1072 CENTER.pdf
Inkster Rentals LLC Petitioner V City Of Inkster Respondent · 26-002892-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
Scott Gailey RESIDENTIAL APPRAISAL REPORT File No.: Property Address: 1072 Center St City: Inkster State: MI Zip Code: 48141 County: Wayne Legal Description: LOT 209 DEARBORN HILLS MANOR T2S R9E L52 P93 WCR Assessor's Parcel #: 44-006-01-0209-000 Tax Year: 2025 R.E. Taxes: $ 3,360 Special Assessments: $ 0 Borrower (if applicable): N/A Current Owner of Record: Inkster Rentals Occupant: Owner Tenant Vacant Manufactured Housing SUBJECT Project Type: PUD Condominium Cooperative Other (describe) HOA: $ 0 per year per month Market Area Name: DEARBORN HILLS Map Reference: 19804 Census Tract: 5704.00 The purpose of this appraisal is to develop an opinion of: Market Value (as defined), or other type of value (describe) This report reflects the following value (if not Current, see comments): Current (the Inspection Date is the Effective Date) Retrospective Prospective Approaches developed for this appraisal: Sales Comparison Approach Cost Approach Income Approach (See Reconciliation Comments and Scope of Work) Property Rights Appraised: Fee Simple Leasehold Leased Fee Other (describe) Intended Use: See comment addendum. ASSIGNMENT Intended User(s) (by name or type): Client, Michigan Tax Tribunal, City of Inkster Tax Assessor Client: Inkster Rentals LLC Address: 3046 BRECKSVILLLE ROAD, RICHFIELD, OH 44286 Appraiser: SCOTT GAILEY Address: 13640 Netherwood St, Southgate, MI 48195 Location: Urban Suburban Rural Predominant One-Unit Housing Present Land Use Change in Land Use Occupancy Built up: Over 75% 25-75% Under 25% PRICE AGE One-Unit 90 % Not Likely Growth rate: Rapid Stable Slow Owner 75 $(000) (yrs) 2-4 Unit 3 % Likely * In Process * Property values: Increasing Stable Declining Tenant 25 20 Low 1 Multi-Unit 3 % * To: Demand/supply: Shortage In Balance Over Supply Vacant (0-5%) 100 High 100 Comm'l 4 % Marketing time: Under 3 Mos. 3-6 Mos. Over 6 Mos. Vacant (>5%) 60 Pred 75 % Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): Subject’s market is considered to be DESCRIPTION overall stable. Estimated market time is 0-90 days with supply currently equaling demand. All cash, FHA, and new conventional financing are prevalent. AREA MARKET Dimensions: 40X131 Site Area: 5,240 sf Zoning Classification: 401-RESIDENTIAL Description: Single Family Residential Zoning Compliance: Legal Legal nonconforming (grandfathered) Illegal No zoning Are CC&Rs applicable? Yes No Unknown Have the documents been reviewed? Yes No Ground Rent (if applicable) $ / Highest & Best Use as improved: Present use, or Other use (explain) See Attached Addendum Actual Use as of Effective Date: RESIDENTIAL Use as appraised in this report: RESIDENTIAL Summary of Highest & Best Use: THE HIGHEST AND BEST USE OF THE SUBJECT PROPERTY, AS IMPROVED AND VACANT, IS ITS CURRENT USE AS RESIDENTIAL DWELLING. THIS CONCLUSION IS SUPPORTED BY MARKET DEMAND, ZONING REGULATIONS, AND THE PHYSICAL CHARACTERISTICS OF THE SITE. Utilities Public Other Provider/Description Off-site Improvements Type Public Private Topography Level Electricity Street CONCRETE Size Typical DESCRIPTION Gas Curb/Gutter CONCRETE Shape Rectangular Water Sidewalk CONCRETE Drainage Adequate SITE Sanitary Sewer Street Lights ELECTRIC View N;Res; Storm Sewer Alley None Other site elements: Inside Lot Corner Lot Cul de Sac Underground Utilities Other (describe) FEMA Spec'l Flood Hazard Area Yes No FEMA Flood Zone X FEMA Map # 26163C0240F FEMA Map Date 12/03/2013 Site Comments: The appraiser has not checked the land records for recorded easements and have reported only apparent easements, encroachments and other apparent adverse conditions. The appraiser is not qualified to detect, even superficially, toxic substances, contaminated materials, contaminated soil, etc. relating to any possible environmental contamination of the property. General Description Exterior Description Foundation Basement None Heating # of Units 1 Acc.Unit Foundation CON/BLOCK Slab 0 Area Sq. Ft. 714 Type FWA # of Stories 1 Exterior Walls VINYL/Avg Crawl Space 0 % Finished 0 Fuel Gas Type Det. Att. Roof Surface A/Shingle/Avg Basement 100 Ceiling 0 Design (Style) DT1;Ranch Gutters & Dwnspts. Aluminum/Avg Sump Pump Walls Concrete Cooling Yes Existing Proposed Und.Cons. Window Type Thermal/Avg Dampness Floor Concrete Central CAC Actual Age (Yrs.) 76 Storm/Screens Yes/Avg Settlement None known Outside Entry No Other Effective Age (Yrs.) 35 Infestation None known Interior Description Appliances Attic None Amenities Car Storage None Floors Carpet/Tile/Avg Refrigerator Stairs Fireplace(s) # 0 Woodstove(s) # 0 Garage # of cars ( 2 Tot.) Walls Drywall/Avg Range/Oven Drop Stair Patio Attach. Trim/Finish Wood/Avg Disposal Scuttle Deck Detach. 1 IMPROVEMENTS Bath Floor Vinyl/Avg Dishwasher Doorway Porch Open Blt.-In THE Bath Wainscot Vinyl/Avg Fan/Hood Floor Fence Carport OF Doors Wood/Avg Microwave Heated Pool Driveway 1 Concrete Washer/Dryer Finished Surface Finished area above grade contains: 4 Rooms 2 Bedrooms 1.0 Bath(s) 714 Square Feet of Gross Living Area Above Grade Additional features: The subject is in average condition. As the property is tenant occupied, this condition rating reflects typical wear and maintenance levels expected for a rental home. Describe the condition of the property (including physical, functional and external obsolescence): The subject is well maintained with no physical or functional DESCRIPTION inadequacies observed. The overall condition of the subject property is considered average. Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 3/2007
Page 2
RESIDENTIAL APPRAISAL REPORT File No.: My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data Source(s): 1) Multiple Listing Service (MLS); 2) Realist (online data service); 3) Tax Assessor Records; 4) Owner 1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing: The property transferred by qc deed on Date: 10/25/24 10/25/2024 from CG MI Acquisitions LLC to Mount North Capital 5 LLC of $0. Current owner Inkster HISTORY Price: $0 Rentals is not reflected in transfer on public records. Source(s): RCMLS/PRD/BS&A 2nd Prior Subject Sale/Transfer Date: TRANSFER Price: Source(s): SALES COMPARISON APPROACH TO VALUE (if developed) The Sales Comparison Approach was not developed for this appraisal. FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 1072 Center St 233 Magnolia Dr 1108 Northwood Dr 27304 New York St Inkster, MI 48141 Inkster, MI 48141 Inkster, MI 48141 Inkster, MI 48141 Proximity to Subject 0.54 miles NW 0.06 miles SW 0.99 miles S Sale Price $ $ 60,000 $ 55,000 $ 55,000 Sale Price/GLA $ /sq.ft. $ 78.53 /sq.ft. $ 77.03 /sq.ft. $ 76.39 /sq.ft. Data Source(s) RCMLS#20251036594;DOM 15 RCMLS#20250012095;DOM 21 RCMLS#202510;DOM 5 Verification Source(s) RCMLS/PRD/BS&A/EXT INSP RCMLS/PRD/BS&A/EXT INSP RCMLS/PRD/BS&A/EXT INSP VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. Sales or Financing Cash Cash Cash Concessions None None None Date of Sale/Time s10/25;c09/25 s04/25;c02/25 s08/25;c07/25 Rights Appraised Fee Simple Fee Simple Fee Simple Fee Simple Location N;Res; N;Res; N;Res; N;Res; Site 5,240 sf 8905 sf 0 5360 sf 0 6075 sf 0 View N;Res; N;Res; N;Res; N;Res; Design (Style) DT1;Ranch DT1;Ranch DT1;Ranch DT1;Ranch Quality of Construction Q3 Q3 Q3 Q3 Age 76 75 0 77 76 0 Condition C3 C3 C3 C3 Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count 4 2 1.0 5 2 1.0 4 2 1.0 4 2 1.0 Gross Living Area 714 sq.ft. 764 sq.ft. 0 714 sq.ft. 720 sq.ft. 0 Basement & Finished 714sf0sfin 0sf +3,500 714sf,0sfin 720sf,0sfin 0 Rooms Below Grade Functional Utility Average Average Average Average Heating/Cooling FWA/CAC FWA/CAC FWA/None +500 FWA/None +500 Energy Efficient Items Thermal Wndws Thermal Wndws Thermal Wndws Thermal Wndws Garage/Carport 1gd1dw 1gd1dw 1dw +2,500 1dw +2,500 Porch/Patio/Deck Open Porch Covered Porch 0 Covered Porch 0 Covered Porch 0 APPROACH Net Adjustment (Total) + - $ 3,500 + - $ 3,000 + - $ 3,000 COMPARISON Adjusted Sale Price of Comparables $ 63,500 $ 58,000 $ 58,000 Summary of Sales Comparison Approach Sale # 1 was listed in mls as being updated in 2023. Sale # 2 was listed in mls as being updated in SALES 2013. All three sales are similar 2 bedroom homes located in the subject's immediate marketing area, were private home sales that were marketed in the open market. The comparables utilized are the best sales available during the 2025 calendar year based on proximity, similar bedroom design and gross living area. Most weight placed on sale #2 due to its close proximity to the subject property and limited amount of adjustments. Indicated Value by Sales Comparison Approach $ 58,000 Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 3/2007
Page 3
RESIDENTIAL APPRAISAL REPORT File No.: COST APPROACH TO VALUE (if developed) The Cost Approach was not developed for this appraisal. Provide adequate information for replication of the following cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value): Land values were researched through the local MLS and/or assessor. ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW OPINION OF SITE VALUE =$ 5,000 Source of cost data: DWELLING n/a Sq.Ft. @ $ =$ Quality rating from cost service: Effective date of cost data: Sq.Ft. @ $ =$ Comments on Cost Approach (gross living area calculations, depreciation, etc.): Sq.Ft. @ $ =$ APPROACH Due to the difficulty of measuring & quantifying a figure for Sq.Ft. @ $ =$ =$ COST externaldepreciation,(economic)the costobsolescence,approach to valueand estimatingis not consideredaccruedto be Sq.Ft. @ $ =$ reliable, and would not result in a credible conclusion, and Garage/Carport Sq.Ft. @ $ =$ therefore was not developed in this appraisal. Total Estimate of Cost-New =$ Less Physical Functional External Depreciation =$( ) Depreciated Cost of Improvements =$ ''As-is'' Value of Site Improvements =$ =$ =$ Estimated Remaining Economic Life (if required): 40 Years INDICATED VALUE BY COST APPROACH =$ INCOME APPROACH TO VALUE (if developed) The Income Approach was not developed for this appraisal. Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM): The income approach was considered but was rejected due to the predominance of owner occupancy and/or the lack of reliable market data. APPROACH INCOME PROJECT INFORMATION FOR PUDs (if applicable) The Subject is part of a Planned Unit Development. Legal Name of Project: Describe common elements and recreational facilities: PUD Indicated Value by: Sales Comparison Approach $ 58,000 Cost Approach (if developed) $ Income Approach (if developed) $ Final Reconciliation All three approaches to value were considered. However, in the subject's submarket, the sales approach is the most applicable and most reliable valuation method. The cost approach - or a site value - may have been entered/completed at the client's request. Unless otherwise noted, the income approach was not developed This appraisal is made ''as is'', subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: See Attached Addendum RECONCILIATION This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda. Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $ 58,000 , as of: 12/31/2025 , which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda. A true and complete copy of this report contains 18 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. Attached Exhibits: Scope of Work Limiting Cond./Certifications Narrative Addendum Photograph Addenda Sketch Addendum Map Addenda Additional Sales Cost Addendum Flood Addendum Manuf. House Addendum ATTACHMENTS Hypothetical Conditions Extraordinary Assumptions Client Contact: Client Name: Inkster Rentals LLC E-Mail: Address: 3046 BRECKSVILLLE ROAD, RICHFIELD, OH 44286 APPRAISER SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) Supervisory or Appraiser Name: SCOTT GAILEY Co-Appraiser Name: Company: SCOTT GAILEY Company: SIGNATURES Phone: (248) 568-0339 Fax: Phone: Fax: E-Mail: scottgailey@comcast.net E-Mail: Date of Report (Signature): 12/31/2025 Date of Report (Signature): License or Certification #: 1204005200 State: MI License or Certification #: State: Designation: Certified Residential Appraiser Designation: Expiration Date of License or Certification: 07/31/2027 Expiration Date of License or Certification: Inspection of Subject: Interior & Exterior Exterior Only None Inspection of Subject: Interior & Exterior Exterior Only None Date of Inspection: 12/31/2025 Date of Inspection: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 3/2007
Page 4
Assumptions, Limiting Conditions & Scope of Work File No.: Property Address: 1072 Center St City: Inkster State: MI Zip Code: 48141 Client: Inkster Rentals LLC Address: 3046 BRECKSVILLLE ROAD, RICHFIELD, OH 44286 Appraiser: SCOTT GAILEY Address: 13640 Netherwood St, Southgate, MI 48195 STATEMENT OF ASSUMPTIONS & 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. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. - The appraiser may have provided a sketch in the appraisal report to show approximate dimensions of the improvements, and any such sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. Unless otherwise indicated, a Land Survey was not performed. - If so indicated, 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 the appraisal report whether 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. - If the cost approach is included in this appraisal, the appraiser has estimated the value of the land in the cost approach at its highest and best use, and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. Unless otherwise specifically indicated, the cost approach value is not an insurance value, and should not be used as such. - The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property, or adverse environmental conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. 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 environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. - The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. - The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, and any applicable federal, state or local laws. - If this appraisal is indicated as subject to satisfactory completion, repairs, or alterations, the appraiser has based his or her appraisal report and valuation conclusion on the assumption that completion of the improvements will be performed in a workmanlike manner. - An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from the client does not become a party to the appraiser-client relationship. Any persons receiving this appraisal report because of disclosure requirements applicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the time of the assignment. - The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, through advertising, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database. - An appraisal of real property is not a 'home inspection' and should not be construed as such. As part of the valuation process, the appraiser performs a non-invasive visual inventory that is not intended to reveal defects or detrimental conditions that are not readily apparent. The presence of such conditions or defects could adversely affect the appraiser's opinion of value. Clients with concerns about such potential negative factors are encouraged to engage the appropriate type of expert to investigate. The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible assignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the appraisal report. Reliance upon this report, regardless of how acquired, by any party or for any use, other than those specified in this report by the Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work, Effective Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any Hypothetical Conditions and/or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assume no obligation, liability, or accountability, and will not be responsible for any unauthorized use of this report or its conclusions. Additional Comments (Scope of Work, Extraordinary Assumptions, Hypothetical Conditions, etc.): Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPRES2AD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 3/2007
Page 5
Certifications File No.: Property Address: 1072 Center St City: Inkster State: MI Zip Code: 48141 Client: Inkster Rentals LLC Address: 3046 BRECKSVILLLE ROAD, RICHFIELD, OH 44286 Appraiser: SCOTT GAILEY Address: 13640 Netherwood St, Southgate, MI 48195 APPRAISER'S CERTIFICATION I certify that, to the best of my knowledge and belief: - The statements of fact contained in this report are true and correct. - The credibility of this report, for the stated use by the stated user(s), of 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. - I 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, I 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 to 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 use 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. - I did not base, either partially or completely, my analysis and/or the opinion of value in the appraisal report on the race, color, religion, sex, 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. - Unless otherwise indicated, I 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. Additional Certifications: DEFINITION OF MARKET VALUE *: Market value means 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 and knowledgeably, and assuming the price is not 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 well informed or well advised and acting in what they consider their own best interests; 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. * This definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and th Client Contact: Client Name: Inkster Rentals LLC E-Mail: Address: 3046 BRECKSVILLLE ROAD, RICHFIELD, OH 44286 APPRAISER SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) Supervisory or Appraiser Name: SCOTT GAILEY Co-Appraiser Name: Company: SCOTT GAILEY Company: SIGNATURES Phone: (248) 568-0339 Fax: Phone: Fax: E-Mail: scottgailey@comcast.net E-Mail: Date Report Signed: 12/31/2025 Date Report Signed: License or Certification #: 1204005200 State: MI License or Certification #: State: Designation: Certified Residential Appraiser Designation: Expiration Date of License or Certification: 07/31/2027 Expiration Date of License or Certification: Inspection of Subject: Interior & Exterior Exterior Only None Inspection of Subject: Interior & Exterior Exterior Only None Date of Inspection: 12/31/2025 Date of Inspection: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPRES2AD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 3/2007
Page 6
Location Map Borrower N/A Property Address 1072 Center St City Inkster County Wayne State MI Zip Code 48141 Lender/Client Inkster Rentals LLC Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Page 7
File No. UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Condition Ratings and Definitions C1 The improvements have been recently constructed and have not been previously occupied. The entire structure and all components are new and the dwelling features no physical depreciation. Note: Newly constructed improvements that feature recycled or previously used materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100 percent new foundation and the recycled materials and the recycled components have been rehabilitated/remanufactured into like-new condition. Improvements that have not been previously occupied are not considered “new” if they have any significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep). C2 The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category are either almost new or have been recently completely renovated and are similar in condition to new construction. Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physical depreciation, or an older property that has been recently completely renovated. C3 The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well maintained. Note: The improvement is in its first-cycle of replacing short-lived building components (appliances, floor 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-lived building components have been replaced but not to the level of a complete renovation. C4 The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. 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 or 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. C5 The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs, rehabilitation, or updating. The functional utility 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 which many of its short-lived building components are at the end of or have exceeded their physical life expectancy but remain functional. C6 The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness, or 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 or property damage. It reflects a property with conditions severe enough to affect the safety, soundness, or structural integrity of the improvements. Quality Ratings and Definitions Q1 Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship 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, materials, and finishes throughout the dwelling are of exceptionally high quality. Q2 Dwellings with this quality rating are often custom designed for construction on an individual property owner’s site. However, dwellings in this quality grade are also found in high-quality tract developments featuring residence constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high quality exterior ornamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality. UAD Version 9/2011 (Updated 4/2012) Form UADDEFINE1 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Page 8
UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Quality Ratings and Definitions (continued) Q3 Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard residential tract developments or on an individual property owner’s site. The design includes significant exterior ornamentation and interiors that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from “stock” standards. Q4 Dwellings with this quality rating meet or 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. Q5 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 minimal fenestration and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials with limited refinements and upgrades. Q6 Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additions to the original structure Definitions of Not Updated, Updated, and Remodeled Not Updated Little or no updating or modernization. This description includes, but is not limited to, new homes. Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major components have been replaced or updated. Those over fifteen years of age are also considered not updated if the appliances, fixtures, and finishes are predominantly dated. An area that is ‘Not Updated’ may still be well maintained and fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration. Updated The area of the home has been modified to meet current market expectations. These modifications are limited in terms of both scope and cost. An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute updates include refurbishment and/or replacing components to meet existing market expectations. Updates do not include significant alterations to the existing structure. Remodeled Significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and/or expansion. A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include some or all of the following: replacement of a major component (cabinet(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. Explanation of Bathroom Count Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are not included in the bathroom count. The number of full and half baths is reported by separating the two values using a period, where the full bath count is represented to the left of the period and the half bath count is represented to the right of the period. Example: 3.2 indicates three full baths and two half baths. UAD Version 9/2011 (Updated 4/2012) Form UADDEFINE1 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Page 9
UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Abbreviations Used in Data Standardization Text Abbreviation Full Name Fields Where This Abbreviation May Appear ac Acres Area, Site AdjPrk Adjacent to Park Location AdjPwr Adjacent to Power Lines Location A Adverse Location & View ArmLth Arms Length Sale Sale or Financing Concessions ba Bathroom(s) Basement & Finished Rooms Below Grade br Bedroom Basement & Finished Rooms Below Grade B Beneficial Location & View Cash Cash Sale or Financing Concessions CtySky City View Skyline View View CtyStr City Street View View Comm Commercial Influence Location c Contracted Date Date of Sale/Time Conv Conventional Sale or Financing Concessions CrtOrd Court Ordered Sale Sale or Financing Concessions DOM Days On Market Data Sources e Expiration Date Date of Sale/Time Estate Estate Sale Sale or Financing Concessions FHA Federal Housing Authority Sale or Financing Concessions GlfCse Golf Course Location Glfvw Golf Course View View Ind Industrial Location & View in Interior Only Stairs Basement & Finished Rooms Below Grade Lndfl Landfill Location LtdSght Limited Sight View Listing Listing Sale or Financing Concessions Mtn Mountain View View N Neutral Location & View NonArm Non-Arms Length Sale Sale or Financing Concessions BsyRd Busy Road Location o Other Basement & Finished Rooms Below Grade Prk Park View View Pstrl Pastoral View View PwrLn Power Lines View PubTrn Public Transportation Location rr Recreational (Rec) Room Basement & Finished Rooms Below Grade Relo Relocation Sale Sale or Financing Concessions REO REO Sale Sale or Financing Concessions Res Residential Location & View RH USDA - Rural Housing Sale or Financing Concessions s Settlement Date Date of Sale/Time Short Short Sale Sale or Financing Concessions sf Square Feet Area, Site, Basement sqm Square Meters Area, Site Unk Unknown Date of Sale/Time VA Veterans Administration Sale or Financing Concessions w Withdrawn Date Date of Sale/Time wo Walk Out Basement Basement & Finished Rooms Below Grade wu Walk Up Basement Basement & Finished Rooms Below Grade WtrFr Water Frontage Location Wtr Water View View Woods Woods View View Other Appraiser-Defined Abbreviations Abbreviation Full Name Fields Where This Abbreviation May Appear UAD Version 9/2011 (Updated 4/2012) Form UADDEFINE1 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Page 10
Supplemental Addendum File No. Borrower N/A Property Address 1072 Center St City Inkster County Wayne State MI Zip Code 48141 Lender/Client Inkster Rentals LLC Zoning Compliance Zoning is attempted to be described within the report, but should not be relied upon by any third party. The appraiser recommends the client or any third party first verify information regarding zoning and permitted use of the subject property including such things as set back requirements, minimum and maximum sizes for allowable uses, allowable existing uses, etc. directly with the local zoning municipality prior to making any decision that may be effected by zoning regulations. The appraiser further recommends such matters be confirmed in writing to the proposed user by the local zoning municipality. The appraiser is not responsible for any errors or changes regarding zoning matters. Highest and Best Use Given the current zoning, location and size of the site, surrounding land uses (recognizing the principle of conformity) and development characteristics of the market area, our opinion of the highest and best use of the property "as vacant" is for single family residential development. Further, the existing use/improvements exceed the value of the site vacant; therefore our opinion of the highest and best use of the site "as improved" is for continued single family residential use. Conditions of Appraisal Market value was estimated in fee simple title, assuming no outstanding liens which could affect marketability. The report contains digital signatures, The Appraisal Standard Board of the Foundation has addressed electronic signatures in Statement No. 8 dated January 1, 1999. The Board states " electronically affixing a signature to a report carries the same level of authority and responsibility as an ink signature on a paper copy report". Additional Comments In Michigan, appraisers are required to be licensed and are now regulated by the Michigan Department of Licensing and Regulatory Affairs, P.O. Box 30018, Lansing, Michigan 48909 Scott Gailey Residential Certified License #1204005200 Extra Comments Addendum Clarifying Scope of Work and Intended User SCOPE OF WORK PERFORMED TO REACH A VALUE OPINION The appraisal is based on the information gathered by the appraiser from public records, other identified sources, complete visual observation of the interior and exterior of the subject property, its neighborhood, and selection of comparable sales within the subject's market area. The original source of the comparables is shown in the Data Source section of the market grid along with the source of confirmation, if available. The sources and data are considered reliable. When conflicting information was provided, the source deemed most reliable has been used. Data believed to be unreliable was not included in the report nor used as a basis for the value conclusion. The appraiser will consider the three approaches to value, evaluate which approaches should or should not be included in the assignment, and precede to carry out the research necessary to carry out the selected approach or approaches. The appraiser shall then reconcile value conclusions into one opinion of value per the definition of value within the report assignment. If in consultation with the Client prior to undertaking the assignment it is agreed through informed consent of the Client that certain approaches to value shall be omitted or other departures from USPAP are implemented in the completion of this report they shall be stated within this report and identified as departures from USPAP. STATEMENT OF PHYSICAL CONDITION Appraisal is a branch of applied economics. It is distinct from the applied sciences (engineering, surveying, mold or environmental testing, etc.), from the building trades (home inspection, pest and dry rot inspection, roof inspection, construction, etc.), and from the applied arts (architecture, home design, or drafting). Inspection: A visual observation of the unobstructed, exposed surfaces of accessible areas from standing height. Complete visual inspection of the exterior of the subject property: a visual observation of the unobstructed, exposed, and accessible perimeter of the residential improvements without the removal of personal possessions from standing height. It includes the visual observation of any automobile storage area, if any, as well as of any detached accessory buildings judged by the appraiser to have contributory value. It also includes a visual observation of any roofing materials from the ground only. Repair items noted are limited to readily observable items visible from standing height on the ground. The appraiser is not a home inspector. The appraisal report cannot be relied upon to disclose hidden defects that are not apparent from a visual observation of the surfaces of the subject property from standing height. The testing of systems (structural, electrical, mechanical, heating, cooling, plumbing) and components (such as appliances, fixtures, doors, windows, etc.) lies outside of the scope of this appraisal assignment. The adequacy or suitability of any individual private sewer and water system is also beyond the scope of work. The appraiser made a cursory visual inspection of the subject property. The purpose was to ascertain the existence of the real property and the existence of any improvements. This cursory inspection is to in no way be considered as any type of structural inspection of any improvements to the real estate whatsoever nor is it to be construed in any way as any type of environmental inspection of the real property whatsoever. The appraiser is not qualified to detect any latent defects relating to the real estate, subject land or any structural improvements whatsoever. The appraiser is not trained to recognize what may be described as obvious and superficial deficiencies. The appraisal report assumes the absence of major and minor defects including but not limited to hazardous substances, etc., to the subject property. This report should not be in any way whatsoever considered a substitute for various inspections undertaken by qualified inspectors to determine the status of issues relating to the real estate, land and its improvements. Having presented this position, in the event the appraiser recognizes matters creating questions, the appraiser will make such note within the report, the failure of which to do so affords no liability to the appraiser. Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Page 11
Supplemental Addendum File No. Borrower N/A Property Address 1072 Center St City Inkster County Wayne State MI Zip Code 48141 Lender/Client Inkster Rentals LLC INTENDED USE/ FUNCTION Intended user: the sole intended user of this report is the client named in this report and its ultimate funding source. In accordance with the Appraisal Standard Board’s interpretation of Certification #23, the appraiser does not intend the use of this appraisal by anyone other than the named client and its ultimate funding source. The party receiving a report copy from the client does not, as a consequence, become a party to the appraiser-client relationship. No other persons or entities whatsoever are Clients or intended users. Use: reading the appraisal report or possessing the report does not constitute use. Relying on the appraisal report to understand how the appraiser developed the opinion of value does not constitute use. Use means relying on the appraisal report to make a decision or to take an action. This report is not intended for use by the borrower for the purpose of identifying any adverse conditions in the subject’s systems and components, which might be revealed by any inspections by licensed professionals in any relevant field. This appraisal does not guarantee that the subject property is free of undetected problems, possible defects, or environmental hazards that could exist. The intended use of the report also known as the function of the appraisal report is to determine the current market value of the subject property. The purpose of the Appraisal is to provide an opinion of market value of the subject property, as defined in this report, on behalf of the named Client as the intended user of the report. The only function of this report is to assist the client identified in the report in evaluating the subject property for its market value as defined in the report. The use of this appraisal by anyone other than the stated intended user or users, or for any other use than the stated intended use is prohibited The anticipated exposure time for the time for the subject property is estimated to be 0-90 days. This figure was derived from sales from the previous 12 months in the subject's defined market. Average days on sales the subject's defined market for the 12 months preceding the effective date of this appraisal was 28 days. Actual age/Effective age The subject property was constructed in 1949 giving it a chronological age of 77 years, however due to extensive updating and continued maintenance the subject property's effective age was estimated to be approximately 25 years old, with an estimated remaining economic life to be between 45 and 50 years. This figure was based on the appraiser's judgment and interpretation of market perceptions as well as the utility and condition of the subject. • GP Residential: Sales Comparison Analysis - Summary of Sales Comparison Approach The comparables are all located the same or in similar competing marketing area as the subject. Adjustments for square footage were calculated at $15.00/square foot. Comparables are relevant for age, location, similar square footage, similar foundations and similar bedroom counts. No adjustments were made for chronological age, as the subject and comparables had similar effective ages. No adjustment was made for porches, decks or patios as it could not be extracted from the market. All adjustments were extracted using regression analysis provided by ACI Analytics and verified by paired sales analysis. Building measurements and calculations were based on the ANSI Z765 standard. Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Page 12
Loan # USPAP Compliance Addendum File # Borrower N/A Property Address 1072 Center St City Inkster County Wayne State MI Zip Code 48141 Lender/Client Inkster Rentals LLC APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report is one of the following types: Appraisal Report This report was prepared in accordance with the requirements of the Appraisal Report option of USPAP Standards Rule 2-2(a). Restricted Appraisal Report This report was prepared in accordance with the requirements of the Restricted Appraisal Report option of USPAP Standards Rule 2-2(b). The intended user of this report is limited to the identified client. This is a Restricted Appraisal Report and the rationale for how the appraiser arrived at the opinions and conclusions set forth in the report may not be understood properly without the additional information in the appraiser's workfile. ADDITIONAL CERTIFICATIONS I certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. The report analyses, opinions, and conclusions are limited only by the reported assumptions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. I have no (or the specified) present or prospective interest in the property that is the subject of this report and no (or specified) personal interest with respect to the parties involved. 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 use 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. This appraisal report was prepared in accordance with the requirements of Title XI of FIRREA and any implementing regulations. PRIOR SERVICES I have NOT performed 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 performed services, as an appraiser or in another capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. Those services are described in the comments below. PROPERTY INSPECTION I have NOT made a personal inspection of the property that is the subject of this report. I HAVE made a personal inspection of the property that is the subject of this report. APPRAISAL ASSISTANCE Unless otherwise noted, no one provided significant real property appraisal assistance to the person signing this certification. If anyone did provide significant assistance, they are hereby identified along with a summary of the extent of the assistance provided in the report. ADDITIONAL COMMENTS Additional USPAP related issues requiring disclosure and/or any state mandated requirements: MARKETING TIME AND EXPOSURE TIME FOR THE SUBJECT PROPERTY A reasonable marketing time for the subject property is 0-90 day(s) utilizing market conditions pertinent to the appraisal assignment. A reasonable exposure time for the subject property is 0-90 day(s). APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Signature Name SCOTT GAILEY Name Date of Signature 12/31/2025 Date of Signature State Certification # 1204005200 State Certification # or State License # or State License # State MI State Expiration Date of Certification or License 07/31/2027 Expiration Date of Certification or License Supervisory Appraiser Inspection of Subject Property Effective Date of Appraisal 12/31/2025 Did Not Exterior-only from Street Interior and Exterior USPAP Compliance Addendum 2014 Page 1 of 1 Form ID14EC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Page 13
Aerial Map Borrower N/A Property Address 1072 Center St City Inkster County Wayne State MI Zip Code 48141 Lender/Client Inkster Rentals LLC Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Page 14
Location Map Borrower N/A Property Address 1072 Center St City Inkster County Wayne State MI Zip Code 48141 Lender/Client Inkster Rentals LLC Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Page 15
Subject Photo Page Borrower N/A Property Address 1072 Center St City Inkster County Wayne State MI Zip Code 48141 Lender/Client Inkster Rentals LLC Subject Front 1072 Center St Sales Price G.L.A. 714 Tot. Rooms 4 Tot. Bedrms. 2 Tot. Bathrms. 1.0 Location N;Res; View N;Res; Site 5,240 sf Quality Q3 Age 76 Subject Rear Subject Street Form PIC4X6.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Page 16
Comparable Photo Page Borrower N/A Property Address 1072 Center St City Inkster County Wayne State MI Zip Code 48141 Lender/Client Inkster Rentals LLC Comparable 1 233 Magnolia Dr Proximity 0.54 miles NW Sale Price 60,000 GLA 764 Total Rooms 5 Total Bedrms 2 Total Bathrms 1.0 Location N;Res; View N;Res; Site 8905 sf Quality Q3 Age 75 Comparable 2 1108 Northwood Dr Proximity 0.06 miles SW Sale Price 55,000 GLA 714 Total Rooms 4 Total Bedrms 2 Total Bathrms 1.0 Location N;Res; View N;Res; Site 5360 sf Quality Q3 Age 77 Comparable 3 27304 New York St Proximity 0.99 miles S Sale Price 55,000 GLA 720 Total Rooms 4 Total Bedrms 2 Total Bathrms 1.0 Location N;Res; View N;Res; Site 6075 sf Quality Q3 Age 76 Form PIC4X6.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Page 17
APPRAISAL LICENSE Borrower N/A Property Address 1072 Center St City Inkster County Wayne State MI Zip Code 48141 Lender/Client Inkster Rentals LLC Form SCNLGH - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Page 18
E & O INSURANCE Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE