340 Ackerson Lake Appraisal 10.31.25.pdf

Cherie Good Petitioner V Township Of Napoleon Respondent · 26-000836-TT

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The VanEtten Co., Inc. 

Real Estate Appraisals 

File No. FMS2930 

whrkrkrr INVOICE **+tee 

File Number: FMS2930 

October 31, 2025 

First Merchants Bank 

Borrower 

: 

Cherie Good and Bradley Renkel 

Invoice # 

: 

FMS2930 

Order Date 

: 

October 22, 2025 

Reference/Case # 

: 

PO Number 

: 

Appraisal of Property 

340 Ackerson Lake Drive 

Jackson, MI 49201-8756 

Appraisal of Property 

Invoice Total 

State Sales Tax @ 

Deposit 

Deposit 

Amount Due 

Terms: 

Due upon receipt. 

Please Make Check Payable To: 

The VanEtten Co., Inc. 

1114 S. Winter St., Suite 6 

Adrian, MI 49221 

Fed. I.D. #: 38-2887337 

$ 

525.00 

Seen 

$ 

525.00 

$ 

0.00 

(s 

) 

(CO ) 

$ 

525.00 

1114 S. Winter Street, Suite 6, Adrian, MI 49221 

Phone: 517-265-2211

The VanEtten Co., Inc. 

Real Estate Appraisals 

File No. FMS2930 

October 31, 2025 

No AMC 

First Merchants Bank 

200 E Jackson St 

Muncie, IN, 47305 

File Number: 

FMS2930 

In accordance with your request, 

| have appraised the real property at: 

340 Ackerson Lake Drive 

Jackson, MI 49201-8756 

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

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

In my opinion, the market value of the property as of 

October 27, 2025 

is: 

$420,000 

Four Hundred Twenty Thousand 

Dollars 

The attached report contains the description, analysis and supportive data for the conclusions, 

final opinion of value, descriptive photographs, limiting conditions and appropriate certifications. 

Respectfully Submitted, 

er & Lt 

Jaffies B. VanEtten ASA,GRI 

Certified Residential Appraiser 

#1204000321 

JBV 

1114 S. Winter Street, Suite 6, Adrian, MI 49221 

Phone: 517-265-2211

Uniform Residential Appraisal Report 

Fie No. FMS2930 

The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately 

supported, opinion of the market value of the subject propert 

Property Address 340 Ackerson Lake Drive 

city Jackson 

State MI__ 

Zip Code 49201-8756 

Borrower Cherie Good and Bradley Renkel 

Owner 

of Public Record Melenda J Holliday 

County Jackson 

Legal Description LOT 23 ASSESSOR'S PLAT OF JACK HATT ACKERSON LAKE 

Assessor's Parcel #_055-14-29-402-023-00 

Tax Year 2025 

RE. Taxes $ 5,228 

5! Neighborhood Name Napoleon Township 

Map Reference 26-075 

Census Tract 0062.01 

I occupant 

(J owner (XJ Tenant [J vacant 

Special Assessments $ 0 

(Jeup 

 HOASO 

([Jperyear [Jpermonth 

4 property Rights Appraised 

(XJ 

Fee Simple 

[J Leasehold [J Other (describe) 

Bd Assignment Type 

(XJ Purchase Transaction |) Refinance Transaction [J Other (describe) 

Lender(Client First Merchants Bank 

Address 200 E Jackson St, Muncie, IN 47305 

Is the subject property currently offered for sale or has it been offered for sale in the twelve months prir 

to the effective date of this appraisal? 

[J Yes (XJNo 

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

PER LCAR MLS the subject property has not been listed for sale in the past 12 

months. Assessor data taken from Napoleon Township and Jackson County. 

1 

(XJ aid (J 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. 

Arms length sale; have reviewed the sales agreement and find that the terms and conditions of sale are common for 

transactions in this segment of the market. 

Contract Price $ 427,500 

Date of Contract 10/16/2025 

Is the property 

seller the owner of public record? 

[XJ Yes [_JNo 

Data Source(s) Assessor Data 

Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? 

[Yes (XJNo 

If Yes, report the total dollar amount and describe the items to be paid. 

$0;;No financial assistance provided. 

Note: Race and the racial compo: 

of the neighborhood are not appraisal factors. 

Neighborhood Characteristics 

One-Unit Housing Trends 

One-Unit Housing 

Present Land Use % 

Location [ 

Jurban 

(XJ suburban 

[Rural 

Property Values ( 

Jincreasing 

(XJ Stable 

Declining 

PRICE 

AGE | One-Unit 

75 % 

Buit-Up 

[_JOver75% 

(X)25-75% 

Under 25% | Demand/Supp 

Shortage 

Xin Balance {_J Over Supply | 

$(000) 

(yrs) 

| 2-4 Unit 

% 

Growth 

Rapid 

[XJ stable 

Slow 

Marketing Time 

(XJ Under3mths 

[_J3-6 mths 

Over 6 mths 

350 Low 

1 | Multi-Family 

% 

Neighborhood Boundaries Michigan Ave north, Portage Rd east, US-127 west and Saint Rd 

650 High 

80 | Commercial 

% 

south. 

425 Pred. 

40 | other V/L 

25% 

Neighborhood Description 

See Attached Addendum 

Market Conditions (including support for the above conclusions) 

See Attached Addendum 

| NEIGHBORHOOI 

CONTRACT 

Dimensions See attached legal description 

Area 15115 sf 

Shape Irregular 

View N;Res;Wtr 

Specific Zoning Classification R=1 

Zoning Description Residential District 

Zoning Compliance 

(XJ Legal 

J Legal Nonconforming (Grandfathered Use) 

| JNo Zoning 

Jlllegal (describe) Residential District 

Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the presentuse? 

~~ (X)Yes [No 

If No, describe. See Attached 

Addendum 

Utilities 

Public 

Other (describe) 

Public 

Other (describe) 

Off-site Improvements—Type 

Public 

Private 

f=] Electricity 

X 

Water 

X 

Street Asphalt 

Gas 

X 

Sanitary Sewer 

X 

Aley 

None 

[] 

FEMA Special Flood Hazard Area 

(J Yes (XJNo 

FEMA Flood Zone X 

FEMAMap# 

26075C0328D 

FEMA Map Date 05/03/2010 

Are the utiities and off-site improvements typical for the market area? 

(XJ Yes 

[ 

JNo 

If No, describe 

‘Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc)? 

[Yes (XJNo 

If Yes, descrive. 

Site size 

and amenities are common for the subject market area. There are no adverse easements, encroachments or drainage 

conditions noted that would impact the marketability of the subject. Comps offers similar site amenities. 

GENERAL DESCRIPTION 

FOUNDATION 

EXTERIOR DESCRIPTION 

_materials/condition | INTERIOR 

materialslcondition 

units 

[XJone 

(Jone with Accessory Unit 

_|(X) Concrete Slab) 

Crawl Space 

| Foundation Walls 

__Concrete/Avg 

| Floors 

CRM/Lm/Avg 

#0f Stories 

2 

Full Basement 

_(X] 

Partial Basement _| Exterior Walls 

Vinyl/Avg 

Walls 

DW/Avg 

Type 

(XJDet. 

[ JAt 

[_JS-Det/End Unit| Basement Area 

980 sq. ft. | Roof Surface 

Asphalt/Avg 

Trim/Finish __ Wood/Avg 

(XJExisting 

J Proposed 

[J Under Const. 

| Basement Finish 

75 % | Gutters & Downspouts Yes/Alum/Avg 

Bath Floor 

Crm/Avg 

Design (Style) Traditional 

[XJ Outside Entry/Exit__(__) Sump Pump_| 

Window Type 

DH/Avg 

Bath Wainscot DW/Avg 

Year Built 

1950 

Evidence of [J Infestation 

Storm Sash/Insulated_Yes/Avg 

Car Storage 

OO None 

Effective Age (Yrs) 25 

(Joampness 

[J Settlement 

Screens 

Yes/Avg 

(XJoriveway 

#ofCars 

2 

Attic 

None 

Heating (XJFWA |] Hwss [ [J Radiant Amenities 

[Jwoodstove(s) #0 | Driveway Surface Concrete 

Drop Stair 

Stairs 

other 

[Fuel Gas. 

Fireplace(s)# 0 

JFence None 

X) Garage 

_#ofCars 

2 

Floor 

XJ Scuttle 

Cooling 

[XJ Central Air Conditioning 

XJ Patio/Deck Both 

_[_ JPorch None 

Carport 

#ofCars 

0 

Finished 

Heated 

Individual 

TJother 

Pool None 

(Jother None 

At. 

XJoet. 

[Juin 

Appliances 

|_ J Refrigerator 

[XJ Range/Oven |] Dishwasher 

_(X] Disposal) Microwave 

|) Washer/Dryer |) Other (describe) 

Finished area above grade contains: 

7 Rooms 

4 Bedrooms 

2.0 Bath(s) 

1,673 Square Feet of Gross Living Area Above Grade 

Additional features (special energy efficient items, etc). 

None 

Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc). 

~~ C3;No updates in the prior 15 years;The subject 

offers those amenities that meets current market demand for homes in this segment of the market. No value given for 

personal property. No adverse conditions that impact the marketability of the subject. All utilities and built-in appliances were 

operational at the time of inspection. Home built before 1978 and may contain lead based paint. 

Are there any physical deficiencies or adverse conditions that affect the livabilty, soundness, or structural integrity of the property? 

~~ (_JYes (XJNo 

If Yes, describe. 

There are 

no apparent safety, health, functional, soundness or physical inadequacies observed that would affect the livability of the 

home. No liability is assumed by the appraiser for latent defects to the structural or mechanical elements of the subject 

property. A visual observation was completed of the HVAC plumbing and electrical system and no adverse conditions noted. 

Does the property generally conform to the neighborhood (functional utity, style, condition, use, construction, etc)? 

(X) 

Yes (JNo 

If No, describe. 

Due to the variety of 

housing styles in this market, the subject does conform to those surrounding homes in its market area as described in the 

neighborhood analysis. The subject is a 2 Story styled home that offers a functional floor plan which is acceptable to buyers 

of homes in this segment of the market. 

Freddie Mac Form 70 Merch 2005 

UAD Version 9/2011 

Produced using AC! sofare, 500 234 8727 vam aciweb com 

Fannie Mas Fom 1004 March 2005 

Page 10/6 

1004_05UAD 12182015 

IMPROVEMENTS

Uniform Residential Appraisal Report 

Fie No. FMS2930 

Thereare 

7 

comparable properties currently offered for sale in the subject neighborhood ranging in price from $350,000 

to$ 

650,000 

Thereare 

15 

comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 

350,000 

o$ 

650,000 

FEATURE 

I 

SUBJECT 

COMPARABLE SALE NO. 1 

COMPARABLE SALE NO. 2 

COMPARABLE SALE NO. 3 

340 Ackerson Lake Drive 

268 Ackerson Lake Dr 

222 Ackerson Lake Dr 

238 Cooks Landing 

Address Jackson, 

MI 49201-8756 

Jackson, MI 49201 

Jackson, MI 49201 

Michigan Center, 

MI 49254 

Proximity to Subject 

0.23 miles NE 

0.32 miles NE 

2.87 miles NE 

Sale Price 

$ 

427,500 

$ 

342,000 

$ 

670,000 

S$ 

400,000 

Sale Price/Gross 

Liv. Area 

| § 

255.53 sq.ft. 

|$ 

285.95 sq.ft. 

$414.09 sq.ft 

$421.05 sq.ft 

Data Source(s) 

LCAR #70476456;D0M 27 

LCAR #60372813;D0M 28 

LCAR #70478165;D0M 4 

Verification Source(s) 

Tax ID:056141947304000 

Tax 1D:056141947301900 

Tax 1D:000-14-26-200-001-00 

VALUE ADJUSTMENTS 

DESCRIPTION 

DESCRIPTION 

+)$ Adustment 

DESCRIPTION 

+) $ Adjustment 

DESCRIPTION 

+()§ Adjustment 

Sale or Financing 

ArmLth 

ArmLth 

ArmLth 

Concessions 

Conv;0 

Conv;0 

Cash;0 

Date of Sale/Time 

508/25;c07/25 

0 |s03/25;c03/25 

0 

|s08/25;c07/25 

0 

Location 

N;Res;WtrFr 

N;Res;WtrFr 

N;Res;WtrFr 

N;Res;WtrFr 

Leasehold/Fee Simple 

| Fee Simple 

Fee Simple 

Fee Simple 

Fee Simple 

Site 

15115 sf 

9148 sf 

0 

[7405 sf 

0[16117 sf 

0 

View 

N;Res;Wir 

N;Res;Wtr 

B;Res;Wtr 

-33,500 | B;Res;Wir 

-20,000 

Design (Style) 

DT2;Traditional 

| DT2;Traditional 

DT1.5;Traditiong| 

-33,500 | DT2; Traditional 

Quality of Construction 

| Q4 

Q4 

Q3 

-67,000 | Q4 

Actual Age 

75 

15 

074 

0/85 

0 

Condition 

C3 

c3 

c3 

-33,500| 

C3 

Above Grade 

Total 

|Bdms| 

Baths 

Total 

|Bdms| 

Baths 

6,840 | To 

[Boms) 

Baths 

0 | Total [Bars 

Baths 

8,000 

Room Count 

714 

2.0 

6 

[2 

2.0 

0/64 

1.0 

6,700| 

5 | 

2 

1.0 

4,000 

Gross Living Area 

1,673 sq.ft 

1,196 sq.ft. 

14,310 

1,618 sq.ft. 

0 

950 sq. ft. 

21,690 

Basement & Finished 

980sf735sfwo 

0sf 

18,000 | 733sf594sfwo 

0 | 700sf400sfin 

0 

Rooms Below Grade 

1rrObr1.0ba0o 

14,000 | 1rrObr1.0ba2o0 

0 

[1rrObr0.0ba0o 

6,000 

8 Functional Utility 

Single Family 

Single Family 

Single Family 

Single Family 

J] Heating/Cooling 

FWA C/Air 

FWA C/Air 

FWA C/Air 

FWA C/Air 

b Energy 

Efficient lems 

| None 

None 

None 

None 

4 Garage/Carport 

2gd2dw 

2dw 

6,840 | 2ga2dw 

0 | 1gd4dw 

4,000 

Porch/Patio/Deck 

Deck/Patio 

Deck 

17,100 | Deck,Patio/Porc| 

-33,500 | Deck/Patio 

Upgrades: 

Average 

Average 

Superior 

-67,000 | Average 

£4 Add/Features: 

Average 

Average 

Average 

Average 

Net Adjustment (Tota) 

x: 

(J- 

Is 

77,000] 

(J+ 

X- 

[s 

261,300] 

XJ: 

(J 

[s 

23,690 

Adjusted Sale Price 

NetAdj. 

22.5% 

Net Adj. 

-39.0% 

Net Ad) 

5.9% 

of Comparables 

Gross Adi. 

22.5% | $ 

419,090 [Gross Ad. 

41.0% 

[$ 

408,700 | Gross Ad. 15.9% 

|§ 

423,690 

| X did 

O did not research the sale or transfer history of the subject property and comparable sales. If not, explain 

~~ The appraiser researched appropriate public 

records, MLS Systems and appraiser's data files and found the subject has not sold in the past 3 years. 

My research (J 

did [XJ 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) LCAR MLS/Assessor Data 

My research (J 

did [XJ 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) 

LCAR MLS/Assessor Data 

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 NO. 1 

COMPARABLE SALE NO. 2 

COMPARABLE SALE NO. 3 

Date of Prior Sale/Transfer 

Price of Prior Sale/Transfer 

Data Source(s) 

LCAR MLS/Ass'r Data 

|LCAR MLS/Ass'r Data 

|LCAR MLS/Ass'r Data 

| LCAR MLS/Ass'r Data 

Effective Date of Data Source(s) 

10/27/2025 

10/27/2025 

10/27/2025 

10/27/2025 

Analysis of prior sale or transfer history of the subject property and comparable sales 

~~ Through the normal course of business the appraiser has reviewed 

pertinent public records and MLS Data pertaining to the sales history of the subject property and comparable sales used 

within this report. Reader of this report needs to be informed that the data retrieved from Electronic MLS data bases may or 

may not produce all of the sales and listings available due to the fact that those inputting parameters and/or data for MLS 

searches may or may not be the same as those used by an appraiser. When researching public records some data may not be 

available due to a time lag. Transactions may not always be recorded in a timely manner. 

Summary of Sales Comparison Approach. 

See Attached Addendum 

Indicated Value by 

Sales Comparison Approach $ 420,000 

Indi 

Valueby: 

Sales Comparison Approach $420,000 

Cost Approach (if developed) s 447,800 

Income Approach (if developed) $ 0 

See Attached Addendum 

his appraisal is made 

(X)"asis," 

[J subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, 

(J subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or 

[J subject to the following required 

inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair. 

~~ The subject has no deficiencies. 

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 reportis 

$ 420,000 

asof 

10/27/2025 

which is the date of inspection and the effective date of this appraisal. 

Freddie Mac Fom 70 March 2005 

TAD Version 92011 

Produced using ACI sofware 00 234 572 wav aoweb com 

Panic Mae Fon 1008 March 2005 

Page20i6 

T004_G5UAD 12162015 

The VanEtten Co., Inc.

Uniform Residential Appraisal Report 

Fie No. FMS2930 

PROPERTY INSPECTION: The visual observation of the property and any improvements is for valuation purposes only. Attics 

and crawl space areas are only viewed when readily accessible. The visual observation by the appraiser is not to be regarded 

as a full property inspection to reveal defects. The appraiser is not an expert in the field of mechanical elements, structural 

integrity, 

roofing, 

siding, foundation settlement, basement moisture problems, and pest infestation. Unless otherwise 

indicated - All utilities were on at the time of inspection. 

MLS DATA: The MLS data contained in this report was taken from the local Association of Realtors MLS. The GLA shown in 

the sales comparison analysis is derived from this MLS data or Appraiser files, other Appraisers, real estate brokers, or 

governmental records. The MLS data is sometimes inaccurate, thus these other sources are used to determine the GLA 

resulting in discrepancies between the reported MLS data, 

interior and exterior photo's and the GLA used in the report. 

COMP AND SUBJECT PHOTOS: The attached photographs of the comparable sales were not necessarily taken at the time of 

this appraisal as report is time sensitive. MLS photo's best depict the exterior condition and market appeal of the 

comparables at the time of sale and the appraiser feels that the MLS photo's are accurate and the MLS service providing the 

photo's are credible. Some photos used by this appraiser are on file from previous appraisals and have viewed by the 

appraiser. 

INTENDED USER: The Intended User of this appraisal report is the Lender/Client.The Intended Use is solely to assist the 

= client in assessing the risk of the property securing the Mortgage finance transaction. 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. 

COST APPROACH: If the cost approach has been developed by the appraiser as an analysis to support the property's market 

value, the use of this data in whole or in part, for other purposes is not intended by this appraiser. Nothing set forth in the 

appraisal should be relied upon for the purpose of determining the amount of insurance coverage to be placed on the subject 

property. The appraiser assumes no liabliity for and does not guarantee that any insurable value estimate inferred from this 

report will result in the subject property being fully insured for any loss that may be sustained. Further, the cost approach 

may not be reliable indication of replacement or reproduction cost for any date other than the effective date of this appraisal 

due to the changing costs of labor and materials and due to the changing building codes and governmental regulations and 

requirements. 

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. 

COST APPROACH TO VALUE (not required by Fannie Mae) 

Provide adequate information for the lendericlient to replicate the below cost figures and calculations 

Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) 

~~ There were ample land sales available (lots, 

acreage, etc) that were analyzed by the Sales Comparison and Allocation Method. All supporting data is in the appraiser's 

workfile and available upon request for additional fees. The land was valued as if vacant and ready to be improved to its 

highest and best use as described within this report. 

FS ESTIMATED 

JREPRODUCTIONOR 

_[XJREPLACEMENT COST NEW 

OPINION OF SITE VALUE .. 

. 

. 

125,000 

P=] Source 

of cost data Marshall and Swift Cost Services 

Dwelling 

1,673 Sa.FL.@$ 

175... 

292,775 

[4 Quality rating from cost service Average 

Effective date of cost data_07/2025 

Bsmt: 980 

Sq.Ft.@$ 

60. 

58,800 

E4 Comments 

on Cost Approach (gross living area calculations, depreciation, etc.) 

Deck/Patio/etc 

26,000 

a Physical: Normal wear and tear. 

Garage/Carport 

468 Sa.Ft.@$ 

30. 

=$ 

14,040 

3] Functional: Nothing detrimental noted. 

Total Estimate of Cost-New 

[UTES 

391,615 

External:Economic Conditions 

Less 

50 

Physical 

| Functional | 

External 

Physical depreciation based on Age/Live Method (25/65). 

Depreciation 

20% 

78,323) 

Replacement costs were also gathered from local 

Depreciated Cost Of IMPrOVEMENtS .......evvvvvveeeeeennees 

313,292 

contractors, building supply companies and developers. 

"Asis" Value of Site Improvements 

= 

9,500 

Subject exterior is measured per ANSI guidelines. 

Estimated Remaining Economic Life (HUD and VA only) 

40 Years | INDICATED VALUE BY COST APPROACH 

= 

447,800 

wl 

INCOME APPROACH TO VALUE (not required by Fannie Mae) 

5 Estimated Monthly Market Rent § 

X Gross Rent Multiplier 

=$ 

Indicated Value by Income Approach 

[8] Summary of Income Approach (including support 

for market rent and GRM) 

PROJECT INFORMATION FOR PUDs (if applicable) 

Is the developer/builder in control of the Homeowners’ Association (HOA)? 

JYes [_JNo 

_Unittype(s) 

[Detached [J Attached 

Provide the following information for PUD ONLY if the developer/builder is in control of the HOA and the subject property 

is an attached dwelling unit 

Legal name of project 

P4 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) 

Ed Was the project created by the conversion of an existing bulding(s) into aPUD? 

(J 

Yes [_JNo 

If Yes, date of conversion. 

Fd Does the project contain any multi-gweling units? 

J 

Yes [_JNo 

Data source(s) 

E4 Are the units, common elements, and recreation facilties complete? 

[ves (INo 

If No, describe the status of completion. 

[=] 

g 

‘Are the common elements leased to or by the Homeowners Association? 

(J Yes (_JNo 

If Yes, describe the rental terms and options. 

Describe common elements and recreational facilites. 

Freddie Mac Form 70 Mar 2005 

TAD Version 92011 

Produced ung ACI savers B00 234 572 ww aoweb com 

Panic Nae Fom 1004 March 2005 

Page 30(6 

1004_05UAD 12182015

Uniform Residential Appraisal Report 

Fie No. FMS2930 

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. 

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

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 arch 2005 

UAD Version 9/2011 

Produced using AC! soware, 800 234 8727 vm aciweb com 

Fannie Mas For 1004 March 2005 

Page4of6 

1004_08UAD 12182015

Uniform Residential Appraisal Report 

Fie No. FMS2930 

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

1. 

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

appraisal report. 

2. 

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

| reported the condition of 

the improvements in factual, specific terms. 

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

soundness, or structural integrity of the property. 

3. 

| 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. 

1 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. 

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

assignment. 

| further certify that 

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

indicated in this report. 

5. 

| 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. 

| 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. 

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

8. 

Ihave 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. 

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

property and the comparable sales. 

10. 

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

the sale or financing of the subject property. 

11. 

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

12. 

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

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

13. 

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

reliable sources that 

| believe to be true and correct. 

14. 

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

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

| have 

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

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

or that 

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

| have considered these adverse conditions in 

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

property. 

15. 

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

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

16. 

| 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 

| have no present or prospective 

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

| did not base, either partially or completely, my 

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

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

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

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

on any agreement or understanding, written or otherwise, that 

| would report (or present analysis supporting) a predetermined 

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

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

application). 

19. 

| personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. 

If 

| 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, 

| have named such individual(s) and disclosed the specific tasks performed in this appraisal 

report. 

| certify that any individual so named is qualified to perform the tasks. 

| 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 

| will take no responsibility for it. 

20. 

| 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. 

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). 

Freddie Mac Form 70 arch 2005 

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Produced using AC! soware, 800 234 8727 vom acweb com 

Fannie Mas For 1004 March 2005 

Page50f6 

1004_08UAD 12182015

Uniform Residential Appraisal Report 

Fie No. FMS2930 

22. 

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

and regulations. 

Further, 

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

pertain to disclosure or distribution by me. 

23. The borrower, another lender at the request of the borrower, the mortgagee 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. 

I have completed all educational requirements for my ASA Certification. 

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. 

l 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 

a &. 

i 

Signature 

Name Jame; 

VanEtten ASA,GRI 

Name 

Company Name The VanEtten Co., 

Inc. 

Company Name 

Company Address 1114 S. Winter St., Suite 6 

Company Address 

Adrian, MI 49221 

Telephone Number 517-265-2211 

Telephone Number 

Email Address info@vanettencompany.com 

Email Address 

Date of Signature and Report 10/31/2025 

Date of Signature 

Effective Date of Appraisal 10/27/2025 

State Certification # 

State Certification # 1204000321 

or State License # 

or State License # 

State 

or Other (describe) 

State # 

Expiration Date of Certification or License 

State MI 

Expiration Date of Certification or License 07/31/2027 

ADDRESS OF PROPERTY APPRAISED 

SUBJECT PROPERTY 

340 Ackerson Lake Drive 

(J bid not inspect subject property 

Jackson, MI 49201-8756 

Ooid inspect exterior of subject property from street 

Date of Inspection 

APPRAISED VALUE OF SUBJECT PROPERTY $420,000 

Opid inspect interior and exterior of subject property 

Date of Inspection 

LENDER/CLIENT 

Name No AMC 

COMPARABLE SALES 

Company Name First Merchants Bank 

(J bid not inspect exterior of comparable sales from street 

Company Address 200 E Jackson St 

Did inspect exterior of comparable sales from street 

Muncie, 

IN 47305 

Date of Inspection 

Email Address 

Freddie ac Form 70 March 2005 

AD Version 92011 

Produced wing ACI sotwars, 00.234 6727 wt awe om 

Farnie Mae Fom 1004 March 2005 

Page 60/6 

004 0sUAD 12182013 

The VanEtten Co., Inc.

Uniform Residential Appraisal Report 

Fie No. FMS2930 

FEATURE 

I 

SUBJECT 

COMPARABLE SALE NO. 4 

COMPARABLE SALE NO. 5 

COMPARABLE SALE NO. 6 

340 Ackerson Lake Drive 

555 S Lakeside Drive 

430 Jefferson Dr 

Address Jackson, MI 49201-8756 

Michigan Center, 

MI 49254 

Michigan Center, MI 49254 

Proximity to Subject 

2.81 miles NE 

2.93 miles NE 

Sale Price 

$ 

427,500 

$ 

385,000 

$ 

435,000 

S$ 

Sele Price/Gross 

Liv. Area 

[$255.53 sq.ft. 

[$296.15 sa.ft 

s 

244.11 sq.ft 

s 

sq.ft 

Data Source(s) 

LCAR#70467901;D0M 51 

LCAR #70464446;D0M 186 

Verification Source(s) 

TAX 1D:000-14-09-353-010-00 | TAX 1D:000141510500900 

VALUE ADJUSTMENTS 

DESCRIPTION 

DESCRIPTION 

+) Adusiment 

DESCRIPTION 

+4) § Adjustment 

DESCRIPTION 

+()§ Adjustment 

Sale or Financing 

ArmLth 

Listing 

Concessions 

Conv;0 

;0 

Date of Sale/Time 

s08/25;c07/25 

Active 

-21,750 

Location 

N;Res;WtrFr 

N;Res;WtrFr 

N;Res;WtrFr 

Leasehold/Fee Simple 

| Fee Simple 

Fee Simple 

Fee Simple 

Site 

15115 sf 

21344 sf 

021780 sf 

0 

View 

N;Res;Wtr 

N;Res;Witr 

N;Res;Witr 

Design (Style) 

DT2;Traditional 

|DT1;Ranch 

0|DT1;Ranch 

0 

Quality of Construction 

Q4 

Q4 

Q4 

Actual Age 

75 

75 

75 

Condition 

C3 

[ex] 

[x] 

Above Grade 

Total 

|Bdms; 

Baths 

Total 

|Bdrms| 

Baths 

0 | Total 

|Boms. 

Baths 

0 | Total 

|Borms| 

Baths 

Room Count 

714 

2.0 

6[3 

2.0 

0/63 

2.0 

0 

Gross Living Area 

1,673 sq.ft. 

1,300 sq. 

ft 

11,190 

1,782 sq.ft 

-3,270 

sq.ft. 

Basement & Finished 

980sf735sfwo 

0sf 

18,000 | Osf 

18,000 

Rooms Below Grade 

1rrObr1.0ba0o 

14,000 

14,000 

Functional Utility 

Single Family 

Single Family 

Single Family 

Heating/Cooling 

FWA C/Air 

FWA C/Air 

FWA 

4,350 

Energy 

Efficient Items 

None 

None 

None 

Garage/Carport 

2gd2dw 

2ga2dw 

0]2ga2dw 

0 

Porch/Patio/Deck 

Deck/Patio 

Deck/Patio 

Deck/Patio 

Upgrades: 

Average 

Average 

Superior 

-21,750 

Add/Features: 

Average 

Average 

Average 

Net Adjustment (Total) 

xX: 

O- 

Ts 

43190] 

(J+ 

(XJ- 

Js 

10,420] 

(J+ 

(J- 

[s 

Adjusted Sale Price 

NetAdj. 

11.2% 

NetAdj. 

 =2.4% 

Net Adj. 

% 

of Comparables 

Gross Adi 

11.2% 

|$ 

428,190 

[GrossAd. 

19.1% 

[$ 

424,580 | Gross 

Adj. 

%|$ 

E 

ITEM 

SUBJECT 

COMPARABLE SALE NO. 4 

COMPARABLE SALE NO. 

5 

COMPARABLE SALE NO. 6 

Date of Prior Sale/Transfer 

4 

Price of Prior Sale/Transfer 

Data Source(s) 

LCAR MLS/Ass'r Data 

LCAR MLS/Ass'r Data 

LCAR MLS/Ass'r Data 

Effective Date of Data Source(s) 

10/27/2025 

10/27/2025 

10/27/2025 

Summary of Sales Comparison Approach 

Comp 

_4 used for condition and upgrades and is from a competing lake;adjusted for 

=| 

GLA($30/sf), basement $20/sf and basement finish $20/sf. Comp is a current listing and adjusted for list ot sale 5%, 

Bd GLA($30/sf), basement $20/sf, basement finish $20/sf, basement finish $10/sf and upgrades 5%. 

Freddie Mac Form 70 March 2005 

UAD Version 972011 

Produced using AC! sofware, 500 234 8727 vw aciweb oom 

Fannie ae Fom 1004 March 2005 

1004_05UAD 12182015

Uniform Appraisal Dataset Definitions 

Fie No. FMS2930 

Condition Ratings and Definitions 

C1 

The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new and the dwelling features no 

physical depreciation.” 

“Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100% new 

foundation and the recycled materials and the recycled components have been rehabilitated/re-manufactured into like-new condition. Recently constructed improvements that have 

not been previously occupied are not considered "new" f they have any significant physical depreciation (i.e., 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 

either are 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, efc.) and is being well maintained. Its estimated effective age 

is less than its actual age. It also may reflect a property in which the majority of short-lived building components have been replaced but not to the level of a complete renovation. 

C4 

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

only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate. 

“Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived building components have been replaced, and some 

short-lived building components are at or near the end of their physical life expectancy; however, they stil 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 utiity and overall livability is somewhat diminished due to condition, but the dwelling remains useable and functional as a residence. 

“Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. 

It reflects a property in 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 fect the safety, soundness, or structural integrity 

of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many or most major components. 

“Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property with conditions severe enough to affect 

the safety, soundness, or structural integrity of the improvements. 

Quality Ratings and Definitions 

Q1 

Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such residences typically are constructed from 

detailed architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high-grade materials throughout the interior and exterior of the 

structure. The design features exceptionally high-quality exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and 

finishes throughout the dwelling are of exceptionally high quality. 

Q2 

Dwellings with this quality rating are often custom designed for construction on an individual property owner's site. However, dwellings in this quality grade are also found in 

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

ormamentation, 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 omamentation 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. 

Q@5 

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 omamentation and limited interior detail. These dwellings meet minimum building codes and are 

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

Q6 

Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are often built with simple plans or 

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

construction skills. 

Electrical, plumbing, and other mechanical systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or 

non-conforming additions to the original structure. 

Definitions of Not Updated, Updated, and Remodeled 

Not Updated 

Little or no updating or modernization. This description includes, but is not limited to, new homes. 

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

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

functional, and this rating does not necessarily imply deferred maintenance or physical ffunctional deterioration. 

Updated 

The area of the home has been modified to meet current market expectations. These modifications 

are limited in terms 

of both scope and cost. 

An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute updates include refurbishment and/or replacing components to meet 

existing market expectations. Updates do not include significant alterations to the existing structure. 

Remodeled 

Significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and! or expansion. 

A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include some or all of the following: replacement of a major component 

(cabinet(s), bathtub, or bathroom tile), relocation of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of square footage). 

This would include a complete gutting and rebuild. 

Explanation of Bathroom Count 

The number 

of full and half baths is reported by separating the two values by a period. The full bath is represented to the left of the period. The half bath count is represented to the 

right of the period. Three-quarter baths are to be counted as a full bath in all cases. Quarter baths (baths that feature only toilet) are not to be included in the bathroom count, 

UAD Version 92011 

Produced using AC! sofware, 800 234 8727 va aciweb com 

004 00RD 12162015 

Uniform Appraisal Dataset Definitions

Uniform Appraisal Dataset Definitions 

File No. FMS2930 

Abbreviations Used in Data Standardization Text 

Abbrev. 

FullName 

Appropriate Fields 

Abbrev. 

FullName 

Appropriate Fields 

ac 

Acres 

Area, Site 

in 

Interior Only Stairs 

Basement & Finished Rooms Below Grade 

AdjPrk 

Adjacent to Park 

Location 

Lndfl 

Landfill 

Location 

AdiPwr 

Adjacent to Power Lines 

Location 

LtdSght 

Limited Sight 

View 

A 

Adverse 

Location & View 

Listing 

Listing 

Sale or Financing Concessions 

ArmLth 

Arms Length Sale 

Sale or Financing Concessions 

MR 

Mid-Rise Structure 

Design(Style) 

AT 

Attached Structure 

Design(Style) 

Min 

Mountain View 

View 

ba 

Bathroom(s) 

Basement & Finished Rooms Below Grade | N 

Neutral 

Location & View 

br 

Bedroom 

Basement & Finished Rooms Below Grade | NonArm 

Non-Arms Length Sale 

Sale or Financing Concessions 

B 

Beneficial 

Location & View 

op 

Open 

Garage/Carport 

BsyRd 

Busy Road 

Location 

0 

Other 

Basement & Finished Rooms Below Grade 

cp 

Carport 

Garage/Carport 

0 

Other 

Design(Style) 

Cash 

Cash 

Sale or Financing Concessions 

Prk 

Park View 

View 

CtySky 

City View Skyline View 

View 

Pstrl 

Pastoral View 

View 

CtyStr 

City Street View 

View 

PwrLn 

Power Lines 

View 

Comm 

Commercial Influence 

Location 

PubTm 

Public Transportation 

Location 

c 

Contracted Date 

Date of Sale/Time 

m 

Recreational (Rec) Room 

Basement & Finished Rooms Below Grade 

Conv 

Conventional 

Sale or Financing Concessions 

Relo 

Relocation Sale 

Sale or Financing Concessions 

ov 

Covered 

Garage/Carport 

REO 

REO Sale 

Sale or Financing Concessions 

CrtOrd 

Court Ordered Sale 

Sale or Financing Concessions 

Res 

Residential 

Location & View 

DOM 

Days On Market 

Data Sources 

RT 

Row or Townhouse 

Design(Style) 

oT 

Detached Structure 

Design(Style) 

RH 

Rural Housing - USDA 

Sale or Financing Concessions 

dw 

Driveway 

Garage/Carport 

SD 

Semi-detached Structure 

Design(Style) 

Estate 

Estate Sale 

Sale or Financing Concessions 

s 

Settlement Date 

Date of Sale/Time 

e 

Expiration Date 

Date of Sale/Time 

Short 

Short Sale 

Sale or Financing Concessions 

FHA 

Federal Housing Authority ~~ Sale or Financing Concessions 

sf 

Square Feet 

Area, Site, Basement 

g 

Garage 

Garage/Carport 

sqm 

Square Meters 

Area, Site, Basement 

ga 

Garage - Attached 

Garage/Carport 

Unk 

Unknown 

Date of Sale/Time 

gbi 

Garage - Built-in 

Garage/Carport 

VA 

Veterans Administration 

Sale or Financing Concessions 

gd 

Garage 

- Detached 

Garage/Carport 

wo 

Walk Out Basement 

Basement & Finished Rooms Below Grade 

GR 

Garden Structure 

Design(Style) 

wu 

Walk Up Basement 

Basement & Finished Rooms Below Grade 

GlfCse 

Golf Course 

Location 

WirFr 

Water Frontage 

Location 

Glfvw 

Golf Course View 

View 

Wir 

Water View 

View 

HR 

High Rise Structure 

Design(Style) 

w 

Withdrawn Date 

Date of Sale/Time 

Ind 

Industrial 

Location & View 

Woods 

Woods View 

View 

Other Appraiser-Defined Abbreviations 

Abbrev. 

FullName 

Appropriate Fields 

Abbrev. 

Full Name 

Appropriate Fields 

UAD Version 92011 

Produced using AGI software, 800 234 727 va aoeb com 

00% 05RD 12162075 

Uniform Appraisal Dataset Definitions

ADDENDUM 

Borrower: Cherie Good and Bradley 

Renkel 

File No.: FMS2930 

Property Address: 340 Ackerson Lake Drive 

Case No.: 

City: 

Jackson 

State: 

MI 

Zip: 49201-8756 

Lender: 

First Merchants Bank 

Neighborhood Description 

A market analysis was completed and the data collected indicates that no value-influencing characteristics were noted that 

would have an adverse impact on the value or marketability of the subject property. When noted in the report an adjustment 

has been made based on market acceptance of the condition. Proximity to schools, shopping and employment centers is 

average. The subject is located on Ackerson Lake which is a public all sports lake and offers offers a wide variety of housing 

styles that vary in design, age, GLA, site amenities, that offers average market amenities defined by the neighborhood 

boundaries. 

Neighborhood Market Conditions 

Property values are stable in the subject market area. Supply and demand are in balance based on current market 

conditions in this segment of the market. Exposure time has been 01-90 days, with homes selling for 95-105% of listing 

price. Do to the subjects market area being seasonal; A Rolling Average Absorption Rate was used to calculate the 

absorption rate per month:15 sales and 17 listings were used that indicated a average rolling absorption rate of 1.50%. The 

data used in this report was gathered from MC1004 2009 and other sources private and public. 

Interest rates, various 

mortgage programs and money supply adequate for the financing of homes in this segment of the market. 

Highest and Best Use 

The appraiser has tested the highest and best use of the subject property based on: 1) legally permissible; 2) physically 

possible; 3) Financially feasible and 4) most profitable; thus supporting the subjects highest and best use as a residential 

dwelling. Home can be rebuilt on the same foundation subject to zoning and use changes by local jurisdictions. 

Comments on Sales Comparison 

1) 

I have reviewed sales and listings and the comparables used within this report are the best and most recent sales 

available that offer similar amenities and set a reasonable range of value. 

2) The quantity and quality of the data reconciled via units of comparison and market demand, best reflects the actions and 

reactions of both buyers and sellers in this segment of the market. Interior of comparables were viewed via MLS when 

available. 

3) Age adjustments were reconciled via paired sales based on upgrades and market acceptance of homes that vary in 

physical age to have similar effective ages. Except when noted within the report. 

4) GLA adjustment via average-dollar-per-square foot including land as the baseline of adjustment using 30 as the ratio. 

5) APPRAISER'S NOTE: The sketch included in this report is based on ANSI 2765-2021. The GLA 

measurements and calculations contained within the sketch file were created by onsite measurements. 

The measurements are reported to the nearest 10th of a foot (or nearest inch). The GLA may or may not 

be the same as the GLA found in assessors records and or MLS data. Applicable for FHA appraisals: 

"The appraiser may apply a supplemental measurement standard if it does not conflict with these 

requirements and the appraiser discloses the use of the standard". As, such, HUD acknowledges that 

appraisers are permitted to use ANSI Z765 measurement standard in FHA appraisals, but are not required 

to do so. 

6) Site adjustments are based on overall land value (site size, amenities etc); 1) Considering Excess Land that is land not 

needed to support the use of the existing improvements. 2) Surplus Land relates only to existing improvements and exists 

when a structure is so situated on a site that it encumbers the entire site. 

7) Explanation of condition and or upgrades adjustments when made are based on MLS photo's reviewed by the 

appraiser: 

a) condition refers to interior decor, floor cover, painting, wear and tear etc. b) upgrades refer to exterior 

and interior; roof, siding, windows, HVCA, quality of kitchens, baths etc. The value of basement finishes are based 

on the quality, use and market acceptance of basement finishes in the subjects segment of the market. 

8) All adjustments are expressed in numerical and percentage adjustments using Quantitative, Qualitative and 

Principle of Substitution. Appropriate methodology for developing the adjustments were gathered from: 1) Paired 

data analysis. 2) Group data analysis. 3) Depreciated cost data. 4) Interviews with real estate agents, 

developers/builders, buyers and sellers. Due diligence has been completed as required by USPAP and the Scope of 

Work per clients requirements which has resulted in a credible and appropriately supported value. Due to the 

limited supply of sales in this segment of the market that offers similar amenities as the subject, large adjustments 

are sometimes unavoidable that causes adjustments to exceed recommended guidelines. 

9) ADJUSTMENT COMMENTARY FOR LOCATION, TIME, CONDITION, UPGRADES AND QUALITY ADJUSTMENTS. 

ALL ADJUSTMENTS ARE MARKET DERIVED FROM MARKET DATA GATHERED FROM DATA SOURCES 

RECONCILED FROM 7 AND 

8: Time Adjustment; Paired Sales and Absorption rate indicated no time adjustment was 

warranted. Location; Comparables used in the this report are from competing neighborhoods that are defined within the 

subjects segment of the market area, as defined by the neighborhood boundaries. The comparables used in this report 

offer commentary that supports the adjustments based on Paired Data Sets and Cost Depreciation Data that are adjusted 

by percentage and numerical line item adjustments. 

COMMENTARY ON PAIRED DATA SET ADJUSTMENTS. 

1) Comp 

1 used for location on the same lake, date of sale, condition and upgrades 5%; adjusted for bedroom count 2%,, 

GLA($30/sf), basement $20/sf, basement finish $20/sf, garage 1%/bay and patio/deck amenities etc 5%. 

2) Comp 2 was used for basement amenities and is located on the subjects same lake that offers superior site amenities 

beach/view etc;adjusted for view 5%, design 5% (Timber Frame etc), quality 10%, condition 5%, bath 1%, patio/porch 

Addendum Page 1 of 2

ADDENDUM 

Borrower: Cherie Good and Bradley 

Renkel 

File No.: FMS2930 

Property Address: 340 Ackerson Lake Drive 

Case No.: 

City: 

Jackson 

State: 

MI 

Zip: 49201-8756 

Lender: 

First Merchants Bank 

amenities 5% and upgrades 10%. 

3) Comp 3 is from 

a competing lake and used for date of sale, condition and upgrades; adjusted for site amenities 

beach/view etc 5%, bedroom count 2%, bath 1%, GLA($30/sf), basement finish $20/sf and garage 1%. 

All of the comparables were weighted based their strengths and validity, As a result comp 

1 25%; comp 2 25%; comp 3 

25%;comp 4 25%. After reviewing current market conditions and comparables data, it is the opinion of this appraiser that 

comp 3 be given the most weight as it has the least amount of adjustments. The final value falls in the adjusted and 

unadjusted range of value. 

Final Reconciliation 

After reviewing the three approaches to value the Sales Comparison Approach was given the most weight as it reflects the 

actions of both buyers and sellers. The Income Approach was not considered as the subject was not used as rental property. 

The Cost Approach serves as a check on the market and not to be used for determining an insurable value. The appraiser 

has made every effort 

to use current market data to establish value of the subject property under the definition of Market 

Value as defined within this report and completed the report, in compliance with Appraiser's Certification 1- 25. 

Appraisers are required to be licensed and are regulated by the Michigan Department of Licensing and Regulatory Affairs, 

PO Box 30018, Lansing, MI 48909. 

Addendum to Certifications: The Appraiser has prepared this appraisal in full compliance of the Dodd-Frank Appraiser 

Independence Requirements. 

COMPARABLE SEARCH AND RESULTS: 

1) The appraiser has attempted to display comparable sales that closed within the past 90 days, within one mile, bracketing 

GLA and room count, within 20% of the predominate for the neighborhood market, and similar in style of living to the subject. 

2) All available comparables have been reviewed and reconciled within the researched range listed at the top of page #2 of 

the report. The initial research may result in some properties that were not considered best comparable in similarity to the 

subject property. 

3) The search was then expanded to transaction dates within the past 6-12 month and within 2 miles of the subject property 

using the most similar property characteristics. In the expanded search the BEST available similar characteristic 

comparables were chosen to be reconciled and adjusted accordingly. 

4) The comparable properties selected are considered the best available and most comparable, therefore included 

and reconciled within this appraisal report. All adjustments made for comparable dissimilarities are market derived 

according to FNMA guidelines. Comparable adjustments are made as warranted when market research deems 

verifiable, justifiable and credible. 

5) Please note that AVM data may not be deemed as arms length reliable or verifiable subject similar data and may or may 

not be included within sales range listed on the top of page #2 of the appraisal report. 

PROPERTY SEARCH RESULTS AND PARAMETERS: 

In addition to the aforementioned search results, rural markets and 

small towns may have distances of up to 

miles and over 

1 year old, due to the limited supply of homes in the subjects 

immedaite segment of the market, that offer similar parameters: 

Date of Sale (1 yr), Location, Site, View, Design, Quality, 

Age, Condition, GLA, basement/crawl, garage and other upgrades. 

The subject property is located 32 miles from my office. 

No employee, director, officer, or agent of the lender, or any other third party acting as a Joint Venture Partner, Independent 

Contractor, Appraisal Management Company, or Partner on behalf of the lender has influenced or attempted to influence the 

development, reporting, result, or review of this assignment through coercion, extortion, collusion, compensation, instruction, 

inducement, intimidation, bribery or in any other manner. 

| have not been contacted by anyone other than the intended user 

(Lender/Client as identified on the first page of the report), borrower, or designated contact to make an appointment to enter 

the property. 

| agree to immediately report any unauthorized contacts either personally by phone or electronically to the 

client of the report. 

Michael James VanEtten, Limited Real Estate Appraiser (License #1201075004), has provided significant professional 

assistance in the completion of the following: on site property inspection; neighborhood analysis and description; research & 

verification of public records and MLS data as well as assisting in compilation of the comparables. 

Addendum Page 2 of 2

Market Conditions Addendum to the Appraisal Report 

Fie No. FMS2930 

The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood. This is a required 

‘addendum for all appraisal reports with an effective date on or after Apri 1, 2009. 

Property Address 340 Ackerson Lake Drive 

city Jackson 

State MI 

Zip Code 49201-8756 

Borrower Cherie Good and Bradley Renkel 

Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regarding housing trends and 

overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must il in al the information to the extent tis available and reliable and must provide 

analysis as indicated below. 

If any required data is unavailable or is considered unreliable, the appraiser must provide an explanation. 

It is recognized that not all data sources will be able to 

provide data for the shaded areas below; if itis available, however, the appraiser must include the data in the analysis. 

If data sources provide the required information as an average instead of the 

median, the appraiser should report the available figure and identify it as an average. Sales and stings must be properties that compete with the subject property, determined by applying the criteria 

that would be used by a prospective buyer of the subject property. The appraiser must explain any anomalies in the data, such 

as seasonal markets, new construction, foreclosures, etc. 

Inventory Analysis 

Prior 7-12 Months | 

Prior 4-6 Months | Current - 3 Months 

Overall Trend 

Total # of Comparable Sales (Settled) 

3 

6 

6 

Increasing 

XJ 

Stable 

Declining 

Absorption Rate (Total Sales/Months) 

0.50 

2.00 

2.00 

Increasing 

XJ 

Stable 

Declining 

Total # of Comparable Active Listings 

2 

8 

7 

Declining 

Stable 

Increasing 

Months of Housing Supply (Total Listings/Ab.Rate) 

4.00 

4.00 

3.50 

Declining 

Stable 

Increasing 

Median Sale & List Price, DOM, Sale/List % 

Prior 7-12 Months | 

Prior 4-6 Months | Current - 3 Months 

Overall Trend 

Median Comparable Sale Price 

590,000 

411,250 

399,000 

Increasing 

XJ 

Stable 

Declining 

Median Comparable Sales Days on Market 

28 

19 

39 

Declining 

XJ 

Stable 

Increasing 

Median Comparable List Price 

445,000 

414,450 

400,000 

Increasing 

XJ 

Stable 

Declining 

Median Comparable Listings Days on Market 

50 

59 

117 

Declining 

XJ 

Stable 

Increasing 

Median Sale Price as % of List Price 

98.74% 

99.04% 

100.00% 

Increasing 

XJ 

Stable 

Declining 

Seller-(developer, builder, etc.paid financial assistance prevalent? 

| ] Yes 

(X] No 

Declining 

XJ 

Stable 

Increasing 

Explain in detail the seller concessions trends for the past 12 months (e.q., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo fees, options, etc.). 

Based upon an analysis of the subject market area sellers concessions are averaging 3% to 5% per transaction. Concessions 

for the most part are based on the type of financing; FHA, VA etc normally have some concessions for closing costs etc and 

conventional loans generally have no concessions for closing costs. 

Ave foreclosure sales (REO sales) 

a factor in the market? 

[J Yes 

[XJ No 

If yes, explain (including the trends in listings and sales of foreclosed properties). 

Lenders continue to obtain a limited number REO properties, and as a result, market them at reduced values in order limit 

the number of REQ's in their inventory. 

Cite data sources for above information. 

All data utilized in this report for the purposes of the statistical analysis and trend graphing was 

extracted from local MLS systems within the subject's general market area and may not be all inclusive. 

Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as an analysis of 

pending sales andor expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions. 

| have calculated the absorption rate, housing supply and additional trends (changes in median prices and days on market for 

both sales and listings as well as a change 

t-to-sales price ratios). Statistics 

indicate that the subjects segment of the 

market is in a stabilizing mode. The aforementioned data has been obtained via MLS systems, public records and appraisers 

data files through a normal course of business. APPRAISER'S NOTE: Statistics used within this report are considered to be 

unreliable due to the lack of ample data to indicate a market trend either upward or downward as they are skewed due to the 

limited number of sales that offer similar amenities. 

_ _ 

__ 

_ _ 

_ _ VARKETRESEARCH&ANALYSS 

_ 

|] 

Ifthe subject is a unit in a condominium or cooperative project , complete the following: 

Project Name: 

Subject Project Data 

Prior 7-12 Months | Prior 4-6 Months_| 

Current - 3 Months 

Overall Trend 

Total 

# of Comparable Sales (Settled) 

Increasing 

Stable 

Declining 

‘Absorption Rate (Total Sales/Months) 

Increasing 

Stable 

Declining 

Total # of Active Comparable Listings 

Declining 

Stable 

Increasing 

Months of Unit Supply (Total Listings/Ab. Rate) 

Declining 

Stable 

Increasing 

J] Are foreclosure sales (REO sales) a factor nthe project? 

[J Yes 

[J No 

If yes, indicate the number of REO listings and explain the rends in listings and sales of foreclosed properties. 

Summarize the above trends and address the impact on the subject unit and project. 

APPRAISER 

SUPERVISORY APPRAISER (ONLY IF REQUIRED) 

a 

Signature 

a & A os 

Signature 

Zl 

Name Jameg/B. VanEtten ASA,GRI 

Name 

g 

Company Name The VanEtten Co., 

Inc. 

Company Name 

[4 

Company Address 1114 S. Winter St., Suite 6 

Company Address 

Adrian, MI 49221 

State License/Certification # 1204000321 

State MI 

State License/Certification # 

State 

Email Address info@vanettencompany.com 

Email Address 

Freddie Mac Form 71 March 2009 

Produced using AC! software, 800.234.8727 www.aciweb.com 

Fannie Mae Form 1004MC March 2009 

Page fof 

104IC_2008 090909

USPAP ADDENDUM 

File No. FMS2930 

Borrower: 

Cherie Good and Bradley Renkel 

Property Address: 340 Ackerson Lake Drive 

City: 

Jackson 

County: Jackson 

State: 

MI 

Zip Code: 49201-8756 

Lender: 

First Merchants Bank 

APPRAISAL AND REPORT IDENTIFICATION 

(X) Appraisal Report 

(OJ Restricted Appraisal Report 

This report was prepared under the following USPAP reporting option: 

A written report prepared under Standards Rule 2-2(a). 

A written report prepared under Standards Rule 2-2(b). 

Reasonable Exposure Time 

My opinion of a reasonable exposure time for the subject property at the market value stated in this report is: 01_to 90 days 

Based on: Statistical information about days on market for similar types of property; information gathered through sales 

verification; interviews of market participants and market information from data collection services. 

Additional Certifications 

(X)! 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. 

[J 

1 HAVE performed services, as an appraiser or in another capacity, regarding the property that is the subject of this report within the three-year 

period immediately preceding acceptance of this assignment. Those services are described in the comments below. 

Additional Comments 

Affairs, P.O. Box 30018, Lansing, MI 48909. 

In Michigan appraisers are required to be licensed and are regulated by the Michigan Department of Licensing and Regulatory 

APPRAISER: 

SUPERVISORY APPRAISER (only if required): 

Signature: 

a 

Signature: 

Name: 

Jame; 

VanEtten ASA,GRI 

Name: 

Date Signed: 10/31/2025 

Date Signed: 

State Certification #: 1204000321 

State Certification #: 

or State License #: 

or State License #: 

or Other (describe): 

State #: 

State: 

State: 

MI 

Expiration Date of Certification or License: 

Expiration Date of Certification or License: 07/31/2027 

Supervisory Appraiser inspection of Subject Property: 

Ooidnet 

O Exterior-only from street 

3 Interior and Exterior 

Effective Date of Appraisal: 10/27/2025 

Produced using ACI softvare, 800.234 8727 ww aciveb oom 

USPAP_ 1404272015.

DIMENSION LIST ADDENDUM 

Borrower: Cherie Good and Bradley Renkel 

File No.: 

FMS2930 

Property Address: 340 Ackerson Lake Drive 

Case No.: 

City: Jackson 

State: MI 

Zip: 49201-8756 

Lender: First Merchants Bank 

000000000000C00o000d0C0C0000000oo0000000CC0000000ooON= 

6 

OO 

[ 

000000000000CO00000000000000Coo00000000000000oo0000a 

0 

oO 

0 

GROSS BUILDING AREA (GBA) 

1,673 

GROSS LIVING AREA (GLA) 

1,673 

Area(s) 

Area 

%0f GLA | % of GBA 

Living 

1,673 

100.00 

Level 

1 

980 

58.58 

58.58 

Level 2 

693 

41.42 | 

41.42 

Level 3 

0 

0.00 

0.00 

Other 

448 

26.78 | 

_26.78 

GBA 

Basement 

a 

980 

_ 

Garage 

0 

468 

- 

=) 

Area Measurements 

Area Type 

Measurements 

Factor 

Total 

Level1 

Level2 

Level3 

Other 

| Bsmt. 

Garage 

32.00 

21.00 

1.00 

672.00 

O 

O 

28.00 

11.00 

1.00 

308.00 

0 

0 

32.00 

21.00 

1.00 

672.00 

28.00 

11.00 

1.00 

308.00 

33.00 

21.00 

1.00 

693.00 

26.00 

18.00 

1.00 

468.00 

00000000000000CO000000000000C0000000000000000000N¥=0O0 

000000000000Co0o00d00CC000000oCoo00000d000Co00OxN0oocooooa 

Produced using ACI softvare, 800.234 8727 win acne com 

DN 10072013

FLOORPLAN SKETCH 

Borrower: Cherie Good and Bradley Renkel 

File No.. 

FMS2930 

Property Address: 340 Ackerson Lake Drive 

Case No.: 

City: Jackson 

State: MI 

Zip: 49201-8756 

Lender: First Merchants Bank 

v 

2 

Garage 

|= 

v 

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2 

Laundry 2 

Storage 

& 

Mech 

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2nd Floor 

or 

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ll 

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Bedroom 

& 

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Bath 

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Den 

© 

Living Room 

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Bedroom 

2 

. 

I 

Patio 

I 

2 

p 

Sketch by Apex Sketch v5 Standare™ 

Comments: 

AREA CALCULATIONS SUMMARY 

LIVING AREA BREAKDOWN 

Code 

Description 

Net Size 

Net Totals 

Breakdown 

Subtotals 

GLAL 

First Floor 

980.00 

980.00 

First Floor 

GLA2 

Second Floor 

693.00 

693.00 

21.0 

x 

32.0 

672.00 

BSMT 

Basement 

980.00 

980.00 

11.0 

x 

28.0 

308.00 

GAR 

Garage 

468.00 

468.00 

Second Floor 

p/P 

Deck 

238.00 

21.0 

x 

33.0 

693.00 

Patio 

210.00 

448.00 

Net LIVABLE Area 

(rounded) 

1673 

3 Items 

(rounded) 

1673 

1114 S. Winter Street, Suite 6, Adrian, MI 49221 

Phone: 517-265-2211

AERIAL MAP 

Borrower: Cherie Good and Bradley 

Renkel 

File No.. 

FMS2930 

Property 

Address: 340 Ackerson Lake Drive 

Case No.: 

City: Jackson 

State: MI 

Zip: 49201-8756 

Lender: First Merchants Bank 

23 

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Subject 

340 Ackerson Lake Drive 

Jackson, MI 49201-8756 

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1114 S. Winter Street, Suite 6, Adrian, MI 49221 

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517-265-2211

SUBJECT PROPERTY PHOTO ADDENDUM 

Borrower: Cherie Good and Bradley Renkel 

File No.: 

FMS2930 

Property Address: 340 Ackerson Lake Drive 

Case No.: 

City: Jackson 

State: MI 

Zip: 49201-8756 

Lender: First Merchants Bank 

FRONT VIEW OF 

SUBJECT PROPERTY 

Appraised Date: October 27, 2025 

Appraised Value: $ 420,000 

REAR VIEW OF 

SUBJECT PROPERTY 

STREET SCENE

INTERIOR PHOTOS 

Borrower: Cherie Good and Bradley Renkel 

File No.. 

FMS2930 

Property Address: 340 Ackerson Lake Drive 

Case No.: 

City: Jackson 

State: MI 

Zip: 49201-8756 

Lender: First Merchants Bank 

Kitchen 

Comment: 

Living Area 

Description: 

Comment: 

Bathroom 

Description: 

Comment: 

Produced using AC! sofware, 800 234 8727 wa aciweb oom 

INTSKLB 10072013

Borrower: Cherie Good and Bradley Renkel 

File No.. 

FMS2930 

Property Address: 340 Ackerson Lake Drive 

Case No.: 

City: Jackson 

State: MI 

Zip: 49201-8756 

Lender: First Merchants Bank 

Bedroom 

Bedroom 

Bedroom 

Bedroom 

IB 

Nook 

Dining 

Produced using AC! sofvare, 800 234 8727 vw aciweb com 

PATS

Borrower: Cherie Good and Bradley Renkel 

File No.. 

FMS2930 

Property Address: 340 Ackerson Lake Drive 

Case No.: 

City: Jackson 

State: MI 

Zip: 49201-8756 

Lender: First Merchants Bank 

Den 

Bathroom 

Family Room Basement 

Bathroom Basement 

Furnace 

Water Heater 

Produced using AC! sofvare, 800 234 8727 vw aciweb com 

PHS

Borrower: Cherie Good and Bradley Renkel 

File No.: 

FMS2930 

Property Address: 340 Ackerson Lake Drive 

Case No.: 

City: Jackson 

State: MI 

Zip: 49201-8756 

Lender: First Merchants Bank 

Electrical 

Additional Rear 

Side 

Side 

Rear yard view 

View of Lake 

Produced using 

AC! sofvare, 800 234 8727 vw aciweb com 

PHS

Borrower: Cherie Good and Bradley Renkel 

File No.. 

FMS2930 

Property Address: 340 Ackerson Lake Drive 

Case No.: 

City: Jackson 

State: MI 

Zip: 49201-8756 

Lender: First Merchants Bank 

Garage interior 

Metal Shed 

Front yard view 

Additional Street 

Produced using AC! sofvare, 800 234 8727 vw aciweb com 

PATS

LOCATION MAP 

Borrower: Cherie Good and Bradley Renkel 

File No.. 

FMS2930 

Property Address: 340 Ackerson Lake Drive 

Case No.: 

City: Jackson 

State: MI 

Zip: 49201-8756 

Lender: First Merchants Bank 

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Comparable Sale2 

| 

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Map data ©2025 Google 

1114 S. Winter Street, Suite 6, Adrian, MI 49221 

Phone: 517-265-2211

FLOOD MAP 

Borrower: Cherie Good and Bradley Renkel 

File No.. 

FMS2930 

Property Address: 340 Ackerson Lake Drive 

Case No.: 

City: Jackson 

State: MI 

Zip: 49201-8756 

Lender: First Merchants Bank 

340 ACKERSON LAKE DR 

fl JACKSON, MI 49201 

FLOOD INFORMATION 

LEGEND 

Community: TOWNSHIP OF NAPOLEON 

= FEMA Special Flood Hazard Area 

— High Risk 

Property is NOT in a FEMA Special Flood Hazard Area 

Map Number: 26075C0328D 

= Moderate and Minimal Risk Areas 

Panel: 26075C0328 

Road View: 

Zone: X 

. 

= Fores 

= Water 

Map Date: 05-03-2010 

2) 

FIPS: 26075 

Source: FEMA DFIRM 

Sky Flood™ 

1114 S. Winter Street, Suite 6, Adrian, MI 49221 

Phone: 517-265-2211

COMPARABLE PROPERTY PHOTO ADDENDUM 

Borrower: Cherie Good and Bradley Renkel 

File No.. 

FMS2930 

Property Address: 340 Ackerson Lake Drive 

Case No.: 

City: Jackson 

State: MI 

Zip: 49201-8756 

Lender: First Merchants Bank 

COMPARABLE SALE #1 

268 Ackerson Lake Dr 

Jackson, MI 49201 

Sale Date: s08/25;c07/25 

Sale Price: $ 342,000 

COMPARABLE SALE #2 

222 Ackerson Lake Dr 

Jackson, MI 49201 

Sale Date: s03/25;c03/25 

Sale Price: $ 670,000 

COMPARABLE SALE #3 

238 Cooks Landing 

Michigan Center, MI 49254 

Sale Date: s08/25;c07/25 

Sale Price: $ 400,000

COMPARABLE PROPERTY PHOTO ADDENDUM 

Borrower: Cherie Good and Bradley Renkel 

File No.. 

FMS2930 

Property Address: 340 Ackerson Lake Drive 

Case No.: 

City: Jackson 

State: MI 

Zip: 49201-8756 

Lender: First Merchants Bank 

COMPARABLE SALE #4 

555 S Lakeside Drive 

Michigan Center, MI 49254 

Sale Date: s08/25;c07/25 

Sale Price: $ 385,000 

COMPARABLE SALE #5 

430 Jefferson Dr 

Michigan Center, Ml 49254 

Sale Date: Active 

Sale Price: $ 435,000 

COMPARABLE SALE 

#6 

Sale Date: 

Sale Price: $

Borrower: Cherie Good and Bradley Renkel 

File No.. 

FMS2930 

Property Address: 340 Ackerson Lake Drive 

Case No.: 

City: Jackson 

State: MI 

Zip: 49201-8756 

Lender: First Merchants Bank 

rere 

wren 

33 

EE 

STATE 

OF MICHIGAN 

R334061 

DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS 

BUREAU 

OF PROFESSIONAL LICENSING 

CERTIFIED RESIDENTIAL REAL ESTATE APPRAISER LICENSE 

LICENSE NO. 

EXPIRATION DATE 

1204000321 

07/31/2027 

25142040501 

1114 S. Winter Street, Suite 6, Adrian, MI 49221 

Phone: 517-265-2211

Borrower: Cherie Good and Bradley Renkel 

File No.. 

FMS2930 

Property Address: 340 Ackerson Lake Drive 

Case No.: 

City: Jackson 

State: MI 

Zip: 49201-8756 

Lender: First Merchants Bank 

EhA= 

Aspen American Insurance Company 

LIA Administrators & Insurance Services 

Insuter (Referred to below as the "Company™) 

Company's Program Administrator 

499 Washington Boulevard, bth Floor 

LIA Administrators & Insurance Services 

Jersey City, NJ 07310 

1600 Anacapa Street 

Santa Barbara, CA 93108 

APPRAISAL, VALUATION AND PROPERTY SERVICES 

B0p-334-0652 

PROFESSIONAL LIABILITY INSURANCE POLICY 

DECLARATIONS 

Date led: 

3/12/2025 

Talicy Number 

AAIO0ITS-11 

Previous Pohcy Number: 

AAH00075-10 

THIS 

15 

A 

CLAIMS MADE AND REPORTED 

POLICY. 

COVERAGE 

15 

LIMITED 

TO 

LIABILITY 

FOR ONLY THOSE CLAIMS THAT 

ARE 

FIRST MADE 

AGAINST 

THE 

INSURED 

DURING 

THE POLICY 

PERIOD 

AND 

THEN 

REPORTED 

TO 

THE 

COMPANY 

IN 

WIUTING 

NO 

LATER 

‘THAN 

SIXTY 

(60) 

DAYS 

AFTER 

EXPIRATION 

OR 

TERMINATION 

OF 

THIS 

POLICY, 

OR 

DURING 

THE 

EXTENDED 

REPORTING 

PERIOD, 

[FF 

APPLICABLE. 

FOR 

A 

WRONGFUL 

ACT 

COMMITTED 

ON 

OR 

AFTER 

THE 

RETROACTIVE DATE AND BIFORE THE END OF 

THE POLICY PERIOD. PLEASE READ THE POLICY CAREFULLY. 

1 

Customer 1D: 

17678 

Named Insarcd: 

™ 

ANETTEN COMPANY INC. 

1114 8. Winsor Street, Suse 

& 

‘Adrian, M1 4922¢ 

2 

Policy Period: From: 

04/07/2025 

Too 

4/07/2026 

12401 AM. Seanndsed Tine ar the address stated mn 1 above 

3 

Deductible: 

$1000 

Each Claim 

a 

Rewoactive Date: 

04/07/2000 

5 

Taception Date: 

MAT 015 

LY 

Lamits of Linbslivy: 

A 

$1,000,000 

ach Claim 

B. 

$1,000,000 

Aggregare 

7 

Covered Professional Services (as defined in the Policy and/or by Endorsement): 

Real Estare Apprassal and Valuation: 

Yeu 

No 

Resubenrul Property 

Yes 

Nov 

Comeereral Property 

Yes 

No 

Bidity lajucy 16d Propesty Damage Crused 

Dunag Appraisal Inspection (5100,000 Sob-Limét: 

Yes 

No 

{1 “yes”, added by endorsement) 

Right of Way Agent and Relocates: 

Yes 

No 

Machinery sed Bjusprncet Vatutios 

Yes 

Na 

Personal Property Appesisal 

Yer 

No 

(1 "pes", added by endorsement) 

Real Estate Sales /Beokernge: 

Yex 

|X| 

No 

Of "yes", addin) by endorsement) 

[3 

Repos Claims 

vo: LIA Admunisussars & besurance Servers, 800-336-0652, FO Bax 1319, 1600 Anacapa Sweet, Senn Barbar, 

CA 93102-1319 

o 

Anmual Premiwm: 

$2,245.00 

w. 

Forms attached at insuie: 

ALAGUZ (Ua 19) LUA ME (U5/09) LIA MING (05719) LIAOLE (6/22) LIAOIS (US/ 19) Lianzt 

(02/22) LIAGZS (05/15) LIA164 (95/19) LIA1GE (12/21) 

This Declaranons page. together with the 

completed 

and signed Pobey A 

all 

and thereto, and the Pokey shall 

comentate the contract heeween the Named Tnsueed aad the ( ompany 

V2 

Sa 

03/12/2005 

ai 

ee Co 

Date 

Authorized Represcotatve. 

L100) (05/92) 

Page 

oF 

1 

1114 S. Winter Street, Suite 6, Adrian, MI 49221 

Phone: 517-265-2211

Borrower: Cherie Good and Bradley Renkel 

File No.: 

FMS2930 

Property Address: 340 Ackerson Lake Drive 

Case No.: 

City: Jackson 

State: MI 

Zip: 49201-8756 

Lender: First Merchants Bank 

TOTAL 

LISTING COUNT: 22 

Protoss Giana 

HIGH LOW AVG MED 

oars on 

fatal CE 

CE) 

WIGH 

LOW 

AVERAGE 

MEDIAN TOTAL PRICE 

USTPRICE: $674900 

$327,000 

$463,029 

$414.50 

$10,186,650 

SOLDPRICE: $670,000 

$322,000 

$462,133 

Sold 

Cnes 

Type 

rs Munir zp Sch pie AI0 Sod Cos 

$3900 

$6932000 

i 

a 

A 

FL 

—— 

fa—— 

Em roise 25025 

fo — 

— 

Fl et sori sain 

[= p— 

| J 

roo 24057992 

[9] 0494441 25047759 

i i 

60403527 20250035762 

i Fo p— 

[) [ C—— 

| [Fe —— 

8 J roseasa6 25007780 

[[-Sp— 

f [ Lm— 

i Ha 70481697 25035043 

[{ Emsazoo: 

i FT rom sass 

RES 

Res 

Res 

RES 

Res 

Res 

RES 

RES 

RES 

{ Bmore 

| Pe— 

3) 

ee ross2s28 25035288 

RES 

RES 

[Wms misons 

an 

8 

8 

56 

§ 

5% 

8 

BB 

EB 

A 

g 

3 

BE 

B 

& 

ao 

29 

Napoleon Leoni Tw 

Road 

3401 stein 

ore 

Leoni Twp 

28 

25% wencance $1700 $72.0004000 

haa” MichiganCe $339,900 $330,000 $0.00 

ASI01" HaputenCu $329,900 $342,000 $0.00 

Frag ——— 

45201 MichiganCe $390,000 $377,500 

Toga Mchigane $99,900 $385,000 50.00 

9200 

2aaa 

Vandercook $389,900 $385,000 

49254 MichiganCe $399,000 $399,000$0.00 

Tae" wichigance $299,000.$299,000 

ans. 

1615 

Metigance $399,500 

amt. 

75g 

Napoieanco $400,000 

$32" migance $425,000 $400,000 50.00 

5254 

Tey 

MihiganCe $435,000 

49201 MenganCe $939,550 

as201- 

$303. 

dacksonCou $445,000 $445,000 $0.00 

49201 MichiganCe $549,500 

49203 

Saag. 

Vandercoak $600,000 £590,000 $0.00 

9201- 

Song” 

MichiganCe $599,500 

40203 

60g. Vandercook $614,900 $612,500 

49254 MchiganCe $625,000 $625,000 $1,000.00 

0200 

Soag" 

NapoleonCo $650,000 $650,000 $0.00 

5201 

S501 

Mapoleonc $674,900 $670,000 

EY 

5/14/2025 1780 1937 No 

7/25/2025 1120 1960 Yes 

8/13/2025 1196 2010 M0 

13441929 Ves 

21/2025 2200 1950 Yes 

142025 1300 1950 M0 

1/24/2025 1249 1958 Yes 

9/8/2025 680 2000 No 

9/8/2025 880 2000No 

2016 1900 ves 

1769 1950 ves 

1/2005 950 1940 Yes 

1782 1850 No 

2852025 ves 

5/5/2025 1604 2004 Yes 

20102025 Yes. 

29/2075 1893 1879 No 

19532003 Yes 

6/25/2025 1840 1979 

No. 

7/30/2025 2183 1962 Yes 

7/22/2025 1806 1950 Yes 

3/28/20 1618 1951 Yes 

4004 

2002 

2 Story 

1 Story 

2 wry 

25t0ry 

Televel 

P 

1114 S. Winter Street, Suite 6, Adrian, MI 49221 

Phone: 517-265-2211

Borrower: Cherie Good and Bradley Renkel 

File No.. 

FMS2930 

Property Address: 340 Ackerson Lake Drive 

Case No.: 

City: Jackson 

State: MI 

Zip: 49201-8756 

Lender: First Merchants Bank 

340 ACKERSON LAKE DR JACKSON, MI 49201 

(Property Address) 

Parcel Number: 055-14-19-402-023-00 Location 10: ACKS-000340-0000-01 

Summary Information 

> Resdental Bling Summary 

ear Bust A 

sero. 0 

- Hl Baths 0 

- Aas 0347 

> Utity Bing information found 

em 10017 

15 Images 

2 Sketches 

Property Owner: HOLLIDAY, MELINDA J 

> Assessed Value: $181,000 

Taxable Valve: $182,741 

> Property Tan nformavon found 

> 

7 Bulding Department records found 

[5635 was charge To your Business Account for this ecord lookup. See Account 

for curt blance 

Owner and Taxpayer Information 

Owner 

HOLLIDAY, MELINDA J 

240 ACKERSON LAKE DR 

JACKSON, Mi 43201 

Taxpayer 

General Information 

for Tax Year 2025 

SEE OWNER INFORMATION 

Brnerty Clace 

401 RESIDENTIALIMPROVED 

Unit 

09 UNIT 3808 

School District 

NAPOLEON COMMUNITY ~~ Assessed Value 

$181,000 

SCHOOLS 

map 

SEWER #9 

Taxable Value 

s152701 

USER NUM 10X 

) 

State Equalized Value 

$181,000 

USER ALPHA 1 

STUGHTS ACKERSON LAKE 

Date of Last Name Change 

11/26/2021 

FIELOWORK 

° 

Notes 

Not Available 

Historical District 

No 

Census Block Group 

No Data to Display 

USER ALPHA 2 

0 

Exemption 

No Data to Display 

Principal Residence Exemption Information 

Homestead Date 

0772872021 

Principal Residence Exemption 

June 1st 

Final 

2025 

1000000 % 

1000000% 

Previous Year Information 

Year 

MBOR Assessed 

Fini SEV 

Fini Taxable. 

2024 

154700 

$134.70 

147955 

2023 

$143100 

$143,100 

$140910 

2022 

$134200 

$134.200 

134200 

Land Information 

Zoning Code 

R1 

Total Acres 

0347 

Land Value 

$180,000 

Land Improvements 

2835 

Renaissance Zane 

No 

Renaissance 

Zone Expiration No Data to Display 

Date 

ECF Neighborhood 

ACKERSON LAKE LF 

Mortgage Code 

Wo Dura 0 Display 

Lot Dimansions/Commants 

No Dato to Display 

Neighhorhaod Enterprise 

No 

Zone 

toi) 

Fronge 

ep 

tort 

66571 

26751 

Total Frontage: 66.57 ft 

Average Depth: 226.75 ft 

Legal Description 

LOT 23 ASSESSOR'S PLAT 

OF JACK HATT ACKERSON LAKE 

Land Division Act Information 

Date of Last SpiivCombine 

No Dla [0 Disploy 

Number of spits Lefe 

ot Avsitatie 

Date Form Filed 

No Dato to Display 

Unallocated Divs of Parent 

0 

Date Created 

01/01/0001 

Unallocated 

Div. Transferred 0 

Acreage of Parent 

000 

Rights Were Transferred 

Yes 

Split Number 

° 

Courtesy Split 

No 

Parent parcel 

No Data to Display 

Sale Histon 

istory 

B 

oo 

od 

Sale Date 

Sale Price Instrument 

| Grantor 

Grantee 

Terms of Sale 

Uberpage 

| Commerls 

oan 

ats wo 

SH 

WAU SA Gro 

| 

TIMOTHY MITRUST 

J 

10/28/2015 

000 

Qc 

STASSINGS, ANITA 

STASSINES, 

14INTO/OUTOF 

2065/0869 

RENTAL PROPERTY. 

TRUST 

TIMOTHY MI TRUST 

TRUST 

03/04/2003 

5000 

aC 

STASSINES, ANITA 

STASSINES, ANITA 

14-INTO/OUT OF 

1857-1069 

TRUST 

TRUST 

Building Information - 1500 sq ft 2 STORY (Residential) 

1114 S. Winter Street, Suite 6, Adrian, MI 49221 

Phone: 517-265-2211

File No. FMS2930 

somrrrnns QUALIFICATIONS **++sssss 

James B. VanEtten 

REAL ESTATE EXPERIENCE 

1975 - Michigan Salesman's License 

1981 

- Michigan Broker's License 

- Gross Sales in Real Estate of over $70,000,000.00. 

- Have appraised over 30,000 properties, mainly residential 

- Member of American Society of Appraisers (ASA Designation) 

- Graduate of National Association of REALTORS Real Estate Institute - GRI 

EDUCATION 

National Association of Independent Fee Appraiser Courses 

1. Basic Residential HUD Appraisal Requirements 

2. HUD 203K Program: Mortgages Appraisal Procedures 

3. HUD Review Requirements 

Northern Michigan University Courses 

1. Appraising NonResidential 307 (Small Business Valuations) 

2. Appraisal 303 (Commercial Market Approach) 

3. Appraisal 302 (Commercial Cost Approach) 

University of Michigan Extension Courses 

Have Certificates in the following courses: 

1. 

Real Estate Law 

2. 

Real Estate Appraisal One 

3. 

Real Estate One (Principles and Practices) 

4. 

Real Estate Two (Commercial Analysis, Appraisal/Taxation) 

5. Real Estate Three (Income Property Analysis and Financing) 

American Association of Certified Appraisers 

Completed the following courses: 

1. Rural and Farm Appraising 

2. Commercial Analysis 

3. Income Capitalization 

Appraisal Institute: 

Completed the following courses: 

1. Residential Valuation 

. 

Real Estate Appraisal Principles 

. Standards of Professional Practice 

. Appraising Complex Properties 

. Review Appraisals 

. Form Report Writing - Narrative 

. Several Additional Seminars 

Nous wN 

PROFESSIONAL AFFILIATIONS 

Member of National Association of REALTORS 1975 - Present 

Member of Michigan Association of REALTORS 1975 - Present 

Offices Held: 

1. Board of Directors 1984 - 1987 

Member of Lenawee Association of REALTORS 1975 - Present 

Offices Held: 

1. Board of Directors 1980 - 1986 

2. Vice President 1983 

3. President 1984 and 1985 

4. Realtor of the Year 1982 

Residential Associate Member - Appraisal Institute 1987 - 2016 

State of Michigan - Certified Residential Licensed Appraiser, ID #1204000321 

State of Ohio - Licensed Certified Residential Real Estate Appraiser, #392132 

FHA Fee Appraiser

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