25-003147.pdf
Taylor Cole, Brandon Cole, Petitioners V City Of Ann Arbor, Respondent · 25-003147-TT
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Page 1
Evidence Cole vs. Gly of Ann Arba APPRAISAL OF REAL PROPER “IY 7 RECEIVED 0CT 06 2026 LOCATED AT 2203 Melrose Ave Ann Arbor, MIds104 MICHIGAN TAX TRIBUNAI Lot 16, Assessor's Plat #37 FOR Lake Michigan Credit Union 4027 Lake Drive Grand Rapids, MI 49501 OPINION OF VALUE 1,100,000 AS OF 05/01/2024
Page 2
Huron Valley Appraisal Company
Uniform Residential Appraisal Report
For
21928
The pupose of
tis sunmay apidsd
tet
Is
to
pods
Do
lendejcienl
wih
an
actuals, a3
adequiidy Sippoded, opin
of te
make
vale
of the subject properly.
Properly Address
2203 Melrose Ave
®
Ann Arbor
hs
Sue
ay
IeCofe
4gro4
Beno
Brandon 8. & Taylor C. Cole
emer
of Ato Record
Rudolf & Kathryn Hentschel
Conly
Washtenaw
LegdDescripion
1 ot 16, Assessor's Plat #37
Assessors Pace #
09-09-34-215-005
TaYew
3023
RETas$
13.529
JU tetorhood Hame
Ann Arbor Hills
MepRefuence
11460
CepsusTrat
453,00
Occupant
[] Owner |] Teoant [Q) Vaeart
Speclat Assessments §
0
T1me
HAS
¢
[lpeyes
[J pero
ed Proparty
Rights Appraised
xX Fen Simple:
[nm] Leasehold
i] Other {descritr)
Assgament Type
1 Purchase Transaction
[J Refsnes Transaction
7) Och (describe)
Loa
lendsCie
1 ake Michigan Credit Union
Adress
4027 Lake Drive, Grand Rapids,
MI 49501
1s the subject geeperty cumenty offered for S34 of has it been offered for sais In the twelve months prior fo the effective data of Bis appraisal?
X Yes
[ll] Ho
Report data source(s) used, tllerind price(s), and dates).
DOM 4;51,050,000, 04/13/2024; AAMLS #54024017545
TDK) Gd] Sd notanayes i contast for sd or Be sob
pach
hansacton. DXplin i esis ofthe nls of he consact of Sele of why the analysis was rat
pelomss.
Arms length sate; There were no unusual items noted within the subject's sales contract. The language and conditions of the contract are
typical for the market area.
Fl CovactPice $1 100,000
Diso( Cobalt
0471772024
15 thepiopely ses Te nes of puke sect?
J
1s theve any financial assistance Goan charges, 523 concessions, Gt of downpayment assistance, ec.) 10 be pd by any party on beh
of the boron?
I Yes, teport ths lola GoBar arnvunt and describe the Reems 10 be pad.
Dves
[Ho
DiaSoscely
Assessment
[lve
Xt
Location
Rud
Property Values
Dectining
Buit-Up
Over 16%
25-75%
Under 25%
Demand Supply
‘Shoctage
[ml] InBace
|}
Over Supply
$(000)
bs)
2-4 Unt
19 %
[foomn
TJ Rust
DX) bute
Sow
Marketing Time
Unde Sms
] 36mbs
| | OverBis
400
tw
[Mmhmy
5%
fg Heorood Bundaes
The Huron River borders the area to the north, Huron Parkway to the cast,
3,500
Ha
pgp
|Commedd
%
Jed Washtenaw Avenue to the west and to the south.
80
Pel.
5g
OM
vs
Je eiarturtond Descripton
See Attached Addendum
Warhat Condtons (chiding suppor forthe above concusions)
See attached addenda,
Dimensens
100x220x98.98x210
Mes
21390 sf
Sigs
Rectangular
Viet
NiRes;
Specific Zoning Gassifcaton
RIA
Zong Desciphn
Single Family Residential
Toning Compares
DQ) Legs
|] Lega Hooconfoming (Grandlatered Use)
[J HoZonng
{] Hegel (descre)
Ts the highest and best se of subject property as improved (of as proposed pet (ans and speicatins) the present vse?
PVs
[JH
flodesu®
Highest and
best use for the subject is its current use as a single family dwelling,
Usies
Puke
Oa (desclde)
Buble
Oohr{deserbe)
Oft-s Inprotanents- Type
Pubic
Piva
eey
D4
[1]
Mt
[i]
Sit
Asphalt
®
0
Seria Ser
[]
Me
None
[mi]
[m]
TEVA Special Hood Hazard rea
TVs
DAM
FMARwdZms
x
FEHANDZ
26161C0264E
TOR 008:
04/03/2012
(Wa ie uites an of-ste Frpxarements typical fo The market rea
DG Ves
[Mo lilo, desceis
Avs thre any adverse site
of extemal fasturs.
i
condons,
land uses, elo)?
[Yes
BK Ho
If¥es, descr
Standard utility and road casements are assumed to exist; however, they should not have an impact on the value of the subject property. No adverse
conditions are apparent or known to exist.
is
(4) One [] Ooewih Accessor
[1] Contos
[1] Crawl Speco
Feundaton Wass
ConcreteBlock/a,
[Focts
Wood/Average
# of stodes
2
DQ RdBasemen
[7] PatdlBasemnt
{bles Wks
Alum Stone/Average
[45
Plaster/Average
Tre
DG 0e [Jan
[]SDefndtit
fBisemint hres
1,420 sat jRocf Stace
Asphalt She/Good
[Weis
weod/Average
DQ Bisig
[] Proposed
[| Under Coot.
[Basement Bish
0% |oawsaDomngots
Aluminum/Aversge
[Bamfo
Tile/Average
Deon (St)
Colonial
[7] Outside
Enty Bt
[sompbarp
[Minion Tips
DbLHung/Average
_
[BMWasselt
Tile/Average
Year S08
1941
Evidence of
[ml] infestaion
[Storm Sashvinsutated
Stormy/Average
Car Stoeage
[2
Hlebehge (rs)
40
[7] barpaiss
[| Seemert
Screens
Screens/Average
JQ Dives
#olCas
2
3
[Tee
Weng
[9 MWA
JL | ¥en
|i | Fada
[Amenities
T) Woolstorels) #
|
Deteway Suface
Concrete
J sep Star
[7 sus
[1] one
[Fd
Gas
5 Fegizcels] #7
5
[] Fee
Nome
Guage
# ol Cas
2
1] Poor
Sate
Cocing
[4] Cental
Air Conditoning
[] PetoBek
Nome
Pach
Front
[Cl Camo
#otcas
0
[[] Fished
Heded
[7 vides
[CT ome
[1 Pt
_None
Oa
pacPorch [DAM
(Jot
[Jee
Apghances
[i] Refrigerator
[= Ranga/Oven
x Dishwasher
XX Disposd
[i] Hecrowave
[i] Washes Deyer
1] Other (describe)
Fiishid ared shove grade contains:
§
Rooms
3
Bedrooms
3.1
Bais)
2,913
Savers Feat of Gioss Living Alea Above GradoPage 3
Uniform Residential Appraisal Report
Fes
21928
Thee ae
0
compu
popes caienly ofed fx sl
hn
Be sibel neghowhosd
raging
pies
fom
§
[XH
Thee ae
13
carpudle
sts
0
Be Sb negboood win
the
pisi thee
moons
raging
in
sd
poe
fam
$3
905,000
05
1.420,000
FEATURE
|
SUBJECT
COMPARABLE SALE # 1
COMPARABLE SALE # 2
COMPARABLE SALE
# 3
Ades
2203 Melrose Ave
519 Onondaga St
2110 Tuomy Rd
1619 Granger Ave
Ann Arbor, ME48104
Aun Arbor, M1 48104
Ann Arbor, MI 48104
Aun Arbor, MI 48104
-
0.14 miles W
miles W
5
1,100,000
[
oF
ewenf T
377.62 Ht
1%
36631
ut
394.06
AAMLS #54024008702:D0M 43
|AAMLS #543297792,DOM 21
|AAMLS #543203415;DOM 7
ds
Assessment Records
Assessment Records
+{)§ Adjustment
DESCRIPTION
+{)$ Apstment
OESCREPTION
+(}§ Adpstment
ArmLih
ArmLth
Cashi;0
Conv;15000
1504124:¢0324
$10/23;¢10123
+10,000/505/23;¢05/23
+20,000
Loczton
NiRes;
NiRes;
N:iRes;
N;Res;
Lessehaid Tee Simyi
Fee Simple
Fee Simple
Fee Simple
Fee Simple
se
21390 sf
9757 sf
+20,000]26136 st
-10,000/6534 sf
+25,000
View
NiRes:
N;Res;
NiRes:
NiRes;
Design (2)
DT2;Colonial
__{DT2;Colonial
DT2;Coloniat
DT2;Colonisl
Quilty
of Gonstncion
Q3
03
03
03
Ackil Age
83
84
0/83
102
[]
Constcn
C4
C2
-200000]C3
-50,000,C4
Hor Grade
Tot | Bams.
| Bats | Tot | 8ams. | Bats
-10,000] Ta [ pams | pane
10,000] Teal | pms
| Bate
Room Court
gf
4131]
9]
5s
30
+5000
10§
5
3.1
of
10]
4
[3.0
45,000
Gross Living Kez
2913
At
2912
st
0
2,718
Wf
+39,000]
2,728
sR
+37,000
Basement & Finished
142050sfin
367s00sfin
+10,000 1448s f0sfin
0]864s{0sfin
+5,000
Rooms Below Grade
Funcona ity
Average
Average
Average
Average
Heng Goclrg
FWA ClAir
FWA C/Air
FWA CiAir
FWA C/Air
i Enecy Efe rns
None Noted
None Noted
None Noted
None Noted
° Ea
2¢02dw
2gd2dw
0i2¢d2dw
0[2¢d2dw
[]
§ Ra
Porch/EncPor.
_|Porch/Deck
9 Porch/Patio
ol Poreh/Patio
[]
H
Shared Drive
+20,000
8 Het Aimer Tk)
0+
p-
[8
-ipse00,
[1+
B4-
[8
21000
D+
[:
[8
112,000
Rg
of Comparables
shi
178%
[8
1201,000/60s5 Ad
11.9%
8
976,000[8055A9.
104%
[3
1,187,000
Hy tesearch
[Ja
XX 5d not tered any prior safes a ransless of the subject property fos the thies years prior 10 the effective dete of his appraisal.
Osta Source(s)
Assessment Records
My reseach
[WN] dd
X 4 nok reveal any prior aes of anshers of the comparable sales for the year prior to $e dale
of sae of the comparable sak.
Dia Scascels)
Assessment Records
‘Reporl the fests of hie tessarch and analysis of the prior S26 of Wansfer Mslory of the subject properly 2nd comparatie sales {report addtional prior sales on page 3).
[EZ]
SUBJECT
COMPARABLE SALE #1
COMPARRELE SALE #2
COMPARABLE SALE #3
Dats of Price Saa/Transter
Price of rio Salesian
Data Source(s)
Assessment Records.
Assessment Records.
Assessment Records
Assessment Records.
Effecéve Dale of Dalz Source(s)
05/01/2024
05/01/2024
05/01/2024
05/01/2024
‘Analysts of price Sale or tanster history of fe subject property and comparable sales
‘The subject has not sold within the past three years. There are no other
sales within the past year reported on the comparables used.
Summary of Sales Compaistn Approsch
See attached addenda.Page 4
Uniform Residential Appraisal Report
Hor
21928
“The method for calculating the subject's square footage was based on ANSE 2765-2021 (American National Standards Institute) for measuring,
calculating,
and reporting gross living area (GLA) and non-GLA areas.
Provide adequate infomation fox Bus kenderielient to repBeate the below cost furs and calculations.
Suppod forthe cpion of $3 vas (suman of compara
land ses of oer medods
ft estimating ts vie)
Subject's site value exceeds 30% of its overall
market value, which is due fo the subject's improvements are considered to be an under-improvement for its location due to its current dated condition.
ESTMATED
[| REPRODUCTION OR
1] REPLACEMENT COST NEW
OPINION OF STEVALUE
=5
500,000
fe] Soxcoof costdata
Typical Local Building Cost
DWELLING
2913 “Whe
728,250
Je
Duaity rai from cost servis
Average
Efectve dats of cost daa
2023
Basement
1,420
eh @3
71,000
N Comments cn Cost Appeoach (gross fring area calculabions, depxeciain, B16)
Porches
32,000
FY Cost figures are taken from typical Joca construction cost.
Carzgaarpodt
462 SR @%
46,200
TodbsimteofCostow
=3
877.450
Less
Physica
Functional
Bxtemal
Deprectaton
350,980;
350,980
Depreciated
Costof bngeovements
526,470
‘Asis’ Vas of Stadmpeovements
50,000
Estimated Remaining Econarméc Life (HUD 2nd VA odiy)
0
Years
{INDICATED VALUE BY 0DST APPROACH
1,076,470
=
:
THOME APPROACHTOVATUE
[ool tequiisdby Farvie line)
~~
:
=
=
Estimated Monthly Market Rent §
X Gross
Rent Mutiphet
=
Indcaled Vaue by Income Approach
Summary of come Approach (vcking support
fos market cent and GRM)
WWCOME,
—
PROJECT WFORUATION FOR PUDS ft appieidle).Page 5
Uniform Residential Appraisal Report
Fed
21928
This
report
form
is
designed
to
report
including
a
unit
In
a
planned
unit
devel
manufactured
home
or
a
unt
in
a
condominium
of
cooperative
project.
This
appraisal
report
Is
sublect
to
the
statement
of
assumptions
and
limiting
use,
Inlended
user,
definition
of
market
expand
the
scope
of
work
lo
Include
assignment.
Modifications
or
deletions
to
not
constitute
material
alterations
to
this
continving
education
or
membership
In
SCOPE OF WORK:
feporting
requirements
assumptions
and
limit
inspection
of
the
inter
and
(5)
report
his
or
her
analysis,
opinions,
The
scope
of
work
for
of
this
appraisal
ing
condiions,
and
an
appraisal
of
a
one-unil
property
or
lopment
(PUD).
This
report
form
i is
not
following
scope
of
work,
intended
use,
conditions,
and
certifications.
tions
and
limiting
value,
of
assump!
any
additional
research
or
analysis
the
certifications
for
and
exterior
areas
of
{he
subject
comparable
sales
from
at
least
the
street,
(4)
research,
INTENDED USE:
The
intended
use
of
subject
of
this
appraisal
for
a
morigage
INTENDED USER:
The
DEFINITION OF MARKET VALUE:
The
marke!
usr
ali
conditions
requisite
fo
the
price
is
not
affected
by
undue
stimulus.
Implict
in
this
from
seller
fo
buyer
under
conditions
the
passing
of
title
parties
are
well
informed
or
well
advised,
reasonable
time
fs
allowed
for
exposure
in
of
financial
amangements
comparable
thereto;
and
(5)
the
price
represen!
or
creative
financing
or
sales
concesslons*
granted
unaffected
by
special
*Adjustments
to
the
necessary
for
those
costs
which
are
normally
paid
by
sellers
as
a
intended
user
of
tis
appraisal
are
also
not
a
one-unl
property
with
an
accessory
unit;
designed
fo
report
an
appraisal
of
a
inter nded
user,
Modifications,
additions,
or
conditions
are
not
necessary
based
on
However,
additional
permitted.
appraisal
report,
such
as
those
required
by
an
appraisal
organization,
are
permitted.
definition
of
market
value,
deletions
permitted.
The
appraiser
may
complexity
of
this
appraisal
certifications
that
do
faw
or
those
selaled
to
ihe
appralsers
the
this
appraisal
is
defined
by
the
complexity
of
repont
forty,
including
the
following
definition
of
market
value,
certifications.
The
appraiser
must,
at
a
minimunt
(1)
perform
properly,
(2)
inspect
the
neighborhood,
(3)
verify,
and
analyze
dala
from
reliable
public
this
appralsal
report
Is
for
the
lender/client
to
evaluate
the
property
that
Is
the
finance
transaction.
feport
is
lhe
lender/client.
most
probable
price
which
a
pioperty
a
fair
sae,
the
and
each
acting
the
open
market;
comparables
must
be
made
for
spe
readily
(dentitiable
since
the
seller
pays
made
fo
the
comparable
property
by
adjustments
can
be
lender
that
is
not
already
involved
in
the
properly
or
transacllon.
Any
adjustment
dollar
for
dollar
cost
these
costs
in
of
the
financing
or
concession
but
reaction
fo
the
financing
or
concessions
based
on
the
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS:
subject
fo
the
following
assumptions
1.
The
appraiser
will
not
be
responsible
to
HK
except
for
information
thal
he
of
appraiser
assumes
thal
the
title
2,
The
appraiser
has
provided
a
skelch
The
sketch
is
Inchided
only
to
assist
of
fis
size.
3.
The
appraiser
has
examined
the
available
in
this
appralsal
report
whether
{or
other
data
source: s}
and
has
noled
Identified
Speclal
Flood
Hazard
Area.
Bec:
Implied,
regarding
4.
The
appraiser
will
this
determination.
nol
give
testimony
unless
specific
amangements
to
do
so
5.
The
appraiser
has
and
limiting
condi
for
matters
of
a
she
became
aware
of
during
the
is
good
and
marketable
and
wil
not
render
In
this
appralsal
the
reader
in
ause
the
appraiser
buyer
and
sel
whereby:
(1)
buyer
in
what
he
or
“)
payment
Is
cla
or
creative
comparisons
to
result
of
virtually
all
sales
ler,
ea
made
1s
the
by
anyone
and
conclusions
in
this
appraisal
report.
should
bring
In
ch
and
seller
she
considers
his
or
acting
prudently,
her
in
terms
of
cash
normal
consideration
associated
with
a
competitive
and
open
knowledgeably
and
assuming
definition
is
the
consummation
of
a
sale
as
of
a
specified
dale
and
are
typically
motivated;
(2)
bath
own
best
interest
(3)
a
in
U.
S.
dollars
or
in
terms
for
the
property
sold
the
sala.
this
appraisal
assignment
and
the
inspect
each
of
the
financing
or
sales
concessions.
financ
the
dollar
amount
of
appraiser's
Judgment.
The
appraiser's
tions:
legal
nature
thal
affect
report
to
show
the
visualizing
the
property
flood
maps
hal
are
provided
any
portion
of
the
subject
or
she
makes
Is
not
a
surveyor,
ing
should
not
or
terms
offered
by
any
adjustment
certification
in
t
research
approximats
and
understanding
by
he
either
the
Federal
be
this
the
title.
Emergency
Managemen
Agency
calculated
on
a
mechanical
should
approximate
lhe
market's
dimensions
the
site
or
appear
in
cowt
because
he
of
she
made
an
appraisal
of
as
otherwise
requked
have
been
made
noted
in
this
appraisal
report
any
stances,
etc)
observed
during
the
presence
of
hazardous
wastes,
toxic
sub:
beforehand,
or
adverse
condi ions.
{such
inspection
of
the
subject
as
negded
by
law.
repairs,
tradition
or
law
in
a
market
area;
these
costs
are
transactions.
Special
creative
financing
report
Is
the
property
being
appraised
or
the
title
involved
in
performing
this
appraisal.
The
any
opinions
about
no
the
property
in
question,
property
of
that
he
or
to
the
intended
statement
of
a
complete
visual
and/or
private
sources,
No
adjustments
are
third
party
Institutional
of
the
improvements.
appraiser's
determination
is
located
In
an
guarantees,
express
of
deterioration,
thePage 6
Uniform Residential Appraisal Report
For
21928
APPRAISER'S CERTIFICATION:
The
Appraiser
costifies
and
agrees
that
1.
1
have,
at
a
minimum,
developed
and
reported
this
appraisal
in
accordance
with
the
scope
of
work
requirements
stated
in
this
appraisal
repo.
2.
|
performed
a
complels
visual
inspection
of
the
interior
and
exterlor
areas
of
the
subject
property.
|
repoded
the
condition
of
the
improvements
In
factual,
specific
terms.
|
identified
and
reported
the
physical
deficiencies
that
could
affect
the
fivabiiity,
soundness,
or
structural
Integrity
of
the
propery.
3. |
performed
this
appraisal
In
accordance
wilh
the
requirements
of
the
Uniform
Slandards
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
lime
this
appraisal
repoit
was
prepared.
4.
1
developed
my
opinion
of
lhe
market
value
of
the
real
property
that
is
the
subject
of
thls
report
based
on
the
sales
comparison
approach
to
value.
1
have
adequate
comparable
market
data
lo
develop
a
reliable
sales
comparison
approach
for
this
appraisal
assignment.
|
futher
certify
thal
|
considered
the
cost
and
Income
approaches
to
value
but
did
nol
develop
them,
unless
otherwise
Indicated
in
this
report.
5.
1
researched,
verified,
analyzed,
and
repoed
on
any
cument
agreement
for
sale
for
the
subject
property,
any
offering
for
sale
of
the
sublect
property
in
the
twelve
months
prior
fo
the
effective
date
of
this
appralsal,
and
the
prior
sales
of
the
subject
property
for
a
minimum
of
twee
years
prior
to
the
effective
date
of
this
appraisal,
unless
otherwise
indicated
in
thls
report.
6.
|
researched,
verified,
analyzed,
and
repoted
on
ihe
prior
sales
of
the
comparable
sales
for
a
minimum
of
one
year
prior
to
the
dale
of
sale
of
lhe
comparable
sale,
unless
olherwise
indicated
In
this
report.
7.
|
selected
and
used
comparable
sales
that
are
locafionally,
physically,
and
functionally
the
most
similar
to
the
subject
propery.
8.
|
have
wot
used
comparable
sales
thal
were
the
result
of
combining
a
land
sale
with
the
contract
purchase
price
of
a
home
that
has
been
built
or
wil
be
bull
on
the
land.
9.
|
have
reporied
adjusimenis
to
{he
comparable
sales
that
reflect
the
markel's
reaction
to
the
differences
between
the
subject
popety
and
the
comparable
sales.
40.
|
verified,
from
a
disinterested
source,
alt
information
in
this
report
hat
was
provided
by
patties
who
have
a
financial
Interest
in
the
sale
or
financing
of
the
subject
propeity.
11.
|
have
knowledge
and
experience
In
appraising
this
type
of
property
in
this
market
area.
12.
|
am
aware
of,
and
have
access
to,
the
necessary
and
appropriate
public
and
private
data
sources,
such
as
multiple
fisting
services,
lax
assessment
records,
public
land
records
and
other
such
dala
sources
for
the
area
In
which
the
property
Is
located.
13.
|
obtained
the
Information,
estimates,
and
opinions
fumished
by
other
parties
and
expressed
In
thls
appraisal
report
from
reliable
sources
that
1
believe
lo
be
tue
and
comect.
14.
1
have
taken
Into
consideration
the
factors
that
have
an
impact
on
value
whh
sespect
to
the
subject
neighborhood,
subject
property,
and
the
proximiy
of
the
subject
property
fo
adverse
influences
In
the
development
of
my
opinion
of
marke!
value.
|
have
noted
In
this
appraisal
reporl
any
adverse
condiions
(such
as,
but
not
limited
fo,
needed
repalis,
detedoration,
the
presence
of
hazardous
wastes,
oxic
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.
|
have
considered
these
adverse
conditions
In
my
analysis
of
the
property
value,
and
have
reported
on
the
effect
of
the
conditions
on
lhe
value
and
marketabifty
of
the
subject
property.
15.
t
have
not
knowingly
withheld
any
significant
information
from
his
appraisal
report
and,
lo
the
bast
of
my
knowledge,
all
statements
and
information
in
this
appraisal
report
are
true
and
comect.
16.
|
stated
in
thls
appraisal
report
my
own
personal,
unbiased,
and
professional
analysis,
opinions,
and
conclusions,
which
are
sublect
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
iis
report,
and
|
have
no
present
or
prospective
personal
interest
or
bias
with
respect
to
lhe
participants
in
the
transaction.
|
did
not
base,
either
partially
or
completely,
my
analysls
and/or
opinion
of
market
value
In
this
appralsal
report
on
the
race,
color,
religion,
sex,
age,
marital
status,
handicap,
familial
slalus,
or
national
origin
of
ether
the
prospective
owners
or
occupants
of
the
subject
properly
or
of
the
present
owners
of
occupants
of
the
properties
in
the
vichity
of
the
subject
property
or
on
any
other
basis
prohibited
by
law.
18.
My
employment
andor
compensation
for
performing
this
appraisal
or
any
future
or
anticipated
appraisals
was
notPage 7
Uniform Residential Appraisal Report For 21928 21. The lender/client may disclose or distribute this appraisal report to: the borower; another lender at the request of the bomower; the morigagee or ils successors and assigns; morlgage insurers; govemment sponsored enterprises; other secondary market participants; dala collection or reporting services; professional appraisal organizations; any department, agency, or instumentaty of the United States; and any slate, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. | am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to cerain 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 bomower, another lender at the request of the bomower, the mortgagee or its successors and assigns, morigage 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 writien signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalies including, but not limited to, fine or imprisonment or both under the provisions of Tile 18, United States Code, Section 1001, et seq, or similar slate laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees thal: 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 cerlification. 2. | accept full responsibility for the contents of this appraisal report Including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of ihe supervisory appraiser (or the appraisal fim), is qualified to perform this appraisal, and is acceplable to perform this appraisal under the applicable slate law. 4. 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. 5. If this appraisal report was transmitted as an “electonic record" containing my “electronic signalure” as those lerms 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. APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Dogan) W, ak aM Signature Name Dean W. Dryer Name Company Name Huron Valley Appraisal Comph i ny Company Name Company Address PO Box 1265 Company Address Ann Arbor, MI 48106-1265 Telephone Number 734-769-9500 Telephone Number Email Address hyac9500@hotmail.com Email Address Date of Signature and Report 05/01/2024 Date of Signature Effective Date of Appraisal 05/01/2024 State Certification # State Certification # [|] or State License # or State License # State or Other (describe) State # Expiration Date of Certification or License State pI Expiration Date of Certification or License 07/31/2025 SUBJECT PROPERTY
Page 8
Supplemental Addendum field. 21928 Bomower Brandon 8. & Taylor C. Cole Propay Adress 2203 Melrose Ave oy Ann Arbor Coty Washtenaw swe MI Tok 48104 Lender/Client Lake Michigan Credit Union * URAR: Neighborhood - Description The neighborhood is located towards the eastern portion of the City of Ann Arbor, approximately 1 mile from the downtown district. The University of Michigan central campus area and Medical center are located just northwest of the subject's neighborhood. Most of the homes in the neighborhood were built from the early 1900's through the 1960's. Many older homes in the neighborhood have been added onto and renovated and new homes are being constructed on any available vacant sites. Homes in the area do vary greatly in styles, sizes and appeal. There arc no known adverse conditions that exist within the neighborhood. + URAR: Neighborhood - Market Conditions There is currently a shortage of homes on the market in the subject’s neighborhood as there are no comparable homes listed for sale. Property values within the subject's neighborhood and price range have been increasing over the past year as demand for homes has been strong. Estimated marketing time is based on the appraiser's observation of the days on market for recently sold listings in this market area. The average days-on-market for homes in the subject's area over the past year is 10 days; the average sale to list price is 105%. * URA ales Comparison Analysis - Summary of Sales Comparison Approach The three sales that were used are considered to best represent the subject after considering all available data from this market area and are the most recent comparable sales available to the appraiser. All three sales are similar to the subject in overall age, size and market appeal. Equal weight has been placed on all three sales when concluding at the subject's opinion of value. The sales concessions had no affect on the selling price of comparable #3. This comparable would have sold at its selling price even without the concessions under the current market conditions. Due to a low turn-over rate of homes in the subject's market over the past year, recent comparable sales are limited making it necessary to use two sales that took place beyond six months. Comparable #1 has had a significant amount of recent renovations that includes a newer kitchen, bathrooms, interior decor improvements and newer mechancial systems, making its condition rating superior to the subject. Comparable #2 has had a recently remodeled kitchen and other interior updates, requiring a minus adjustment to its condition item. The individual line item adjustment for condition exceeds the normal 10% limit for sale #1; however, this large adjustment was necessary due to the difference in condition and updates when compared to the subject. When making the basement adjustments, consideration has been given on the top line for the difference in size and walkout.
Page 9
Market Conditions Addendum to the Appraisal Report Hl 3i538 The purpose of fis addendum Is to provide the lender/clent with a clear and accurate nderstznding of the market bends and conditons prevalent in the subject neighborhood. This Is a required addendum for al appraisal reports wih an effective date on or afer Apdl 1, 2009. Propady Address 2203 Melrose Ave @ Ann Arbor Ste pip ZP Coe 48104 Broke Brandon S. & Taylor C. Cole Instructions: The appraiser must use the informaten required on this form as the basis for ister conclusions, 2d must provid support for those conclusions, regarding housing trends and overall market congons as reported in the Neighborhood secticn of the appraisal report form. The appraiser must fil in 21 the information to the extent itls available and refizble and must provide analysis as indicated below. If any required data Is unavalzble of is considered unreliable, the eppraiser must provide an ‘explanation. tis recognized that nol 21 data sutces wil be abe to provide data for the shaded areas below; f ts avalatle, however, the appraiser mustinclode the data inthe analysis. if data sources provide the required information as an average instead of the median, the appraiser shoutd report the avalzble figure and identity it as an average. Seles and sEngs must be properties that compete with the subject property, determined by zpplying the criteria that wud be used by a prospective buyer of the ‘subject property. Tha appraiser must explain any nomates in the data, such as seasonal markets, new construction, foreclosures, etc. Inventory Analyss Prior 7-12 Months Prior 4-6 Months. Current - 3 Months Overall Trend Tota # of Compare Ses (Seed) 11 [ 1 Toes Sate Desiring Absorption Rete (Told S2es/Worihs) 1.83 0 0.33 oes |] Se Decining Tota 7 of Comparaie Active Ustngs 0 0 0 Decining__ |] Se ess Wants of Housing Supply (0% Uisings/Ab Rate) 0 0 0 Decining_|[] 5s ess Uedan Sale & Lisl Pie, DOW, See/List > Price 7-12 Monts Prior 4-6 Meath Curent 3 Months veal Trend Wedan Compatatle S25 Price 1,230,000 0 1,376,000 nareasng_[] Sa [] Deciing eden Comparable Sas Days ca Markel 7 0 3 [] Desiring Sabie [] increasing eden Comparable Lt Pice 0 0 0 [] iressng Se |[] Dining PY 17e3an Campratie Listings Days on Markel 0 0 0 [] Desiring Sie ||] beasmg Tien Sale Price as % of ist Pice 103% 0 116% reasng |] Sle Deciring : Seller (developer, bulder, etc Jpad financial assistance prevent? x Yes [H] Ho Dechining Stable [] tncreasing Ed 5772 in Gla seer concessions ends or The past 12.marehs (0, Seer COnNVEURons ereased fm 57 1 57, nressig Use of bupdonns, 0osig Coss, ccadd 5 fs, cps, et). Seller paid concessions have been common over the past year. The typical contribution is 1.5% typically for the use of buydowns Bid and closing cost. & § ee Torechsure sds (RED $365) a faced In he market? [7% [Xo yes, extin (nos fie tends nbsiogs and ses of foreclosed propectes). There are an insignificant number of foreclosed or bank owned homes within the subject's market area. There are also a insignificant number short sales offered on the market in the area. (Oe data sources for abot Information. Ann Arbor Area Board of Realtors ‘Summarize ths above information as support for your conclusions in the Neighborhood section of the appraisal report form. If yeu used any addenal information, such as an analysis of pending sales and/or expired and withdrawn Fstings, to formutate your conchusicns, provide both an espiantion and support for your conclusions. Property values in the subject's neighborhood and price range have overall been increasing over the past year. The data used to determine the ‘market conditions for the subject area is based on a large number of sales throughout the subject's area, not limited to sales that are comparable to the subject as requested per the instructions in the MC form. Currently, there are no comparable active listings on the market in the subject's area. Due to a limited supply of comparable homes on the market in the subject's area, the overall trend for closed sales and active listings has been Tie Subjectis 8 ulti a condominvam of CoopHatve project, complete ha foYoing: Projeethiome: Subject Propet Daa Pret 7-12 Meas. Price 4-5 Months Cortent— 3 Wnts Oral Trend Total # of Comparatle Ses (Sette) creas) Ss Deciring ‘Absaipicn Rate (Told S25 Morihs) [] ereasimg [| Silo [J Deciring Total # of Acive Comparable Listngs Desiring |] Ste [] ereasng Weaths of Urit Supply (Tol Usngs/Ab Rate) Decining |] Se [] hereasng ie Teeciosure ses (RED S225) a facto In 0 projet? [Je [JW yes ndcae hs umber of REO Istngs and expan te bends in Fstngs and sales of foreclosed propertes. O/CO-OP PROJECTS
Page 10
Borrower Brandon S. & Taylor C. Cole Field. 21928 Property Address 2203 Melrose Ave oy Ann Arbor Couly Washtenaw Se MI ZpCode 48104 Lender/Client Lake Michigan Credit Union APPRAISAL AND REPORT IDENTIFICATION This Report is one of the following types: [5 Appraisal Report (A wiiten report prepared under Standards Rue p.p() . pursuant lo the Scope of Work, as disclosed elsewhero In this report) [7] Restietsd (A witen report prepared under Standards Rue p(b) . pursuant to the Scope of Work, as dischosed elsewhere in this report, Appraisal Report resticted to the stated Intended use only by the specified client and any other named Intended user(s) Comments on Standards Rule 2-3 certify that, to the best of my knowledge and belief: - The statements of fact contained in this report are true and correct. - The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. - Unless otherwise indicated, | have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. - Unless otherwise indicated, | have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. - I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. - My engagement in this assignment was not contingent upon developing or reporting predetermined results. - My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended se of this appraisal. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. - Unless otherwise indicated, | have made a personal inspection of the property that is the subject of this report. - Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report). Reasonable Exposure Time (USPAP defines Exposure Time as the estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal) My Opinion of Reasonable Exposure Time for the subject property at the market value stated in this report is: 5-10 Days This is based on the analyses of current market trends in the general area and takes into account the size, condition and price range of the subject property and surrounding area. It presupposes that the listed price would be at or near the appraised value. It also assumes aggressive professional marketing by reputable local real estate offices. Comments on Appraisal and Report Identification Note any USPAP-related issues requiring disclosure and any state mandated requirements: No employee, director, officer, or agent of the lender, or any other third party acting as a joint venture partner, independent contractor, appraisal management company, or partner on behalf of the lender has influenced or attempted to influence the development, reporting result, or review or this assignment through coercion, extortion, collusion, compensation, instruction, inducement, intimidation, bribery or in any other manner. The use of the appraisal is to support the lender decision to provide mortgage insurance on the real property that is the subject of the appraisal; therefore, intended users include the lender/client. | have not been contacted by anyone other than the intended user (lender/client as identified on the first page of the report), borrower, or designated contact to make an appointment to enter the property. The appraiser certifies and agrees that this appraisal was prepared in accordance with the requirements of Title XI of the Financial Institutions, Reform, Recovery, and Enforcement Act (FIRREA) of 1989, as amended (12 U.S.C. 3331 et seq.), and any applicable implementing regulations in effect at the time the appraiser signs the appraisal certification.
Page 11
Building Sketch Borrower Brandon S. & Taylor C. Cole Propey Address 2203 Melrose Ave oy Ann Arbor Coy Washtenaw Sue MI Tplofe 48104 Lender/Client Lake Michigan Credit Union wy 3 Pach |x = 210s € aw H H x x i First Floor Te H Second Floor Tw 1420.5 sf 14925 sf Gamage s Is 4625F i hi. ET H EI a x ¥ J 2 Er 3 A cr ra wo Sm. so 5 Hl z A Basen! Area ddd 14205 sf . To B ow Sketch by ApexShetch AREA CALCULATIONS SUMMARY Code Description Factor Net Size Net Totals GLAL First Floor 1.00 1420.50 1420.50 GLA Second Floor 1.00 1492.50 1492.50 BSMT Basement Area 1.00 1420.50 1420.50 GAR Garage 1.00 462.00 462.00 p/P Porch 1.00 240.00
Page 12
First Floor Sketch SCREENED PORCH VZV xs te —_— a Ta Hi me Se I PORCH iD oo ROOM = £57 146 rs iS FEC] KITCHEN [EOPETES
Page 13
Second Floor Sketch [Ea] = A Ue P BEDROOM BEDROOM WT x5" LA Jha 159° x 116° BATH 58" x 115" PRIMARY BEDROOM | 147x251 BEDROOM 146" x 142°
Page 14
Subject Photo Page Brandon 8. & Taylor C. Cole Property Address 2203 Melrose Ave oy Ann Arbor Coly Washtenaw Se pI lode 48104 Lender/Client Lake Michigan Credit Union Subject Front 2203 Melrose Ave Sales Price 1,100,000 Gross Living Area 2,913 Total Rooms 8 Total Bedrooms 4 Total Bathrooms 3.1 Location N;Res; View NjRes; Site 21390sf Quality Q3 Age 83 PERRIN & . Subject Rear PES Lop . TR ; by: r= =a eee Bn = = a A —— Subject Street
Page 15
Photograph Addendum Boro! Brandon S. & Taylor C. Cole Propety Addiess 2203 Melrose Ave * Ann Arbor Cony Washtenaw Sts M1 Lender/Clien Lake Michigan Credit Union IpCode 48104 Additional Front View Additional Front View Additional Front View Additional Front View
Page 16
Photograph Addendum Borrower Brandon S. & Taylor C. Cole Property Addiess 2203 Melrose Ave ay Ann Arbor Cony Washtenaw Ste ppp ZpCofe 48104 Lender/Client Lake Michigan Credit Union : Front Yard Rear Yard Kitchen Kitchen
Page 17
Photograph Addendum Boro Brandon S. & Taylor C. Cole Propedy Addess 2203 Melrose Ave oy Ann Arbor Coly Washtenaw Lender/Client Lake Michigan Credit Union Sete pI TpCode 48104 Foyer Living Room
Page 18
Photograph Addendum Borrow Brandon S. & Taylor C. Cole Property Address 2203 Melrose Ave ay Ann Arbor Coy Washtenaw Ste m1 Zplofe 48104 Lake Michigan Credit Union Bedroom Bedroom Bathroom
Page 19
Photograph Addendum Bormower Brandon S. & Taylor C. Cole Property Address 2203 Melrose Ave Oy Ann Arbor Cowly Washtenaw Ste pi plod 48104 Lender/Client Lake Michigan Credit Union Basement Basement Comments: Ma HR SST : SY AME AN AI oF x
Page 20
Comparable Photo Page Borrower Brandon S. & Taylor C. Cole Property Address 2203 Melrose Ave ay Ann Arbor Cory Washtenaw Se MI Ipods 48104 Lender/Client Lake Michigan Credit Union Comparable 1 519 Onondaga St Prox. to Subject 0.63 miles NW Sale Price 1,376,000 Gross Living Area 2,912 Total Rooms 9 Total Bedrooms ~~ § Total Bathrooms ~~ 3.0 Location NiRes; View N;Res; Site 9757 sf Quality Q3 Age 84 Comparable 2 2110 Tuomy Rd Prox toSublect 0.14 miles W Sale Price 997,000 Gross Living Area 2,718 Total Rooms 10 Total Bedrooms 5 Total Bathrooms ~~ 3.1 Location NjRes; View N;Res; Site 26136 sf Quality Q3 Age 83 Comparable 3 1619 Granger Ave Prox. to Subject 0.62 miles W Sale Price 1,075,000 Gross Living Area 2,728 Total Rooms 10 Total Bedrooms 4 Total Bathrooms ~~ 3.0
Page 21
Location Map Borrower Brandon S. & Taylor C. Cole Property Addiess 2203 Melrose Ave LL] Ann Arbor Comly Washtenaw Ste MIL Zplole 48104 Lender/Client Lake Michigan Credit Union Re ERA Vg E23 fuller 1d SR, | a center Unly of Michig ji Mo, if "compa RABLE | No.1. ) 519 Onondaga St 0.63 miles NW £ hve, i S University Ave. Iyangton #1 n Bi wilds “ Oxford Houses rd ? fl 5 . & % | & *, o £ % ay Net i EH NE Li o* 4 o & COMPARABLE No. 3 i ia 5 Elementar 1518 prea “, | nat kK pra al Gengaloch kd 5; g BURNS PARK i adi Ave r hs H Wig Granget Ave id Ann Arbor Hills Chil LOWER = Development Cente INS PARK = H : A 4 1 Q 5 done gH A HE COMPARABLE No. sy 3 H 2110 Tuomy Rd oe Po, Heory nD shdlont RO : 0.14 miles W . s £ Stadium Blvd St TTaNCIE OT ASST: pedtord® El i Fo = Catholic Church . E Kerdwedn® 4, [I] * toe gl cused iets 0 & RI Oly ~ tH Ee = hd so veh be 52 peor to a d i 1 Weshtengy a
Page 22
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Aerial Map a la mode, in . i SUBJE! 2203 Melrose Ave v
Page 24
License Page 0684966 GRETCHEN UNTTAER coverker STATE OF MICHIGAN DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS BUREAU OF PROFESSIONAL LICENSING CERTIFIED RESIDENTIAL REAL ESTATE APPRAISER LICENSE DEAN WEST DRYER LICENSE HO. EXPIRATION PATE 07/31/2025 23194040700
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E&O Insurance IL == WZ Aspen LIA Administrators & Insurance Services APPRAISAL, VALUATION AND PROPERTY SERVICES PROFESSIONAL LIABILITY INSURANCE POLICY DECLARATIONS Aspen American Insurance Company (Referred to below as the "Company" 499 Washington Boulevard, 8th Floor Jesey Ci 07310 510 Die Issued Policy Number Previons Policy Number THIS IS A CLAIMS MADE AND REPORTED POLICY. COVERAGE IS LIMITED TO LIABILITY FOR ONLY THOSE CLAIMS THAT ARE FIRST MADE AGAINST THE INSURED DURING THE POLICY PERIOD AND THEN REPORTED TO THE COMPANY IN WRITING NO LATER THAN SIXTY (60) DAYS AFTER EXPIRATION OR TERMINATION OF THIS POLICY, OR DURING THE EXTENDED REPORTING PERIOD, IF APPLICABLE, FOR A WRONGFUL ACT COMMITTED ON OR AFTER THE RETROACTIVE DATE AND BEFORE THE END OF THE POLICY PERIOD. PLEASE READ THE POLICY CAREFULLY. 1. customer: [HN Named Insured: HURON VALLEY APPRAISAL, INC. Dean W. Dryer 1225 South Maple #308 Ann Arbor, MI 48103 2; Policy Period: From: 12/20/2023 To: 12/20/2024 12:01 AM. Standard Time at the address stated in | above. 3. Deductible: ~~ $1000 Each Claim 4. Retroactive Date: 12/20/1999 5. Inception Date: 12/20/2015 6. Limits of Liability: A. $500,000 Each Clim B. $1,000,000 Aggregate Subpoena Responset $5,000 Supplemental Payment Coverage Pre-Claim Assistance: $5,000 Supplemental Payment Coverage Disciplinary Proceeding: $7,500 Supplemental Payment Coverage Loss of Earnings: ~~ $300 per day Supplemental Payment Coverage 7. Covered Professional Services (as defined in the Policy and/or by Endorsement): Real Estate Appraisal and Valuation: Yes No [] Residential Property: Yes No [| Commercial Property: Yes [| No
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Feo.
UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM
(Source: Fanrée Mas UAD Appendix D: UAD Fleid-Specic Standardization Requirements)
Condition Ratings and Definitions
ci
Tho improvements have been recently constricted arid have not bear previously occupled. The entire structure and all components are new
and the dweling features no physical depreciation.
Note: Nuvdy constructed improvements that feature recycled of previously used materials and‘or components can be considered new dwellings
provided that the dweding is placed on a 100 percsnt new foundation and the recycled malerials and the recycled components have been
sehabllitaled/remantriactured Into Bke-new condition. improvements that have not been previously occupled are not considered “new” if they
‘ave any significant physical depreciation {that is, newly constructed dwellings that have been vacant for an extended period of ime without
adequate mairenance of upkeep}.
©2
The improvements feature no deferred malntenance, lite or no physical depreciation, and require no repairs, Virtually afl building components
are new or have been recently repaired, sefinished, of rehabilitated. Al outdated components and firéshes have been updated and/or replaced
with components that mest current standards. Dwellings In this category are efiher almost new or have been recently completely renovated and
are similar in condition to new construction.
Mota: The improvements represent a felatively new property that is well maintained with no deferred maintenance and fittie of no physical
depreciation, of an older property that has been recently completely renovated,
c3
‘The Improvements ars well mainiained and featurs limited physical depreciation dua to normal wear and tear. Some components, but not every.
major buliding component, may be updated or recently rehablitaled. The structure has been well maintained.
Hote; The Improvement Is In its first-cycle of replacing short-lived building components (appliances, floor coverings, HVAG, ste.) and is
Deing well malatained. Its estimated effective age Is less than its actual age. it alsa may zefloct a property In which the majority of
short-Eved bulking companents have been tepiaced but not to the level of a camplets renovation.
c4
The Improvements feature some minor deferred maintenance and physical deterioration due to Tiofmal wear and tear. Tie dweling has been
‘adequately maintained and requices only minimal repairs to biking components/mechanical systems and cosmetic tepals. All major building
hava been
and are functionally
Note: The estimated sifective aga may ba close to of equal to ts actual ago. It ceflects a property in which some of the shart-fived bulding
components have bear replaced, and some short-fived bulging components are at of near the end of thelr physical His expectancy; however,
they sbi tanction adequately. Most minor repairs hive boen addressed on an ongoing basis resulting In an adequately maintained property.
C5
The Improvements feature obvious deferred maintenance and are in need of some significant repalrs. Some building components need repairs,
rehabilitation, or updating. The functional ublity and overall livability ts somewhat diminished dus to condition, but the dwelling remains
useable and functional as a residence.
Note: Soma significant repairs are needed to the knprovements dus to the tack of adequale maintenance, It reflects a property in which many
of its short-ived building components are al the end of or have
their physical ile
y but remain
c6
Tha improvements have substantial damage or deferred maintenance with deficknicles or defects that are severe enough to atfect the safety,
soundness, or structural integrity of the improvements. The Improvernents are in need of substantial repalss and rehabilitation, Including many
or most major components.
Note: Substantial repairs ars heeded to the Improvements die to the tack of adequate maintenance of property damage. it reflects a property
with conditions severs enough to affect the safely, soundness, of structural integrity of the improvements.
21928Page 27
UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM
(Source: Fannie Mao UAD Appendix D: UAD Fleld-Spectfic Standardization Requirements)
Quality Ratings and Definitions (continued)
a3
Dwebings with this quality tating ase residences of higher quality built from
or readily available
plans In aboy
d
residential ract developments or on an individual property owner's site. The design includes significant exterior omamentation and Interiors.
that ase well finished. The workmanship exceeds ac
standards and many
and finishes thre
ut the
have been
upgraded from “stock” standards.
a4
Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard buliding plans
are utilized and the design includes adequate fenesteation and some exterior omar
and Interior
. Materials, wor
finish, and equipment ars of stock or bullder grade and may feature soma upgrades.
as
Dwellings with this quality rating feature economy of construction and basic functionality as main considerations, Such dwellings feature a
plain design using readily available or basic floor plans featuring minima fenestration and basic finishes with minimal exterior omamentation
and imfled interior delall. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials
‘with limited refinements and upgrades.
as
Dwellings with this quality rating are of basic quality arid lower Cost; some may not be suitable for year-found occupancy. Stich dwellings
ars offen bult with simple plans ar without plans, often utilzing the lowest quality biiiing materlats. Stich dwalings are often built of
expanded by persons wha are professionally tnskilled or possess only minima) consiueton skis. Electrical, plumbing, and other mechanical
systems and equipment may be minimal of con- existent. Oldor dwellings may feature one of more substandard of non-conforming additions
10 the original structure
Definitions of Not Updated, Updated, and Remodeled
Not Updated
Litt or no updating or modemization. This description includes, buts not Emited to, new homes.
Residential properties of fifteen years of age or ss often reflect an original condition with no updating, if no major
companents have been replaced or updated. Thosa aver fifteen years of age ara also considered not updated f the
appliances, fidures, and finishes ara predominantly dated, An area that ls ‘Not Updated" may sili be well maintained
and fully functional, and this rating does not
imply
deferred
maintenance or
deterioration.
Updated
The area of the home has been modified to meet current market expactations. Thess modifications
are limited in terms of both scope and cost.
An updated area of the home should have an improved look and feet, of functional utility. Changes that constiute
updates include relurbishment and/or replacing companents fo mest existing market expectations. Updates do not
include significant alterations to the existing structure.
Remodoled
Significant finfsh and/or structural changes have been made that increase utiity and appeal through
complate raplacement and/or expansion,
A
area reflects
that Include muttiple
. Thess.
may laclude
some or all of the follwing: replacement of a major component {cabinel(s), bathtub, or bathroom tile), relocation
of plumbing/gas fixtures/appliances, significant structural alterations {relocating walls, and/or the addition of
square footage). This would Include a complete gutting and rebuild.Page 28
UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM
(Source: Fannie Mao UAD Appendix D: UAD Field-Specific Standardization Requirements)
Abbreviations Used in Data Standardization Text
ac
\CIBs
Area, Site
Adri
Adjacent to Park
Location
AdjPwr
Adjacent to Power Lines
Locations
A
Adverse
Location & View
Armlth
Arms Length Sale
Sale or Financing Concessions
ba
Batiwoom(s)
Basement & Finished Rooms Below Grade
br
Bedroom
Basement & Finished Rooms Below Grade
B
Beneficlal
Location & View
Cash
Cash
Sale or Financing Concesslons
ClySky
City View Skyline View
View
Cyst
City Street View
View
Gomm
Commercial influence
Location
©
Conlracted Date
Date of Sale/fime
Conv
Conventional
Sale of Financing Concessions
Crs
Cour Ordered Sale
Sale of Financing Concesslons.
DOM
Days On Markel
Data Sources
8
Expiration Date
Dato of Sale/Time
Estate
Estate Sale
Sale or Financing Concessions
FHA
Federal Houslng Authority
Sale or Financing Concessions.
GliCse
Golf Course
Location
Gltvw
Golf Course View
View
Ind
Industrial
Location & View
in
Interior Only Stairs
Basement & Finished Rooms Below Grade
Lndfl
Landfill
Location
LidSght
Limited Sight
View
Listing
Listing
Sale of Financing Concessions
Min
Mountaln View
View
N
Neutral
Location & View
HonAmm
Non-Ams Length Sale
Sale or Financing Concessions
BsyRd
Busy Road
Location
°
Other
Basement & Finished Rooms Below Grade
Pek
Park View
View
Pstrl
Pastoral View
View
Pwiln
Power Lines
View
PubTm
Public Transportation
Location
h
Il
Recreational {Rec} Room
Basement & Finished Rooms Below Grade
felo
Relocation Sale
‘Sale
of Financing Concessions
REO
REQ Sale
‘Sale or Financing Concessions
Res
Residantal
Location & View
RH
USDA - Rural Housing
Sala or Financing Concesstons.
$
Seltlement Dats
Data of Sale/Time
Short
Short Sale
Sale or Financing Concessions
sf
Square Fest
Asea, Site, Basement
Sqm
‘Square Maters
“Aiea, Site
Unk
Unknown
Dats of Sale/Tima
VA
Veterans Administration
Sale or Financing Concessions
w
Withdrawn Date
Data of Sale/Time
WO
Walk Out Basernent
Basemen & Finished Rooms Below Grade
wu
Walk Up Basement
Basemen & Finished Rooms Below Grade
WurFr
Water Frontage
Location
wir
Water View
View
Woods
Woods View
View
Other Appraiser-Defined AbbreviationsPage 29
STATE OF MICHIGAN IN THE TAX TRIBUNAL FOR THE STATE OF MICHIGAN ‘BRANDON & TAYLOR COLE, Petitioner, Vs. MTT Docket No: 25003147 CITY OF ANN ARBOR, Respondent. William C. Babut (P41099) Attorney for Petitioners 700 Towner Street Ypsilanti, Michigan 48198 PROOF OF SERVICE I, William C. Babut swear under penalty of perjury that on September 30, 2026, I served a copy of an appraisal dated May 1, 2024, by mail and email upon Heather Hyatt, Ann Arbor City Assessor, whose physical address is located at P.O. Box 8647, Ann Arbor, MI 48107; and whose email address is hhyatt@a2gov.org. /s/ William C. Babut IP) ) lod Dated: September 30, 2026 NN (= WILLIAM C. BABUT
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Pati TERE Ge AA A RUT -— - 3 - 3 = om m7 UNIT ok Fit =¥BLY "5 Michie an Tay P.0. boy 302 Lansing , Mm Received OCT 06 2026 LARA