Form 71A – Fill Out and Use This PDF

The 71A form is essential for individuals involved in the Freddie Mac Appraisal process, focused on residential income properties. It encompasses a thorough description and analysis of the property, including identification details, current market value estimations, property condition, neighborhood assessments, and a comprehensive expense and income forecast. The form serves as a standardized tool for appraisers to deliver consistent, detailed appraisals to lenders and clients, ensuring informed and prudent investment decisions. For a seamless experience in filling out your 71A form, click the button below.

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Form 71A PDF Details

The Freddie Mac Form 71A is a comprehensive appraisal report designed for residential income properties. This document serves a crucial role in the real estate and mortgage industries by providing an in-depth analysis of a property's value, factoring in its income-generating potential. It includes an array of vital information beginning with the property identification that encompasses the borrower or client details, property address, and legal description, alongside the current sale price if applicable, and the requested loan details. The form delves deep into the property's characteristics, including the type of property rights being appraised, which could be fee simple or leasehold, and requires a thorough ground lease analysis if the latter. The core objective outlined in the instructions to the appraiser is to estimate the current market value of the subject property, abiding by a clear definition of market value that emphasizes a fair sale without external undue stimulus. The form strictly prohibits any consideration of the racial composition of the neighborhood in the appraisal process, aligning with fair housing and lending laws. Additionally, the document prompts appraisers to attach relevant attachments, including photographs, maps, rent rolls, income, and expense statements to provide a holistic view of the property's financial standing and physical condition. Other sections cover the neighborhood and marketing area's details, site and improvement descriptions, cost approach valuations, and comparable rental data, all aiming to culminate in an accurate estimation of the property’s market value.

Question	Answer
Form Name	Form 71A
Form Length	8 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	2 min
Other names	fhlmc 71a, 71a form, form 71a101, form 71a

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FREDDIE

MAC

Appraisal Report Residential Income Property

PROPERTY IDENTIFICATION	File No. ______________________
Borrower/Client_____________________________________________________________________________	Map Reference_________________
Property Address ___________________________________________________________________________	Census Tract No. _______________

City ___________________________________________ County ________________ State _______	Zip Code ______________________

Legal Description___________________________________________________________________________________________________________

________________________________________________________________________________________________________________________

Current Sale Price (if applicable) $ ____________________ Date of Sale ___________________________ Loan Requested $ _________________

Terms of Sale _____________________________________________________________________________________________________________

Property Rights Appraised:

Fee

Leasehold (attach completed Ground Lease Analysis Freddie Mac Form461)

Lender ___________________________________________________ Lender's Address ______________________________________________

Instructions to Appraiser: The purpose of this Appraisal is to estimate the current Market Value of the Subject Property. The definition of Market Value is 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 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. ("Real Estate Appraisal Terminology," published 1975).

Note: Freddie Mac does 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 __________, ____ By ___________________________________________

ATTACHMENTS

If this Appraisal is made for Freddie Mac, attach items 1, 2, 5, 6, and 7. Attach additional items and check box if considered appropriate for this Appraisal.

1.	Descriptive photographs of subject property	8.	Map(s) ________________________________________________________
2.	Descriptive photographs of street scene	9.	Plot plan or survey
3.	Photographs of ________________________________	10.	Qualifications of Appraiser
4.	Aerial photograph	11.	Ground Lease Analysis Freddie Mac Form 461 (required if leasehold interest
			appraised)
5.	Sketch or floor plan of typical units	12.	Summary of reciprocal agreements with other owners for use of parking,
6.	Owner's current certified rent roll if existing or,		driveways, recreational facilities, private streets (required if applicable)
	pro forma if proposed or incomplete	13.	______________________________________________________________
7.	Owner's income and expense statement ______ (year)	14.	______________________________________________________________
	or pro forma income and expense statement	15.	______________________________________________________________

SUMMARY OF SALIENT FEATURES

TOTAL NUMBER OF APARTMENT UNITS					_____________
CONSTRUCTION:	Existing Property, Approx. Year Built ________	Proposed Construction	Under Construction
DATE OF APPRAISED VALUE					_____________
ESTIMATED MARKET VALUE (Unfurnished) (SEE PAGE 8 FOR CONDITIONS AND REQUIREMENTS)				$	_____________
Value: Per Unit	$_____________ , Per Room $_____________ , Per Sq. Ft. of Building Area $_____________
GROSS ANNUAL INCOME MULTIPLIER					_____________
OVERALL CAPITALIZATION RATE					_____________%
FORECASTED GROSS ANNUAL ECONOMIC INCOME
				$	_____________
VACANCIES: Actual No. Vacant __________ Percentage of Total Units__________%
Projected Percentage of Forecasted Gross Annual Economic Income __________%				$	_____________
FORECASTED ANNUAL EXPENSE AND REPLACEMENT RESERVES (______% of Forecasted Gross Annual Economic Income)				$	_____________
FORECASTED NET ANNUAL INCOME FROM REAL PROPERTY				$	_____________
PARKING RATIO					____spaces/unit

SUMMARY OF NEIGHBORHOOD AND PROPERTY

Neighborhood	Good	Aver.	Fair	Poor

Employment Stability of Immediate Location

Convenience to Employment Centers

Protection from Detrimental Conditions

Adequacy of Shopping Facilities

Adequacy of Public Transportation

Adequacy of Utilities

Police and Fire Protection

Recreational Facilities

Property Compatibility

General Appearance of Properties

Appeal to Market

Property	Good	Aver.	Fair	Poor

Architectural Attractiveness

Landscaping

Quality of Construction (Materials & Finish)

Condition of Exterior

Condition of Interior

Room Size and Layout

Closets and Storage

Light and Ventilation

Overall Livability

Compatibility to Neighborhood

Overall Appeal and Marketability

Freddie Mac Form 71A (04/2004), Page 1 of 8

						AREA DATA
The	City	County	Area	population is approximately _____________________________________________________________________
Population:		Increasing ______% per year			Stable	Decreasing _______% per year

Describe the economic base which contributes a major influence on the stability of real estate _________________________________________________

_____________________________________________________________________________________________________________________________

Discuss employment stability _____________________________________________________________________________________________________

_____________________________________________________________________________________________________________________________


Rent Control:	Yes	No. Comment _________________________________________________________________________________________
Are local government agencies discouraging apartment development?			Yes	No.	Comment ________________________________________

_____________________________________________________________________________________________________________________________

General comments, if applicable ___________________________________________________________________________________________________

_____________________________________________________________________________________________________________________________

NEIGHBORHOOD AND MARKETING AREA


Type:	Urban	Suburban		Rural.	Property Values:		Increasing	Stable	Declining
Present Land Use: Built up_____%. Single Family_____%						Condominiums_____% Apartments_______%			Commercial_______% Industrial_______%
___________________________________ ________%
Change in Present Land Use:			Not Likely	Likely or		Taking Place	From___________________________ to _____________________________

Comment, if applicable___________________________________________________________________________________________________________

_____________________________________________________________________________________________________________________________

Describe overall property appeal and maintenance level ________________________________________________________________________________

_____________________________________________________________________________________________________________________________

Describe any incompatible land uses (if none, so state) ________________________________________________________________________________

_____________________________________________________________________________________________________________________________

Single Family: Price range $_____________ to $______________Predominant $_____________. Age______yrs. to ______yrs. Predominant

Apartments: Predominant range in immediate area (excluding extremes)	Walk-up	Elevator
Number of units in each building	_______________________units	_____________________ units
Age	_______________________years	_____________________ years
Height (number of stories)	_______________________stories	_____________________ stories
Condition	_____________________________	____________________________
Rental range by unit type:
Unit Types: ___________________	$___________________________	$__________________________
___________________	$___________________________	$__________________________
___________________	$___________________________	$__________________________
___________________	$___________________________	$__________________________

Comment on any unusual aspects of the above ranges ________________________________________________________________________________

_____________________________________________________________________________________________________________________________

Est. neighborhood apartment vacancy rate_____%,

Decreasing

Stable

Increasing. Rent Levels are

Increasing

Stable

Describe the unit type(s) by number of bedrooms and rental range that are in the greatest tenant demand ________________________________________

_____________________________________________________________________________________________________________________________

Describe the unit type(s) by number of bedrooms and rental range that are in oversupply _____________________________________________________

_____________________________________________________________________________________________________________________________

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

_____________________________________________________________________________________________________________________________

Describe the unsatisfied demand for additional units in area by type and rental ______________________________________________________________

_____________________________________________________________________________________________________________________________

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

_____________________________________________________________________________________________________________________________

		Access or convenience
Item	Distance from Subject Property	Good	Aver.	Fair	Poor
Public Transportation
Public Transportation
Employment Centers
Employment Centers
Shopping Facilities
Shopping Facilities
Grammar Schools
Grammar Schools
Freeway Access
Freeway Access

Describe any probable changes in the economic base of neighborhood which would either 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) _______________

_____________________________________________________________________________________________________________________________

Freddie Mac Form 71A (04/2004), Page 2 of 8

			SITE
Dimensions__________________________________________________________________ Area _______________________________Sq. Ft. or Acres
Zoning (classification, uses, and densities permitted) __________________________________________________________________________________
_____________________________________________________________________________________________________________________________
____________________________________________________________________ Present improvements						do	do not conform to zoning regulations
Highest and best use:	Present use	Other (specify) ___________________________________________________________________________
_____________________________________________________________________________________________________________________________
Site Improvements:	Public Water	Private Well	Public Sewer	Septic Tank			Storm Sewer	Sidewalk
	Curbs	Gutters	Alley	Street Lights			Electricity	Gas
	Underground Electricity and Telephone		__________________________________________________________________
Access By:	Public Street	Private Road	Street Surface: ______________________________________________________
Maintained By:	Municipality	Private Association (attach summary of Association documents)
Ingress and egress (adequacy and safety)________________________________________					Lot sketch showing lot dimensions, distance to nearest
____________________________________________________________________________					corner and the location of any nearby detrimental conditions.
____________________________________________________________________________					N
Topography, view amenity, lot drainage, flood condition, slopes, etc.____________________					N

____________________________________________________________________________
____________________________________________________________________________
Easements or encroachments on site and off site (if any)_____________________________
____________________________________________________________________________
____________________________________________________________________________
Is the property located within a HUD Identified Special Flood Hazard Area?________
Favorable or unfavorable conditions not mentioned above including any nonconforming use(s)
of present improvements.______________________________________________________
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________

DESCRIPTION OF IMPROVEMENTS

ITEM	DESCRIPTION

Foundation

Basic Structural
System
Exterior Walls

Roof Covering

Interior Walls

Floor Covering

Ceiling Heights of Units	Finished Floor to Finished Ceiling is ____Ft.

Bath Floor and Walls

Insulation

Soundproofing

Heating System,
Central
or Individual & Fuel

Air Conditioning
System, Central or
System, Central or
Individual & Fuel
Individual & Fuel

Hot Water Heater(s)

Built-in Kitchen
Appliances
Appliances

Elevator (No. ______ )

Plumbing Fixtures

Security Features

Construction:	Existing	Approx. Year Built ____________________
	Proposed	Under Construction
Type Project:	Walk-Up	Elevator	Row or Townhouse

Other (Specify)___________________________________________

No. of Bldgs. _________ No. of Stories _________ No. of Units _________

Gross Bldg. Area ________ Sq. Ft. Density________Units per Acre

OVERALL IMPROVEMENT RATING

	Good	Aver.	Fair	Poor
Architectural Attractiveness
Architectural Attractiveness
Quality of Construction
Quality of Construction
Condition of Exterior
Condition of Exterior
Condition of Interior
Condition of Interior
Rooms Size and Unit Layout
Rooms Size and Unit Layout
Kitchen Facilities
Kitchen Facilities
Closets and Storage
Closets and Storage
Soundproofing Adequacy
Soundproofing Adequacy
Insulation Adequacy
Insulation Adequacy
Electrical Service Adequacy
Electrical Service Adequacy

Comment on items rated fair or poor and items not covered above

Effective Age _____ Years. Est. Remaining Economic Life ______ Yrs.

PARKING: Total Spaces __________ In Buildings__________ In Garage (separate) _________ In Carport__________ Open (on-site)__________________

Parking Ratio ____________________ Space(s)/Unit. Discuss parking adequacy and convenience to apartment units ______________________________

____________________________________________________________________________________________________________________________

Driveways, curbing, sidewalks, lighting (adequacy and condition) ________________________________________________________________________

____________________________________________________________________________________________________________________________

Describe recreational facilities ____________________________________________________________________________________________________

____________________________________________________________________________________________________________________________

Describe basement, lobby, garage, laundry and other building items not described above______________________________________________________

____________________________________________________________________________________________________________________________

Comment if any of the above items or other building items are inadequate or are in below average condition_______________________________________

____________________________________________________________________________________________________________________________

Recommended observable repairs: (List repairs, painting, termite treatment, etc., you recommend be made to the improvements to make the property readily marketable; if none, so state.)_______________________________________________________________________________________________

____________________________________________________________________________________________________________________________

General comments, if applicable: __________________________________________________________________________________________________

____________________________________________________________________________________________________________________________

Freddie Mac Form 71A (04/2004), Page 3 of 8

COST APPROACH

LAND VALUE ESTIMATE: (Include comparable land data if available and appropriate for this appraisal)

ITEM

COMPARABLE NO. 1

COMPARABLE NO. 2

COMPARABLE NO. 3

Address or Location

Proximity to subject

Zoning

Dimensions or Size

Shape

Topography

Utilities

Location

Price

Sale–Listing–Offer

Date of Sale

Price per sq. ft. or unit

Comparison to subject

Indicated per sq. ft. or per unit value of subject

Comments and Reconciliation:

	Estimated Land Value: $ _____________________ per ___________________ or $ ______________________
		IMPROVEMENTS–ESTIMATED REPRODUCTION COST NEW
Source of Cost Data: (Optional)		________________________________	Sq. Ft. @ $ ___________	$ _____________________
Source of Cost Data: (Optional)
		________________________________	Sq. Ft. @ $ ___________	$ _____________________
		________________________________	Sq. Ft. @ $ ___________	$ _____________________
		________________________________	Sq. Ft. @ $ ___________	$ _____________________
		________________________________	Sq. Ft. @ $ ___________	$ _____________________
		Carports ________________________	Sq. Ft. @ $ ___________	$ _____________________
		Garage _________________________	Sq. Ft. @ $ ___________	$ _____________________
		Porches, patios, balconies, stairs, etc. _________________________		$ _____________________
		Fences, walls _____________________________________________		$ _____________________
		Paving, walks and lighting ___________________________________		$ _____________________
		Landscaping______________________________________________		$ _____________________
		Recreational facilities _______________________________________		$ _____________________
		_________________________________________________________		$ _____________________
		_________________________________________________________		$ _____________________
		_________________________________________________________		$ _____________________
		_________________________________________________________		$ _____________________
		_________________________________________________________		$ _____________________
		_________________________________________________________		$ _____________________
		_________________________________________________________		$ _____________________
		_________________________________________________________		$ _____________________
		_________________________________________________________		$ _____________________
		Total Estimated Reproduction Cost New of Improvements___________		$ _____________________
		Less Total Depreciation _____________________________________		$ _____________________
		Depreciated Value of the Improvements ________________________		$ _____________________
		Add Estimated Land Value ___________________________________		$ _____________________
		Indicated Value by the Cost Approach (IN FEE SIMPLE)H		$ _____________________
		Rounded to		$

Comments, including explanation of depreciation: _____________________________________________________________________________________

_____________________________________________________________________________________________________________________________

HIf property involves leased land, show calculations for fee interest. _____________________________________________________________________

_____________________________________________________________________________________________________________________________

________________________________________________________________________ Deduct value of fee interest________ $____________________

Indicated Value of Leasehold Interest by the Cost Approach ________________ $

Freddie Mac Form 71A (04/2004), Page 4 of 8

COMPARABLE RENTAL DATA

Comparables selected are the most recent rentals, similar and proximate, known to the undersigned, that a tenant of subject property would have given consideration to renting.

ITEMCOMPARABLE NO. 1COMPARABLE NO. 2COMPARABLE NO. 3 Address or location

Proximity to subject

Map code

Date of rental survey

Brief

No. Units____No. Vac.____Yr. Blt._____

No.Units____No.Vac.______Yr.Blt._____

description

of property

improvements

Quality & condition

Quality:________Condition:___________

Quality:_______Condition:____________

Unit Rm.

Size

Monthly Rent

Unit Rm. Count

Size

Monthly Rent

Unit Rm. Count

Size

Monthly Rent

Count

Tot. BR b

Sq. Ft.

per sq.

Tot. BR b

Sq. Ft.

per sq. ft.

Tot. BR b

Sq. Ft.

per sq. ft.

ft.

Individual

unit

breakdown

Utilities, furniture

and amenities

included in rent

Comparison to subject

General comments (including any rental concessions) if applicable:_______________________________________________________________________

______________________________________________________________________________________________________________________________

MONTHLY RENT SCHEDULE — SUBJECT PROPERTY

Rental schedule is shown by type of units. Scheduled rents are actual rentals for an existing property, or projected rents for a proposed or incomplete building. Economic rents are forecasted rents to indicate the fair market rental the subject units would command if available for rent on the open market.

Unit Rm. Count

Sq. Ft.

No.

SCHEDULED RENTS

ECONOMIC RENTS

No. of

Total

Area

Units

Per Unit

Total

Per Unit

Total

Per

Units

Tot. BR b

Rooms

Per Unit

Vacant

Unfurn.

Furn.

Rents

Unfurn.

Furn.

Rents

Sq. Ft. or Room

çTOTALè

OTHER MONTHLY INCOME

Parking

. . . . . .

. . . . .

. .

. . . . .

$___________ . . . .

. . . . . .

$___________

Laundry Income

. . . . .

. .

. . . . .

$___________ . . . .

. . . . . .

$___________

Commercial Space

. . . . .

. .

. . . . .

$___________ . . . .

. . . . . .

$___________

__________________________ . . .

. . . . .

. .

. . . . .

$___________ . . . .

. . . . . .

$___________

__________________________ . . .

. . . . .

. .

. . . . .

$___________ . . . .

. . . . . .

$___________

Total Gross Monthly Income

. . . . .

. .

. . . . .

$___________ . . . .

. . . . . .

$___________

Total Gross Annual Income

. . . . .

. .

. . . . .

$___________ . . . .

. . . . . .

$___________

Utilities included in scheduled (actual) rents:

Water

Gas

Heat

Electric

Air Conditioning

______________________________

Utilities included in economic rents:

Water

Gas

Heat

Electric

Air Conditioning

______________________________

If proposed project or project under construction, the rent up time necessary, after completion, to lease 80% of the units at the projected economic rents is estimated to be______________months.

Comments (Include any rental concessions in scheduled rents, or anticipated in economic rents; if none, so state.)_________________________________

_____________________________________________________________________________________________________________________________

Freddie Mac Form 71A (04/2004), Page 5 of 8

MARKET APPROACH

The market data selected are the most recent sales of properties, similar and proximate to subject, known to the appraiser, that a buyer of subject property would have given consideration to purchasing. In the absence of actual sales, listings of comparable properties may be used but an explanation must be in-cluded in the "Comments" section below.

ITEM	SUBJECT	COMPARABLE NO. 1	COMPARABLE NO. 2	COMPARABLE NO. 3

Address

Proximity to subject
Map code

Lot size

	No. Units: ____ No. Vac.: ____	No. Units: ____ No. Vac.: ____	No. Units: ____ No Vac.: ____	No. Units: ____ No. Vac: ____

Brief description	Year Built: _______	Year Built: _______	Year Built: _______	Year Built: _______

of building

improvements


Quality

Condition

Recreational facilities

Pool

Parking

Tenant appeal

No. of

UNIT ROOM COUNT

No. of

UNIT ROOM COUNT

No. of

UNIT ROOM COUNT

No. of

UNIT ROOM COUNT

Units

Tot.

Units

Tot.

Units

Tot.

Units

Tot. BR

Unit breakdown

Util. paid by owner

Data source

Price	$	Unf.	F $	Unf.	F $	Unf.	F $	Unf.	F
Sale–Listing–Offer

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	$	/sq. ft. bldg. area	$	/sq. ft. bldg. area	$	/sq. ft. bldg. area

COMMENTS

COMPARISON

TO SUBJECT

VALUE	Indicated Gross Income Multiplier______________X Gross Annual Economic Income $_____________			$ ____________________
INDICATORS	Indicated Value Per Unit $________________X______________Units	. . . . . . . .	. . . . . . . . .	$ ____________________
FOR THE	Indicated Value Per Room $______________X________________Rooms			$ ____________________
SUBJECT	Indicated Value Per Sq. Ft. of Gross Bldg. Area $____________X______________sq. ft. Bldg. Area. .			$ ____________________
PROPERTY	Indicated Overall Capitalization Rate	. . . . . . . .	. . . . . . . . .	__________________%

(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		. . . . . . $ __________________________________
Rounded to	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . $

Freddie Mac Form 71A (04/2004), Page 6 of 8

ANNUAL EXPENSE ANALYSIS

	ITEM	ACTUAL ___ (yr.)	APPRAISER'S	APPRAISER'S CALCULATIONS OR COMMENTS
	ITEM	PROPOSED	FORECAST	APPRAISER'S CALCULATIONS OR COMMENTS
		PROPOSED	FORECAST
FIXED EXPENSES:

				Actual	Est. Total Assessment Value $

1.	Real Estate Taxes - - - - - - - - - - - - - - - - - - - -			% of Value		Tax Rate Per $100 $
		$	$
		$	$
2.	Other taxes or assessments - - - - - - - - - - - - -
3.	Insurance - - - - - - - - - - - - - - - - - - - - - - - - - -
3.
4.	Licenses - - - - - - - - - - - - - - - - - - - - - - - - - - -
4.
5.	Unsubordinated ground rent - - - - - - - - - - - - -
5.	Unsubordinated ground rent - - - - - - - - - - - - -
OPERATIONAL EXPENSES:
OPERATIONAL EXPENSES:

6.	Fuel - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	$	$
7. Gas
7. Gas
8.	Electricity - - - - - - - - - - - - - - - - - - - - - - - - - -
8.
9.	Water & sewer - - - - - - - - - - - - - - - - - - - - - - -
9.	Water & sewer - - - - - - - - - - - - - - - - - - - - - - -
10.	Trash removal - - - - - - - - - - - - - - - - - - - - - - -
10.	Trash removal - - - - - - - - - - - - - - - - - - - - - - -
11.	Pest control - - - - - - - - - - - - - - - - - - - - - - - - -
11.
12.	Building maintenance & repairs - - - - - - - - - - -
12.	Building maintenance & repairs - - - - - - - - - - -
13.	Interior & exterior decorating - - - - - - - - - - - - -
13.	Interior & exterior decorating - - - - - - - - - - - - -
14.	Cleaning expenses - - - - - - - - - - - - - - - - - - - -
14.	Cleaning expenses - - - - - - - - - - - - - - - - - - - -
15.	Supplies - - - - - - - - - - - - - - - - - - - - - - - - - - -
15.
16.	Elevator maintenance - - - - - - - - - - - - - - - - - -
16.	Elevator maintenance - - - - - - - - - - - - - - - - - -
17.	Pool maintenance - - - - - - - - - - - - - - - - - - - -
17.	Pool maintenance - - - - - - - - - - - - - - - - - - - -
18.	Parking area maint. & snow removal - - - - - - - -
18.	Parking area maint. & snow removal - - - - - - - -
19.	Gardening - - - - - - - - - - - - - - - - - - - - - - - - - -
19.
20. Nonresident management
20. Nonresident management
21.	Resident manager's salary (No._____) - - - - - -
21.	Resident manager's salary (No._____) - - - - - -
22.	Resident manager's apt. allowance - - - - - - - -
22.	Resident manager's apt. allowance - - - - - - - -
23.	Custodian's salary (No. _________) - - - - - - - -
23.	Custodian's salary (No. _________) - - - - - - - -
24.	Custodian's apt. allowance - - - - - - - - - - - - - -
24.	Custodian's apt. allowance - - - - - - - - - - - - - -
25.	Engineer's salary (No. __________) - - - - - - -
25.	Engineer's salary (No. __________) - - - - - - -
26.	Elevator operator's salary (No.________) - - - -
26.	Elevator operator's salary (No.________) - - - -
27.	Telephone operator's salary (No._______)- - - -
27.	Telephone operator's salary (No._______)- - - -
28.	Security personnel's salary (No._______) - - - -
28.	Security personnel's salary (No._______) - - - -
29.	Other salaries (No.__________) - - - - - - - - - -
29.	Other salaries (No.__________) - - - - - - - - - -
30.	Payroll taxes - - - - - - - - - - - - - - - - - - - - - - - -
30.
31.	Advertising - - - - - - - - - - - - - - - - - - - - - - - - -
31.
32.	Telephone - - - - - - - - - - - - - - - - - - - - - - - - - -
32.
33.	Legal & audit - - - - - - - - - - - - - - - - - - - - - - - -
33.
34.	Leased furniture - - - - - - - - - - - - - - - - - - - - - -
34.
35.
35.	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
36.
36.	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
REPLACEMENT RESERVES:
REPLACEMENT RESERVES:

37.	Carpeting & drapes - - - - - - - - - - - - - - - - - - -	$	$
38.	Ranges & refrigerators - - - - - - - - - - - - - - - - -
38.	Ranges & refrigerators - - - - - - - - - - - - - - - - -
39.	Dishwashers & disposals - - - - - - - - - - - - - - -
39.	Dishwashers & disposals - - - - - - - - - - - - - - -
40.	Individual heating & AC units - - - - - - - - - - - - -
40.	Individual heating & AC units - - - - - - - - - - - - -
41.
41.	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
42.
42.	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

TOTAL EXPENSES & REPLACEMENT RESERVES		$	$

Comments (identify items by number): ______________________________________________________________________________________________

_____________________________________________________________________________________________________________________________

INCOME APPROACH

Total Gross Annual Economic Income (See Rent Schedule)	. . . . . . . . .	$
Less Forecasted Vacancy and Collection Loss	(________%) . .	$ (	)
. . . . . .Effective Gross Annual Income	. . . . . . . . .	$
Less Forecasted Annual Expenses and Replacement Reserves (__________% of Total Gross Annual Economic Income)		$ (	)
. . . . . .Net Annual Income from Total Property	. . . . . . . . .	$
Less Return on and Recapture of Depreciated Value of Furnishings ($___________@__________%)		$ (	)
. . . . . .Net Annual Income from Real Property	. . . . . . . . .	$

Detail clearly method and mathematics of capitalizing Net Annual Income from Real Property ___________________________________________________

_____________________________________________________________________________________________________________________________

INDICATED VALUE BY INCOME APPROACH	$__________________
Rounded to	$

Freddie Mac Form 71A (04/2004), Page 7 of 8

RECONCILIATION AND VALUE CONCLUSION

Indicated Value by the Cost Approach . . . . $__________________

Indicated Value by the Market Approach . . . $__________________

Indicated Value by the Income Approach . . . $__________________

FINAL RECONCILIATION _________________________________________________________________________________________________________

_____________________________________________________________________________________________________________________________

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

______________________________________________________________________________________________________________________

VALUATION: This Appraisal is based upon the definition of Market Value, the Certification, the Contingent and Limiting Conditions, and the requirements that are stated in this report.

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

Date ______________________________________ Appraiser ______________________________________________________________

If Applicable, complete the following

Date ______________________________________ Appraiser ______________________________________________________________

Date _______________________

Supervising or

Review Appraiser ____________________________________________________

Did Did not physically inspect property

CERTIFICATION: The Appraiser certifies and agrees that

1.The Appraiser has no present or contemplated future interest in the property appraised and neither the employment to make this Appraisal, nor the compensation for it, is contingent upon the appraised value of the property.

2.The Appraiser has no personal interest in or bias with respect to the subject matter of the appraisal report of the participants to the sale. The "Estimate of Market Value" in the appraisal report is not based in whole or in part upon the race, color, or national origin of the prospective owners or occupants of the property appraised, or upon the race, color or national origin of the present owners or occupants of the properties in the vicinity of the property appraised.

3.The Appraiser has personally inspected the property, both inside and out, and has made an exterior inspection of all comparable sales listed herein. To the best of the Appraiser's knowledge and belief, all statements and information in this report are true and correct, and the Appraiser has not knowingly withheld any significant information.

4.All contingent and limiting conditions are contained herein (imposed by the terms of the assignment or by the undersigned affecting the analyses, 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 appraisal organizations with which the Appraiser is affiliated.

6.All conclusions and opinions concerning the real estate that are set forth in the Appraisal Report were prepared by the Appraiser whose signature appears above on this Appraisal Report, unless indicated as "Review Appraiser." No changes of any item of the Appraisal Report shall be made by anyone other than the Appraiser, and the Appraiser shall have no responsibility for any such unauthorized change.

CONTINGENT AND LIMITING CONDITIONS: The certification of the Appraiser appearing in this Appraisal Report is subject to the following conditions and to such other specific and limiting conditions as are set forth by the Appraiser in the report.

1.The Appraiser assumes no responsibility for matters of a legal nature affecting the property appraised or the title thereto, nor does the Appraiser render any opinion as to the title, which is assumed to be good and marketable. The property is appraised as though under responsible ownership.

2.Any sketch in this report may show approximate dimensions and is included to assist the reader in visualizing the property. The Appraiser has made no survey of the property.

3.The Appraiser is not required to give testimony or appear in court because of having made this Appraisal with reference to the property in question, unless arrangements have been previously made therefor.

4.The distribution of the total valuation in this report between land and improvements applies only under the existing program of utilization. The separate valuations for land and building must not be used in conjunction with any other Appraisal and are invalid if so used.

5.The Appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil, or structures which would render it more or less valuable. The Appraiser assumes no responsibility for such conditions or for engineering which might be required to discover such factors.

6.Information, estimates, and opinions furnished to the Appraiser, and contained in this report, were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy of such items furnished the Appraiser can be assumed by the Appraiser.

7.Disclosure of the contents of this Appraisal Report is governed by the By-laws and Regulations of the professional appraisal organizations with which the Appraiser is affiliated.

8.Neither all nor any part of the contents of this report, or copy thereof (including conclusions as to property value, the identity of the Appraiser, professional designations, reference to any professional appraisal organizations, or the firm with which the Appraiser is connected) shall be used for any purposes by anyone but the client shown on Page 1 of this report, the mortgagee or its successors and assigns, mortgage insurers, consultants, professional appraisal organizations, any state or federally approved financial institution, any department agency, or instrumentality of the United States or of any State or of the District of Columbia, without the previous written consent of the Appraiser; nor shall it be conveyed by anyone to the public through advertising, public relations, news, sales, or other media, without the written consent and approval of the Appraiser.

9.On all Appraisals involving proposed construction, the Appraisal Report and value conclusion are contingent upon completion of the proposed improve- ments in accordance with the plans and specifications prepared by ________________________________________________________________

_____________________________________with a last revision date of________________which have been initialed and dated by the Appraiser.

________________________________________________________________________________________________________________________________________________

Freddie Mac Form 71A (04/2004), Page 8 of 8

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form 71a101 completion process outlined (part 1)

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