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

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4 Uniform Residential Appraisal Report File# BAG 180 There are N/A comparable properties currently offered for sale in the subject neighborhood ranging in price from $ N/A to$ N/A There are N/A comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ N/A to$ N/A FEATURE I SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE#3 Address 503 Brandywine Rd 613 Yorktown Dr 607 Yorktown Dr 403 Yorktown Dr Chapel Hill NC 27516 Chapel Hill NC 27516 Chapel Hill NC 27516 Chapel Hill NC 27516 Proximity to Subject 0.08 miles SW 0.10 miles S 0.33 miles E Sale Price $ $ 321,445 $ 270,000 $ 310,000 Sale Price/Gross Liv.Area $ sq.ft. $ 156.34 sq.ft. $ 153.58 sq.ft. $ 140.21 sq.ft. Data Source(s) TMLS#2197109 TMLS#2177653 TMLS#2196389 Verification Source(s) Broker/Tax Rec/Site Broker/Tax Rec/Site Broker/Tax Rec/Site VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +()$Adjustment DESCRIPTION +()$Adjustment DESCRIPTION +()$Adjustment Sales or Financing Conv-None Cash-Seller Pd -6,100 Conv-None Concessions Known Concessions Known Date of Sale/Time Clsd:07/2018 Clsd:04/2018 +5,000 Clsd:08/2018 Location Heritage Hills Heritage Hills Heritage Hills Heritage Hills Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Site .49 ac/FldPlain .52 ac/Super. -48,000 .48 ac/Super. -41,000 .48 ac/Super. -47,000 View Residential Residential Residential Residential Design(Style) S ItLvl/Av S ItLvl/Av S ItLvl/Av S ItLA/Av Quality of Construction Average Average Average Average Actual Age 47 46 048 052 0 Condition Avera a Avera a Avera a Avera e Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count 8 4 2.1 9 4 2.1 0 9 1 4 3.0 -4,000 10 4 2.1 0 Gross Living Area 1,860 sq.ft. 2,056 sq.ft. -7,800 1,758 sq.ft. +4,1100 2,211 sq.ft. -14,000 Basement&Finished Osf Osf Osf Osf Rooms Below Grade Functional Utility Average Average Average Average Heating/Cooling FWA/CAC FWA/CAC FWA/CAC FWA/CAC Energy Efficient Items Storm Windows Similar 0 Similar 0 Similar 0 Garage/Carport 1 Car Garage No Garage +5,000 1 Car Garage No Garage +5,000 Porch/Patio/Deck Pch Pat ScrPch St Patio Deck +4000 Porch Patio +5,000 Porch Patio Dk +3,000 • Extras 1 Fireplace 1 Fireplace No Fireplace +2,000 1 Fireplace Extras Attic/PDS Similar 0 Similar 0 Similar 0 Extras Fence None +2,000 None +2,000 None +2,000 • Net Adjustment(Total) E1 + ® - $ -44,800 ❑ + ® - $ -33,000 ❑ + ® - $ -51,000 Adjusted Sale Price Net Adj. 13.9% Net Adj. 12.2% Net Adj. 16.5% of Comparables I Gross Adj. 20.8%1$ 276,645 Gross Adj. 25.6% $ 237,0001 Gross Adj. 22.9% $ 259,000 1 ® did ❑ did not research the sale or transfer history of the subject property and comparable sales.If not,explain My research ❑ did ® did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data Source(s) Orange County Tax Records My research ❑ did ® did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale. Data Source(s) Orange County Tax Records/MLS Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales(report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE#3 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) -Orange County Tax Record Orange County Tax Record Orange County Tax Record Orange County Tax Record Effective Date of Data Source(s) 03/16/2023 03/16/2023 03/16/2023 03/16/2023 Analysis of prior sale or transfer history of the subject property and comparable sales The current owners purchased the sub'ect property in May 2013 per Orange County Tax Records.There have been no known listing or sales transactions on the sub'ect property within the past three years. Summary of Sales Comparison Approach The four sales are all located in the sub'ect subdivision and are considered the most recent similar sales available.The time ad'ustments reflect the increasing marketinq conditions in the sub'ect area and reflect an approximate one percent per quarter over the past year.The site ad'ustment reflects the sub'ect property being in a flood plain zone with flood insurance needed.The design ad'ustments reflect the market's preference for ranch and two story style dwellings.The indicated value range is considered reasonable with all sales given consideration reasonable with all sales given consideration. Indicated Value by Sales Comparison Approach$ 260,000 Indicated Value by:Sales Comparison Approach$ 260,000 Cost Approach(if developed)$ Income Approach(if developed)$ The Sales Comparison Approach is considered to be the best indicator of market value.The Income Approach was not utilized due to lack of rental properties in the area.The purpose of this appraisal report is to estimate the value of the sub'ect property as of 09/12/2018.The sub'ect propertywas inspected on 03/16/2023. This appraisal is made ® "as is", ❑ subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, ❑ subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or ❑ subject to the • following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is $ 260,000 ,as of 09/12/2018 which is the date of inspection and the effective date of this appraisal. Freddie Mac Form 70 March 2005 Page 2 of 6 Fannie Mae Form 1004 March 2005 Form 1004-"TOTAL"appraisal software by a la mode,Inc.-1-800-ALAMODE