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62-CV-24-438
Filed in District Court
State of Minnesota
1/23/2024 3:34 PM
APPRAISAL OF REAL PROPERTY
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LOCATED AT
1315 Cleveland Ave S
Saint Paul, MN 55116
Hidden Park view sub] to sewer esmt Lot 4
FOR
Home Federal Savings Bank
1016 Civic Center Drive NW
Rochester, MN 55901
OPINION 0F VALUE
640.000
AS OF
08/24/2023
BY
PATRICIA M. TIERNEY
Penfield Appraisals, Inc.
10010 60th Street N
Stillwater, MN 55082
651.777.9211
offioe@penfieldappraisers.com
Form GA2V -
'TOTAL" appraisal software by a Ia mode, inc. -
1-800-ALAMODE
62-CV-24-438
Filed in District Court
State of Minnesota
Penfield, Inc.
1/23/2024 3:34 PM
uniform ReSidential Appraisal Report Fi|e# 1022-23p'r
The purpose of this summary appraisal report is to provide the lender/client with an accurate. and adequately supported. opinion of the market value oi the subject property.
Property Address 1315 Cleveland Ave S City Saint Paul State MN Zip Code 55116
Borrower John and Casey Weimer Owner oi Public Record Richard Coad and Karen Failes Coad Coumy Ramsey
Legal Description Hidden Park view subi to sewer esmt Lot 4
Assessor's Parcel # 202823-14-0001 Tax Year 2023 RE. Taxes $ 5,431
Neighborhood Name Hiqhland Map Reference 33460 Census Tract 0376.01
U
Lu
W Occupant X Owner D Tenant D Vacant Special Assessments $ 274 DPUD HOA$ 0 D per year D per month
m
Property Rights Appraised E D Leasehold D Other (describe)
Fee Simple
"'
Assignment Type E Purchase Transaction D Refinance Transaction D Other (describe)
Lender/Client Home Federal Savinqs Bank Address 1016 Civic Center Drive NW, Rochester. MN 55901
ls the subject property currently offered tor sale or has it been offered tor sale in the twelve months prior to the effective date of this appraisal? E Yes D No
Report data source(s) used, offering price(s), and date(s). DOM 7;Property Offered at Latest Price $650,000;Latest Date 07/28/2023;MLS # 6382308
|
E did D 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. Arms length sale;The contract appears to be a standard purchase agreement. There are 3O pages to the purchase aqreement.
Contract Price $ 630,000 Date of Contract 08/12/2023 ls the property seller the owner of public record? E Yes D No Data Source(s) County Records
ls there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? E Yes DNo
If Yes, report the total dollar amount and describe the items to be paid. $7,000; Seller contribution.
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 g Urban I: Suburban D Rural Property Values D increasing E Stable D Declining PRICE AGE One-Unit 79%
Built-Up X Over 75% D 25-75% D Under 25% Demand/Supply E Shortage E ln Balance E Over Supply $ (000) (Yrs) 2-4 Unit 6%
O Growth D Rapid E Stable D Slow Marketing Time E Under 3 mths D 3-6 mths E Over 6 mths 265 Low 7 Multi-Family 6%
The subject's immediate neighborhood boundaries are: North of Highway 62,
Neighborhood Boundaries 1 ,650 High 155 Commercial 7%
South of Hiqhwav 94, West of Snellinq Ave S and East of S Mississippi River Blvd. 675 Pred. 70 Other 2%
Neighborhood Description The subjed property is located in the heart of St. Paul. The Mississippi River, several lakes and parks in the area offering a variety of recreational
activities. St. Paul offers support facilities including the science museum, Xcel Center, Rice Park, St. Catherine University,University of St. Thomas, health care facilities,
novernment services and retail. Hiqhway 94 provides qood access to employment and the metropolitan area.
Market Conditions (including support for the above conclusions) See attached addenda ~ Concerning Current Trends
Dimensions 50x213x50x210 Area 10598 sf Shape Rectangular View N;Res;
Specific Zoning Classification R2 Zoning Description One Family Residential
Zoning Compliance E Legal D Legal Nonconforming (Grandfathered Use) D No Zoning I] Illegal (describe)
is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? E Yes DNo lfNo,describe See
addendum.
Utilities Public Other (describe) Pu biic Other (describe) Off-site Improvements - Type Public Private
Electricity g D Overhead Water E D Municipal Street Bituminous E
Gas g D Natural Sanitary Sewer E D Municipal Alley None I El
FEMA Special Flood Hazard Area D Yes E No FEMA Flood Zone X FEMA Map # 27123C0089G FEMA M39 Date 06/04/2010
Are the utilities and off-site improvements typical for the market area? E Yes E No If No, describe
etc.)? Yes
Are there any adverse site conditions or external factors (easements, encroachments. environmental conditions, land uses,
No iers, describe E E
The subject site is qoverned by standard municipal and utility easements with no apparent encroachments that would adversely effect the
subject's property value.
General Description Foundation Exterior Description materials/condition interior materials/condition
Units E One E One with Accessory Unit E Concrete Slab D Crawl Space Foundation Walls Concrete/Avg FIOOI'S Hwd/Cpt/Cer/Avg
# of Stories 2 IE Full Basement D Partial Basement Exterior Walls Cement Brd Wd/Avq Walls Drywall/Avg
Type E Det. E Att. E S-Det./End Unit Basement Area 1,368 soft. Roof Surface Asphalt/Avg Trim/Finish Wood/Avg
E Existing D Proposed E Under Const. BasementFInish 0 % Gutters & Downspouts Metal/Avg Bath Floor Ceramic/Avg
Design (Style) 1.5 Story E Outside Entry/Exit E Sump Pump Window Type Case ment/Avq Bath Wainscot
Fiberglass/Avg
Year Built 2002 Evidence of D lnfestati on Storm Sash/insulated Combo/Y es Car Storage D None
Effective Age (Yrs) 1O E Dampness E Settlement Screens Yes/Av Driveway # of Cars 2
Attic E None Heating FWA| HWBB ID Radiant Amenities EWoodstove(s) # o Driveway Surface Bituminous
E Drop Stair E Stairs E Other lFuei Gas E Fireplace(s) # 1 E Fence Yes IE Garage # of Cars 2
E Floor E Scuttle Cooling Central Air Conditioning E Patio/Deck patio E Porch op&c°v E Carport # of Cars 0
m E Finished E Heated E individual IE Other iD POOI None D Oihef None E Att. E Det. D Built-in
Appliances E Refrigerator E Range/Oven E Dishwasher E Disposal E Microwave E Washer/Dryer E Other (describe)
Finished area above grade contains: 9 Rooms 3 Bedrooms 2.1 BathtS) 2,304 Square Feet of Gross Living Area Above Grade
Additional features (special energy efficient items, etc). The subject property has standard energy efficient items.
C3;Kitchen-updated-ti meframe
Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).
unknown;Bathrooms-updated-timeframe unknown ;The subject property is well maintained and in average condition. There are no adverse
property conditions apparent. The subject property is well desiqned. There was no functional or external obsolescence noted.
Are there any physical deficiencies or adverse conditions that affect the livability. soundness, or structural integrity of the property? D Yes E No if Yes, describe
There are no physical deficiencies or adverse conditions that affect the livability, soundness, or sthcturai integrity of the property.
Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc)? E Yes E No if No, describe
The subject property conforms to the neighborhood in terms of functional utility and current land uses in the subject's market area.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 1 of 6 Fannie Mae Form 1004 March 2005
Form 1004UAD -
"TOTAL" appraisal software by a Ia mode, inc.
-
1-800-ALAMODE
62-CV-24-438
Filed in District Court
State of Minnesota
1/23/2024 3:34 PM
uniform ReSidential Appraisal Report Fi|e# 1022-23p'r
There are 1 comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 665,000 l0 $ 665,000
There are 24 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 600,003 to $ 702,000
FEATURE l
SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3
Address 1315 Cleveland Ave S 2050 Norfolk Ave 1962 Beechwood Ave 1414 Mississippi River Blvd S
Saint Paul, MN 55116 Saint Paul, MN 55116 Saint Paul, MN 55116 Saint Paul, MN 55116
Proximity to Subject 0.16 miles SE 0.99 miles N 0.37 miles N
Sale Price $ 630,000 $ 685,000 $ 700,000 $ 600,000
Sale Price/Gross Liv. Area $ 273.44 soft. $ 271.83 sq-fl. $ 261.39 sq-ft. $ 318.30 Sim
Data Source(s) MLS#6230012;DOM 1 MLS#6287910;DOM 14 MLS#6359468;DOM 26
Verification Source(s) Public Records Public Records Public Records
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION + (-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $Adjustment
Sales or Financing Arm Lth ArmLth Estate
Concessions Conv;0 Conv;0 Cash;0
Date ot Sale/Time s10/22;c09/22 307/23;CO6/23 305/23;c05/23
Location N;Res; N;Res; N;Res; N;Res;
Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
Site 10598 sf 11456 sf 0 6229 sf 012110 sf 0
View N;Res; N;Res; N;Res; B;Res;River/Trees 400,000
Design (Style) DT2;1.5 Storv DT2;1.5 Storv DT2;2 Storv 0 DT1 ;Multi-Level 0
Quality 01 Construction Q3 Q3 Q3 Q3
Actual Age 21 73 +7,000 78 +7,000 68 +30,000
Condition 03 C3 03 C4 +90,000
Above Grade Total Bdnns. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdnns. Baths
Room Count 9 3 2.1 8 4 2.1 0 9 4 2.1 0 8 3 2.0 +5,000
Gross Living Area 2.304 suit. 2,520 set! -11,000 2,678 sci! -18,500 1 885 50.".
I +21,000
Basement & Finished 1368sf05fin 1361 sf961sfin -24,000 13503f1160$fin -29,000 18853f500$fin -12,500
Rooms Below Grade 1rr1br1.0ba20 14,000 1rr2br1.0ba00 13,000 1rr0br0.1ba1o 8,000
Functional Utility Average Average Average Average
Heating/Cooling FAG as/C-AC FA-Gas/CAC FAGas/C-AC FAGas/CAC
Energy Efficient items Standard Standard Standard Standard
Garage/Carport 2gd2dw 29a2dw O 2gd2dw 29bi2dw 0
Porch/Patio/Deck Op/Cov Por,Pa Patio,En.Porch +4.000 Patio +8,000 Deck +8,000
Fireplaces 1 Fireplace 2 Fireplaces -5,000 3 Fireplaces -10,000 1 Fireplace
Other items: None None BonusRm Avaar. -5,000 None
Net Adjustment (Total) D+ @- $ 43,000 D+ E- $ -60,500 $+ D- $ 33,500
Adjusted Sale Price Net Adj. 5.3 % Net Adj. 8.6 96 Net Adj. 5.6%
of Comparables Gross Adj. 9.5% $ 642,000 Gross Adi. 12.9% $ 639,500 Gross Adj. 45.8% $ 633,500
i
E did D did not research the sale or transfer history of the subject property and comparable sales. If not, explain
My research D did g did not reveal any prior sales or transfers of the subject property forthe three years prior to the effective date of this appraisal.
Data Source(s) MLS, Public and County Records
My research D did E 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) MLS, Public and County Records
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) MLS, Ctv & Public Records MLS, Ctv & Public Records MLS, Ctv & Public Records MLS, Ctv & Public Records
Effective Date of Data Source(s) 08/24/2023 08/24/2023 08/24/2023 08/24/2023
Analysis of prior sale or transfer history of the subject property and comparable sales There have been no prior sales.
Summary of Sales Comparison Approach All comparable sales are used and were given consideration in arriving at my opinion of the estimated market
value of the subject property. The comparable sales used are in my opinion the best available and as adjusted represent the subject property's
market value. The use of comparable sales that are similar to the subject property can be directly related to the action of buyers and sellers in
the market place. All the comparable sales are located in the subject property's market area.
indicated Value by Sales Comparison Approach $
640,000
Indicated Value by: Sales Comparison Approach S 640,000 Cost Approach (if developed) S 0 Income Approach (if developed) S
As is normal in appraising residential property the sales comparison or market approach to value was given full consideration. This approach to
value is most directly related to the action of buyers and sellers in an open market.
This appraisal is made "as is", D
subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been
completed, D
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 D
following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:
Based on a complete visual inspection of the interior and exterior areas of the subject property, 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 640,000 ,as of 08/24/2023 , which is the date of inspection and the effective date of this appraisal.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 2 of 6 Fannie Mae Form 1004 March 2005
Form 1004UAD -
"TOTAL" appraisal software by a Ia mode, inc.
-
1-800-ALAMODE
62-CV-24-438
Filed in District Court
State of Minnesota
1/23/2024 3:34 PM
uniform ReSidential Appraisal Report Fi|e# 1022-23p'r
Please see attached comment addendum.
Houses have gained value consistently over the past 10 consecutive years. But since 2020, the increase has been more dramatic as home price
qrowth accelerated. it's because there were more buyers than sellers. That imbalance put upward pressure on home prices because demand
was high and supply was low.
Experts are forecasting ongoing appreciation, just at a decelerated pace. Prices will keep climbing, just not as fast as they have been.
The housing supply is starting to tick up, it's not enough to make home prices decline because there's still a gap between the number of homes
available for sale and the number of buyers lookinq to make a purchase .Experts forecast price deceleration, not depreciation. That means home
pn'ces will continue to rise, just at a slower pace.
Source: Keeping current matters.
The inspection of the property does not include checking front, rear and/or side yard setbacks. The appraiser is not a
surveyor and does not present themselves as one. The appraiser does not have training, knowledge or expertise to
determine exact property lines, and applicable setbacks. The appraiser is not responsible for disclosinq or identifying any lot
lines. The appraiser takes no responsibility for the detection of any violations related to conservation, pollution,
environmental protection, zoning, subdivision regulations, building codes, or any other regulatory statutes, ordinances,
by-Iaws, regulations or other legal consvaints. No percolation testing or engineering was conducted.
Cost Approach: If completed. the cost approach has only been developed by the appraiser as an analysis to support their opinion of
the property's market value. Use of this data either in whole or part, for other purposes, is not intended by the appraiser. Nothing set
forth in the appraisal should be relied upon for the purpose of determining the amount or type of insurance coverage to be placed on
the subject property. The appraiser assumes no liability for and does not guarantee that any insurable value estimate inferred from this
report will result in the subject property being fully insured for any loss that may be sustained. The cost gpproach may not be a reliable
indication of replacement or reproduction cost for any date other than the effective date of this appraisal due to changing costs of labor
and materials and changing building codes, governmental regulations and requirements.
"The global outbreak of a "novel coronavirus" known as COVlD-19 was officially declared a pandemic by the World Health Organization
( WHO) on March 11, 2020. Effective May 11, 2023 the COVlD-19 pandemic is no longer considered a national and public health
emergency in the United States. The reader is cautioned, and reminded that the conclusions presented in this appraisal report apply
only as of the effective date(s) indicated. The appraiser makes no representation as to the effect on the subject property of any
unforeseen event, subsequent to the effective date of the appraisal. No analysis or opinions contained in this appraisal report should
be construed as predictions of future market conditions or value. "
cosr Appn0AcH To VALUE (not required by Fannie Mae)
Provide adequate information for the lender/client to replicate the below cost figures and calculations.
The cost approach was not ordered by the client
Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value)
and is not deemed necessary because this assignment is to identify the market value of the subject. The cost to reconstruct the subject minus depreciation
plus lot value is irrelevant given the amount of market data available.
ESTIMATED D REPRODUCTION 0R D REPLACEMENT COST NEW OPINION OF SITE VALUE
Source of cost data DWELLING Sq.Ft. @$ O
Quality rating from cost service Effective date of cost data Sq.Ft. @$ 0
Comments on Cost Approach (gross living area calculations, depreciation, etc.)
Garage/Carport Sq.Ft. @$ 0
Total Estimate oi Cost-New O
LESS Physical Functional External
Depreciation 0 $( 0)
Depreciated Cost of Improvements 0
"As-is" Value oi Site Improvements
Estimated Remaining Economic Life (HUD and VA only) Years INDICATED VALUE BY COST APPROACH 0
mcorre APPROAcH ro VALUE (not required by Fannie Mae)
Estimated Monthly Market Rent$ X Gross Rent Multiplier =$ Indicated Value by Income Approach
Summary oi income Approach (including support for market rent and GRM) THE INCOME APPROACH TO VALUE WAS NOT USED.
Pamecr ruronMAriou ron Puos (ii applicable)
ls the developer/builder in control of the Homeowners' Association (HOA)? D Yes D No Unit type(s) D Detached D 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 ot Project
Total number ot phases Total number of units Total number of units sold
Total number ot 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? D Yes D No lers, date of conversion.
Does the project contain any multi-dwelling units? D Yes D No Data Source
Are the units, common elements, and recreation facilities complete? D Yes D No lfNo, describe the status of completion.
Are the common elements leased to or by the Homeowners' Association? D Yes D No It Yes, describe the rental terms and options.
Describe common elements and recreational facilities.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 3 of 6 Fannie Mae Form 1004 March 2005
Form 1004UAD -
"TOTAL" appraisal software by a Ia mode, inc.
-
1-800-ALAMODE
62-CV-24-438
Filed in District Court
State of Minnesota
1/23/2024 3:34 PM
Uniform Residential Appraisal Report Fi.e#1022_23pT
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 complete visual
inspection of the interior and exterior areas of the subject property, (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 appraisa
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62-CV-24-438 Filed in District Court State of Minnesota 1/23/2024 3:34 PM APPRAISAL OF REAL PROPERTY uvv »< v J '\ I?" w: "I". u" .i'm' J- '3": 'w ,3'4\~ ~an *6"; / l: (A . x. 'I - w( ..#_ (i g.) \! (9 '5'r' O 6X y. .\ +; 'r 4' J Res iv 1' '» AA r ' ' ' .1- \_ - éS-r is» Y. ?\i . j- .44.: vorl l" u ""5: 11" "5 W&_ an MI. 4 1":- 7). 36". ~ We: Vfi .1..- '7 '31" ' ) '4 egg" '5 is a: 5 \ug LOCATED AT 1315 Cleveland Ave S Saint Paul, MN 55116 Hidden Park view sub] to sewer esmt Lot 4 FOR Home Federal Savings Bank 1016 Civic Center Drive NW Rochester, MN 55901 OPINION 0F VALUE 640.000 AS OF 08/24/2023 BY PATRICIA M. TIERNEY Penfield Appraisals, Inc. 10010 60th Street N Stillwater, MN 55082 651.777.9211 offioe@penfieldappraisers.com Form GA2V - 'TOTAL" appraisal software by a Ia mode, inc. - 1-800-ALAMODE 62-CV-24-438 Filed in District Court State of Minnesota Penfield, Inc. 1/23/2024 3:34 PM uniform ReSidential Appraisal Report Fi|e# 1022-23p'r The purpose of this summary appraisal report is to provide the lender/client with an accurate. and adequately supported. opinion of the market value oi the subject property. Property Address 1315 Cleveland Ave S City Saint Paul State MN Zip Code 55116 Borrower John and Casey Weimer Owner oi Public Record Richard Coad and Karen Failes Coad Coumy Ramsey Legal Description Hidden Park view subi to sewer esmt Lot 4 Assessor's Parcel # 202823-14-0001 Tax Year 2023 RE. Taxes $ 5,431 Neighborhood Name Hiqhland Map Reference 33460 Census Tract 0376.01 U Lu W Occupant X Owner D Tenant D Vacant Special Assessments $ 274 DPUD HOA$ 0 D per year D per month m Property Rights Appraised E D Leasehold D Other (describe) Fee Simple "' Assignment Type E Purchase Transaction D Refinance Transaction D Other (describe) Lender/Client Home Federal Savinqs Bank Address 1016 Civic Center Drive NW, Rochester. MN 55901 ls the subject property currently offered tor sale or has it been offered tor sale in the twelve months prior to the effective date of this appraisal? E Yes D No Report data source(s) used, offering price(s), and date(s). DOM 7;Property Offered at Latest Price $650,000;Latest Date 07/28/2023;MLS # 6382308 | E did D 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. Arms length sale;The contract appears to be a standard purchase agreement. There are 3O pages to the purchase aqreement. Contract Price $ 630,000 Date of Contract 08/12/2023 ls the property seller the owner of public record? E Yes D No Data Source(s) County Records ls there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? E Yes DNo If Yes, report the total dollar amount and describe the items to be paid. $7,000; Seller contribution. 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 g Urban I: Suburban D Rural Property Values D increasing E Stable D Declining PRICE AGE One-Unit 79% Built-Up X Over 75% D 25-75% D Under 25% Demand/Supply E Shortage E ln Balance E Over Supply $ (000) (Yrs) 2-4 Unit 6% O Growth D Rapid E Stable D Slow Marketing Time E Under 3 mths D 3-6 mths E Over 6 mths 265 Low 7 Multi-Family 6% The subject's immediate neighborhood boundaries are: North of Highway 62, Neighborhood Boundaries 1 ,650 High 155 Commercial 7% South of Hiqhwav 94, West of Snellinq Ave S and East of S Mississippi River Blvd. 675 Pred. 70 Other 2% Neighborhood Description The subjed property is located in the heart of St. Paul. The Mississippi River, several lakes and parks in the area offering a variety of recreational activities. St. Paul offers support facilities including the science museum, Xcel Center, Rice Park, St. Catherine University,University of St. Thomas, health care facilities, novernment services and retail. Hiqhway 94 provides qood access to employment and the metropolitan area. Market Conditions (including support for the above conclusions) See attached addenda ~ Concerning Current Trends Dimensions 50x213x50x210 Area 10598 sf Shape Rectangular View N;Res; Specific Zoning Classification R2 Zoning Description One Family Residential Zoning Compliance E Legal D Legal Nonconforming (Grandfathered Use) D No Zoning I] Illegal (describe) is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? E Yes DNo lfNo,describe See addendum. Utilities Public Other (describe) Pu biic Other (describe) Off-site Improvements - Type Public Private Electricity g D Overhead Water E D Municipal Street Bituminous E Gas g D Natural Sanitary Sewer E D Municipal Alley None I El FEMA Special Flood Hazard Area D Yes E No FEMA Flood Zone X FEMA Map # 27123C0089G FEMA M39 Date 06/04/2010 Are the utilities and off-site improvements typical for the market area? E Yes E No If No, describe etc.)? Yes Are there any adverse site conditions or external factors (easements, encroachments. environmental conditions, land uses, No iers, describe E E The subject site is qoverned by standard municipal and utility easements with no apparent encroachments that would adversely effect the subject's property value. General Description Foundation Exterior Description materials/condition interior materials/condition Units E One E One with Accessory Unit E Concrete Slab D Crawl Space Foundation Walls Concrete/Avg FIOOI'S Hwd/Cpt/Cer/Avg # of Stories 2 IE Full Basement D Partial Basement Exterior Walls Cement Brd Wd/Avq Walls Drywall/Avg Type E Det. E Att. E S-Det./End Unit Basement Area 1,368 soft. Roof Surface Asphalt/Avg Trim/Finish Wood/Avg E Existing D Proposed E Under Const. BasementFInish 0 % Gutters & Downspouts Metal/Avg Bath Floor Ceramic/Avg Design (Style) 1.5 Story E Outside Entry/Exit E Sump Pump Window Type Case ment/Avq Bath Wainscot Fiberglass/Avg Year Built 2002 Evidence of D lnfestati on Storm Sash/insulated Combo/Y es Car Storage D None Effective Age (Yrs) 1O E Dampness E Settlement Screens Yes/Av Driveway # of Cars 2 Attic E None Heating FWA| HWBB ID Radiant Amenities EWoodstove(s) # o Driveway Surface Bituminous E Drop Stair E Stairs E Other lFuei Gas E Fireplace(s) # 1 E Fence Yes IE Garage # of Cars 2 E Floor E Scuttle Cooling Central Air Conditioning E Patio/Deck patio E Porch op&c°v E Carport # of Cars 0 m E Finished E Heated E individual IE Other iD POOI None D Oihef None E Att. E Det. D Built-in Appliances E Refrigerator E Range/Oven E Dishwasher E Disposal E Microwave E Washer/Dryer E Other (describe) Finished area above grade contains: 9 Rooms 3 Bedrooms 2.1 BathtS) 2,304 Square Feet of Gross Living Area Above Grade Additional features (special energy efficient items, etc). The subject property has standard energy efficient items. C3;Kitchen-updated-ti meframe Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). unknown;Bathrooms-updated-timeframe unknown ;The subject property is well maintained and in average condition. There are no adverse property conditions apparent. The subject property is well desiqned. There was no functional or external obsolescence noted. Are there any physical deficiencies or adverse conditions that affect the livability. soundness, or structural integrity of the property? D Yes E No if Yes, describe There are no physical deficiencies or adverse conditions that affect the livability, soundness, or sthcturai integrity of the property. Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc)? E Yes E No if No, describe The subject property conforms to the neighborhood in terms of functional utility and current land uses in the subject's market area. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 1 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD - "TOTAL" appraisal software by a Ia mode, inc. - 1-800-ALAMODE 62-CV-24-438 Filed in District Court State of Minnesota 1/23/2024 3:34 PM uniform ReSidential Appraisal Report Fi|e# 1022-23p'r There are 1 comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 665,000 l0 $ 665,000 There are 24 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 600,003 to $ 702,000 FEATURE l SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 1315 Cleveland Ave S 2050 Norfolk Ave 1962 Beechwood Ave 1414 Mississippi River Blvd S Saint Paul, MN 55116 Saint Paul, MN 55116 Saint Paul, MN 55116 Saint Paul, MN 55116 Proximity to Subject 0.16 miles SE 0.99 miles N 0.37 miles N Sale Price $ 630,000 $ 685,000 $ 700,000 $ 600,000 Sale Price/Gross Liv. Area $ 273.44 soft. $ 271.83 sq-fl. $ 261.39 sq-ft. $ 318.30 Sim Data Source(s) MLS#6230012;DOM 1 MLS#6287910;DOM 14 MLS#6359468;DOM 26 Verification Source(s) Public Records Public Records Public Records VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION + (-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $Adjustment Sales or Financing Arm Lth ArmLth Estate Concessions Conv;0 Conv;0 Cash;0 Date ot Sale/Time s10/22;c09/22 307/23;CO6/23 305/23;c05/23 Location N;Res; N;Res; N;Res; N;Res; Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Site 10598 sf 11456 sf 0 6229 sf 012110 sf 0 View N;Res; N;Res; N;Res; B;Res;River/Trees 400,000 Design (Style) DT2;1.5 Storv DT2;1.5 Storv DT2;2 Storv 0 DT1 ;Multi-Level 0 Quality 01 Construction Q3 Q3 Q3 Q3 Actual Age 21 73 +7,000 78 +7,000 68 +30,000 Condition 03 C3 03 C4 +90,000 Above Grade Total Bdnns. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdnns. Baths Room Count 9 3 2.1 8 4 2.1 0 9 4 2.1 0 8 3 2.0 +5,000 Gross Living Area 2.304 suit. 2,520 set! -11,000 2,678 sci! -18,500 1 885 50.". I +21,000 Basement & Finished 1368sf05fin 1361 sf961sfin -24,000 13503f1160$fin -29,000 18853f500$fin -12,500 Rooms Below Grade 1rr1br1.0ba20 14,000 1rr2br1.0ba00 13,000 1rr0br0.1ba1o 8,000 Functional Utility Average Average Average Average Heating/Cooling FAG as/C-AC FA-Gas/CAC FAGas/C-AC FAGas/CAC Energy Efficient items Standard Standard Standard Standard Garage/Carport 2gd2dw 29a2dw O 2gd2dw 29bi2dw 0 Porch/Patio/Deck Op/Cov Por,Pa Patio,En.Porch +4.000 Patio +8,000 Deck +8,000 Fireplaces 1 Fireplace 2 Fireplaces -5,000 3 Fireplaces -10,000 1 Fireplace Other items: None None BonusRm Avaar. -5,000 None Net Adjustment (Total) D+ @- $ 43,000 D+ E- $ -60,500 $+ D- $ 33,500 Adjusted Sale Price Net Adj. 5.3 % Net Adj. 8.6 96 Net Adj. 5.6% of Comparables Gross Adj. 9.5% $ 642,000 Gross Adi. 12.9% $ 639,500 Gross Adj. 45.8% $ 633,500 i E did D did not research the sale or transfer history of the subject property and comparable sales. If not, explain My research D did g did not reveal any prior sales or transfers of the subject property forthe three years prior to the effective date of this appraisal. Data Source(s) MLS, Public and County Records My research D did E 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) MLS, Public and County Records 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) MLS, Ctv & Public Records MLS, Ctv & Public Records MLS, Ctv & Public Records MLS, Ctv & Public Records Effective Date of Data Source(s) 08/24/2023 08/24/2023 08/24/2023 08/24/2023 Analysis of prior sale or transfer history of the subject property and comparable sales There have been no prior sales. Summary of Sales Comparison Approach All comparable sales are used and were given consideration in arriving at my opinion of the estimated market value of the subject property. The comparable sales used are in my opinion the best available and as adjusted represent the subject property's market value. The use of comparable sales that are similar to the subject property can be directly related to the action of buyers and sellers in the market place. All the comparable sales are located in the subject property's market area. indicated Value by Sales Comparison Approach $ 640,000 Indicated Value by: Sales Comparison Approach S 640,000 Cost Approach (if developed) S 0 Income Approach (if developed) S As is normal in appraising residential property the sales comparison or market approach to value was given full consideration. This approach to value is most directly related to the action of buyers and sellers in an open market. This appraisal is made "as is", D subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, D 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 D following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: Based on a complete visual inspection of the interior and exterior areas of the subject property, 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 640,000 ,as of 08/24/2023 , which is the date of inspection and the effective date of this appraisal. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 2 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD - "TOTAL" appraisal software by a Ia mode, inc. - 1-800-ALAMODE 62-CV-24-438 Filed in District Court State of Minnesota 1/23/2024 3:34 PM uniform ReSidential Appraisal Report Fi|e# 1022-23p'r Please see attached comment addendum. Houses have gained value consistently over the past 10 consecutive years. But since 2020, the increase has been more dramatic as home price qrowth accelerated. it's because there were more buyers than sellers. That imbalance put upward pressure on home prices because demand was high and supply was low. Experts are forecasting ongoing appreciation, just at a decelerated pace. Prices will keep climbing, just not as fast as they have been. The housing supply is starting to tick up, it's not enough to make home prices decline because there's still a gap between the number of homes available for sale and the number of buyers lookinq to make a purchase .Experts forecast price deceleration, not depreciation. That means home pn'ces will continue to rise, just at a slower pace. Source: Keeping current matters. The inspection of the property does not include checking front, rear and/or side yard setbacks. The appraiser is not a surveyor and does not present themselves as one. The appraiser does not have training, knowledge or expertise to determine exact property lines, and applicable setbacks. The appraiser is not responsible for disclosinq or identifying any lot lines. The appraiser takes no responsibility for the detection of any violations related to conservation, pollution, environmental protection, zoning, subdivision regulations, building codes, or any other regulatory statutes, ordinances, by-Iaws, regulations or other legal consvaints. No percolation testing or engineering was conducted. Cost Approach: If completed. the cost approach has only been developed by the appraiser as an analysis to support their opinion of the property's market value. Use of this data either in whole or part, for other purposes, is not intended by the appraiser. Nothing set forth in the appraisal should be relied upon for the purpose of determining the amount or type of insurance coverage to be placed on the subject property. The appraiser assumes no liability for and does not guarantee that any insurable value estimate inferred from this report will result in the subject property being fully insured for any loss that may be sustained. The cost gpproach may not be a reliable indication of replacement or reproduction cost for any date other than the effective date of this appraisal due to changing costs of labor and materials and changing building codes, governmental regulations and requirements. "The global outbreak of a "novel coronavirus" known as COVlD-19 was officially declared a pandemic by the World Health Organization ( WHO) on March 11, 2020. Effective May 11, 2023 the COVlD-19 pandemic is no longer considered a national and public health emergency in the United States. The reader is cautioned, and reminded that the conclusions presented in this appraisal report apply only as of the effective date(s) indicated. The appraiser makes no representation as to the effect on the subject property of any unforeseen event, subsequent to the effective date of the appraisal. No analysis or opinions contained in this appraisal report should be construed as predictions of future market conditions or value. " cosr Appn0AcH To VALUE (not required by Fannie Mae) Provide adequate information for the lender/client to replicate the below cost figures and calculations. The cost approach was not ordered by the client Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) and is not deemed necessary because this assignment is to identify the market value of the subject. The cost to reconstruct the subject minus depreciation plus lot value is irrelevant given the amount of market data available. ESTIMATED D REPRODUCTION 0R D REPLACEMENT COST NEW OPINION OF SITE VALUE Source of cost data DWELLING Sq.Ft. @$ O Quality rating from cost service Effective date of cost data Sq.Ft. @$ 0 Comments on Cost Approach (gross living area calculations, depreciation, etc.) Garage/Carport Sq.Ft. @$ 0 Total Estimate oi Cost-New O LESS Physical Functional External Depreciation 0 $( 0) Depreciated Cost of Improvements 0 "As-is" Value oi Site Improvements Estimated Remaining Economic Life (HUD and VA only) Years INDICATED VALUE BY COST APPROACH 0 mcorre APPROAcH ro VALUE (not required by Fannie Mae) Estimated Monthly Market Rent$ X Gross Rent Multiplier =$ Indicated Value by Income Approach Summary oi income Approach (including support for market rent and GRM) THE INCOME APPROACH TO VALUE WAS NOT USED. Pamecr ruronMAriou ron Puos (ii applicable) ls the developer/builder in control of the Homeowners' Association (HOA)? D Yes D No Unit type(s) D Detached D 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 ot Project Total number ot phases Total number of units Total number of units sold Total number ot 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? D Yes D No lers, date of conversion. Does the project contain any multi-dwelling units? D Yes D No Data Source Are the units, common elements, and recreation facilities complete? D Yes D No lfNo, describe the status of completion. Are the common elements leased to or by the Homeowners' Association? D Yes D No It Yes, describe the rental terms and options. Describe common elements and recreational facilities. Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 3 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD - "TOTAL" appraisal software by a Ia mode, inc. - 1-800-ALAMODE 62-CV-24-438 Filed in District Court State of Minnesota 1/23/2024 3:34 PM Uniform Residential Appraisal Report Fi.e#1022_23pT 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 complete visual inspection of the interior and exterior areas of the subject property, (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 appraisa