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<br />ADDENDUM <br /> <br />Borrower: N/A <br />Property Address: 2018 Hamline Avenue <br />City: Rosellille <br />Lender: Greater Metropolitan Housing Corp <br /> <br />File No.: 20103427 <br />Case No.: <br />State: MN Zip: 55113 <br /> <br />NEIGHBORHOOD MARKET FACTORS <br /> <br />Roseville High School is .5 mile north. Rosedale Shopping center is one mile northwest and Como <br />Park is one mile south. <br /> <br />ADDITIONAL FEATURES <br /> <br />Additional features include: air exchange system, ceramic tile floors, maintenance free exterior, <br />gutters, and master bath. <br /> <br />CONDITION OF IMPROVEMENTS <br /> <br />The subject has been inspected for physical, functional, and external inadequacies. The subject has <br />no apparent functional or external obsolescence. <br /> <br />COST APPROACH COMMENTS <br /> <br />Estimated remaining economic life is 100 years. <br /> <br />The land to value ratio is 25%. This is typical for the area. <br /> <br />COMMENTS ON SALES COMPARISON <br /> <br />Age and condition adjustments of camp #3 reflect normal wear and tear and buyers' preference for <br />newer, less lived-in dwellings. <br /> <br />The sales comparables selected are two story dwellings of similar size within the subject's marketing <br />area. <br /> <br />Camp #1 is located in Lauderdale, a neighborhood with lower home values within the subject's school <br />district. The site adjustment reflects the markets preference for dwellings with larger lot sizes. <br /> <br />Comps #1 and #3 are adjusted for the subject's inferior moderate traffic influence from Hamline <br />Avenue. <br /> <br />Comp #3 has superior millwork and built-ins. <br /> <br />Camp #1 lacks the subject's more appealing garage. <br /> <br />DISCUSSION OF EXCEPTIONS TO FNMA GUIDELINES <br /> <br />FNMA suggests comparables be within six months, one mile, and have gross adjustments [ass than <br />25%, net adjustments less than 15%, and individual adjustments not exceeding 10%. <br /> <br />It was necessary to exceed the desired SIX MONTHS guidetines and the desired ONE MILE <br />DISTANCE due to the importance of utilizing newer two story dwellings within the subject's marketing <br />area. <br /> <br />TRANSMITTAL LETTER <br /> <br />The subject was inspected on March 13, 2002. The estimated market value as of March 13,2002 <br />(effective date), is $265,000. <br /> <br />The property was appraised by Michael Annunziata, License Number 20222622, Registered Real <br />Property Appraiser. When a net income caphalization analysis is not required by the Uniform <br />Standards of Professional Appraisal Practice, a Registered Real Property Appraiser may appraise <br />residential real property or agricultural property. <br /> <br />It was reviewed by John C. Forsythe, SM, License Number 4000753, Certified General Real Property <br />Appraiser. Acertified general real property appraiser may appraise all types of real property. <br /> <br />As of the date of this report, I. John C. Forsythe, SM, Certified General. Real Property Appraiser, <br /> <br />Addendum Page 1 of 3 <br />