Keller.pdf

Craig A Keller Petitioner V Township Of Mundy Respondent · 26-001149-TT

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Page 1

RECEIVED 

APR 1 8 2026 

MICHIGAN TAX TRIBUNAL 

STATE OF MICHIGAN 

GRETCHEN WHITMER 

DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS 

MARLON 1. BROWN, DPA 

GOVERNOR 

ING AN 

pe 

PROPERTY TAX APPEAL PETITION FORM 

VALUATION / UNCAPPING 

Do not use this form to appeal Classification, Principal Residence Exemption, Qualified Agricultural Exemption, Other 

Exemptions, Special Assessments, or Non-Property tax disputes. 

Pursuant to Tax Tribunal Rule (TTR) 279, you MUST submit a copy of the notice giving rise to the appeal (i.e., Board of 

Review Decision or other notice) with this petition, if applicable. 

If you do not submit this document, you may be held in 

default. 

Section 1: Petitioner’s Contact Information 

First Name 

[XN 

Last Namef/Company Name 

Craig 

A 

Keller 

Mailing Address (No., Street, P.O. Box or Rural Route) 

8096 Peninsula Circle 

City or Town 

State 

ZIP Code 

Grand Blanc 

Mi 

48439 

Telephone Number 81 0-965-5949 

Email Address {do not enter unless you want MTT to send all correspondence via email) 

ckelle05@gmail.com 

Section 2: Petitioner's Attorney/Authorized Representative’s Contact Information 

First Name 

[EN 

Last Name 

Firm Name (if any) 

Mailing Address (No., Street, P.O, Box or Rural Route) 

City or Town 

State 

ZIP Code 

Telephone Number 

Email Address (do not enter uniess you want MTT to send all correspondence via email) 

Section 3: Subject Property Information use the muitiple parce form for additional, contiguous parcels. 

How many parcels are you 

If you are appealing more than one parcel, are they contiguous or adjoining? 

appealing? 

[1 vest 

[J tox 

*If No, you must file separate appeals for each parcel 

Property Address (No., Street) 

8098 Peninsula Circle

Page 2

& 

pe 

STATE OF MICHIGAN 

GRETCHEN WHITMER 

DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS 

MARLON |. BROWN, DPA 

GOVERNOR 

LANSING 

DIRECTOR 

Section 4: Check which of the following you are appealing (check 

alt that apply) 

[A True Cash and Taxable Value 

Taxable Value Only (calculation) 

[@ Uncapping of Taxable Value 

Section 5: Explain the Reason for this Appeal 

The current assessment of $212,400 implies a market value (True Cash Value) of 

$424,800. However, a professional independent appraisal conducted by Precise Home 

Appraisal Inc. on 12/14/25 valued the property at only $380,000. Based on the 50% 

statutory assessment ratio, the assessed value should be adjusted to $190,000 to 

accurately reflect 50% of the homes true market value. 

Section 6: Jurisdictional Issues 

Did you protest the assessment at a Board of Review (BOR)? [v4] Yes 

O No 

If Yes, check which BOR you attended: [7] March 

[W] July 

[I] December 

If No, please check the applicable reason(s): 

[I 

Not required to attend 

O Appealing a purported Clerical Error or Mutual Mistake of Fact (if yes, include explanation In Section 5} 

|} Appealing within 35 days of State Tax Commission Order 

[Hl] Appealing within 35 days of receipt of Notice of Uncapping 

[J other 

if you checked “other” above, explain:

Page 3

STATE OF MICHIGAN 

DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS 

LANSING 

GRETCHEN WHITMER 

GOVERNOR 

MARLON I. BROWN, DPA 

DIRECTOR 

Section 7: Valuation Information use the multiple parcel form for additional, contiguous parcels. 

Parcel Number: 15-24-502-103 

Real] 

Classification of Property: 

Persenal [4 (check one} 

Agricultural C1 

Commercial J 

Industrial J 

Residential [I 

Timber-Cutover [3 

Developmental] 

Utility 

[J (check one) 

Assessed Value (also known as State Equalized Value) established 

by the Board of Review: 424.800 

y 

Taxable Value established by the Board of Review: 

212,400 

What do you believe is the fair market value (aiso known as true cash 

380,000 

value)? 

What do you believe is the assessed vatue? (multiply true cash 

value by .5) 

190,000 

What do you believe is the taxable value? (cannot exceed 

assessed value) 

190,000 

Fee Information 

Does the property have a Principal Residence Exemption of at least 50% as of the date of the filing of this petition for ali tax years at 

issue? 

vd) Yes 

[I] No 

If you answered yes to the above question, you are not required to pay any filing fees. 

if the property does not have a Principal Residence Exemption of at least 50% as of the date of the filing of this petition for all tax years at 

issue, the filing fee is based on the greater of the State Equalized Value or Taxable Value In dispute. 

If you are appealing more than one 

parcel, the parcel with the highest State Equalized Value or Taxable Value in dispute will be used to determine your filing fee, plus $25.00 

will be added for each additional parce! being appealed, not to exceed a total filing fee of $1,000.00 

if your property is residential property (see MCL 205.762) and 

the State Equalized Value or Taxable Value in contention is: 

Filing Fee is: 

$100,000.00 and under 

$125.00 

$100,000.01 to $500,000.00 

$200.00 

$Over $600,000.00 

$300.00 

If the property is 

NOT residential property (see MCL 205.762) and 

the State Equatized Value or Taxable Value in contention Is: 

Filing Fee is: 

$100,000.00 and under 

$250.00 

* Plug $25.00 for each additional parcel, as indicated above, 

If the property Is NOT residential property and the State Equalized Value or Taxable Value in dispute is $100,600.01 or greater the 

appeal does not qualify for Small Claims. Therefore, an Entire Tribunal petition must be filed. 

S ig nature *Required/? 

me 

ized 

presentative’s Signature: 

Ist

Page 4

Borrower: Craig A. Keller

File No;

_25-19518-Peninsula

Property Address: 8096 Peninsula

Case No.; 29-29-6-0924860

City: Grand Blanc

State: ML

Zip: 48439

Lender: First State Bank/VA

wn W-9

Request for Taxpayer

Give form to the

{March 2024)

identification Number and Certification

requester. Do not

Degeriment

fm Treasury

Go to wwwilrs.gov/FormiWd for Instructions and th latest information,

send to the IRS.

Before you begin. For gwdance rafated lo the purpose of Form W-9, see Puspose of Form, below.

Namie of entity dividusl, An entry ts required. {For a sole proprietor or disregarded entity, errtar ha owner's ame on Fine 1, Wid enter bie biisinsss/disreganded

emtys rams on ng 2)

Precise Home Aepraisal

Inc.

Business name/dhregarded entity name, if dfierent Som above.

8 Check the appropriate

box for federal Lax classfcation of 190 entityAndivitknl Wose

Nami 1s entered oa boo 1. Chiack

nly case of the folio coven bores.

[1 itvdawsorepiegristr

[1] Cooporston

8 Scomporatien

[J Patmsntp

[] TrmsVestote

[0 LLC, Ever tre tax tassication [C = C corporation, $ « Scorpomton, P= Panerai)...

Hots: Check the "LLG" bow sbove and, bn ihe etry space, orter tha approprate

code (G, 5, of P) for the tax

classification of 176 LLO, ueiess 1 Is @ Garsgatdsd sabi, A dsregarcia

entry shut ISIRa Check the 2ppcopats

4 Exomptions feodes apply only lo

Gora) eres, Not MIA dus]

‘seo structions ¢a page 3:

Exempt payee code (far

xempion fom Foreign Account Tax

box for ths tax elassitcation

of ts oars.

Cempisnzo Act (FATGA)

reporting

[7] Other {sme Instructions)

code

(f en)

3b # on ke 3a you checked "Patrasship” or “Truxt/estale,” of checked "LLG" and eared “P" us Ks tox classification,

674 you are roving 1a a 10.4 prin, rh Of 4210 11 WGh Yat ave an nn Iieest, shack

| POPES foscecuntsmaitoned

is Bec yet have my forelzn pester, owners, of bsneficiares, Sos lostructions «+.

Printor type.

See Specific lastructions

on page. 3.

Address umber, sirest, end sj. or sure 10). See Kistrusions.

M89

lakeshore St.

Cry, site, ad 217 coda

West Bloomfield MU UB223

(5) Fre foptional

part |

Taxpayer identification Number (TIN)

Requester's name avd 800resa optend)

tht account

num

Entor your TIN in the appropriate box. The TIN pravided must match tho nams given on ling 1 to vols

[Soci esaurity number.

backup withholding. For indies, this Ia generally your social security nurmber (SSN). Howaver, for 2

resident alien, solo proprietor, of disregarded entity, see Lhe instructions for Part 1, later. For other

entities, it 13 your employer identification number (EIN). If you do not have a number, seo How tageta

TIN, ater.

Ervpioyer entiation amber

—,

Notes if the account ia in more than ono name, ses the instructions for fine 1, Seo also What Name and

Numbor To Givo the Roquostor for gidolines on whose aumber to zaler,

Certification

Under penalties of pedury, | certify that:

1. The number shown on this form Is my coroct taxpayer Identification number (or 1 am waiting for a number to be issued to me); and

2. Fam not subject to backup withholding because (a)

| am exempt from backup withholding, of {b) have riot been notified by the Intornal Revenue

Sarvioa (RS) that 1 am cubject 10 backup withholding as a result of a faure to report all interest or dividends, or (0) the IRS has notified me that 1 am

no longer subject to backup withholding: and

3, 1am a U.S. citizen or other U.S. pesson {defined below): and

4, The ATCA codefs) entered on this form {f eny) indicating that | am exempt froin FATCA reporting Is correct,

Corlification inetruetions. You act £1053 out tom 2 above If you have been notified by ths 135 that you are curently subject bo backup withhoidng

because you have fied to report all terest and dividends on your 1ax retum. For real estate transactions, tem 2 does not apply. For nattgags interest pad,

acquisition or abandonment of secured property, canceliabon of dbl. convribulions to an individ retirement amsigement (IAA), and, generally, payne

other than interest and yi

not required to sigh the ¢:

but you must provide

correct TIN. Sea the Instructions for Par §, later.

Sign

| signature or

Here

| us person

4/22 la 4

Naw lite 3b has baen edded to (is form. A flow-through entity is

General Instructions

Section references aro 0 the Inteinal Revenue Code unless otherwise

noted.

Futuro developments. For tha latest information about developments

related to Form W-9 and ils instructions, such as legisiation enacted

afer they wete published, 90 10 www.irs gov/FormVi9.

What's New

required lo complele this fine to indicate that I has direct or indirect

foreign partners, owners, or beneficiaries when Kt provides the Form W-9

10 another flow-thraugh enlity In which Jt has an ownesshlp Interest. This

change Is Intended ta pravida i flow-through entity with information

Tegarcing the status of its Induec foreign partners, owners, or

beneficiaries, so that it can satisfy any applicebls reporting

tequirements. For example, a parinerstup that hos any indect lorsign

partners may be required fo complete Schedules K-2 and K-3. See the

Parlnership Instnicilons fos Schedules K-2 and K-3 {Form 1065).

Page 5

Precise Home Appraisal Inc. 

29-29-6-0924860 

File No. 25-19519-Peninsula 

APPRAISAL OF 

LOCATEDAT: 

8096 Peninsula 

Grand Blanc, MI 48439 

FOR: 

First State Bank/VA 

24300 Little Mack St. 

St.Clair Shores, MI, 48080 

BORROWER: 

Craig A. Keller

Page 6

First State Bank/VA

24300 Littte Mack

St. Clair Shores, MI 48080

In accordance with your request,

| have appraised the real property at: 8096 Peninsula Cir. Grand Blanc, Mi 48439.

The purpose of this appraisal is to develop an opinion of the market value of the subject property, as improved.

The property rights appraised are ihe fee simple interest in the site and improvements.

In my opinion, the market value of the property as of 12/14/2025 is:$380,000.00.

Three Hundred and Eighty Thousand Dollars

The attached report contains the description, analysis and supportive data for the conclusions, final opinion of value, descriptive

photographs, limiting conditions and appropriate certifications.

The intended use of this appraisal is to assist the U.S. Department of Veterans Affairs (VA) and the lender identified in this

report in evaluating the subject property as collateral for a VA-guaranteed loan, including underwriting, coliateral risk

assessment, and issuance of the Notice of Value (NOV). The intended users are the VA and the lender/client (and their

designated underwriters, reviewers, and agents). No other party, including the borrower, seller, real estate agents, or any

subsequent assignees, is an intended user or may rely on this report for any purpose; any other use is unintended and

unauthorized. This appraisal has been developed and reported in conformity with USPAP and the VA Lender's Handbook, as

applicable to this assignment.

The appraiser has prepared this appraisal in full compliance with the FRANK DODD ACT and has not performed, participated

in, or been associated with any activity in violation of the Code.

Bruce J. Eck,

Precise Home Appraisal Inc.

6485 Lakeshore Dr.

W. Bloomfield, MI 48323

Page 7

Precise Home Appraisal Inc. 

29-29-6-0924860 

Uniform Residential Appraisal Report 

Fie No. 25-19519-Peninsula 

The purpose of this summary appraisal ceport is to pravide the lendetlclient with an accurate, and adequately supported, opinion of the market value of the subject property. 

Propeity Address 8096 Peninsula 

ciy Grand Blanc 

State MI 

ZipCode 48439 

Borrower Craig A. Keller 

Ownes of Public Record Linos Kas-Mikha 

County Genesee 

Legal Description LOT 246 HIDDEN PONDS NO 2 (07) FR 1524100009 

Assessors Parcel 

# 1524502103 

Tax Year 2023 

RE. Taxes $ 4,323 

Neighborhood Name HIDDEN PONDS NO 2 

Map Reference SMSA 2160 

Census Tract 0129.06 

Occupant 

[ J0wner [J Tenare {XJ vacant 

Special Assessments $ 0 

[pup 

Hoas 

0 Joeryear [Jpei month 

Property Rights Appraised _ |X) Fee Simple 

| 

Leasehold |) Other {describe} 

Assignment Type 

chase Transaction 

|__| Refinance Transaction |) Other (describe) 

Lender/Client First State Bank/VA 

Address 24300 Little Mack St., St.Clair Shores, MI 48080 

Is he subject property clsrersly offered for safe of has it heen offered for sale inthe twelve manifs prior to the effective dale of this appraisal? 

[X)ves [No 

Report data source(s} used, offering price(s), and date(s). 

DOM 1 1;Ralcomp#MLS 20251058298, $379900 12/04/2025 

+ 

[XJ@id [J did not analyze the contract for sak fot the subject purchase tansaction. Explain the vests ofthe analysis of the coniract fof sale or why the analysis was not pesfoimed. 

Arms length sale;Standard VA purchase. 

| 

Conwact Price 

$ 379,900 

Date of Contract 12/08/2025 

Is the property seller the ovmer of public record? 

Yes [] No 

Data Source(s) Public Record 

Is there any financial assistance {loan charges, sale concessions. gift of dosmpayment assistance, etc.} to be paid by any party on behalf of the bosroier? 

If Yes, seport the total doflar amount and describe the ems to be paid. 

$0;;No financial assistance provided. 

Nota; Race and the racial composition of the neighborhood are not appraisal factors. 

‘Neighborhood Characteristics 

Ong-initHousing Trends 

Gro-Unit Housing 

Prosont Land Use % 

Location 

{ 

JUiban 

__{X] Suburban 

{_JRural 

Property Values | 

increasing 

(X] Stable 

Declinin 

PRICE 

AGE _| One-Unit 

77% 

JW stup 

[Jover 15% 

[X)2575% 

Under 25% | Demand/Suppty { 

JShontage 

(XJ in Bafance 

[Over Supply | 

_$(000) 

ps) 

[2-4umt 

% 

8] Grow 

Rapid 

{XJ Stable 

Slow 

Marketing Time [_Junder 3mihs 

(X)3-6 mths 

Over 6 mihs 

173 tow 

4 | Moki-Famity 

1% 

Neighborhood Boundaries The subject compelitive market area is located north of Baldwin Rd, east 

540 High 

35 | Commercial 

2%: 

8 of M23, south of 

W Grand Blanc Rd, and west of Fenton Rd. 

380 Pred. 

21 | oer Vacant 

20% 

Neighborhood Description 

See attached addendum. 

Market Conditions (including support for the above concisions) 

See Attached Addendum 

Dimensions 74x181x105x175 

Area 16931 sf 

Shape Irregular 

view B;Water,woods;Res 

Specific Zaring Classification RSA 

Zoning Description Residential/Suburban Agricultural 

Zoning Compliance. 

Legal 

[J ogal Nonconforming (Grandiathered Use) 

_|_JNo Zoning 

Jileqal {describe} 

5 the highest and best se of he subject property as improved (of a5 proposed per pans and specications) the present use? 

(X)Yes [No 

No, describe. The subject is 

limited to single family residential use. 

I's current use is it's highest and best use. 

Udlities 

Public 

Other (describe) 

Public 

Other (describe) 

Off-site tmprovements—Type 

Public 

Private 

Elecliicky 

Water 

Sueet Asphalt 

Gas 

Sanitary Sewer 

Alley 

None 

FEMA Special Flood Hazard sea (J 

Yes 

[XJNo_ 

FEMA Flood Zone X 

EEMAMap# 

_26049C0312D 

FEMA Map Date 09/25/2009 

‘Are the ilies and offsite improvements typical for the market area? 

(XJ Ves [No 

If No, describe. 

‘Ate there any adverse site condtions of extemal factofs (easemenis, ericiaachimers, envioamental condiions, land uses, etc}? 

(ves 

Addendum 

No 

If Ves, desaribe. See Attached 

GENERAL DESCRIPTION 

FOUNDATION 

EXTERIOR DESCRIPTION 

falslcondiion INTERIOR 

daion 

Unis 

(X]One 

[One wih Accessory Unt 

Concrete Slab 

Crawl Space 

Foundation Walls 

PourCncriavg 

Floois 

HOWACpUVyVavg 

#of Stories 

1 

XJ Full Basement 

Partial Basement _| Exterior Wats 

Wd/Brk/Vinyllavg 

| Walls 

Drywallfavg 

Te 

DXJDet 

[JA 

{_)SDetEnd Unt] Basement Area 

1751 sq. 

h. | Roof Surface 

Asphaltiavg 

TrmFinish__Wood/avg 

Existing 

JProposed 

|) Under Const. | Basement Finish 

80 % | Gutters & Downspouts Aluminum/avg 

BahFoor 

 Crmclavg 

Design (Style) Ranch 

(XJ Outside EvurylExit__[X) Sump Pump__| 

Window Type 

Dblhng/avg 

Bath Wainscot _Vyl/avg 

Year Bui 2007 

Evidence of |] tnfestation 

Storm Sasiinsulated_Insulated/avg 

Cor Storage | None 

Effective Age (Yis) 18 

[Jnampness 

[] Settlement 

Screens 

Yesfavg 

Diiveway 

_#oiCars 

2 

Allic 

None 

Heating (X]FwA {J HwBB] [] Radiant | Amenities 

WoodStove(s) £0 | Diiveway Swiace Concrete 

Drop Star 

Stas. 

[Joe 

{rue Gas 

XJ Fireplaces) # 1 

Fece None 

Garage 

#olCars 

2 

Floor 

X) sautle 

Coofing_ 

{XJ Cenval At Condiioning 

[X] patioiDeck wd.ov 

Porch Ccp 

Caport__#ofCats 

0 

Finished 

Heated 

Individual 

oer 

Poot None 

Other Nong 

Xa. 

(Joe. 

[Jounin 

Appliances 

| Refrigerator 

JRangelOven 

[X] Oistrwasher 

isposal 

[X)Micowave 

[J WasheiDiyer 

[X) Oster (describe) pantry 

Finished area above grade contains: 

5 Rooms 

3 Bedrooms 

2.1 Ba(s) 

1,751 Square Feet of Gross Living Area Above Grade

Page 8

Precise Home Appraisal Inc. 

29-29-6-0924860 

Uniform Residential Appraisal Report 

Fie No, 25-18519-Peninsula 

Thereare 

6 

comparable properties currently offered for sale in the subject neighborhood ranging in price fom $_ 

242,500 

ws 398,500 

These ate 

73 

comparable sales in he subject nelghboyhood within the past twelve months ranging in sale price rom § 

173,000 

to$ 540,000 

FEATURE 

I 

SUBJECT 

COMPARABLE SALE NO. 

COMPARABLE SALE NO. 2 

COMPARABLE SALENO. 3 

8096 Peninsula 

8185 Hidden Cove Ct 

1261 Baldwin Rd 

2366 Baldwin Rd 

Addeess Grand Blanc, MI 48439 

Grand Blanc, 

Ml 48439 

Mundy Twp, 

MI 48430 

Mundy Twp, Mi 48430 

Proximity to Subject 

0.12 miles SE 

1.85 miles SE 

1.78 miles SW 

Sale Price 

$ 

379,900 

$ 

389,900 

3$ 

425,000 

$ 

365,000 

Sale Price/Gross 

tiv. Area 

{§ 

216.96 sq.ft 

[$216.61 sq. 

$256.64 sq.f. 

$ 

268.98 sq.ft. 

Data Source(s) 

Realcomp#20251036720,00M 25 __| Realcomp#20240070585,00M 79 | Realcomp#20250025073,D0M 2 

Verification Source(s) 

WarD#23397, ListAgent 

‘WarD#1867 ListAgent 

WarD#171,ListAgent 

VALUE ADJUSTMENTS 

DESCRIPTION 

DESCRIPTION 

+4) § Aotment 

DESCRIPTION 

+008 Afustrert 

DESCRIPTION 

+03 Mister 

Sate 

or Finaficing 

Armbth 

Armith 

ArmLih 

Concessions. 

Conv,0 

0|Conv;0 

¢|Conv,0 

0 

Date of Sale/Time 

$11/25;¢10/25 

01501/25;c01/25 

0 | s05/25,004/25 

0 

Location 

N;Res; 

NiRes; 

A;Main Rd.;Res 

+5,000 | A;Main Rd.;Res 

+5,000 

Leasehold/Fee Simple 

| Fee Simple 

Fee Simple 

Fee Simple 

Fee Simple 

Site 

15931 sf 

20975 sf 

0]1.00ac 

-2,000|4.17 ac 

-8,000 

View 

B;Water,woods;Res_| 

B;Woods;Res 

0 | B;Water,woods 

Res 

B:Woods;Res 

[4] 

Design (Style) 

DT1;Ranch 

DT1;Ranch 

DT1;Ranch 

DT1;Ranch 

Quality of Construction 

| Q4 

Q4 

Q4 

Q4 

Actual Age 

18 

4 

-2,000 

[21 

0135 

+2,000 

Candtion 

C4 

C3 

-24,000{C3 

-24,000]C3 

-24,000 

Above Grade 

Tots? | Bd, 

Baths 

Total 

|Bdms| 

Baths 

Ted [Bs 

Bats 

Total 

[Beams 

Batis 

Room Count 

5[3 

2.1 

513 

24 

6([3 

20 

+1,000[ 

6) 

2 

20 

+1,000 

Gioss Living ea20 

1,751 sq. 

1,800 sq.ft 

[1] 

1,656 sq.h 

0 

1,357 sq.n. 

7,900 

Basement & Figished 

1751sf1400sfwo | 1800sfOsfin 

5,600 | 16565f1000sfin 

1,600 | 1357sf1000sfin 

1,600 

Rooms Below Grade 

1rribri.0ba2o 

+5,000 | 1rr0br0.0balo 

+3,000] 

1rr1br1.0bado 

+2,000 

functional Uy 

Average 

Average 

Average 

Average 

#5] Heating/Cooling 

FwalCIAir 

FwalC/Air 

FwalC/Air 

Fwa/CIAir 

lH Energy Efficient ftems. 

Thermal Winds 

| Thermal Winds 

Thermal Winds 

Thermal Winds. 

EB GarageiCatpoil 

2ga2dw. 

3gaddw 

-3,000 | 3ga3dw 

-3,000] 3ga3dw 

-3,000 

IP PorchvPatioiDeck 

Porch, Patio, Deck | Porch, Deck 

+2,000 | Porch,Patio Deck 

Porch, Patio, Deck 

I Amenities 

FIP 

F/P,Shed 

2,000 

[FIP 

FIP 

= Foundation Type 

|Walkout Basm, 

| Daylight Basm. 

+8,000 | Daylight Basm. 

+8,000 | Daylight Basm. 

+8,000 

F8] Reet Adpustment (Fotal) 

[BP 

} 

10400] 

(J. 

Bd. 

[s 

10,400] 

(J: 

(XJ- 

Is 

7,500 

Ie Adjusted Sale Price 

Neth, 

2.7% 

NetAdi. 

2.4% 

NetAdi. 

2.1% 

$54 

of Comparables 

GossAd. 

13.2% 

[$ 

379,500 

i Gossad, 

11.2% 

|$ 

414,600 

GossAdg. 

17.1%$ 

357,500 

id |) 

dK not seseaichthe sak of ransfer history 

of he subject prapesty 

and comparable sales. li not, explain 

The subjects 36 and comparables 12 month 

sales history were researched using Realcomp Public Record Database and Datamaster. 

Myresearch (X)did_[_Jdid not reveal any prior sales of transfers of the subject property fof the tree years prior to the effective dale of this appiaisal. 

Data source(s) 

_Realcomp Public Record Database, Datamaster 

Myresearch |_)di 

i ol seveal any prior sales of transfers of the compatable sales fof the year prior to the date of sale of the comparable sale. 

Data soweefs) 

Realcomp Public Record Database, Datamaster 

Report the fests of the research and analysis of the prior sale or transfer history of the subject property and comparable safes (report addiloniat prior sales on page 3). 

TEM 

SUBJECT 

COMPARABLE SALE HO. 1 

COMPARABLE SALE NO. 2 

COMPARABLE SALE NO. 3 

Date of Prior Sale/ Transfer 

10/09/2025 

Price of Ptior SalefTransfer 

$200,000 

Data Sources) 

Datamaster. 

Corelogic 

Corel.ogic 

Corel.ogic 

Effective Date 

of Data Source(s) 

| 12/14/2025 

12/14/2025 

12/14/2025 

12/14/2025 

‘Analysis of ior sale 

of ransler history of the subject property and comparable sates 

The subjects 36 and comparables 12 month sales history were 

researched using Realcomp Public Record Database and Datamaster. 

Summary of Sales Compasison Approach. 

See Attached Addendum

Page 9

Precise Home Appraisal Inc.

29-20-6-0924860

Uniform Residential! Appraisal Report

Fie Ho. 25-19519-Peninsula

“ADDITIONAL COMMENTS

COST APPROACH TOVALUE (not required by Fannie Mas)

‘Provide adequale information fof the fender/client to replicate the below cost figures and calculations.

Support for the opinion

of sie value {summary

of compatable fand sales

of oiher melfiods for

estimating

ske vale)

~~ The site value was derived based on the extraction

method due to the lack of recent simitar vacant lots that have sold in the comparable market area.

Fd estwaaren

[ JrepropbucTionor

(XJREPLACEMENT COST NEW

OPINION OF SITE VALUE...

150,000

bs} Source

of cost data Appraiser Base

Dueling

1,751 Sa.fr.@$

165.

288,915

4 Quality rating from cost service Avg

Effective date of cost data 12/14/2025

| Bsmt: 1751

Sq.Ft @$

18.

31,518

Iq Coraments on Cost Approach (gross Ring area calculations, depieciation, lc.)

Pch,Dck,patio,F/P.Ca

10,000

i Cost data was obtained from Appraiser Base. See sketch page

Garage/Caiport 504

SphL@$

28....ccci=$

14,112

ba] and area calc addendum for gross living area calculations. The

Total Estimate

Cost-New/

FORTS

344,545

agellife method was used fo calculate physical depreciation. Due

|tess

Physical

| Functional |

External

to the difficulty of accurately measuring accumulated depreciation | Depreciation

$82,690

82,690]

from all sources, the cost approach was considered less retiable

Depreciated Cost of Impiovemens

261,855

than the market approach and no weight was placed on it.

“As-is" Value

of Site improvements .

7.500

Estimated Remaining Economic Life (HUD and VA only)

57 Years | INDICATED VALUE BY COST APPROACH

419,400

INCOME APPROACH TO VALUE (not required

by Fannie Mae).

$=] Estimated Monkhy Market Rent §

X Gross Rend MuNipfer

0 _ Indicated Value by Income Approach

$8] Summary of tncome Approach (inchiding support for market rent and GRK)

Page 10

Precise Home Appraisal Inc.

29-20-6-0924860

Uniform Residential Appraisal Report

Fie No. 25-19519-Peninsula

This report form is designed to report an appraisal of a ane-unit property or a one-unit property with an accessory unit; including a

unit in a planned unit devetopment (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

{0 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 afferations

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 appraisal report.

INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of

this appraisal for a mortgage finance transaction.

INTENDED USER: The intended user of this appraisal report is the lender/ctient.

DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market

under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is

nof affected by undue stimulus.

Implicit in this definition is the consummation of a sale as of a specified date and the passing of

title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are weli informed

or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for

exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements

comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative

financing or sales concessions* granted by anyone associated with the sale.

*Adjustments to the comparables must be made for special or creative financing or sales concessions.

No adjustments are

necessary for those costs which are normally paid by sellers as a result of tradition of law in a market area; these costs are readily

identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be

made to the comparable property by comparisons to financing terms offered by a third party institutional {ender that is not already

involved in the property or transaction. Any adjustment should not be calculated on a mechanical doltar for dollar cost of the

financing or concession but the doflar amount of any adjustment should approximate the market's reaction to the financing or

concessions based on the appraiser's judgment.

STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the

following assumptions and limiting conditions:

The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title

to it, except for information that he or she became aware of during the research involved in performing this appraisal. The

appraiser assumes that the title is good and marketable and will not render any opinions about the fitte.

The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The

sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size.

The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency {or

other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special

Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this

determination.

The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,

unless specific arrangements to do so have been made beforehand, or as otherwise required by law.

The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of

hazardous wastes, toxic substances, ec.) observed during the inspection of the subject property or that he or she became aware of

during the research involved in performing this appraisal.

Unless otherwise stated in this appraisal report, the appraiser has no

knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property {such as, but not limited to,

needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that

would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or

warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or

testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of

ronmental assessment of the property.

Page 11

Precise Home Appraisal Inc.

29-29-6-0924860

Uniform Residential Appraisal Report

File No. 25-19519-Peninsula

APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:

Ihave, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this

appraisal report,

i performed a complete visual inspection of the interior and exterior areas of the subject property.

| reporied the condition of

the improvements in factual, specific terms.

| identified and reported the physical deficiencies that could affect the livability,

soundness, or structural integrity of the property.

i performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice

that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the

time this appraisal report was prepared.

ideveloped my opinion of the market value of the real property that is the subject of this report based on the sales comparison

approach to value.

1 have adequate comparable market data to develop a reliable sales comparison approach for this appraisal

assignment.

| further certify that { considered the cost and income approaches to value but did not develop them, unless otherwise

indicated in this report.

| researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale

of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property

for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.

| researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the

date of sale of the comparable sale, unless otherwise indicated in this report.

selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.

| have not used comparable sales that were the result of combining a tand sate with the contract purchase price of a home

that has been built or will be buiit on the land.

1 have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject

property and the comparable sales.

10.

| verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in

the sale or financing of the subject property.

11.

| have knowledge and experience in appraising this type of property in this market area.

12.

1 am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing

services, lax assessment records, public land records and other such data sources for the area in which the property is located.

13.

1 obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from

reliable sources that | believe to be true and correct.

14.

| have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject

property, and the proximity of the subject property to adverse influences in the development of my opinion of market value.

| have

noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of

hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property

or that

| became aware of during the research involved in performing this appraisal.

1 have considered these adverse conditions in

my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject

property.

15.

| have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all

statements and information in this appraisal report are true and correct.

18.

| stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are

subject only to the assumptions and limiting conditions in this appraisal report.

17.

| have no present or prospective interest in the property that is the subject of this report, and

| have no present or prospective

personal interest or bias with respect to the participants in the transaction.

| did not base, either partially or completely, my

analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap,

familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or

occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.

18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned

on any agreement or understanding, written or otherwise, that | would report (or present analysis supporting) a predetermined

specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the

attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage foan

application).

Page 12

Precise Home Appraisal inc.

29-29-6-0924860

Uniform Residential Appraisal Report

Fie No. 25-18519-Peninsula

22.

| am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws

and regulations.

Further,

| am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that

pertain to disclosure or distribution by me.

23. The borrower, another lender at the request of the borrower, the mortgagee of its successors and assigns, mortgage insurers,

government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any

mortgage finance transaction that involves any one or more of these parties.

24.

If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms are

defined in applicable federal and/or state laws (excluding audio and video recordings), or a {facsimile transmission of this appraisal

report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a

paper version of this appraisal report were delivered containing my original hand written signature.

25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminat

penalties including, but not limited to, fine or imprisonment or both under the provisions of Titte 18, United States Code, Section

1001, et seq., or similar slate laws.

See Attached Addendum

SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:

1 directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's

analysis, opinions, statements, conclusions, and the appraiser's certification.

1 accept full responsibility for the contents of this appraisal report including, but not fimited to, the appraiser's analysis,

opinions, statements, conclusions, and the appraiser's certification.

The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the

appraisal fim), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.

This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and

promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal

report was prepared.

If this appraisal report was iransmitted as an “electronic record” containing my “electronic signature,” as those terms are

defined in applicable federal andlor state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal

report containing a copy or representation of my signature, the appraisal report shail be as effective, enforceable and valid as if a

paper version of this appraisal report were delivered containing my original hand written signature.

APPRAISER

SUPERVISORY APPRAISER (ONLY IF REQUIRED)

Signature (Bue, d &k

West Bloomfield, Mi 48323

Signature

Name Bruce John Eck

Name

Company Name Precise Home Appraisal Inc.

Company Name

Company Address 6485 Lakeshore St.

Company Address

Telephone Number 800-657-5820

Email Address PreciseH@Comcast

Net

Date of Signature and Report 12/23/2025

Effective Date of Appraisal 12/14/2025

State Certification # 1204007029

or State License #

Telephone Number

Email Address

Date of Signature

State Certification #

or State License #

State

or Other (describe) 5000844

State #

Expiration Date of Certification or License

Page 13

Precise Home Appraisal Inc. 

29-29.6-0924860 

Uniform Residential Appraisal Report 

File No. 25-18519-Peninsuta 

FEATURE 

I 

SUBJECT 

COMPARABLE SALE NO. 4 

COMPARABLE SALE NO. 5 

COMPARABLE SALE NO. 6 

8096 Peninsula 

3351 Reid Rd 

Address Grand Blanc, Mi 48439 

Mundy Twp, Ml 48473 

Proximity to Subject 

2.00 miles NW 

Sate Price 

$ 

379,800 

$ 

350,000 

$ 

$ 

SalePricaGross 

iv Aea 

[$216.96 sq. 

|$ 

162.79 sq.h. 

$ 

sf. 

5 

50.0. 

Data Sources) 

Realcomp#20251008325:D0M 143 

Verification Source(s) 

Assessor Recrods List Agent 

VALUE ADJUSTMENTS 

DESCRIPTION 

DESCRIPTION 

{3 $ Ament 

DESCRIPTION 

{3} $ 

Mumment 

DESCRIPTION 

08 

Sale of Financing 

Armlth 

Cangessions 

Conv,0 

0 

Date of Sale/Time 

511/25;,¢11/25 

[1] 

Location 

NiRes; 

A;Main Rd.;Res 

+5,000 

Leasehold/Fee Simple 

| Fee Simple 

Fee Simple 

Site. 

15931 sf 

1.15 ac 

-2,000 

View 

B;WaterwoodsRes | B;Woods;Res 

[1] 

Design (Style) 

DT1;Ranch 

DT1;Ranch 

Quality of Constiuction 

+ Q4 

Q4 

Actual Age 

18 

30 

+2,000 

Condition 

C4 

C4 

Above Grade 

Teal {Bd | 

Bas 

Total | Bdrms) 

Baths. 

Toa 

[Bams| 

Baths 

Tout 

[gdms| 

Bots. 

Room Count 

513 

21 

513 

3.0 

-1,000 

Gioss Ling Aiea 20 

1,751 sq.it. 

2,150 sq... 

-8,000 

sq.ft. 

sq.ft. 

Basement & Finished 

1751sf1400sfwo | 2130sf200sfwo 

4,800 

Rooms Below Grade 

1rribri.Oba2o 

Orrtbri.Obado 

+3,000 

Functional UtiEty 

Average 

Average 

Heating/Coofing 

FwalClAir 

Fwal/C/Air 

Energy Elficient hems __| Thermal Winds 

| Thermal Winds 

GarageiCaipoit 

2ga2dw 

4gaddw 

-6,000 

PocciyPatiolDeck 

Porch, Patio, Deck { Porch/Patio 

+2,000 

Amenities 

FiP 

FIP 

Foundation Type 

[Walkout Basm. _| Walkout Basm. 

BA tet Adustment (Total 

J. 

5 

200] 

(J. 

{3 

Is 

0. 

CI 

Is 

IES Adjusted Sale Price 

Neth. 

0.1% 

NetAd. 

0.0% 

NetAg. 

0.0% 

164 of Comparables 

GossAd. 

9.7%]s 

349,800 |Gossag, 

0.0% 

GiossAd._0.0%1s 

& 

TEM 

SUBJECT 

COMPARABLE SALE NO. 4 

COMPARABLE SALE NO. 5 

COMPARABLE SALE NO. § 

Fa] Date of Prior SatefTranster 

10/09/2026 

IE Price of Prior SalefTransfer 

$200,000 

E Data Source(s) 

Datamaster 

CoreLogic 

3 Effective Date of Data Source(s) 

| 12/14/2025 

12/14/2025 

0) ‘Summary of Sales Comparison 

Approach Adjustments made lo comparable #4 are in line with adjustments made to comparables #1-3. 

3

Page 14

Precise Home Appraisal Inc.

29-29-6-0924860

Uniform Appraisal Dataset Definitions

Fie No. 25-19519-Peninsula

Condition Ratings and Definitions

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 fo

physical depreciation.”

“Note: Newly constructed improvements that fealure 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 rehabillated/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 {Le., newly constructed dwellings that have been vacant for an extended

period of time vithout adequate maintenance or upkeep).

Theimprovements feature no deferred maintenance, filtie or no physical depreciation, and require no repairs. Vitualty a% building components are new of have been recently

repaired, refinished, of rehabilitated. Afl outdated components and finishes have been updated andlor replaced with components thal meet current standards. Dwellings in this category

either are almost new of have been recently completely renovated and are similar in condition to new construction.

“Note: The Improvements represent a relatively new properly that is well maintained vith no deferred maintenance and tle or no physical depreciation, or an older property that has

been recently completely renovated.

Thelimprovements are well maintained and feature limited physical depreciation due 10 normal wear and tear. Some compenents, but aot every major building component, may

be updated or recently rehabilitated. The sbuctwre has been well maintained.

“Note: The improvement is in its first-cycle of replacing short-lived building components (appliances, Noor 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-fived. building components have been replaced but not to the level of a complete renovation.

€4

The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires

‘onty minimal repairs to building componentsimechanical systems and cosmetic repass. 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 of 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.

The improvements feature obvious deferred maintenance and are in need of some significant repairs. ‘Some building components need repairs, rehabilitation, or updating. The

functional utiity 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 viich many of its short-lived building components are

at the end of or have exceeded their physical file expectancy but femain functional.

The improvements have substantial damage or deferred maintenance

wilh deficiencies or defects that are severe enough to affect the safety, soundness, of 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 of property. damage. It reflects a property with conditions severe enough to affect

the safety, soundness, or stactural integeity of ihe improvements.

Quality Ratings and Definitions

Dwellings with this quality raling are usually unique structuses that ace individualty designed by an architect for a specified user. Such residences typically are constructed from

detailed architecturat plans and specifications and feature an exceptionally high levet of viorkmanship 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, materiats, and

finishes throughout the dwetling ase of exceptionally high quality.

Dwellings with this qualily rating are often custom designed for constuction on an Individuat property owner's site. However, dwellings in this quality grade are alse found in

high-quality tract developments featuring residences constructed from individuat plans of from highly modified or upgraded plans. The design features detailed, high-quality exterior

oinamentation, high-quality interior Tefinements, and detail, The workmanship, matevials, and finishes throughout the dwelling are generally of high of very high quafity.

Dwellings with this quality rating are residences of higher quality built trom individual of readily available designer plans in above-standard residential tract developments of on

an individual property owner's site. The design includes significant exterior ornamentation and interiors that are veelt finished. The workmanship exceeds acceptable standards and

many materials and finishes titoughout the dwelling ave been upgeaded from “stock” standards.

Dwellings with this quality rating meet of 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.

Dwellings with this quality taling feature economy of construction and basic functionafity as main considerations, Stich dwellings feature a plain design using readily available of

basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation ang limited interior detail. These dwellings meet minimum building codes and are

constructed with inexpensive, stock materials with limited refinements and upgrades.

Oweliings with this quality rating are of basic quality and lower cost: some may not be suitable for year-sound occupancy. Such dwellings are often but wilh simple plans or

without plans, oflen utilizing the lowest quality building materials. Such dviellings are often built or expanded by persons who are professionally unskilled or possess only minima

construction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or non-existent. Qider dwellings may fealure one or more substandard or

non-conforming additions to the original struclure.

Definitions of Not Updated, Updated, and Remodeled

Not Updated

Little or no updating

or modernization. This descriptionincludes, but is not limited to, new homes.

Residential propesties of fifteen years of age or less often reflect an original condition with no updating, if no major components have been replaced of updated. Those over fifteen

years of age are also considered not updated if the appliances, fixtures, and finishes are predominanlly dated. An area that is ‘Not Updated’ may still be well maintained and fully

functional, and this rating does not necessarily imply deferred maintenance of physical Irunctional deterioration.

Page 15

Precise Home Appraisal Inc. 

Uniform Appraisal Dataset Definitions 

29-29-6-0924860 

Fie No. 25-19519-Peninsula 

Abbreviations Used in Data Standardization Text 

Abbrev. 

Full Name 

Appropriate Fields 

Abbrev. 

Full Name 

Appropriate Fields 

ac 

Acres 

Area, Site 

in 

Interior Only Stalks 

Basement & Finished Rooms Below Grade 

AdiPrk 

Adjacent to Park 

Location 

Lngfl 

Landfill 

Location 

AgiPer 

Adjacent te Power Lines 

Location 

LtdSght 

Limited Sight 

View 

A 

Adverse 

Location & View 

Listing 

Listing 

Sale or Financing Concessions 

Amlth 

Ams Length Sate 

Sale or Financing Concessions 

MR 

Mid-Rise Structure 

Desiga(Style) 

AT 

Attached Structure 

Design{Style) 

Min 

Mountain View 

View 

ba 

Bathroom(s) 

Basement & Finished Rooms Below Grade | N 

Neutral 

Location & View 

br 

Bedroom 

Basement & Finished Rooms Below Grade | NonArm 

Non-Asms Length Sale 

Sate of Financing Concessions. 

8 

Beneficial 

Location & View 

op 

Open 

Garage/Carport 

BsyRd 

Busy Road 

Location 

0 

Other 

Basement & Finished Rooms Below Grade 

op 

Carport 

Garage/Carport 

o 

Othey 

Design(Style) 

Cash 

Cash 

Sale or Financing Concessions 

Prk 

Park View 

View 

CtySky 

City View Skyline View 

View 

Pstrl 

Pastoral View 

View 

CtyStr 

City Street View 

View 

Purln 

Power Lines 

View 

Comm 

Commercial Influence: 

Location 

PubTm 

Public Transportation 

Location 

[4 

Contracted Date 

Date of Sale/Time 

[4 

Recreational {Rec) Room 

Basement & Finished Rooms Below Grade 

Cony 

Conventional 

Sale or Financing Concesslons 

Relo 

Relocation Sale 

Sale or Financing Concessions 

o 

Covered 

Garage/Carport 

REQ 

REQ Sale 

Sale or Financing Concessions. 

CrtOrd 

Court Ordesed Sale 

Sale or Financing Concessions 

Res 

Residential 

Location & View 

DOM 

Days On Market 

Data Sources 

RY 

Row or Townhouse 

Desiga(Style) 

or 

Detached Structure 

Design(Style) 

RH 

Rural Housing - USDA 

Sale or Financing Concessions 

dw 

Driveway 

Garage/Carport 

So 

Semi-detached Structure 

Design(Style) 

Estale 

Estate Sale 

Sale of Financing Concessions 

5 

Settlement Date 

Date of SalefTime 

e 

Expiration Date 

Date of Sale/Time 

Short 

Short Sale 

Sale or Financing Concessions. 

FHA 

Federal Housing Authority 

Sale or Financing Concessions 

sf 

Square Feet 

Hea, 

Basement 

9 

Garage 

GaragelCarport 

sqm 

Square Meters 

Area, Site, Basement 

ga 

Garage - Altached 

Garage/Carport 

Unk 

Unksovm 

Dale of Sale/Time 

ghi 

Garage - Built-in 

Garage/Carport 

VA 

Veterans Administration 

Sate of Financing Concessions 

gd 

Garage - Detached 

Garage/Carpoit 

wo 

Walk Out Basement 

Basement & Finished Rooms Below Grade 

GR 

Garden Stricture 

Design(Styte) 

vu 

Walk Up Basement 

Basement & Finished Rooms Below Grade 

GilCse 

Goif Course 

Location 

WuFr 

Water Frontage 

Location 

Gif 

Golf Course View 

View 

Wr 

Water View 

View 

HR 

High Rise Structure 

Design{Style} 

w 

Withdrawn Date 

Date of SatefTime 

Ing 

Industrial 

Location & View 

Woods 

Woods View 

Views 

Other Appraiser-Defined Abbreviations 

Abbrev. 

Full Name 

Appropriate Fields 

Abbrev. 

Fuit Name 

Appropriate Fields

Page 16

ADDENDUM

Borrower: Craig A. Keller

File No.: 25-19519-Peninsula

Property Address: 8096 Peninsula

Case No.: 29-29-6-0924860

City: Grand Blanc

State:

Zip: 48439

Lender: First State Bank/VA

Extent of the Appraisal Process

Please note that appraiser is acting as an appraiser and is not a licensed builder, architect, structural engineer or home

inspector.

The subject property was inspected and photographed on the date indicated. The comparable sales were also inspected

from the road and photographed. Due to people in front of some comparables at the time of their drive by, it was necessary

to use some photos that were taken during two similar assignments in the same neighborhood within the last year.

No personal property was included in this valuation.

Contract Data Source

Genesee Cty data

Neighborhood Description

The subject is located in the municipality of Grand Blanc. The subjects competitive market area is built up with a wide

variety of home styles of various ages and designs. Large lot sizes are common, as well as common lot sizes. No negative

factors were observed in this neighborhood that would adversely affect reasonable marketability. These amenities are

present in the subjects competitive market area: Well water, city water, septic, city sewer, public electricity, natural gas,

propane gas or fuel oil, phone, garbage pick-up, and employment centers and shopping facilities within reasonable

distance.

Neighborhood Market Conditions

Sales are slow in the winter while they pick up in the spring and summer as part of a typical seasonal trend in the region.

The most similar recent arms length sales are the most reliable indicators of market value. Average marketing time of less

than 180 days was extracted from recent sales from within the subjects comparable market area. The majority of sales in

the subject community are financed with conventional terms, VA, FHA, USDA or cash. Seller concessions are stable in this

market area and consist of seller paid closing costs.

Adjustments reflect changes in the median sale price per month extracted from the common market. Date of sale search

was to include sales up to 12 months. The common market search included all non-lakefront homes within a 5 mile radius,

on 0-5 acres, built between 1990-2021, and between 1,300-2,500 square feet. The property value trend is stable.

Mortgage interest rates were held at all time lows until 2022 when they started to increase. In early 2023 mortgage interest

rates were raised with the largest rate increases in decades. The rate increases were due to rising inflation levels, which

were also the highest in decades. Inflation were decreasing and the FED lowered the rate by 1/2 point 09/18/2024 for the

first time in many years. The FED had again lowered the rate by 1/4 point on 11/07/2024 and another 1/4 point on

12/18/2024. Despite the FED rate being lowered, mortgage interest rates remained unaffected. The FED has kept the rates

the same during its meeting on 01/29/2025, 03/19/2025, 05/07/2025 and 06/18/2025. As of 12/14/2025 the mortgage rates

have been dropping.

Site Comments

The improvements are generally in compliance with local zoning restrictions. No investigation was made of set backs and

other possible variances.

The subjects lot is basically flat.

It is typical of lots in the comparable market area in terms of size, topography, view and

appeal.

It provides a suitable setting for the improvements and is consistent with market expectations in this market area.

No readily apparent adverse site conditions or external factors were noted. Standard utility and right-of-way easements are

insignificant to value, however, a current locational or boundary survey, which was unavailable to the appraiser, may reveal

encroachments, easements, zoning violations or other matters of interest that could warrant modification of the appraised

value.

Lot dimensions were provided in an aerial image of the subject and believed to be true.

The subject is not income producing. There was no drilling on the subjects lot. The subjects utilities are typical in the

market area.

The appraiser is not a flood zone expert and was not able to verify flood zone information from a second source.

If there is

concern as to whether or not the subject is located in a flood zone, a topographical survey is recommended.

Additional Features

The subject has typical interior refinements and amenities for the comparable market area.

The subject has updates:

Rear deck

Covered patio

Disposal replaced

Page 17

ADDENDUM

Borrower: Craig A. Keller

File No.: 25-19519-Peninsula

Property Address: 8096 Peninsula

Case No.: 29-29-6-0924860

City: Grand Blanc

State:

Zip: 48439

Lender:

First State Bank/VA

The subject has premium features:

Insulated garage door

Cathedral ceiling at family room

Pan ceiling at primary bedroom

Jacuzzi tub primary bath

Granite counters at kitchen

Fireplace at basement (walkout basement)

90+ efficient furnace and hot water tank

Notes:

All utilities are operable and running satisfactory

Subject has smoke detectors

Note: Snow clad roof and flatwork as of the effective date of this appraisal. This appraiser makes an extraordinary

assumption that these covered areas are in satisfactory condition. If found later that they are less than satisfactory

condition overall market value derived in this appraisal could be affected.

Condition of the Property

Continued from Condition of the Property: then the actual age. The subject improvements are constructed of materials and

finish that are acceptable in this comparable market area.

VA repairs required:

1. Black quartz countertop to be installed before closing as part of purchase.

2. Kitchen cabinet door supposed to be repaired before closing

Once all of the above repairs are completed the subject will meet the minimum VA requirements.

The attic was inspected by way of a head and shoulders inspection with no conditions noted at the time of inspection. The

subject has access/egress from bedrooms to the exterior at the time of inspection. The stairway to the basement has a

hand railing for safety.

The ANSI 2765-2021 measuring standard was used for measuring, calculating, and reporting gross living area and

non-gross living areas of the subject property.

Comments on Sales Comparison

The appraisers comparable search included all sold homes in the last year, pending sales and active listed homes within 5

miles between 0-5 acres between 1,300-2,500 square feet was completed through Realcomp Mis system. From this search

results, the most similar sales were used that share and bracket the subjects characteristics as closely as possible.

A CMA

report has been provided within this report. The other sales in the CMA Report were considered for this appraisal, but were

not used due to the larger differences, a lack of similarities that the comparables used do have, and/or older sale dates,

however further support the final opinion of value overall. The adjustments in sales grid and below for differences between

the subject and the comparables was extracted from subjects market using regressive analysis.

There is no market reaction to their differences between the subject and comparable locations on either side of the main

roads noted in the attached location map. There also is no market reaction for differences in room count, and bedroom

count.

Differences in lot size were adjusted $2,000 per acre and there was no market reaction for lot sizes below an acre in size.

Bathroom count differences were adjusted at $2,000 a full bath and $1,000 a half bath.

Differences in gross living area were adjusted at a rate of $20 a square foot. The market has no reaction to differences less

than 200 square feet in this comparable market area.

Finished basement differences were adjusted at $4 a finished square foot. The market reflects no reaction to differences

smaller than 200 finished square feet. Differences in finished room count below grade was adjusted at $1,000 per room.

Garage size differences were adjusted at $3,000 per car.

Page 18

ADDENDUM

Borrower: Craig

A. Keller

File No.: 25-19519-Peninsula

Property Address: 8096 Peninsula

Case No.: 29-29-6-0924860

City: Grand Blanc

State: MI

Zip: 48439

Lender:

First State Bank/VA

The market value derived in this appraisal was slightly higher than the sale value for the subject.

Sale# 1 was similar to the subject in design and size. There were adjustments required for differences between this sale

and the subject which were differences in age, condition, basement differences, garage size, differences in amenities, and

differences in foundation type. Sale#2 was similar to the subject in design, age, and size. There were adjustments required

for differences between this sale and the subject which were differences in location, lot size, condition, bath count,

basement differences, garage size, and differences in foundation type. Sale# 3 was similar to the subject in design. There

were adjustments required for differences between this sale and the subject which were differences in location, lot size, age,

condition, bath count, size, basement differences, garage size,and differences in foundation type. Sale#4 was similar to the

subject in design. There were adjustments required for differences between this sale and the subject which were differences

in location, lot size, age, bath count, lot size, basement differences, garage size, and differences in amenities. Most weight

was given to sale#1 since it was very similar in appeal and size to the subject. It also had the support of the sales approach

and had further support of the adjusted and unadjusted sales used in this report.

The most similar recent sales were used within the closest proximity to the subject property, that share and bracket the

subjects characteristics as closely as possible.

| used "grouped data analysis" as method to determine adjustments.

A narrative on this method can be found in "The

Appraisal of Real Estate, 14th Edition", starting on page 398" Furthermore, paired sales analysis was used for some

adjustments.

Final Reconciliation

Homes in this neighborhood are typically purchased for use and not income. Thus, the income approach lacks rationale.

The income approach was considered neither applicable (to a single family residence not used as a rental) nor necessary. It

was not developed.

Due to the difficulty of accurately measuring accumulated depreciation from all sources, the cost approach was considered

less reliable than the market approach and no weight was placed on it.

All four comparable sales were given consideration and all are good indicators of value for the subject property. Sale# 1

was similar to the subject in design and size. There were adjustments required for differences between this sale and the

subject which were differences in age, condition, basement differences, garage size, differences in amenities, and