28432 HAZELWOOD.pdf

Inkster Rentals LLC Petitioner V City Of Inkster Respondent · 26-002894-TT

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Scott Gailey



RESIDENTIAL APPRAISAL REPORT File No.:

 Property Address: 28432 Hazelwood St City: Inkster State: MI Zip Code: 48141

 County: Wayne Legal Description: 24N37A E 41.46FT OF LOT 37 ALSO THE W 13.04 FT of ADJ VAC ALLEY

 HYDE PARK SUB T2S R9E L51 P9 WCR Assessor's Parcel #: 44-005-03-0037-001

 Tax Year: 2025 R.E. Taxes: $ 4,360 Special Assessments: $ 0 Borrower (if applicable):

 Current Owner of Record: Inkster Rentals Occupant: Owner Tenant Vacant Manufactured Housing SUBJECT

 Project Type: PUD Condominium Cooperative Other (describe) HOA: $ 0 per year per month

 Market Area Name: Hyde Park Map Reference: 19804 Census Tract: 5704.00

 The purpose of this appraisal is to develop an opinion of: Market Value (as defined), or other type of value (describe)

 This report reflects the following value (if not Current, see comments): Current (the Inspection Date is the Effective Date) Retrospective Prospective

 Approaches developed for this appraisal: Sales Comparison Approach Cost Approach Income Approach (See Reconciliation Comments and Scope of Work)

 Property Rights Appraised: Fee Simple Leasehold Leased Fee Other (describe)

 Intended Use: See comment addendum. ASSIGNMENT Intended User(s) (by name or type): Client, Michigan Tax Tribunal, City of Inkster Tax Assessor

 Client: Inkster Rentals Address: 3046 BRECKSVILLE RD RICHFIELD, OH 44286

 Appraiser: SCOTT GAILEY Address: 13640 Netherwood St, Southgate, MI 48195

 Location: Urban Suburban Rural Predominant One-Unit Housing Present Land Use Change in Land Use

 Occupancy Built up: Over 75% 25-75% Under 25% PRICE AGE One-Unit 90 % Not Likely

 Growth rate: Rapid Stable Slow Owner 75 $(000) (yrs) 2-4 Unit 3 % Likely * In Process *

 Property values: Increasing Stable Declining Tenant 25 20 Low New Multi-Unit 3 % * To:

 Demand/supply: Shortage In Balance Over Supply Vacant (0-5%) 140 High 100 Comm'l 4 %

 Marketing time: Under 3 Mos. 3-6 Mos. Over 6 Mos. Vacant (>5%) 80 Pred 75 %

 Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): Subject’s market is considered to be DESCRIPTION

 overall stable. Estimated market time is 0-90 days with supply currently equaling demand. All cash, FHA, and new conventional financing

 are prevalent. AREA

 MARKET



 Dimensions: 54x139 Site Area: 7,506 sf

 Zoning Classification: 401-Residential Description: Single Family Residential

 Zoning Compliance: Legal Legal nonconforming (grandfathered) Illegal No zoning

 Are CC&Rs applicable? Yes No Unknown Have the documents been reviewed? Yes No Ground Rent (if applicable) $ /

 Highest & Best Use as improved: Present use, or Other use (explain)



 Actual Use as of Effective Date: Residential Use as appraised in this report: Residential

 Summary of Highest & Best Use: The Highest and best use of the subject property, as improved and as vacant, in its current use as a residential

 dwelling. This conclusion is supported by market demand, zoning regulations, and the physical characteristics of the site.



 Utilities Public Other Provider/Description Off-site Improvements Type Public Private Topography LEVEL

 Electricity Street CONCRETE Size Typical DESCRIPTION Gas Curb/Gutter CONCRETE Shape Rectangular

 Water Sidewalk CONCRETE Drainage Adequate SITE

 Sanitary Sewer Street Lights ELECTRIC View N;Res;

 Storm Sewer Alley None

 Other site elements: Inside Lot Corner Lot Cul de Sac Underground Utilities Other (describe)

 FEMA Spec'l Flood Hazard Area Yes No FEMA Flood Zone X FEMA Map # 26163C0240F FEMA Map Date 12/03/2013

 Site Comments: The appraiser has not checked the land records for recorded easements and have reported only apparent easements,

 encroachments and other apparent adverse conditions. The appraiser is not qualified to detect, even superficially, toxic substances,

 contaminated materials, contaminated soil, etc. relating to any possible environmental contamination of the property.



 General Description Exterior Description Foundation Basement None Heating

 # of Units 1 Acc.Unit Foundation P/Concrete Slab 100 Area Sq. Ft. Type FWA

 # of Stories 1 Exterior Walls Brick/Avg Crawl Space 0 % Finished Fuel Gas

 Type Det. Att. Roof Surface A/Shingle/Avg Basement 0 Ceiling

 Design (Style) DT1;Ranch Gutters & Dwnspts. Aluminum/Avg Sump Pump Walls Cooling None

 Existing Proposed Und.Cons. Window Type Thermal/Avg Dampness Floor Central

 Actual Age (Yrs.) 73 Storm/Screens Yes/Avg Settlement Unknown Outside Entry Other

 Effective Age (Yrs.) 25 Infestation None Noted

 Interior Description Appliances Attic None Amenities Car Storage None

 Floors Carpet/Tile/Avg Refrigerator Stairs Fireplace(s) # 0 Woodstove(s) # 0 Garage # of cars ( 1 Tot.)

 Walls Drywall/Avg Range/Oven Drop Stair Patio Attach.

 Trim/Finish Wood/Avg Disposal Scuttle Deck Detach. 1 IMPROVEMENTS

 Bath Floor Vinyl/Avg Dishwasher Doorway Porch Open Blt.-In

 THE Bath Wainscot Vinyl/Avg Fan/Hood Floor Fence Carport

 OF Doors Wood/Avg Microwave Heated Pool Driveway Concrete

 Washer/Dryer Finished Surface

 Finished area above grade contains: 6 Rooms 3 Bedrooms 1.0 Bath(s) 1,092 Square Feet of Gross Living Area Above Grade

 Additional features: The subject is in average condition. As the property is tenant occupied, this condition rating reflects typical wear and

 maintenance levels expected for a rental home.

 Describe the condition of the property (including physical, functional and external obsolescence): Extraordinary assumption was made that the overall condition DESCRIPTION

 of the subject property is considered average. The property is tenant occupied, this condition rating reflects typical wear and maintenance

 levels expected for a rental home.



 Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

 Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 3/2007

RESIDENTIAL APPRAISAL REPORT File No.:

 My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.

 Data Source(s): 1) Multiple Listing Service (MLS); 2) Realist (online data service); 3) Tax Assessor Records; 4) Owner

 1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing: The subject transferred on 12/12/24 for

 Date: 12/12/2024 $0 from CG MI Acquisitions LLC to Mount North Capital 5 LLC. Property currently deeded to Inkster HISTORY

 Price: $0 Rentals LLC, but this is transfer has not reflected on public records.,

 Source(s): RCMLS/PRD/BS&A

 2nd Prior Subject Sale/Transfer

 Date: TRANSFER Price:

 Source(s):

 SALES COMPARISON APPROACH TO VALUE (if developed) The Sales Comparison Approach was not developed for this appraisal.

 FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3

 Address 28432 Hazelwood St 28632 Hazelwood St 1599 Magnolia Dr 28623 Hazelwood St

 Inkster, MI 48141 Inkster, MI 48141 Inkster, MI 48141 Inkster, MI 48141

 Proximity to Subject 0.18 miles W 0.34 miles SE 0.18 miles W

 Sale Price $ $ 70,000 $ 80,000 $ 95,000

 Sale Price/GLA $ /sq.ft. $ 64.10 /sq.ft. $ 79.37 /sq.ft. $ 87.00 /sq.ft.

 Data Source(s) RCMLS RCMLS#20251001975;DOM 64 RCMLS#20240092462;DOM 22 RCMLS#20240076626;DOM 24

 Verification Source(s) LEASE RCMLS/PRD/BS&A/EXT INSP RCMLS/PRD/BS&A/EXT INSP RCMLS/PRD/BS&A/EXT INSP

 VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust. DESCRIPTION +(-) $ Adjust.

 Sales or Financing Cash Cash Conventional

 Concessions None None None

 Date of Sale/Time s7/25;c5/25 s1/25;c12/24 s1/25;c11/24

 Rights Appraised Fee Simple Fee Simple Fee Simple Fee Simple

 Location N;Res; N;Res; N;Res; N;Res;

 Site 7,506 sf 7645 sf 0 5500 sf 0 7506 sf 0

 View N;Res; N;Res; N;Res; N;Res;

 Design (Style) DT1;Ranch DT1;Ranch DT1;Ranch DT1;Ranch

 Quality of Construction Q3 Q3 Q3 Q3

 Age 73 73 69 0 73

 Condition C3 C3 C3 C3

 Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths

 Room Count 6 3 1.0 5 3 1.0 0 5 3 1.0 0 6 3 1.0

 Gross Living Area 1,092 sq.ft. 1,092 sq.ft. 1,008 sq.ft. 0 1,092 sq.ft. 0

 Basement & Finished 0sf 0sf 0sf 0sf

 Rooms Below Grade

 Functional Utility Average Average Average Average

 Heating/Cooling FWA/None FWA/None FWA/None FWA/None

 Energy Efficient Items Thermal Wndws Thermal Wndws Thermal Wndws Thermal Wndws

 Garage/Carport 1gd1dw 1gd1dw 1dw +2,500 2dw1dw -2,500

 Porch/Patio/Deck Open Porch Open Porch Open Porch Open Porch APPROACH



 Net Adjustment (Total) + - $ + - $ 2,500 + - $ -2,500 COMPARISON Adjusted Sale Price

 of Comparables $ 70,000 $ 82,500 $ 92,500

 Summary of Sales Comparison Approach Sale # 2 was listed in mls as being updated in 2018. Sale # 3 was listed in the mls as being updated in SALES

 2023. Although sale # 1 had the fewest adjustments, all three sales were factored in the final value estimate as they were all 3 bedroom brick

 homes with no basements and similar gross living area like the subject.



 Indicated Value by Sales Comparison Approach $ 82,000

 Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

 Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 3/2007

RESIDENTIAL APPRAISAL REPORT File No.:

 COST APPROACH TO VALUE (if developed) The Cost Approach was not developed for this appraisal.

 Provide adequate information for replication of the following cost figures and calculations.

 Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value): Land values were researched through the

 local MLS and/or assessor.



 ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW OPINION OF SITE VALUE =$ 7,500

 Source of cost data: DWELLING N/A Sq.Ft. @ $ =$

 Quality rating from cost service: Effective date of cost data: Sq.Ft. @ $ =$

 Comments on Cost Approach (gross living area calculations, depreciation, etc.): Sq.Ft. @ $ =$ APPROACH Due to the difficulty of measuring & quantifying a figure for external Sq.Ft. @ $ =$



 =$ COST (economic)cost approachobsolescence,to value is notandconsideredestimatingtoaccruedbe reliable,depreciation,and wouldthenot Sq.Ft. @ $ =$

 result in a credible conclusion, and therefore was not developed in this Garage/Carport Sq.Ft. @ $ =$

 appraisal. Total Estimate of Cost-New =$

 Less Physical Functional External

 Depreciation =$( )

 Depreciated Cost of Improvements =$

 ''As-is'' Value of Site Improvements =$

 =$

 =$

 Estimated Remaining Economic Life (if required): 50 Years INDICATED VALUE BY COST APPROACH =$

 INCOME APPROACH TO VALUE (if developed) The Income Approach was not developed for this appraisal.

 Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach

 Summary of Income Approach (including support for market rent and GRM): The income approach was considered but was rejected due to the

 predominance of owner occupancy and/or the lack of reliable market data. APPROACH

 INCOME



 PROJECT INFORMATION FOR PUDs (if applicable) The Subject is part of a Planned Unit Development.

 Legal Name of Project:

 Describe common elements and recreational facilities:

 PUD



 Indicated Value by: Sales Comparison Approach $ 82,000 Cost Approach (if developed) $ Income Approach (if developed) $

 Final Reconciliation All three approaches to value were considered. However, in the subject's submarket, the sales approach is the most

 applicable and

 most reliable valuation method. The cost approach - or a site value - may have been entered/completed at the client's request. Unless

 otherwise noted, the income approach was not developed



 This appraisal is made ''as is'', subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been

 completed, subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, subject to

 the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: See Attached

 Addendum RECONCILIATION

 This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda.

 Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions,

 and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject

 of this report is: $ 82,000 , as of: 12/31/2025 , which is the effective date of this appraisal.

 If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.

 A true and complete copy of this report contains 16 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be

 properly understood without reference to the information contained in the complete report.

 Attached Exhibits:



 Scope of Work Limiting Cond./Certifications Narrative Addendum Photograph Addenda Sketch Addendum

 Map Addenda Additional Sales Cost Addendum Flood Addendum Manuf. House Addendum ATTACHMENTS Hypothetical Conditions Extraordinary Assumptions

 Client Contact: Client Name: Inkster Rentals

 E-Mail: Address: 3046 BRECKSVILLE RD RICHFIELD, OH 44286

 APPRAISER SUPERVISORY APPRAISER (if required)

 or CO-APPRAISER (if applicable)



 Supervisory or

 Appraiser Name: SCOTT GAILEY Co-Appraiser Name:

 Company: SCOTT GAILEY Company: SIGNATURES Phone: (248) 568-0339 Fax: Phone: Fax:

 E-Mail: scottgailey@comcast.net E-Mail:

 Date of Report (Signature): 12/31/2025 Date of Report (Signature):

 License or Certification #: 1204005200 State: MI License or Certification #: State:

 Designation: Designation:

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

 Inspection of Subject: Interior & Exterior Exterior Only None Inspection of Subject: Interior & Exterior Exterior Only None

 Date of Inspection: 12/31/2025 Date of Inspection:

 Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

 Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 3/2007

Assumptions, Limiting Conditions & Scope of Work File No.:

 Property Address: 28432 Hazelwood St City: Inkster State: MI Zip Code: 48141

 Client: Inkster Rentals Address: 320 West 202nd Street, Chicago Heights, IL 60411

 Appraiser: SCOTT GAILEY Address: 13640 Netherwood St, Southgate, MI 48195

 STATEMENT OF ASSUMPTIONS & LIMITING CONDITIONS

 - The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The

 appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised

 on the basis

 of it being under responsible ownership.

 - The appraiser may have provided a sketch in the appraisal report to show approximate dimensions of the improvements, and any such

 sketch

 is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size.

 Unless otherwise indicated, a Land Survey was not performed.

 - If so indicated, the appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or

 other

 data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because

 the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination.

 - The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific

 arrangements to do so have been made beforehand.

 - If the cost approach is included in this appraisal, the appraiser has estimated the value of the land in the cost approach at its highest and

 best

 use, and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in

 conjunction

 with any other appraisal and are invalid if they are so used. Unless otherwise specifically indicated, the cost approach value is not an

 insurance

 value, and should not be used as such.

 - The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, needed repairs, depreciation, the

 presence

 of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of

 during the

 normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any



 hidden or unapparent conditions of the property, or adverse environmental conditions (including, but not limited to, the presence of

 hazardous

 wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and



 makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any



 such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the



 appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment

 of

 the property.

 - The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she

 considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such

 items

 that were furnished by other parties.

 - The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional

 Appraisal Practice, and any applicable federal, state or local laws.

 - If this appraisal is indicated as subject to satisfactory completion, repairs, or alterations, the appraiser has based his or her appraisal

 report

 and valuation conclusion on the assumption that completion of the improvements will be performed in a workmanlike manner.

 - An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from

 the

 client does not become a party to the appraiser-client relationship. Any persons receiving this appraisal report because of disclosure

 requirements applicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the

 time of the

 assignment.

 - The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public,

 through advertising, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database.

 - An appraisal of real property is not a 'home inspection' and should not be construed as such. As part of the valuation process, the

 appraiser performs a non-invasive visual inventory that is not intended to reveal defects or detrimental conditions that are not readily

 apparent. The presence of such conditions or defects could adversely affect the appraiser's opinion of value. Clients with concerns about

 such potential negative factors are encouraged to engage the appropriate type of expert to investigate.



 The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible

 assignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the

 appraisal report. Reliance upon this report, regardless of how acquired, by any party or for any use, other than those specified in this report

 by

 the Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of

 Work, Effective Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any

 Hypothetical Conditions and/or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and

 related parties assume no obligation, liability, or accountability, and will not be responsible for any unauthorized use of this report or its

 conclusions.



 Additional Comments (Scope of Work, Extraordinary Assumptions, Hypothetical Conditions, etc.):



 Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

 Form GPRES2AD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 3/2007

Certifications File No.:

 Property Address: 28432 Hazelwood St City: Inkster State: MI Zip Code: 48141

 Client: Inkster Rentals Address: 320 West 202nd Street, Chicago Heights, IL 60411

 Appraiser: SCOTT GAILEY Address: 13640 Netherwood St, Southgate, MI 48195

 APPRAISER'S CERTIFICATION

 I certify that, to the best of my knowledge and belief:

 - The statements of fact contained in this report are true and correct.

 - The credibility of this report, for the stated use by the stated user(s), of the reported analyses, opinions, and conclusions are limited only

 by

 the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and

 conclusions.

 - I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties

 involved.

 - Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the

 subject of this report within the three-year period immediately preceding acceptance of this assignment.

 - I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.

 - My engagement in this assignment was not contingent upon developing or reporting predetermined results.

 - My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or

 direction

 in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a

 subsequent event directly related to the intended use of this appraisal.

 - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of

 Professional Appraisal Practice that were in effect at the time this report was prepared.

 - I did not base, either partially or completely, my analysis and/or the opinion of value in the appraisal report on the race, color, religion,

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

 owners or occupants of the properties in the vicinity of the subject property.

 - Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report.

 - Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification.



 Additional Certifications:



 DEFINITION OF MARKET VALUE *:

 Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite

 to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus.

 Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions

 whereby:

 1. Buyer and seller are typically motivated;

 2. Both parties are well informed or well advised and acting in what they consider their own best interests;

 3. A reasonable time is allowed for exposure in the open market;

 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and

 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions

 granted by anyone associated with the sale.

 * This definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions

 Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System

 (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and th

 Client Contact: Client Name: Inkster Rentals

 E-Mail: Address: 320 West 202nd Street, Chicago Heights, IL 60411

 APPRAISER SUPERVISORY APPRAISER (if required)

 or CO-APPRAISER (if applicable)



 Supervisory or

 Appraiser Name: SCOTT GAILEY Co-Appraiser Name:

 Company: SCOTT GAILEY Company: SIGNATURES Phone: (248) 568-0339 Fax: Phone: Fax:

 E-Mail: scottgailey@comcast.net E-Mail:

 Date Report Signed: 12/31/2025 Date Report Signed:

 License or Certification #: 1204005200 State: MI License or Certification #: State:

 Designation: Designation:

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

 Inspection of Subject: Interior & Exterior Exterior Only None Inspection of Subject: Interior & Exterior Exterior Only None

 Date of Inspection: 12/31/2025 Date of Inspection:

 Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

 Form GPRES2AD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 3/2007

File No.



 UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM

 (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements)



Condition Ratings and Definitions



C1



The improvements have been recently constructed and have not been previously occupied. The entire structure and all components are new

and the dwelling features no physical depreciation.



Note: Newly constructed improvements that feature recycled or previously used materials and/or components can be considered new dwellings

provided that the dwelling is placed on a 100 percent new foundation and the recycled materials and the recycled components have been

rehabilitated/remanufactured into like-new condition. Improvements that have not been previously occupied are not considered “new” if they

have any significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period of time without

adequate maintenance or upkeep).



C2



The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components

are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced

with components that meet current standards. Dwellings in this category are either almost new or have been recently completely renovated and

are similar in condition to new construction.



Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physical

depreciation, or an older property that has been recently completely renovated.



C3



The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every

major building component, may be updated or recently rehabilitated. The structure has been well maintained.



Note: The improvement is in its first-cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and is

being well maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority of

short-lived building components have been replaced but not to the level of a complete renovation.



C4



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

adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building

components have been adequately maintained and are functionally adequate.



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

components have been replaced, and some short-lived building components are at or near the end of their physical life expectancy; however,

they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property.



C5



The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs,

rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains

useable and functional as a residence.



Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which many

of its short-lived building components are at the end of or have exceeded their physical life expectancy but remain functional.



C6



The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety,

soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many

or most major components.



Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property

with conditions severe enough to affect the safety, soundness, or structural integrity of the improvements.



Quality Ratings and Definitions



Q1



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

residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship

and exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-quality

exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishes

throughout the dwelling are of exceptionally high quality.



Q2



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

this quality grade are also found in high-quality tract developments featuring residence constructed from individual plans or from highly

modified or upgraded plans. The design features detailed, high quality exterior ornamentation, high-quality interior refinements, and detail. The

workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.



 UAD Version 9/2011 (Updated 4/2012)



 Form UADDEFINE1 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM

 (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements)



Quality Ratings and Definitions (continued)



Q3



Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard

residential tract developments or on an individual property owner’s site. The design includes significant exterior ornamentation and interiors

that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been

upgraded from “stock” standards.



Q4



Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans

are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship,

finish, and equipment are of stock or builder grade and may feature some upgrades.



Q5



Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a

plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation

and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials

with limited refinements and upgrades.



Q6



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

are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or

expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical

systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additions

to the original structure



Definitions of Not Updated, Updated, and Remodeled



Not Updated



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



 Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major

 components have been replaced or updated. Those over fifteen years of age are also considered not updated if the

 appliances, fixtures, and finishes are predominantly dated. An area that is ‘Not Updated’ may still be well maintained

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



Updated



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

 are limited in terms of both scope and cost.



 An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute

 updates include refurbishment and/or replacing components to meet existing market expectations. Updates do not

 include significant alterations to the existing structure.



Remodeled



 Significant finish and/or structural changes have been made that increase utility and appeal through

 complete replacement and/or expansion.



 A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include

 some or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocation

 of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of)

 square footage). This would include a complete gutting and rebuild.



Explanation of Bathroom Count



 Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are not

 included in the bathroom count. The number of full and half baths is reported by separating the two values using a

 period, where the full bath count is represented to the left of the period and the half bath count is represented to the

 right of the period.



 Example:

 3.2 indicates three full baths and two half baths.



 UAD Version 9/2011 (Updated 4/2012)



 Form UADDEFINE1 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM

 (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements)



Abbreviations Used in Data Standardization Text



 Abbreviation Full Name Fields Where This Abbreviation May Appear

 ac Acres Area, Site

 AdjPrk Adjacent to Park Location

 AdjPwr Adjacent to Power Lines Location

 A Adverse Location & View

 ArmLth Arms Length Sale Sale or Financing Concessions

 ba Bathroom(s) Basement & Finished Rooms Below Grade

 br Bedroom Basement & Finished Rooms Below Grade

 B Beneficial Location & View

 Cash Cash Sale or Financing Concessions

 CtySky City View Skyline View View

 CtyStr City Street View View

 Comm Commercial Influence Location

 c Contracted Date Date of Sale/Time

 Conv Conventional Sale or Financing Concessions

 CrtOrd Court Ordered Sale Sale or Financing Concessions

 DOM Days On Market Data Sources

 e Expiration Date Date of Sale/Time

 Estate Estate Sale Sale or Financing Concessions

 FHA Federal Housing Authority Sale or Financing Concessions

 GlfCse Golf Course Location

 Glfvw Golf Course View View

 Ind Industrial Location & View

 in Interior Only Stairs Basement & Finished Rooms Below Grade

 Lndfl Landfill Location

 LtdSght Limited Sight View

 Listing Listing Sale or Financing Concessions

 Mtn Mountain View View

 N Neutral Location & View

 NonArm Non-Arms Length Sale Sale or Financing Concessions

 BsyRd Busy Road Location

 o Other Basement & Finished Rooms Below Grade

 Prk Park View View

 Pstrl Pastoral View View

 PwrLn Power Lines View

 PubTrn Public Transportation Location

 rr Recreational (Rec) Room Basement & Finished Rooms Below Grade

 Relo Relocation Sale Sale or Financing Concessions

 REO REO Sale Sale or Financing Concessions

 Res Residential Location & View

 RH USDA - Rural Housing Sale or Financing Concessions

 s Settlement Date Date of Sale/Time

 Short Short Sale Sale or Financing Concessions

 sf Square Feet Area, Site, Basement

 sqm Square Meters Area, Site

 Unk Unknown Date of Sale/Time

 VA Veterans Administration Sale or Financing Concessions

 w Withdrawn Date Date of Sale/Time

 wo Walk Out Basement Basement & Finished Rooms Below Grade

 wu Walk Up Basement Basement & Finished Rooms Below Grade

 WtrFr Water Frontage Location

 Wtr Water View View

 Woods Woods View View



Other Appraiser-Defined Abbreviations



 Abbreviation Full Name Fields Where This Abbreviation May Appear



 UAD Version 9/2011 (Updated 4/2012)



 Form UADDEFINE1 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Supplemental Addendum File No.

Borrower

Property Address 28432 Hazelwood St

City Inkster County Wayne State MI Zip Code 48141

Lender/Client Inkster Rentals



 Zoning Compliance

 Zoning is attempted to be described within the report, but should not be relied upon by any third party. The appraiser

 recommends the client or any third party first verify information regarding zoning and permitted use of the subject property

 including such things as set back requirements, minimum and maximum sizes for allowable uses, allowable existing uses, etc.

 directly with the local zoning municipality prior to making any decision that may be effected by zoning regulations. The appraiser

 further recommends such matters be confirmed in writing to the proposed user by the local zoning municipality. The appraiser is

 not responsible for any errors or changes regarding zoning matters.



 Highest and Best Use

 Given the current zoning, location and size of the site, surrounding land uses (recognizing the principle of

 conformity) and development characteristics of the market area, our opinion of the highest and best use of

 the property "as vacant" is for single family residential development. Further, the existing

 use/improvements exceed the value of the site vacant; therefore our opinion of the highest and best use of

 the site "as improved" is for continued single family residential use.



 Conditions of Appraisal

 Market value was estimated in fee simple title, assuming no outstanding liens which could affect marketability.



 The report contains digital signatures, The Appraisal Standard Board of the Foundation has addressed electronic signatures in

 Statement No. 8 dated January 1, 1999. The Board states " electronically affixing a signature to a report carries the same level

 of authority and responsibility as an ink signature on a paper copy report".



 Additional Comments

 In Michigan, appraisers are required to be licensed and are now regulated by the Michigan Department of

 Licensing and Regulatory Affairs, P.O. Box 30018, Lansing, Michigan 48909



 Scott Gailey

 Residential Certified License #1204005200



 Extra Comments

 Addendum Clarifying Scope of Work and Intended User



 SCOPE OF WORK PERFORMED TO REACH A VALUE OPINION

 The appraisal is based on the information gathered by the appraiser from public records, other identified

 sources, complete visual observation of the interior and exterior of the subject property, its neighborhood,

 and selection of comparable sales within the subject's market area. The original source of the comparables

 is shown in the Data Source section of the market grid along with the source of confirmation, if available.

 The sources and data are considered reliable. When conflicting information was provided, the source

 deemed most reliable has been used. Data believed to be unreliable was not included in the report nor used

 as a basis for the value conclusion.



 The appraiser will consider the three approaches to value, evaluate which approaches should or should not be included in the

 assignment, and precede to carry out the research necessary to carry out the selected approach or approaches. The appraiser

 shall then reconcile value conclusions into one opinion of value per the definition of value within the report assignment. If in

 consultation with the Client prior to undertaking the assignment it is agreed through informed consent of the Client that certain

 approaches to value shall be omitted or other departures from USPAP are implemented in the completion of this report they

 shall be stated within this report and identified as departures from USPAP.



 STATEMENT OF PHYSICAL CONDITION

 Appraisal is a branch of applied economics. It is distinct from the applied sciences (engineering, surveying, mold or

 environmental testing, etc.), from the building trades (home inspection, pest and dry rot inspection, roof inspection, construction,

 etc.), and from the applied arts (architecture, home design, or drafting).



 Inspection: A visual observation of the unobstructed, exposed surfaces of accessible areas from standing height.



 Complete visual inspection of the exterior of the subject property: a visual observation of the unobstructed, exposed, and

 accessible perimeter of the residential improvements without the removal of personal possessions from standing height. It

 includes the visual observation of any automobile storage area, if any, as well as of any detached accessory buildings judged by

 the appraiser to have contributory value. It also includes a visual observation of any roofing materials from the ground only.

 Repair items noted are limited to readily observable items visible from standing height on the ground.



 The appraiser is not a home inspector. The appraisal report cannot be relied upon to disclose hidden defects that are not

 apparent from a visual observation of the surfaces of the subject property from standing height. The testing of systems

 (structural, electrical, mechanical, heating, cooling, plumbing) and components (such as appliances, fixtures, doors, windows,

 etc.) lies outside of the scope of this appraisal assignment. The adequacy or suitability of any individual private sewer and

 water system is also beyond the scope of work.



 The appraiser made a cursory visual inspection of the subject property. The purpose was to ascertain the existence of the real

 property and the existence of any improvements. This cursory inspection is to in no way be considered as any type of structural

 inspection of any improvements to the real estate whatsoever nor is it to be construed in any way as any type of environmental

 inspection of the real property whatsoever. The appraiser is not qualified to detect any latent defects relating to the real estate,

 subject land or any structural improvements whatsoever. The appraiser is not trained to recognize what may be described as

 obvious and superficial deficiencies. The appraisal report assumes the absence of major and minor defects including but not

 limited to hazardous substances, etc., to the subject property. This report should not be in any way whatsoever considered a

 substitute for various inspections undertaken by qualified inspectors to determine the status of issues relating to the real estate,

 land and its improvements. Having presented this position, in the event the appraiser recognizes matters creating questions,

 the appraiser will make such note within the report, the failure of which to do so affords no liability to the appraiser.



 Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Supplemental Addendum File No.

Borrower

Property Address 28432 Hazelwood St

City Inkster County Wayne State MI Zip Code 48141

Lender/Client Inkster Rentals



 INTENDED USE/ FUNCTION

 Intended user: the sole intended user of this report is the client named in this report and its ultimate funding source. In

 accordance with the Appraisal Standard Board’s interpretation of Certification #23, the appraiser does not intend the use of this

 appraisal by anyone other than the named client and its ultimate funding source. The party receiving a report copy from the

 client does not, as a consequence, become a party to the appraiser-client relationship. No other persons or entities whatsoever

 are Clients or intended users.



 Use: reading the appraisal report or possessing the report does not constitute use. Relying on the appraisal report to

 understand how the appraiser developed the opinion of value does not constitute use. Use means relying on the appraisal

 report to make a decision or to take an action.



 This report is not intended for use by the borrower for the purpose of identifying any adverse conditions in the subject’s systems

 and components, which might be revealed by any inspections by licensed professionals in any relevant field. This appraisal

 does not guarantee that the subject property is free of undetected problems, possible defects, or environmental hazards that

 could exist.



 The intended use of the report also known as the function of the appraisal report is to determine the current market value of the

 subject property. The purpose of the Appraisal is to provide an opinion of market value of the subject property, as defined in

 this report, on behalf of the named Client as the intended user of the report. The only function of this report is to assist the client

 identified in the report in evaluating the subject property for its market value as defined in the report. The use of this appraisal

 by anyone other than the stated intended user or users, or for any other use than the stated intended use is prohibited



 The anticipated exposure time for the time for the subject property is estimated to be 0-90 days. This figure was

 derived from sales from the previous 12 months in the subject's defined market. Average days on sales the

 subject's defined market for the 12 months preceding the effective date of this appraisal was 28 days.



 Actual age/Effective age

 The subject property was constructed in 1952 giving it a chronological age of 73 years, however due to extensive

 updating and continued maintenance the subject property's effective age was estimated to be approximately 35

 years old, with an estimated remaining economic life to be between 40 and 45 years. This figure was based on the

 appraiser's judgment and interpretation of market perceptions as well as the utility and condition of the subject.



 • GP Residential: Sales Comparison Analysis - Summary of Sales Comparison Approach

 The comparables are all located the same or in similar competing marketing area as the subject. Adjustments for square

 footage were calculated at $20.00/square foot. Comparables are relevant for age, location, similar square footage, similar

 foundations and similar bedroom counts.

 No adjustments were made for chronological age, as the subject and comparables had similar effective ages. No adjustment

 was made for porches, decks or patios as it could not be extracted from the market.

 All adjustments were extracted using regression analysis provided by ACI Analytics and verified by paired sales analysis. Most

 weight was given to comparable #2 due to its limited amount of adjustments.



 Building measurements and calculations were based on the ANSI Z765 standard.



 Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Aerial Map



Borrower

Property Address 28432 Hazelwood St

City Inkster County Wayne State MI Zip Code 48141

Lender/Client Inkster Rentals



 Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Location Map



Borrower

Property Address 28432 Hazelwood St

City Inkster County Wayne State MI Zip Code 48141

Lender/Client Inkster Rentals



 Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Photo Page



Borrower

Property Address 28432 Hazelwood St

City Inkster County Wayne State MI Zip Code 48141

Lender/Client Inkster Rentals



 Subject Front

 28432 Hazelwood St

 Sales Price

 G.L.A. 1,092

 Tot. Rooms 6

 Tot. Bedrms. 3

 Tot. Bathrms. 1.0

 Location N;Res;

 View N;Res;

 Site 7,506 sf

 Quality Q3

 Age 73



 Subject Rear



 Subject Street



 Form PIC4X6.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Comparable Photo Page



Borrower

Property Address 28432 Hazelwood St

City Inkster County Wayne State MI Zip Code 48141

Lender/Client Inkster Rentals



 Comparable 1

 28632 Hazelwood St

 Proximity 0.18 miles W

 Sale Price 70,000

 GLA 1,092

 Total Rooms 5

 Total Bedrms 3

 Total Bathrms 1.0

 Location N;Res;

 View N;Res;

 Site 7645 sf

 Quality Q3

 Age 73



 Comparable 2

 1599 Magnolia Dr

 Proximity 0.34 miles SE

 Sale Price 80,000

 GLA 1,008

 Total Rooms 5

 Total Bedrms 3

 Total Bathrms 1.0

 Location N;Res;

 View N;Res;

 Site 5500 sf

 Quality Q3

 Age 69



 Comparable 3

 28623 Hazelwood St

 Proximity 0.18 miles W

 Sale Price 95,000

 GLA 1,092

 Total Rooms 6

 Total Bedrms 3

 Total Bathrms 1.0

 Location N;Res;

 View N;Res;

 Site 7506 sf

 Quality Q3

 Age 73



 Form PIC4X6.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

APPRAISAL LICENSE



Borrower

Property Address 28432 Hazelwood St

City Inkster County Wayne State MI Zip Code 48141

Lender/Client Inkster Rentals



 Form SCNLGH - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

E & O INSURANCE



Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

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