Preview
Affidavit of Appraiser
Borrower Josephine & Albert A. Mancuso, Jr.
Property Address 105 Meadow View Street
City New Haven County New Haven State CT Zip Code 06512
Client McCalla Raymer Leibert Pierce, LLC
Form SCNLGH - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
APPRAISAL OF REAL PROPERTY
LOCATED AT:
105 Meadow View Street
New Haven, CT 06512
FOR:
McCalla Raymer Leibert Pierce, LLC
50 Weston Street,
Hartford, CT 06120
AS OF:
March 29, 2023
BY:
Esposito & Associates
1674 Whitney Avenue, Suite 2
Hamden, CT 06517
William F. Esposito, Jr.
Certified General Appraiser, License No. RCG.187
Telephone (203) 281-3331 Fax (203) 230-0009
Esposito & Associates
Form GA2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Esposito & Associates
MRLP 23-08820CT
Property Description UNIFORM RESIDENTIAL APPRAISAL REPORT File No.
105 Meadow View St.
Property Address 105 Meadow View Street City New Haven State CT Zip Code 06512
Legal Description Volume: 2434 Page: 820 County New Haven
Assessor's Parcel No. Map: 034 Block: 0848 Lot: 00701 Tax Year 2021 R.E. Taxes $ 8,183.33 Special Assessments $ None
Borrower Josephine & Albert A. Mancuso, Jr. Current Owner Josephine & Albert A. Mancuso, Jr. Occupant: Owner Tenant Vacant
SUBJECT
Property rights appraised Fee Simple Leasehold Project Type PUD Condominium (HUD/VA only) HOA $ N/A /Mo.
Neighborhood or Project Name Marion Park, Morris Cove Map Reference MSA-35300 Census Tract 1428.00
Sale Price $ N/A Date of Sale N/A Description and $ amount of loan charges/concessions to be paid by seller N/A
Lender/Client McCalla Raymer Leibert Pierce, LLC Address 50 Weston Street, Hartford, CT 06120
Appraiser William F. Esposito, Jr. Address Esposito & Associates, 1674 Whitney Avenue, Suite 2, Hamden, CT 06517
Location Urban Suburban Rural Predominant Single family housing Present land use % Land use change
occupancy PRICE AGE
Built up Over 75% 25-75% Under 25% $(000) (yrs) One family 80 Not likely Likely
Growth rate Rapid Stable Slow Owner 160 Low 15 2-4 family 5 In process
Property values Increasing Stable Declining Tenant 615 High 200+ Multi-family To:
Demand/supply Shortage In balance Over supply Vacant (0-5%) Predominant Commercial 10
Marketing time Under 3 mos. 3-6 mos. Over 6 mos. Vac.(over 5%) 290 90 Airport 5
Note: Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood boundaries and characteristics: North: Burr Street; East: Tweed-New Haven Airport; South: East Haven town line; West: Morris Cove.
The neighborhood consists mostly of single family homes that vary in terms of age and style.
NEIGHBORHOOD
Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.):
The subject is located in the Morris Cove section of the city, approximately three miles southeast of the major employment center of downtown New
Haven. The proximity to employment is rated average. The employment stability for the area is rated average. The proximity to amenities is rated
average to good, being proximate to several parks and Morris Cove/Long Island Sound. The area appeals to the moderate value range home buyer in
the city. The traffic pattern on the subject street is considered to be moderate to slightly heavy. The proximity to an airport is not an adverse condition
on the subject. Some homes in the market area are located in flood hazard zones, including the subject property.
Market conditions in the subject neighborhood (including support for the above conclusions related to the trend of property values, demand/supply, and marketing time
-- such as data on competitive properties for sale in the neighborhood, description of the prevalence of sales and financing concessions, etc.):
Property values have increased over the past year. It is unknown what long term impact the current pandemic will have on property
values. Supply is limited in the market area. The average marketing time for a single family home in the city is within two months, which is
less than this same time last year. Interest rates are at very low levels, but have risen recently, and are forecasted to rise. Conventional
financing is prevalent in the market area, but FHA, VA and CHFA loans are commonly made in the subject's value range and market area.
Project Information for PUDs (If applicable) - - Is the developer/builder in control of the Home Owners' Association (HOA)? Yes No N/A
PUD
Approximate total number of units in the subject project N/A Approximate total number of units for sale in the subject project N/A
Describe common elements and recreational facilities: N/A
Dimensions Northwest 104FF x Northeast 150' x Southeast 100' x Southwest 178.27' Topography Gently sloping
Site area 16,400 Square feet = 0.38 Acre (rounded) Corner Lot Yes No Size Average
Specific zoning classification and description Residential, RS-2 (7,500 s.f., 60FF minimum) Shape Mostly rectangular
Zoning compliance Legal Legal nonconforming (Grandfathered use) Illegal No zoning Drainage Drainage conditions unknown
Highest & best use as improved: Present use Other use (explain) View Marsh views
Utilities Public Other Off-site Improvements Type Public Private Landscaping Average
Electricity Street Paved asphalt Driveway Surface Paved asphalt
SITE
Gas Curb/gutter None Apparent easements None noted
Water Sidewalk None FEMA Special Flood Hazard Area Yes No
Sanitary sewer Street lights Incandescent FEMA Zone AE Map Date 07/08/2013
Storm sewer Alley None FEMA Map No. 09009C0444J
Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning use, etc.):
Only an off-site
inspection was performed. The driveway appears to be in average condition. The site is located in a 100 year flood hazard zone, where flood
insurance is required for financing purposes. Wetlands exist on a portion of the site. The site is located in a Coastal Area Management (CAM) Zone.
GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION
No. of Units 1 Foundation Prd. Concrete Slab None noted Area Sq. Ft. 624 Roof
No. of Stories 1 Exterior Walls Vinyl siding Crawl Space None noted % Finished 100% Ceiling
Type (Det./Att.) Detached Roof Surface Asphalt shingle Basement 100% Full Ceiling Unknown Walls
Design (Style) Ranch Gutters & Dwnspts. Aluminum Sump Pump Unknown Walls Unknown Floor
Existing/Proposed Existing Window Type Double Hung Dampness Unknown Floor Unknown None
Age (Yrs.) 51 Years Storm/Screens Thermalpane Settlement Unknown Outside Entry Yes* Unknown
DESCRIPTION OF IMPROVEMENTS
Effective Age (Yrs.) 25 Years Manufactured House None Infestation Unknown *Thru Built-in Garage
ROOMS Foyer Living Dining Kitchen Den Family Rm. Rec. Rm. Bedrooms # Baths Laundry Other Area Sq. Ft.
Basement 1 624
Level 1 1 1 3 1.5 1,248
Level 2
Level 3
Finished area above grade contains: 5 Rooms; 3 Bedroom(s); 1.5 Bath(s); 1,248 Square Feet of Gross Living Area
INTERIOR Materials/Condition HEATING KITCHEN EQUIP. ATTIC AMENITIES CAR STORAGE:
Floors Carpet/Unknown* Type FWA Refrigerator None Fireplace(s) # Yes - 1 None
Walls Drywall/Unknown* Fuel Oil Range/Oven Stairs Patio Yes Garage # of cars
Trim/Finish Unknown* Condition Unknown Disposal Drop Stair NoneDeck None Attached
Bath Floor Unknown* COOLING Dishwasher Scuttle Porch Detached None None
Bath Wainscot Unknown* Central Yes Fan/Hood Floor Fence Built-In Two None
Doors Unknown* Other None Microwave Heated Pool Carport None None
*Exterior Inspection Condition Unknown Washer/Dryer Finished Driveway Double
Additional features (special energy efficient items, etc.): 181 square feet patio, 624 square feet of finished basement area, frame shed (size unknown).
The room layout is estimated.
Condition of the improvements, depreciation (physical, functional, and external), repairs needed, quality of construction, remodeling/additions, etc.: Only an
COMMENTS
exterior inspection was performed. The subject is estimated to be in average+ overall condition based on the exterior inspection and City Hall records. City
Hall records reflect three windows were installed in 2018, the water heater was replaced in 2012, and the roof redone in 2011. The furnace and central air
unit were installed in 1999. The siding needs cleaning. No functional obsolescence is assumed. No external obsolescence is noted.
Adverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the
immediate vicinity of the subject property.: Without this appraiser performing an interior and on-site inspection, it is unknown if the subject suffers
any adverse environmental conditions. See attached Statement of Limiting Conditions.
Freddie Mac Form 70 6/93 PAGE 1 OF 2 Fannie Mae Form 1004 6/93
Form UA2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
MRLP 23-08820CT
Valuation Section UNIFORM RESIDENTIAL APPRAISAL REPORT File No. 105 Meadow View St.
ESTIMATED SITE VALUE = $ 100,000 Comments on Cost Approach (such as, source of cost estimate, site value,
ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS: square foot calculation and for HUD, VA and FmHA, the estimated remaining
Dwelling 1,248 Sq. Ft. @ $ 120.00 = $ 149,760 economic life of the property):
The cost estimates are obtained from
624 Sq. Ft. @ $ 25.00 = 15,600 the Marshall & Swift Residential Cost Handbook and/or from a
COST APPROACH
Patio, finished basement, fireplace, shed = 50,000 survey of local builders. Living area calculations are based on
Garage/Carport 624 Sq. Ft. @ $ 30.00 = 18,720 the Assessor's Office Field Card due to the lack of a full,
Total Estimated Cost New = $ 234,080 on-site inspection. No external obsolescence is noted. No
Less Physical Functional External functional obsolescence is assumed.
Depreciation 58,520 =$ 58,520
Depreciated Value of Improvements =$ 175,560
"As-is" Value of Site Improvements =$ 6,000
INDICATED VALUE BY COST APPROACH =$ 281,560
ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3
105 Meadow View Street 18 Anthony Drive 19 Ley Street 145 Concord Street
Address New Haven New Haven New Haven New Haven
Proximity to Subject 0.12 mile NW 1.11 miles N 0.65 mile N
Sales Price $ N/A $ 273,000 $ 247,500 $ 238,000
/
Price/Gross Living Area $ $ 223.04 / $ 281.25 / $ 244.86 /
Data and/or Exterior Inspect./ MLS/City Hall/Exter. Insp./Agent MLS/City Hall/Exter. Insp./Agent MLS/City Hall/Exter. Insp./Agent
Verification Source City Hall Volume: 10509 Page: 161 Volume: 10493 Page: 185 Volume: 10403 Page: 200
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(– )$ Adjust. DESCRIPTION +(– )$ Adjust. DESCRIPTION +(– )$ Adjust.
Sales or Financing None noted Credit at closing -1,000 None noted
Concessions
Date of Sale/Time Cl. 03/03/2023 +1,000 Cl. 01/20/2023 +1,500 Cl. 06/30/2022 +6,000
Location Average/Flood Average+/No fld. -10,000 Average/No flood -5,000 Average/Flood
Leasehold/Fee Simple Fee simple Fee simple Fee simple Fee simple
Site 0.38 Acre 0.17 Acre +2,000 0.15 Acre +2,500 0.09 Acre +3,000
View Average Average Average Average
Design and Appeal Ranch/Average Ranch/Average Ranch/Average Ranch/Inferior +5,000
Quality of Construction Average Average Average Average
Age 51 Years 62 Years 65 Years 54 Years
Condition Average+ Average+ Average+ Average +15,000
Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths
Room Count 5 3 1.5 6 2 1 +2,500 5 3 1 +2,500 5 2 1 +2,500
SALES COMPARISON ANALYSIS
Gross Living Area 1,248 Sq. Ft. 1,224 Sq. Ft. +1,000 880 Sq. Ft. +13,000 972 Sq. Ft. +9,500
Basement & Finished Full Basement Full Basement Full Basement Full Basement
Rooms Below Grade 624 sf FBA 400 sf FBA +4,500 250 sf FBA +7,500 FR, kitchenette
Functional Utility Average - 3 BR's Average - 2 BR's +5,000 Average - 3 BR's Average - 2 BR's +5,000
Heating/Cooling OHA/Central Air OHA/None +3,500 OHA/None +3,500 GHA/Central Air
Energy Efficient Items Standard Standard Standard Standard
Garage/Carport 2 Car Built-In Driveway +5,000 1 Car Built-In +2,500 Driveway +5,000
Porch, Patio, Deck, 181 sf Patio Patio, Deck -1,000 448 sf Patio -2,000 49sf Patio;36 OP +1,000
Fireplace(s), etc. 1 Fireplace No Fireplace +1,500 No Fireplace +1,500 No Fireplace +1,500
Fence, Pool, etc. None noted Some fencing -500 AG pool, fencing -1,000 None noted
Misc. Shed Shed None noted +500 None noted +500
Net Adj. (total) + – $ 14,500 + – $ 26,000 + – $ 54,000
Adjusted Sales Price Net 5.3 % Net 10.5 % Net 22.7 %
of Comparable Gross 13.7 % $ 287,500 Gross 17.8 % $ 273,500 Gross 22.7 % $ 292,000
Comments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc.):
The quality of the market data is rated average.
Equal weight is assigned to all three sales. Each sale required a time adjustment to reflect improving market conditions since they sold. Sales #1 and
#2 are considered to be superior in location compared to the subject property. All three sales are located on smaller lots than the subject site. Sale #3
is considered to be inferior in condition compared to the subject property. All three sales are smaller homes than the subject dwelling. Sales #1 and #2
required an adjustment for their lesser amount of finished basement area. The sales utilized in this report are the most recent sales of similar type
properties in the market area, and are the best indicators to value for the subject property.
ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3
Date, Price and Data Not currently Not currently listed for sale. Not currently listed for sale. Not currently listed for sale.
Source, for prior sales listed for sale. No prior sale of this property No prior sale of this property No prior sale of this property
within year of appraisal See below. within one year of this report. within one year of this report. within one year of this report.
Analysis of any current agreement of sale, option, or listing of subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal:
The subject is not currently listed for sale with the local Multiple Listing Service. The subject has not sold in the past three years. The three
comparable sales have not previously sold within one year of the effective date of this appraisal, except for the above reported sale dates.
INDICATED VALUE BY SALES COMPARISON APPROACH $ 280,000
INDICATED VALUE BY INCOME APPROACH (if Applicable) Estimated Market Rent $ N/A /Mo. x Gross Rent Multiplier N/A =$ N/A
This appraisal is made "as is" subject to the repairs, alterations, inspections or conditions listed below subject to completion per plans & specifications.
Conditions of Appraisal:This report and its associated value conclusion is subject to revision upon an interior and detailed on-site inspection of the
property, and review of pertinent information about the subject with the owners or any persons familiar with the subject property.
Final Reconciliation: Most weight is assigned to the Sales Comparison Approach as it best reflects market conditions. The Cost Approach is
subject to error in the estimation of accrued depreciation. The Income Approach was not developed due to insufficient rental data of single
family homes in the market area.
RECONCILIATION
The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the certification, contingent
and limiting conditions, and market value definition that are stated in the attached Freddie Mac Form 439/FNMA form 1004B (Revised 6/93 ).
I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF March 29, 2023
(WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $ 280,000
APPRAISER: SUPERVISORY APPRAISER (ONLY IF REQUIRED):
Signature Signature Did Did Not
Name William F. Esposito, Jr. Name Inspect Property
Date Report Signed 03/29/2023 Date Report Signed
State Certification # RCG.187 (Certified General Appraiser) State CT State Certification # State
Or State License # State Or State License # State
Freddie Mac Form 70 6/93 PAGE 2 OF 2 Fannie Mae Form 1004 6-93
Form UA2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Supplemental Addendum File No. 105 Meadow View St.
Borrower Josephine & Albert A. Mancuso, Jr.
Property Address 105 Meadow View Street
City New Haven County New Haven State CT Zip Code 06512
Client McCalla Raymer Leibert Pierce, LLC
Purpose and Function/Intended Use of the Report
The purpose of this report is to form an opinion of the current market value of the fee simple title to the subject property based
upon an exterior inspection. This report is intended to be utilized only by the Law Firm McCalla Raymer Leibert Pierce, LLC
in conjunction with a pending foreclosure action. Any unauthorized use of this report without written consent of this appraiser
and the client mentioned above is strictly prohibited. I have performed no other services, as an appraiser or in any other
capacity, regarding the property that is the subject of this report within the three year period immediately preceding acceptance
of this assignment.
Estimated Exposure Time
The estimated exposure time for the subject property is two months assuming marketing of the subject by an experienced
realtor with the local Multiple Listing Service. The subject has not sold in the past three years. The subject is not currently listed
for sale with the local MLS.
Exterior Inspection, Sources of Information
This appraiser was asked to perform only an exterior inspection of the subject property, so only an exterior and off-site
inspection of the subject property was made. The information in this report was gathered from, but not limited to, the exterior
and off-site inspection, my office files, available City Hall records, and Multiple Listing Service data.
Opinion of Value, Value Allocation, Conditions of the Appraisal
It is my opinion that the market value of the fee simple title to the subject property as of March 29, 2023 is $280,000 (TWO
HUNDRED EIGHTY THOUSAND DOLLARS), allocating the value as follows:
Site: $100,000.
Improvements: $180,000.
*Total Estimated Market Value: $280,000.
*This report and its associated value conclusion is subject to revision upon this appraiser performing an interior and detailed
on-site inspection of the subject, and review of pertinent information about the subject with the owners or any persons familiar
with the subject.
Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Assessors Field Card - Page 1
Borrower Josephine & Albert A. Mancuso, Jr.
Property Address 105 Meadow View Street
City New Haven County New Haven State CT Zip Code 06512
Client McCalla Raymer Leibert Pierce, LLC
Form SCNLGH - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Assessors Field Card - Page 2
Borrower Josephine & Albert A. Mancuso, Jr.
Property Address 105 Meadow View Street
City New Haven County New Haven State CT Zip Code 06512
Client McCalla Raymer Leibert Pierce, LLC
Form SCNLGH - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Deed - Page 1
Borrower Josephine & Albert A. Mancuso, Jr.
Property Address 105 Meadow View Street
City New Haven County New Haven State CT Zip Code 06512
Client McCalla Raymer Leibert Pierce, LLC
Form SCNLGH - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Deed - Page 2
Borrower Josephine & Albert A. Mancuso, Jr.
Property Address 105 Meadow View Street
City New Haven County New Haven State CT Zip Code 06512
Client McCalla Raymer Leibert Pierce, LLC
Form SCNLGH - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Survey Map
Borrower Josephine & Albert A. Mancuso, Jr.
Property Address 105 Meadow View Street
City New Haven County New Haven State CT Zip Code 06512
Client McCalla Raymer Leibert Pierce, LLC
Form SCNLGH - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Assessors Map
Borrower Josephine & Albert A. Mancuso, Jr.
Property Address 105 Meadow View Street
City New Haven County New Haven State CT Zip Code 06512
Client McCalla Raymer Leibert Pierce, LLC
Form SCNLGH - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Flood Map
Borrower Josephine & Albert A. Mancuso, Jr.
Property Address 105 Meadow View Street
City New Haven County New Haven State CT Zip Code 06512
Client McCalla Raymer Leibert Pierce, LLC
Form SCNLGH - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Aerial Map
Borrower Josephine & Albert A. Mancuso, Jr.
Property Address 105 Meadow View Street
City New Haven County New Haven State CT Zip Code 06512
Client McCalla Raymer Leibert Pierce, LLC
Form SCNLGH - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Location Map
Borrower Josephine & Albert A. Mancuso, Jr.
Property Address 105 Meadow View Street
City New Haven County New Haven State CT Zip Code 06512
Client McCalla Raymer Leibert Pierce, LLC
Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Subject Photo Page
Borrower Josephine & Albert A. Mancuso, Jr.
Property Address 105 Meadow View Street
City New Haven County New Haven State CT Zip Code 06512
Client McCalla Raymer Leibert Pierce, LLC
Subject Front
105 Meadow View Street
Sales Price N/A
GLA 1,248
Total Rooms 5
Total Bedrms 3
Total Bathrms 1.5
Location Average/Flood
View Average
Site 0.38 Acre
Quality Average
Age 51 Years
Subject Rear
Subject Street
Form PIC4x6.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Photograph Addendum
Borrower Josephine & Albert A. Mancuso, Jr.
Property Address 105 Meadow View Street
City New Haven County New Haven State CT Zip Code 06512
Client McCalla Raymer Leibert Pierce, LLC
Preview
Affidavit of Appraiser Borrower Josephine & Albert A. Mancuso, Jr. Property Address 105 Meadow View Street City New Haven County New Haven State CT Zip Code 06512 Client McCalla Raymer Leibert Pierce, LLC Form SCNLGH - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE APPRAISAL OF REAL PROPERTY LOCATED AT: 105 Meadow View Street New Haven, CT 06512 FOR: McCalla Raymer Leibert Pierce, LLC 50 Weston Street, Hartford, CT 06120 AS OF: March 29, 2023 BY: Esposito & Associates 1674 Whitney Avenue, Suite 2 Hamden, CT 06517 William F. Esposito, Jr. Certified General Appraiser, License No. RCG.187 Telephone (203) 281-3331 Fax (203) 230-0009 Esposito & Associates Form GA2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Esposito & Associates MRLP 23-08820CT Property Description UNIFORM RESIDENTIAL APPRAISAL REPORT File No. 105 Meadow View St. Property Address 105 Meadow View Street City New Haven State CT Zip Code 06512 Legal Description Volume: 2434 Page: 820 County New Haven Assessor's Parcel No. Map: 034 Block: 0848 Lot: 00701 Tax Year 2021 R.E. Taxes $ 8,183.33 Special Assessments $ None Borrower Josephine & Albert A. Mancuso, Jr. Current Owner Josephine & Albert A. Mancuso, Jr. Occupant: Owner Tenant Vacant SUBJECT Property rights appraised Fee Simple Leasehold Project Type PUD Condominium (HUD/VA only) HOA $ N/A /Mo. Neighborhood or Project Name Marion Park, Morris Cove Map Reference MSA-35300 Census Tract 1428.00 Sale Price $ N/A Date of Sale N/A Description and $ amount of loan charges/concessions to be paid by seller N/A Lender/Client McCalla Raymer Leibert Pierce, LLC Address 50 Weston Street, Hartford, CT 06120 Appraiser William F. Esposito, Jr. Address Esposito & Associates, 1674 Whitney Avenue, Suite 2, Hamden, CT 06517 Location Urban Suburban Rural Predominant Single family housing Present land use % Land use change occupancy PRICE AGE Built up Over 75% 25-75% Under 25% $(000) (yrs) One family 80 Not likely Likely Growth rate Rapid Stable Slow Owner 160 Low 15 2-4 family 5 In process Property values Increasing Stable Declining Tenant 615 High 200+ Multi-family To: Demand/supply Shortage In balance Over supply Vacant (0-5%) Predominant Commercial 10 Marketing time Under 3 mos. 3-6 mos. Over 6 mos. Vac.(over 5%) 290 90 Airport 5 Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood boundaries and characteristics: North: Burr Street; East: Tweed-New Haven Airport; South: East Haven town line; West: Morris Cove. The neighborhood consists mostly of single family homes that vary in terms of age and style. NEIGHBORHOOD Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.): The subject is located in the Morris Cove section of the city, approximately three miles southeast of the major employment center of downtown New Haven. The proximity to employment is rated average. The employment stability for the area is rated average. The proximity to amenities is rated average to good, being proximate to several parks and Morris Cove/Long Island Sound. The area appeals to the moderate value range home buyer in the city. The traffic pattern on the subject street is considered to be moderate to slightly heavy. The proximity to an airport is not an adverse condition on the subject. Some homes in the market area are located in flood hazard zones, including the subject property. Market conditions in the subject neighborhood (including support for the above conclusions related to the trend of property values, demand/supply, and marketing time -- such as data on competitive properties for sale in the neighborhood, description of the prevalence of sales and financing concessions, etc.): Property values have increased over the past year. It is unknown what long term impact the current pandemic will have on property values. Supply is limited in the market area. The average marketing time for a single family home in the city is within two months, which is less than this same time last year. Interest rates are at very low levels, but have risen recently, and are forecasted to rise. Conventional financing is prevalent in the market area, but FHA, VA and CHFA loans are commonly made in the subject's value range and market area. Project Information for PUDs (If applicable) - - Is the developer/builder in control of the Home Owners' Association (HOA)? Yes No N/A PUD Approximate total number of units in the subject project N/A Approximate total number of units for sale in the subject project N/A Describe common elements and recreational facilities: N/A Dimensions Northwest 104FF x Northeast 150' x Southeast 100' x Southwest 178.27' Topography Gently sloping Site area 16,400 Square feet = 0.38 Acre (rounded) Corner Lot Yes No Size Average Specific zoning classification and description Residential, RS-2 (7,500 s.f., 60FF minimum) Shape Mostly rectangular Zoning compliance Legal Legal nonconforming (Grandfathered use) Illegal No zoning Drainage Drainage conditions unknown Highest & best use as improved: Present use Other use (explain) View Marsh views Utilities Public Other Off-site Improvements Type Public Private Landscaping Average Electricity Street Paved asphalt Driveway Surface Paved asphalt SITE Gas Curb/gutter None Apparent easements None noted Water Sidewalk None FEMA Special Flood Hazard Area Yes No Sanitary sewer Street lights Incandescent FEMA Zone AE Map Date 07/08/2013 Storm sewer Alley None FEMA Map No. 09009C0444J Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning use, etc.): Only an off-site inspection was performed. The driveway appears to be in average condition. The site is located in a 100 year flood hazard zone, where flood insurance is required for financing purposes. Wetlands exist on a portion of the site. The site is located in a Coastal Area Management (CAM) Zone. GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION No. of Units 1 Foundation Prd. Concrete Slab None noted Area Sq. Ft. 624 Roof No. of Stories 1 Exterior Walls Vinyl siding Crawl Space None noted % Finished 100% Ceiling Type (Det./Att.) Detached Roof Surface Asphalt shingle Basement 100% Full Ceiling Unknown Walls Design (Style) Ranch Gutters & Dwnspts. Aluminum Sump Pump Unknown Walls Unknown Floor Existing/Proposed Existing Window Type Double Hung Dampness Unknown Floor Unknown None Age (Yrs.) 51 Years Storm/Screens Thermalpane Settlement Unknown Outside Entry Yes* Unknown DESCRIPTION OF IMPROVEMENTS Effective Age (Yrs.) 25 Years Manufactured House None Infestation Unknown *Thru Built-in Garage ROOMS Foyer Living Dining Kitchen Den Family Rm. Rec. Rm. Bedrooms # Baths Laundry Other Area Sq. Ft. Basement 1 624 Level 1 1 1 3 1.5 1,248 Level 2 Level 3 Finished area above grade contains: 5 Rooms; 3 Bedroom(s); 1.5 Bath(s); 1,248 Square Feet of Gross Living Area INTERIOR Materials/Condition HEATING KITCHEN EQUIP. ATTIC AMENITIES CAR STORAGE: Floors Carpet/Unknown* Type FWA Refrigerator None Fireplace(s) # Yes - 1 None Walls Drywall/Unknown* Fuel Oil Range/Oven Stairs Patio Yes Garage # of cars Trim/Finish Unknown* Condition Unknown Disposal Drop Stair NoneDeck None Attached Bath Floor Unknown* COOLING Dishwasher Scuttle Porch Detached None None Bath Wainscot Unknown* Central Yes Fan/Hood Floor Fence Built-In Two None Doors Unknown* Other None Microwave Heated Pool Carport None None *Exterior Inspection Condition Unknown Washer/Dryer Finished Driveway Double Additional features (special energy efficient items, etc.): 181 square feet patio, 624 square feet of finished basement area, frame shed (size unknown). The room layout is estimated. Condition of the improvements, depreciation (physical, functional, and external), repairs needed, quality of construction, remodeling/additions, etc.: Only an COMMENTS exterior inspection was performed. The subject is estimated to be in average+ overall condition based on the exterior inspection and City Hall records. City Hall records reflect three windows were installed in 2018, the water heater was replaced in 2012, and the roof redone in 2011. The furnace and central air unit were installed in 1999. The siding needs cleaning. No functional obsolescence is assumed. No external obsolescence is noted. Adverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the immediate vicinity of the subject property.: Without this appraiser performing an interior and on-site inspection, it is unknown if the subject suffers any adverse environmental conditions. See attached Statement of Limiting Conditions. Freddie Mac Form 70 6/93 PAGE 1 OF 2 Fannie Mae Form 1004 6/93 Form UA2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE MRLP 23-08820CT Valuation Section UNIFORM RESIDENTIAL APPRAISAL REPORT File No. 105 Meadow View St. ESTIMATED SITE VALUE = $ 100,000 Comments on Cost Approach (such as, source of cost estimate, site value, ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS: square foot calculation and for HUD, VA and FmHA, the estimated remaining Dwelling 1,248 Sq. Ft. @ $ 120.00 = $ 149,760 economic life of the property): The cost estimates are obtained from 624 Sq. Ft. @ $ 25.00 = 15,600 the Marshall & Swift Residential Cost Handbook and/or from a COST APPROACH Patio, finished basement, fireplace, shed = 50,000 survey of local builders. Living area calculations are based on Garage/Carport 624 Sq. Ft. @ $ 30.00 = 18,720 the Assessor's Office Field Card due to the lack of a full, Total Estimated Cost New = $ 234,080 on-site inspection. No external obsolescence is noted. No Less Physical Functional External functional obsolescence is assumed. Depreciation 58,520 =$ 58,520 Depreciated Value of Improvements =$ 175,560 "As-is" Value of Site Improvements =$ 6,000 INDICATED VALUE BY COST APPROACH =$ 281,560 ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 105 Meadow View Street 18 Anthony Drive 19 Ley Street 145 Concord Street Address New Haven New Haven New Haven New Haven Proximity to Subject 0.12 mile NW 1.11 miles N 0.65 mile N Sales Price $ N/A $ 273,000 $ 247,500 $ 238,000 / Price/Gross Living Area $ $ 223.04 / $ 281.25 / $ 244.86 / Data and/or Exterior Inspect./ MLS/City Hall/Exter. Insp./Agent MLS/City Hall/Exter. Insp./Agent MLS/City Hall/Exter. Insp./Agent Verification Source City Hall Volume: 10509 Page: 161 Volume: 10493 Page: 185 Volume: 10403 Page: 200 VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(– )$ Adjust. DESCRIPTION +(– )$ Adjust. DESCRIPTION +(– )$ Adjust. Sales or Financing None noted Credit at closing -1,000 None noted Concessions Date of Sale/Time Cl. 03/03/2023 +1,000 Cl. 01/20/2023 +1,500 Cl. 06/30/2022 +6,000 Location Average/Flood Average+/No fld. -10,000 Average/No flood -5,000 Average/Flood Leasehold/Fee Simple Fee simple Fee simple Fee simple Fee simple Site 0.38 Acre 0.17 Acre +2,000 0.15 Acre +2,500 0.09 Acre +3,000 View Average Average Average Average Design and Appeal Ranch/Average Ranch/Average Ranch/Average Ranch/Inferior +5,000 Quality of Construction Average Average Average Average Age 51 Years 62 Years 65 Years 54 Years Condition Average+ Average+ Average+ Average +15,000 Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count 5 3 1.5 6 2 1 +2,500 5 3 1 +2,500 5 2 1 +2,500 SALES COMPARISON ANALYSIS Gross Living Area 1,248 Sq. Ft. 1,224 Sq. Ft. +1,000 880 Sq. Ft. +13,000 972 Sq. Ft. +9,500 Basement & Finished Full Basement Full Basement Full Basement Full Basement Rooms Below Grade 624 sf FBA 400 sf FBA +4,500 250 sf FBA +7,500 FR, kitchenette Functional Utility Average - 3 BR's Average - 2 BR's +5,000 Average - 3 BR's Average - 2 BR's +5,000 Heating/Cooling OHA/Central Air OHA/None +3,500 OHA/None +3,500 GHA/Central Air Energy Efficient Items Standard Standard Standard Standard Garage/Carport 2 Car Built-In Driveway +5,000 1 Car Built-In +2,500 Driveway +5,000 Porch, Patio, Deck, 181 sf Patio Patio, Deck -1,000 448 sf Patio -2,000 49sf Patio;36 OP +1,000 Fireplace(s), etc. 1 Fireplace No Fireplace +1,500 No Fireplace +1,500 No Fireplace +1,500 Fence, Pool, etc. None noted Some fencing -500 AG pool, fencing -1,000 None noted Misc. Shed Shed None noted +500 None noted +500 Net Adj. (total) + – $ 14,500 + – $ 26,000 + – $ 54,000 Adjusted Sales Price Net 5.3 % Net 10.5 % Net 22.7 % of Comparable Gross 13.7 % $ 287,500 Gross 17.8 % $ 273,500 Gross 22.7 % $ 292,000 Comments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc.): The quality of the market data is rated average. Equal weight is assigned to all three sales. Each sale required a time adjustment to reflect improving market conditions since they sold. Sales #1 and #2 are considered to be superior in location compared to the subject property. All three sales are located on smaller lots than the subject site. Sale #3 is considered to be inferior in condition compared to the subject property. All three sales are smaller homes than the subject dwelling. Sales #1 and #2 required an adjustment for their lesser amount of finished basement area. The sales utilized in this report are the most recent sales of similar type properties in the market area, and are the best indicators to value for the subject property. ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Date, Price and Data Not currently Not currently listed for sale. Not currently listed for sale. Not currently listed for sale. Source, for prior sales listed for sale. No prior sale of this property No prior sale of this property No prior sale of this property within year of appraisal See below. within one year of this report. within one year of this report. within one year of this report. Analysis of any current agreement of sale, option, or listing of subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal: The subject is not currently listed for sale with the local Multiple Listing Service. The subject has not sold in the past three years. The three comparable sales have not previously sold within one year of the effective date of this appraisal, except for the above reported sale dates. INDICATED VALUE BY SALES COMPARISON APPROACH $ 280,000 INDICATED VALUE BY INCOME APPROACH (if Applicable) Estimated Market Rent $ N/A /Mo. x Gross Rent Multiplier N/A =$ N/A This appraisal is made "as is" subject to the repairs, alterations, inspections or conditions listed below subject to completion per plans & specifications. Conditions of Appraisal:This report and its associated value conclusion is subject to revision upon an interior and detailed on-site inspection of the property, and review of pertinent information about the subject with the owners or any persons familiar with the subject property. Final Reconciliation: Most weight is assigned to the Sales Comparison Approach as it best reflects market conditions. The Cost Approach is subject to error in the estimation of accrued depreciation. The Income Approach was not developed due to insufficient rental data of single family homes in the market area. RECONCILIATION The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the certification, contingent and limiting conditions, and market value definition that are stated in the attached Freddie Mac Form 439/FNMA form 1004B (Revised 6/93 ). I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF March 29, 2023 (WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $ 280,000 APPRAISER: SUPERVISORY APPRAISER (ONLY IF REQUIRED): Signature Signature Did Did Not Name William F. Esposito, Jr. Name Inspect Property Date Report Signed 03/29/2023 Date Report Signed State Certification # RCG.187 (Certified General Appraiser) State CT State Certification # State Or State License # State Or State License # State Freddie Mac Form 70 6/93 PAGE 2 OF 2 Fannie Mae Form 1004 6-93 Form UA2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Supplemental Addendum File No. 105 Meadow View St. Borrower Josephine & Albert A. Mancuso, Jr. Property Address 105 Meadow View Street City New Haven County New Haven State CT Zip Code 06512 Client McCalla Raymer Leibert Pierce, LLC Purpose and Function/Intended Use of the Report The purpose of this report is to form an opinion of the current market value of the fee simple title to the subject property based upon an exterior inspection. This report is intended to be utilized only by the Law Firm McCalla Raymer Leibert Pierce, LLC in conjunction with a pending foreclosure action. Any unauthorized use of this report without written consent of this appraiser and the client mentioned above is strictly prohibited. I have performed no other services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three year period immediately preceding acceptance of this assignment. Estimated Exposure Time The estimated exposure time for the subject property is two months assuming marketing of the subject by an experienced realtor with the local Multiple Listing Service. The subject has not sold in the past three years. The subject is not currently listed for sale with the local MLS. Exterior Inspection, Sources of Information This appraiser was asked to perform only an exterior inspection of the subject property, so only an exterior and off-site inspection of the subject property was made. The information in this report was gathered from, but not limited to, the exterior and off-site inspection, my office files, available City Hall records, and Multiple Listing Service data. Opinion of Value, Value Allocation, Conditions of the Appraisal It is my opinion that the market value of the fee simple title to the subject property as of March 29, 2023 is $280,000 (TWO HUNDRED EIGHTY THOUSAND DOLLARS), allocating the value as follows: Site: $100,000. Improvements: $180,000. *Total Estimated Market Value: $280,000. *This report and its associated value conclusion is subject to revision upon this appraiser performing an interior and detailed on-site inspection of the subject, and review of pertinent information about the subject with the owners or any persons familiar with the subject. Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Assessors Field Card - Page 1 Borrower Josephine & Albert A. Mancuso, Jr. Property Address 105 Meadow View Street City New Haven County New Haven State CT Zip Code 06512 Client McCalla Raymer Leibert Pierce, LLC Form SCNLGH - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Assessors Field Card - Page 2 Borrower Josephine & Albert A. Mancuso, Jr. Property Address 105 Meadow View Street City New Haven County New Haven State CT Zip Code 06512 Client McCalla Raymer Leibert Pierce, LLC Form SCNLGH - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Deed - Page 1 Borrower Josephine & Albert A. Mancuso, Jr. Property Address 105 Meadow View Street City New Haven County New Haven State CT Zip Code 06512 Client McCalla Raymer Leibert Pierce, LLC Form SCNLGH - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Deed - Page 2 Borrower Josephine & Albert A. Mancuso, Jr. Property Address 105 Meadow View Street City New Haven County New Haven State CT Zip Code 06512 Client McCalla Raymer Leibert Pierce, LLC Form SCNLGH - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Survey Map Borrower Josephine & Albert A. Mancuso, Jr. Property Address 105 Meadow View Street City New Haven County New Haven State CT Zip Code 06512 Client McCalla Raymer Leibert Pierce, LLC Form SCNLGH - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Assessors Map Borrower Josephine & Albert A. Mancuso, Jr. Property Address 105 Meadow View Street City New Haven County New Haven State CT Zip Code 06512 Client McCalla Raymer Leibert Pierce, LLC Form SCNLGH - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Flood Map Borrower Josephine & Albert A. Mancuso, Jr. Property Address 105 Meadow View Street City New Haven County New Haven State CT Zip Code 06512 Client McCalla Raymer Leibert Pierce, LLC Form SCNLGH - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Aerial Map Borrower Josephine & Albert A. Mancuso, Jr. Property Address 105 Meadow View Street City New Haven County New Haven State CT Zip Code 06512 Client McCalla Raymer Leibert Pierce, LLC Form SCNLGH - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Location Map Borrower Josephine & Albert A. Mancuso, Jr. Property Address 105 Meadow View Street City New Haven County New Haven State CT Zip Code 06512 Client McCalla Raymer Leibert Pierce, LLC Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Subject Photo Page Borrower Josephine & Albert A. Mancuso, Jr. Property Address 105 Meadow View Street City New Haven County New Haven State CT Zip Code 06512 Client McCalla Raymer Leibert Pierce, LLC Subject Front 105 Meadow View Street Sales Price N/A GLA 1,248 Total Rooms 5 Total Bedrms 3 Total Bathrms 1.5 Location Average/Flood View Average Site 0.38 Acre Quality Average Age 51 Years Subject Rear Subject Street Form PIC4x6.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum Borrower Josephine & Albert A. Mancuso, Jr. Property Address 105 Meadow View Street City New Haven County New Haven State CT Zip Code 06512 Client McCalla Raymer Leibert Pierce, LLC