Agenda - 06-06-2023; 8-r - Hurricane Florence Hazard Mitigation Property Acquisition Authorization

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Deborah Vaughan 3 Uniform Residential Appraisal Report File# BAG 180 The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property. Property Address 503 Brandywine Rd City Chapel Hill State NC Zip Code 27516 Borrower Michele L.and Adam S. English Owner of Public Record Michele L.and Adam S. English County Orange Legal Description P/O 11 &12 BL O Sec 3 Heritage Hills Subdivision PB 15/179 Assessor's Parcel# 9777206348 Tax Year 2018 R.E.Taxes$ 2,816 Neighborhood Name Heritage Hills Map Reference 51508 Census Tract 0107.10 Occupant ® Owner ❑ Tenant ❑ Vacant Special Assessments$ 0 ❑ PUD HOA$ O ❑ per year ❑ per month Property Rights Appraised X Fee Simple ❑ Leasehold ❑ Other(describe) Assignment Type ❑ Purchase Transaction ❑ Refinance Transaction ® Other(describe) Estimate market value as of 09/12/2018 Lender/Client Heather Apgar,CFMT Address 6 Century Drive Suite 300 Parsippany, NJ 07054 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? ❑ Yes ® No Report data source(s)used,offering price(s),and date(s). Tax Records The current owners purchased the subject property in May 2013 for$200,000 per Orange County Tax Records. I ❑ did ❑ did not analyze the contract for sale for the subject purchase transaction.Explain the results of the analysis of the contract for sale or why the analysis was not performed. Contract Price$ Date of Contract Is the property seller the owner of public record? ❑Yes ❑No Data Source(s) 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? ❑ Yes ❑ No If Yes,report the total dollar amount and describe the items to be paid. Note:Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood Characteristics One-Unit Housing Trends 16 One-Unit Housing Present Land Use% Location ❑ Urban ® Suburban ❑ Rural Property Values ® Increasing ❑ Stable ❑ Declining PRICE AGE One-Unit 65% Built-Up ❑ Over 75% ® 25-75% ❑ Under 25% Demand/Supply X Shortage ❑ In Balance ❑ Over Supply $(000) (yrs) 2-4 Unit % Growth ❑ Rapid ® Stable ❑ Slow Marketing Time ® Under 3 mths ❑ 3-6 mths ❑ Over 6 mths 150 Low 0 Mufti-Family % Neighborhood Boundaries The subject boundaries are defined as Highway 54 to the North Mt Carmel 1,300 High 45 Commercial 5% Church Road to the East Manns Chapel Road to the South and Jones Ferry Road to the West. 490 Pred. 12 Other Vac 30% Neighborhood Description The subject property is located in the Heritage Hills Subdivision off Smith Level Road in Southern Chapel Hill NC.The sub'ect is located in an established subdivision offering single family detached dwellings built from 1965 to the 1970's.The subdivision is located in close proximity to Highway 15-501 University of North Carolina at Chapel Hill schools shopping and employment. Market Conditions(including support for the above conclusions) The subject's marketing area offersgood appeal and demand. Due to current market supply and overall economy,the growth rate and property values have tended to improve. Dimensions See attached plat map Area .49 ac Shape Irregular View Residential Specific Zoning Classification RB Zoning Description Rural Buffer Zoning Compliance ® Legal ❑ Legal Nonconforming(Grandfathered Use) ❑ No Zoning ❑ Illegal(describe) Is the highest and best use of subject property as improved(or as proposed per plans and specifications)the present use? ® Yes ❑ No If No,describe Utilities Public Other(describe) Public Other(describe) Off-site Improvements-Type Public Private Electricity ® ❑ Water ® ❑ Street Asphalt ® ❑ Gas X ❑ Sanitary Sewer ® ❑ Alley None ❑ ❑ FEMA Special Flood Hazard Area ® Yes ❑ No FEMA Flood Zone AE FEMA Map# 37135C9777K FEMA Map Date 11/17/2017 Are the utilities and off-site improvements typical for the market area? X Yes ❑ No If No,describe Are there any adverse site conditions or external factors(easements,encroachments,environmental conditions,land uses,etc.)? X Yes ❑ No If Yes,describe The subject property is located in a 100 Year Flood Plain zone.There is a creek at the rear and right side of property.There were no adverse easements or encroachments observed on subject site.An accurate survey is recommended. General Description Foundation Exterior Description materials/condition Interior materials/condition Units ® One ❑ One with Accessory Unit ® Concrete Slab ® Crawl Space Foundation Walls Cnc/Brk/Blk-Av Floors HW/Tile/Vin I-Av #of Stories 3 ❑ Full Basement ❑ Partial Basement Exterior Walls BV/Cedar-Avg Walls DW-Avg Type ® Det. ❑ Att. ❑ S-Det./End Unit Basement Area O sq.ft. Roof Surface As hSh I-Av Trim/Finish Wood-Avg ® Existing ❑ Proposed ❑ Under Const. Basement Finish % Gutters&Downspouts Aluminum-Avg Bath Floor Tile-Avg Design(Style) SpItl_vI/Avq Outside Entry/Exit ❑ Sump Pump Window Type DH-Avq Bath Wainscot Tile-Avg Year Built 1976 Evidence of ❑ Infestation Storm Sash/insulated Yes/Yes-Avg Car Storage ❑ None Effective Age(Yrs) 20 ❑ Dampness ❑ Settlement Screens Yes-Avg ® Driveway #of Cars 1 Attic ❑ None Heating ® FWA JE HWBB ❑ Radiant Amenities ❑Woodstove(s)# 0 Driveway Surface Concrete ® Drop Stair ❑ Stairs ❑ Other I Fuel Gas ® Fireplace(s)# 1 ® Fence Rear ® Garage #of Cars 1 ❑ Floor ❑ Scuttle Cooling X Central Air Conditioning ® Patio/Deck Patio X Porch Front ❑ Carport #of Cars 0 ❑ Finished ❑ Heated ❑ Individual ❑ Other ❑ Pool None ® Other ScrPch IX Att. ❑ Det. ❑ Built-in Appliances ❑ Refrigerator ® Range/Oven ® Dishwasher ® Disposal ® Microwave ❑ Washer/Dryer ❑ Other(describe) Finished area above grade contains: 8 Rooms 4 Bedrooms 2.1 Bath(s) 1 860 Square Feet of Gross Living Area Above Grade . Additional features(special energy efficient items,etc.). FrontPorch; hardwood floors; masonry fireplace on lower level;tile floorin •stainless steel appliances;attached one car garage;screenporch;patio; partially fenced rear yard. Describe the condition of the property(including needed repairs,deterioration,renovations,remodeling,etc.). See attached addendum for updates to subject property.The subject property offers a split level design with all three floors included in the totalsquare footage. Are there any physical deficiencies or adverse conditions that affect the livability,soundness,or structural integrity of the property? ❑ Yes X No If Yes,describe Does the property generally conform to the neighborhood(functional utility,style,condition,use,construction,etc.)? ® Yes ❑ No If No,describe Freddie Mac Form 70 March 2005 Page 1 of 6 Fannie Mae Form 1004 March 2005 Form 1004-"TOTAL"appraisal software by a la mode,Inc.-1-800-ALAMODE