202604-14.pdf
Phillip Croff Petitioner V Township Of Hamlin Respondent · 26-000598-TT
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 INVOICE Date: File No. Prepared for: Property Appraised: Work Performed: $ $ $ $ $ $ Total Amount Due: $ Please make checks payable to: 04/13/2026 202604-14 Croff Estate NO AMC Phillip Croff 5485 N Otter Ridge Dr Ludington, MI 49431 Phillip Croff 5485 N Otter Ridge Dr Ludington, MI 49431 $0 Paid $0 0.00 Boardman Appraisal Associates 3890 Morningside Dr Traverse City, MI 49684 38-3254979
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APPRAISAL REPORT OF PREPARED FOR AS OF PREPARED BY 5485 N Otter Ridge Dr Ludington, MI 49431 NO AMC Phillip Croff 5485 N Otter Ridge Dr Ludington, MI 49431 04/09/2026 Boardman Appraisal Associates 3890 Morningside Dr Traverse City, MI 49684
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RE: File No. Case No. In accordance with your request, I have personally inspected and prepared an appraisal report of the real property located at: The purpose of this appraisal is to estimate the market value of the property described in the body of this appraisal report. Enclosed, please find the appraisal report which describes certain data gathered during our investigation of the property. The methods of approach and reasoning in the valuation of the various physical and economic factors of the subject property are contained in this report. An inspection of the property and a study of pertinent factors, including valuation trends and an analysis of neighborhood data, led the appraiser to the conclusion that the market value, as of is: $ The opinion of value expressed in this report is contingent upon the limiting conditions attached to this report. It has been a pleasure to assist you. If I may be of further service to you in the future, please let me know. Respectfully submitted, Signature: Boardman Appraisal Associates 3890 Morningside Dr Traverse City, MI 49684 04/13/2026 Phillip Croff 5485 N Otter Ridge Dr Ludington, MI 49431 Phillip Croff 5485 N Otter Ridge Dr Ludington, MI 49431 202604-14 Croff Estate 5485 N Otter Ridge Dr, Ludington, MI 49431 04/09/2026 1,095,000 Julie Howe
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Owner Property Address City County State Zip Code Client Address Page of Boardman Appraisal Associates NO ADDITIONAL INTENDED USERS ARE AUTHORIZED 202604-14 Croff Estate CROFF PHILLIP TRUSTEE 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 3 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Uniform Residential Appraisal Report The purpose of this appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property. Property Address City State Zip Code Borrower Owner of Public Record County Legal Description Assessor's Parcel # Tax Year R.E. Taxes $ Neighborhood Name Map Reference Census Tract Occupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per month Property Rights Appraised Fee Simple Leasehold Other (describe) Assignment Type Purchase Transaction Refinance Transaction Other (describe) Lender/Client Address Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes No Report data source(s) used, offerings price(s), and date(s). SUBJECT I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed. Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s) Is there any financial assistance (loan charges, sale concessions, gift or down payment assistance, etc.) to be paid by any party on behalf of the borrower? Yes No If Yes, report the total dollar amount and describe the items to be paid. CONTRACT Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use % Location Urban Suburban Rural Property Values Increasing Stable Declining PRICE AGE One-Unit % Built-Up Over 75% 25-75% Under 25% Demand/Supply Shortage In Balance Over Supply $ (000) (yrs) 2-4 Unit % Growth Rapid Stable Slow Marketing Time Under 3 mths 3-6 mths Over 6 mths Low Multi-Family % Neighborhood Boundaries High Commercial % Pred. Other % Neighborhood Description Market Conditions (including support for the above conclusions) NEIGHBORHOOD Dimensions Area Shape View Specific Zoning Classification Zoning Description Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe) Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe. Utilities Public Other (describe) Public Other (describe) Off-site Improvements--Type Public Private Electricity Water Street Gas Sanitary Sewer Alley FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map Date Are the utilities and/or off-site improvements typical for the market area? Yes No If No, describe. Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe. SITE General Description Foundation Exterior Description materials/condition Interior materials/condition Units One One with Accessory Unit Concrete Slab Crawl Space Foundation Walls Floors # of Stories Full Basement Partial Basement Exterior Walls Walls Type Det. Att. S-Det./End Unit Basement Area sq. ft. Roof Surface Trim/Finish Existing Proposed Under Const. Basement Finish % Gutters & Downspouts Bath Floor Design (Style) Outside Entry/Exit Sump Pump Window Type Bath Wainscot Year Built Evidence of Infestation Storm Sash/Insulated Car Storage None Effective Age (Yrs) Dampness Settlement Screens Driveway # of Cars Attic None Heating FWA HWBB Radiant Amenities Woodstove(s) # Driveway Surface Drop Stair Stairs Other Fuel Fireplace(s) # Fence Garage # of Cars Floor Scuttle Cooling Central Air Conditioning Patio/Deck Porch Carport # of Cars Finished Heated Individual Other Pool Other Att. Det. Built-in Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe) Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above Grade Additional features (special energy efficient items, etc.) Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe IMPROVEMENTS Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Page of APPRAISAL REPORT Boardman Appraisal Associates 202604-14 Croff Estate 5485 N Otter Ridge Dr Ludington MI 49431 Phillip Croff CROFF PHILLIP TRUSTEE Mason Partridge Pointe North Subdivision Lot 28 007-410-028-00 2025 19,012 Hamlin Twp T19N 9502.00 X 0 1,100 X X X Tax Tribunal Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 X SWMRIC# X X X X X X 500 1,330 950 1 140 40 65 0 0 0 VACANT 35 Bounded by Lk Michigan West, Ludington South, N Jebavy Rd East, County Line Rd North See comments - NEIGHBORHOOD; Other % under Present Land Use % includes, lakes, parks and vacant land. See comments - Neighborhood Marketing Conditions 100 x 275.29 x 167.76 x 266.11 36241 sf Rectangular B;Wtr; R2 SFR X X X X LPG X Individual Well X Septic System Paved X None X X 26105C0140D 08/24/2021 X X See comments - Site Comments; subject has 167.76' Pvt Frontage on Hamlin Lk; ;Septic is a 'shared' system with 9 other homes, There is an HOA formed to care for commons X 2 X X Contemporary 1987 20 X 1,444 80 X Block/Good Wood Siding/Good Asphalt Shingle/Good NONE Casement/Good Thermal Pane/Good Sc/Good Carpet/tile/Good 1/2” Drywall/Good Wood/Good Tile/Good Ceramic/Fiberglass/Good X X LPG X None X 1 X Wd/Conc None 0 None X WGEP None X 2 Blacktop X 2 0 X X X X X X X X Wine cooler 7 3 2.1 2,469 I certify that for this assignment, the calculations of square footage complied with the “Square Footage-Method for Calculating: ANSI Z765-2021.” C3;No updates in the prior 15 years;No updates in the prior 15 years, overall Good condition/Quality, all mechanicals operational at date of site visit. X X 4 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 Net Adj: -13% Gross Adj : 27% Net Adj: 8% Gross Adj: 8% Net Adj: 0% Gross Adj: 52% File No. Uniform Residential Appraisal Report There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ . There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ . FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address Proximity to Subject Sale Price $ $ $ $ Sale Price/Gross Liv. Area $ sq. ft. $ sq. ft. $ sq. ft. $ sq. ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment Sale or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count Gross Living Area sq. ft. sq. ft. sq. ft. sq. ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total) + - $ + - $ + - $ Adjusted Sale Price of Comparables $ $ $ I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain 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) My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale. Data source(s) Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s) Analysis of prior sale or transfer history of the subject property and comparable sales Summary of Sales Comparison Approach SALES COMPARISON ANALYSIS Indicated Value by Sales Comparison Approach $ Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if 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, or subject to the following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is RECONCILIATION $ , as of , which is the date of inspection and the effective date of this appraisal. Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Page of Boardman Appraisal Associates 202604-14 Croff Estate 4 950,000 1,499,000 7 500,000 1,330,000 5485 N Otter Ridge Dr Ludington, MI 49431 0.00 B;WtrFr; Fee Simple 36241 sf B;Wtr; DT2;Contemporary Q3 39 C3 7 3 2.1 2,469 1444sf1155sfwo 2rr2br1.0ba0o Average HWBB/None INSULATION 2ga2dw Patio/Deck,WGEP Fireplaces 1 Fireplace Amenity 167' Pvt Hamlin LK Amenity Association 2918 Piney Ridge Road Ludington, MI 49431 3.19 miles S 1,330,000 813.46 MLS#25035866;DOM 23 Public Records ArmLth Cash;0 s08/25;c08/25 0 B;WtrFr; Fee Simple 34848 sf 0 B;Wtr; DT1;Contemporary 0 Q2 -60,000 8 0 C2 -20,000 0 9 3 2.0 +10,000 1,635 +33,360 900sf720sfwo +10,880 1rr0br0.0ba0o +35,000 Average FWA/Central -12,000 INSULATION 2gbi2dw 0 Patio/Deck,WGEP 1 Fireplace 200' Pvt Hamlin Lk -172,500 Shed/None -3,000 X -178,260 1,151,740 6818 W Vesper Drive Ludington, MI 49431 0.97 miles N 929,000 562.35 MLS#25023447;DOM 8 Public Records ArmLth Conv;0 s07/25;c05/25 0 B;WtrFr; Fee Simple 33756 sf 0 B;Wtr; DT1;Rsd Ranch 0 Q3 31 0 C4 +20,000 0 8 1 1.1 +20,000 1,652 +32,680 1372sf1296sfwo 0 2rr2br1.0ba0o Average FWA/None 0 INSULATION 2ga2dw Patio/Deck,WGEP 1 Fireplace 150' Pvt Hamlin Lk 0 Shed/Association -3,000 X 69,680 998,680 5185 W Nurnberg Road Free Soil, MI 49411 3.17 miles NE 1,215,000 1,123.96 MLS#25027215;DOM 8 Public Records ArmLth Conv;8900 -8,900 s07/25;c06/25 0 B;WtrFr; Fee Simple 12.50 ac -233,360 B;Wtr; DT1.5;Mid-Centruy Modern 0 Q2 -60,000 43 0 C3 0 8 3 1.1 +20,000 1,081 +55,520 0sf +28,880 +40,000 Average EBB/Ductless -12,000 INSULATION 2gd2dw 0 Patio/Deck,WCP +2,500 1 Fireplace 103' Pvt Hamlin Lk +172,500 Shed/None -3,000 X 2,140 1,217,140 X X MUNI X NMLS 08/29/2024 $1,050,000 MUNI 04/13/2026 NMLS 04/13/2026 NMLS 04/13/2026 NMLS 04/13/2026 Above Sold above/price after being listedon market for $1,350,000 after 68 days on market See comments - See comments - Gross Adjustments >25%: Net Adjustments-15%;The high gross/net adjustment percentage stems from necessary adjustments for lot size, GLA, and other features that differ significantly from the subject. Although adjustments exceed typical thresholds in some cases, these percentages are common in this market due to inherent property differences. In this market, these adjustments are typical and account for property characteristics that buyers consider when selecting properties. Given the small pool of similar comparables, adjustments were made to account for lot size, GLA, and unique characteristics, which are critical for producing a credible and market-relevant valuation. Sale 3; Taken down to the studs and thoughtfully rebuilt. 1,095,000 1,095,000 0 See comments - Reconciliation Comments X 1,095,000 04/09/2026 5 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Uniform Residential Appraisal Report ADDITIONAL COMMENTS COST APPROACH TO VALUE (not required by Fannie Mae.) Provide adequate information for the lender/client to replicate your cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW OPINION OF SITE VALUE =$ Source of cost data Dwelling Sq. Ft. @ $ =$ Quality rating from cost service Effective date of cost data Sq. Ft. @ $ =$ Comments on Cost Approach (gross living area calculations, depreciation, etc.) Garage/Carport Sq. Ft. @ $ =$ Total Estimate of Cost-new =$ Less Physical Functional External Depreciation =$ ( ) Depreciated Cost of Improvements =$ "As-is" Value of Site Improvements =$ COST APPROACH Estimated Remaining Economic Life (HUD and VA only) Years Indicated Value By Cost Approach =$ INCOME APPROACH TO VALUE (not required by Fannie Mae.) Estimated Monthly Market Rent $ X Gross Multiplier =$ Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM) INCOME PROJECT INFORMATION FOR PUDs (if applicable) Is the developer/builder in control of the Homeowner's Association (HOA)? Yes No Unit type(s) Detached Attached Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit. Legal Name of Project Total number of phases Total number of units Total number of units sold Total number of units rented Total number of units for sale Data source(s) Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion. Does the project contain any multi-dwelling units? Yes No Data source. Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion. Are the common elements leased to or by the Homeowner's Association? Yes No If Yes, describe the rental terms and options. Describe common elements and recreational facilities. PUD INFORMATION Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Page of Boardman Appraisal Associates 202604-14 Croff Estate Clarification of Intended Use and Intended User: The Intended User of this appraisal report is the Client. The Intended Use is to evaluate the property that is the subject of this appraisal for a personal decision, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser. The appraiser has developed an appraisal on the subject property in accordance with Standard 1 of USPAP and has communicated the result of the appraisal in an Appraisal Report; to Standard Rules 2-2 (a). As such it represents only summary discussion of the data, reasoning and analyses that were used in the appraisal. Supporting documentation that is not provided with the report is retained in the appraiser's work file. The depth of the discussion contained in this report is specific to the needs of the client and for the intended use as stated in the report. The appraiser is not responsible for the unauthorized use of this report. The appraiser's analysis, opinions and conclusions were developed in accordance with an in conformity to the Uniform Standards of Professional Appraisal Practice (USPAP) standards rule 2-3. I hereby certify that I have the experience and knowledge to adequately execute this appraisal assignment competently, including geographic competency. Clarification of the term " complete visual inspection." Certification #2 on page 5 of this report states that the appraiser has performed a "complete visual inspection" of the property. It should be understood that the "complete visual inspection" was performed within the context of the intended use and intended user identified on page 4 and clarified below. That is, the appraiser's inspection of the property is for valuation purposes only and is strictly for the purpose of assisting the lender/client (and only the lender/client) in evaluating the property for a mortgage finance transaction. The appraiser's inspection of the property was limited to what was readily observable without moving furniture, floor covering or personal property. Unless otherwise stated, the appraiser did not view attics, crawl spaces or any other area that would involve the use of ladders or special equipment. The appraiser's viewing of the property was limited to surface areas only and can often be compromised by landscaping, placement of personal property or even weather conditions. Most importantly, the appraiser's inspection of the property is far different from and much less intensive than the type of inspections performed to discover property defects. The appraiser is not a home inspector, building contractor, pest control specialist or structural engineer. An appraisal is not a substitute for a home inspection or an inspection by a qualified expert in determining issues such as, but not limited to, foundation settlement or stability, moisture problems, wood destroying (or other) insects, rodents or pests, radon gas or lead -based paint. The client is invited and encouraged to employ the services of appropriate experts to address any area of concern.. INTENDED USER/USE COMMENTS - As previously stated, the intended user of this appraisal report is the Client. The only intended user of this appraisal is the client . There is no other intended user. No purchaser, seller, or borrower are intended users of this report. No party, other than the intended user, should rely upon this appraisal for any purpose, whatsoever. The fact that some party, other than the client, paid for the appraisal, either directly, or indirectly, does not make them an intended user. The estimated vacant land value was derived from Assessor's & MLS records. 45 500,250 2,469 Bsmt. 1,444 31 0 0 0 0 INSUFFICIENT DATA X X 6 52
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Net Adj: -11% Gross Adj : 24% Net Adj: 0% Gross Adj: 0% Net Adj: 0% Gross Adj: 0% UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address Zip Code City County State Lender/Client Address FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE # Address Proximity to Subject Sale Price $ $ $ $ Sale Price/Gross Liv. Area $ sq. ft. $ sq. ft. $ sq. ft. $ sq. ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment Sale or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count Gross Living Area sq. ft. sq. ft. sq. ft. sq. ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total) + - $ + - $ + - $ Adjusted Sale Price of Comparables $ $ $ Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales ITEM SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE # Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) Effective Date of Data Source(s) Analysis of prior sale or transfer history of the subject property and comparable sales Summary of Sales Comparison Approach SALES COMPARISON ANALYSIS Page of Boardman Appraisal Associates EXTRA COMPARABLES 4-5-6 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 5485 N Otter Ridge Dr Ludington, MI 49431 0.00 B;WtrFr; Fee Simple 36241 sf B;Wtr; DT2;Contemporary Q3 39 C3 7 3 2.1 2,469 1444sf1155sfwo 2rr2br1.0ba0o Average HWBB/None INSULATION 2ga2dw Patio/Deck,WGEP Fireplaces 1 Fireplace Amenity 167' Pvt Hamlin LK Amenity Association 4 6411 S Shields Pentwater, MI 49449 15.08 miles S 1,225,000 282.00 MLS#50155647;DOM 82 Public Records ArmLth Conv;0 s12/24;c12/24 0 B;WtrFr; Fee Simple 19602 sf +7,640 B;Wtr; DT2;Contemporary Q2 -60,000 30 0 C3 0 12 6 4.0 -30,000 4,344 -75,000 0sf +28,880 +40,000 Average FWA/Central -12,000 INSULATION 3gbi2dw -30,000 Patio/Deck,Hot tub 0 1 Fireplace 100' Pvt Bass Lk/Sandy Frontagge 0 2 Sheds/Association -6,000 X -136,480 1,088,520 5 6 08/29/2024 $1,050,000 MUNI 04/13/2026 4 MUNI 04/13/2026 5 6 7 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 COMMENT ADDENDUM File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Boardman Appraisal Associates 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 NEIGHBORHOOD MARKETING CONDITIONS FNMA selling guide includes requirements for the appraiser to perform a neighborhood analysis in order to identify the area that is subject to the same influences as the property being appraised (based on the actions of typical buyers in the market area). The results of a neighborhood analysis has been completed to not only identify factors that influence the value of properties in the market area, but also to define the area from which to select the market data needed to perform a sales comparison. The instructions direct the appraiser to use inventory analysis in order to reach a conclusion regarding housing trends and market conditions using comparable data that reflects the total pool of comparable properties from which a buyer may select. The sales must "be properties that compete with the subject property, determined by applying a criteria that would be used by a prospective buyer of the subject property". The USPAP directs that the appraiser and not the client must determine which comparables to use in the Sales comparison approach THIS AREA IS WITHIN AN AREA OF LARGE SEGMENTATION, WITH AREAS OF DIFFERING HOUSING CHARACTERISTIC COMPONENTS. THE AREA IS COMPRISED OF "NORTHERN MICHIGAN" AND HAS A WIDE RANGE OF STYLES/AGES/VILLAGE MARKETS The subject is located in Northern Michigan. Northern Michigan is primarily lower in density and population. The density of housing units is more limited than the southern part of Michigan primarily due to the vast amount of recreational property and smaller regional and shopping centers. Northern Michigan has thousands of acres of state and federal lands and there are many lakes for recreation. The primary housing unit is single family. There is vacant land used for recreation. The commercial properties are along the major traffic routes. A portion of the more rural areas of vacant land is used for agriculture. The uses of the neighborhood blend well and have no adverse affect on each other. Housing units can have quite a large range depending on the area. It is common for larger sites in the neighborhood due to the lower density of population in rural locations. WASHINGTON, D.C. (April 8, 2026) - Mortgage applications decreased 0.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 3, 2026. The Market Composite Index, a measure of mortgage loan application volume, decreased 0.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1 percent compared with the previous week. The Refinance Index decreased 3 percent from the previous week and was 4 percent lower than the same week one year ago. The seasonally adjusted Purchase Index increased 1 percent from one week earlier. The unadjusted Purchase Index increased 1 percent compared with the previous week and was 7 percent lower than the same week one year ago. “Higher mortgage rates and continued economic uncertainty weighed down on mortgage applications again last week. While mortgage rates saw a slight reprieve, with the 30-year fixed rate decreasing to 6.51 percent, many potential refinance borrowers have been frozen out by the sharp increase over the past month. The pace of refinance applications was at its lowest level since December 2025,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Overall purchase activity has also been adversely impacted by current conditions - purchase applications were 7 percent lower on a year-over- year basis, the first annual decline since January 2025. However, certain loan types and geographic segments are faring better than others because of lower rates on ARM and FHA loans as well as growing housing inventory in some local markets. Applications for FHA purchase applications were up 5 percent over the week, supported by the FHA mortgage rate being about 30 basis points lower than the conventional mortgage rate.” The refinance share of mortgage activity decreased to 44.3 percent of total applications from 45.3 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 8.6 percent of total applications. The FHA share of total applications decreased to 19.3 percent from 19.5 percent the week prior. The VA share of total applications remained unchanged at 16.1 percent from the week prior. The USDA share of total applications remained unchanged at 0.5 percent from the week prior. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($832,750 or less) decreased to 6.51 percent from 6.57 percent, with points decreasing to 0.61 from 0.65 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $832,750) decreased to 6.54 percent from 6.59 percent, with points decreasing to 0.35 from 0.43 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 6.22 percent from 6.25 percent, with points decreasing to 0.73 from 0.81 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week. The average contract interest rate for 15-year fixed-rate mortgages increased to 5.90 percent from 5.89 percent, with points decreasing to 0.74 from 0.75 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week. The average contract interest rate for 5/1 ARMs decreased to 5.60 percent from 5.67 percent, with points increasing to 0.68 from 0.56 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week. SITE COMMENTS Appraiser has developed an opinion of the highest and best use of the real estate. Analysis of the relevant legal, physical, and economic factors leads the appraiser to the conclusion that the Highest and Best use is Single family residential improved. The subject contains suitable site area for the specific zoning in which it is legally permissable. Because of the topography, soil types, and proximity to recreational areas and nearby villages, all of the legally permissable uses are physically possible. There is little indication that there is a market for income producing properties in this area, at this time. The use which affords the highest economic return to this parcel is determined to be personal use-residential. PRIVATE WELL/SEPTIC IS COMMON TO THE AREA AND IS NOT ADVERSE IN THE MARKET. THERE IS NO PUBLIC WATER/SEWER AVAILABLE. If there is a conflict between the flood information herein and the lender’s flood certification, the lender’s flood certification will be deemed dispositive on the issue of the flood zone applicable to the property. Private, community and/or public water and sewage systems are common for the area and have no adverse effect on the value or marketability. All comps have equal or similar systems which are readily accepted in this market. Actual flood certification is provided by outside vendor. However, the appraiser may have provided flood data from a industry noted source but does not certify the 8 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 COMMENT ADDENDUM File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Boardman Appraisal Associates 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 subject's location within those boundaries. While no adverse site conditions or external factors were observed or disclosed to the appraiser, many site related issues are beyond the scope of this assignment and the expertise of the appraiser. Unless otherwise noted, standard utility and right of way easements are insignificant to value. However, a current locational or boundary survey, which was unavailable to the appraiser, may reveal encroachments, easements, zoning violations or matters of interest that could warrant modification of the appraiser's analysis and opinions. This appraisal is not an environmental assessment of the subject property and should not be relied on as such. ZONING COMMENTS - Statements regarding zoning compliance are intended in the most general sense. Zoning and building ordinances vary significantly from one municipality to another, and are applied on a case-by-case basis. The scope of this assignment does not include a detailed analysis of every characteristic of the subject property's site and improvements relative to current zoning and building • ordinances. ADDITIONAL CERTIFICATIONS - All utilities were operational at time of appraisal field inspection. URAR: Site - Highest and Best Use The legal use of the site allows for one-unit residential and that is what the subject is. There is demand for such properties in this market; new home construction is occurring and older homes are being renovated. A residential improvement can be built on the site and it is financially feasible to do so. There is no other competing use for the site. HBU as vacant is to build a one-unit residential improvement. Improved one-unit residential properties within this market are typically purchased for owner-occupancy (owner-user), although some homes are non-owner occupied/rentals. The typical buyer is purchasing for utility (residence). This is especially true of renovated homes or newly constructed homes. The improvements contribute value to the site: the property, as improved, is more valuable than if vacant, ready for development. The HBU "as improved" is "as is". The improvement should be retained as is, with a regular maintenance schedule and routine replacement of short-lived items as needed. NEIGHBORHOOD Mason County is a county located in the U.S. state of Michigan . As of the 2020 Census , the population was 29,052.The county seat is Ludington . Mason County comprises the Ludington, MI Micropolitan Statistical Area .According to the US Census Bureau , the county has a total area of 1,242 square miles (3,220 km2), of which 495 square miles (1,280 km2) is land and 747 square miles (1,930 km2) (60%) is water.As of the 2000 United States Census ,of 2000, there were 28,274 people, 11,406 households, and 7,881 families in the county. The population density was 57 people per square mile (22/km2). There were 16,063 housing units at an average density of 32 per square mile (13/km2). Hamlin Township is a civil township of Mason County in the U.S. state of Michigan. The population was 3,711 at the 2020 census, up from 3,408 in 2010. The township is in western Mason County, sitting on the eastern shore of Lake Michigan. Hamlin Lake, a dammed lake on the Big Sable River, occupies a large portion of the township, and the Lincoln River forms the southern border of the township. Big Sable Point Light and Ludington State Park are located within the township along Lake Michigan. According to the United States Census Bureau, the township has a total area of 34.40 square miles (89.10 km2), of which 27.45 square miles (71.10 km2) are land and 6.95 square miles (18.00 km2), or 20.21%, are water. As of the census of 2000, there were 3,192 people, 1,343 households, and 992 families residing in the township. The population density was 116.1 inhabitants per square mile (44.8/km2). There were 2,123 housing units at an average density of 77.2 per square mile SUMMARY OF SALES COMPARISON APPROACH The sales presented were chosen from a search of recently closed sales in the appraisers and MLS files. In this Northern Michigan community it is common for the comparable sales to be farther than one mile from the subject and or over six months old. These are conditions that are common in this market area and should not be considered to be negatives regarding the Subject's marketability. The market has been stable over this period and no adjustment for time is warranted. All comps were chosen as they represent the most recent and most overall similar to the Subject property within the search parameters previously noted. All comps come from within Subject's market unless otherwise noted and adjusted. Any locational boundaries (I.e. interstates, county or township boundaries, etc.) are considered and adjusted for if necessary. If no adjustment is given, none were considered necessary. All comps were chosen for their overall similarity to the subject property in terms of GLA, condition and site. The appraiser selected sales with most similar gla, age, site, quality, condition, design and/or frontage. No alternative sales have been found which would be considered both more reliable and closer in proximity or more recent than the comparables selected for this appraisal. None were found that would require less adjustment. The comparables used in this report are deemed adequate to provide a reasonably supported value conclusion. The appraiser has made adjustments on the sales grid to the comparable sales which reflect the markets reaction in appraisers opinion, to the differences between the subject property and the comparables sales. The appraisers opinions have been formulated first on a matched-pair analysis, when possible. However, often there is not a specific matched pair analysis available with which to quantify an adjustment in such cases, the appraiser is compelled to make adjustment based on carefully consideration of observations of current market trends as well as historical market trends. The appraiser has made adjustments on the sales grid to the comparable sales which reflect the markets reaction in appraisers opinion to the differences between the subject and the comparable. The appropriate adjustments are for differences significant enough to be recognized be a typical buyer and strong enough of an influence to result in a modification of buyers decision. Not all dissimilarities require adjustment because not all dissimilarities achieve price differential in the market. Appraiser typically does not make a bathroom adjustment unless there is more than 1 half bath of difference as this is already adjusted for in the GLA adjustment if any. Appraiser typically does not make a garage adjustment unless there is more than one full bay of difference. No adjustments are offered for bathroom counts unless there is more than 1 half bath of difference. No adjustments are offered for garage bay differences unless there is more than 1 full bay of difference. No adjustments can be made to some of the unbracketed amenities. They are considered positive to the market but there is currently no proof of value.Other potential adjustments exist, but could not be made due to insufficient market data to derive accurate value adjustment. Most, but not all assessors are part time in northern Michigan and many only hold limited hours and typically only 1 day a week which makes data verification difficult. Some assessors never bother to call back at all. Due to the time frames and due dates of appraisal products, most of the data cannot be obtained from the assessors in a timely manner or in the normal course of business. The next best available source is the MLS data sheets. These sheets can be inaccurate in regard to year built and other facts but the appraiser uses what is published. If it is not published the appraiser's opinion is based on the photographs and narrative in the data sheet. Due to the part time status of some of the assessors involved with the subject and comparable sales contained within the body of this appraisal report the information and data is verified when possible but otherwise is gathered and verified from MLS, county and owner records and brokers files. All information 9 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 COMMENT ADDENDUM File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Boardman Appraisal Associates 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 contained herein is deemed reliable but not guaranteed. Due to this rural area and low population density resulting if few sales the sales grid becomes the Comparable Search Summary requested by client.ADDITIONAL CERTIFICATION - This appraisal report may contain electronic images and electronic signatures.Fannie Mae guidelines indicate that the photographs must be clear and descriptive in either black and white or color. The photos must be originals that are produced by either photography or electronic imaging. None of the photographs have been altered in any way other than to lighten or darken the image in order to offer a more descriptive representation to the intended user unless stated. The appraiser may have utilized images from appraisers office files or MLS photographs if they offer a better representation than those available from a public street. Because of this, some of the photographs may offer a different season depending on what season the photographs were taken. The subject property was measured in accordance with the current ANSI Z765 2021 measuring guidelines. Public record GLA data may differ from county, township and/or MLS data. Appraiser finds that often, GLA reported on public records are more inaccurate than those reported on MLS data sheets. Because of this, appraiser has chosen to use above grade GLA data from MLS listing even when there is a discrepancy with public record, unless noted. The comps used were selected from the Northern Great Lakes Realtors MLS System of sold data for 2025/2026. An attempt was made to bracket the comp selection by price/value and square footage to more accurately reflect the value range for the subject. Due to the low population density of the area, comparable sales are often limited. The appraiser attempts to select comparables within the following parameters: 5 mile radius of the subject, closing dates within 6 months, net adjustments not exceeding 15%, line item adjustments not exceeding 10% and gross adjustments not exceeding 25%. It is common for the comparables not to fall within these guidelines due to the limited supply of sold market data. Comparables exceeding the preferred standards are not considered to have any effect on the indicated value or marketability of the subject. Upon a thorough search of all available market data it was determined that the comps used are the most recent and similar data available at this time. The assessment of quality ratings for the comparables, and the associated adjustment for same are made based on not only exterior observation of the home, noting fenestration, facade, ornamentation and complexity of roof-line and design - but also upon review of interior photographs and Realtor comments which reveal differences or simillarities in quality indicators such as flooring, wall and ceiling treatments, ceiling heights and sculpture, lighting and plumbing fixtures, cabinetry, trim and interior door packages, hardware packages, kitchen and bathroom refinements, use of built-ins and customization etc. IN REVIEWING THE SALES COMPARISON GRID; A ZERO WILL INDICATE THAT NO ADJUSTMENT IS NECESSARY AND THE COMP IS CONSIDERED EQUAL OR SIMILAR IN THAT RESPECT TO AMENITY, OR MAY BE OF EQUALLY OFFSETTING NATURE. ANY SIGNIFICANT OTHER ADJUSTMENTS ARE GIVEN AN APPROPRIATE MARKET REACTION ADJUSTMENT ACCORDINGLY. WHERE CONDITION IS GIVEN ADJUSTMENT, THE COMP IS CONSIDERED TO HAVE EITHER INFERIOR OR SUPERIOR OF THAT QUALITY DEPENDING ON THE MINUS OR PLUS ADJUSTMENT. WHERE QUALITY IS GIVEN ADJUSTMENT, THE COMP WAS FOUND TO HAVE EITHER INFERIOR OR SUPERIOR MATERIALS AND/OR CONSTRUCTION AND/OR RENOVATED TO SIMILAR TO SUBJECT OR NOT RENOVATED. FULL ANALYSIS IS KEPT IN THE APPRAISERS WORKFILE. Adjustment values of zero in the sales comparison grid indicate that the appraiser considered an adjustment, however after consideration, determined the difference to be so minimal that it is not recognized by the market, therefore no adjustment was made. Site value adjustments were made based upon a comparison of each comp site value as if vacant in relation to the subject site value as if vacant. Comparable Sale Selection: Fannie Mae recognizes that the availability of suitable sales for comparison can be challenging. Often, appraisers have very limited market data and available sales may be dated, dissimilar and/or located some distance from the subject property. Adjustments where possible, appraisers should attempt to balance the analysis by isolating dominant features within the subject property and select sales that compare to those features. For example, a subject property with a large site should be compared to comparable sales with large sites even though the sale may be distant, dated, or dissimilar in order to isolate the contributory value of the subject’s site. Comparable sales that are used in this manner can be balanced by sales that are more current, closer in proximity, or those that have very similar improvements in terms of style, design, age, condition, etc. Distance: Appraisals of properties located in small towns with few sales may require appraisers to select comparable sales from neighboring towns some distance away. Depending on market activity, these sales may also be dated but the best available. The appraiser is responsible for providing an appropriate amount of relevant narrative discussion on current market conditions, available market data and explanation of the analysis and conclusions contained in the appraisal. Appraisers that possess market knowledge and experience in more rural geographic areas will generally produce credible results that will enable lenders to make appropriate collateral evaluations and underwriting decisions. APPRAISER HAS 31 YEAR EXPERIENCE IN SUBJECT MARKET AREA. Adjustments to Comparable Sales As a result of an analysis of Uniform Appraisal Dataset data specific to comparable adjustments, Fannie Mae has eliminated the 15% net and 25% gross adjustment guidelines and has provided clarification with respect to Fannie Mae's expectations for the appraiser to analyze the market for competitive properties and provide appropriate market based adjustments without regard to limits on the size of the adjustments. • Updated Selling Guide Topic B4-1.3-09, Adjustments to Comparable Sales (Analysis of Adjustments) As stated in B4-1.3-09, Adjustments to Comparable Values, in the Selling Guide: “Fannie Mae does not have specific limitations or guidelines associated with net or gross adjustments. The number and/or amount of the dollar adjustments must not be the sole determinant in the acceptability of a comparable. Ideally, the best and most appropriate comparable would require no adjustment; however this is rarely the case as typically no two properties or transaction details are identical. The appraiser’s adjustments must reflect the market’s reaction (that is, market-based adjustments) to the difference in the properties. The expectation is for the appraiser to analyze the market for competitive properties and provide appropriate market-based adjustments without regard to arbitrary limits on the size of the adjustment.” THE ADJUSTMENTS PROVIDED ARE MARKET BASED-REACTION PAIRED SALES OR EXTRACTION METHOD. Another point of clarification is that Fannie Mae currently does not have, and has never had, a limitation on a single-line item adjustment. Selection of Comparable Sales Fannie Mae no longer requires specific comments from an appraiser if a comparable sale is older than 6 months; however, a comment is still required when a comparable sale is older than 12 months. The expectation is for comparable sales to have closed within the past 12 months and be the best and most appropriate. However, there are 10 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 COMMENT ADDENDUM File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Boardman Appraisal Associates 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 times when the best and most appropriate comparable sales are not the most recent sales. RECONCILIATION The subject property sold on 08/29/2024 for $1,050,000 in an arm’s length transaction after 68 days of market exposure. Under MCL 211.27(1) and (6), this sale is the best evidence of True Cash Value. The township’s 2026 assessed value of $687,800 implies a market value of $1,375,600, representing an unsupported 31% increase in sixteen months. The submitted appraisal (File 202604 14) provides four primary and one supplemental comparable sales Nothing has been done to the home to increase the value since purchase. The subject’s HOA provides basic maintenance services typical of rural waterfront communities, such as snow removal, trash containers, and roadside maintenance. The appraisal shows no market supported premium for HOA membership, and all adjustments in the amenity row relate solely to sheds, not association differences. Under Michigan appraisal standards and MTT precedent, adjustments must be supported by market evidence. Because no paired sales data or extracted market reaction exists, the correct association adjustment is $0 (a) reconcile the quality and quantity of data available and analyzed within the approaches used; and (b) reconcile the applicability or suitability of the approaches used to arrive at the value conclusion(s) Data validation and reconciliation (DVR), is a technology that uses industry information and mathematical appraisal methods. The use of DVR allows for extracting accurate and reliable information about the state of industry information and produces a single consistent approach representing the most likely industry method. 1. Models that express the general structure of the approaches available, 2. Data that reflects the state of the information at a given point in time. Data reconciliation is a technique that targets at correcting information errors that are due to unforseen variables; i.e. random errors. From a statistical point of view the main assumption is that no systematic errors exist in the dataset, since they may bias the reconciliation results In other words, one wants to minimize the overall correction (if required) that is needed in order to satisfy the dataset constraints. Each dataset is weighted by the standard deviation, with the sales selected and applied in grid weighted toward the Median. Data filtering denotes the process of analyzing available dataset such that the values are meaningful and lie within the range of the neighborhood. Data filtering is necessary before the reconciliation process in order to increase reliability of the reconciliation. There are several ways of data filtering, for example taking the median of several measured values over a well- defined time period. In reconciliation the appraiser analyzes alternative conclusions and selects a final opinion of value from among two or more indications of value. In reconciliation an appraiser draws upon his or her experience, expertise and professional judgment to resolve differences among the value indications derived from the application of the approaches. The appraiser weighs the relative significance, applicability and defensibility of each approach and relies most heavily on those most appropriate to the intended use of the appraisal. The conclusion drawn is based on the appropriateness, accuracy and quantity of all the evidence in the appraisal. When a final opinion of value has been derived, the immediate objective of the valuation process has been accomplished. Dictionary of Real Estate Terms for: reconciliationin appraisal, the process of considering values from the applicable approaches to provide a final estimate of the value of the subject being appraised. An appraiser is a professional who is required by law and professional standards to act in a manner that is independent, impartial and objective. AN appraiser is not an advocate. An appraiser’s role is not to help make the loan or“hit a number.” IN THIS APPRAISAL CONTEXT, THE MEDIAN IS A BASELINE, MEANING THAT THE FINAL OPINION OF VALUE IS BASED ON THE PREMISE THAT A PROSPECTIVE BUYER WOULD NEITHER PAY "LOWER THAN AVERAGE" OR "HIGHER THAN AVERAGE" PRICES FOR A SIMILAR OR EQUAL PROPERTY. “The Cost Approach was not deemed relavant for credible assignment results. This approach to value was not required to be accomplished by the appraiser to arrive at a credible assignment result and was not given any weight in the final reconciliation of value. Maximum weight was assigned to the Sales Comparison Approach for this reconciliation and final opinion of value”. The income approach was not able to be derived, ie; insufficient public rental data; and has not been developed. Data believed to be unreliable was not included in the report, nor used as a basis for determining market value. The income approach was considered but not applied because there is a limited number of sales of rented single family dwellings in the area which make rental and gross rent multiplier conclusions unreliable. The sales comparison approach was given the most consideration in this analysis because it best reflects the current actions of buyers and sellers in the subject's market.Sales and Listing information is gathered and confirmed primarily through area Multiple Listing Services and/or Appraiser's files and local Realtors and/or the local tax assessment administration if necessary. Sales are researched and verified from a variety of sources; therefore no one source was relied upon wholly. The sales may have been researched via the MLS service and certain data verified from other sources. The market grid reads 'Real Estate Records', and is to encompass these many sources. Typically the search for sales is limited to the subjects's neighborhood and the one year period prior to the effective appraisal date. If the initial market data search proves inadequate that the geographic area of the search in enlarged and/or the time period extended. This is not known to be a Federally Regulated transaction, therefore the function of this appraisal is to assist the aforementioned client in evaluating the subject property for personal/Asset purposes. This is a complete analysis - summary report prepared under and conforming with the Uniform Standards of Professional Appraisal Practice. I have performed no (or the specified) other services, as an appraiser or in any other capacity, regarding the property that is the subject of the work under review within the three-year period immediately preceding acceptance of this assignment. FIRREA Certification Statement: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. “Appraisers are required to be licensed and areregulated by the State of Michigan, Department of Licensing and Regulatory Affairs (LARA). PO Box 30004,Lansing, MI 48909.” XI, 403.05: PRICE RANGE AND PREDOMINANT PRICE (06/30/02)THE APPRAISER MUST INDICATE THE PRICE RANGE AND PREDOMINANT PRICE OF PROPERTIES IN THE SUBJECT NEIGHBORHOOD. THE PRICE RANGE MUST REFLECT HIGH AND LOW PREVAILING PRICES FOR RESIDENTIAL PROPERTIES THAT ARE COMPARABLE TO THE PROPERTY BEING APPRAISED (ONE-FAMILY PROPERTIES, TWO-FAMILY TO FOUR-FAMILY PROPERTIES, CONDOMINIUM UNITS, OR COOPERATIVE UNITS) AND, IN SOME CASES, FOR COMPETING PROPERTIES (ONE- 11 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 COMMENT ADDENDUM File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Boardman Appraisal Associates 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 FAMILY PROPERTIES WHEN THE PROPERTY BEING APPRAISED IS A TWO-FAMILY TO FOUR-FAMILY PROPERTY OR A CONDOMINIUM UNIT, OR CONDOMINIUM UNITS WHEN THE PROPERTY BEING APPRAISED IS A COOPERATIVE UNIT). ISOLATED HIGH AND LOW EXTREMES SHOULD BE EXCLUDED FROM THE RANGE, WHICH MEANS THAT THE PREDOMINANT PRICE WILL BE THAT WHICH IS THE MOST COMMON OR MOST FREQUENTLY FOUND IN THE NEIGHBORHOOD. THE APPRAISER MAY STATE THE PREDOMINANT PRICE AS A SINGLE FIGURE OR AS A RANGE (IF THAT IS MORE APPROPRIATE).WHEN THE SUBJECT PROPERTY HAS A SALES PRICE (OR VALUE) THAT EXCEEDS THE UPPER PRICE RANGE, THE PROPERTY IS CONSIDERED AS AN "OVER- IMPROVEMENT" FOR THE NEIGHBORHOOD. THE PROPERTY IS CONSIDERED AS AN "UNDER-IMPROVEMENT" IF ITS SALES PRICE (OR VALUE) IS LESS THAN THE LOWER PRICE RANGE. THE ESTIMATED MARKET VALUE LIES ABOVE/BELOW THE NEIGHBORHOOD PREDOMINANT VALUE AS IS OFTEN TYPICAL WITHIN NEIGHBORHOODS WHERE A MIXTURE OF HOME SIZES, DESIGN STYLES, AND VALUE RANGES ARE PRESENT. THE SUBJECT ESTIMATED VALUE FALLS WITHIN THE ACCEPTABLE RANGE OF VALUES FOR THE NEIGHBORHOOD AND THE MARKETABILITY IS NOT AFFECTED BECAUSE OF ITS ABOVE/BELOW POSITION IN RELATION TO THE PREDOMINANT NEIGHBORHOOD VALUE AS ESTIMATED BY THE APPRAISER. THIS IS EVIDENCED BY THE RELATIVE NUMBER OF SALES BOTH ABOVE AND BELOW THE PREDOMINANT NEIGHBORHOOD VALUES AS INDICATED ON PAGE TWO OF THIS REPORT • Scope (Extent) of Report This appraisal report is stating a market value for the subject property that is consistent with the requirements of federal law (12 CFR part 34) and consistent with the definition given within the FNMA form. The appraisal is based on the information gathered by the appraiser from public records, other identified sources, inspection of the subject property and neighborhood, and selection of comparable sales, listings, and/or rentals within the subject 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 original source is presented first. 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. Gross Living Area (GLA) is the calculation of the total living area in the residence, expressed in square footage. This is calculated using exterior measurements (except condominiums which utilize interior measurements) and is generally limited to the contiguous habitable above grade area only. Non contiguous finished areas, basement and attic areas (finished or unfinished) are not included in GLA and room counts. However these areas may make a valuable and significant contribution to the property value, and are calculated and shown separately in the report. Bath counts typically include both above and below grade baths in an effort to create a consistent unit of comparison as reported in the MLS. To be included in GLA the ceiling height typically must be at least 7 feet. If a room's ceiling is sloped at least 50% of the finished area of the room must have a vertical ceiling height of at least 7 feet with no portion of the room having a ceiling height of less than 5 feet (any area less than 5 feet will not be included in the GLA calculation). Basement finish area will be represented as an approximate % finish of the whole, IE: 50% finished may be 50% of the basement is 100% finished or 100% of the basement is 50% finished. The viewing of the subject by the appraiser was to collect characteristics of the property to a level of detail, as would a typical buyer. The appraiser is not a professional home inspector nor should the appraiser’s viewing be construed as an exhaustive inspection. Hidden, concealed or inaccessible portions of the subject property have not been viewed, unless noted in the appraisal report. The walk-through was non invasive to the subject real estate. The appraiser did not relocate personal property that may have disclosed or revealed any unapparent or hidden defects to the structure for moving non-realty items could create liability due to potential damage to the property. Physical problems that were obscured from view due to furniture, floor coverings, wall coverings, appliances, boxes, trees, snow, ice or any other items that would obstruct the view of the improvements were not observed or reported. The appraiser did not test subject’s mechanical, electrical and plumbing systems as well as appliances, private wells/sewage systems and structure. Roof - only those areas of the subject roof that were visible by standing on the ground surrounding the dwelling were observed. The scope of the assignment does not include the appraiser getting on the roof to observe it. Any opinion as to the condition of the roof is an estimate and the appraiser is unable to reliably confirm the remaining economic life of the roof. Crawl Spaces - were only observed from the opening to the crawl space only if the crawl space was unobstructed and only if it could be viewed without – the use of a ladder and required by the loan type. Attic areas were only observed if they could be reached safely with the use of a 6' ladder and required by the loan type. If the attic areas were not floored, they were observed from the point at which the flooring ended. 12 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 SKETCH ADDENDUM File No. Owner Property Address City County State Zip Code Client Address Page of Boardman Appraisal Associates 202604-14 Croff Estate CROFF PHILLIP TRUSTEE 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 13 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. LOCATION MAP ADDENDUM Borrower Property Address City County State Zip Code Lender/Client Address Page of Boardman Appraisal Associates 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 14 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. FLOOD MAP ADDENDUM Borrower Property Address City County State Zip Code Lender/Client Address Flood Map Legends Flood Zone Determination Flood Zones In Special Flood Hazard Area (Flood Zone): Areas inundated by 100-year flooding Within 250 ft. of multiple flood zones? Community: Areas inundated by 500-year flooding Community Name: Areas of undetermined but possible flood hazards Map Number: Floodway areas with velocity hazard Zone: Panel: Panel Date: Floodway areas FIPS Code: Census Tract: COBRA zone This Report is for the sole benefit of the Customer that ordered and paid for the Report and is based on the property information provided by that Customer. That Customer's use of this Report is subject to the terms agreed to by that Customer when accessing this product. THE SELLER OF THIS REPORT MAKES NO REPRESENTATIONS OR WARRANTIES TO ANY PARTY CONCERNING THE CONTENT, ACCURACY, OR COMPLETENESS OF THIS REPORT INCLUDING ANY WARRANTY OR MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. The seller of this Report shall not have any liability to any third party for any use or misuse of this Report. Page of Boardman Appraisal Associates 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 SUBJECT Out Not within 250 feet 260134 HAMLIN, TOWNSHIP OF 26105C0140D X 26105C 0140D 08/24/2021 26105 9502.00 15 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. PLAT MAP Owner Property Address City County State Zip Code Client Address Page of Boardman Appraisal Associates 202604-14 Croff Estate CROFF PHILLIP TRUSTEE 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 16 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 SUBJECT PHOTO ADDENDUM File No. Borrower Property Address City County State Zip Code Lender/Client Address FRONT OF SUBJECT PROPERTY REAR OF SUBJECT PROPERTY STREET SCENE Page of Boardman Appraisal Associates 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 5485 N Otter Ridge Dr Ludington, MI 49431 17 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Boardman Appraisal Associates 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 Side view Address Street view Alt street view Street sign DINING 18 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Boardman Appraisal Associates 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 WGEP Disposal Kitchen Living room Bathroom #1 Walk in 19 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Boardman Appraisal Associates 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 Jet tub 1 Bedroom #1 1/2 bath Stair way Mech Electrical 20 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Boardman Appraisal Associates 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 Laundry Lower level bar area Basement Bedroom # 1 Basement Bedroom #2 Basement Bathroom #1 Office area 21 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Boardman Appraisal Associates 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 Foyer Lower level Family Room Bathroom 2 Sitting area Bedroom #2 Bedroom #3 22 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Boardman Appraisal Associates 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 Garage interior Water view Damage winter ice Alt Water View Winter storm damage Driveway 23 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Boardman Appraisal Associates 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 Waterfront 24 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. LOCATION MAP ADDENDUM Borrower Property Address City County State Zip Code Lender/Client Address Page of Boardman Appraisal Associates 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 25 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE # Page of Boardman Appraisal Associates COMPARABLES 1-2-3 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 1 2918 Piney Ridge Road Ludington, MI 49431 2 6818 W Vesper Drive Ludington, MI 49431 3 5185 W Nurnberg Road Free Soil, MI 49411 26 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE # Page of Boardman Appraisal Associates COMPARABLES 4-5-6 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 4 6411 S Shields Pentwater, MI 49449 5 6 27 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 UNIFORM APPRAISAL DATASET (UAD) File No. Property Condition and Quality Rating Definitions Requirements - Condition and Quality Ratings Usage Appraisers must utilize the following standardized condition and quality ratings within the appraisal report. 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 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. It's 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 are 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. Page of (Updated 1/2014) Boardman Appraisal Associates 202604-14 Croff Estate 28 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 UNIFORM APPRAISAL DATASET (UAD) Property Condition and Quality Rating Definitions File No. 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 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 residences 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. 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. Page of Requirements - 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 meet existing market expectations. Updates do 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. (Updated 1/2014) not include significant alterations to the existing structure. Boardman Appraisal Associates 202604-14 Croff Estate 29 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 UNIFORM APPRAISAL DATASET (UAD) Property Description Abbreviations Used in This Report File No. Abbreviation Full Name May Appear in These Fields Page of A ac AdjPrk AdjPwr ArmLth AT B ba br BsyRd c Cash Comm Conv cp CrtOrd CtySky cv DOM DT dw e Estate FHA g ga gbi gd GlfCse Glfvw GR HR in Ind Listing Lndfl LtdSght MR Mtn N NonArm o O op Prk Adverse Acres Adjacent to Park Adjacent to Power Lines Arms Length Sale Attached Structure Beneficial Bathroom(s) Bedroom Busy Road Contracted Date Cash Commercial Influence Conventional Carport Court Ordered Sale City View Skyline View City Street View Covered Days On Market Detached Structure Driveway Expiration Date Estate Sale Federal Housing Administration Garage Attached Garage Built-In Garages Detached Garage Golf Course Golf Course View Garden High Rise Interior Only Stairs Industrial Listing Landfill Limited Sight Mid Rise Mountain View Neutral Non-Arms Length Sale Other Other Park View Location & View Area, Site Location Location Sales or Financing Concessions Design (Style) Location & View Basement & Finished Rooms Below Grade Basement & Finished Rooms Below Grade Location Date of Sale/Time Sale or Financing Concessions Location Sale or Financing Concessions View View Garage/Carport Data Sources Date of Sale/Time Garage/Carport Design (Style) Garage/Carport Garage/Carport Garage/Carport Sale or Financing Concessions Sale or Financing Concessions Sale or Financing Concessions Garage/Carport Garage/Carport Location View Design (Style) Design (Style) Basement & Finished Rooms Below Grade Location & View Sales or Financing Concessions Location View Design (Style) View Location & View Sale or Financing Concessions Basement & Finished Rooms Below Grade Design (Style) Garage/Carport View CtyStr Open Pstrl PwrLn PubTrn Relo REO Res RH rr RT s SD Short sf sqm Unk VA w wo Woods Wtr WtrFr wu Pastoral View Power Lines Public Transportation Relocation Sale REO Sale Residential USDA - Rural Housing Recreational (Rec) Room Row or Townhouse Settlement Date Semi-detached Structure Short Sale Square Feet Square Meters Unknown Veterans Administration Withdrawn Date Walk Out Basement Woods View Water View Water Frontage Walk Up Basement View View Location Sale or Financing Concessions Sale or Financing Concessions Location & View Sale or Financing Concessions Basement & Finished Rooms Below Grade Design (Style) Date of Sale/Time Design (Style) Sale or Financing Concessions Area, Site, Basement Area, Site Date of Sale/Time Sale or Financing Concessions Date of Sale/Time Basement & Finished Rooms Below Grade View View Location Basement & Finished Rooms Below Grade (Updated 1/2014) Boardman Appraisal Associates 202604-14 Croff Estate 30 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. APPRAISAL COMPLIANCE ADDENDUM Borrower/Client Address Unit No. City County State Zip Code Lender/Client This Appraisal Compliance Addendum is included to ensure this appraisal report meets all USPAP 2014 requirements. 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 reported analyses, opinions, and conclusions are limited only by the reported assumptions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. . Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to 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 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. . 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 (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report). . This report has been prepared in accordance with Title XI of FIRREA as amended, and any implementing regulations. PRIOR SERVICES . I have NOT performed services, as an appraiser or in another other capacity, regarding the property that is the subject of the report within the three-year period immediately preceding acceptance of this assignment. . IHAVE 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 made a personal inspection of the property that is the subject of this report. . I have NOT 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 day(s) utilizing market conditions pertinent to the appraisal assignment. A reasonable exposure time for the subject property is day(s). APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Signature Name Name Date of Signature Date of Signature State Certification # State Certification # or State License # or State License # State State Expiration Date of Certification or License Expiration Date of Certification or License Supervisory Appraiser Inspection of Subject Property: Effective Date of Appraisal Did Not Exterior Only from street Interior and Exterior USPAP Compliance Addendum 2014 Page of Boardman Appraisal Associates 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff X X X X 75 Julie Howe 04/13/2026 1204004614 MI 07/31/2027 04/09/2026 31 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Uniform Residential Appraisal Report This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. The intended user of this appraisal report is the lender/client. INTENDED USER: DEFINITION OF MARKET VALUE:The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is 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 each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, 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 research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Page of Boardman Appraisal Associates 202604-14 Croff Estate 32 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Uniform Residential Appraisal Report APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Page of Boardman Appraisal Associates 202604-14 Croff Estate 33 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Uniform Residential Appraisal Report 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, 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. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I 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 the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state 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 "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Signature Name Name Company Name Company Name Company Address Company Address Telephone Number Telephone Number Email Address Email Address Date of Signature and Report Date of Signature Effective Date of Appraisal State Certification # State Certification # or State License # or State License # State or Other (describe) State # Expiration Date of Certification or License State Expiration Date of Certification or License SUBJECT PROPERTY ADDRESS OF PROPERTY APPRAISED Did not inspect subject property Did inspect exterior of subject property from street Date of Inspection APPRAISED VALUE OF SUBJECT PROPERTY $ Did inspect interior and exterior of subject property LENDER/CLIENT Date of Inspection Name Company Name COMPARABLE SALES Company Address Did not inspect exterior of comparable sales from street Did inspect exterior of comparable sales from street Email Address Date of Inspection Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Page of Boardman Appraisal Associates 202604-14 Croff Estate Julie Howe Boardman Appraisal Associates 3890 Morningside Dr Traverse City, MI 49684 231-929-3930 bappraisal@aol.com 04/13/2026 04/09/2026 1204004614 MI 07/31/2027 5485 N Otter Ridge Dr Ludington, MI 49431 1,095,000 NO AMC Phillip Croff 5485 N Otter Ridge Dr Ludington, MI 49431 Phillipcroff45@gmail.com 34 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 APPRAISER'S E&O INSURANCE File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 35 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Appraiser License Certificate Page of 202604-14 Croff Estate 36 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Association fee coverage 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 37 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Covenants 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 38 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Covenants 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 39 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Covenants 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 40 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Covenants 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 41 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Covenants 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 42 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Covenants 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 43 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Covenants 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 44 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Covenants 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 45 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Covenants 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 46 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Covenants 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 47 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Covenants 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 48 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Covenants 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 49 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 MARKET ANALYSIS CHARTS File No. Borrower Property Address City County State Zip Code Lender/Client Address Page of Boardman Appraisal Associates 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 TOTAL SALES AND LISTINGS There was 1 sale twelve months ago and 1 sale last month. There no listings twelve months ago and 4 listings last month. MEDIAN SALES PRICE The median price trends shown here may differ from the 1004MC due to the difference in reported time periods. One month ago the median was $542,000. Twelve months ago the median was $775,000. SALES TO LISTING PRICE RATIO One month ago the median was 99%. Twelve months ago the median was 95%. SALES DAYS ON MARKET TREND The median was 43 one month ago and was 219 twelve months ago. MONTH OF SUPPLY OF INVENTORY One month ago the month's supply was 4. Twelve months ago the month's supply was 0. 50 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 Median Price - Broken Down File No. Borrower Property Address City County State Zip Code Lender/Client Address Median Price Broken Into Marketing Time (Days On Market) The table displays the market's change in median sales price over the past year. This chart shows the relationship between marketing time (how long a property is left on the market) and sales price. This chart is especially useful for determining typical marketing times and how long it will take to sell for a given price. Page of Boardman Appraisal Associates 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 Days on Market (DOM) Median Listing Price 0-50 Days $839,500 51-100 Days No Listings in this Time Period 101-150 Days No Listings in this Time Period 151-200 Days No Listings in this Time Period 201-250 Days $775,000 251-300 Days No Listings in this Time Period 301-350 Days No Listings in this Time Period 350+ Days No Listings in this Time Period 51 52
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UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727 MARKET RESEARCH DATA Borrower: Property Address: City: Lender/Client State: Zip Code: County: Address: LISTINGS SALES PRICE LIST PRICE SALE DATE DAYS ON MARKET LIST DATE PENDING STATUS STATUS DATE DATE File No. Page of Boardman Appraisal Associates 202604-14 Croff Estate Phillip Croff 5485 N Otter Ridge Dr Ludington Mason MI 49431 Phillip Croff 5485 N Otter Ridge Dr, Ludington, MI 49431 775000 820000 5/1/2025 219 8/29/2024 4/5/2025 sold 5/2/2025 1150000 85 1/14/2026 active 4/10/2026 950000 43 2/25/2026 active 2/25/2026 929000 949000 7/2/2025 8 5/21/2025 5/29/2025 sold 7/2/2025 1215000 925000 7/18/2025 8 6/9/2025 6/17/2025 sold 7/21/2025 1499000 204 9/17/2025 active 9/17/2025 1330000 1465000 8/29/2025 23 7/18/2025 8/10/2025 sold 8/30/2025 750000 750000 9/2/2025 20 6/22/2025 7/12/2025 sold 9/2/2025 1275000 107 12/23/2025 3/8/2026 active 4/9/2026 500000 500000 9/11/2025 50 5/29/2025 7/18/2025 sold 9/12/2025 542000 549900 4/8/2026 43 1/26/2026 3/10/2026 sold 4/10/2026 52 52