123124 Appraisal for 200 River Place 14.pdf
Rosemary Tokatlian, Petitioner V City Of Detroit, Respondent · 25-002923-TT
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Loan # 244987575 24785TS T. J. Stevenson Appraisals 45 Lakecrest Lane, Grosse Pointe Farms, MI 48236 313-622-3516 EE 06/16/2025 Rosemary Tokatlian 200 River Place Dr Detroit, MI 48207 RE: Property - 200 River Place Dr, #14 Detroit, MI 48207 Borrower - Rosemary Tokatlian File No. - 24785TS Case No. - Loan # 244987575 Dear Rosemary Tokatlian In accordance with your request, I have personally inspected and prepared an appraisal report of the real property located at: 200 River Place Dr, 14, Detroit, MI 48207 The purpose of this appraisal is to provide an opinion of the market value of the property described in the body of this appraisal report. Enclosed, please find the appraisal report which describes certain data gathered during our investigation of the property. The methods of approach and reasoning in the valuation of the various physical and economic factors of the subject property are con- tained in this report. An inspection of the property and a study of pertinent factors, including valuation trends and an analysis of neighborhood data, led the appraiser to the conclusion that the market value, as of 12/31/2024 is: $300,000 The opinion of value expressed in this report 1s contingent upon the Limiting Conditions attached to this report. It has been a pleasure to assist you; if I may be of further service to you in the future, please let me know. Respectfully submitted, T.J.S 5 al — Thomas J. Stevenson MI Certification #1204000913 T. J. Stevenson Appraisals
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Summary Appraisal Report Loan # 244987575 Individual Condominium Unit Appraisal Report File# 24785TS The purpose of this summary appraisal report is to provide the client with an accurate, and adequately supported, opinion of the market value of the subject property. Property Address 200 River Place Dr Unit# 14 City Detroit State MI Zip Code 48207 Owner Rosemary Tokatlian Intended User Rosemary Tokatlian County Wayne Legal Description § GUOIN UNIT 14WAYNE COUNTY CONDOMINIUM SUB PLAN NO. 573 A.K.A. 200 RIVER PLACE LOFTS L32689 P16-84 DEEDS, WC R Assessor's Parcel # 13000002.014 Tax Year 2024 RE. Taxes $ 11,292 Project Name 200 River Place Lofts Phase # 1 Map Reference SMSA 2160 Census Tract 5165 Occupant Owner [I Tenant 7 Vacant Special Assessments § N/A HOAS 729 1] per year per month Property Rights Appraised Fee Simple [] Leasehold [] Other (describe) Intended Use Rosemary Tokatlian Client Rosemary Tokatlian Address 200 River Place Dr, Detroit, MI 48207 7] Yes Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Report data source(s) used, offering price(s), and date(s). DOM 52;Subject property was offered for sale on 04/22/2024 for $349,000. The data source is Great Lakes #60302051 | [I did 1] 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. J Yes [] No Data Source(s) Contract Price $ Date of Contract Is the property seller the current owner? Tel Tro Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the client? If Yes, report the total dollar amount and describe the items to be paid. Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood Characteristics Condominium Unit Housing Trends Condominium Housing | Present Land Use % Location | X | Urban Suburban Rural Property Values, Increasing |X| Stable Declining PRICE AGE | One-Unit 80.0 % BuiltUp | X | Over 75%|__| 25-75% Under 25%] Demand/Supply| | Shortage | X| In Balancq__| Over Supply| _ $(000) (yrs) [2-4 Unit 20 % Growth Rapid X | stable Slow Marketing Time | X | Under 3 mth: 3-6 mths Over 6 mths | 75 Low 1 Multi-Family 13.0 % Neighborhood Boundaries The subject property is located North of Belle Isle, East of Jefferson avenue, South 1200 High 130 | Commercial 50 % of Alter road and West of the Detroit River. 300 Pred. 30 Other 0.0 % Neighborhood Description Marketability is average. This is a primarily owner occupied, predominantly single family area of average quality homes. Commercial and multiple uses are well placed in the community. Detroit Public schools. Market Conditions (including support for the above conclusions) The subject property represents a typical condominium in this neighborhood in terms of size, design and construction quality. *** See Additional Comments *** Topography Level size Typical Density Average View N;CtySky; Specific Zoning Classification R-2 Zoning Description Multi Family Residential Yes ] No Zoning Compliance Legal [] Legal Nonconforming - Do the zoning regulations permit rebuilding to the current density? 7] No Zoning [] lllegal (describe) Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes ] No If No, describe Utilities Public Other (describe) Public Other (describe) Off-site Improvements—Type Public Private Electricity |X Water X Street Masonry xX Gas X Sanitary Sewer | X Alley None FEMA Special Flood Hazard Area 7] Yes No FEMA Flood Zone C FEMAMap # 26163C0284F FEMA Map Date 10/21/2021 Are the utilities and off-site improvements typical for the market area? No If No, describe [] Yes No Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? If Yes, describe No evidence of adverse easements or encroachments. Data source(s) for project information City assessor and or management company and MLS system. Project Description Detached ow or Townhouse Garden [1] Mid-Rise [1] High-Rise [1] Other (describe) General Description General Description Subject Phase If Project Completed If Project Incomplete # of Stories 4,00 Exterior Walls Brick # of Units 50 # of Phases 1 # of Planned Phases # of Elevators Roof Surface Rubber # of Units Completed 50 | # of Units 50 # of Planned Units X | Existing 7 Proposed | Total # Parking 96 # of Units For Sale 1 # of Units for Sale 1 # of Units for Sale Under Construction Ratio (spaces/units) 2,00 # of Units Sold 50 # of Units Sold 50 # of Units Sold Year Built 1996 Type Garage # of Units Rented 12 | # of Units Rented 12 # of Units Rented Effective Age 10 Guest Parking 48 # of Owner Occupied Units 36 # of Owner Occupied Units 36 # of Owner Occupied Units Project Primary Occupancy X Principle Residence [CT Second Home or Recreational [] Tenant [X] no Is the developer/builder in control of the Homeowners’ Association (HOA)? Management Group — ] Homeowners’ Association ] Developer Management Agent — Provide name of management company. HIGHLANDER GROUP 248-681-7883 [Tes Does any single entity (the same individual, investor group, corporation, etc.) own more than 10% of the total units in the project? No If Yes, describe Was the project created by the conversion of an existing building(s) into a condominium? ] Yes No If Yes, describe the original use and the date of conversion. Are the units, common elements, and recreation facilities complete (including any planned rehabilitation for a condominium conversion)? Yes ] No If No, describe No [] Yes Is there any commercial space in the project? If Yes, describe and indicate the overall percentage of the commercial space. RMPF Form 1073 May 2007 Page 1 of 6 T. J. Stevenson Appraisals
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Summary Appraisal Report Loan # 244987575 Individual Condominium Unit Appraisal Report File# 24785TS Describe the condition of the project and quality of construction. The project is in average condition with good maintenance and management. Describe the common elements and recreational facilities. Landscaping, walks and drives. Are any common elements leased to or by the Homeowners’ Association? ] Yes No If Yes, describe the rental terms and options. Is the project subject to ground rent? 7] Yes No IfYes, $ per year (describe terms and conditions) Are the parking facilities adequate for the project size and type? Yes [] No If No, describe and comment on the effect on value and marketability. PH 1] did did not analyze the condominium project budget for the current year. Explain the results of the analysis of the budget (adequacy of fees, reserves, etc.), or why the analysis was not performed. NO BUDGET AVAILABLE FOR THE APPRAISER TO VIEW. J E [9 Are there any other fees (other than regular HOA charges) for the use of the project facilities? [] Ye: No _If Yes, report the charges and describe. ll None at this time. Compared to other competitive projects of similar quality and design, the subject unit charge appears ] High verage [] Low If High or Low, describe <r»zZ>» Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser? No If Yes, describe and explain the effect on value and marketability. None Unit Charge 3 729.00 permonth X 12=$ 8,748.00 per year Annual assessment charge per year per square feet of gross living area = $ 5.97 Utilities included in the unit monthly assessment ] None Heat 7 Air Conditioning ] Electricity [XJcas Water X | sewer] Cable ] Other (describe) General Description Interior materials/condition Amenities Appliances Car Storage Floor# 2 Floors Hardwood/Good X | Fireplace(s) # 1 Refrigerator None #of Levels 4 Walls Drywall/Good Woodstove(s) # Range/Oven X Garage [] Covered ] Open Heating Type WFA Fuel Gas | Trim/Finish \Wood/Good X | Deck/Patio Open X | Disp Microwave | # of Cars 1 X | Central AC [] Individual AC | Bath Wainscot Ceramic/Good Porch/Balcony None || X | Dishwasher X | Assigned [] Owned Other (describe) None Doors Hollow Core/Good Other None Washer/Dryer Parking Space # 14 Finished area above grade contains: 4 Rooms 1 Bedrooms 1.1 Baths 1,465 Square Feet of Gross Living Area Above Grade Are the heating and cooling for the individual units separately metered? Yes [] No If No, describe and comment on compatibility to other projects in the market area. Additional features (special energy efficient items, etc.) Insulated vinyl windows. Circuit breakers. Hardwood flooring. Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). The estimated remaining econimic life of the subject property is 35 to 40 years. o If Yes, describe Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? J Yes No adverse environmental ussues are known to affect this property at this time. Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? ves[_No_IfNo, describe did [1] did not research the sale or transfer history of the subject property and comparable sales. If not, explain did 7 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) County records, assessing department and multi listing services. 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) County records, assessing department and multi listing services. Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3 Date of Prior Sale/Transfer 06/27/2024 11/14/2023 Price of Prior Sale/Transfer $298,500 $0 Data Source(s) Mis & City Assessor Mis & City Assessor Mis & City Assessor Mis & City Assessor Effective Date of Data Source(s) | 06/14/2024 12/17/2020 09/24/2020 08/05/2023 Analysis of prior sale or transfer history of the subject property and comparable sales The subject has sold or transferred in the past three years. The subject sold for $298,500 on 6-27-2024 in an arms legth warranty deed sale. Comparable #3 had a deed transfer warranty deed sale on 11-14-2023 with no price consideration paid. RMPF Form 1073 May 2007 Page 2 of 6 T. J. Stevenson Appraisals
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Summary Appraisal Report Loan # 244987575 Individual Condominium Unit Appraisal Report File# 24785TS There are Q comparable properties currently offered for sale in the subject neighborhood ranging in price from $270 400 to$ 474,900 There are 8 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 252 000 to$ 435,000 FEATURE | SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE #3 Address and 200 River Place Dr, #14 1395 Antietam Ave 200 River Place Dr 2037 11th St Unit # Detroit, MI 48207 38, Detroit, MI 48207 13, Detroit, MI 48207 11, Detroit, MI 48216 Project Name and 200 River Place Lofts Leland Lofts WCCP # 675 River Place Lofts 11th Street Townhomes Phase 1 1 1 1 Proximity to Subject 1.11 miles W 0.00 miles S 2.79 miles W Sale Price $ $ 242,500 $ 335,000 $365,000 Sale Price/Gross Liv. Area [$204.78 sq.ft|$ 179.63 sq.ft, $ 159.98 sq.ft, $ 254.18 sq.ft. Data Source(s) Great Lakes#20240009670; Dom Great Lakes#20240092593;Dom 10 | Great Lakes#60267350,D0M 49 Verification Source(s) PRD CLIP: 5397027089 PRD W1310000025013 PRD CLIP: 1050517834 VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION _ | +(-) $ Adjustment DESCRIPTION _ | +(-) $ Adjustment DESCRIPTION | +(-) $ Adjustment Sale or Financing ArmLth ArmLth ArmLth Concessions No Concessions No Concessions No Concessions Date of Sale/Time 505/24;c02/24 CLOSED | s01/25;c12/24 CLOSED | s12/23;c12/23 CLOSED Location Average Average +25,000 | Average Average Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple FN HOA Mo. Assessment $729.00 425 01,060 01220 0 I Common Elements Typical Typical Typical Typical £ and Rec. Facilities Typical Typical Typical Typical Floor Location Second Floor First Floor 0 | Second Floor 2nd and 3rd 0 [of View N;CtySky; Condominium Condominium Condominium [8 Design (style) MRA4L; Loft Row or Twnhse MRA4L; Loft Row or Twnhse Quality of Construction Average Average Average Average PN Actual Age 28 97 0/29 01 0 1] Condition Average Average Average Good -35,000 ll Above Grade Total |Bdrms| Baths) Total |Bdrms) Baths Total |Bdrms| Baths] Total |Bdrms| Baths) S Room Count 4 1/11] 3 1 11.00 +5000] 4 2 1210 -10,000 | 4 1 11.10 Gross Living Area 1,465 sq. ft. 1,350 sq. ft, +4 600 2,094 sq. ft -25,160 1,436 sq. ft. 0 Basement & Finished Osf Osf 0Osf Osf Rooms Below Grade Unfinished Functional Utility Average Average Average Average Heating/Cooling GFA /CAC GFA / CAC GFA / CAC GFA / CAC Energy Efficient ltems Insulated Windows | Insulated Windows Insulated Windows Insulated Windows Garage/Carport 19;1 Interior 1op;1 Car Open +10,000 | 1g;1 Interior 19;1 Car Attached Porch/Patio/Deck Open Deck Common Rooftop +5,000 | Open Deck Balcony Fireplace 1 0 +2,500 [1 +2,500 Kitchen and Baths Upd Kit / Upd Baths | Upd Kit / Upd Bath Upd Kit / Upd Baths New Kit / New Baths -25,000 Net Adjustment (Total) ~ [1- Is 52100] [1+ [X]- [s 35160 [ J+ [X]- [s 57,500 Adjusted Sale Price NetAdj. 21.48 % NetAdj. 10.50 % NetAdj. 15.75 % Of Comparables Gross Adj. 21.48 %|$ 294,600 | Gross Adj. 10.50 %|$ 299,840 | Gross Adj. 17.12 %[$ 307,500 Summary of Sales Comparison Approach THE VARIANCES IN THE LISTING AND SALES COMPARABLE PRICES REFLECT THE DIFFERENCES IN LOCATION AND UPDATES OF EACH HOME. THE LIST OF HOMES ALSO INCLUDES THE BANK OWNED HOMES WHICH NEED WORK AND THE HOMES COMPLETELY UPDATED WITH NO WORK NEEDED. ADJUSTMENTS WERE NOT MADE FOR AGE, ALL HOMES ARE OF SIMILAR VINTAGE. NO ADJUSTMENTS WERE MADE FOR LESS THAN $500. FURTHERMORE, THERE WERE NO ADJUSTMENTS MADE FOR LESS THAN 100 SQUARE FEET OF BUILDING VARIANCE. SEE ADDENDA ... Indicated Value by Sales Comparison Approach $ 300000 INCOME APPROACH TO VALUE Estimated Monthly Market Rent $ N/A X Gross Rent Multiplier N/A =$ Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM) Due to insufficient rental data this approach was not used. Indicated Value by: Sales Comparison Approach $ 300.000 Income Approach (if developed) $ The sales comparison approach is considered to be the best indicator of value for the subject property. The income approach was considered but not used. The income and cost approach were looked at but not used; due to the lack of reliable rental and construction cost data in the area. This appraisal is made "as is", 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 OJ subject to the following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: Z0=-->»=-I=-—02Z20 No immediate repairs were noted. Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is $300,000 Las of 12/31/2024 , which is the effective date of this appraisal. RMPF Form 1073 May 2007 Page 3 of 6 T. J. Stevenson Appraisals
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Summary Appraisal Report Loan # 244987575 Individual Condominium Unit Appraisal Report File # 24785TS This appraisal report is subject to the scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. The Appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. reporting requirements of this appraisal report form, including the following definition of market assumptions and limiting conditions, and certifications. The appraiser ~~ must, at a minimum: (1) private sources, and (4) report his or her analysis, opinions, and conclusions n this arrangements comparable thereto; and (5) the price represents the normal consideration for the property special or creative financing or sales concessions* granted by anyone associated with the sale. necessary for those costs which are normally paid by sellers as a result of tradition or law in a market dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should reaction to the financing or concessions based on the appraiser's judgment. subject to the following assumptions and limiting conditions: to it, except for information that he or she became aware of during the research involved in performing 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions The sketch is included only to assist the reader in visualizing the property and understanding the of its size. (or other data sources) and has noted in this appraisal report whether any portion of the subject site is identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no implied, regarding this determination. 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, report, the appraiser has no knowledge of any hidden or wunapparent physical deficiencies or adverse Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the be performed in a professional manner. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal perform inspection of the subject property, (2) inspect the neighborhood, (3) research, verify, and analyze data from reliable public and/or time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or *Adjustments to the comparables must be made for special or creative financing or sales concessions. readily identifiable since the seller pays these «costs in virtually all sales transactions. Special or creative adjustments can be made to the comparable property by comparisons to financing terms offered by a value, appraisal in terms assignment and the statement of a visual report. 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 of financial sold unaffected by No adjustments are area; these costs are third pi lender that is not already involved in the property or transaction. Any adjustment should not be calculated on financing arty institutional a mechanical approximate the market's 9g appraiser assumes that the title is good and marketable and will not render any opinions about the title. 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being apprais: STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is ed or the title this appraisal. The of the i appraiser's 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency improvements. determination Management Agency located i n an guarantees, express or 4, The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, deterioration, the she became aware of during the research involved in performing this appraisal. Unless otherwise stated presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or in this appraisal conditions property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, is toxic adverse environmental conditions, etc) that would make the property less valuable, and has assumed that there conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for not be subject subject of the substances, are no such any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. considered as to satisfactory property will RMPF Form 1073 May 2007 Page 4 of 6 T. J. Stevenson Appraisals
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Summary Appraisal Report Loan # 244987575 Individual Condominium Unit Appraisal Report File# 24785TS APPRAISER’S CERTIFICATION: The Appraiser certifies and agrees that: 1. | have, at a minimum, this appraisal report. 2. | performed a visual of the improvements developed and reported this appraisal in accordance with the scope of work requirements stated in inspection of the interior and exterior areas of the subject property. | reported the condition in factual, specific terms. | identified and reported the physical deficiencies that could affect the livability, soundness, or structu 3. | performed this Practice that were adopted appraisal ral integrity of the property. in accordance with the requirements of the Uniform Standards of Professional Appraisal 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. | developed my opi inion of comparison approach to value. for this appraisal assignment. | them, unless otherwise the market value of the real property that is the subject of this report based on the sales I have adequate comparable market data to develop a reliable sales comparison approach further certify that | considered the cost and income approaches to value but did not develop 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 property for a minimum of thre 6. | researched, verified, to the date of sale of the twelve months prior to the effective date of this appraisal, and the prior sales of the subject e years prior to the effective date of this appraisal, unless otherwise indicated in this report. analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior 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. | have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. | have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. | 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 11. | have knowledge 12. | am aware of, services, tax assessment of the subject property. and experience in appraising this type of property in this market area. and have access to, the necessary and appropriate public and private data sources, such as multiple listing 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 conditons 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 ion in this appraisal report are true and correct. statements and informati 16. | stated in this appraisal are subject only to the assumptions and limiting conditions in this appraisal report. report my own personal, unbiased, and professional analysis, opinions, and conclusions, which 17. | 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 completely, my analysis status, handicap, familial and/or of status, bias with respect to the participants in the transaction. | did not base, either partially or pinion of market value in this appraisal report on the race, color, religion, sex, age, marital 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 on any agreement or understan compensation for performing this appraisal or any future or anticipated appraisals was not conditioned ding, 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. significant real property 19. | personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If | relied on appraisal assistance from any individual or individuals in the performance of this appraisal or the raisal report, | have named such individual(s) and disclosed the specific tasks performed in this appraisal report. preparation of this appl | certify that any individual so n in this appraisal report; therefore, amed is qualified to perform the tasks. | have not authorized anyone to make a change to any item any change made to this appraisal is unauthorized and | will take no responsibility for it. RMPF Form 1073 May 2007 Page 5 of 6 T. J. Stevenson Appraisals
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Individual Condominium Unit Appraisal Report Loan # 244987575 File# 24785TS Summary Appraisal Report 20. | identified the client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. 21. | am aware that any disclosure or distribution of this appraisal report by me or the 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. 22. 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 representaton 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. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that 1. | directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. | accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Signature Name Thomas J. Stevenson Name Company Name ~~ _T. J. Stevenson Appraisals Company Name Company Address 45 Lakecrest Lane, Company Address Grosse Pointe Farms, MI 48236 Telephone Number 313-622-3516 Telephone Number Email Address _Tistevensonapprs@aol.com Email Address Date of Signature and Report 06/16/2025 Date of Signature Effective Date of Appraisal 12/31/2024 State Certification # State Certification # 1204000913 or State License # or State License # State or Other State # Expiration Date of Certification or License State MI Expiration Date of Certification or License ADDRESS OF PROPERTY APPRAISED 200 River Place Dr, #14 SUBJECT PROPERTY OJ UJ 07/31/2026 Did not inspect subject property Did inspect exterior of subject property from street Date of Inspection Detroit, MI 48207 OJ Did inspect interior and exterior of subject property APPRAISED VALUE OF SUBJECT PROPERTY $ CLIENT Name Rosemary Tokatlian 300,000 Date of Inspection Company Name Rosemary Tokatlian COMPARABLE SALES Company Address 200 River Place Dr OO Did not inspect exterior of comparable sales from street Detroit, MI 48207 J Did inspect exterior of comparable sales from street Email Address Date of Inspection RMPF Form 1073 May 2007 Page 6 of 6 T. J. Stevenson Appraisals
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Loan # 244987575 File No. 24785TS ADDITIONAL COMMENTS Page 1 Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 city Detroit County Wayne State MI Zip Code 48207 Client Rosemary Tokatlian SCOPE OF APPRAISAL THIS IS AN APPRAISAL SUMMARY REPORT. THE DATA CONTAINED IN THE ATTACHED APPRAISAL REPORT HAS BEEN COMPILED BY THE APPRAISER FROM THE FOLLOWING SOURCES: INSPECTION AND RESEARCH OF THE SUBJECT PROPERTY TO IDENTIFY DIMENSIONS, NATURE OF CONSTRUCTION, PHYSICAL CONDITION AND ANY OTHER PHYSICAL, FUNCTIONAL OR EXTERNAL FACTORS. RESEARCH OF ONLINE MUNICIPAL OFFICES AND REGISTRY OF DEEDS TO IDENTIFY ASSESSMENTS, TRANSFER ACTIVITY, SITE PARAMETERS AND OTHER PERTINENT FACTORS. CONTACT WITH APPROPRIATE REAL ESTATE BROKERS, DEVELOPERS, MANAGERS, APPRAISERS AND OTHER KNOWLEDGEABLE SOURCES TO IDENTIFY RELEVANT MARKET DATA SUCH AS COMPARABLE SALES, COMPARABLE RENTS, VACANCY RATES, DEPRECIATION RATES, OPERATING COSTS, DEVELOPMENT COSTS AND ANY TRENDS THAT MAY INFLUENCE SUCH AS ECONOMIC OR DEMOGRAPHIC TRENDS. DURING THE APPRAISAL PROCESS THE APPRAISER MAY HAVE COME ACROSS CONFLICTING INFORMATION FROM DIFFERENT SOURCES. THE INFORMATION IN THE REPORT IS BELIEVED TO BE THE MOST ACCURATE. MARKET CONDITIONS THE SUBJECT PROPERTY REPRESANTS A TYPICAL CONDOMINIUM IN THIS NEIGHBORHOOD IN TERMS OF SIZE, DESIGN AND CONSTRUCTION QUALITY. EMPLOYMENT CENTERS ARE WITHIN ACCEPTABLE TIME/DISTANCE AND FREEWAY ACCESS IS AVERAGE. ALL NORMAL NEIGHBORHOOD AMENITIES ARE AVAILABLE TO THE AREA AND TO THE SUBJECT PROPERTY. A REASONABLE MARKETING TIME OF 1-6 MONTHS HAS BEEN PROJECTED. SALES COMPARISON APPROACH THE PHOTOS OF THE COMPARABLES GENERATED BY THE MLS DATA BASE WERE VIEWED BY THE APPRAISER. FURTHERMORE, THESE PICTURES ARE THE BEST REPRESENTATION OF THE PROPERTY AT THE TIME THE BUYERS AND SELLERS CONSUMATED THE SALES CONTRACT. THE COMPARABLES ARE VERIFIED CLOSED SALES AND ARE NOT CURRENTLY LISTED. THE APPRAISER PHYSICALLY DROVE BY EACH COMPARABLE SALE AND LISTING AT TOOK NEW PHOTO'S. COMPARABLE AND SUBJECT UAD RATINGS ARE ABSOLUTE; THEREFORE, THEY CAN NOT CHANGE DURING THEIR USE FROM ONE APPRAISAL TO THE NEXT. ADJUSTMENTS MADE IN THIS REPORT AND OTHERS ARE BASED ON THE DIFFERENCES OF THE COMPARABLE TO THE SUBJECT CONDOMINIUM. TWO OR MORE CONDOMINIUMS IN ANY PARTICULAR REPORT MAY HAVE A SIMILAR RATING BUT HAVE ADJUSTMENTS. THESE ADJUSTMENTS ARE EXPLAINED BELOW AND ARE BASED ON THE DIFFERENCES BETWEEN THE COMPARABLE AND THE SUBJECT CONDOMINIUM IN EACH REPORT. LIKE WISE, TWO CONDOMINIUMS MAY HAVE DIFFERENT UAD CONDITION RATINGS AND NO ADJUSTMENTS WERE MADE. IN EITHER CASE, VIEW THE BELOW LINE IN THE GRID AND SEE THE SECTION CALLED INTERIOR FINISHES. HERE IS WHERE ADJUSTMENTS HAVE BEEN MADE FOR THE CONDITION OF THE CONDOMINIUM. THIS SECTION OF THE GRID CAN BE BROKEN DOWN TO A MORE REFINED AND DEFINED EXPLANATION OF THE IMPROVEMENTS. THE REASON THIS IS DONE IS THAT THERE ARE TOO MANY VARIANCES WITHIN EACH MARKET AREA FOR THE NUMBER OF UAD SELECTIONS THAT ARE AVAILABLE. The GLA for the subject was determined by the calculation of direct physical measurements taken on the inspection date per ANSI Z765 2021. No information was available regarding the source or method of determining the GLA in public records or MLS data. ALL THE HOMES ARE LOCATED IN DETROIT. THEY SHARE SIMILAR POLICE, FIRE, CULTURAL, RECREATIONAL AND EDUCATIONAL FACILITIES. DUE TO THE LACK OF RECENT SIMILAR SALES BY THE SUBJECT PROPERTY, IT WAS NECESSARY TO EXCEED THE FNMA ONE MILE GUIDELINE TO FIND COMPARABLE SALE #1, #3, #4 AND #6. THESE COMPARABLES WERE USED BECAUSE OF THEIR SIMILAR SIZE, EFFECTIVE AGE, STYLE, CONDITION AND DETROIT URBAN MARKET AREA. FOR THESE SAME REASONS IT WAS NECESSARY TO EXCEED THE FNMA SIX MONTH GUIDELINE TO FIND COMPARABLE #2 AND #4. COMPARABLE #1 AND #4 ARE LOCATED IN MARKET AREAS OF LOWER PROPERTY VALUES. A POSITIVE $25,000 ADJUSTMENT WAS MADE TO REFLECT THE MARKETS REACTION TO THE SUBJECT'S MORE MARKETABLE LOCATION. COMPARABLE #5 IS LOCATED ON THE THIRD FLOOR WITH SLIGHT VIEWS OF THE DETROIT RIVER. A NEGATIVE $5,000 ADJUSTMENT WAS MADE TO REFLECT THE MARKETS REACTION TO THIS CONDOMINIUM'S MORE MARKETABLE VIEW. THE SUBJECT IS IN AVERAGE CONDITION WITH SOME UPDATED FEATURES. 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. COMPARABLE #3 IS A NEW CONSTRUCTION, WITH ALL NEW MATERIALS AND HAS NOT BEEN PREVIOUSLY OCCUPIED. 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 ona 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” if 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). A NEGATIVE $35,000 ADJUSTMENT WAS MADE. ADJUSTMENTS MADE FOR THE CONDITION RATING IN THIS REPORT REFLECT THE MARKETS REACTION TO THE VARIANCES IN EACH HOMES CONDITION RATING PER MARKET EXPECTATIONS. THE AGE OF THE COMPONENTS SUCH AS THE ROOF, FURNACE, HOT WATER TANK, ELECTRICAL, PLUMBING, DECORATING AND CEMENT WORK WERE ALL FACTORED INTO THIS AREA OF THE APPRAISAL ADJUSTMENT GRID. ADJUSTMENTS WERE NOT MADE FOR 1 VERSUS 2 BEDROOMS. BOTH FLOOR PLANS ARE IN DEMAND. CONDOMINIUMS OF SIMILAR SIZE BUT WITH MORE BEDROOMS WILL HAVE 2 SMALLER BEDROOMS WHILE A 1 BEDROOM CONDO AT THE SAME SQUARE FOOTAGE WILL HAVE 1 LARGER BEDROOM. TYPICALLY IN THIS MARKET AREA THERE WILL BE AN EQUAL AMOUNT OF BUYERS WHO DESIRE EACH FLOOR PLAN. ADJUSTMENTS TO LARGER UNITS WITH AN EXTRA BEDROOM WERE MADE TO THE SQUARE FOOTAGE SECTION IN THE GRID. A $5,000 ADJUSTMENT WAS MADE FOR EACH ADDITIONAL 1/2 BATHROOM AND A $10,000 ADJUSTMENT WAS MADE FOR EACH ADDITIONAL FULL BATHROOM. T. J. Stevenson Appraisals
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Loan # 244987575 File No. 24785TS ADDITIONAL COMMENTS Page 2 Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 city Detroit County Wayne State MI Zip Code 48207 Client Rosemary Tokatlian DIFFERENCES IN GROSS LIVING AREA WERE ADJUSTED AT $40 PER SQUARE FOOT OF LIVING AREA. THE SUBJECT WAS PHYSICALLY MEASURED WITH ANSIRULES AND REGULATIONS. IN DECIMALS. ADJUSTMENTS MADE FOR EACH ADDITIONAL CAR STORAGE AND ADJUSTMENTS MADE FOR THE UTILITY OF AN ATTACHED VERSUS A DETACHED GARAGE REFLECT THE MARKETS REACTION TO THEIR VARIANCES IN SIZE, AGE AND OVERALL UTILITY. THE KITCHENS AND BATHROOMS OF EACH HOME VARIES IN MANY ASPECTS. THE AGE OF THE IMPROVEMENT, QUALITY, STYLE, SIZE, UTILITY AND WORKMANSHIP. ALL THE HOMES WERE EXAMINED AND AN APPROPRIATE ADJUSTMENT WAS MADE TO REFLECT EACH HOMES SPECIFIC UPDATES AND IMPROVEMENTS. ADDITIONALLY, THIS ADJUSTMENT MAY VARY FROM 1% TO 25% OF THE HOMES VALUE. THE ADJUSTMENT WAS MADE ON THE GRID BY THE BOTTOM IN A SEGMENT LABELED KITCHEN AND BATHROOMS. RECONCILIATION THE FINAL ESTIMATE OF VALUE FALLS WITHIN THE ADJUSTED VALUE RANGE OF THE COMPARABLES. THE MARKETING AND EXPOSURE TIMES ARE GENERALLY BETWEEN 1 TO 6 MONTHS. HOWEVER, DEPENDING ON THE ORIGINAL LIST PRICE OF THE CONDOMINIUM THE HOME MAY SELL SOONER OR LONGER THAN THIS STANDARD TIME FRAME. THIS APPRAISAL HAS BEEN ORDERED IN COMPLIANCE WITH MORTGAGEE LETTER 2009-28" AND APPRAISER'S CERTIFICATION #11: | HAVE KNOWLEDGE AND EXPERIENCE IN APPRAISING THIS TYPE OF PROPERTY IN THIS MARKET AREA. APPRAISER'S CERTIFICATION #12: | AM AWARE OF AND HAVE ACCESS TO, THE NECESSARY AND APPROPRIATE PUBLIC AND PRIVATE DATA SOURCE, 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. THE APPRAISER IS IN THIS MARKET AREA SEVERAL TIMES A MONTH DOING APPRAISALS. THE APPRAISER HAS NOT DONE ANOTHER APPRAISAL OR SERVICES ON THIS CONDOMINIUM IN THE PAST 36 MONTHS. THE SALES COMPARISON APPROACH IS CONSIDERED TO BE THE BEST INDICATOR OF VALUE FOR THE SUBJECT PROPERTY. MOST WEIGHT WAS PLACED ON COMPARABLE #1, #2 AND #5 FOR BEING IN THE SAME OR SIMILAR COMPLEX. ALL ARE RECENT SALES SIMILAR IN AGE, UTILITY, CONSTRUCTION AND MARKET AREA. ALL ARE CLOSELY SIMILAR IN DESIGN, MARKET AREA, CONSTRUCTION, CONDITION AND UTILITY. ALL WERE GIVEN CONSIDERATION AND ARE GOOD INDICATORS OF VALUE FOR THE SUBJECT PROPERTY. THE FINAL ESTIMATE OF VALUE FALLS WITHIN THE ADJUSTED VALUE RANGE OF THE COMPARABLES. The subject properties highest and best use as of the date of this assignment is its current use as a condominium dwelling. The subject property is of a legally permissible use based on its current zoning. Also, the site size, shape and land-to-building ratio allows the present structure and indicates a good utilization of the improvements. Based on current market conditions, the existing structure as a condominium residence is it financially feasible and maximally productive use. The highest and best use, as of vacant, would be to construct a condominium residence on this site. Uniform Standards of Professional Appraisal Practice (USPAP) defines “exposure time” as the: estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. For the subject condominiumis 1 month to 1 year. THE APPRAISER PHYSICALLY MEASURED THE INTERIOR OF THE SUBJECT CONDOMINIUM. THE APPRAISER MEASURES FROM THE INSIDE OF THE SUBJECT; WHILE THE CITY MEASURES THE CONDOMINIUM FROM THE OUTSIDE DIMENSIONS. THIS MAY EXPLAIN THE VARIANCES IN CITY AND APPRAISER DIFFERENCES IN TOTAL SQUARE FOOTAGE CALCULATIONS. THE ESTIMATED REMAINING ECONOMIC LIFE FOR THE SUBJECT CONDOMINIUM IS 35 TO 40 YEARS. The sales comparison approach is considered to be the best indicator of value for the subject property. The income approach was considered but not used. The income and cost approach were looked at but not used; due to the lack of reliable rental and construction cost data in the area. ADDITIONAL COMMENTS THE ESTIMATED REMAINING ECONOMIC LIFE OF THE SUBJECT CONDOMINIUM IS 35 TO 40 YEARS. T. J. Stevenson Appraisals
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|4omecmco) Additional Comparables Loan # 244987575 ZO0VW—-—2PTV=ETOO omr>n A N A [8 Y S I Ss Individual Condominium Unit Appraisal Report File No. 24785TS Intended User Rosemary Tokatlian Property Address 00 River Place Dr, #14 City Detroit County Wayne State MI Zip Code 48207 Client Rosemary Tokatlian FEATURE | SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE# § COMPARABLE SALE # 6 Address and 200 River Place Dr, #14 1395 Antietam Ave 200 River Place Dr 444 W Willis St Unit# Detroit, MI 48207 61, Detroit, MI 48207 20, Detroit, MI 48207 203, Detroit, MI 48201 Project Name and 200 River Place Lofts Leland Lofts WCCP # 675 River Place Lofts Willys Overland Lofts Phase 1 1 1 1 Proximity to Subject 1.11 miles W 0.00 miles S 2.65 miles W Sale Price 3 $ 275,000 S$ 335,000 $ 385,000 Sale Price/Gross Liv. Area $ 204.78 sq.ft.[$ 182.12 sq. ft. $ 161.84 sq. ft. $ 261.19 sq. ft. Data Source(s) Great Lakes#60227374;D0M 29 Great Lakes#60264728;,D0M 16 Great Lakes#60274147;,D0M 208 Verification Source(s) PRD CLIP: 3259531936 PRD CLIP: 1018980640 PRD CLIP: 2141112522 VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION | +(-) $ Adjustment DESCRIPTION | +(-) $ Adjustment DESCRIPTION | +(-) $ Adjustment Sale or Financing ArmLth ArmLth Listing Concessions Conv;0 Cash;0 Date of Sale/Time 508/23,c07/23 $11/23,c11/23 Active -11,550 Location Average Fair +25,000 | Average Average Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple HOA Mo. Assessment $729.00 425 0709 01550 0 Common Elements Typical Typical Typical Typical and Rec. Facilities Typical Typical Typical Typical Floor Location Second Floor First Floor 0] 3rd Floor 0 | First Floor 0 View N;CtySky; N;CtySky; N;CtySky;River -5,000 | N;CtySky; Design (Style) MRAL; Loft MRA1L;First Floor 0 | MRAL; Loft MRA4L; Loft Quality of Construction Average Q3 Q3 Q3 Actual Age 28 103 027 0[112 0 Condition Average Average Average Average Above Grade Total |Bdrms/| Baths | Total [Bdrms.| Baths Total [Bdrms.| Baths Total |Bdrms, Baths Room Count 4 1 [1113 1114 0 5 2 120 5000 3 1114 0 Gross Living Area 1465 sa.ft| 1510 sq.ft. 1,800 2070 sq.ft 24.200 1474 sq.ft 0 Basement & Finished 0sf 0Osf 0sf Osf Rooms Below Grade Unfinished Functional Utility Average Average Average Average Heating/Cooling GFA / CAC GFA /CAC GFA / CAC GFA /CAC Energy Efficient Items Insulated Windows | Insulated Windows Insulated Windows Insulated Windows Garage/Carport 1g;1 Interior 1op;1 Open +10,000 | 1g;1 Car Att 0 | 10p;1 Open Space +10,000 Porch/Patio/Deck Open Deck Common Rooftop +5,000 | Front Porch +5,000 | Balcony 0 Fireplace 1 0 +2,500 | 1 0 +2,500 Kitchen and Baths Upd Kit / Upd Baths | Upd Kit / Upd Baths Upd Kit / Upd Baths Upd Kit / Upd Baths Net Adjustment (Total) XI [Js 40700 [J+ [XT Is 29.200 [J Is 950 Adjusted Sale Price NetAdj. 14.80 % Net Adj. 8.72 %» Net Adj. 0.25 % Of Comparables Gross Adj. 16,11 %|($ 315,700 | Gross Adj. 11.70 %|$ 305,800 | Gross Adj. 6.25 %|$ 385,950 ITEM SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE # § Date of Prior Sale/Transfer 06/27/2024 03/14/2023 Price of Prior Sale/Transfer $298,500 $0 Data Source(s) Mis & City Assessor Mis & City Assessor Mis & City Assessor Mis & City Assessor Effective Date of Data Source(s) | 06/14/2024 06/14/2024 06/14/2024 06/14/2024 Summary of Sales Comparison Approach TH|S LISTED COMPARABLE WAS ADJUSTED WITH THE SAME CRITERIA AS THE ORIGINAL COMPARABLE SALES. THESE ADDITIONAL COMPARABLES WERE ADJUSTED WITH THE SAME CRITERIA AS THE ORIGINAL THREE COMPARABLES. THE LIST TO PRICE RATIO IS 97% OF THE MOST RECENT LIST PRICE. PER FNMA SUGGESTION THAT LISTINGS BE PLACED ON THE EXTRA COMP PAGE SO THAT THE SUMMARY REPORT RECEIVED BY THE LENDER WILL SHOW THE LISTINGS AS PART OF THE UAD SUMMARY REPORT. Comparable #4 had a deed sale on 3-14-2023 with no price consideration paid. T. J. Stevenson Appraisals
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Loan # 244987575 File No. 24785TS SQUARE FOOTAGE CALCULATION ADDENDUM Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County Wayne State | Zip Code 48207 Client Rosemary Tokatlian Gross Living Area (GLA) 1465 sf Gross Building Area (GBA) 2153 sf Area(s) Square Footage Basement sf % of GBA Level 1 sf % of GBA Level 2 1,465 sf 68.1 % of GBA Level 3 sf % of GBA Garage sf % of GBA Other 688 sf 32.0 % of GBA Area Measurements Type of Area Level Name Measurements Factor Total Living Bsmnt Garage Other 1 2 3 146500 x _1.00 x 100 = 1465.00 OO 0 00x d 687.70 x _1.00 x 100 = 687.70 L] OO [O HE x x = C1 OO OO OJ 100 x x : LOO Ogg x x : 1 OO OO Odd x x - 1 OO O44 dl x x : LOO Ogg x x : 1 OO OO Odd x x - 1 OO O44 d x x : LO OO Ogg x x : 1 OO OO Odd x x - LOO OO Ogg x x : 1 OO OO Odd x x : 1 OO O04 x x - LO OO Ogg x x - 1 OO OO Odd x x : 1 OO O04 x x - LO OO Ogg x x - 1 OO O04 x x : OO Od. x x - 1 OO Odd x x - 1 OO O44 d x x - LO OO Ogg x x - 1 OO OO Odd x x - 1 OO O44 d x x - LO OO Ogg x x - 1 OO OO Odd x x - 1 OO Odd x x - OJ OO Oggi x x - 1 OO Odd x x - LO OO Ogg x x - 1 OO OO Odd x x - 1 OO O44 dl x x - I a I A i [BE RE T. J. Stevenson Appraisals
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Loan # 244987575 Market Conditions Addendum to the Appraisal Report File No. 24785TS 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 April 1, 2009. Property Address 200 River Place Dr, #14 City Detroit State M| ZIP Code 48207 Intended User Rosemary Tokatlian 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 fill in all the information to the extent it is 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 it is 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 listings 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) 7 1 1 Increasing X [stable Declining Absorption Rate (Total Sales/Months) 1.17 0.33 0.33 Increasing X | stable Declining L/W Total # of Comparable Active Listings 2 2 9 Declining Stable X Increasing LY \onths of Housing Supply (Total Listings/Ab Rate) 1.71 6.06 27.27 Declining Stable X increasing R Median Sale & List Price, DOM, Sale/List % Prior 7-12 Months Prior 4-6 Months Current - 3 Months Overall Trend [= Median Comparable Sale Price 380,000 365,000 242 500 Increasing X | stable Declining Rll Median Comparable Sales Days on Market 41 49 7 Declining X | stable Increasing Median Comparable List Price 390,000 410,000 409,900 Increasing X [stable Declining Median Comparable Listings Days on Market 40 74 Kil Declining X] stable Increasing Median Sale Price as % of List Price 99% 92% 97% Increasing X | stable Declining Seller-(developer, builder, etc.) paid financial assistance prevalent? [Tes Declining X | stable Increasing Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo fees, options, etc). Sellers concessions are not needed in this market. This would be considered a small sellers concession market area. The market is showing IO0OXX>MmMLMmM3 very positive strength due to the low inventory of homes on the market. Every home that is priced correctly is selling within the 90 day time frame. Most homes are getting dozens of showings and several offers. The winter season is typically the slowest time of year for home sales in this market area. The market is conflicted with sales and higher interest rates causing a choppy market. The market continues to be very low in both sales and listings due to the limited inventory in the system. At this time it is not evident if the Covid 19 has any affect on the market or listed sales. Are foreclosure sales (REQ sales) a factor in the market? Yes o If yes, explain (including the trends in listings and sales of foreclosed properties). Foreclosure sales were common place in this market since 2009. Private sellers had been forced by the foreclosure market to compete with the bank owned homes for sale in this market area in 2009. However, buyers are finding fewer and fewer homes on the market at this point in time. Furthermore, a bottom was definitely made in the 2012 ish time frame for this market area and prices have been rising due to the limited number of listings and the strong demand for good homes. The resurgence of the central business district in Detroit has been a big help to communities due to their proximity to the downtown district. Business's and new N= <rp>PZ> construction are returning to downtown Detroit for the first time in 50 years. Cite data sources for above information. MLS ID = 395, State = Michigan, MLS Board = MIRS - MI RealSource, Paragon 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 and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions. There were a total of 8 Comparable Settled Sales in the past 12 months. The Median Sales Price for the prior 7-12 months was $380,000 and for the current to prior 3 months is $0. The Months Supply for the prior 7-12 months was 1.71 and 0 for the current to prior 3 month period. The Median Days on Market for the prior 7-12 months was 41 and 0 for the current to prior 3 month period. The statistics above were generated from an exported MLS market search. Details regarding the calculations and process can be found online at https://support.sfrep.com/knowledgebase/?id=1056 If the subject is a unit in a condominium or cooperative project, complete the following: Condominium Project Name: 200 River Place Lofts Subject Project Data Prior 7-12 Months Prior 4-6 Months Current - 3 Months Overall Trend Total # of Comparable Sales (Settled) 1 1 0 Increasing Stable X | Declining Absorption Rate (Total Sales/Months) 0.17 0.33 0.00 Increasing X | stable Declining Total # of Active Comparable Listings 1 0 0 Declining X | stable Increasing Months of Unit Supply (Total Listings/Ab. Rate) 5.88 0.00 0.00 Declining X | stable Increasing Are foreclosure sales (REO sales) a factor in the project? J Yes x] No If yes, indicate the number of REO listings and explain the trends in listings and sales of foreclosed properties. The foreclosure sales were common place in this market since 2009. Private sellers had been forced by the foreclosure market to compete with 00-00 Z00 the bank owned homes for sale in this market area since 2009. A ten twelve year rise in prices appears to have peaked and buyers are finding more homes on the market at this point in time. Furthermore, a top in the market might have been made over the past few years or so in this market area. Prices are flat at this time due vo: to the limited number of listings and higher interest rates. The new normal of rising interest rates has caused a pause in home sales. There are listings which causes a re balancing of buyers and sellers. The market is at a point now where the new listings are being bought and inventory although minimal has stabilized. Summarize the above trends and address the impact on the subject unit and project. The market is flat at this time. Condominium sales are static and a feeling of angst is in the air. This is due to higher interest rates and low inventory of units on the market. However, each season brings new sentiment and the best prediction for home prices is a flat market due mainly too few homes on the market and higher interest rates. O-O0OmMmc OX A P Signature Signature IY Appraiser Name Thomas J. Stevenson Appraiser Name J.Y Company Name T. J, Stevenson Appraisals Company Name JQ Company Address 45 | akecrest Lane,, Grosse Pointe Farms, MI 48236 Company Address H State License/Certification # 1204000913 State M| State License/Certification # State BY Email Address Tistevensonapprs@aol.com Email Address Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009 T. J. Stevenson Appraisals
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Loan # 244987575 File No. 24785TS 2002 USPAP COMPLIANCE ADDENDUM Borrower or Owner Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County Wayne State MI Zip Code 48207 Lender or Client Rosemary Tokatlian APPRAISER'S CERTIFICATION: The following Certification statements are in addition to and may supercede the signed Appraiser's Certification attached to this appraisal report. This Appraiser's Certification is compliant with the current edition of the Uniform Standards of Professional Appraisal Practice. | certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. | have no present or prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved. | have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with Uniform Standards of Professional Appraisal Practice. | (We) have made a personal inspection of the property that is the subject of this report. No one provided significant real property appraisal assistance to the person(s) signing this report. PURPOSE, INTENDED USE, AND INTENDED USER OF THE APPRAISAL: The purpose of the appraisal is to estimate the market value of the subject property, as defined in this report, as of the effective date of this report. The intended use of the appraisal is to assist the client and any other intended users in the underwriting, approval, and funding of the mortgage loan. The intended users of this report are the stated client and any other institutions involved in the underwriting, approval, and funding of the mortgage loan. No one else, including the purchaser and seller, should rely on the estimate of value or any other conclusions contained in this appraisal report. ANALYSIS AND REPORT FORM: The appraisal is based on the information gathered by the appraiser from public records, other identified sources, inspection of the subject property and neighborhood, and selection of comparable sales, listings, and/or rentals within the subject market area. The original source of the comparable data described in the Data Source section of the market grid along with the source of confirmation is provided, where available. The original source is presented first. The sources and data are considered reliable. When conflicting information was provided, the source deemed most reliable has been used. Data believed to be unreliable was not included in the report or used as a basis for the value conclusion. The extent of the analysis applied to this assignment is stated in the Appraiser's Certification included above and attached to this report. DEFINITION OF INSPECTION The term "Inspection", as used in this report, is not the same level of inspection that is required for a "Professional Home Inspection”. The appraiser does not fully inspect the electrical system, plumbing system, mechanical systems, foundation system, floor structure, or subfloor. The appraiser is not an expert in construction materials and the purpose of the appraisal is to make an economic evaluation of the subject property. If the client needs a more detailed inspection of the property, a home inspection, by a Professional Home Inspector, is suggested. DIGITAL SIGNATURES The signature(s) affixed to this report, and certification, were applied by the original appraiser(s) or supervisory appraiser and represent their acknowledgements of the facts, opinions and conclusions found in the report. Each appraiser(s) applied his or her signature electronically using a password encrypted method. Hence these signatures have more safeguards and carry the same validity as the individual's hand applied signature. If the report has a hand-applied signature, this comment does not apply. T. J. Stevenson Appraisals
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Loan # 244987575 File No. 24785TS 2002 USPAP COMPLIANCE ADDENDUM Borrower or Owner Rosemary Tokatlian Property Address 200 River Place Dr, #14 city Detroit County Wayne State MI Zip Code 48207 Lender or Client Rosemary Tokatlian OPINION OF MARKET VALUE VS ESTIMATE OF MARKET VALUE The current Uniform Standards of Professional Practice defines the market value conclusion as an opinion of market value and not an estimate of market value. APPRAISER: SUPERVISORY APPRAISER (ONLY IF REQUIRED): Signature: Signature: Name: _Thomas J. Stevenson Name: Date Signed: 06/16/2025 Date Signed: State Certification #: 1204000913 State Certification # or State License #: or State License #: State: MI State: Expiration Date of Certification or License: 07/31/2026 Expiration Date of Certification or License: Coie [Joid Not Inspect Property T. J. Stevenson Appraisals
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Loan # 244987575 File No. 478 PHOTOGRAPH ADDENDUM Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County Wayne State M| Zip Code 48207 Client Rosemary Tokatlian FRONT VIEW OF SUBJECT PROPERTY REAR VIEW OF SUBJECT PROPERTY STREET SCENE OF SUBJECT PROPERTY T. J. Stevenson Appraisals
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Loan # 244987575 File No. 2478573 PHOTOGRAPH ADDENDUM Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County Wayne State M| Zip Code 48207 Client Rosemary Tokatlian COMPARABLE #1 1395 Antietam Ave 38, Detroit, MI 48207 Price $242,500 Price/SF $179.63 Date 505/24;c02/24 Age 97 Room Count 3-1-1.00 in 1 Living Area 1,350 8 i ~ Jd Value Indication $294,600 een se i | 4 COMPARABLE #2 200 River Place Dr 13, Detroit, MI 48207 Price $335,000 Price/SF $159.98 Date s01/25,c12/24 Age 29 Room Count 4-2-2.10 Living Area 2,004 Value Indication $299,840 COMPARABLE #3 2037 11th St 11, Detroit, MI 48216 Price $365,000 Price/SF $254.18 Date 512/23,¢12/23 Age 1 Room Count 4-11.10 Living Area 1,436 Value Indication $307,500 T. J. Stevenson Appraisals
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Loan # 244987575 File No. 2478573 PHOTOGRAPH ADDENDUM Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County Wayne State M| Zip Code 48207 Client Rosemary Tokatlian —- COMPARABLE #4 1395 Antietam Ave 61, Detroit, MI 48207 Price $275,000 Price/SF $182.12 Date s08/23;c07/23 Age 103 Room Count 31-11 Living Area 1,510 Value Indication $315,700 COMPARABLE #5 200 River Place Dr 20, Detroit, MI 48207 Price $335,000 Price/SF $161.84 Date 511/23,c11/23 Age 27 Room Count 5-2-2.0 Living Area 2,070 Value Indication $305,800 COMPARABLE #6 444 W Willis St 203, Detroit, MI 48201 3 - Price $385,000 _— il Price/SF $261.19 i Date Active Age 112 Room Count 3-1-1.1 = = —& 1 Living Area 1,474 . 4 Tr Value Indication $385,950 : I's 1 2 =] Lo T. J. Stevenson Appraisals
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Loan # 244987575 File No. 2478573 PHOTOGRAPH ADDENDUM Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County Wayne State MI Zip Code 48207 Client Rosemary Tokatlian ! Primary bath vanity Primary toilet Electric hot water tank T. J. Stevenson Appraisals
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Loan # 244987575 File No. 2478573 Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County Wayne State M| Zip Code 48207 Client Rosemary Tokatlian Additional primary bedroom view Interior garage parking Interior garage parking T. J. Stevenson Appraisals
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Loan # 244987575 File No. 2478573 PH ADDENDU Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County Wayne State M| Zip Code 48207 Client Rosemary Tokatlian Electric car charger Interior garage parking Additional street view and Detroit river T. J. Stevenson Appraisals
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Loan # 244987575 File No. 2478573 PHOTOGRAPH ADDENDUM Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County Wayne State MI Zip Code 48207 Client Rosemary Tokatlian Rear open deck Rear open deck 1 y B x | | | - FEEL Hie = To se Ea aR Zl of “. es Kitchen island T. J. Stevenson Appraisals
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Loan # 244987575 File No. 2478573 PH ADDENDU Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County Wayne State M| Zip Code 48207 Client Rosemary Tokatlian Laundry Room Additional foyer view Opposite rear view T. J. Stevenson Appraisals
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Loan # 244987575 File No. 2478573 PHOTOGRAPH ADDENDUM Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County Wayne State MI Zip Code 48207 Client Rosemary Tokatlian Primary toilet and vanity Primary bath tub and shower Hot water tank T. J. Stevenson Appraisals
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Loan # 244987575 File No. 2478573 PHOTOGRAPH ADDENDUM Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County Wayne State M| Zip Code 48207 Client Rosemary Tokatlian Electrical service panel in the garage Storage closet 1st floor 1/2 bathroom T. J. Stevenson Appraisals
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Loan # 244987575 File No. 2478573 PHOTOGRAPH ADDENDU Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County Wayne State MI Zip Code 48207 Client Rosemary Tokatlian Front entrance way to the complex Opposite street view CURRENT REAL ESTATE APPRAISAL LICENSE STATE OF MICHIGAN 0958671 DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS ; BUREAU OF PROFESSTONAL LICENSING CERTIFIED RESIDENTIAL REAL ESTATE APPRAISER LICENSE T. J. Stevenson Appraisals
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Loan # 244987575 File No. 2478573 PH ADDENDU Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County Wayne State M| Zip Code 48207 Client Rosemary Tokatlian Foyer and mail room Elevator Common meeting room T. J. Stevenson Appraisals
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Loan # 244987575 File No. 2478573 PHOTOG ADDENDU Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County Wayne State M| Zip Code 48207 Client Rosemary Tokatlian 2nd elevator Interior hallway for the complex Front door to the subject unit T. J. Stevenson Appraisals
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Loan # 244987575 File No. 2478573 PHOTOGRAPH ADDENDUM Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County Wayne State M| Zip Code 48207 Client Rosemary Tokatlian Foyer Foyer looking into the unit Living Room with a fireplace T. J. Stevenson Appraisals
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Loan # 244987575 File No. 2478573 PHOTOGRAPH ADDENDUM Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County Wayne State M| Zip Code 48207 Client Rosemary Tokatlian Wood and Granite kitchen Water is working Additional kitchen view T. J. Stevenson Appraisals
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Loan # 244987575 File No. 2478573 Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County Wayne State M| Zip Code 48207 Client Rosemary Tokatlian Dining Room Living Room and foyer Living Room - Opposite T. J. Stevenson Appraisals
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Loan # 244987575 File No. 2478573 PHOTOGRAPH ADDENDU Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County Wayne State M| Zip Code 48207 Client Rosemary Tokatlian Additional dining room view Bedroom primary Walk in closet for primary bedroom T. J. Stevenson Appraisals
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Loan # 244987575 Fie No. 24785TS market area Search parameters; 24 mos, age, size, ty, construction Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County \Wayne State M| Zip Code 48207 Client Rosemary Tokatlian Een) ® Bo Paragon x + - oo x © © © nitpsymimisparmgonrlscomParagonts/efa PEE —— MLS Documents | Compose Email | (3) Help | a Criteria | Map Search | mis deault (78) Criteria | Map Search | mis deault (5) ERIE is deat [BEE] # an mat o2 Stare. ld Sve (= Print» Export» @ Customize» © Actions i More» “4 Page[i ofl | revo v | — FT ——— WGH LOW AVERAGE MEDIAN TOTAL PRICE : Lis price; | £395.000 0 $10.50 USTINGCOUNT: 4 DAYSONMARKET: 135 4 64 59 SOUD PRICE: 0 o [= |i Photo MLSs Original MLS Type | Status pvr Municipality | Zi asking Price | Sold Price | Cncs Amt dec_1_1| CDOM | Close Date| SqFt | Yr bit [Bsmnt vt] # Car | Beds 8 Bl ER asm meas ar smcomosens ser 48201 i Detroce S990 $2750 wee 70 sas us su Ys ow 1 1 2 £3 Rs] SO06AIS 50096415 CD CID 1395AtletamAvenue Detioll 48207 DetrorCh $309,000 $309,000 D5 45H MR 190 Ye ww 1 1 — ‘I = HUM PNET DAD 1S Amtam Amie Dest prp—— swan faeom daar 4 own vm wer we am 1 1 4 BE 60267350 20230052068 CO CAD 2037 11TH Street Dero 48216 1 DetrorCit $395,000 $365,000 507 49 12/28/2023 1436. 2023 No 1.00 Lr 1 « > T. J. Stevenson Appraisals
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Loan # 244987575 File No. 24785TS Aerial map of the subject and a 1/2 mile radius of the market area Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County \Wayne State MI Zip Code 48207 Client Rosemary Tokatlian GE) @ BO Ooms Rn < © & httpsy/mimis,paragonrels.com/Paragon! S/ Default mvc] 1, A y Mm = [-~ Se o Close T. J. Stevenson Appraisals
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Loan # 244987575 File No. 24785TS Appraiser Independence Requirements (ARI) Cer Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County \Wayne State MI Zip Code 48207 Client Rosemary Tokatlian Appraiser Independence Requirements (AIR) Affidavit of Appraiser - Certification of Non-Influence The appraiser named respectfully submits and represents to the following: I hereby acknowledge to the best of my ability the following: 1. There have been no written or verbal communications or conversations between the mortgage lender or any staff person thereof and myself, my assistant, or any other staff member working on my behalf during the completion of this particular assignment or review assignment regarding a predetermined value for the subject property of this assignment 2. I acknowledge that T have not been influenced, coerced, extorted, or bribed regarding the outcome of this appraisal report, nor am 1 knowingly aware of being recommended by any staff member, director, or agent of the mortgage lender's loan production staff, including the loan officer, to complete this assignment 3. I certify that | have been engaged to provide a complete order with the information required for me to agree and complete a full appraisal assignment that meets USPAP guidelines and standards Included on their order form was the originating lender's company name and address for purposes of inclusion on the appraisal report. No individual names from lender's staff, including loan officer name, was provided to me. No preliminary estimation of value, loan amount, or any similar information was provided to me or communicated to me or any staff person within my company. With respect to a Purchase Transaction, the Purchase Agreement (Sales Contract) was made available in its entirety (as required by USPAP Standard Rule 1- Sa). In the event the loan is an FHA transaction, I understand that the lender may require my identity, including my State Certification number; however, no attempt was made to coerce or influence the outcome of this appraisal report. 4. I acknowledge that I have completed this assignment and have only acted with the highest integrity and in a manner considered ethical to my profession, and consistent both with USPAP standards and the Appraiser Independence Requirements rules and regulations. 5. I acknowledge that I am not an employee of nor affiliated with the mortgage lender, and that I am not a staff appraiser to any entity that is either wholly or partially owned by the lender/investor or by any entity that is owned in whole or in part by a “Settlement Services” provider. By including this document within this appraisal report, 1 acknowledge to the best of my ability that all of the above statements are valid and true. 1 have honestly agreed with them, and that I have no objections or reservations to their contrary. T. J. Stevenson Appraisals
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SKETCH ADDENDUM Loan # 244987575 Fie No 24785TS Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County Wayne State MI Zip Code 48207 Client Rosemary Tokatlian pkg Uncovered pA<Xig 20 Deck 20g 2g Dining Room ju] 3 © Living Room 8 o Kitchen 2 oF gS ar & ® x 8 3 Bedroom Laundry oe Foyer HWH ~ Walk In g Full Bath 5] “yy i Front Door 7s Common Hallway Summary Square Ft. Area Perimeter Area Calculation Details Living Area Second Floor 1,465.0 166.5 1,369.4 24.0 Porches & Patios 2.0 Open Deck 687.7 1058 44 69.6 Total = 1,465.0 299 x 230-= 687.7 Total = 687.7 T. J. Stevenson Appraisals
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Loan # 244987575 File No. 2478573 LOCATION MAP Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County Wayne State M| Zip Code 48207 client Rosemary Tokatlian = 2 PULASKI UNAS BURBANK CONANT DETROIT GOLF GARDENS L_ [53 | 97 A iE y 5 : LASALLE Lippe 5] bh DAVISON COLLEGE PARK 2 | " r 4 \ "4 V PILGRIM : Pn suitcases) HighlandsPark Gadd "a \ Ry ’ \ > il 2 (Comp 4 < Grosse H3 1395 Antistam Ave, #61 mms = a Painte Park \ || | Deiroit. Mi 45207 an A =n \ | 5275000 SO) 111 miles WW i Comp 6 h 444 W Willis St, #203 __ceum \ 1395 Antietam Ave, #38 | Point Detroit, MI 45207 5242 500 1.11 miles 'W Detroit, MI 48201 % R KETTERING $385.000 . ) | => Comp 1 Gr 2.65 miles W 2 7” + \ BELLE HARE “Na. NORTHWEST \ a Comp 3 + 2037 11th St #11 p Detroit. MI 43216 3365.000 2.79 miles W BELLE ISLE OND 2 Comp 5 CONDON ly 200 River Place Dr, #20 po Detroit, MI 43207 | 5335,000 0.00 miles = CENTRAL WINDS MEXICANTOWNg# f Comp 2 Subject 200 River Place Dr. 230 Detroit. MI 45207 200 River Place Dr D $380,000 Detroit, MI 48207 » 0.00 miles S €ARBON WORK eRe SARE DWORNS SANDWICH MIDTOWN LE E “il Zug ( AN WALKER FARM island go EX? £€ BRIGHTON BEACH _ — Windsor Ai ~ Ho ~~ . EX i ay KENILWORTH GARDENS 401 | SANDW iss SPRING OJIBWA GARDEN 3 GARDEN 5 PELTON 4 G \ . — : ss a) LaSalle "Bote. “SOUTHWOOD LAKES #2 lane Detroit River [LA SALLE OLDCASTLE 3 18 9] 1 miles 1 km i Th ti [-l wail Bing ©2024 TomTom, @ 2024 Microsoft Corporation T. J. Stevenson Appraisals
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Loan # 244987575 Fie No. D4785TS FLOOD MAP Intended User Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County \Wayne State M| Zip Code 48207 client Rosemary Tokatlian King High Sc © \ OF 3 o [> 5 A = RY NS C NEAR EAST 3 y : RIVERFRONT Pe Chene Square % WS y py he RIVERTOWN i / pr - Chene Park y N BS Microsoft Bing © 2024 Microsoft Corporation 8 2024 TomTom Flood Zones Areas inundated by 100-year flooding i Areas inundated by 500-year flooding 1 Areas of undetermined but possible flood hazards Flood Zone Determination Latitude: 42.336863 Longitude: -83.016331 Community Name: DETROIT, CITY OF Community: 260222 SFHA (Flood Zone): No Within 250 ft. of multiple flood zones: No Map #: 26163C0284F Panel Date: 10/21/2021 Census Tract: 5165 Zone: X Panel: 0284F FIPS Code: 26163 [1] Floodway areas with velocity hazard / Floodway areas [227] coBRA zone This Report is for the sole benefit of the Customer that ordered and paid for the Report and is based on the property information provided by that Customer. That Customer's use of this Report is subject to the terms agreed to by that Customer when accessing this product. No third party is authorized to use or rely on this Report for any purpose. THE SELLER OF THIS REPORT MAKES NO REPRESENTATIONS OR WARRANTIES TO ANY PARTY CONCERNING THE CONTENT, ACCURACY OR COMPLETENESS OF THIS REPORT, INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. The scller of this Report shall not have any liability to any third party for any use or misuse of this Report. T. J. Stevenson Appraisals
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Fannie Mae - Definition of Terms Case No. Loan # 244987575 FileNo. 24785TS Borrower Rosemary Tokatlian Property Address 200 River Place Dr, #14 city Detroit County Wayne state MI Zip Code 48207 Lender/Client Rosemary Tokatlian Address 200 River Place Dr, Detroit, MI 48207 Requirements - Condition and Quality Ratings Usage Appraisers must utilize the following standardized conditions and quality ratings within the appraisal report. 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 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” if they have 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 finished 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, etc.) and is being well maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority of short-lived building components have been replaced but not to the level of a complete renovation. C4 - The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate. “Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived building components have been replaced, and some short-lived building components are at or near the end of their physical life expectancy; however, they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property C5 - The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs, rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains useable and functional as a residence. “Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which many of its short-lived building components are at the end of or have exceeded their physical life expectancy but remain functional. C6 - The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many or most major components. *Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property with conditions severe enough to affect the safety, soundness, or structural integrity of the improvements. Quality Ratings and Defil ns Q1 - Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified use. 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 omamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishes throughout the dwelling are exceptionally high quality. Q2 - Dwellings with this quality rating are often custom designed for construction on an individual property owner's site. However, dwellings in this quality grade are also found in high-quality tract developments featuring residences constructed from individual plans or from highly modified or upgraded plans. The design features detailed high-quality exterior omamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are of exceptionally high quality. Q3 - Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard residential tract developments or on an individual property owner's site. The design includes significant exterior ornamentation and interiors that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from "stock" standards. Q4 - Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are utilized and the design includes adequate fenestration and some exterior omamentation and interior refinements. Materials, workmanship, finish, and equipment are of stock or builder grade and may feature some upgrades. Q5 - Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials with limited refinements and upgrades. Q6 - Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard non-conforming additions to the original structure. Definitions of Not Updated, Updated, and Remodeled Not Updated - Little or no updating or modemization. This description includes, but is not limited to, new homes. Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major components have been replaced or updated. Those over fifteen years of age are also considered not updated if the appliances, fixtures, and finishes are predominantly dated. An area that is ‘Not Updated’ may still be well maintained and fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration. Updated - The area of the home has been modified to meet current market expectations. These modifications are limited in terms of both scope and cost. An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute updates include refurbishment and/or replacing components to meet existing market expectations. Updates do not include significant alterations to the existing structure. Remodeled - Significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and/or expansion. A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include some or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocation of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls and/or the addition of square footage). This would include a complete gutting and rebuild. Explanation of Bathroom Count Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are not included in the bathroom count. The number of full and half baths is reported by separating the two values using a period, where the full bath count is represented to the left of the period and the half bath count is represented to the right of the period. Example: 3.2 indicates three full baths and two half baths. UAD Definitions 9/2011 (Updated 1/2014) Page 1 of 3 T. J. Stevenson Appraisals
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Requirements - Abbreviations Used in Data Standardization Text Case No. Loan # 244987575 File No. 24785TS Abbreviation Full Name Appropriate Fields A Adverse Location & View ac Acres Area, Site AdjPrk Adjacent to Park Location AdjPwr Adjacent to Power Lines Location ArmLth Arms Length Sale Sale or Financing Concessions AT Attached Structure Design (Style) B Beneficial Location & View ba Bathroom(s) Basement & Finished Rooms Below Grade br. Bedroom Basement & Finished Rooms Below Grade BsyRd Busy Road Location c Contracted Date Date of Sale/Time Cash Cash Sale or Financing Concessions Comm Commercial Influence Location Conv Conventional Sale or Financing Concessions cp Carport Garage/Carport CrtOrd Court Ordered Sale Sale or Financing Concession CtySky City View Skyline View View CtyStr City Street View View cv Covered Garage/Carport DOM Days On Market Data Sources DT Detached Structure Design (style) dw Driveway Garage/Carport e Expiration Date Date of Sale/Time Estate Estate Sale Sale or Financing Concessions FHA Federal Housing Administration Sale or Financing Concessions G Garage Garage/Carport ga Attached Garage Garage/Carport gbi Built-in Garage Garage/Carport gd Detached Garage Garage/Carport GlfCse Golf Course Location Glfvw Golf Course View View GR Garden Design (Style) HR High Rise Design (Style) in Interior Only Stairs Basement & Finished Rooms Below Grade Ind Industrial Location & View Listing Listing Sale or Financing Concessions Lndfl Landfill Location LtdSght Limited Sight View MR Mid Rise Design (Style) Mtn Mountain View View N Neutral Location & View NonArm Non-Arms Length Sale Sale or Financing Concessions 0 Other Basement & Finished Rooms Below Grade 0 Other Design (Style) op Open Garage/Carport Prk Park View View Pstrl Pastoral View View PubTm Public Transportation Location PwrLn Power Lines View Relo Relocation Sale Sale or Financing Concessions REO REO Sale Sale or Financing Concessions Res Residential Location & View RH USDA - Rural Housing Sale or Financing Concessions m Recreational (Rec) Room Basement & Finished Rooms Below Grade s Settlement Date Date of Sale/Time sf Square Feet Area, Site, Basement Short Short Sale Sale or Financing Concessions Unk Unknown Date of Sale/Time VA Veterans Administration Sale or Financing Concessions w Withdraw Date Date of Sale/Time wo Walk Out Basement Basement & Finished Rooms Below Grade Woods Woods View View Wir Water View View WirFr Water Frontage Location wu Walk Up Basement Basement & Finished Rooms Below Grade UAD Definitions 9/2011 (Updated 1/2014) T. J. Stevenson Appraisals Page 2 of 3
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Case No. Loan # 244987575 File No. 24785TS Other Appraiser-Defined Abbreviations Abbreviation Full Name Fields Where This Abbreviation May Appear UAD Definitions 9/2011 (Updated 1/2014) Page 3 of 3 T. J. Stevenson Appraisals
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Loan # 244987575 File No. 24785TS RIVER PLACE 14/112 48207 (Property Address) reel Number: 13000002.014 Property Owner: MCBROOM, ROBERT V Summary Information > Residential Building Summary > Assessed Value: $217,100 | Taxable Value: $10,727 - Year Built: 1996 - Bedrooms: 0 > Property Tax information found - Full Baths: 2 - Half Baths: 0 - Sq. Feet: 1451 - Acres: N/A Item 10f 3 3 Images / 0 Sketches Flag: 200 River Place (H078) Owner and Taxpayer Information Owner MCBROOM, ROBERT V Taxpayer SEE OWNER INFORMATION 200 RIVER PLACE LOFTS UNIT #14 DETROIT, MI 48207 General Information for Tax Year 2023 | Property Class 407 RESIDENTIAL Unit 01 CITY OF DETROIT CONDOMINIUMS School District DETROIT CITY SCHOOL Assessed Value $217,100 DISTRICT WARD# 13 Taxable Value $10,727 COUNCIL# 5 State Equalized Value $217,100 PP CODE# Not Available Date of Last Name Change 10/08/2015 RELATED # Not Available Notes Not Available Historical District Not Available Census Block Group Not Available HOPE# Not Available Exemption No Data to Display Principal Residence Exemption Information Homestead Date 10/13/2015 Principal Residence Exemption June fst | Final | 2023 100.0000 % 100.0000 % Land Information Zoning Code No Data to Display Total Acres 0.000 Land Value $15,800 Land Improvements $0 Renaissance Zone No Renaissance Zone Expiration No Data to Display Date ECF Neighborhood Not Available Mortgage Code No Data to Display Lot Dimensions/Comments Not Available Neighborhood Enterprise No Zone Lot(s) Frontage | Depth No lots found. Total Frontage: 0.00 ft Average Depth: 0.00 ft Legal Description S GUOIN UNIT 14WAYNE COUNTY CONDOMINIUM SUB PLAN NO. 573 AKA. 200 RIVER PLACE LOFTS L32689 P16-84 DEEDS, W C R 13/348 1.79% Sale History sale Date | Sale Price | Instrument Grantor | Grantee | Terms of sale Liber/Page ERIRIReSS AmmmRRION CLA TARA TREL A MCBROOM, ROBERT V MULTI PARCEL SALE By continuing to use this website you agree to the BS&A Online Terms of Use. X ogIN
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Loan # 244987575 File No. 24785TS ale Date Sale Price | Instrument Grantor Grantee Terms of Sale Liber/Page 2/31/2003 $295,552.00 PTA RIVER REVITALIZATION GARCIA, MICHAEL & 03-ARM'S LENGTH LLC REICHWAGE, ROBIN 12/01/2000 $1.00 QC 21-NOT USED/OTHER 92027.06160 Building Information - 1451 sq ft APT FLAT GARDEN (Residential) General Floor Area 1,451 sq ft Estimated TCV Not Available Garage Area 0sq ft Basement Area 0sq ft Foundation Size 1451 sq ft Year Built 1996 Year Remodeled 2000 Occupancy Single Family Class B Effective Age 20 yrs Tri-Level No Percent Complete 100% Heat Forced Heat & Cool AC w/Separate Ducts No Wood Stove Add-on No Basement Rooms 0 Water Not Available 1st Floor Rooms 0 Sewer Not Available 2nd Floor Rooms 0 Style APT FLAT GARDEN Bedrooms 0 Area Detail - Basic Building Areas Height Foundation Exterior Area | Heated 1 Story Slab Brick 1451sq ft 1 Story Basement Finish Recreation 0sq ft Recreation % Good 93% Living Area 0sq ft Living Area % Good 93% Walk Out Doors 0 No Concrete Floor Area 0sq ft Plumbing Information 3 Fixture Bath 2: **Disclaimer: BS&A Software provides BS&A Online as a way for municipalities to display information online and is not responsible for the content or accuracy of the data herein. This data is provided for reference only and WITHOUT WARRANTY of any kind, expressed or inferred. Please contact your kcal municipality if you believe there are errors in the data. Copyright © 2024 BS&A Software, Inc. By continuing to use this website you agree to the BS&A Online Terms of Use. X
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MARKET ANALYSIS CHARTS Borrower _Rosemary Tokatlian Case No. Loan # 244987575 File No. 24785TS Property Address _200 River Place Dr, #14 County Wayne State _MI Zip Code _48207 City _Detroit Lender/Client _Rosemary Tokatlian Address _200 River Place Dr, Detroit, MI 48207 OLN WA OO ~N®O |] 1 | | 12 un 10 9 8 7 6 5 4 3 2 1 Month © Listings © Sales $ In Thousands 12 1 10 a a 7 6 5 a 2 2 1 Month © Trend Line @ Median Sales Price 200 150 @ Trend ® Sp as Percentage of LP Month @ Trend ® Days on Market 12 1 10 9 [ 7 6 5 4 32 2 1 Month @ Trend ® Month Supply of Inventory T. J. Stevenson Appraisals TOTAL SALES AND LISTINGS There were 2 sales twelve months ago and were no sales last month. There were 3 listings twelve months ago and 9 listings last month. MEDIAN SALES PRICE There is not enough data to perform analytics. SALES TO LISTING PRICE RATIO There is not enough data to perform analytics. SALES DAYS ON MARKET TREND There is not enough data to perform analytics. MONTH OF SUPPLY OF INVENTORY One month ago the month's supply was 0. Twelve months ago the month's supply was 1.
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DEPARTMENT OF HOMELAND SECURITY Loan # 244987575 Federal Emergency Management Agency 24785TS STANDARD FLOOD HAZARD DETERMINATION FORM (SFHDF) PAPERWORK BURDEN DISCLOSURE NOTICE Public reporting burden for this form is estimated to average 20 minutes per response. The burden estimate includes the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and submitting the form. This collection of information is mandatory. You are not required to respond to this collection of information unless a valid OMB control number is displayed in the upper right corner of this form. Send comments regarding the accuracy of the burden estimate and any suggestions for reducing the burden to: Information Collections Management, Department of Homeland Security, Federal Emergency Management Agency, 500 C Street, SW, Washington, DC, 20472, Paperwork Reduction Project (OMB Collection1660-0040). NOTE: DO NOT SEND YOUR [COMPLETED FORM TO THIS ADDRESS. INSTRUCTIONS [SECTION 1 1. LENDER/SERVICER NAME AND ADDRESS : Enter lender name and address. 2. COLLATERAL DESCRIPTION: Preparer should coordinate with user to ensure the collateral is sufficiently identified. Suggested forms of collateral identification include, but are not limited to, property address, parcel or lot number and longitude/latitude. If needed, additional information may be attached to this form. 3. LENDER/SERVICER ID NO: Optional. Preparer should coordinate with user to ensure the lender is sufficiently identified on the form. The lender name and address (Box 1. above) may be sufficient. 4. LOAN IDENTIFIER: Optional. May be used by lenders to conform with their individual method of identifying loans. 5. AMOUNT OF FLOOD INSURANCE REQUIRED: Optional. The minimum federal requirement for this amount is the lesser of: the outstanding principal loan balance; the value of the improved property, mobile home and/or personal property used to secure the loan; or the maximum statutory limit of flood insurance coverage. A lender retains the prerogative to require flood insurance in excess of the minimum federal requirements not by the direction of FEMA. National Flood Insurance Program (NFIP) policies do not provide coverage in excess of the insured value of the building/mobile home/personal property. [SECTION 2 IA. NATIONAL FLOOD INSURANCE PROGRAM (NFIP) COMMUNITY JURISDICTION 1.NFIP Community Name. Enter the complete name of the community (as indicated on the NFIP map) in which the building or mobile home is located. Under the NFIP, a community is the political unit that has authority to adopt and enforce floodplain management regulations for the areas within its jurisdiction. A community may be any State or area or political subdivision thereof, or any Indian tribe or authorized tribal organization, or Alaska Native village or authorized native organization. (Examples: Brewer, City of; Washington, Borough of; Worchester, [Township of; Baldwin County; Jefferson Parish) For a building or mobile home that may have been annexed by one community but is shown on another community's NFIP map, enter the Community Name for the community with land-use jurisdiction over the building or mobile home. 2. County(jes). Enter the name of the county or counties in which the community is located. For unincorporated areas of a county, enter "unincorporated areas." For independent cities, enter "independent city." 3. State. Enter the two-digit state abbreviation. (Examples: VA, TX, CA) 4. NFIP Community Number. Enter the 6-digit NFIP community number. This number can be determined by consulting the NFIP Community Status Book or can be found on the NFIP map; copies of either can be obtained from FEMA's Website http://msc.fema.gov or by calling 1-800-358-9616. If no NFIP Community Number exists for the community, enter "none." B. NFIP DATA AFFECTING BUILDING/MOBILE HOME The information in this section (excluding the LOMA/LOMR information) is obtained by reviewing the NFIP map on which the building/mobile home is located. The current NFIP map may be obtained from FEMA by calling 1-800-358-9616. Scanned copies of the NFIP maps can be viewed on FEMA's website at http://msc.fema.gov. Note that even when an NFIP map panel is not printed, it may be reflected on a community's INFIP map index with its proper number, date, and flood zone indicated; enter these data accordingly. 1. NFIP Map Number or Community-Panel Number. Enter the 11-digit number shown on the NFIP map that covers the building or mobile home. (Examples: 480214 0022C; 58103C0075F). Some older maps will have a 9-digit number (Example: 12345601A). Note that the first six digits will not match the NFIP Community Number when the sixth digit is a "C" or when one community has annexed land from another but the NFIP map has not yet been updated to reflect this annexation. When the sixth digit is a "C", the NFIP map is in countywide format and shows the flood hazards for the geographic areas of the county on one map, including flood hazards for incorporated communities and for any unincorporated county contained within the county's geographic limits. Such countywide maps will list an NFIP Map Number. For maps not in such countywide format, the NFIP will list a Community-Panel Number on each panel. If no NFIP map is in effect for the location of the building or mobile home, enter "none." FEMA Instruction FI-206-FY-22-102 Page 1 of 2 T. J. Stevenson Appraisals
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Loan # 244987575 24785TS 2. NFIP Map Panel Effective/Revised Date. Enter the map effective date or the map revised date shown on the NFIP map. (Example: 6/15/93) This will be the latest of all dates shown on the map. 3. Is there a Letter of Map Change (LOMC)? This field can remain blank if no Letter of Map Change (LOMC) (these include the Letter of Map JAmendment (LOMA), Letter of Map Revision (LOMR) or similar FEMA Map Letter(s)) applies to the subject property. If there is a LOMC, list the date and number. Information on the LOMC is available from the following sources: [* The community's official copy of its NFIP map(s) should have a copy of all subsequently-issued FEMA Letters attached. [* For a LOMC issued on or after October 1, 1994. Information is available on FEMA's website at http://www.fema.gov/national-flood-insurance- program-flood-hazard-mapping/compendium-flood-map-changes. * The FEMA Map Service Center website is https://msc.fema.gov/portal. 4. Flood Zone. Enter the flood zone(s) in which the building or mobile home is located. (Examples: A, AE, A4, AR, AR/A, AR/AE, AR/AQ, V, VE, V12, AH, AO, B, C, X, D). If any part of the building or mobile home is within the Special Flood Hazard Area (SFHA), the entire building or mobile home is considered to be in the SFHA. All flood zones beginning with the letter "A" or "V" are considered to be in the SFHA. Each flood zone is defined in the legend of the NFIP map on which it appears. If there is no NFIP map for the subject area, enter "none." 5. No NFIP Map. If no NFIP map covers the area where the building or mobile home is located, check this box. C. FEDERAL FLOOD INSURANCE AVAILABILITY. This is a review of community eligibility; it does not address individual building related eligibility, that is reviewed in the insurance process. Check all boxes that apply; Note that boxes 1 (Federal Flood Insurance is available ...) and 2 (Federal Flood Insurance is not available ...) are mutually exclusive. In most instances, Federal flood insurance is available to all residents with eligible property in a community that participates in the NFIP. Community participation status can be determined by consulting the NFIP Community Status Book, which is available from FEMA and at http://www.fema.gov/fema/csb.shtm. The NFIP Community Status Book will indicate whether or not the community is participating in the INFIP and whether participation is in the Emergency or Regular Program. If the community participates in the NFIP, check either Regular Program or Emergency Program. To obtain Federal flood insurance, a copy of this completed form may be provided to an insurance agent. Federal flood insurance is prohibited in areas designated by the Coastal Barrier Resources Act to be in a Coastal Barrier Resources Area (CBRA) and Otherwise Protected Areas (OPA) for buildings or mobile homes built or substantially improved after the date of the CBRA or OPA designation. Information about the Coastal Barrier Resources System (CBRS) may be obtained by visiting the U.S. Fish and Wildlife Service's website at http:/www.fws.gov/CBRA/index.html, D. DETERMINATION. If any portion of the building/mobile home is in an identified Special Flood Hazard Area (SFHA), check yes (flood insurance is required). If no portion of the building/mobile home is in an identified SFHA, check no. If no NFIP map exists for the community, check no. If no NFIP map exists, Section B5 should also be checked. E. COMMENTS. Optional Comment. Preparer may add additional comments/pages/data as needed. F. PREPARER'S INFORMATION. If other than the lender, enter the name, address, and telephone number of the company or organization performing the flood hazard determination. An individual's name may be included, but is not required. Date of Determination. Enter date on which flood zone determination was completed. MULTIPLE BUILDINGS: For guidance regarding multiple buildings, please contact your regulator, servicer, lender or other entity as applicable. GUARANTEES REGARDING INFORMATION: Determinations on this form made by persons other than the lender are acceptable only to the extent that the accuracy of the information is guaranteed. FORM AVAILABILITY. The form is available online at http://www.fema.gov/plan/prevent/fhm/frm_form.shtm. Copies of this form are available from the FEMA fax-on-demand line by calling (202) 646-FEMA and requesting form #23103. Guidance on using the form in a printed, computerized, or electronic format is contained in form #23110. This information is also available on FEMA's website. See the resource record, for usability purposes. The URL is http://www.fema.gov/media-library/assets/documents/225?id=1394. PURPOSE OF FORM: In accordance with P.L. 103-325, Sec. 1365, (b) (1), this form has been designated to facilitate compliance with the flood insurance purchase requirements of the National Flood Insurance Reform Act of 1994. FOR LENDING RELATED GUIDANCE REGARDING THIS FORM: Implementation of the mandatory flood insurance purchase requirements of the Flood Disaster Protection Act of 1973 and the National Flood Insurance Reform Act of 94, as amended, is the responsibility of the various Federal agencies that regulate lenders. Please contact your regulator or lender to determine their requirements. FEMA Instruction FI-206-FY-22-102 Page 2 of 2 T. J. Stevenson Appraisals
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DEPARTMENT OF HOMELAND SECURITY Loan # 244987575 Federal Emergency Management Agency 24785TS STANDARD FLOOD HAZARD DETERMINATION FORM (SFHDF) OC res. 05.90.2005 SECTION | - LOAN INFORMATION 1. LENDER/SERVICER NAME AND ADDRESS 2. COLLATERAL DESCRIPTION (Building/Mobile Home/Property) (See instructions for more information.) Rosemary Tokatlian 200 River Place Dr, #14 200 River Place Dr Detroit, MI Detroit, MI 48207 48207 13000002.014 S GUOIN UNIT 14WAYNE COUNTY CONDOMINIUM SUB PLAN NO. 573 A.K.A. 200 RIVER PLACE LOFTS L32689 P16-84 DEEDS, W CR 3. LENDER/SERVICER ID # (4. LOAN IDENTIFIER 5. AMOUNT OF FLOOD INSURANCE REQUIRED SECTION II A. NATIONAL FLOOD INSURANCE PROGRAM (NFIP) COMMUNITY JURISDICTION 1. NFIP Community Name 2. County(ies) 3. State |4. NFIP Community Number DETROIT, CITY OF Wayne MI 260222 B. NATIONAL FLOOD INSURANCE PROGRAM (NFIP) DATA AFFECTING BUILDING/MOBILE HOME 1. NFIP Map Number or Community-Panel Number |2. NFIP Map Panel Effective / 3. Is there a Letter of Map Change (LOMC)? (Community name, if not the same as "A") Revised Date OJ NO 26163C0284F 10/21/2021 OJ YES (If yes, and LOMC date/no. is available, enter date and case no. below). 4. Flood Zone 5. No NFIP Map Cc Date Case No. C. FEDERAL FLOOD INSURANCE AVAILABILITY (Check all that apply.) 1. [J Federal Flood Insurance is available (community participates in the NFIP). [_] Regular Program [_] Emergency Program of NFIP 2. OJ Federal Flood Insurance is not available (community does not participate in the NFIP). 3.0 Building/Mobile Home is in a Coastal Barrier Resources Area (CBRA) or Otherwise Protected Area (OPA). Federal Flood Insurance : may not be available. CBRA/OPA Designation Date: D. DETERMINATION IS BUILDING/MOBILE HOME IN SPECIAL FLOOD HAZARD AREA (ZONES CONTAINING THE LETTERS "A" OR "V")? [Jyes NO If yes, flood insurance is required by the Flood Disaster Protection Act of 1973. If no, flood insurance is not required by the Flood Disaster Protection Act of 1973. Please note, the risk of flooding in this area is only reduced, not removed. This determination is based on examining the NFIP map, any Federal Emergency Management Agency revisions to it, and any other information needed to locate the building /mobile home on the NFIP map. E. COMMENTS (Optional) F. PREPARER'S INFORMATION NAME, ADDRESS, TELEPHONE NUMBER (If other than Lender) DATE OF DETERMINATION Thomas J. Stevenson 06/16/2025 T. J. Stevenson Appraisals 45 Lakecrest Lane,, Grosse Pointe Farms, MI 48236 313-622-3516 FEMA FORM FF-206-FY-21-116 (formerly 086-0-32) (04/21) Page 1 of 1 T. J. Stevenson Appraisals
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Loan # 244987575 USPAP Compliance Addendum FileNo. D4785TS Borrower/Client Rosemary Tokatlian Property Address 200 River Place Dr, #14 City Detroit County Wayne State MI Zip Code 48207 Lender Rosemary Tokatlian This report was prepared under the following USPAP reporting option: Appraisal Report This report was prepared in accordance with USPAP Standards Rule 2-2(a). [] Restricted Appraisal Report This report was prepared in accordance with USPAP 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 reportis: Both the marketing and exposure time is less than 90 days. Additional Certifications | certify that, to the best of my knowledge and belief: Ihave NOT performed services, as an appraiser or in any other capacity, regarding the property that is the subject of the report within the three-year period immediately preceding acceptance of this assignment. J | 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. - The statements of fact contained in this report are true and correct. - The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. - Unless otherwise indicated, | have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. - I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. - My engagement in this assignment was not contingent upon developing or reporting predetermined results. - My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. - Unless otherwise indicated, | have made a personal inspection of the property that is the subject of this report. - Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report). Additional Comments The appraiser has not completed a prior appraisal on this condominium in the past three years. AGT = Signature / * Signature Name Thomas J. Stevenson Name Date of Signature 06/16/2025 Date of Signature State Certification # 1204000913 State Certification # or State License # or State License # State MI State Expiration Date of Certification or License 07/31/2026 Expiration Date of Certification or License Effective Date of Appraisal 12/31/2024 Supervisory Appraiser Inspection of Subject Property: J] Did Not J Exterior-only from Street ] Interior and Exterior USPAP Compliance Addendum 2014 Al Ready T. J. Stevenson Appraisals