Appraisal 7864 W River Edge Dr (Pages 1-8).pdf
Marion J Bloye Living Trust, Petitioner V Township Of Elk, Respondent · 25-003815-TT
Text extracted from the reviewed PDF, organized by page. OCR and reading order may contain errors; confirm details in the PDF below.
Page 1
Certified Residential Appraiser 318 W Parkdale Ave Manistee, MI 49660 231-723-9224 License# 1204002947 10/17/2025 Peter Bloye Peter Bloye 4474 Merrick St. Dearborn Heights, MI 48125 Re: Property: 7864 W River Edge Dr Irons, MI 49644 Borrower: Peter Bloye File No.: 250941 Opinion of Value: $ 228,000 Effective Date: 12-31-2024 effective date, 9-30-2025 insp date In accordance with your request, we have appraised the above referenced property. The report of that appraisal is attached. The purpose of the appraisal is to develop an opinion of market value for the property described in this appraisal report, as improved, in unencumbered fee simple title of ownership. This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood and city, and an economic analysis of the market for properties such as the subject. The appraisal was developed and the report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice. The opinion of value reported above is as of the stated effective date and is contingent upon the certification and limiting conditions attached. It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additional service to you. Sincerely, Bill Ringel Certified Residential Appraiser License or Certification #: 1204002947 State: MI Expires: 07/31/2026 bringel@manistee.net
Page 2
7864 W River Edge Dr Irons, MI 49644 See Attached Tax Description Peter Bloye 4474 Merrick St. Dearborn Heights, MI 48125 228,000 12-31-2024 effective date, 9-30-2025 insp date Bill Ringel Certified Residential Appraiser 318 W Parkdale Ave Manistee, MI 49660 231-723-9224 bringel@manistee.net License# 1204002947
Page 3
Bloye 250941 RESTRICTED APPRAISAL REPORT 7864 W River Edge Dr Irons MI 49644 Lake See Attached Tax Description 04-023-020-00 2024 7,080 unknown Peter Bloye Manon J Bloye Living Trust 1 Elk Township 26-085 9601.00 This is a Historical Appraisal having an effective date of 12-30-2024 for Potential Real Estate Taxable Value Appeal. Peter Bloye 4474 Merrick St., Dearborn Heights, MI 48125 Bill Ringel 318 W Parkdale Ave, Manistee, MI 49660 7864 W River Edge Dr Irons, MI 49644 NA Family,MLS24043324 walk through na na 12-30-2024 Fee Simple Little Manistee Rvr 1.70 ac River, med bank Ranch/Cottage Avg 54 (1970+/-) avg 6 2 2.0 1,578 0 0 average/fair (3)space,wall,FA FP 2 car garage breezeway,deck none none 8720 W River Rd Irons, MI 49644 0.99 miles NW 234,900 293.63 MLS# 24056504, 2 dom MLS Sold Listing/Realtor Cash none noted 10/24 Fee Simple Little Manistee Rvr 150 x 99 irr. +10,000 River, med bank cottage avg/superior -15,000 84 avg/remodeled -25,000 5 2 1.5 +5,000 800 +31,120 0 average -2,500 space & electric -2,500 none +2,000 1+ car garage +5,000 3 season, pch,deck -5,000 none none 3,120 238,020 9463 E Pomeroy Springs Rd Irons, MI 49644 5.21 miles NW 285,000 356.25 MLS# 24062084, 3 dom MLS Sold Listing/Realtor Cash 1000 seller concess -1,000 12/24 Fee Simple Little Manistee Rvr 224 x 362 irr (3.74 ac) -30,000 River, med bank Cottage avg+ -5,000 55 avg/remodeled -25,000 6 2 2.0 800 +31,120 800 -7,200 Rec,BR,Bath -10,000 average -2,500 Elec -2,500 fp 2 car carport,deck -5,000 none none -57,080 227,920 11588 N White Pine Dr Manistee, MI 49660 7.68 miles NW 180,000 142.86 Flex MLS# 23144241, 4 dom MLS Sold Listing/Realtor conventional none noted 1-24 Fee Simple Little Manistee Rvr 1.12 acres+/- +5,000 River, high bank +20,000 chalet avg 34 +/- avg (superior) -10,000 -1,000 6 3 1.5 +5,000 1,260 +12,720 300sf -2,700 0 average -2,500 GFWA -7,500 none +2,000 no garage +15,000 deck +1,000 none none 37,020 217,020 The purpose of this appraisal is to provide an opinion of market value for potential sale between family members. Upon consideration of the values indicated in the sales comparison analysis with a range of $217,020 to $238,020 it was determined that the subject has an effective date market value of $228,000. A sale price for the subject could be anywhere within the value range, with the most probable price being the appraised value. Each of the sales are given a combined site/view/location adjustment to reflect their contributory site value differences. All 5 sales used in this report are located on the Little Manistee River. Each of the sales are given a quality and condition adjustment based on the amount of updating/remodeling (or lack thereof) and quality of materials used. Sales 1 & 2 have superior amount remodeling and superior quality and given negative adjustments. The sales included in this report are the best representation of the subject's market as of the effective date. See Attached Addenda. SUBJECT ASSIGN ENT SALES CO PARISON APPROACH
Page 4
Bloye 250941 RESTRICTED APPRAISAL REPORT Flex MLS 9-2024 227,000 Flex MLS 6-2023 210,000 Flex MLS Flex MLS indicates the subject property has had 2 transfers within the previous 3 years. 9-2024 @ $227,000, cash, no seller concessions. 6-2023 @ $210,000, seller financing, no seller concessions. The county card indicates the subject had a transfer on 9-2024 with sale price of $225,000. There appears to be a stable amount of overall inventory at this time. Property values appear to be stable at this time although some price reductions are being noted. Marketing times range from 0-6 months when priced accordingly. 1.70 ac River, med bank level, sloping at river appears adequate, but unk no zoning none The subject is located in an area that is used predominately a residential area Residential Residential Residential The appraiser was not provided with any surveys, title commitments, DEQ, wetlands determination etc. to analyze. Zoning description, flood data and map addenda are provided by a 3rd party and therefore the appraiser makes no warranties as to the accuracy of these items. See Attached Addenda Physical depreciation is based upon the age/life method with the appraiser estimating the effective age of the subject based upon the physical age and condition of the improvements. The appraiser did note some deferred maintenance, older windows, some older fixtures etc. which is reflected in the sales comparison approach. See Attached Addenda 228,000 na na The sales comparison approach is typically recognized as the most accurate indicator of residential value. Due to the high amount of estimated depreciation in the cost approach it was felt unreliable and not further developed. Due to a lack of available Long Term rental sales data for the area the income approach can not be further developed accurately and therefore would be misleading. See Attached Addenda 228,000 12-31-2024 effective date, 9-30-2025 insp date 32 Peter Bloye Peter Bloye petergbloye@yahoo.com 4474 Merrick St., Dearborn Heights, MI 48125 Bill Ringel Certified Residential Appraiser 231-723-9224 231-723-6235 bringel@manistee.net 10/17/2025 1204002947 MI Certified Residential Appraiser 07/31/2026 9-30-2025 TRANSFER HISTORY ARKET / SITE / I PROVE ENTS RECONCILIATION ATTACH ENTS SIGNATURES
Page 5
Bloye 250941 7864 W River Edge Dr Irons, MI 49644 NA Family,MLS24043324 walk through na na 12-30-2024 Fee Simple Little Manistee Rvr 1.70 ac River, med bank Ranch/Cottage Avg 54 (1970+/-) avg 6 2 2.0 1,578 0 0 average/fair (3)space,wall,FA FP 2 car garage breezeway,deck none none 8182 W River Rd Irons, MI 49644 0.34 miles W 229,900 270.47 MLS# 24033237, 10 dom MLS Sold Listing/Realtor Cash none noted 07/24 Fee Simple Little Manistee Rvr 141 x irr. +5,000 River,low bank -10,000 A-frame cottage avg(superior) -5,000 62 avg/remodeled -25,000 4 2 1.0 +10,000 850 +29,120 0 average -2,500 none +2,500 none +2,000 2 car garage deck +1,000 none none 7,120 237,020 4875 Skocelas Rd S Manistee, MI 49660 8.22 miles NW 359,900 333.24 MLS# 24052578, 23 dom MLS Sold Listing/Realtor Cash 1500 seller concess -1,500 10/24 Fee Simple Little Manistee Rvr 5.72 ac (incl divisions) -120,000 River, med bank Ranch/Cottage Log/superior -15,000 86 avg/superior -10,000 5 3 1.0 +10,000 1,080 +19,920 400 -3,600 Rec -4,000 average -2,500 GFWA -7,500 FP 2 car garage 3 season,shed -5,000 none none -139,180 220,720 Garage adjustments, if any, are based on the overall garage size, wall height, number of doors/stalls, type of floor, finish, lofts if any, etc. Basement finish adjustments are based on the overall condition, quality, amount of finish, type of rooms finished, etc. Condition and quality adjustments vary from sale to sale based on the amount of updating, lack of updating, and quality materials used. Additional sale provided in the sales comparison approach are included to help bracket the subject's amenities and as additional support. SALES CO PARISON APPROACH
Page 6
Bloye 250941 Assumptions & Limiting Conditions 7864 W River Edge Dr Irons MI 49644 Peter Bloye 4474 Merrick St., Dearborn Heights, MI 48125 Bill Ringel 318 W Parkdale Ave, Manistee, MI 49660
Page 7
Bloye 250941 Definitions & Scope of Work 7864 W River Edge Dr Irons MI 49644 Peter Bloye 4474 Merrick St., Dearborn Heights, MI 48125 Bill Ringel 318 W Parkdale Ave, Manistee, MI 49660
Page 8
Bloye 250941 Certifications 7864 W River Edge Dr Irons MI 49644 Peter Bloye 4474 Merrick St., Dearborn Heights, MI 48125 Bill Ringel 318 W Parkdale Ave, Manistee, MI 49660 Peter Bloye Peter Bloye petergbloye@yahoo.com 4474 Merrick St., Dearborn Heights, MI 48125 Bill Ringel Certified Residential Appraiser 231-723-9224 231-723-6235 bringel@manistee.net 10/17/2025 1204002947 MI Certified Residential Appraiser 07/31/2026 9-30-2025 SIGNATURES