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Supplemental Addendum File No. 092096 Borrower Anderson Chen Property Address 1924 Water St NE CityCountyStateZip Code SalemMarionOR97301 Lender/Client Academy Mortgage Corporation URAR: Neighborhood Comments: A mid-life neighborhood of average to good quality dwellings, commercial uses and residential income properties of varying age and design located in Salem. The subject's competing market area is the City of Salem. URAR: Neighborhood - Market Conditions: Marketing concessions would not be expected for the subject property type in this neighborhood. The market is active for well priced and well maintained properties. URAR: Site Comments: A rolling, terraced corner site with 75' of frontage on Water St NE and 117.5' on Academy St. The subject is located across from the Willamette River and has a wooded view. The subject is located next to a Salvation Army men's shelter. Landscaping in the yard is fair with fair maintenance. Normal residential utility easements are assumed. There are no other adverse easements, encroachments or other adverse conditions noted. Note: The Highest and Best Use is the existing use. The existing use reflects the highest value of the property after considering its physical characteristics and current zoning and building codes. Note: The subject is zoned IC or Industrial Commercial. The subject is a legal, nonconforming use in this zone. Single family dwellings are no longer a permitted use in this zone, therefore there is no minimum lot size. The dwelling could be rebuilt as a single family dwelling if destroyed. This was confirmed with Steven, Planner, City of Salem Planning Department. If you have questions regarding zoning, please contact the City of Salem Planning Department at 503-588-6213. Note: This report is for three tax lots being appraised as one. Tax account #587558 is for tax lot #073W15DA14800 and contains 0.20 acres and is improved with the main dwelling, guest house and carport. The 2019 taxes are $5,455.67. Tax account #587559 is for tax lot #073W15DA14900 and contains 0.07 acres. The 2019 taxes are $272.04. Tax account #587560 is for tax lot #073W15DA1500 and contains 0.07 acres. The 2019 taxes are $272.04. URAR: Physical Description Of Property: A custom built, good quality, custom style dwelling. The dwelling has an average separation of the work/social and private areas. The dwelling was designed and built for handicap access. The dwelling is dated in appeal. URAR: Additional Features Comments: Wood stove on tile hearth in living room, smoke alarm, vaulted ceilings in entry, bedroom and bathroom, ceramic tile flooring in bathrooms, clerestory windows in entry, double pane windows, stained and lacquered hemlock interior trim and casings, stained and lacquered fir plywood cabinets, stained and lacquered fir and stained and lacquered raised panel interior doors. Site Improvements: Front entry porch, 604 Sf guest house, covered breezeway, concrete access drive to dwelling. Note: The 604 Sf guest house contains one bedroom and one full bathroom. Note: The subject does have a carbon monoxide alarm system. Note: The hot water heater is double strapped. Some deferred maintenance was observed and is listed as follows: 1) Interior paint is needed. 2) Interior trim and doors are scratched. Functional obsolescence was observed and is listed a follows: 1) The dwelling has only one bedroom. This is not typical in this market area. Economic (external) obsolescence was observed and is listed as follows: 1) The subject is located next to a men's shelter. 2) The subject is located in a mixed neighborhood of residential, commercial and mixed multifamily properties of varying age and design. Sales Comparison Approach: The appraiser selected nine sales and two listings of the most similar design, age and size homes located in the subject's competing market area. These sales are the most recent comparables with competing physical characteristics and location to the subject. The subject is a custom built, mid-life dwelling on a larger urban site. The subject is located in a mixed neighborhood of residential and commercial uses of varying age and design. This required the appraiser to expand the search for comparable sales and listing properties beyond the desired one mile distance from the subject. All sales are located beyond the desired one mile guideline except comparable #4, #6, #8 and #9. The appraiser was able to bracket the subject's dwelling size but was not able to bracket the subject's site size with the closed comparables. Note: The narrative below is intended to help the reader understand the appraiser's comparable sale selection and adjustments. The adjustment for different dwelling size was extracted from the local market from dwellings with competing physical characteristics. $25 per square foot reflects the marginal utility of the difference in living area size between the subject dwelling and each comparable. The subject and each comparable have surplus land which cannot, by zoning, be subdivided and provides marginal utility to the overall home site value. This surplus land was adjusted at $1 per square foot. Location adjustments of $20,000 were made for comparables #4, #8 and #11. The subject is located in a mixed neighborhood with adjacent proximity to a Salvation Army Mens Shelter. This influence is considered to affect the subject's marketability and value. The comparables that were not adjusted for location have similar adverse off site influences such as being adjacent to commercial uses or located on busy roads. The subject has been design for ADA access. This design is not typical in the market. Adjustments were made of $10,000 for functional obsolescence for comparables #1, #2, #4, #5, #6, #8, #9, #10 and #11. The subject is dated in appeal. The appraiser made adjustment for condition for all comparables except #3 and #6 of Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE