RES NO 09-03-2017 CITY OF VAN BUREN,ARKANSAS
RESOLUTION NO. Z -3 -2017
BE IT ENACTED BY THE CITY COUNCIL, FOR THE CITY OF VAN BUREN,
ARKANSAS,A RESOLUTION TO BE ENTITLED:
A RESOLUTION AUTHORIZING THE MAYOR TO PURCHASE
CERTAIN REAL PROPERTIES,AND FOR OTHER PURPOSES.
WHEREAS, the City has determined that it desires to acquire, for the public good and benefit,
certain real property located within the Van Buren city limits; and
WHEREAS, upon the City's best, information, knowledge, and belief the appraised value and the fair
market value of said property is as listed below. The City,wishes to offer in good faith to
purchase said property for the amount listed below plus the closing costs.
Property Address Legal Description Appraised Value Purchase Price
115 South 9th Street Part of Block 45 $25,500.00 $23,400.00
Van Buren Original Addition,
Van Buren,Arkansas.
117 South 9111Street Part of Block 45 $25,500.00 $27,650.00
Van Buren Original Addition,
Van Buren,Arkansas.
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF VAN
BUREN,ARKANSAS,THAT:
SECTION 1: The City Council hereby authorizes the Mayor to purchase the afore described real
property for the amount listed above plus the closing costs.
SECTION 2: The Mayor is authorized and directed to execute such documents and instruments as may
be necessary to proceed with and finalize the purchase of said property, and the City
Clerk is hereby authorized and directed to attest same.
IN WITNESS WHEREOF,the City of Van Buren,Arkansas, by its City Council,did pass,
approve, and adopt,by a vote of 5 for and 0 against,the 'ore!wing Resolution at its regular meeting
held on the 25th of September 2017. I
481111k
Robert D. Fr-
Mayor
ATTESTED: • 'PR O ;` : • 0 ORM:
• ' p\
Phy 's� Candice A. Settle
City Clerk/Treasurer City Attorney
•
Hackler Properties
606 Fayetteville Ave.
P.O. Box 566
Alma,Arkansas 72921
479-632-4591
September 11,2017
Mayor Bob Freeman
City of Van Buren
1003 Broadway
Van Buren,AR 72956
Dear Mayor Freeman;
This is in response to your inquiry about possibly purchasing my property at 115 So.9th
St.and 117 So.9th St. I would be interested in selling them for the tax value of$23,400.00 and
$27,650.00 respectively.
My offer is good for 60 days.
Sin - ;,
Lee Hac e
LH:lf
•
Don Smith&Associates Real Estate&Appraisals 'Main File No.1714821 Page#11
Exterior-Only Inspection Residential Appraisal Report File#171482
The purpose of this summary appraisal report Is to provide the lender/client with an accurate,and adequately supported,opinion of the market value of the subject property.
Property Address 115 S 9th St City Van Buren State AR Zip Code 72956
Borrower n/a Owner of Public Record Hackler,Lee&Patricia County Crawford
Legal Description Part of Block 45,Van Buren Original Addition
Assessor's Parcel# 700-00497-000 Tax Year 2016 R.E.Taxes$ 242.69
1-Neighborhood Name Van Buren Original Map Reference 22900 Census Tract 0204.01
LLI Occupant ❑Owner ®Tenant ❑Vacant Special Assessments$ 0 ❑PUD HOA$0 0 per year ❑per month
g Property Rights Appraised ®Fee Simple ❑Leasehold ❑Other(describe)
"'Assignment Type ❑Purchase Transaction ❑Refinance Transaction ®Other(describe) Possible purchase by client
Lender/Client City of Van Buren(client) Address 1003 Broadway St,Van Buren,AR 72956
Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? ❑Yes ®No
Report data source(s)used,offering price(s),and date(s). Owner/Borrower/MLS
I ❑did 0 did not analyze the contract for sale for the subject purchase transaction.Explain the results of the analysis of the contract for sale or why the analysis was not
performed.
r-
cr Contract Price$ Date of Contract Is the property seller the owner of public record? ❑Yes ❑No Data Source(s)
Is them any financial assistance(loan charges,sale concessions,gift or downpayment assistance,etc.)to be paid by any party on behalf of the borrower? ❑Yes 0 No
o
If Yes,report the total dollar amount and describe the items to be paid.
Note:Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use%
Location ®Urban ❑Suburban ❑Rural Property Values ❑Increasing ®Stable ❑Declining PRICE AGE One-Unit 80%
Built-Up ®Over 75% ❑25-75% ❑Under 25% Demand/Supply ❑Shortage ®In Balance ❑Over Supply $(000) (yrs) 2-4 Unit %
0 Growth 0 Rapid ®Stable ❑Slow Marketing Time 0 Under 3 mths®3-6 mths ❑Over 6 mths 15 Low 25 Multi-Family %
§Neighborhood Boundaries The neighborhood boundaries are considered to be Poplar St north,3rd St west,Wood St south and 200 High 100+ Commercial 20%
m 11th St east. 60 Pred. 60 Other %
Neighborhood Description Subject is located within 5 miles of schools,shopping,places of worship,and within 15 miles of the major employment centers for the
Lit area.Homes in the area vary in size,age,quality,and appeal,setting on various sized tracts of land which is typical in suburban markets.Subject's neighborhood has
average appeal.Most of the commercial is located along Highway 64,not considered adverse."Other"above is vacant undeveloped land,not adverse.
Market Conditions(including support for the above conclusions) Supply and demand appears to be stable with marketing and exposure times from 3 to 6
months for properly priced properties,this is based on information and statistics obtained from the Fort Smith Board of Realtors Multiple Listing
_Service and sales of similar type properties.All types of financing are available at reasonable rates and terms. •
Dimensions 54'/34'/120'/111' Area 5,227 sf Shape Irregular View Residential
Specific Zoning Classification Commercial-1 Zoning Description Commercial
Zoning Compliance 0 Legal ®Legal Nonconforming(Grandfathered Use) ❑No Zoning ❑Illegal(describe)
Is the highest and best use of subject property as improved(or as proposed per plans and specifications)the present use? ®Yes ❑No If No,describe
Utilities Public Other(describe) Public Other(describe) Off-site Improvements-Type Public Private
F Electricity ® ❑ Water ® ❑ Street Paved asphalt ® ❑
co Gas ® ❑Natural gas Sanitary Sewer ® ❑ Alley None ❑ ❑
FEMA Special Flood Hazard Area ❑Yes j5J No FEMA Flood Zone X FEMA Map# 05033C0395J FEMA Map Date 12/03/2010
Are the utilities and off-site Improvements typical for the market area? ®Yes 0 No If No,describe
Are there any adverse site conditions or external factors(easements,encroachments,environmental conditions,land uses,etc.)? ❑Yes ®No lt Yes,describe
The appraiser was not furnished with a current survey or a complete legal description of the subject's site,but nothing adverse was observed from a visual inspection.
Site dimensions and size were obtained from CoreLogic.Site is mostly typical in size and utility for the neighborhood.Property is located in a commercial zone but at
_this time its highest and best use remains residential.
Source(s)Used for Physical Characteristics of Property U Appraisal Ales El MLS N Assessment and Tax Records ❑Prior Inspection h.Property Owner
®Other(describe) Exterior visual inspection from public street Data Source for Gross Living Area Tax assessment records
General Description General Description Heating/Cooling Amenities Car Storage
Units N One U One with Accessory Unit U Concrete Slab (X)Crawl Space U FWA(_j HWBB t Fireplace(s)# 0 U None
#of Stories 1.00 11 Full Basement ❑Finished ❑Radiant ❑Woodstove(s)# 0 _N Driveway #of Cars 1
Type I Det❑Att. 0 S-Det./End Unit ❑Partial Basement ❑Finished ®Other Space heat ❑Patio/Deck Driveway Surface Gravel
®Existing❑Proposed ❑Under Const. Exterior Walls Wood/Avg Fuel Natural gas Porch Covered 0 Garage #of Cars 0
Design(Style) Bungalow Roof Surface Metal/Avg ❑Central Air Conditioning Pool None ❑Carport #of Cars 0
Year Built 1950 Gutters&DownspoutsNone ®Individual Window a/c 0 Fence ❑Attached ❑Detached
Effective Age(Yrs)30 Window Type Aluminum ❑Other ❑Other None ❑Built-in
Appliances D Refrigerator (A Range/Oven 0 Dishwasher 0 Disposal ❑Microwave ❑Washer/Dryer Other(describe) Vent hood
~Finished area above grade contains: 4 Rooms 2 Bedrooms 1.0 Bath(s) 896 Square Feet of Gross Living Area Above Grade
iAdditional features(special energy efficient items,etc.) Covered front porch.
Lu
iDescribe the condition of the property and data source(s)(including apparent needed repairs,deterioration,renovations,remodeling,etc.).No external inadequacies were
observed in the subject's neighborhood.No functional depreciation was noted.Quality of construction appears to be average.Appraiser assumes
-that the interior is in average condition.
Are them any apparent physical deficiencies or adverse conditions that affect the livability,soundness,or structural integrity of the property? ❑Yes ®No
If Yes,describe.
Does the property generally conform to the neighborhood(functional utility,style,condition,use,construction,etc.)? ®Yes ❑No If No,describe.
•
Freddie Mac Form 2055 March 2005 Page 1 of 6 Fannie Mae Form 2055 March 2005 C
I
Form 2055—'WinTOTAL"appraisal software by ala mode,inc.—1-800-ALAMODE
Wain File No.1714821 Pane#21
Exterior-Only Inspection Residential Appraisal Report File#171482 .
There are 0 comparable properties currently offered for sale in the subject neighborhood ranging in price from$ 0 to$ 0 .
There are 5 comparable sales in the subject neighborhood within the past twelve months ranging In sale price from$ 18,000 to$ 36,000
FEATURE 1 SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE#3
Address 115 S 9th St 921 N 27th St 414 Poplar St 806 N 11th St
Van Buren,AR 72956 Van Buren,AR 72956 Van Buren,AR 72956 Van Buren,AR 72956
Proximity to Subject 1.35 miles NE 0.43 miles NW 0.71 miles N
Sale Price $ $ 31,075 $ 36,000 $ 22,000
Sale Price/Gross Liv.Area $ sq.ft.$ 45.70 sq.fL $ 54.55 sq.ft. $ 22.40 sq.ft
Data Source(s) FSM MLS#1005025;DOM 38 FSM MLS#1002956;DOM 293 FSM MLS#1011230;DOM 38
Verification Source(s) Public records Public records Public records
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment
Sales or Financing Cash Convent.loan Convent.loan
Concessions No concessions No concessions No concessions
Date of Sale/Time 12/22/2016 07/05/2017 07/20/2017
Location Average Average Average Average
Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
Site 5,227 sf 6,970 sf similar value 3,920 sf similar value 10,890 sf -2,000
View Residential Residential Residential Residential
Design(Style) Bungalow Bungalow Bungalow Bungalow
Quality of Construction Average Average Average Average
Actual Age 67 67 54 60
Condition Average Avg-Good -5,000 Average Fair +5,000
Above Grade Total Bdrms Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths
Room Count 4 2 1.0 4 2 1.0 4 2 1.0 5 3 1.0
Gross Living Area 896 sq.ft. 680 sq.ft +3,200 660 sq.ft. +3,500 982 sq.fL -1,300
Basement 8 Finished 0 0 0 0
Rooms Below Grade
Functional Utility Average Average Average Average
Heating/Coding Space ht;WAC FWA;Cent.a/c -3,000 FWA;Cent.a/c -3,000 FWA;Cent.a/c -3,000.
Energy Efficient Items None Insulated Wind. -1,000 Insulated Wind. -1,000 None
1 Garage/Carport None None 1 c gar;1 c cpt -3,500 None
Z Porch/Patio/Deck Porch Porch Porch;deck -500 Porch
0
m
2
a
cL
0 Net Adiustment(Total) Cl+ ®- $ -5,800 ❑+ ®- $ -4,500 ❑+ ® - $ -1,300
N Adjusted Sale Price Net Adj. 18.7 % Net Adj. 12.5 % Net Adj. 5.9 %
of Comparables Gross Adj. 39.3 % $ 25,275 Gross Adj. 31.9 %$ 31,500 Gross Adj. 51.4 % $ 20,700
w I Il did U did not research the sale or transfer history of the subject property and comparable sales.ff not,explain
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) Public Records and MLS
My research ❑did IS]did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.
Data Source(s) Public Records and MLS
Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales(report additional prior sales on page 3).
ITEM SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE#3
Date of Prior Sale/Transfer
Price of Prior Sale./Transfer
Data Source(s) Public records and MLS Public records and MLS Public records and MLS Public records and MLS
Effective Date of Data Source(s) 09/07/2017 09/07/2017 09/07/2017 09/07/2017
Analysis of prior sale or transfer history of the subject property and comparable sales No prior transfers of the subject property within the past 3 years and no
prior transfers of any of the comparable sales within the prior 12 month prior from the date of their transfers shown above.
Summary of Sales Comparison Approach In this price range of home it is typical for the seller to pay up to$1,000 in buyer's closing costs.Typical types
of financing are FHA,VA,Rural Development and conventional.Due to the limited number of comparable sales available the appraiser had to use
sales#1 even though it is located farther thanl mile from the subject.All are located within the subject's immediate market area. All three sales
appeared to be similar in quality of construction as the subject.Adjustments for"Condition"and"Heating/Cooling"caused the gross adjustment
percentages to be higher than normal.The indicated value range is from$20,700 to$31,500. All were given similar consideration.
_Indicated Value by Sales Comparison Approach$ 25,500
Indicated Value by:Sales Comparison Approach$ 25,500 Cost Approach(if developed)$ 32,897 Income Approach(if developed)$ 24,500
The Income Approach was not used.The Cost Approach will typically indicate the upper end of the value range but it is difficult to measure depreciation,however,the
o Sales Comparison Approach was given the most emphasis.Appraiser has performed no services,as an appraiser or in any other capacity,regarding the subject
Z property within the past three years.
r,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
z completed, ❑subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed,or El subject to the
0 following required Inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair. This report is not a home
z inspection report. Appraiser assumes that all mechanical items are in normal working order.
Based on a visual inspection of the exterior areas of the subject property from at least the street,defined scope of work,statement of assumptions and limiting1.
conditions,and appraiser's certification,my(our)opinion of the market value,as defined,of the real property that is the subject of this report is
$ 25,500 ,as of 09/21/2017 ,which is the date of inspection and the effective date of this appraisal.
Freddie Mac Form 2055 March 2005 Page 2 of 6 Fannie Mae Form 2055 March 2005
Form 2055-"WinTOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE
Main File No.1714821 Page#3)
Exterior-Only Inspection Residential Appraisal Report File#171482
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COST APPROACH TO VALUE(not required by Fannie Mae)
Provide adequate information fa the lender/client to replicate the below cost figures and calculations.
Support for the opinion of site value(summary of comparable land sales or other methods for estimating site value) Site value was obtained from the sale of similar
type properties in the subject's neighborhood,competing neighborhoods,actual purchase price,and/or market abstraction.
5 ESTIMATED REPRODUCTION OR
❑ 181 REPLACEMENT COST NEW OPINION OF SITE VALUE =$ 5,000
o Source of cost data Marshall&Swift DWELUNG 896 Sq.Ft @$ 62.27 =$ 55,794
aQuality rating from cost service Average Effective date of cost data 07/01/2017 0 Sq.Ft @$ =$
Q Comments on Cost Approach(gross living area calculations,depreciation,etc.) =$
in'The cost figures were obtained from the Marshall&Swift Residential Cost Garage/Carport Sq.Ft @$ =$
Handbook and cost estimates from local builders and suppliers.Square Total Estimate of Cost-New =$ 55,794
footage was obtained from the public records. The Age/Life Method was Less Physical Functional External
used to estimate physical depreciation. Depreciation 27,897 =$( 27,897)
Depreciated Cost of Improvements =$ 27,897
"As-is"Value of Site Improvements =$
_Estimated Remaining Economic Life(HUD and VA only) 30 Years INDICATED VALUE BY COST APPROACH =S 32,897
INCOME APPROACH TO VALUE(not required by Fannie Mae)
o Estimated Monthly Market Rent$ 350 X Gross Rent Multiplier 70 =$ 24,500 Indicated Value by Income Approach
Summa of Income A.'roach ncludin.so uori for market rent and GRM The sub'ect.ro.ert is current) rented for$350 which a..ears to be
reasonable market rent.
PROJECT INFORMATION FOR PUDs(if applicable)
Is the developer/builder in control of the Homeowners'Association(HOA)? ❑Yes ❑No Unit type(s) ❑Detached ❑Attached
Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit
Legal Name of Project
o Total number of phases Total number of units Total number of units sold
Total number of units rented Total number of units for sale Data source(s)
Was the project created by the conversion of existing building(s)into a PUD? ❑Yes n No If Yes,date of conversion
o Does the i roect contain an mufti-dwellinu units? ■Yes •No Data Source s
z Are the units,common elements,and recreation facilities complete? ❑Yes n No If No,describe the status of completion.
a.
a �r
Are the common elements leased to or by the Homeowners'Association? ❑Yes ❑No If Yes,describe the rental terms and options.
Describe common elements and recreational facilities.
Freddie Mac Form 2055 March 2005 Page 3 of 6 Fannie Mae Form 2055 March 2005
Form 2055—'WinTOTAL"appraisal software by ala mode,inc.—1-800-ALAMODE
'Main File No.1714821 Page#4]
Exterior-Only Inspection Residential Appraisal Report File#171482
This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit;
including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a
manufactured home or a unit in a condominium or cooperative project.
This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,
statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended
use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may
expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal
assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do
not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's
continuing education or membership in an appraisal organization, are permitted.
SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the
reporting requirements of this appraisal report form, including the following definition of market value, statement of
assumptions and limiting conditions, and certifications.The appraiser must,at a minimum: (1)perform a visual inspection of
the exterior areas of the subject property from at least the street, (2) inspect the neighborhood, (3) inspect each of the
comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources,
and (5) report his or her analysis, opinions, and conclusions in this appraisal report.
The appraiser must be able to obtain adequate information about the physical characteristics (including, but not limited to,
condition, room count, gross living area, etc.) of the subject property from the exterior-only inspection and reliable public
and/or private sources to perform this appraisal. The appraiser should use the same type of data sources that he or she uses
for comparable sales such as, but not limited to, multiple listing services, tax and assessment records, prior inspections,
appraisal files, information provided by the property owner, etc.
INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the
subject of this appraisal for a mortgage finance transaction.
INTENDED USER: The intended user of this appraisal report is the lender/client.
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open
market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming
the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and
the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties
are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable
time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial
arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by
special or creative financing or sales concessions* granted by anyone associated with the sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are
necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are
readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing
adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional
lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical
dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's
reaction to the financing or concessions based on the appraiser's judgment.
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject
to the following assumptions and limiting conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title
to it, except for information that he or she became aware of during the research involved in performing this appraisal. The
appraiser assumes that the title is good and marketable and will not render any opinions about the title.
2. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency
(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an
identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or
implied,regarding this determination.
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 do so have been made beforehand, or as otherwise required by law.
4. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or
she became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisal
report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the
property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,
adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such
conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such
conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.
Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as
an environmental assessment of the property.
5. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory
completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be
performed in a professional manner.
Freddie Mac Form 2055 March 2005 Page 4 of 6 Fannie Mae Form 2055 March 2005
Form 2055—"WInTOTAL"appraisal software by ala mode,inc.—1-800-ALAMODE
(Main File No.1714821 Pane#51
Exterior-Only Inspection Residential Appraisal Report File#171482
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in
this appraisal report.
2. I performed a visual inspection of the exterior areas of the subject property from at least the street. I reported the condition
of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability,
soundness, or structural integrity of the property.
3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal
Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in
place at the time this appraisal report was prepared.
4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales
comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach
for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop
them, unless otherwise indicated in this report.
5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for
sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject
property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.
6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior
to the date of sale of the comparable sale, unless otherwise indicated in this report.
7. I selected and used comparable sales that are locationally,physically,and functionally the most similar to the subject property.
8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that
has been built or will be built on the land.
9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject
property and the comparable sales.
10. I verified,from a disinterested source,all information in this report that was provided by parties who have a financial interest in
the sale or financing of the subject property.
11. I have knowledge and experience in appraising this type of property in this market area.
12. I am aware of,and have access to,the necessary and appropriate public and private data sources,such as multiple listing
services,tax assessment records, public land records and other such data sources for the area in which the property is located.
13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from
reliable sources that I believe to be true and correct.
14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject
property, and the proximity of the subject property to adverse influences in the development of my opinion of market value.
have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the
subject property or that I became aware of during the research involved in performing this appraisal. I have considered these
adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and
marketability of the subject property.
15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all
statements and information in this appraisal report are true and correct.
16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which
are subject only to the assumptions and limiting conditions in this appraisal report.
17. I have no present or prospective interest in the property that is the subject of this report,and I have no present or
prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or
completely, my analysis and/or opinion of market value in this appraisal report on the race, color,religion, sex, age, marital
status, handicap,familial status, or national origin of either the prospective owners or occupants of the subject property or of the
present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not
conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a
predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of
any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending
mortgage loan application).
19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I
relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal
or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this
appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make
a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no
responsibility for it.
Freddie Mac Form 2055 March 2005 Page 5 of 6 Fannie Mae Form 2055 March 2005
Form 2055—"WinTOTAL"appraisal software by ala mode,inc.—1-800-ALAMODE
(Main File No.1714821 Pane#61
•
Exterior-Only Inspection Residential Appraisal Report File#171482
20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that
ordered and will receive this appraisal report.
21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the
borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other
secondary market participants; data collection or reporting services; professional appraisal organizations; any department,
agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to
obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal
report may be disclosed or distributed to any other party(including, but not limited to,the public through advertising, public
relations, news, sales, or other media).
22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain
laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice
that pertain to disclosure or distribution by me.
23. The borrower, another lender at the request of the borrower,the mortgagee or its successors and assigns, mortgage
insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part
of any mortgage finance transaction that involves any one or more of these parties.
24. If this appraisal report was transmitted as an "electronic record" containing my"electronic signature,"as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or
criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Trtle 18, United States
Code, Section 1001, et seq., or similar state laws.
SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:
1. I directly supervised the appraiser for this appraisal assignment,have read the appraisal report,and agree with the appraiser's
analysis, opinions, statements, conclusions, and the appraiser's certification.
2. I accept full responsibility for the contents of this appraisal report including, but not limited to,the appraiser's analysis, opinions,
statements, conclusions, and the appraiser's certification.
3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser(or the
appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.
4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and
promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal
report was prepared.
5. If this appraisal report was transmitted as an "electronic record" containing my"electronic signature," as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature,the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
APPRAISER
SUPERVISORY APPRAISER(ONLY IF REQUIRED)
Signature ; o J g (ElirEr. = Signature
Name Don Name
Company Name Don Smith&Associates 16 Company Name
Company Address P.O.Box 5154,Fort Smith,AR 72913-5154 Company Address
Telephone Number 479-785-2478 Telephone Number
Email Address dsmithff donsmithrealty.com Email Address
Date of Signature and Report 09/21/2017 Date of Signature
Effective Date of Appraisal 09/21/2017 State Certification#
State Certification# CR0848 or State License#
or State License# State
or Other(describe) State# Expiration Date of Certification or License
State AR
Expiration Date of Certification or License 06/30/2018 SUBJECT PROPERTY
ADDRESS OF PROPERTY APPRAISED
115 S 9th St LIDid not inspect exterior of subject property
Van Buren,AR 72956 ❑ Did inspect exterior of subject property from street
Date of Inspection
APPRAISED VALUE OF SUBJECT PROPERTY$ 25,500
LENDER/CLIENT COMPARABLE SALES
Name ❑ Did not inspect exterior of comparable sales from street
Company Name City of Van Buren(client) D Did inspect exterior of comparable sales from street
Company Address 1003 Broadway St,Van Buren,AR 72956 Date of Inspection
Email Address ifroud(Tvanburencity.org
Freddie Mac Form 2055 March 2005 Page 6 of 6 Fannie Mae Form 2055 March 2005
Form 2055—"WinTOTAL"appraisal software by ala mode,inc.—1-800-ALAMODE
(Main File No.1714821 Page#71
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Property Address 115 S 9th St
City Van Buren County Crawford State AR Zip Code 72956
Lender City of Van Buren(client)
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Main File No.1714821 Pane#81
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Borrower/Client n/a
Property Address 115 S 9th St
City Van Buren County Crawford State AR Zip Code 72956
Lender City of Van Buren(client)
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Form PIC3x5.SR—"WinTOTAL"appraisal software by ala mode,inc.—1-800-ALAMODE
IMain File No.1714821 Page#9j
Comparable Photo Page
Borrower/Client n/a
Property Address 115 S 9th St
City Van Buren County Crawford State AR Zip Code 72956
Lender City of Van Buren(client)
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921 N 27th St
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or) ,..',),Art 44!0,. # ., A i `r',.�': ' .0 Gross Living Area 680' ,2',,,
` , - ` Total Rooms 4
' �' Total Bedrooms 2
Total Bathrooms 1.0
rf ' Location Average
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Site 6,970 sf
Quality Average
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Sale Price 36,000
Gross Living Area 660
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,i ` Location Average
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Main File No.1714821 Page#101
Location Map
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Property Address 115 S 9th St
City Van Buren County Crawford State AR Zip Code 72956
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Main File No.1714821 Page#111
License
•
• �: ARKANSAS
, ; APPRAISER LICENSING&
F, CERTIFICATION BOARD
!% This is to certify that
<f:;;; Don Smith
License#:CR 0848
has compiled with the requirements of Arkansas Code Section
817-14.201 et seq.;and Is the holder of a valid certificate.
This card Is for identification purposes only.
6/30/2018 /01/14 f�
• Expiration Date Cha—--— firman^�'t
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Form SCNLGL—'WinTOTAL"appraisal software by ala mode,inc.—1-800-ALAMODE
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Don Smith&Associates Real Estate&Appraisals (Main File No.1714831 Pane#11
Exterior-Only Inspection Residential Appraisal Report File#171483
The purpose of this summary appraisal report is to provide the lender/client with an accurate,and adequately supported,opinion of the market value of the subject property.
Property Address 117 S 9th St City Van Buren State AR ZIp Code 72956
Borrower n/a Owner of Public Record Hackler,Lee&Patricia County Crawford
Legal Description Part of Block 45,Van Buren Original Addition
Assessor's Parcel# 700-00500-000 Tax Year 2016 R.E.Taxes$ 287.01
-Neighborhood Name Van Buren Original Map Reference 22900 Census Tract 0204.01
III Occupant ❑Owner ®Tenant ❑Vacant Special Assessments$ 0 0 PUD HOA$0 ❑per year ❑per month
so Property Rights Appraised ®Fee Simple ❑Leasehold ❑Other(describe)
m Assignment Type ❑Purchase Transaction ❑Refinance Transaction ®Other(describe) Possible purchase by dient
Lender/Client City of Van Buren(dient) Address 1003 Broadway St,Van Buren,AR 72956
Is the subject properly currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? ❑Yes ®No
Report data source(s)used,offering price(s),and date(s). Owner/Borrower/MLS
•
I ❑did ❑did not analyze the contract for sale for the subject purchase transaction.Explain the results of the analysis of the contract for sale or why the analysis was not
performed.
ce Contract Price$ Date of Contract Is the property seller the owner of public record? ❑Yes ❑No Data Source(s)
z Is there any financial assistance(loan charges,sale concessions,gift or downpayment assistance,etc.)to be paid by any party on behalf of the borrower? CI Yes ❑No
If Yes,report the total dollar amount and describe the items to be paid.
Note:Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use%
Location ®Urban ❑Suburban ❑Rural Property Values ❑Increasing ®Stable ❑Declining PRICE AGE One-Unit 80%
Built-Up ®Over 75% ❑25-75% 0 Under 25% Demand/Supply ❑Shortage ®In Balance ❑Over Supply $(000) (yrs) 2-4 Unit %
o Growth ❑Rapid ®Stable ❑Slow Marketing Time ❑Under 3 mths®3-6 mths ❑Over 6 mths 15 Low 25 Multi-Family %
§Neiihborhood Boundaries The nei.hborhood boundaries are considered to be Po•Iar St north,3rd St west,Wood St south and 200 Hi'h 100+ Commercial 20%
m 11th St east. 60 Pred. 60 Other %
Neighborhood Description Subject is located within 5 miles of schools,shopping,places of worship,and within 15 miles of the major employment centers for the
Z area.Homes in the area vary in size,age,quality,and appeal,setting on various sized tracts of land which is typical in suburban markets.Subject's neighborhood has
average appeal.Most of the commercial is located along Highway 64,not considered adverse."Other"above is vacant undeveloped land,not adverse.
Market Conditions(including support forthe above conclusions) Supply and demand appears to be stable with marketing and exposure times from 3 to 6
months for properly priced properties,this is based on information and statistics obtained from the Fort Smith Board of Realtors Multiple Listing
_Service and sales of similar type properties.All types of finandng are available at reasonable rates and terms.
Dimensions 43'/61'/45'/111' Area 3.485 Sf Shape Irregular View Residential
Specific Zoning Classification Commercial-1 Zoning Description Commercial
Zoning Conprance❑Legal ®Legal Nonconforming(Grandfathered Use) ❑No Zoning ❑Illegal(describe)
Is the highest and best use of subject property as improved(or as proposed per plans and specifications)the present use? ®Yes D No If No,describe
Utilities Public Other(describe) Public Other(describe) Off-ste Improvements-Type Public Private
Electricity ® p Water ® ❑ Street Paved asphalt ® ❑
rn Gas E ❑Natural Gas Sanitary Sewer ® ❑ Alley None ❑ ❑
FEMA Special Flood Hazard Area ❑Yes ®No FEMA Flood Zone X FEMA Map# 05033C0395J FEMA Map Date 12/03/2010
Are the utilities and off-site improvements typical for the market area? ®Yes ❑No If No,describe
Are there any adverse site conditions or extemal factors(easements,encroachments,environmental conditions,land uses,etc.)? ❑Yes ®No If Yes,describe
The appraiser was not furnished with a current survey or a complete legal description of the subject's site,but nothing adverse was observed from a visual inspection.
Site dimensions and size were obtained from CoreLogic.Site is mostly typical in size and utility for the neighborhood.Property is located in a commercial zone but at
this time its highest and best use remains residential.
Source(s)Used for Physical Characteristics of Property ❑Appraisal Rles Q9 MLS ./Assessment and Tax Records ❑Prior Inspection IA Property Owner
®Other(describe) Exterior visual inspection from public street Data Source for Gross Livinr Area Tax assessment records
General Description General Description Heating/Cooling Amenities Car Storage
Units E One U One with Accessory Unit U Concrete Slab LA Crawl Space U FWA U IIINBB . Rreplace(s)# o U None
#of Stories 1.00 ❑Full Basement ❑Rnished Radiant Woodstove(s)# 0 ®Driveway #of Cars 1
Type ®Det❑Att. ❑S-Det/End Unit ❑Partial Basement ❑Finished Z Other Space heat ❑Patio/Deck Driveway Surface Gravel
®Existing ❑Proposed ❑Under Const. Exterior Walls Wood/Avg Fuel Natural gas I Porch Covered ❑Garage #of Cars 0
Design(Style) Bungalow Roof Surface Comp/Avg ❑Central Air Conditioning ❑Pod None ❑Carport #of Cars 0
Year Buitt 1950 Gutters&DownspoutsNone ®IndividualWindow a/c ❑Fence ❑Attached ❑Detached
Effective Age rs)30 Window Type Aluminum ❑Other ❑Other None ❑Built-In
Appliances 0 Refrigerator [A Range/Oven U Dishwasher 0 Disposal U Microwave U Washer/Dryer gl Other(describe) Vent hood
r2 Finished area above grade contains: 4 Rooms 2 Bedrooms 1.0 Bath(s) 896 Square Feet of Gross Living Area Above Grade
ozAdditional features(special energy efficient items,etc.) Covered front porch.
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Describe the condition of the properly and data source(s)(including apparent needed repairs,deterioration,renovations,remodeling,etc.).No external inadequacies were
it observed in the subject's neighborhood.No functional depreciation was noted.Quality of construction appears to be average.Appraiser assumes
that the interior is in average condition.
Are there any apparent physical deficiencies or adverse conditions that affect the livability,soundness,or structural integrity of the property? ❑Yes ®No
if Yes,describe.
Does the property generally conform to the neighborhood(functional utility,style,condition,use,construction,etc.)? jgl Yes ❑No If No,describe.
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Freddie Mac Form 2055 March 2005 Page 1 of 6 Fannie Mae Form 2055 March 2005
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Form 2055—'WinTOTAL"appraisal software by ala mode,Mc.—1-800-ALAMODE
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Main File No.1714831 Pace#21
Exterior-Only Inspection Residential Appraisal Report File#171483
There are a comparable properties currently offered for sale in the subject neighborhood ranging In price front$ 0 to$ 0 .
There are 5 comparable sales In the subject neighborhood within the past twelve months ranging in sale price from$ 18,000 to$ 36,000 .
FEATURE I SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE#3
Address 117 S 9th St 921 N 27th St 414 Poplar St 806 N 11th St
Van Buren,AR 72956 Van Buren,AR 72956 Van Buren,AR 72956 Van Buren,AR 72956
Proximity to Subject 1.34 miles NE 0.43 miles NW 0.71 miles N
Sale Price $ $ 31,075 $ 36,000 $ 22,000
Sale Price/Gross Liv.Area $ sq.ft$ 45.70 sq.ft. $ 54.55 sq.ft $ 22.40 sq.fL
Data Source(s) FSM MLS#1005025;DOM 38 FSM MLS#1002956;DOM 293 FSM MLS#1011230;DOM 38
Verification Source(s) Public records Public records Public records
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment
Sales or Financing Cash Convent.loan Convent.loan
Concessions No concessions No concessions No concessions
Date of Same 12/22/2016 07/05/2017 07/20/2017
Location Average Average Average Average
Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
Site 3.485 sf 6,970 sf similar value 3,920 sf similar value 10,890 sf -2,000
View Residential Residential Residential Residential
Design(Style) Bungalow Bungalow Bungalow Bungalow
Quality of Construction Average Average Average Average
Actual Age 67 67 54 60
Condition Average Avg-Good -5,000 Average Fair +5,000
Above Grade Total Bdrms Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths
Room Count 4 2 1.0 4 2 1.0 4 2 1.0 5 3 1.0
Grass Living Area 896 sq.ft. 680 sq.ft. +3,200 660 sq.fL +3,500 982 sq.ft -1,300
Basement&Finished 0 0 0 0
Rooms Below Grade
=Functional Utility_ Average Average Average Average
Heating/Cooling Space ht;WAC FWA;Cent.a/c -3,000 FWA;Cent.a/c -3,000 FWA;Cent.a/c -3,000
xEnergy Efficient Items None Insulated Wind. -1,000 Insulated Wind. -1,000 None
Garage/Carport None None 1 c gar;1 c cpt -3,500 None
Z Porch/Patio/Deck Porch Porch Porch;deck -500 Porch
0
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0 Net Adjustment(Total) ❑+ E- $ -5,800 ❑+ ®- $ -4,500 ❑+ ®- $ -1,300
N Adjusted Sale Price Net Adj. 18.7 % Net Adj. 12.5 % Net Adj. 5.9 %
of Comparables Gross Adj. 39.3 %$ 25,275 Gross Adj. 31.9 % $ 31,500 Gross Adj. 51.4 %$ 20,700
CA I VI did U did not research the sale or transfer history of the subject property and comparable sales.If not,explain
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) Public Records and MLS
My research ❑did ®did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.
Data Source(s) Public Records and MLS
Report the results of the research and analysis of the prior sale or transfer history of the subject property and corn tarable sales(report additional prior sales on page 3).
ITEM SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE#3
Date of Prior Sale/Transfer
Price of Prior Sale/Transfer
Data Source(s) Public records and MLS Public records and MLS Public records and MLS Public records and MLS
Effective Date of Data Source(s) 09/07/2017 09/07/2017 09/07/2017 09/07/2017
Analysis of prior sale or transfer history of the subject property and comparable sales No prior transfers of the subject property within the past 3 years and no
prior transfers of any of the comparable sales within the prior 12 month prior from the date of their transfers shown above.
Summary of Sales Comparison Approach In this price range of home it is typical for the seller to pay up to$1,000 in buyer's dosing costs.Typical types
of financing are FHA,VA,Rural Development and conventional.Due to the limited number of comparable sales available the appraiser had to use
sales#1 even though it is located farther thanl mile from the subject.All are located within the subject's immediate market area. All three sales
appeared to be similar in quality of construction as the subject.Adjustments for"Condition"and"Heating/Cooling"caused the gross adjustment
percentages to be higher than normal.The indicated value range is from$20,700 to$31,500. All were given similar consideration.
_Indicated Value by Sales Comparison Approach$ 25,500
Indicated Value by:Sales Comparison Approach$ 25,500 Cost Approach(if developed)$ 32,897 Income Approach(if developed)$ 24,500
The Income Approach was not used.The Cost Approach will typically indicate the upper end of the value range but it is difficult to measure depreciation,however,the
zO Sales Comparison Approach was given the most emphasis.Appraiser has performed no services,as an appraiser or in any other capacity,regarding the subject z.
Q •roperty within the past three years.
11 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
z completed, ❑subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed,or❑subject to The )
0 following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair. This report is not a home
o
W inspection report. Appraiser assumes that all mechanical items are in normal working order. 1
Based on a visual Inspection of the exterior areas of the subject property from at least the street,defined scope of work,statement of assumptions and limiting
conditions,and appraiser's certification,my(our)opinion of the market value,as defined,of the real property that is the subject of this report is s=
$ 25,500 ,as of 09/21/2017 ,which is the date of inspection and the effective date of this appraisal.
Freddie Mac Form 2055 March 2005 Page 2 of 6 Fannie Mae Form 2055 March 2005 i
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Form 2055-'WinTOTAL"appraisal software by ala mode,inc.-1-800-ALAMODE
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(Main File No.1714831 Pane#31
Exterior-Only Inspection Residential Appraisal Report File#171483
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COST APPROACH TO VALUE(not required by Fannie Mae)
Provide adequate information for the lender/client to replicate the below cost figures and calculations.
Support for the opinion of site value(summary of comparable land sales or other methods for estimating site value) Site value was obtained from the sale of similar
type properties in the subject's neighborhood,competing neighborhoods,actual purchase price,and/or market abstraction.
5 ESTIMATED ❑REPRODUCTION OR ®REPLACEMENT COST NEW OPINION OF SITE VALUE =6 5,000
o Source of cost data Marshall&Swift DWELLING 896 Sq.Ft @$ 62.27 =$ 55,794
Quality rating from cost service Average Effective date of cost data 07/01/2017 0 Sq.Ft @$ =$ •
a Comments on Cost Approach(gross living area calculations,depreciation,etc.) =$
ai The cost figures were obtained from the Marshall&Swift Residential Cost Garage/Carport Sq.Ft @$ =$
Handbook and cost estimates from local builders and suppliers.Square Total Estimate of Cost-New =$ 55,794
footage was obtained from the public records. The Age/Life Method was Less Physical Functional External
used to estimate physical depredation. Depreciation 27,897 =$( 27,897)
Depreciated Cost of Improvements =$ 27,897
"As-Is"Value of Site Improvements =$
_Estimated Remaining Economic Life(HUD and VA only) 30 Years INDICATED VALUE BY COST APPROACH =6 32,897
INCOME APPROACH TO VALUE(not required by Fannie Mae)
oEstimated Monthly Market Rent$ 350 X Gross Rent Multiplier 70 =$ 24,500 Indicated Value by Income Approach
Summary of Income Approach(including support for market rent and GRM) The subject property is currently rented for$350 which appears to be
_reasonable market rent.
PROJECT INFORMATION FOR PUDs(if applicable)
Is the developer/builder in control of the Homeowners'Association(HOA)? ❑Yes ❑No Unit type(s) ❑Detached n Attached
Provide the following Information for PUDs ONLY If the developer/builder Is In control of the HOA and the subject property is an attached dwelling unit
Legal Name of Project
o Total number of phases Total number of units Total number of units sold
17 Total number of units rented Total number of units for sale Data source(s)
Was the project created by the conversion of edstinq building(s)into a PUD? r]Yes ❑No U Yes,date of conversion
o Does the project contain any multi-dwelling units? 0 Yes ❑No Data Source(s)
z Are the units,common elements,and recreation facilities complete? ❑Yes ❑No If No,describe the status of completion.
0
Are the common elements leased to or by the Homeowners'Association? ❑Yes 0 No If Yes,describe the rental terms and options.
(
Describe common elements and recreational facilities.
Freddie Mac Form 2055 March 2005 Page 3 of 6 Fannie Mae Form 2055 March 2005
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Form 2055—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE
Main File No.1714831 Page#4I
Exterior-Only Inspection Residential Appraisal Report Fit a 171483
This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit;
including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a
manufactured home or a unit in a condominium or cooperative project.
This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,
statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended
use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may
expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal
assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do
not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's
continuing education or membership in an appraisal organization, are permitted.
SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the
reporting requirements of this appraisal report form, including the following definition of market value, statement of
assumptions and limiting conditions, and certifications.The appraiser must,at a minimum: (1) perform a visual inspection of
the exterior areas of the subject property from at least the street, (2) inspect the neighborhood, (3) inspect each of the
comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources,
and (5) report his or her analysis, opinions, and conclusions in this appraisal report.
The appraiser must be able to obtain adequate information about the physical characteristics (including, but not limited to,
condition, room count, gross living area, etc.) of the subject property from the exterior-only inspection and reliable public
and/or private sources to perform this appraisal. The appraiser should use the same type of data sources that he or she uses
for comparable sales such as, but not limited to, multiple listing services, tax and assessment records, prior inspections,
appraisal files, information provided by the property owner, etc.
INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the
subject of this appraisal for a mortgage finance transaction.
INTENDED USER: The intended user of this appraisal report is the lender/client.
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open
market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming
the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and
the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties
are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable
time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial
arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by
special or creative financing or sales concessions* granted by anyone associated with the sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are
necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are
readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing
adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional
lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical
dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's
reaction to the financing or concessions based on the appraiser's judgment.
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject
to the following assumptions and limiting conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title
to it, except for information that he or she became aware of during the research involved in performing this appraisal. The
appraiser assumes that the title is good and marketable and will not render any opinions about the title.
2. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency
(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an
identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or
implied,regarding this determination.
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 do so have been made beforehand, or as otherwise required by law.
4. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or
she became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisal
report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the
property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,
adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such
conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such
conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.
Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as
an environmental assessment of the property.
5. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory
completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be
performed in a professional manner.
Freddie Mac Form 2055 March 2005 Page 4 of 6 Fannie Mae Form 2055 March 2005
Form 2055—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE
Main File No.1714831 Page#51
Exterior-Only Inspection Residential Appraisal Report File#171483
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in
this appraisal report.
2. I performed a visual inspection of the exterior areas of the subject property from at least the street. I reported the condition
of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability,
soundness, or structural integrity of the property.
3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal
Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in
place at the time this appraisal report was prepared.
4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales
comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach
for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop
them, unless otherwise indicated in this report.
5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for
sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject
property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.
6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior
to the date of sale of the comparable sale, unless otherwise indicated in this report.
7. I selected and used comparable sales that are locationally,physically,and functionally the most similar to the subject property.
8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that
has been built or will be built on the land.
9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject
property and the comparable sales.
10. I verified,from a disinterested source, all information in this report that was provided by parties who have a financial interest in
the sale or financing of the subject property.
11. I have knowledge and experience in appraising this type of property in this market area.
12. I am aware of, and have access to,the necessary and appropriate public and private data sources,such as multiple listing
services,tax assessment records, public land records and other such data sources for the area in which the property is located.
13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from
reliable sources that I believe to be true and correct.
14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject
property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I
have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the
subject property or that I became aware of during the research involved in performing this appraisal. I have considered these
adverse conditions in my analysis of the property value,and have reported on the effect of the conditions on the value and
marketability of the subject property.
15. I have not knowingly withheld any significant information from this appraisal report and,to the best of my knowledge, all
statements and information in this appraisal report are true and correct.
16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which
are subject only to the assumptions and limiting conditions in this appraisal report.
17. I have no present or prospective interest in the property that is the subject of this report,and I have no present or
prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or
completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital
status, handicap,familial status, or national origin of either the prospective owners or occupants of the subject property or of the
present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not
conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a
predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of
any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending
mortgage loan application).
19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I
relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal
or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this
appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make
a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no
responsibility for it.
Freddie Mac Form 2055 March 2005 Page 5 of 6 Fannie Mae Form 2055 March 2005
Form 2055—'WinTOTAL"appraisal software by ala mode,inc.—1-800-ALAMODE
Main File No.1714831 Pane#61
Exterior-Only Inspection Residential Appraisal Report File#171483
20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that
ordered and will receive this appraisal report.
21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the
borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other
secondary market participants; data collection or reporting services; professional appraisal organizations; any department,
agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to
obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal
report may be disclosed or distributed to any other party(including, but not limited to,the public through advertising, public
relations, news, sales, or other media).
22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain
laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice
that pertain to disclosure or distribution by me.
23. The borrower, another lender at the request of the borrower,the mortgagee or its successors and assigns, mortgage
insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part
of any mortgage finance transaction that involves any one or more of these parties.
24. If this appraisal report was transmitted as an "electronic record" containing my"electronic signature,"as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or
criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States
Code, Section 1001, et seq., or similar state laws.
SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:
1. I directly supervised the appraiser for this appraisal assignment,have read the appraisal report,and agree with the appraiser's
analysis, opinions, statements, conclusions, and the appraiser's certification.
2. I accept full responsibility for the contents of this appraisal report including,but not limited to,the appraiser's analysis,opinions,
statements, conclusions, and the appraiser's certification.
3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser(or the
appraisal firm), is qualified to perform this appraisal,and is acceptable to perform this appraisal under the applicable state law.
4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and
promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal
report was prepared.
5. If this appraisal report was transmitted as an "electronic record"containing my"electronic signature,"as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
APPRAISER .a SUPERVISORY APPRAISER(ONLY IF REQUIRED)
Signature �o ),�‘ �.� cra En V _- Signature
Name Don $mitl,,'r. f s i` _ Name
Company Name Don Smith&Associates,lsd,,r _ Company Name
Company Address P.O.Box 5154,Fort Smik.AR 72913-5154 Company Address
Telephone Number 479-785-2478 Telephone Number
Email Address dsmfhffidonsmithrealty.com Email Address
Date of Signature and Report 09/21/2017 Date of Signature
Effective Date of Appraisal 09/21/2017 State Certification#
State Certification# CR0848 or State License#
or State License# State
or Other(describe) State# Expiration Date of Certification or License
State AR
Expiration Date of Certification or License 06/30/2018 SUBJECT PROPERTY
ADDRESS OF PROPERTY APPRAISED
117 S 9th St ❑ Did not inspect exterior of subject property
Van Buren,AR 72956 ❑ Did inspect exterior of subject property from street
Date of Inspection
APPRAISED VALUE OF SUBJECT PROPERTY$ 25,500
LENDER/CLIENT COMPARABLE SALES
Name ❑ Did not inspect exterior of comparable sales from street
Company Name City of Van Buren(client) ❑ Did inspect exterior of comparable sales from street
Company Address 1003 Broadway St,Van Buren,AR 72956 Date of Inspection
Email Address ifroud(rvanburencity.oro
Freddie Mac Form 2055 March 2005 Page 6 of 6 Fannie Mae Form 2055 March 2005
Form 2055—"WinTOTAL"appraisal software by ala mode,inc.—1-800-ALAMODE
IMain File No.1714831 Page#71
Subject Photo Page
Borrower/Client nla
Property Address 117 S 9th St
City Van Buren County Crawford State AR Zip Code 72956
Lender City of Van Buren(client)
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Form PIC3x5.SR—V WinTOTAL"appraisal software by ala mode,inc.—1-800-ALAMODE
1Main File No.1714831 Page#81
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Borrower/Client n/a
Property Address 117 S 9th St
City Van Buren County Crawford State AR Zip Code 72956
Lender City of Van Buren(client)
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(Main File No.1714831 Page#9I
Comparable Photo Page
Borrower/Client n/a
Property Address 117 S 9th St
City Van Buren County Crawford State AR Zip Code 72956
Lender City of Van Buren(client)
p : "s 71 , . ,..W., AU' ' , `' Comparable 1
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�' � Ir r Sale Price 31,075
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;; Gross Living Area 680
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Total Rooms 4
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Total Bathrooms 1.0
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a Age 67
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` Sale Price 36,000
• ` Gross Living Area 660
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Total Rooms 4
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• '.,'r Total Bathrooms 1.0
Location Average
View Residential
Site 3,920 sf
Quality Average
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Form PIC3x5.CR—'WnTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE
'Main File No.1714831 Page#101
Location Map
Borrower/Client n/a
Property Address 117 S 9th St •
City Van Buren County Crawford State AR Zip Code 72956
Lender City of Van Buren(client)
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Form MAP.LOC—WinTOTAL"appraisal software by ala mode,inc.—1-800-ALAMODE
Wain File No.1714831 Pane#11I
License
itr
r. ARKANSAS
APPRAISER LICENSING&
7* CERTIFICATION BOARD
' This is 10 certify than
Don Smith
License#:CR 0848 •
has complied with the requirements of Arkansas Code Section
+
0744.201 et seq.:and la the holder of a valid certificate. t
This card Is for ideMlBcWon purposes only.
6/3012018LillA j
n ate Chairman ` i
Form SCNLGL—'WinTOTAL"appraisal software by ala mode,inc.—1-800-ALAMODE