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LAND APPRAISAL REPORT <br />Borrower <br />Census Tact Mae Reference 18-7047-1842 <br />Property Address 1711 <br />Marietta <br />• City South Bend <br />County St. Joseph State IN Zip Code <br />46613 <br />Legal Description Lots 72 & 73 33 Ft <br />Mid Pt Ea H Studebakers 1st <br />Sale Price $ <br />Date of Sale <br />Loan Term yrs Property Rights Appraised Fee Leasehold <br />DeMinimis PUD <br />Actual Real Estate Taxes $ <br />(yr) Loan charges to be paid by seller $ Other sales concessions <br />Lender/Client CitV of South <br />Bend IN Board of Public Works Address <br />Occupant Vacant <br />Appraiser <br />Carpenter Instructions to Appraiser Market Value <br />Location <br />❑ Urban <br />❑ Suburban, ❑ Rural <br />coda <br />A.q <br />I ­ <br />Built <br />Built Up <br />® Over 75% <br />❑ 25% to 75% ❑ Under 25% <br />Employment Stability <br />❑ <br />R <br />❑ <br />❑ <br />Growth Rate E] Fully Dev. <br />❑ Rapid <br />❑ Steady ❑ Slow <br />Convenience to Employment <br />❑ <br />(2 <br />❑ <br />❑ <br />Property Values <br />❑ Increasing <br />❑ Stable M Declining <br />Convenience to Shopping <br />❑ <br />® <br />❑ <br />❑ <br />Demand/Supply <br />❑ Shortage <br />X] In Balance ❑ Over Supply <br />Convenience to Schools <br />❑ <br />[A <br />❑ <br />❑ <br />Marketing Time <br />❑ Under 3 Mos. <br />❑ 4--6 Mos. ® Over 6 Mos. <br />Adequacy of Public Transportation <br />❑ <br />19 <br />❑ <br />❑ <br />+ Present Land Use 100% 1 Family <br />_% 2-4 Family <br />_% Apts. _% Condo _% Commercial <br />Recreational Facilities <br />❑ <br />® <br />❑ <br />❑ <br />—% Industrial,_,_,-•-% Vacant —% <br />Adequacy of Utilities <br />❑ <br />® <br />❑ <br />❑ <br />Change in Present Land Use <br />Q Not Likely <br />❑ Likely I') ❑ Taking Place I') <br />Property Compatibility <br />❑ <br />❑ <br />❑ <br />(') From <br />To <br />Protection from Detrimental Conditions ❑ <br />® <br />❑ <br />Single Family Price Range <br />O o.,... <br />$ 9,000 to $ <br />C-) T .., % vaaenr <br />36,000 Predominant Values 30. <br />Police and Fira ProtapltOrl <br />General Appearance of Properties <br />El <br />® <br />El❑ <br />r❑ <br />l-7 <br />Single Family Age <br />20 yrs to <br />100 yrs Predominant Age 70 yrs <br />A eat to Market <br />n <br />F-I <br />F 1 <br />n <br />Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise) Subject prop <br />_has 33' x 80' dimensions - 2,640 sq. ft. - which would appear to be able to be built u <br />however, limitation of structure size will be due to -set back requirements. <br />Dimensions 33' x 80' <br />_ <br />2640 Sq. Ft. or Acres ❑ Corner Lot <br />Zoning classification B - Residential <br />Present improvements ❑ do I] do not conform to zoning regulations , <br />Highest and best use: ❑ Present use <br />❑Other (specify) Single Family <br />Public Other (Describe) <br />OFF SITE IMPROVEMENTS <br />Topo <br />Average <br />Elec. ® <br />Street Access: ® Public 2 Private <br />Size <br />Poor <br />Gas <br />Surface Paved <br />Shape <br />Rectangle <br />Water ® <br />Maintenance: ® Public ❑ Private <br />View <br />Urban <br />San,Sewer ❑x <br />® Storm Sewet �1 Curb/Gutter <br />Drainage <br />Average _ <br />❑ Underground Elect.&Tel. <br />fXl Sidewalk Street Lights <br />Is the property located in a HUD Identified Special Flood Hazard Area? k]No❑Yes <br />Comments (favorable or unfavorable including any apparent adverse easements, encroachments or other adverse conditions) <br />The undersigned has recited three recent safes of properties most similar and proximate to subject and has considered these in the market analysis. The descrip- <br />tion includes a dollar adjustment, reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant <br />item in the comparable property is superior to, or more favorable than, the subject property, a minus W adjustment is made, thus reducing the indicated value of <br />subject; if a significant item in the comparable is interior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus increasing the indica- <br />ted value of the subject. <br />11 <br />ITEM <br />Subject Property <br />COMPARABLE NO. 1 <br />COMPARABLE NO. 2 <br />COMPARABLE NO. 3 <br />Address <br />1711 Marietta <br />606 Wenger <br />829 W. Calvert <br />Kaley St. between <br />LWW <br />Proximity to Sub'. <br />5 Blocks <br />14 Blocks <br />Sales Price <br />Is <br />S 400 <br />' $ 1,000 <br />S 1 000 <br />Price/sq. ft. <br />is <br />; $.075758/sci <br />$ .189/sgft <br />S ,190/5gft <br />Data Source <br />+ Date of Sale and <br />I <br />DESCRIPTION <br />MLS 11 +(— a <br />DESCRIPTION Adjustment <br />+t-1s <br />DESCRIPTION Adjustment <br />•t t. <br />DESCRIPTION Adjustmem <br />Time Adjustment <br />1980 + 500 <br />1990 1 <br />198,5 + 250 <br />Location <br />Urban/Fair I <br />Urban/Fair I <br />Urban Ave. <br />Site/View <br />33 x 80/Ave. <br />40 x 132/Ave. - 500 <br />50 x 132/Ave. I - 700 <br />40 x 132 Ave. - 50Q <br />I <br />I <br />4 <br />Sales or Financing <br />Concessions <br />I <br />I I <br />I <br />t <br />I <br />1 <br />I <br />Net Ad'. (Total) <br />' 0 <br />❑ Plus; ❑Minus �$ <br />x 700 <br />❑ Pius; ❑Minus t$ <br />❑ Plus; x Minus t$ 500 <br />Indicated Value <br />j� of Subject <br />- I 400 <br />1$ <br />i$ 300 <br />1$ 500 <br />on Markot Oatn I [ I <br />sub.1ec't. <br />Comments and Conditions of Appraisal: Sub sect is zoned for multi-famjly rinvelopment. which would permit onl <br />upon which covera a can take place. The ultimate 1056 s . ft. would create a good single famil <br />limit multi -family. thus its highest and best use is single family. <br />Final Reconciliation: The size of the 1 <br />lowest estimate. <br />I ESTIMATE THE MARKET VALUE, AS DEFINED, OF SUBJECT PROPERTY AS OF 5 20 19 94 to be S <br />Appraiser(s)�� Review Appraiser (If applicable) _ <br />❑ Did <br />❑ Did Not Phvsically Inspect Prooem <br />