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<br />Scott Lepman Company
<br />5820172
<br />Uniform Residential Appraisal Report
<br />File #092096
<br />Thepurposeofthissummaryappraisalreportistoprovidethelender/clientwithanaccurate,andadequatelysupported,opinionofthemarketvalueofthesubjectproperty.
<br />Property AddressCityStateZip Code
<br />1924 Water St NESalemOR97301
<br />BorrowerOwner of Public RecordCounty
<br />Anderson ChenWillard H Barry, IIMarion
<br />Legal Description
<br />All of Lot 8 & 9 & the South half of Lot 10, Block 5, Riverside Addition, in the City of Salem, County of Marion & State of Oregon
<br />Assessor's Parcel #Tax YearR.E. Taxes $
<br />587558, 587559 & 58756020196,000
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<br />Neighborhood NameMap ReferenceCensus Tract
<br />Riverside Addition0003.00
<br />073W15DA14800,14900,1500
<br />E
<br />OccupantOwnerTenantVacantSpecial Assessments $PUDHOA $per yearper month
<br />00
<br />B
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<br />Property Rights AppraisedFee SimpleLeaseholdOther (describe)
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<br />Assignment TypePurchase TransactionRefinance TransactionOther (describe)
<br />Lender/ClientAddress
<br />Academy Mortgage Corporation339 West 13490 South, Draper, UT 84020
<br />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?YesNo
<br />Report data source(s) used, offering price(s), and date(s).
<br />DOM 239;The subject property is currently listed for sale with one known pending offer of
<br />$310,000 dated 08/31/2020. The subject last sold/transferred 07/01/2015 for $235,000 per a Marion County Statutory Warranty Deed.
<br />Ididdid 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
<br />performed.
<br />Arms length sale;The appraiser reviewed the purchase agreement. The purchase price is $310,000 and is dated 08/31/2020 with no
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<br />known paid concessions.
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<br />T Contract Price $Date of ContractIs the property seller the owner of public record?YesNoData Source(s)
<br />310,00008/31/2020Marion Co. Assessor
<br />N
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<br />Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower?YesNo
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<br />If Yes, report the total dollar amount and describe the items to be paid.
<br />$0;;
<br />Note: Race and the racial composition of the neighborhood are not appraisal factors.
<br />Neighborhood CharacteristicsOne-Unit Housing TrendsOne-Unit HousingPresent Land Use %
<br />LocationUrbanSuburbanRuralProperty ValuesIncreasingStableDecliningPRICEAGEOne-Unit%
<br />90
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<br />Built-UpOver 75%25-75%Under 25%Demand/SupplyShortageIn BalanceOver Supply$ (000)(yrs)2-4 Unit%
<br />5
<br />O
<br />O
<br />GrowthRapidStableSlowMarketing TimeUnder 3 mths3-6 mthsOver 6 mthsLowMulti-Family%
<br />15050
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<br />Neighborhood BoundariesHighCommercial%
<br />The boundaries are: North is Keizer, South is Madrona Ave, East is Interstate 5001300
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<br />Pred.Other%
<br />5, West is West Salem. 325355
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<br />Neighborhood Description
<br />Convenience to schools, shopping and employment is average. Demand is considered to be average for this
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<br />neighborhood. This is a mid-life neighborhood with average community appeal. There are no other factors adversely affecting marketability.
<br />Note: The 5% other land use denotes vacant land.
<br />Market Conditions (including support for the above conclusions)
<br />See attached addenda.
<br />DimensionsAreaShapeView
<br />Three Tax Lots Appraised as One14810 sfRectangularN;Res;
<br />Specific Zoning ClassificationZoning Description
<br />ICIndustrial Commercial - No Applicable Minimum Lot Size
<br />Zoning ComplianceLegalLegal Nonconforming (Grandfathered Use)No ZoningIllegal (describe)
<br />Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use?YesNoIf No, describe
<br />UtilitiesPublicOther (describe)PublicOther (describe)Off-site Improvements - TypePublicPrivate
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<br />ElectricityWaterStreet
<br />Asphalt
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<br />GasSanitary SewerAlley
<br />NW Natural GasNone
<br />FEMA Special Flood Hazard AreaYesNoFEMA Flood ZoneFEMA Map #FEMA Map Date
<br />X50041047C0333H01/02/2003
<br />Are the utilities and off-site improvements typical for the market area?YesNoIf No, describe
<br />Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)?YesNoIf Yes, describe
<br />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
<br />River and has a wooded view. The subject is located next to a men's shelter. Landscaping in the yard is fair with fair maintenance. Normal
<br />residential utility easements are assumed. There are no other adverse easements, encroachments or other adverse conditions noted.
<br />General DescriptionFoundationExterior Descriptionmaterials/conditionInteriormaterials/condition
<br />UnitsOneOne with Accessory UnitConcrete SlabCrawl SpaceFoundation WallsFloors
<br />Concrete/AveVinyl/Ave
<br /># of StoriesFull BasementPartial BasementExterior WallsWalls
<br />1Lap/AveSheetrock/Ave
<br />TypeDet.Att.S-Det./End UnitBasement Areasq.ft.Roof SurfaceTrim/Finish
<br />0Metal/AveHemlock/Ave
<br />ExistingProposedUnder Const.Basement Finish%Gutters & DownspoutsBath Floor
<br />0Steel/AveCeramic/Ave
<br />Design (Style)Outside Entry/ExitSump PumpWindow TypeBath Wainscot
<br />CustomWood/AveFiberglass/Ave
<br />Year BuiltEvidence ofInfestationStorm Sash/InsulatedCar StorageNone
<br />1986None
<br />Effective Age (Yrs)DampnessSettlementScreensDriveway# of Cars
<br />10None2
<br />AtticNoneHeatingFWAHWBBRadiantAmenitiesWoodstove(s) #Driveway Surface
<br />1Concrete
<br />Drop StairStairsOtherFuelFireplace(s) #FenceGarage# of Cars
<br />HeatPmpElectric0None0
<br />FloorScuttleCoolingCentral Air ConditioningPatio/DeckPorchCarport# of Cars
<br />BrzwyEntry2
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<br />FinishedHeatedIndividualOtherPoolOtherAtt.Det.Built-in
<br />NoneGuestHse
<br />N
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<br />AppliancesRefrigeratorRange/OvenDishwasherDisposalMicrowaveWasher/DryerOther (describe)
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<br />Finished area above grade contains:RoomsBedroomsBath(s)Square Feet of Gross Living Area Above Grade
<br />511.12,436
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<br />Additional features (special energy efficient items, etc.).
<br />See attached addenda.
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<br />Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).
<br />C4;No updates in the prior 15 years;The dwelling
<br />was built in 1986 and is 34 years old. According to the broker, the kitchen and bathrooms have not been updated or remodeled within the past 15
<br />years.
<br />Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property?YesNoIf Yes, describe
<br />Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)?YesNoIf No, describe
<br />See attached comments on functional obsolescence noted on the text addendum.
<br />Freddie Mac Form 70 March 2005UAD Version 9/2011Page 1 of 6Fannie Mae Form 1004 March 2005
<br />Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
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