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TO BE COMPLETED BY LENDER

NEIGHBORHOOD

APPRAISAL REPORT - RESIDENTIAL INCOME PROPERTY

This Form may be used for appraisal of income producing properties provided the loan request does not exceed $750,000.

W.C. Lewis & Associates

Borrower/Client

File No.

Property Address

Map Reference

City

County

State

Zip Code

Census Tract

Legal Description

Current Sale Price (if applicable) $

Date of Sale

Loan Requested $

Terms of Sale

Property Rights Appraised

Fee

Leasehold (attach completed Lease Analysis FHLMC Form 461)

Lender

Lender's Address

Instruction to Appraiser: The purpose of this Appraisal is to estimate the current Market Value of the Subject Property. The Definition of Market Value is as set forth in Certification And Statement Of Limiting Conditions (FHLMC 439)

Note: FHLMC/FNMA do not consider the racial composition of the neighborhood to be a relevant factor and it must not be considered in the appraisal.

Other Information

Appraisal requested from

Date

Items 1, 2, 4, 5 & 6 are required. Attach additional items and check box if items are considered appropriate for this appraisal or are requested by Lender.

Descriptive photographs of subject property

Map(s)

Descriptive photographs of street scene

Plot plan or survey

Photographs of

Qualifications of Appraiser

Sketch or floor plan of typical units

10.

Lease Analysis FHLMC Form 461 (required if leasehold interest appraised)

Owner's current certified rent roll if existing, or

11.

Summary of reciprocal agreements with other owners for use of parking,

pro forma if proposed or incomplete

driveways, recreational facilities, private streets, (required if applicable)

Owner's

income and

expense

statement

, or

12.

pro forma income and expense statement

13.

Location

Urban

Suburban

Rural

OVERALL RATING

Good Avg.

Fair Poor

Built-up

Over 75%

25% to 75%

Under 25%

Employment Stability

Present land use

% Condominiums

% 1-Family

% Apartments

Adequacy of Utilities

% Commercial

Convenience of Schools

Change in present land use

Not Likely

Likely (*)

Taking Place (*)

Police and Fire Protection

(*) From

Recreational Facilities

Property values

Increasing

Stable

Declining

Property Compatibility

Housing demand/supply

In Balance

Shortage

Oversupply

Protection from Detrimental Conditions

Predominant occupancy

Owner

Tenant

% Vacant

General Appearance of Properties

Condominium:

Price Range

to $

Predominant $

Appeal to Market

Age

yrs. to

yrs. Predominant

yrs.

Distance

Access or

Convenience

Single Family:

Price range

to $

Predominant $

Public Transportation

Age

yrs. to

yrs. Predominant

yrs.

Employment Centers

Typical apartment:

Type

No. Stories

Shopping Facilities

No. Units

Age

yrs. Condition

Grammar Schools

Rent Levels:

Increasing

Stable

Declining

Freeway Access

Estimated neighborhood apartment vacancy rate

Decreasing

Stable

Increasing Rent Controls

Yes (comments on page 4 if yes)

Describe any incompatible land uses and overall property appeal and maintenance level

Describe any oversupply of units in area by type and rental

Describe any shortage of units in area by type and rental

Describe potential for additional units in area considering land availability, zoning, utilities, etc.

Is population of relevant market area of insufficient size, diversity an financial ability to support subject property and its amenities?

If yes, specify.

Describe any probable changes in the economic base of neighborhood which would favorably or adversely affect apartment rentals (e.g. employment centers, zoning)

General comments including either favorable or unfavorable elements not mentioned (e.g. public parks, view, noise, parking congestion)

Dimensions

Area

Sq. ft. or Acres

Zoning (classification, uses and densities permitted)

Present improvements

do not conform to zoning regulations

Highest and best use

Present use

Other (specify)

Public

Comm.

Individual

Street

Public

Private

Ingress and Egress (Adequacy)

SITE

Electricity

Surface

Topography

Gas

Storm Sewer

View Amenity

Water

Curb & Gutter

Drainage and Flood Conditions

Sidewalk

Alley

Sanitary Sewer

Sep. Tnk.

Underground Electricity & Telephone

Street Lights

Is the property located in a HUD Identified Special Flood Hazard Area?

COMMENTS (including any easements or encroachments or any nonconforming use(s) of present improvements)

FHLMC Form 71B-Rev 8/77

ClickFORMS Real Estate Appraisal Software by Bradford Technologies (800) 622-8727

Page 1

DESCRIPTION OF IMPROVEMENTS

Existing Approx. Year Built

Proposed

Under Construction

Elevator

Walk-up

No. of Stories

Row or Townhouse

No. of Bldgs.

No. of Units

No. of Rooms

No. of Baths

Parking Spaces: No.

Type

Basic Structural System

Exterior Walls

Roof Covering

Interior Walls

Floors

Bath Floor and Walls

Insulation

Adequacy

Adequacy and Sound proofing

Heating:

Central

Indivd.

Type

Fuel

Condition

Air Conditioning:

Central

Indivd.

Describe

Adequacy and Conditioning

Elevator(s): Number

Automatic

Adequacy and Conditioning

Security Features

Kitchen cabinets, drawers and counter space

Adequate

Inadequate

OVERALL PROPERTY RATING

Good Avg. Fair Poor

Range/Oven

Fan/Hood

Dishwasher

Disposal

General appearance of property

Refrigerator

Washer

Dryer

Quality construction (materials and finish)

Condition of improvements

Hot Water Heater(s)

Plumbing Fixtures

Rooms size and layout

Electrical Service

Closets and storage

Recreational Facilities

Plumbing-adequacy and condition

Electrical-adequacy and condition

Amenities and parking facilities

Appeal to Market

Effective Age

Yrs. Estimated Remaining Economic Life

Yrs.

COMMENTS: (Special features, functional or physical inadequacies, repairs needed, modernization, etc.)

COST APPROACH

COMPARABLE RENTAL DATA

MONTHLY RENT SCHEDULE SUBJECT

LAND SALES (complete ONLY if appropriate for this appraisal)	Zoning	Area	Sales Price	Date	Price per Sq. Ft. or per Unit
1.			$	$	Per
2.			$	$	Per
3.			$	$	Per

Comments & Reconciliation

Estimated Land Value

APARTMENT BUILDING(S)-ESTIMATED REPRODUCTION COST NEW

Sq. ft. x

(Stories) =

Sq. ft. x $

Sq. ft. x

(Stories) =

Sq. ft. x $

Sq. ft. x

(Stories) =

Sq. ft. x $

OTHER IMPROVEMENTS

TOTAL ESTIMATED COST NEW OF IMPROVEMENTS

LESS DEPRECIATION

DEPRECIATED VALUE OF IMPROVEMENTS

ADD-ESTIMATED LAND VALUE

INDICATED VALUE BY THE COST APPROACH (IN FEE SIMPLE)

IF LEASEHOLD DEDUCT VALUE OF FEE INTEREST (ATTACH CALCULATIONS)

INDICATED VALUE BY THE COST APPROACH (LEASEHOLD)

ITEM

COMPARABLE NO. 1

COMPARABLE NO. 2

COMPARABLE NO. 3

Address

Proximity to subj.

Rental survey date

Brief

No. Units

No. Vacant Age

Yrs No. Units

No. Vacant Age

Yrs No. Units

No. Vacant

Age

Yrs

description

of property

improvements

Rm. Count

Size

Monthly Rent

Rm. Count

Size

Monthly Rent

Rm. Count

Size

Monthly Rent

Tot

BR b

Sq. Ft.

Tot BR b

Sq. Ft.

Tot BR b

Sq. Ft.

Individual

unit

breakdown

Utilities, furn- iture and amenities in- cluded in rent

Comparison

to subject

including rental

concessions,

if any

Utilities included in actual rents:

Water

Gas

Heat

Electric

Air Conditioning

Utilities included in forecasted rents:

Water

Gas

Heat

Electric

Air Conditioning

Unit Rm Count

Sq Ft

No.

ACTUAL RENTS

FORECASTED RENTS

No.of

Total

Area

Units

Per Unit

Total

Per Unit

Total

Per

Units Tot. BR b

Rooms

Per Unit

Vacant Unfurnished

Furnished

Rents

Unfurnished

Furnished

Rents

Sq. Ft. or Room

¢ $

TOTAL

FHLMC FORM 71B - Rev 8/77

ClickFORMS Real Estate Appraisal Software by Bradford Technologies (800) 622-8727

Page 2

ITEM

SUBJECT

COMPARABLE NO. 1

COMPARABLE NO. 2

COMPARABLE NO. 3

Address

Proximity to subject

Map code

Lot size

Brief description of

No. Units:

No. Vac.

No. Units:

No. Vac.

No. Units:

No. Vac.

No. Units:

No. Vac.

building

Year Built:

improvements

Quality

Condition

Recreational facilities

Gross Building Area

Parking

Tenant appeal

No. of

UNIT ROOM COUNT

No. of

UNIT ROOM COUNT

No. of

UNIT ROOM COUNT

No. of

UNIT ROOM COUNT

Units

Total

Bath

Units

Total

Bath

Units

Total

Bath

Units

Total

Bath

Unit

APPROACH

Util. paid by owner

breakdown

MARKET

Sale-Listing-Offer

Data source

Price

Unf.

Date of sale

Terms

(including conditions

of sale and

financing terms)

Complete as many of the following items as possible using data effective at time of sale

Gross annual income

Gross Ann. Inc. Mult. (1)

Net annual income

Expense Percentage (2)

Overall Cap. Rate (3)

Price per unit

Price per room

Price gross bldg. area

/sq. ft. bldg.area

(1) Sale Price ÷ Gross Annual Income (2) Total Annual Expenses ÷ Total Gross Annual Income (3) Net Annual Income ÷ Price

RECONCILIATION:

INDICATED VALUE BY MARKET APPROACH $

INCOME

EXPENSES

ACTUAL

FORECASTED

Total Monthly Apartment Forecasted Rents

Real Estate Taxes*

Other Monthly Income (itemized)

Other taxes or licenses

Insurance

Total Gross Monthly Forecasted Income

Unsubordinated ground rent

Total Gross Annual Forecasted Income

Fuel

Less Forecasted Vacancy and Collection Loss (

$ (

)

Gas

Effective Gross Annual Income

Electricity

Less Forecasted Expenses & Replacement Reserves

$ (

)

Water and sewer

Net Annual Income from Total Property

Trash removal

APPROACH

Less Return on and Recapture of Depreciated Value of

Pest control

Furnishings ($

$ (

)

Maintenance and repairs

Interior and exterior decorating

Net Annual Income from Real Property

Capitalized as follows:

Cleaning expenses and supplies

INCOME

Management (Off-site)

Res. Mgr. salary & apartment

Janitor(s) salary & apartment

Miscellaneous

*Real Est. Taxes

Actual

Est. Tax Rate Per $100 $

Total Assessed Value $

REPLACEMENT RESERVES

Comments:

Carpeting and drapes

Ranges and refrigerators

Dishwashers and disposals

Individual heating & AC units

TOTAL EXPENSES & REPL. RES.

INDICATED VALUE

BY INCOME

APPROACH $

FHLMC Form 71B-Rev 8/77

ClickFORMS Real Estate Appraisal Software by Bradford Technologies (800) 622-8727

Page 3

GENERAL COMMENTS (Including comments on any items rated poor or fair)

CONDITIONS AND REQUIREMENTS OF APPRAISAL (include required repairs, replacements, painting, termite inspections, etc.)

RECONCILIATION AND	VALUE CONCLUSION
Indicated Value by the Cost Approach	$
Indicated Value by the Market Approach	$
Indicated Value by the Income Approach	$

FINAL RECONCILIATION

I certify, that to the best of my knowledge and belief, the statements made in this report are true and I have not knowingly withheld any significant information;

that I have personally inspected subject property, both inside and outside, and have made an exterior inspection of all comparable sales listed herein; that I have no interest, present or contemplated, in subject property or the participants in the sale; that neither the employment nor compensation to make said appraisal is

contingent upon any value estimate; and that all contingent and limiting conditions are stated herein. Certification and Statement of Limiting Conditions

(FHLMC Form 439 Rev. 9/75) applies ( on file with Client Attached).

As a result of my investigation and analysis, my estimate of Market Value of the subject property as of

Date

Appraiser

Cal Lewis, Cert. General Appraiser

If applicable, complete the following

Date

Appraiser

Date

Supervising or

Review Appraiser

Did

Did Not Physically Inspect Property

FOR

LENDER'S USE

ONLY (completion optional)

Loan Recommended $

Term

yrs. Principal & Interest $

/mo. $

/annually

Subject to:

Borrower's Cost or Purchase Price $

Appraised Value $

Loan to Appraised Value

Loan: Per Unit $

Per Room $

Per Sq. Ft. of Building Area $

Gross Annual Forecasted Income $

Gross Annual Income Multiplier

Overall Capitalization Rate

Forecasted Annual Expenses and Replacement Reserves $

(

% of Gross Annual Forecasted Income)

Break-even Point (this loan): (Annual Exp. & RR $

+ Annual P & I pymts. $

) ÷ (Gross Annual Income $

(All financing) : (Annual Exp & RR $

+ Annual P & I pymts. for all financing $

) ÷ (Gross Annual Inc. $

Borrower's Return on Appraised Equity

(Net Annual Inc. $

(-) Annual P & I pymts $

) = $

(1)

(Appraised Value $

(-) Loan Amt. $

) = $

(2)

(1) ÷ $

(2) =

Comments or Committee Action

FHLMC Form 71B-Rev. 8/77

ClickFORMS Real Estate Appraisal Software by Bradford Technologies (800) 622-8727

Page 4

Question	Answer
Form Name	71B Rev Appraisal Form
Form Length	4 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	1 min
Other names	multi family appraisal spreadsheet, fhlmc 71b, fhlmc 71b form, 71b form download

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