Property__1_Summary_-_404_E_2nd_Street,_Poplar,_MT_59255.pdf

File No.

PROPERTY #1

LOCATED AT:

404 E 2nd Street Poplar, MT

59255

AS OF:

June 24, 2015

Uniform Residential Appraisal Report File No.

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 City State Zip Code

Borrower Owner of Public Record County

Legal Description

Assessor's Parcel # Tax Year R.E. Taxes $

Neighborhood Name Map Reference Census Tract

Occupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per month

Property Rights Appraised Fee Simple Leasehold Other (describe)

Assignment Type Purchase Transaction Refinance Transaction Other (describe)

Lender/Client Address

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).

S U

B J

E C

T

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.

Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)

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? Yes No

If Yes, report the total dollar amount and describe the items to be paid.C O

N T

R A

C T

Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use %

Note: Race and the racial composition of the neighborhood are not appraisal factors.

Location Urban Suburban Rural Property Values Increasing Stable Declining PRICE AGE One-Unit %

Built-Up Over 75% 25-75% Under 25% Demand/Supply Shortage In Balance Over Supply $(000) (yrs) 2-4 Unit %

Growth Rapid Stable Slow Marketing Time Under 3 mths 3-6 mths Over 6 mths Low Multi-Family %

Neighborhood Boundaries High Commercial %

Pred. Other %

Neighborhood Description

Market Conditions (including support for the above conclusions)

N E

IG

H

B O

R H

O O

D

Dimensions Area Shape View

Specific Zoning Classification Zoning Description

Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe)

Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe.

Utilities Public Other (describe) Public Other (describe) Off-site Improvements—Type Public Private

Electricity Water Street

Gas Sanitary Sewer Alley

FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map Date

Are the utilities and off-site improvements typical for the market area? Yes No If No, describe.

Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe.

S

IT

E

GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION materials/condition INTERIOR materials/condition

Units One One with Accessory Unit Concrete Slab Crawl Space Foundation Walls Floors

# of Stories Full Basement Partial Basement Exterior Walls Walls

Type Det. Att. S-Det./End Unit Basement Area sq. ft. Roof Surface Trim/Finish

Existing Proposed Under Const. Basement Finish % Gutters & Downspouts Bath Floor

Design (Style) Outside Entry/Exit Sump Pump Window Type Bath Wainscot

Year Built Evidence of Infestation Storm Sash/Insulated Car Storage None

Effective Age (Yrs) Dampness Settlement Screens Driveway # of Cars

Attic None Heating FWA HWBB Radiant Amenities WoodStove(s) # Driveway Surface

Drop Stair Stairs Other Fuel Fireplace(s) # Fence Garage # of Cars

Floor Scuttle Cooling Central Air Conditioning Patio/Deck Porch Carport # of Cars

Finished Heated Individual Other Pool Other Att. Det. Built-in

Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)

Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above Grade

Additional features (special energy efficient items, etc.).

Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).

Are there any 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.

IM

P

R O

V E

M E

N T

S

Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005Produced using ACI software, 800.234.8727 www.aciweb.com

1004_05UAD 07222014

UAD Version 9/2011

Area Realtors/Appraiser Files

X

2229 Boot Hill Court, Bozeman, MT 59715Rural Development, United States Department of Agric.

Determine Market ValueX x

00X

9400.0217391907218020000Poplar Second Addition

2014000RPL3477

POPLAR SECOND ADD, S07, T27 N, R51 E, BLOCK 004, Lot 002, LOT 2 BLK 4 2ND ADDN

RooseveltN/A

59255MTPoplar404 E 2nd Street

The area economy has remained stable for the past 2 years; Population is approximately 2700; Typical listing/sales times range 4-6 months depending upon realistic asking price and condition of the property;

Typical financing via FHA & VA, interest rates vary, 30 year term. Various conventional loans are also available.

Immediate area is comprised of primarily single family dwellings with a mixture of manufactured dwellings; Busing is available to all schools; Employers include state and federal government as well as local businesses;

13th Ave E to the east, Riverside Dr to the north, A St to the south and

4th Ave W to the west;

X

X

X

X

X

X

X x

06/04/20073001210002AXX

None xAsphalt x x x x x x

Residential in natureResidential General

N;Res;Rectangular5750 sf5750 sf

X

X

C5;No updates in the prior 15 years;The subject is a one story single family dwelling with steel exterior walls and an asphalt shingle roof; Drywall walls and ceiling throughout; Three bedroom and one bathroom on the main floor; Basement is unfinished; Subject has holes in the walls, no faucet handles, countertop missing in bathroom vanity, broken boarded up windows, horizontal crack through the foundation on the west wall, fire damage on the south exterior wall;

None Noted.

9601.035

NNNNN

Concrete

1X

None

Vinyl/Poor

Wood/Poor

Drywall/Poor

Vnl,Hdwd/Poor

NoneNone

NoneNone

ChnLnkx0

None

None

Thermalpane/Poor

None

Asphalt Shng/Av

Steel/Avg

ConcBlock/Poor

NoneX

Gas

X

X

X

Ranch

X

X

X

Uniform Appraisal Dataset Definitions File No.

Condition Ratings and Definitions

C1 The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new and the dwelling features no physical depreciation.*

*Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100% new foundation and the recycled materials and the recycled components have been rehabilitated/re-manufactured into like-new condition. Recently constructed improvements that have not been previously occupied are not considered "new" if they have any significant physical depreciation (i.e., newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep).

C2 The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated and are similar in condition to new construction.

*Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physical depreciation, or an older property that has been recently completely renovated.

C3 The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well maintained.

*Note: The improvement is in its first-cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and is being well maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority of short-lived building components have been replaced but not to the level of a complete renovation.

C4 The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate.

*Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived building components have been replaced, and some short-lived building components are at or near the end of their physical life expectancy; however, they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property.

C5 The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs, rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains useable and functional as a residence.

*Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which many of its short-lived building components are at the end of or have exceeded their physical life expectancy but remain functional.

C6 The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many or most major components.

*Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property with conditions severe enough to affect the safety, soundness, or structural integrity of the improvements.

Quality Ratings and Definitions

Q1 Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-quality exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishes throughout the dwelling are of exceptionally high quality.

Q2 Dwellings with this quality rating are often custom designed for construction on an individual property owner's site. However, dwellings in this quality grade are also found in high-quality tract developments featuring residences constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high-quality exterior ornamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.

Q3 Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard residential tract developments or on an individual property owner's site. The design includes significant exterior ornamentation and interiors that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from "stock" standards.

Q4 Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship, finish, and equipment are of stock or builder grade and may feature some upgrades.

Q5 Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials with limited refinements and upgrades.

Q6 Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additions to the original structure.

Definitions of Not Updated, Updated, and Remodeled

Not Updated

Little or no updating or modernization. This description includes, but is not limited to, new homes.

Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major components have been replaced or updated. Those over fifteen years of age are also considered not updated if the appliances, fixtures, and finishes are predominantly dated. An area that is 'Not Updated' may still be well maintained and fully functional, and this rating does not necessarily imply deferred maintenance or physical /functional deterioration.

Updated

The area of the home has been modified to meet current market expectations. These modifications are limited in terms of both scope and cost.

An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute updates include refurbishment and/or replacing components to meet existing market expectations. Updates do not include significant alterations to the existing structure.

Remodeled

Significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and/ or expansion.

A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include some or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocation of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of square footage).

This would include a complete gutting and rebuild.

Explanation of Bathroom Count

The number of full and half baths is reported by separating the two values by a period. The full bath is represented to the left of the period. The half bath count is represented to the right of the period. Three-quarter baths are to be counted as a full bath in all cases. Quarter baths (baths that feature only toilet) are not to be included in the bathroom count.

Uniform Appraisal Dataset Definitions Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 07222014UAD Version 9/2011

Uniform Appraisal Dataset Definitions File No.

Abbreviations Used in Data Standardization Text

Abbrev. Full Name Appropriate Fields ac Acres Area, Site

AdjPrk Adjacent to Park Location

AdjPwr Adjacent to Power Lines Location

A Adverse Location & View

ArmLth Arms Length Sale Sale or Financing Concessions

AT Attached Structure Design(Style) ba Bathroom(s) Basement & Finished Rooms Below Grade br Bedroom Basement & Finished Rooms Below Grade

B Beneficial Location & View

BsyRd Busy Road Location cp Carport Garage/Carport

Cash Cash Sale or Financing Concessions

CtySky City View Skyline View View

CtyStr City Street View View

Comm Commercial Influence Location c Contracted Date Date of Sale/Time

Conv Conventional Sale or Financing Concessions cv Covered Garage/Carport

CrtOrd Court Ordered Sale Sale or Financing Concessions

DOM Days On Market Data Sources

DT Detached Structure Design(Style) dw Driveway Garage/Carport

Estate Estate Sale Sale or Financing Concessions e Expiration Date Date of Sale/Time

FHA Federal Housing Authority Sale or Financing Concessions g Garage Garage/Carport ga Garage - Attached Garage/Carport gbi Garage - Built-in Garage/Carport gd Garage - Detached Garage/Carport

GR Garden Structure Design(Style)

GlfCse Golf Course Location

Glfvw Golf Course View View

HR High Rise Structure Design(Style)

Ind Industrial Location & View

Abbrev. Full Name Appropriate Fields in Interior Only Stairs Basement & Finished Rooms Below Grade

Lndfl Landfill Location

LtdSght Limited Sight View

Listing Listing Sale or Financing Concessions

MR Mid-Rise Structure Design(Style)

Mtn Mountain View View

N Neutral Location & View

NonArm Non-Arms Length Sale Sale or Financing Concessions op Open Garage/Carport o Other Basement & Finished Rooms Below Grade

O Other Design(Style)

Prk Park View View

Pstrl Pastoral View View

PwrLn Power Lines View

PubTrn Public Transportation Location rr Recreational (Rec) Room Basement & Finished Rooms Below Grade

Relo Relocation Sale Sale or Financing Concessions

REO REO Sale Sale or Financing Concessions

Res Residential Location & View

RT Row or Townhouse Design(Style)

RH Rural Housing - USDA Sale or Financing Concessions

SD Semi-detached Structure Design(Style) s Settlement Date Date of Sale/Time

Short Short Sale Sale or Financing Concessions sf Square Feet Area, Site, Basement sqm Square Meters Area, Site, Basement

Unk Unknown Date of Sale/Time

VA Veterans Administration Sale or Financing Concessions wo Walk Out Basement Basement & Finished Rooms Below Grade wu Walk Up Basement Basement & Finished Rooms Below Grade

WtrFr Water Frontage Location

Wtr Water View View w Withdrawn Date Date of Sale/Time

Woods Woods View View

Other Appraiser-Defined Abbreviations

Abbrev. Full Name Appropriate Fields Abbrev. Full Name Appropriate Fields

Uniform Appraisal Dataset Definitions Produced using ACI software, 800.234.8727 www.aciweb.com 1004_05UAD 07222014UAD Version 9/2011

Produced using ACI software, 800.234.8727 www.aciweb.com

The subject property has extensive damage throughout including:

Holes in the wall $1000.00

Broken windows that have been boarded over $3000.00

Light switches removed $500.00

Electrical panel box has been damaged - Unknown

Faucet handles removed from the kitchen and bathroom - $200.00.

Bathroom vanity top has been removed - $300.00.

Basement concrete block wall has a large horizontal line on the west wall (see photo) - Foundation inspection required :

Unknown cost;

All utilities were off at the time of inspection; Electrical, water and gas inspections required to determine the condition of these systems;

There was a home that burnt to the ground on the south side of the dwelling and the subject property has damage on the south wall from the fire

The subject's appraisal value is based on the "as is" but that is under the foundation inspection not requiring any major updates;

The foundation is a concrete block and there is a large horizontal crack on the west wall;

FLOORPLAN SKETCH

Borrower: File No.:

Property Address: Case No.:

City: State: Zip:

Lender: Rural Development, United States Department of Agric.

59255MTPoplar

404 E 2nd Street

N/A

FLOOD MAP

Property Address: Case No.:

City: State: Zip:

Lender: Rural Development, United States Department of Agric.

59255MTPoplar

SUBJECT PROPERTY PHOTO ADDENDUM

Property Address: Case No.:

City: State: Zip:

Lender:

FRONT VIEW OF

SUBJECT PROPERTY

Appraised Date:

Appraised Value: $

REAR VIEW OF

SUBJECT PROPERTY

STREET SCENE

Rural Development, United States Department of Agric.

59255MTPoplar

404 E 2nd Street

N/A

35,000

June 24, 2015

INTERIOR PHOTOS

Property Address: Case No.:

City: State: Zip:

Lender:

Kitchen

Comment:

Living Area

Description:

Comment:

Bathroom

Description:

Comment:

Produced using ACI software, 800.234.8727 www.aciweb.com INT3KLB 08172010

Rural Development, United States Department of Agric.

59255MTPoplar

Property Address: Case No.:

City: State: Zip:

Lender:

Produced using ACI software, 800.234.8727 www.aciweb.com INT6AR 10182010

Rural Development, United States Department of Agric.

59255MTPoplar

404 E 2nd Street

N/A

Bedroom Bedroom

Bedroom Basement

Basement Basement

Property Address: Case No.:

City: State: Zip:

Lender:

Produced using ACI software, 800.234.8727 www.aciweb.com INT6AR 10182010

Rural Development, United States Department of Agric.

59255MTPoplar

404 E 2nd Street

N/A

Basement Basement

Basement

Property Address: Case No.:

City: State: Zip:

Lender:

Produced using ACI software, 800.234.8727 www.aciweb.com PHT3 05212013

Rural Development, United States Department of Agric.

59255MTPoplar

404 E 2nd Street

N/A

Additional Front View

Additional Rear View

Additional Street View

City: State: Zip:

Lender:

Produced using ACI software, 800.234.8727 www.aciweb.com PHT15

Rural Development, United States Department of Agric.

59255MTPoplar

404 E 2nd Street

N/A

Electrical Box Bathroom Light Switch Bathroom Hole

Bathroom Hole Missing Faucets Bathroom Tub Missing Countertop for Bathroom Vanity

Boarded Window - Kitchen Kitchen - Missing Drawers Kitchen - Missing Drawers

South Side - Burnt Siding South Side - Burnt Siding Foundation Crack - West Wall

Foundation Crack - West Wall Foundation Crack - West Wall South Side - Fire Damage

City: State: Zip:

Lender:

Produced using ACI software, 800.234.8727 www.aciweb.com PHT15

Rural Development, United States Department of Agric.

59255MTPoplar

404 E 2nd Street

N/A

Gas Forced Air Furnace Water Heater Hole in Wall

Hole in Wall Hole in Wall Hole in Wall

Hole in Wall Hole in Wall Hole in Wall

Hole in wall