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Home My WebLink AboutResolution - 343 - URA Land Acquisition- W.A. & Nancy Bethune- Public Park, 2 Parcels Overton Add. - 11/29/1979RESOLUTION RESO. #343 - 11/29/79 A RESOLUTION AUTHORIZING THE ACQUISITION OF CERTAIN PARCELS OF LAND FOR THE PURPOSE OF PUBLIC PARK DEVELOPMENT IN THE SOUTH OVERTON NEIGHBORHOOD; AUTHORIZING THE INSTITUTION OF CONDEMNATION PROCEEDINGS AS REQUIRED. WHEREAS, it has been determined by the City Council that certain parcels of land located in the vicinity of 14th Street and Avenue U within the City of Lubbock, Lubbock County, Texas, should be acquired and developed for public park purposes; and, WHEREAS, the Department of Housing and Urban Development (HUD) has con- tracted with the City of Lubbock to provide funds through the Community Develop- ment Program to aid in the development of such a project; and, WHEREAS, it is necessary to acquire for public park purposes the fee simple title to the land hereinafter described, Parcel No. 67440-44-10 being owned by WILLIAM A. BETHUNE and wife NANCY BETHUNE; Parcel No. 67440-44-11 being owned by RAYMOND HOGAN; and Parcel No. 67440-44-12 being owned by ARLO M. SHORE; and WHEREAS, the City Council has caused two appraisals to be made of said land and the value and total damages, if any, to the respective owners, and all others whose interest may appear,.for fee simple title to said land has been appraised, and the City Council finds the price offered to be fair and equitable; NOW THEREFORE: BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: THAT the City of Lubbock acquire for the purposes of developing a public park the fee simple title to the land lying and being situated in Lubbock County, Texas, and described as follows, to -wit: Parcel No. 67440-44-10 (2019 14th Street): The East 372 feet of Lot 10, Block 44, Overton Addition to the City of Lubbock, Lubbock County, Texas. Purchase Price - $20,000.00 (Twenty Thousand and no/100 dollars) Parcel No. 67440-44-11 (2021 14th Street): The West 122 feet of Lot 10 and the East half of Lot 11, Block 44, Overton Addition to the City of Lubbock, Lubbock County, Texas. Purchase Price - $9,000.00 (Nine Thousand and no/100 dollars) Parcel No. 67440-44-12 (2023 14th Street): The West half of Lot 11, and all of Lot 12, Block 44, Overton Addition to the City of Lubbock, Lubbock County, Texas. Purchase Price - $26,500.00 (Twenty-six Thousand Five Hundred and no/100 dollars) -*1 -..IrF, . THAT the respective owners, and all others whose interests may appear, be offered through the Urban Renewal Agency of the City of Lubbock, Texas, the amount established as the fair market value and total damages, if any, for fee simple title and acquisition of said parcels of land, and each of them, for the purposes herein stated, for the use and benefit of the City of Lubbock, being the amounts hereinabove stated, and that unless accepted forthwith, the City Attorney is hereby authorized and instructed to institute condemnation proceedings for and on behalf of the City of Lubbock to acquire fee simple title to said parcels of land, and each of them, as hereinabove described, for public park purposes. Passed by the City Council this 29th day of November , 1979. f �• ATTEST:- Evelyn Ga fga,,Cit S c ary-Treasurer -,-APPROVED AS TO CONTENT: [4i 9DStf R--, Vicki Foster, Community Development Coordinator APPROVED AS TO FORM: f W. M. McKamie, Assistant City Attorney ACQUISITION APPRAISAL REVIEW PARCEL NO. 67440-44-10 PROJECT NAME Community Development, 5th .Year ADDRESS 2019 14th Street, Lubbock, Texas -`OWNER (s) William A. Bethune TENANT (s) Steve Madrid (E. duplex): Connie Estep (W. duplex): Mark Jones (Rear Apt.) LEASEHOLD No _-LEGAL DESCRIPTION: The East 37.5' of Lot 10, Block 44, Overton Addition.. 3 Acquisition appraisal received ............................... Nov. 8, 1979 (Date) 2. All corrections by appraiser completed................ ..... Nov. 15, 1979 =3. -Appraisal is adequate and acceptable ....................... Yes -`4. On-site inspection of property...... ....................... Nov. 10, 1979 (Date) S. Person accompanying review appraiser........ ............... W. A. Bethune, -owner `;6. On-site inspection of comparables .......................... Nov. 12, 1979 (Date) 7. Any report of unlawful condition or occupancy .............. No 8. Basis for conclusion as'to:fair market value: Approval of the appraisers' valuation_"is E. - based on my inspection of the,properiy and review of the,,appraisal.report. Some torr- ections:for errors and omissions were made, all minor. Differences in opinion were reconci-led-,vhich resulted in the allocation:of values .in<the arbitrarybreakdown. being changed but not changeing the total valuation. `"fin- my --opinion the final estimate is $ 20, 000.00 hhereby certify that I have no interest, present or contemplated, in the property; and to the best of my knowledge and belief, all statements and information in this report are true and correct, and no important facts have been withheld or overlooked. Partial Taking Whole Property Part Taken Remainder Before Remainder After Damages - =TOTAL`TAKING AND DAMAGES :............ ..................... -2- Buildings & Structures APPRAISAL REVIEW APPRAISAL (Whole Taking) - Valuation Valuation` -Y 1, 'Main Structure (Duplex) $ 12,200 $ 12,200 2. Rear Structure (Efficiency Apartment) 4,500 4,500 4. Garage :...................... Fence......................... Landscape........... ...... 50 50 Cellar.... .......... ... Other ................:.....•. '�onc. Flatwork 250 250 Other ....................... Other ......................... Fixtures .................... Tenant -Owned Building, Structure, ''Fixture & Other Z2. - - — ,:Land............ ................... $ 3.000 $ X3,000 TOTAL :.......................... $ 20.000 $ 20,000 'NOTE: Easily removable items such as furniture are not included in the valuation of the property. Especially noted is the bar between the Kitchen and Living Ian. and-the.pipe shelving in the bath. Partial Taking Whole Property Part Taken Remainder Before Remainder After Damages - =TOTAL`TAKING AND DAMAGES :............ ..................... -2- -APPRAISAL REPORT ON PARCEL NO. 67440-44-10 1 P. 0. Box 2000 Lubbock, Texas 79408 PREPARED BY: Goddard and Associates #33 Briercroft Office Park Lubbock, Texas 79412 DATE: 10-1-79 RESIDENTIAL APPMISAL REPORT Prnnprty nwnar William A. Bethune _- Parcel No. 67440-44-10 Property Address 2019 14th Street tourbon ❑Suburban city Lubbock cant_ Lubbock State Texas Zip code 79401 Legal Description 'East 97.5' of Lot 0, Block 44, Overt-o-ni-Tddition Property Rights Araised®Fee❑ Leasehold0DeMinimisPUDIFNMAon1 '[]Condo OPUC Actual Real Estate Taxes S city and school - 104.50• state & county $28.73 total taxes - $133.23 Occupant Steve Madrid Connib-Estep, Steve Michael -The purpm of this appraisal i;s to estimate market value and the expected function of thiik appraisal i.s to aid the client in acquisMon decisions. CITY DATA trend. _. -'I'he economic base of _ thQ_ community is_primaril a�r�- •�tur ._ 1 �Ilhnck is thP-tradine __ center of one of the most productiveagricultural areas �n the nation Thp aori'cultrat aspects of the economy are broad and stropnl,rrcomplimented by Tpxa_5 Tpch 11niVersitr, The establ isbed.'_Mwth directinn_Q-L.the c-ity-- is.southwest. and a t. Three ma. o factors nt--- that coributte to the city's entinimd firOWth are the continue sdevelopment o the Texas Tech campus in a westward direction, the western location of Lubbock Christian .`Dart of the city in recent years. NEIGHBORHOOD DATA Location tourbon ❑Suburban ❑Rural Sudt Up ❑Over 75% ®25% to 75% ❑Under 25% Growth Rate ❑ Fully Dev. ❑Rapid ❑Steady, Slow PropertyVatues ❑Increasing ❑Stable Declining Demand/SuPNty ❑Shortage ® In Balance ❑Over Supply Marketing Time ❑Under 3 Mos. 04.-6 Mos. ❑over•6 Mot. Present Land Use25 % i Family 5L% 2-4 Family 2L% Apts. _. % Condo 3 % Commercial _% Industrial_,—% Vacant% Change in Present Land Use ❑ Not Likely ❑Likely (•1 Adequacy of Utilities gTaking Place 1.1 19 ❑ 1 ' 1-) From _single fami 1 v To multi fami 1 u ___.- Predominant Occupancy ❑Owner ®Tenant 5--% Vacant Single Family Price Range t 8.000 _to S 40.000 Predominant Value s i,) Single Family Age 15 yrs to yrs Predominant Age, 30-40 yrs Comments (including those factors adversely affecting This is an older area locate area. and Texas Tech Universi residents and lack of pride Good Avg. Fair Po Employment Stability .0 ❑ ® L Convenience to Employment CR ❑ ❑ 1 Convenience to Shopping- ❑ 190 F. Convenience to Schools 0 .0'0. { Quality of Schools IN ❑ ❑ C Recreational Facilities ❑ Is ❑ C Adequacy of Utilities ❑ 19 ❑ 1 Property Compatibility ❑ 0 CR I Protection from Detrimental Conditions ,0 ❑ ® 1 Police and Fire Protection ❑ ® 0 1 General Appearance of Properties ❑ ❑ w I SITE DATA )imannont 137. 5 X 127.5 4781.25 Sq. F or Acres 1. I Corner Lot !ontng classification R—Z tW0 fdml l _ Present Iminovana.nn [.1 do k1 do not Conform to romng regulaiion$ aghat and best use 0 Preterit use, ❑Other Ispeeify) Public Otherl0e,scribe) OFF SITE I1V M N Top* near eve _ Hie. _ Street Access: CK Public ❑Pnvata Sirs ;as urface, asphalt Shape rectangular Water Maintenance: Public �,lPrivate vie,w average - across f tan.Sawar ® n Sto,onsom, r]Curb/Gutter Drainage n0 apparent.��em ❑ Underground Elect. 6 Tel 15a Sidewalk St»et Lights Is the property located in a HUD identified Flood H :olhntents (lavorable or unfavorable including any apparent adverse easements, encroaohntents or other W wo Conditions) No a or encroachments were observed at the time of the appraisal inspection: .These s Area? 14 No 0 Yes av nvti Cvnrot7ln W K -c Zom nd. it js assumes inat the improvements nave Deen on tne.properU a length of time and are a legal, pre-existing, non -conforming use that will be -allowed to continue. _ IMPROVEMENT DATA Existing Iapprox. yr. Wt.) 19 44 jNo. Units _I_ Typo Idel.duplex. ssmildet,etc.) Design (rambler,it level, eta) Exterior woes wood --an ❑Proposed ❑ Under Construeoon No. Stories du lex/detached apt bungalow I asphalt shin le Roof Material Gustm & Downspouts CW Nons Window iTypal: Wood,-tealuminum' __ Insulatt*Q S qt ii [,)Floor ,a;nhalt shing1P.__,, . I1 00 Storm Sash 17.1 Screens rlComron•riun_ (RC *of *Uof (wand Foun"oo Wells X sessment [_ Floor Drain Fishvit Coifing concrete, m e, wood post Outside Entrance ❑sump pump Finished Walls• no basement QCaswl Space ]Concrete Floor li Finished Finished Floor Stab on Grade* E ide cocl: Oam nsai Termitst Setllement commenu_ Apartment contains concrete slab foundation; main house has pier and beamfoundation ...4.4t. .......d ......s. ....._.t.....t..._ -J J --_---L Level LAUIJ 1 CA : 1 1 t 1 . t 1 1 c 1 1 Total Rooms Bedrooms Oaths to finished area above grade. ... Kitchen Equlpownr. EIRefriserstot Range/Oven LJOIspoul LIDishwoshor Fen/Hood Compactor ClWasher MOryor HEAT- Type Wall Fuel gag Cond. ood AIR COND: ❑Central '19other eve [] Adpuate ❑ Inidavuase Floors Qqwardwood 90carpotover W , S b El Good Avg. Fay Poot Watts Romwall ❑Pular Q _ panel Quality of Construction (Materials & Punish) 0 0 M 171 TrtettlFtnish ❑Goad (RAversoa 01sair ❑Poor "' Condition of Improvements t-1 Oath Floor Ocoranilc _ carnetM Rooms sir and layout [.1 � (:] n. (1 Oath1wairneot (, c"11,t►o. ❑ Closets and Storage C1 'til n r -j Epuir features Sineluding fire,placesl: Plumbing—adequacy and condition IV kR n . el Elactricat—adequwyand condition ❑ R n. n Kitchen Cabinets—adequacy and condition o ❑ 0 ATTIC: ®Yes ON* Stairway 00rop4tair (Scuttle ❑ Floorad CompatilWity to Neighborhood 0 ❑ L Finished IOescribe) no garage ❑ Heated Overall Ltvltbifity 0 0 (. CAR STORAGE: (]Barone ❑Built-in ❑Attached []Dotaehed ❑Car Port Appeal and Marketability ❑ No. Cars A vett Cj Inadequate Condition Effective A . Yrs. Est. Flornaining Economic Lite Yrs PORCHES. PATIOS. POOL. FENCES. etc..fdowlbe) small amount of concrete, small amount of landscaainn COMMENTS lincluding functional or physical inadequoel". repairs needed. modernization, etc.) The duplex and apartment have been reconditioned within the past few years and are in superior condition to a majority of prrn pp _rties in the area_ Snmp of the exterinr SlirfaCp needs repainting. . -------------- T INCOME APPROACH Support of Income Data: In order to estimate subject's monthly economic rent, the following comparables were analyzed. (House) Rent No. Address ) (House) Rent Per _ Monthly Rent Bedroom Square Foot Square-Foot Rent - Per Per Bedroom 1 2314 10th $225 + $125' 2 1158 $0.194 2 2315 9th (duplex) $300 pt. $150.5 $N2 2 1279 0.235 3 2010 15th $325 + $115 3 1180 0.275108.33 :; 11 Based on these comparable sales, the indicated economic rent for subject is estimated at $350 per month. The-following.comparable sales were utilized in arriving at the proper GRM for processing the economic rent into d value estimate. Sale No. Sale Indicated GRM 2323 Main 56. 6 2010 15th St. 52.16 5 2315 9th _ 61.67 4 � 2314 10th Based on these comparable sales, 47.14 P the most reasonable GRM for application toward subjects economic rent is 60. :Estimated Monthly Gross Rent Mdltiplier------_-- ------------------- 60 Estimated Unfurnished Monthly t Economic Rent------------- -- JD Gross Rent Multiplier Times Monthly Gross Rent Multiplier--------_ U VALUE INDICATED by the INCOME APPROACH----------------- : -- -----------21,000 COST APPROACH .. Mwwrare►onu o StOrles 24 as r 36.3 (dupkleXr .. Sq. Ft. ESTIMATED REPRODUCTION COST — NEW— OF`IMPROVEMENTS: p 882 av"aptDw*tll.317 . Ft.. a f -21.00 o 18.522 7x 23.50—. r Extra& a —7,450 r x . r it - otal cross Lw-no Ara& ILIst in Market Dau Analysis below) 882-d Iple _.�..._ Porcha&,>Patio &, etc. In rate arape/Cu Part _Sq. Ft: 0 S ornment on functional and economic obsolescence:__ 317 ant- ThetenSi ve ohvs i cal dP C' C jet [Qn Improvements Idrivemland Y. landscaping. atc.t an i bl a economic Total Estimated Cost New : s ___QytMhjtd_Qws _QQas or functftuia1 dipor fie ion conorn)Q Lit& Physical Functional I$'- oeo•e�iaion $_ 37.5% IS 9,740 - . Depreciated value of Improvement& . . . . . . ESTIMATED LAND VALUE $1 t —J.DUU . . tit leasehold. Mow only I"whold value) 5 INDICATED VALUE BY COST APPROACH. 199532 \��' MARKET APPROACH ' Thr unders.yrtelt hes recited three recent sales of properties most similar and proximate to subject and has considered thew In the market analysis. The descrip- lion Includes r au•tar adjustment. reflecting market reaction to those Items of significant variation between the subject and comparable properties. It a s/gnit"n Ium In lite conglalable property Is superior to. or more favorable than. the subject property. a minus 1.1 adjustment is made. thus reducing the indicated value of subject. It a .um In the comparable Is Inferior to. or less favorable than. the subject property. a plus 1*1 adjustment is made. thus Increasing the Indlea- led value of ina subject. ITEM Subject Property COMPARABLE NO_t COMPARABLE NO. 2 COMPARABLE NO. 3 Address 2019 14th 2314 10th 315 9th 2010 15th** N�g.Imlty to S bDIMS blocks -oc .Batas PI Ice x Pr/cZlL•Ivine erea _ s s 14.25 S 14.46 •t 92 45- alaSOurz4______•i�nSpec i n appraiser raiser real or Uate at Sala and DESCRIPTION _ DESCRIPTION Ad st ent DESCRIPTION Ao ttment __�'{'� O S R1PTI N Ad] VI — !+ ,.f .f. 1 /me Adjustment Location av -fair av —f i t IF279 r a i t 1 a fv w 37.5 FF 5 F !-1.0 1-1 000 5 FF Designand Appeal shin 1 m o d m m m t lualj of Conti. + + 1 I + 1 Akt 35 years '35 years n. n av - o d -fai 1+3 +2 0 a- ' Living Area Room Total t 8-rms 1 Baths Total . B+ s I Bathsrms I Baths 1 l B+ s I B th Count and Total 6 2 2 5 1 +1,0 t 2 5 f 1 1 +.1.,00 tarot. Living Area 882 .Ft. 1158 .Ft. 1-2,200S .Ft -3,200 11180 Ft. -2 40 Uaumsnl b Bsmt. Lone Finished Rooms none none ' i none 1 ry_rlKt,onItY.V! l br a vC1 avq i av Air Const.ilon, eva none + 600 e 1+ 600 window eve 1+ 60 �.ar,a.rc�r Pori none none ' 1 det. (fair) - 50 Punches. Naso. , small small � mall small ; Moolt: atc. 1 Other (e.g. fire. wall heat space heat, 1 t 1+ 300 wall.heat, equip.. kit hen heathy, flr.furnace I [en fireplace 1- 80 equip.. +-model Ingl t s r tbales or F.nanc.ng personal I 1 f assm. t Concessions 1 — 317 s .ft.a t 410 s .ft.a t l— 700 _„• 1+4 500 286 s .ft.aDt ++ 25 Hist Add tTouu_ PIs Minus 850 Plu. Minus t 3 400 i t 2.75 a 17,350 ►s 21,900 JI 1 Is 20,20 Ind"tod Valve ut Subject Comments onMarliniData Theepmpnnd _rance of the market 1ndi _atPC a value toward the °�iORgr pn�l cif. the vale rang,C Af 17-35[) to . 91 -9nn_ '-•------._.. .. • , . . . . . . . . . . . . . . . . •. Final Reconciliation: The market approach is allowed a large degree of credence in the finAl value ine income approacn is also given a great amount oT weignt aue to the gala availaale ana tn2 income producing capability of subject. I ESTIMATE THE MARKET VALN>:. As ` EfIN P W8JPROPERTY AS Ofl O-1 10 79 to bet 20,000.. CYApp►alwr{s1 / / J&T Ji d and, M.A.I.-S.R.P.A. .� 1; CtnvP S u ar. S.R.A. ��., CURRENT OWNERSHIP DATA DATE: 12-2-77 GRANTOR: Gary L. Bennett etux Candace GRANTEE: William A. Bethune etux Nancy BOOK AND PAGE: .1557 - 582 SALE PRICE: $10 +.other valuable consideration ARBITRARY BREAKDOWN OF FINAL ESTIMATE OF VALUE Land $ 3,000 Main Structures Duplex 12,200 Apartment 4,500 Concrete 250 _ Landscape 50 Total $20,000 No Text C- T..a 1 C.P. 1 2019- 14Tµ STREET K BR LuB c B R S—'c fli C- T..a 1 C.P. 1 2019- 14Tµ STREET AL LCY y APPRAISAL CERTIFICATE The undersigned does hereby certify that, except as otherwise noted in this appraisal report: 1. I have no present or contemplated future interest in the real estate that is the subject of this appraisal report. 2. I have no personal interest or bias with respect to the subject matter of this appraisal report or the parties involved. 3. To,the.best of my knowledge and belief the statements of fact ..contained in this appraisal report, upon which the analysis, ' opinions and conclusions expressed herein are based, are true and correct. 4... This appraisal report sets forth all of the limiting conditions (imposed by the terms of my assignment or by the undersigned affecting the analysis, opinions and conclusions contained �:_.. in this report. 5. This appraisal report has been made in conformity with and is subject.to the requirements of the Code of-Professional Ethics .and Standards of Professional Conduct of the American.Institute of Real Estate Appraisers of the National Association'of Real Estate Boards. 6. No one.other than the undersigned prepared the'analysis, conclu- sions and opinions concerning real estate that_are set forth in this appraisal report. 15; A a J J ar A $teve Shuler, S.R.A. DEFINITION OF MARKET VALUE The term "market value," as used in this appraisal, is defined in the book entitled REAL ESTATE APPRAISAL TERMINOLOGY, first printing, 1975, on page 137 as follows: t, The highest price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and -seller, each acting prudently, 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 each acting in what he.considers his own best interest. 3. A reasonable time is allowed for exposure in the open market. 4. Payment is made in cash or its equivalent. 5. Financing, if any, is on terms generally available in the community at thespecifieddate and typical for the property type in its locale. ' 6. The price represents a normal consideration for the property sold unaffected by special financing amounts and/or terms, services, fees. costs, or credits incurred in the transaction. ASSUMPTIONS -AND LIMITING CONDITIONS The appraiser assumes: I. That the legal description furnished is correct. 2. That the title to the property is good. 3. That the property is free and clear of all liens. 4. That the property will be properly maintained. This report is submitted to the following limiting conditions: I. That no guarantee is made as to correctness of estimates or opinions furnished by others and used in making this appraisal. 2. That no liability is assumed on account of inaccuracies or errors in such estimates or opinions. 3. That no liability is assumed on matters of a legal. character affecting the property. such as title defects. over -lapping boundaries. etc. and no right to expert testimony unless adequate arrangements for fees are made. 4. Engineering survey furnished is assumed to be correct. 5. The value estimated in this report is subject to the satis- factory completion of the proposed improvements in accordance with the plans and specifications furnished. b. The appraisal fee is not, in any sense, contingent upon anything other than delivery of this report. No Text ACQUISITION APPRAISAL REVIEW PARCEL NO. 67440-44-11 PROJECT NAME Community Development,, Sth Year ADDRESS 2021 14th Street, Lubbock, Texas OWNER (s) Raymond Hogan TENANT (s) Raymond D. Norton LEASEHOLD No -LEGAL DESCRIPTION: The West 12.5' of Lot 10 and the East 25' of Lot 11, Block 44, Overton Addition. 1. Acquisition appraisal received...... .•.......••••••..... Nov. S, 1979 _ (Date) 2. All corrections by appraiser completed ..................... Nov. 15 1979 ;.3. Appraisal is adequate and acceptable ................... ..:•.`Yes 4. On-site inspection of property......... ..................Nov. 13 1979 (Date) 5. Person accompanying review appraiser ....................... R. D. Norton tenant 6. On-site inspection of comparables.......................... Nov. 12 1979 (Date) -7. Any reportofunlawful condition or occupancy.......... No B. Basis for conclusion as to fair market value: Approval of the -appraisers' valuation is 4_ based on my inspection of the property and review of the appraisal report. Correction for errors -and omissions as well as a reconciliation of difference of opinion in one 'or two ares were accomplished. A'change was made in the allocation of -values -which `did not, however, change the final valuation. ::In my opinion the final estimate is $ 9,000.00 MT.hereby nterest, present or contemplated,.in the property; and to certify that I have no i the best of my knowledge and belief, all statements and information in.this report are true `and correct, and no important facts have been withheld or overlooked. -LNovember 16, 1.979 REVIEW APPRAISER DATE J ,___Harold L. Kelly, SRPA >'*=i� L TAKING AND DAMAGES:.......... ... -2- `-Buildings & Structures APPRAISAL REVIEW APPRAISAL (Whole. Taking) Valuation Valuation 1. Main Structure (House) $ 5,650. 2. 3. 4. Garage ...................... - Fence.......... ........... 25 25 Landscape....... ......... 50 50 Cellar ....................... Other ........................ Flatwork, conc. 275 275 Other. .... ........... Other........................ Fixtures ................... _,iVenant-Owned Building,.'Structure, ,'Fixture &Other 2. :Eassd............................... . 31000 31000 ''TOTAL : ............................ $ 9,000- 9,000 Note: :Metal storage shed, small -playhouse, dog pens, evap.--cooler andliving room -chain lamp are tenant owned and are not included in the appraised value. The tenant claims all other light fixtures were installed by him but.those permanently attached are considered part of the real estate. "PartialTaking Whole Property Part Taken - :;'Remainder Before " Remainder After Damages >'*=i� L TAKING AND DAMAGES:.......... ... -2- APPRAISAL REPORT ON PARCEL NO. 67440-44-11 -LOCATED AT 2021 14th STREET LUBBOCK, TEXAS PREPARED FOR: Urban Renewal Agency City of Lubbock P. 0. Box 2000 Lubbock, Texas 79408 PREPARED BY: Goddard and Associates #33 Briercroft Office Park Lubbock, Texas 79412 DATE: 10-3-79 y ' Property Oyvner RESIDENTIAL APPRAISAL REPORT Property Address 2021 14th Street r UL .,= 1 e.V. W "�-.+� _ 1 1 City Lubbock County Lubbock State Texas zip Code 79401 Le IDescri tion West 12.51 of Lot 10 and east 25' of Lot 11 Block 44 Overton Addition -Property Rights Appraised 'and ® Fee❑Leasehold❑D.M..imis PUDfFNMAonl _QCondo ❑PI Actual Real Estate Taxes S My sC o0 state an count . 66- total taxes 98. Occupant Norton The PPurppge of thAs appraisal t4 to estimate market value and the expected function of this appraisal i.s to ai.d the client to acquistti;on decisions. CITY DATA --Che econornic base of the r`Arrxn11fl7fV ;�—nin�m�v.T7.• ..� i. 1..1. iL_ i___�� -_ -' aspects of the economy are broad and stro�X complimented b3t TpxaS TPsh_ llni�y � t a The established..gnwth directs of he ri.•is.southwest.4nd est. Three ma factors factors --- .that contribute to the city's enntimid growth are the continue development 0 6e• Texas Tech campus in a westward direction, the western location of Lubbock Christian College, and Reese Air Force Base. There has been no significant growth in subject's part of the city in recent years. NEIGHBORHOOD DATA Location (9 Urban ❑Suburban ❑Rural Good Avg, Fair Pa Buse Up ❑Over 75% 1825% to 75% ❑Under 25% Employment Stability .00 ® L Growth Rate ❑ Fully Deva ❑Rapid ❑Steady 9slow Convenience to Employment ® ❑ ❑ (- Property•Valuss ❑Increasing ❑Stable gDeclining Convenience to Shopping ❑ M ❑ C Demanwsupply ❑Shortage (81n Balance ❑Over Supply Convenience to Schools Marketing Time ❑Under 3 Mos. 04-6 Mos. ❑Over 6 Mos, Quality of Schools ® ❑ ❑ C Present Land Use 25 % 1 Family 5O% 2-4 Family 2Z % Apt%. _% Condo 3 % Commercial Recreational Facilities ❑ 9 ❑ [ : _„% Industrial_% Vacant,% Adequacy of Utilities ❑ C? ❑ E Change in Present Land Use ❑ Not Likely ❑ Likely II XTakin Place to) Property Compatibility ❑ Q10lFror» single family To multi famjly Protection from DetrimentalCond;tions. ❑ ❑ ®_ C Predominant Occupancy ❑Owner RTenant 5 % Vaunt Police and Fire Protection ❑ R1 U [ Single Family Price Range $ 'g2000 to S 4� Pmdominant Value $ 20.000 General Appearance of Properties ❑ ❑ JZ [ Single Family `Age '� yn to 4► yn Predominant Age 30-40 yr% LA_pkeal io Market ❑ ❑ ® [ Co eqts ligcluding th w factors adver ly affacti marketabilit 1 . Tali s i s an oil der . area i locate? centrally within theci t havi n ood -access to the downtown area and lexas Tech ► University.The majority of occupants are student tenants or low income residents and jackof prideof owners ip is evident. SITE.DATA 05mansions J/.0 X 1 L/. D • 'F / a I. c a bq. r 1 or Acres I. j Corner Lot zoning classification (R-2�TW0 fall 1.Y _ _ Presunt improvements R do I I do not conform to toning reputatiot Hoghast.and best use. IK Present use ❑ Other (specify! Public Other {Describe! OFF SITE 0WOVEMENTS Topo _ near level Elec. _ treet Access: a Public ❑Private S44 adequate _ Gas ® Surface asphalt shape rectanaul ar Water CR Maintenance: ® Public ( l Private View average San.Sewer _� n Stormsewer Wcurb/Gutter Drainage no apparent problem ❑Underground Eiact. Jw Tel.. _ Sidewalk Street Lights Is the property located in a HUD idensifsod Flood Hazard Ares? I No �� Ye Comments (favorable or unfavorable including any apparent adverse easements, eneroachmenu or other adverse conditions) Existing (approx• yr. bit.) 19 ❑ Proposed ❑ Under Construc Root Material IMPROVEMENT DATA Yo. Units_ Type Idol, duplex, semildet, ate.) Ossign (rambler,.spfit level. etc.) Exterior Walls Yo. Stories I - deta hed buncialow as halt shinc tars St Downspouts ® None Window (Typal: wood, aluminum Insulatiood a L,•IFI Tout Rooms 2 Bedrooms 1 Baths in finished area above grade. Storm Sash Screens r Comhineuun—� CedingS I. (Roof [9W 'Foundation Walls % Basement U Floor Drain Frmshatl Ceiling Floors Hardwood Warpst Over wd wood post Good Avg. Outside Entrance ❑ sump Pump Fomshed walls- no basement CKCrawt Space ,. ]Concrete Floor _% Finished Finished Floor ❑ I 'OS►ab on Grade .Bath Floor oCeramic ® 1 i nol eum Evidence at: 00ampness. Termites El Settlement ❑ ' Comments Foundation is pier and beam with wood post perimeter and cement exterior cover. Room Lost Fo w Living Dining Kitchen I Den Famil Rm. Rae. Rm. I Bedrooms I No. Baths I Laundry Other Basement I I Electrical—adequacy and condition ❑ - tat Level. X X I X I I 2 - - .. - Tout Rooms 2 Bedrooms 1 Baths in finished area above grade. Kitchen Equipment: Oftfrigeratot RangelOwn 00isposel UDishwasher ❑FAWHood Compactor OWashar CjOryar ❑ HEAT •Type S ace Fuel Cond. fair AIR COND:❑Central '001herwindol+leve Adequate ❑inadequate Floors Hardwood Warpst Over wd 29 ti 1 e, 1-i n. Good Avg. Fair P Walls Wrywall ❑Plaster panel Quality of Construction (Materials 6 Finish) ❑ ❑ (� l0 Trim/Finish ❑Good ❑Average icy Fur ❑Poor " Condition of Improvements ❑ ❑ Cl .Bath Floor oCeramic ® 1 i nol eum Rooms sizi and layout C] 0 ❑ ' linoleum Bath -Wainscot 0carom ic 'Y Closets Storage � 0 (9 ❑ Specip Features (including fireplaces): Plumbing—adequacy and condition ❑ _ 0 Electrical—adequacy and condition ❑ ® ffd Kitchen Cabinets—adequacy and condition ❑ ATTIC: OYes ❑No ❑Stairway ❑Drop•stair (Scuttle ❑ Flowed Compatibility to Neighborhood ❑ t(��tt Ca (a Finished 104114ribel n0 garage ❑Heated Overall Livpb+hty ❑ ❑ IN CAR STORAGE: ❑Garage ❑ Built-in ❑Attached ❑ 0etaehed ❑ Car Port Appeal and Marketability ❑ ❑ _ ED PORCHES, PATIOS. POOL. FENCES. etc. ldetcribel sma i i wooa an wire Tence , i arge amount OT open concrete patio at rear. _ COMMENTS (including functional or physical inadequacies. repairs needed. modernization. etc.) Major remodeling is necessary. INCOME APPROACH .Support of Income Data: In order to estimate subject's.monthly-economic rent, the following comparables were analyzed. Rent Per Rent Per Rent No. Address Monthly Rent Bedrooms Square Foot Square -Foot Bedroom 1 2314 loth (house) $225 2 1158 $0.194 112.5 6 2218 9th (house) $175 2 1098 0.159 87.5 5 2123 10th (house) $225 2 1140 0.197 112.5 Based on these comparable sales, the indicated economic rent for subject is estimated at $ 140per month. Subject property in inferior condition and quality to the rent comparables presented above. The following comparable sales were utilized in arriving at the proper GRM for processing the economic rent into a value estimate. Sale No. Sale Indicated GRM 7 2323 Main 66.27 b 2010 5th 52.16 5 ` 2315 9th 61.67 4 2gJ4 10th 47.14 Based on these compara a sales, the most reasonable GRM for application toward subjects economic rent is 60. Estimated Monthly Gross Rent Multiplier ---------- ----------- 60 Estimated Unfurnished Monthly Economic Rent------------------ ___-- j'40 Gross Rent Multiplier Times Monthly Gross Rent Multiplier ----------8,4W Y-ALUE INDICATED by the INCOME APPROACH-------------------------------- 8,400 COST APPROACH Measurements No. Stories Sq. Ft. ESTIMATED REPRODUCTION COST — NEW — OF IMPROVEMENTS: 24 x 36.4 x - Dwelling 874 Sq. Ft. e $ 18.00 $ 15,732 x x Sq. Ft. fps - x x Extras x x - x x It x Porches. Patios, otc. in rate • ,tal Gross Living Area (List In Market Data Analysis below) Garage/Car Port Sq. Ft. fps S • ,mment on functional and economic obsolescence: Site Improvements (driveway, landscaping, etc.) • 350 The extensive physical depreciation . Total Estimated Cost New . . . . . . . . s 15,082. overshadows am possible economic or PhysicalIs Functional Economic Less functional deorectation. Depreciation S.65%, - st 10,226 - Depreciated value of improvements . . . . • S 5;856 ESTIMATED LAND VALUE . . , • S 3.000 III Iessehotd, show only leasehold value) INDICATED VALUE BY COST APPROACH . . S 8856 'MARKET APPROACH The undersigned hus recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The deserip- bon includes a dollar adjustment, reflecting market reaction to those items of significant variation between the subject and comparable propertift If a significa item in the comliarabte property is superior to, or more favorable than, the subject property, a minus 1.1 adjustment is made• thus reducing the indicated vatue o subject: of a signdicant item to the comparable is inferior to, or less favorable than, the subject propurty, a plus (+1 adjustment is made, thin increasing the indica ted value of the subject. ITEM Subject Property COMPARABLE NO. 1 COMPARABLE NO. Z COMPARABLE NO. 3 Address 2021 14th 2312 9th 1916 17th 1910 8th 'Proximit to Sub . oc s 4 blocks 7 blocks Sates Price g —� S , 00 _ s 11,00.0 ' 10,50 s , Price/Living area _ S l • S • O 0'_—'��• Data our ,-ins ec J on appraiser rea 1 for real for Oats al Sale and DESCRIPTION DESCRIPTION aa1 st enr DESCRIPTION Aa stment DESCRIPTION Adj stn Time Adjustment 10-79 5-79 l+ 100 7-79 ;+ 100 3-7 + Location av -fair avq-fair I- av -fair -f ' Site/View 37.5 FF 50 FF 1-1,000 50 FF 1-1.000 FF - Design andAppeal shin le/com wood/comp stucco/co NBV/comp Dualityof ccna. fair- oar fair- oar. Ifair- oar I ir-oar ' a rox. 35 ears 35 ears 35 ears yCarsndi ion oar oar oar +1 000 ar ' Living Area Room Total I 8-rms r Baths Total I S -ems r Baths Total . 8•rms I Baths 1 Totat s B-rms t Blithe Count and Total 5 2 1 4, 1 1 4 2 t 1 I 5 13 1t Gross Living Area 874 Sq.Ft. 615 s .Ft. +2 100 11125 so Ft. -2 000 970 Sq.Fl. 7 Basement a Bsmt. none none none I small cellar Finished Rooms ► f Fun ctional_Vdi avq av , --r— I _� Air Conditioning window evap window eva6 window ev t _ none 1 Gars a/Car Port none 1 det (poor) P +s ' - Porches, Patio, small small Small I small Pools, etc. 1 Other (e.g. fire- space heat space heat I floor furnace,' places, kitchen equip... heating, I wall heat i - 300 space heat ' p t remodeling) 1 Sales or Financing 1 personal , cash ' cash Concessions l I t Net Adi. (Total) X Plus Minus s- l 200 n Plus Minus is 2,700 n Plus Minus" Indicated value ;S 9,700 iS 8,300 �S 8,95C of Subject Commons on Market Data ovalue cont uded for the indicated toward the middle --of th value by -market data approach. _ vela ran P of 4Rmn to $970n i c Adjustment for condition on compaaraT a #2 is due to extensive water damage. • . . . . . . . . . . . . . . . . . . s 9,00C Final Reconciliation: All three approaches to value fit a narrow range. Due to the consistency _ of these indications a figure of $9,000 is concluded as the final estimate of value - I ESTIMATE THE MARKET VALUE, S DEFINED, O SUBJECT PROPERTY AS OF 10-3 1979 to be S 91000 Appreisarta Ji, y . o dard 1.1 A. I.,S.R.P.A. x teve Shuler, S.R.A. CURRENT OWNERSHIP DATA No Text No Text APPRAISAL CERTIFICATE The undersigned does hereby certify that, except as otherwise noted in this appraisal report: 1. I have no present or contemplated future interest in the real { estate that is the subject of this appraisal report. 2. I have no personal interest or bias with respect to the subject matter of this appraisal report or the parties involved. " 3. To the best of ray knowledge and belief'theastatements of fact contained in this appraisal report, upon which the analysis, opinions and conclusions expressed herein are based, are true and correct. 4. This appraisal report sets forth all of the limiting conditions (imposed by the terms of my assignment or by the undersigned) affecting the analysis, opinions and conclusions contained in this report. - 5. This appraisal report has been made in conformity with and is subject to the requirements.of the Code of Professional Ethics and Standards of Professional Conduct of the American Institute of Real Estate Appraisers of the National Association'of Real Estate Boards. 6. No one other than the undersigned prepared the'analysis, conclu- sions and opinions concerning -real estate that.are set forth in this appraisal report. Aan JiqeZ d r , 14.A.I.,S.R.P.A. Steve Shuler, S.R.A. DEFINITION OF MARKET VALUE The term "market value," as used in this appraisal, is defined in the book entitled REAL ESTATE APPRAISAL TERMINOLOGY, first printing, 1975, on page 137 as follows The highest price in terms of money which'a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, 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, ani each acting in what he considers his own best interest. 3. A reasonable time is allowed for exposure in the open market. 4. Payment is made in cash or its equivalent. 5. Financing, if any, is on terms generally available in the community at the specified date.and typical for the property type in its locale. 6. The price represents a normal consideration for the property sold unaffected by special financing amounts and/or terms, services, fees,.costs, or credits incurred in the transaction. ASSUMPTIONS AND LIMITING CONDITIONS The appraiser assumes: R.. 1. That -the legal description furnished is`correct. 2. That the title to the property is good, 3. That the property is free and clear of 'all liens. 4. That the property will be properly maintained. This report is submitted to the following Limiting conditions; 1. That no guarantee is made as to correctness of estimates or opinions furnished by others and used in making this appraisal. 2. That no liability is assumed on account of inaccuracies or errors in such estimates or opinions. 3. That no liability is assumed on matters of a legal character affecting the property, such as title defects, over-lapping boundaries, etc. and no right toexperttestimony unless adequate i arrangements for fees are made. 4. Engineering survey furnished is assumed to be correct. 5. The value estimated in this report is subject to the satis- factory completion of the proposed improvementsin accordance with the plans and specifications furnished. 6. The appraisal fee isnot. in any sense, contingent upon anything other than delivery of this report. r RESTRICTIONS UPON DISCLOSURE AND USE Ai i. Disclosure of the contents of these appraisal reports is governed by the By -Laws and Regulations of the American Institute of Real.Estate Appraisers of the National Association of Real Estate Board. 2. Neither all nor any part of the contents of these reports (especially any conclusions as to value, the identity of the appraiser or the firm with which he is connected, or any reference to the American Institute of Real Estate Appraisers or to the Society of Real Estate Appraisers on to the M. A. I, or S. R. P A. designation) shall be disseminated to the public through advertising media, public relations media, news media, sales media or any other public means of communication without the prior written consent and approval of the undersigned. i ACQUISITION APPRAISAL REVIEW PAMEL NO. 67440-44-12 PROJECT NAME Community Development, 5th Year :ADDRESS 2023 14th Street, Lubbock, Texas 'OWNER (s) A. M. Shobe :.:TENANT (s) Mrs. Sandos Chevier (front hse.)": Mary Helen Cortez, Mrs. Rose Randolph'(Apt's.) LEASEHOLD No LEGAL DESCRIPTION: The West 25' of Lot 11 and all of Lot 12, Block 44, Overton Addition. Nov. 8 1979 1.- Acquisition appraisal received ........................... (Date) raiser completed ..................... Nov. 15 1979 2. All corrections by app com p Appraisal is adequate ,and acceptable ......• ..........Yes ... .........•Nov. 13- 1979. 4. On-site inspection of property................................ .... ......••••. (Date) 5. Person accompanying review app raiser ....................••. Tenants exc. Dtr. of -0 Pay—ter Nov. 12, 1979 6. On-site.:inspection of comparables.. ........... (Date) 7. Any report of .unlawful condition or occupancy ............ No ,8. Basis for conclusion as to fair market value: Approval of the appraisers' corrected re port and valuation is based on my inspection of the property and review of the aper aisal-report. Corrections for errors and omissions were made'and differences of opin- ion were reconciled. Together, they resulted in allocation of values and=in the total valuation - changes. In'my,,opinion the final estimate is $ 26 500.00 1. hereby certify that I have no interest, present or.contemplated, in the property; and to the best of my knowledge and belief, all statements and information in this report are true and correct, and no important facts have been withheld or overlooked. _.November 16 1979 REVIEW APPRAISER DATE Harold --'L. Keely; SRPA fYf ;Buildings & Structures APPRAISAL REVIEW APPRAISAL ;,(Whole Taking)' Valuation Valuation 1. Main Structures .(Front house) $ 8,000 $="_8,000 2. (Duplex) 12,150 12,150 . 3. _ 4. Garage ....................... Fence ........................ 25 25 Landscape.. ... ... ..... 50 50 ,., Gellar.........................' Other ........................ Flat*cork, cone. 275 = 275 Other......................... Other............ .......... Fixtures ..................... Tenant -Owned Building, Structure. Fixture & Other -.1 Land......,:................ ... 6.000 $ 6,;000 TOTAL;............................ 26,500 26.500 P.attial -.Taking While Property Part Taken Remainder Before .Remainder After I Damages ':TOTAL TAKING AND DAMAGES:..... .. ........... •.• 7 t + t APPRAISAL REPORT ON PARCEL NO, 67440-44-12 LOCATED AT 2023 14th STREET LUBBOCK',' TEXAS. r PREPARED FOR: Urban Renewal Agency City of Lubbock P. 0. Box 2000 Lubbock, Texas 79408 PREPARED BY: Goddard and Associates #33 Briercroft Office Park Lubbock, Texas 79412 DATE: 10-3-79 r t RESIDENTIAL APPRAISAL REPORT A.M. Shobe Parcel No. D23 74th Ctree 67440-44-12 t count Lubbock state Texas z,Rcode 0 5 of i nt 11 nn.l A 7 --V t � n n, - -The ppurpose of Ws appraiisal t4 to estimate market value and the expected function of tFlvi appraisal is to aid the client to acquisttion decisions. CITY DATA r, ren . . - the economi c -bas - -- - - --- omml, — - — - - - nity is or* center of one of +ha most oroductiVe aarir_ultttral alloZC ..t,,. The estabjisheSl.gmwth direr.tion _t� ri is.southwest.4nd est. Three ma. ohfa�toxs ---- that contribute to thecity's rantinitoa grow h are the contlnue� development o the - Texas Tech campus in a westward direction. the western location of Lubbock Christian College, and Reese Air Force Base. There has been no significant growth in subiect's part of the city in recent nears. --------------- NEIGHBORHOOD DATA Location IN Urban USuburban ORural 'Butte Up Growth Rate ❑ Fully Dev. ❑Over 75%Good ®25% to 75% ❑Rapid ❑Steady ❑Under TS% Employment Stability Avg. Fair .00 R Poo L� Property -Values ❑Inereas,ng ❑Stable 9slow C9 Declining Convenience to Employment Convenience CR ❑ ❑ t Oe mandlSupVW Markean ❑Shortage ® In Balance Dover Supply to Shopping Convenience to Schools ❑ ®. (� ❑ ❑ ❑ Q g Time Present Under 3 Mos. ®4-6 Mos. ❑Over 6 Mos. Quality of Schools ® ❑ ❑ - ❑ Land Use % 1 Family r0K 2-4 FamityjZ% Apes. 1%Condo% Commercial Recreational Facilities ❑ ® n ❑ _% Industrial_% Vacant,,, % Change on Present Land Use ❑ Not Likely ❑likely 1') . Adequacy of Utilities Property Compatibility ❑ ❑X (9 ❑ 19`7 ❑ Taking Place 1.1 Predominant Occupancy 1.1 From Stngle fami`lX To ❑Owner (Tenant multi famtl Protactionfrom0etrimentelConoitions Police ❑ d W 0 Vacant Single Family Price Range _% . s g no to s 4n. nr)n Predominant Value $?n,n_On_ and Fire Protection General Appearanc4 Properties ❑ ❑ W ❑ ❑ Single Family Age 7 5 yrs to 45 yrs Predominant Age 30-4n yrs of A at Market ❑ ❑ 0to 0 ® 0 [� Comments (including those factors adversely affecting marketability) This area and Texas, Tech UnivertittX- 'The majori - y of occupants d are student tenants -or low o n residents, and lack of Pride of ownershi''a 1s evident. income T SITE DATA Ddnens+oris 1 l _ 9.562.5 Sq. Fl- or AcresCorner Lot Zoning classificationR-2 Two faint 1_v _ Presunt .myrCvements ❑ do do not conform to lomnq regulal Highest and best use. ® Present use ❑Other Ispecify) Public OtherIDescfibel OFF SITE IMPROVEMENTS Topo____ near level Etec. _ Street Access: Public �- Gas � ❑Private size side uate _ IR1 urface asphalt Snap. rectangular Water Maintenance: opublic []Prorate View 'average _ S�n.Swvu ® Storm Sewer (@Cu;b/Gutter Orainage no anparen prOblem i�-•- ❑Undtrpround Etett. &Tel. Sidewalk Stroel Lights Is the properly located inis HUD identified Flood �jazard Ared ®N00 1 ComirAnts Ifavoraw* or unfavorable including any apparent adverse easements, encroachments or other adverse conditional NO adverse easement! ncrnachmpnts.were ablerved at the time of thea raisal inspection. The three units.dol at the improvements have been on the property a len2l of time and are a"legal, pre-existing, non -conforming use:that will be allowed -to continue., IMPROVEMENT DATA i . IN Existing iapprox. yr, bit.) 19 No. Units_ Type Ide1. duplex, semi/del, etc.) Design (rambler. split IevN, etc.) Exterior Walt* nPfoposed []Ungar COn*truePOn NO. Stones d x•d o s bun alow wood Rool Material Gutters & Downspouts ® None Window (Typal:_wood. al umi num _Insulatu�s(� f�onu Of asphalt shin le _ ®Storm Sash ZScreans QComtunrtiun—• ®Ceding. URooI 1 'Foundation Walls %easement 0 Floor Drain Finished Ceding wood post Outside Entrance ❑ Sump Pump F in,shed walla' • rib Was emR -- WCrawl Span Concrete Floor _% Finished Finished Floor [Slab on Grade Evidence of: 00ampnesL OTermites El Settlement Comments Foundation is crier and beam with wood pQst'perimeter and concrete exterior cover, Room List Foyer Living DininC I Kitchen I Dan lFjkmiiw Rm I Ra.. R.., v....., .,- e_.. _ • _ _-- - _ . tot Level OUSIR 2nd Levet Total Rooms 2. Bedrooms Baths in finished area above grade. Kttclien Equipment: Refrigerator Range/Oven Disposal 00ishwaishor QFan/Hood Compactor OWasho, Lloryor, [] NEAT- Type S12,aCe Fuel Cond...fa i L AIR GOND: ❑Central •ROther Adequate ,]Inadequate Floors QOH&rdwoW WcarwOver wood W1 tile Good Avg. Fair Walls WOrywall ❑Plaster r+❑ Ouality of Construction (MaterialsA Finishl 0 ❑ 0 Trim/Finish ❑Good ❑Averape ERFair ❑Poor " Condition of Improvements Carpet,_yinyl tile,lin, Rooms si:iand layout [] ❑ 0 Bath Floor []ceramic ®.—linoleum Bath.Wainuat [,]Ceramic f 17 nol eum Closets and Storage � ❑ Specilp Features (including fireplaces): Plumbing -adequacy and condition 0 0 Electrical -adequacy and condition ❑ ATTIC' ®Yes ONO ❑Stairway ❑Orap•stair ®Scuttle ❑ Floored Finished d0escribel (no garage) ❑ Heated CAR STORAGE: []Garage [:]Built-in ❑ Attached ❑ Detached ❑ Car Port No. Cars A ate Inadequate Condition Kitchen Cabinets -adequacy and condition ❑ Compatibility to Neighborhood ❑ Overall Liv'bility ❑ Appeal and Marketability ❑ ' Effective A 35 Yrs. Est. Remaining Eeunomre Logo 0 W ® G 0 0 (� W l5 Yf PORCHES. PATIOS, POOL, FENCES. etc. tdescribel small amount of fence ll, landscape and con rPfp COMMENTS (including functional or physical insduquaciy, repairs needed, modernization, etc.) Major remodeling necessa.rv. INCOME APPROACH Support of Income Data: In order to estimate subject's monthly economic rent, the following comparables were analyzed. Rent Rent No. '(House) (House) Rent Per Per Per Address Monthly Rent Bedrooms Square Foot Square•Foot Bedroom Apt_' 1 2314 10th $225 + $125 2 1158 $0.194 $112.5 $125 4 2323 Main(2 houses) $415 4 1598 0.26 103.75 N/A 5 2123 10th $225.+ $150 2 1140 0.197 112.5 150 Based on these comparable sales, the indicated economic rent for subject is estimated at $ 430per month. The following comparable sales were utilized in arriving at the proper GRM for processing the economic rent into a value estimate. Sale'No. Sale Indicated GRM 7 2323 Main 66.27 6 2010 5th 52.16 5 .2315 9th 61.67 4 2314 10th 47.14 Based on these comparable sales, the most reasonable GRM for application toward subjects economic rent is 60. Estimated Monthly'Gross Rent Multiplier ----------- ----------------------- Estimated Unfurnished Monthly Economic Rent -----------60 Gross Rent Multiplier Times Monthly Gross Rent Multiplier ---------25, p_ VALUE INDICATED by the IWCOME APPROACH------------- --- ------25,800 COST APPROACH - frRaesurements No. Stories Sq. Ft. ESTIMATED REPRODUCTION! COST NEW - OF IMPROVEMENTS: 26.4 x 36.4 x D f Howelling 899 Sq. Ft.* S 18 00 _ 16,182 -6.3 x 9.9 use) - upl ex 1551 _ Sq. Ft. 0 S 17.00 - 26,367 X x - Extras +48.7x 34.4 x -9 .lx 6.4 x -6.6 x 10 du ex Porches. Patios, etc. in ra e ,tel Gross Livor* Area (list in Market Data Analysis below) 899 house Garage/Car Port Sq. Ft. 0 S -mnNnt'on functional and economic obsolescence:- 1551 duplex site Imp►ovements Idrlvewey, landscaping, etc.) • 350 _ - The extensive PhySi_al dppreclation Total Estimated cost New . .• s42,899 overshadows any possible economic Ar Less Physical (( functions► Eeonomk. .._.f!llltional deprecfiafion- Depreciation s 52.5° fs Is s ( 22,338 Depreciated `vatue of improvements . . . . S 20.561 ESTIMATED LAND VALUE . . . • . S 6 ,Q00 (If leasehold, show only lessehold value) INDICATED VALUE BY COST APPROACH . S 26,561 VV, MARKET APPROACH The undersigped has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The descrrp• trod includes a dollar adjustment, reflecting market reaction to those items of significant variation between the subject and comparable It properties. a stgnif ici item in the com,t.vsble property is superior to, or more favorablethan, b the- subject property, a minus (•)adjustment it made, thus reducing the indicated value I subject; if a significant ,tem to the comparable is inferior to, or less favorable subject ted value of the subject. than, the property, a plus (+) adjustment is made, thus increasing the indic ITEM Subject Property COMPARABLE NO. t COMPARABLE NO. 2 COMPARABLE NO. 3 Addie`: 2023 14th 2323 Main 2123 10th 2218 9th Proximity to Sub", 116 bl Ocks 5 blocks 7 bl oc s Sales. Price sNIA._ _ s 27.500 0 8,500 - _ S 28,50 0 Price/Living area $ : 3 17.21 t s 5.b0 a / Data ounce inspection . real for rea 1 for _ real for Oats of Sale and Time Adjustment DESCRIPTION 10_79 _ DESCRIPTION Aaj stment DESCRIPTION Adjustment 7-79 + 200 3-79 _ DESCRIPTION AdjJstn LoeatiOn aY -fair av -fair . j + 500 avq-fair 3-79 + q av -fair ste/view 75 FF 50 FF +2,000 50 FF 1 +2,000 150 FF +2 Design and Appeal Wood comp woo com as com as com Ouality. of Cont. fai r - poor av 1.-3,000 -3 000 av , -3 000 , av I -3,C i1Qe 35 ears. 35 ears 35 ears 25 years ,Condition fair i av -ood + -4 50D ood -5 500 dv -ood t -4.5 Living Area Room Total I B-rms I Baths 7 ' 3 Total . a-rms BathsTotal . B•rms t Baths 1 Total # B nna t Baths Count and Total Gross Living Area 2 8 , 4 2 1551 Sq.Ft.1 1598 1- 400 4 2 1 '+'I,000 11140 +3.300 4 , 2 : 1 s +1",0 1098 Basement s esmt. none _Scj.Ft. 2 houses -799. s .Ft: Ft. +3' 6 I Finished Rooms ►.none SQ .ft. each f none { I Functional atilt av avg av9 I ava Aa rnn,r..in..:nn In s nuuw Cvau n w -i nnnw avan a ta-i nAn . ..r I--v---r_— — Ga.,ra a/Ca. Port none none ---- _- -—•. et. av9 , ntnuvrt IUva I -(good)- I , Porches. Patio, smallIsmailsmallsmall I Pools. etc. I t , , Other fs.g. fue• I places. kitchen oquip•• heating. space heat flr.furnace ; - 300 flr.furnace ; - 300 flr.furnace 1 - 31 remodeling) , 6 Sales or Financing 1 Asset. � Personal j Cash C ` s i I ain Ouse- sq. t. ;+8,000 Net Ad).,ITotti) Plus Minus .3 2,000 Plus Minus tS I 600 Plus Minus Indicated Value i of Subject ;s 29,500 �s 27,900 �s 24,7IL! 'Comments on Market Data Greater weight is given to sales #2 and #3 due to the existence of large apartments on these properties. Sale #1 gives reasonable support to the indicated value by market data approach fun. TE=1.. . . . . s 27,000 Final Reconciliation: The narket a roach is allowed a large de ree of credence in the final value conclusion. a cost approachinvolves a rather extensive depreciation estimate due to age _ and condition. The income approach --is also given a great amount of weight due to the data -available an a income producing cepa ty o subject. I ESTIMATE THE MARKEY VALUE, S DEFIN , OF ECT PROPERTY AS OF 10-3 ig79 to be s 6.500 App rafter ( d im • ,. ,o dard, M.A.I. , S.R. P.A. Steve. Shuler, . �+ CU RRENT.OWNERSHIP DATA DATE: 12-9-64 GRANTOR: Estate of Linnie Jane Hodges, Deceased GRANTEE: Arlo M. Shobe BOOK A?ID PAGE: 1018 - 127 SAFE PRICE: $2,925 cash (Stated as an undivided interest) DATE: 12-14-64 GRANTOR: Estate of C. N. Hodges, Deceased GRANTEE: Arlo M. Shobe BOOK AND PAGE: 1018 - 131 SALE PRICE: $2,925 cash (Stated as an undivided h interest) ARBITRARY BREAKDOWN OF FINAL ESTIMATE OF VALUE Land $6,000 Main Structures Nouse 8,000 Duplex 12,150 Landscape 50 Concrete 275 Fence 25 Total $26,500 �u No Text No Text R APPRAISAL CERTIFICATE The undersigned does hereby certify that, except as otherwise noted in this appraisal report: 1.. I`have no present or contemplated future interest in the real estate that is the subject of this appraisal report. 2.- I have no personal interest or bias with respect to the subject. - matter of this appraisal report or the parties involved. -3. To the best of my knowledge and belief the statements of fact contained in this appraisal report, upon which the analysis, opinions and conclusions expressed herein are based, are true and correct. - 4. This appraisal report sets forth all of the limiting conditions (imposed by the terms of my assignment or by the undersigned) affecting the analysis, opinions and conclusions contained in this report. 5. This appraisal report has been made in conformity with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the American Institute of Real Estate Appraisers of the National Association*of Real Estate Boards. 6. No one other than the undersigned prepared the•analysis, conclu- sions and opinions concerning real estate that are set.forth in this appraisal report. J� J. d, M.A.L.S.R.P.A. Steve Shuler, S.R.A. DEFINITION OF MARKET VALUE The term "market value," as used in this appraisal, is defined. in the book entitled REAL ESTATE APPRAISAL TERMINOLOGY, first printing, 1975, on page 137 as follows: The highest price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, 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 sellertobuyer under conditions whereby: 1. Buyer and seller -are typically motivated. 2. Doth parties are well informed or well advised, anJ each acting in -what he considers his own best interest. 3. A reasonable time is allowed for exposure in the open market. 4. Payment is made in cash or its equivalent. 5. Financing, if any, is on terms generally available in the community at the specified date and typical for the property type. in its locale. 6. The price represents a normal consideration for the property sold unaffected by special financing amounts and/or terms, services, fees, costs, or credits inourred in the transaction: ASSUMPTIONS AND LIMITING CONDITIONS The appraiser assumes: 1. That the legal description furnished is correct, 2. That the title to the property is good. 3. That the property is free and clear of all liens. 4. That the property will be properly maintained. This reportissubmitted'to the following limiting conditions; 1. That no guarantee is made as to correctness of estimates or opinions furnished by others and used in making this appraisal. 2. That no liability is assumed on account of inaccuracies or errors in such estimates or opinions. 3. That no liability is assumed on matters of a legal character affecting the property, such as title defects, over -lapping boundaries, etc. and no right to expert testimony unless adequate arrangements for fees are made. 4. Engineering survey furnished is assumed to be correct. 5. The value estimated in this report is subject to the satin - factory completion of the proposed improvements.in accordance with the plans and specifications furnished. - 6. The appraisal fee is not, in any sense, contingent upon anything other than delivery of this report. No Text