Borrower
Client
Form SUP — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
FTF-10447 Lefferts Blvdn/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
Zoning
The subject is dimensionally non-conforming. Most of the homes in the area are dimensionally non-conforming.All comparable sales are dimensionally non-conforming.The subject was built prior to current zoning. Its use is therefore grandfathered.The following text was lifted from the New York City Department of Building Website regarding the permitted rebuilding ofa non-conforming 1 and 2 family dwellings.
54-41Permitted ReconstructionIf a non-complying building or other structure is damaged or destroyed by any means, including any demolition as set forth inthis Section, to the extent of 75 percent or more of its total floor area, such building may be reconstructed only inaccordance with the applicable district bulk regulations,except in the case of a one- or two-family residence, suchresidence may be reconstructed provided that such reconstruction shall not create a new non-compliance norincrease the pre-existing degree of non-compliance with the applicable bulk regulations. If the extent of such damage ordestruction is less than 75 percent, a non-complying building may be reconstructed provided that such reconstruction shall notcreate a new non-compliance nor increase the pre-existing degree of non-compliance with the applicable bulkregulations.In addition, the alteration of such existing building resulting in both the removal of more than 75 percent of the floor areaand more than 25 percent of the perimeter walls of such existing building, and the replacement of any portion thereof, shall beconsidered a development for the purposes of the provisions set forth in Section 11-23 (Demolition and Replacement).In the event that any demolition, damage or destruction of an existing building other than one- or two-family residencesproduces an unsafe condition requiring a Department of Buildings order or permit for further demolition of floor area to removeor rectify the unsafe condition, and the aggregate floor area demolished, damaged or destroyed including that ordered orpermitted by the Department of Buildings constitutes 75 percent or more of the total floor area of such building, then suchbuilding may be reconstructed only in accordance with the applicable district bulk regulations.
Cost Approach
The cost approach was not completed. There is insufficient market evidence to credibly support the site value and due to the subject's agethe derivation of total depreciation cannot be calculated with any surety.
Comparable Data
Comparable 1 was found to be most similar to the subject in terms of condition and bedroom count. This comparable has received mostweighting in this report as it required the fewest adjustments.Comparables 2 was determined to be in overall superior condition as compared to the subject.Comparable 3 closed just over one year from the effective date of this report. It was included in this report because it bracketed the subject'ssize and condition rating. None of the other comparable sales that had closed in the past year bracketed these features.Comparable 4 closed the day after the effective date for this report. It supports the subject's valuation.
Additional Comments
The subject property was listed on Libor MLS#2783389 on 07/23/2015 for $399,900. The property is an REO listing. The property iscurrently in contract. The appraiser does not have access to the contract of sale and does not know the contract price.
The subject is located on Lefferts Boulevard. This is a busy roadway with above average traffic patterns. The subject is also located in closeproximity to both train and bus lines that provide access to NYC. The subject's location on this busy roadway is off-set its proximity to masstransit. No locational adjustments need to be made in this report.
Comparable data located in South Ozone Park are considered to be located in immediate neighborhoods that are similar and competitivewith the City of Richmond Hill. No locational adjustment needed for different city.
Extraordinary Assumptions
While the contractor has supplied a repair/renovation list to the appraiser, this list lacks detail. It is therefore assumed that the contractor willbe completing the following repairs/renovation as part of the work outlined on his list that is included in this report:
All renovation/repair work will be to code and will have proper permits.The conversion of the front portion of the subject property into a legal parking space will be approved the the Queens Building Department.Included in the 1st floor kitchen renovations is new floor coverings and lighting.The creation of a single bedroom after the 1st floor has been subdivided to create the bedroom.
Addendum
Borrower
Client
File No.
Property AddressCity County State Zip Code
Contractor's Repair/Renovation Proposal
Form SCNLGL — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Contractor's Repair/Renovation Proposal
Form SCNLGL — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
File No.
Property AddressCity County State Zip Code
Form SUP — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
FTF-10447 Lefferts Blvdn/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
Scope of Work
Information about the subject property was obtained primarily from public records as published in Comps Inc. The information gatheredincluded the age of the improvements, the last date of sale (if any), the subject's legal description, physical characteristics, including squarefoot information of the subject and square footage of the land, current real estate taxes and zoning information. Maps showing the subjectsite and the subject's market area were examined and a location map and aerial map have been included in this report. Several well knowninternet based real estate websites were also used to provide any information about prior listings of the subject , as well as, any informationabout comparable data.
The appraiser made an interior and exterior inspection of all readily accessible areas of the subject property improvements. Appraiser did notmake entry into the finished attic. Appraiser did not move any personal property or furniture. Appraiser has noted all readily observableconditions of the subject property, that is, conditions that are immediately noticeable and discernible during a typical site visit. Appraiser isnot responsible for determining the functionality of appliances or mechanical systems. Although due diligence was exercised, the appraiseris not an expert in matters such as pest control, structural engineering, hazardous substances or environmental hazards, and no warranty isgiven as to these elements.
The appraiser has also made an analysis of the neighborhood. This analysis included the consideration of any known factors that could beexpected to have an impact on the value of the subject property.
An analysis was made of the subject real estate market and of available market/sales data, utilizing Comps inc, Propertyshark.com, Acris,and LIBOR MLS. Those sales considered to provide the best indication of the market value of the subject property were selected andcompared to the subject in the Quantitative Sales Comparison Analysis. Typically, only an exterior inspection from the street is made of thecomparable properties however only comparables sales that the appraiser was able to verify condition and room count were used to valuethe subject property. Other information about the comparables including pertinent financing information relating to the transaction was alsoverified using the named sources.
Dollar adjustments were made to each of the comparable properties, reflecting estimated market reaction to those items of significantvariation between the subject and comparable properties. If a significant item in a comparable property was superior to, or more favorablethan the subject property, a minus (-) adjustment was made to the comparable, thus reducing the indicated value of the subject incomparison to that comparable; if a significant item in a comparable was inferior to, or less favorable than the subject, a plus (+) adjustmentwas made, thus increasing the indicated value of the subject.
Further analysis was made, considering such factors as the comparables relative proximity to the subject property, recentness of sale andoverall similarity to the subject property, in order to reconcile to the final estimate of the value of the subject property by the SalesComparison Approach to value.
The subject's valuation is based on the hypothetical assumption that specific repairs/renovations have been made to the subject property.A copy of these repairs/renovations has been obtained from the buyer/contractor for the subject. The appraiser has made the extraordinaryassumption that materials used for repairs/renovation to the subject are of average or typical quality as commonly found in the neighborhoodand that all work will be performed to code with all proper permits obtained should any be necessary .
The appraisal report was prepared, together with attached exhibits, and the completed appraisal report was delivered to the client, whichconstituted completion of the assignment.
Certifications
I have performed no(or the specified) other services, as an appraiser or in any other capacity, regarding the property that is the subject ofthe work under review within the three-year period immediately preceding acceptance of this assignment.
The Intended User of this appraisal report is the Lender/Client. The Intended Use is to evaluate the property that is the subject of thisappraisal for a non-federally related lending purpose. This report is subject to the stated Scope of Work, purpose of the appraisal, reportingrequirements of this appraisal report form, and Definition of Market Value. No additional Intended Users or uses are identified by theappraiser.
Exposure Time
Exposure Time: Exposure Time is presumed to precede the effective date of the appraisal. I have developed an opinion of reasonableexposure time linked to my opinion of market value of the subject property. This exposure time is based on information taken fromcomparable data. If data is lacking or the current data does not provide enough information to develop an appropriate measure of ExposureTime, the appraiser has broadened his search for sales data in the subject's neighborhood and may even expand his search into competingneighborhoods.At this time it is my opinion that a reasonable exposure time for the subject property can range from 60 to 120 days.
Scope of Work / Certification Statements
Borrower
Client
Form SUP — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
FTF-10447 Lefferts Blvdn/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
Scope of Work
Information about the subject property was obtained primarily from public records as published in Comps Inc. The information gatheredincluded the age of the improvements, the last date of sale (if any), the subject's legal description, physical characteristics, including squarefoot information of the subject and square footage of the land, current real estate taxes and zoning information. Maps showing the subjectsite and the subject's market area were examined and a location map and aerial map have been included in this report. Several well knowninternet based real estate websites were also used to provide any information about prior listings of the subject , as well as, any informationabout comparable data.
The appraiser made an interior and exterior inspection of all readily accessible areas of the subject property improvements. Appraiser did notmake entry into the finished attic. Appraiser did not move any personal property or furniture. Appraiser has noted all readily observableconditions of the subject property, that is, conditions that are immediately noticeable and discernible during a typical site visit. Appraiser isnot responsible for determining the functionality of appliances or mechanical systems. Although due diligence was exercised, the appraiseris not an expert in matters such as pest control, structural engineering, hazardous substances or environmental hazards, and no warranty isgiven as to these elements.
The appraiser has also made an analysis of the neighborhood. This analysis included the consideration of any known factors that could beexpected to have an impact on the value of the subject property.
An analysis was made of the subject real estate market and of available market/sales data, utilizing Comps inc, Propertyshark.com, Acris,and LIBOR MLS. Those sales considered to provide the best indication of the market value of the subject property were selected andcompared to the subject in the Quantitative Sales Comparison Analysis. Typically, only an exterior inspection from the street is made of thecomparable properties however only comparables sales that the appraiser was able to verify condition and room count were used to valuethe subject property. Other information about the comparables including pertinent financing information relating to the transaction was alsoverified using the named sources.
Dollar adjustments were made to each of the comparable properties, reflecting estimated market reaction to those items of significantvariation between the subject and comparable properties. If a significant item in a comparable property was superior to, or more favorablethan the subject property, a minus (-) adjustment was made to the comparable, thus reducing the indicated value of the subject incomparison to that comparable; if a significant item in a comparable was inferior to, or less favorable than the subject, a plus (+) adjustmentwas made, thus increasing the indicated value of the subject.
Further analysis was made, considering such factors as the comparables relative proximity to the subject property, recentness of sale andoverall similarity to the subject property, in order to reconcile to the final estimate of the value of the subject property by the SalesComparison Approach to value.
The subject's valuation is based on the hypothetical assumption that specific repairs/renovations have been made to the subject property.A copy of these repairs/renovations has been obtained from the buyer/contractor for the subject. The appraiser has made the extraordinaryassumption that materials used for repairs/renovation to the subject are of average or typical quality as commonly found in the neighborhoodand that all work will be performed to code with all proper permits obtained should any be necessary .
The appraisal report was prepared, together with attached exhibits, and the completed appraisal report was delivered to the client, whichconstituted completion of the assignment.
Certifications
I have performed no(or the specified) other services, as an appraiser or in any other capacity, regarding the property that is the subject ofthe work under review within the three-year period immediately preceding acceptance of this assignment.
The Intended User of this appraisal report is the Lender/Client. The Intended Use is to evaluate the property that is the subject of thisappraisal for a non-federally related lending purpose. This report is subject to the stated Scope of Work, purpose of the appraisal, reportingrequirements of this appraisal report form, and Definition of Market Value. No additional Intended Users or uses are identified by theappraiser.
Exposure Time
Exposure Time: Exposure Time is presumed to precede the effective date of the appraisal. I have developed an opinion of reasonableexposure time linked to my opinion of market value of the subject property. This exposure time is based on information taken fromcomparable data. If data is lacking or the current data does not provide enough information to develop an appropriate measure of ExposureTime, the appraiser has broadened his search for sales data in the subject's neighborhood and may even expand his search into competingneighborhoods.At this time it is my opinion that a reasonable exposure time for the subject property can range from 60 to 120 days.
Scope of Work / Certification Statements
Borrower
Client
File No.
Property AddressCity County State Zip Code
File No.
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditionsrequisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in thisdefinition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller aretypically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowedfor exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the pricerepresents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated withthe sale. (Source: FDIC Interagency Appraisal and Evaluation Guidelines, October 27, 1994.)
* Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessaryfor those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiablesince the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to thecomparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in theproperty or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concessionbut the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on theappraiser's judgement.
STATEMENT OF LIMITING CONDITIONS AND CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following 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. The appraiser assumes thatthe title is good and marketable and, therefore, will not render any opinions about the title. The property is valued on the basis of it being under responsibleownership.
2. Any sketch provided in the appraisal report may show approximate dimensions of the improvements and is included only to assist the reader of the report in visualizingthe property. The appraiser has made no survey of the property.
3. 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 doso have been made beforehand, or as otherwise required by law.
4. Any distribution of valuation between land and improvements in the report applies only under the existing program of utilization. These separate valuations of theland and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used.
5. The appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous waste,toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties,express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering ortesting that might be required to discover whether such conditions exist. This appraisal report must not be considered an environmental assessment of the subject property.
6. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to bereliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by otherparties.
7. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice,and any applicable federal, state or local laws.
8. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, oralterations on the assumption that completion of the improvements will be performed in a workmanlike manner.
9. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report(including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisalorganizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgageinsurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentalityof the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to datacollection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must alsobe obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media.
10. The appraiser is not an employee of the company or individual(s) ordering this report and compensation is not contingent upon the reporting of a predeterminedvalue or direction of value or upon an action or event resulting from the analysis, opinions, conclusions, or the use of this report. This assignment is notbased on a required minimum, specific valuation, or the approval of a loan.
Page 1 of 2
5000761178FTF-10447 Lefferts Blvd
Form ACR2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
5000761178FTF-10447 Lefferts Blvd
Form ACR2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
File No.
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditionsrequisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in thisdefinition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller aretypically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowedfor exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the pricerepresents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated withthe sale. (Source: FDIC Interagency Appraisal and Evaluation Guidelines, October 27, 1994.)
* Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessaryfor those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiablesince the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to thecomparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in theproperty or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concessionbut the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on theappraiser's judgement.
STATEMENT OF LIMITING CONDITIONS AND CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following 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. The appraiser assumes thatthe title is good and marketable and, therefore, will not render any opinions about the title. The property is valued on the basis of it being under responsibleownership.
2. Any sketch provided in the appraisal report may show approximate dimensions of the improvements and is included only to assist the reader of the report in visualizingthe property. The appraiser has made no survey of the property.
3. 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 doso have been made beforehand, or as otherwise required by law.
4. Any distribution of valuation between land and improvements in the report applies only under the existing program of utilization. These separate valuations of theland and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used.
5. The appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous waste,toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties,express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering ortesting that might be required to discover whether such conditions exist. This appraisal report must not be considered an environmental assessment of the subject property.
6. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to bereliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by otherparties.
7. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice,and any applicable federal, state or local laws.
8. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, oralterations on the assumption that completion of the improvements will be performed in a workmanlike manner.
9. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report(including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisalorganizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgageinsurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentalityof the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to datacollection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must alsobe obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media.
10. The appraiser is not an employee of the company or individual(s) ordering this report and compensation is not contingent upon the reporting of a predeterminedvalue or direction of value or upon an action or event resulting from the analysis, opinions, conclusions, or the use of this report. This assignment is notbased on a required minimum, specific valuation, or the approval of a loan.
Page 1 of 2
File No.
CERTIFICATION: The appraiser certifies and agrees that:
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 my personal, impartialand unbiased professional analyses, opinions, and conclusions.
3. Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interestinterest with respect to the parties involved.
4. Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subjectof this report within the three-year period immediately preceding acceptance of this assignment.
5. I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment.
6. My engagement in this assignment was not contingent upon developing or reporting predetermined results.
7. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in valuethat favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent eventdirectly related to the intended use of this appraisal.
8. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of ProfessionalAppraisal Practice that were in effect at the time this report was prepared.
9. Unless otherwise indicated, I have made a personal inspection of the interior and exterior areas of the property that is the subject of this report,and the exteriors of all properties listed as comparables.
10. Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there areexceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report).
ADDRESS OF PROPERTY ANALYZED:
APPRAISER:
Signature:Name:
State Certification #:or State License #:State: Expiration Date of Certification or License:Date Signed:
SUPERVISORY or CO-APPRAISER (if applicable):
Signature:Name:
State Certification #:or State License #:State: Expiration Date of Certification or License:Date Signed:
Did Did Not Inspect PropertyPage 2 of 2
5000761178FTF-10447 Lefferts Blvd
10447 Lefferts Blvd., Richmond Hill, NY 11419
Michael MullaheyTitle:
45000041931
NY 04/13/201709/26/2015
Title:
Form ACR2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
5000761178FTF-10447 Lefferts Blvd
10447 Lefferts Blvd., Richmond Hill, NY 11419
Michael MullaheyTitle:
45000041931
NY 04/13/201709/26/2015
Title:
Form ACR2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
File No.
CERTIFICATION: The appraiser certifies and agrees that:
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 my personal, impartialand unbiased professional analyses, opinions, and conclusions.
3. Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interestinterest with respect to the parties involved.
4. Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subjectof this report within the three-year period immediately preceding acceptance of this assignment.
5. I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment.
6. My engagement in this assignment was not contingent upon developing or reporting predetermined results.
7. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in valuethat favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent eventdirectly related to the intended use of this appraisal.
8. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of ProfessionalAppraisal Practice that were in effect at the time this report was prepared.
9. Unless otherwise indicated, I have made a personal inspection of the interior and exterior areas of the property that is the subject of this report,and the exteriors of all properties listed as comparables.
10. Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there areexceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report).
ADDRESS OF PROPERTY ANALYZED:
APPRAISER:
Signature:Name:
State Certification #:or State License #:State: Expiration Date of Certification or License:Date Signed:
SUPERVISORY or CO-APPRAISER (if applicable):
Signature:Name:
State Certification #:or State License #:State: Expiration Date of Certification or License:Date Signed:
Did Did Not Inspect PropertyPage 2 of 2
Letter of No Objection
Form SCNLGL — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Letter of No Objection
Form SCNLGL — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Property AddressCity County State Zip Code
Appraiser License and E&O Policyn/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
Form PICLG2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Borrower
Client
Appraiser License and E&O Policyn/a10447 Lefferts Blvd.Richmond Hill Queens NY 11419Fund That Flip, Inc.
Form PICLG2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
