460 Sturdivant Ave AppraisalSUMMARY OF SALIENT FEATURES
SUBJECT INFORMATIONSubject Address
Legal Description
City
County
State
Zip Code
Census Tract
Map Reference
SALES PRICESale Price
Date of Sale
$CLIENTDESCRIPTION OF IMPROVEMENTSSize (Square Feet)
Price per Square Foot
Location
Age
Condition
Total Rooms
Bedrooms
Baths
$APPRAISERAppraiser
Date of Appraised Value
VALUEFinal Estimate of Value $
Form SSD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
460 Sturdivant Ave
10-16 21-2S-29E Saltair Sec 3 Lot 841
Atlantic Beach
Duval
FL
32233
0139.06
9421
665,000
11/10/2021
Brown Brothers Capital LLC
BPL Mortgage Trust LLC
N;Res;
35
C3
12
4
4
Joseph Stark
12/20/2021
850,000
Borrower/Client
Lender
Form SSD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
460 Sturdivant Ave
10-16 21-2S-29E Saltair Sec 3 Lot 841
Atlantic Beach
Duval
FL
32233
0139.06
9421
665,000
11/10/2021
Brown Brothers Capital LLC
BPL Mortgage Trust LLC
N;Res;
35
C3
12
4
4
Joseph Stark
12/20/2021
850,000
Borrower/Client
Lender
SUMMARY OF SALIENT FEATURES
SUBJECT INFORMATIONSubject Address
Legal Description
City
County
State
Zip Code
Census Tract
Map Reference
SALES PRICESale Price
Date of Sale
$CLIENTDESCRIPTION OF IMPROVEMENTSSize (Square Feet)
Price per Square Foot
Location
Age
Condition
Total Rooms
Bedrooms
Baths
$APPRAISERAppraiser
Date of Appraised Value
VALUEFinal Estimate of Value $
Page #1Main File No. 460 Sturdivant Ave
Small Residential Income Property Appraisal Report File #SUBJECTCONTRACTNEIGHBORHOODSITEIMPROVEMENTSThe 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 City State Zip Code
Borrower Owner of Public Record County
Legal Description
Assessor's Parcel #Tax Year R.E. Taxes $
Neighborhood Name Map Reference Census Tract
Occupant Owner Tenant Vacant Special Assessments $PUD HOA $per year per month
Property Rights Appraised Fee Simple Leasehold Other (describe)
Assignment Type Purchase Transaction Refinance Transaction Other (describe)
Lender/Client Address
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).
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
Location Urban Suburban Rural
Built-Up Over 75%25-75%Under 25%
Growth Rapid Stable Slow
2-4 Unit Housing Trends
Property Values Increasing Stable Declining
Demand/Supply Shortage In Balance Over Supply
Marketing Time Under 3 mths 3-6 mths Over 6 mths
2-4 Unit Housing
PRICE
$ (000)
AGE
(yrs)
Low
High
Pred.
Present Land Use %
One-Unit %
2-4 Unit %
Multi-Family %
Commercial %
Other %
Neighborhood Boundaries
Neighborhood Description
Market Conditions (including support for the above conclusions)
Dimensions Area Shape View
Specific Zoning Classification Zoning Description
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)
Electricity
Gas
Water
Sanitary Sewer
Off-site Improvements - Type Public Private
Street
Alley
FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map #FEMA Map Date
Are the utilities and/or off-site improvements typical for the market area?Yes No If No, describe
Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)?Yes No If Yes, describe
General Description
Units Two Three Four
Accessory Unit (describe below)
# of Stories # of bldgs.
Type Det.Att.S-Det./End Unit
Existing Proposed Under Const.
Design (Style)
Year Built
Effective Age (Yrs)
Foundation
Concrete Slab Crawl Space
Full Basement Partial Basement
Basement Area sq.ft.
Basement Finish %
Outside Entry/Exit Sump Pump
Evidence of Infestation
Dampness Settlement
Exterior Description materials/condition
Foundation Walls
Exterior Walls
Roof Surface
Gutters & Downspouts
Window Type
Storm Sash/Insulated
Screens
Interior materials/condition
Floors
Walls
Trim/Finish
Bath Floor
Bath Wainscot
Attic None
Drop Stair Stairs
Floor Scuttle
Finished Heated
Heating/Cooling
FWA HWBB Radiant
Other Fuel
Cooling Central Air Conditioning
Individual Other
Amenities
Fireplace(s) #
Patio/Deck
Pool
Woodstove(s) #
Fence
Porch
Other
Car Storage
None
Driveway # of Cars
Driveway Surface
Garage # of Cars
Carport # of Cars
Att.Det.Built-in
# of Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)
Unit # 1 contains:Rooms Bedrooms Bath(s)Square Feet of Gross Living Area
Unit # 2 contains:Rooms Bedrooms Bath(s)Square Feet of Gross Living Area
Unit # 3 contains:Rooms Bedrooms Bath(s)Square Feet of Gross Living Area
Unit # 4 contains:Rooms Bedrooms Bath(s)Square Feet of Gross Living Area
Additional features (special energy efficient items, etc.).
Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).
Page 1 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
460 Sturdivant Ave
460 Sturdivant Ave Atlantic Beach FL 32233
Brown Brothers Capital LLC Atlantic Suites Holdings LLC Duval
10-16 21-2S-29E Saltair Sec 3 Lot 841
170698 0000 2020 3,228
Atlantic Beach 9421 0139.06
0 0
BPL Mortgage Trust LLC 1801 S. Meyer Road, Suite 10, Oakbrook Terrace , IL 60181
MLS Search. Subject not on MLS but sold by owner.
Appears arm's length
665,000 11/10/2021 Deed Records
0
50
950
650
1
120
50
75
10
0
10
5
The subject property is located south of Mayport, East of the ICW, West of the
Atlantic Ocean and North of Neptune Beach.
See additional comments section. 5% OTHER LAND IS VACANT LAND.
See additional comments section.
Subject to Survey 4,792 SF Rectangular N;Res;
ACG Commercial
Subject
currently commercial rental; however, proposed four unit residential is allowable and maximally profitable.
None
Asphalt
None
X 12031C0409J 11/02/2018
No adverse easements or encroachments noted. Normal utility easements of record. * Lot dimensions and flood zone of dwelling are subject to a
current survey. Utilities were on and in working order at the time of the inspection.
2 1
Quadraplex
1986
8
0
0
Conc/Avg
Coquina/Avg
FG/Avg
Alum/Avg
VI/DP/SL/Gd
Yes/Gd
Yes/Gd
VI/Gd
DW/Gd
Wood/Gd
Ti/Gd
Ti/Gd
Electric
0
None
None
0
Partial
Pch's
None
4
Asphalt
0
0
4 4 0 0 0 0
3 1 1.0 442
3 1 1.0 442
3 1 1.0 512
3 1 1.0 512
The subject is a proposed quadraplex in one building. All units will be similarly appointed with same
flooring and finishings.
C3;No updates in the prior 15 years;The subject is
considered to be in overall average condition with no items of excessive deferred maintenance noted at the time of inspection. Depreciation taken
by the age-life method. C3 rating after renovation.
JRS Appraisal
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
460 Sturdivant Ave
460 Sturdivant Ave Atlantic Beach FL 32233
Brown Brothers Capital LLC Atlantic Suites Holdings LLC Duval
10-16 21-2S-29E Saltair Sec 3 Lot 841
170698 0000 2020 3,228
Atlantic Beach 9421 0139.06
0 0
BPL Mortgage Trust LLC 1801 S. Meyer Road, Suite 10, Oakbrook Terrace , IL 60181
MLS Search. Subject not on MLS but sold by owner.
Appears arm's length
665,000 11/10/2021 Deed Records
0
50
950
650
1
120
50
75
10
0
10
5
The subject property is located south of Mayport, East of the ICW, West of the
Atlantic Ocean and North of Neptune Beach.
See additional comments section. 5% OTHER LAND IS VACANT LAND.
See additional comments section.
Subject to Survey 4,792 SF Rectangular N;Res;
ACG Commercial
Subject
currently commercial rental; however, proposed four unit residential is allowable and maximally profitable.
None
Asphalt
None
X 12031C0409J 11/02/2018
No adverse easements or encroachments noted. Normal utility easements of record. * Lot dimensions and flood zone of dwelling are subject to a
current survey. Utilities were on and in working order at the time of the inspection.
2 1
Quadraplex
1986
8
0
0
Conc/Avg
Coquina/Avg
FG/Avg
Alum/Avg
VI/DP/SL/Gd
Yes/Gd
Yes/Gd
VI/Gd
DW/Gd
Wood/Gd
Ti/Gd
Ti/Gd
Electric
0
None
None
0
Partial
Pch's
None
4
Asphalt
0
0
4 4 0 0 0 0
3 1 1.0 442
3 1 1.0 442
3 1 1.0 512
3 1 1.0 512
The subject is a proposed quadraplex in one building. All units will be similarly appointed with same
flooring and finishings.
C3;No updates in the prior 15 years;The subject is
considered to be in overall average condition with no items of excessive deferred maintenance noted at the time of inspection. Depreciation taken
by the age-life method. C3 rating after renovation.
JRS Appraisal
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Small Residential Income Property Appraisal Report File #SUBJECTCONTRACTNEIGHBORHOODSITEIMPROVEMENTSThe 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 City State Zip Code
Borrower Owner of Public Record County
Legal Description
Assessor's Parcel #Tax Year R.E. Taxes $
Neighborhood Name Map Reference Census Tract
Occupant Owner Tenant Vacant Special Assessments $PUD HOA $per year per month
Property Rights Appraised Fee Simple Leasehold Other (describe)
Assignment Type Purchase Transaction Refinance Transaction Other (describe)
Lender/Client Address
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).
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
Location Urban Suburban Rural
Built-Up Over 75%25-75%Under 25%
Growth Rapid Stable Slow
2-4 Unit Housing Trends
Property Values Increasing Stable Declining
Demand/Supply Shortage In Balance Over Supply
Marketing Time Under 3 mths 3-6 mths Over 6 mths
2-4 Unit Housing
PRICE
$ (000)
AGE
(yrs)
Low
High
Pred.
Present Land Use %
One-Unit %
2-4 Unit %
Multi-Family %
Commercial %
Other %
Neighborhood Boundaries
Neighborhood Description
Market Conditions (including support for the above conclusions)
Dimensions Area Shape View
Specific Zoning Classification Zoning Description
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)
Electricity
Gas
Water
Sanitary Sewer
Off-site Improvements - Type Public Private
Street
Alley
FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map #FEMA Map Date
Are the utilities and/or off-site improvements typical for the market area?Yes No If No, describe
Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)?Yes No If Yes, describe
General Description
Units Two Three Four
Accessory Unit (describe below)
# of Stories # of bldgs.
Type Det.Att.S-Det./End Unit
Existing Proposed Under Const.
Design (Style)
Year Built
Effective Age (Yrs)
Foundation
Concrete Slab Crawl Space
Full Basement Partial Basement
Basement Area sq.ft.
Basement Finish %
Outside Entry/Exit Sump Pump
Evidence of Infestation
Dampness Settlement
Exterior Description materials/condition
Foundation Walls
Exterior Walls
Roof Surface
Gutters & Downspouts
Window Type
Storm Sash/Insulated
Screens
Interior materials/condition
Floors
Walls
Trim/Finish
Bath Floor
Bath Wainscot
Attic None
Drop Stair Stairs
Floor Scuttle
Finished Heated
Heating/Cooling
FWA HWBB Radiant
Other Fuel
Cooling Central Air Conditioning
Individual Other
Amenities
Fireplace(s) #
Patio/Deck
Pool
Woodstove(s) #
Fence
Porch
Other
Car Storage
None
Driveway # of Cars
Driveway Surface
Garage # of Cars
Carport # of Cars
Att.Det.Built-in
# of Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)
Unit # 1 contains:Rooms Bedrooms Bath(s)Square Feet of Gross Living Area
Unit # 2 contains:Rooms Bedrooms Bath(s)Square Feet of Gross Living Area
Unit # 3 contains:Rooms Bedrooms Bath(s)Square Feet of Gross Living Area
Unit # 4 contains:Rooms Bedrooms Bath(s)Square Feet of Gross Living Area
Additional features (special energy efficient items, etc.).
Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).
Page 1 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
Page #2Main File No. 460 Sturdivant Ave
Small Residential Income Property Appraisal Report File #IMPROVEMENTSCOMPARABLE RENTAL DATASUBJECT RENT SCHEDULEPRIOR SALE HISTORYAre there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property?Yes No If Yes, describe.
Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)?Yes No If No, describe.
Is the property subject to rent control?Yes No If Yes, describe
The following properties represent the most current, similar, and proximate comparable rental properties to the subject property. This analysis is intended to support theopinion of the market rent for the subject property.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3
Address
Proximity to Subject
Current Monthly Rent $$$$
Rent/Gross Bldg. Area $sq.ft.$sq.ft.$sq.ft.$sq.ft.
Rent Control Yes No Yes No Yes No Yes No
Data Source(s)
Date of Lease(s)
Location
Actual Age
Condition
Gross Building Area
Unit Breakdown Monthly Rent Monthly Rent Monthly RentRm Count SizeSq. Ft.Rm Count SizeSq. Ft.Rm Count SizeSq. Ft.Rm Count SizeSq. Ft.
Tot Br Ba Tot Br Ba Tot Br Ba Tot Br Ba
Unit # 1 $$$
Unit # 2 $$$
Unit # 3 $$$
Unit # 4 $$$
Utilities Included
Analysis of rental data and support for estimated market rents for the individual subject units reported below (including the adequacy of the comparables, rental concessions,
etc.)
Rent Schedule:The appraiser must reconcile the applicable indicated monthly market rents to provide an opinion of the market rent for each unit in the subject property.
Leases Actual Rents Opinion of Market Rent
Lease Date Per Unit TotalRents Per Unit TotalRentsUnit #Begin Date End Date Unfurnished Furnished Unfurnished Furnished
1
2
3
4
$$$$$$
Comment on lease data Total Actual Monthly Rent $Total Gross Monthly Rent $
Other Monthly Income (itemize)$Other Monthly Income (itemize)$
Total Actual Monthly Income $Total Estimated Monthly Income $
Utilities included in estimated rents Electric Water Sewer Gas Oil Trash collection Cable Other
Comments on actual or estimated rents and other monthly income (including personal property)
I 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)
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)
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)
Effective Date of Data Source(s)
Analysis of prior sale or transfer history of the subject property and comparable sales
Page 2 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
460 Sturdivant Ave
460 Sturdivant Ave
Atlantic Beach, FL 32233
Owner
11/18-10/19
N;Res;
35
C3
1,908
1,908
3 1 1.0 442
3 1 1.0 442
3 1 1.0 512
3 1 1.0 512
None
Appliances, Kitchen, etc.
Pools, fireplaces, etc.
1624 1st St
Neptune Beach, FL 32266
1.02 miles SE
2,150
1.95
MLS#1134295;DOM 5
10/2021-10/2022
N;Res;
50
C4
1,100
1,100 2,150
4 2 2.0 1,100 2,150
None
Standard
None
359 Ahern St
Atlantic Beach, FL 32233
0.18 miles E
2,800
3.05
MLS#1129154;DOM 105
12/2021-12/2022
N;Res;
14
C3
917
917 2,800
3 1 2.0 917 2,800
None
Standard
None
901 Ocean Blvd
Atlantic Beach, FL 32233
0.70 miles NE
3,000
4.26
MLS#1128697;DOM 53
10/2021-10/2022
N;Res;
55
C3
705
705 3,000
3 1 1.0 705 3,000
None
Standard
None
Rental data in this area fluctuates wildly as proxmity to beach and commerce center dictates market conditions. Rentals in this area are
sought after due to these features, thus rental market will remain stronger than average in this area.
N/A N/A 0 3,000 3,000
N/A N/A 3,000 3,000
N/A N/A 3,000 3,000
N/A N/A 3,000 3,000
12,000
12,000
From owner
Estimated rental data derived from the three rentals above.
Public Records/MLS
Public Records/MLS
Public Records
12/20/2021
Public Records
12/20/2021
Public Records
12/20/2021
Public Records
12/20/2021
No other subject sales to report for the past three years. No other
comparable transfers to report.
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
460 Sturdivant Ave
460 Sturdivant Ave
Atlantic Beach, FL 32233
Owner
11/18-10/19
N;Res;
35
C3
1,908
1,908
3 1 1.0 442
3 1 1.0 442
3 1 1.0 512
3 1 1.0 512
None
Appliances, Kitchen, etc.
Pools, fireplaces, etc.
1624 1st St
Neptune Beach, FL 32266
1.02 miles SE
2,150
1.95
MLS#1134295;DOM 5
10/2021-10/2022
N;Res;
50
C4
1,100
1,100 2,150
4 2 2.0 1,100 2,150
None
Standard
None
359 Ahern St
Atlantic Beach, FL 32233
0.18 miles E
2,800
3.05
MLS#1129154;DOM 105
12/2021-12/2022
N;Res;
14
C3
917
917 2,800
3 1 2.0 917 2,800
None
Standard
None
901 Ocean Blvd
Atlantic Beach, FL 32233
0.70 miles NE
3,000
4.26
MLS#1128697;DOM 53
10/2021-10/2022
N;Res;
55
C3
705
705 3,000
3 1 1.0 705 3,000
None
Standard
None
Rental data in this area fluctuates wildly as proxmity to beach and commerce center dictates market conditions. Rentals in this area are
sought after due to these features, thus rental market will remain stronger than average in this area.
N/A N/A 0 3,000 3,000
N/A N/A 3,000 3,000
N/A N/A 3,000 3,000
N/A N/A 3,000 3,000
12,000
12,000
From owner
Estimated rental data derived from the three rentals above.
Public Records/MLS
Public Records/MLS
Public Records
12/20/2021
Public Records
12/20/2021
Public Records
12/20/2021
Public Records
12/20/2021
No other subject sales to report for the past three years. No other
comparable transfers to report.
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Small Residential Income Property Appraisal Report File #IMPROVEMENTSCOMPARABLE RENTAL DATASUBJECT RENT SCHEDULEPRIOR SALE HISTORYAre there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property?Yes No If Yes, describe.
Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)?Yes No If No, describe.
Is the property subject to rent control?Yes No If Yes, describe
The following properties represent the most current, similar, and proximate comparable rental properties to the subject property. This analysis is intended to support theopinion of the market rent for the subject property.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3
Address
Proximity to Subject
Current Monthly Rent $$$$
Rent/Gross Bldg. Area $sq.ft.$sq.ft.$sq.ft.$sq.ft.
Rent Control Yes No Yes No Yes No Yes No
Data Source(s)
Date of Lease(s)
Location
Actual Age
Condition
Gross Building Area
Unit Breakdown Monthly Rent Monthly Rent Monthly RentRm Count SizeSq. Ft.Rm Count SizeSq. Ft.Rm Count SizeSq. Ft.Rm Count SizeSq. Ft.
Tot Br Ba Tot Br Ba Tot Br Ba Tot Br Ba
Unit # 1 $$$
Unit # 2 $$$
Unit # 3 $$$
Unit # 4 $$$
Utilities Included
Analysis of rental data and support for estimated market rents for the individual subject units reported below (including the adequacy of the comparables, rental concessions,
etc.)
Rent Schedule:The appraiser must reconcile the applicable indicated monthly market rents to provide an opinion of the market rent for each unit in the subject property.
Leases Actual Rents Opinion of Market Rent
Lease Date Per Unit TotalRents Per Unit TotalRentsUnit #Begin Date End Date Unfurnished Furnished Unfurnished Furnished
1
2
3
4
$$$$$$
Comment on lease data Total Actual Monthly Rent $Total Gross Monthly Rent $
Other Monthly Income (itemize)$Other Monthly Income (itemize)$
Total Actual Monthly Income $Total Estimated Monthly Income $
Utilities included in estimated rents Electric Water Sewer Gas Oil Trash collection Cable Other
Comments on actual or estimated rents and other monthly income (including personal property)
I 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)
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)
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)
Effective Date of Data Source(s)
Analysis of prior sale or transfer history of the subject property and comparable sales
Page 2 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
Page #3Main File No. 460 Sturdivant Ave
Small Residential Income Property Appraisal Report File #SALES COMPARISON APPROACHINCOMERECONCILIATIONThere are comparable properties currently offered for sale in the subject neighborhood ranging in price from $to $.
There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $to $.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3
Address
Proximity to Subject
Sale Price
Sale Price/Gross Bldg. Area sq.ft.sq.ft.sq.ft.sq.ft.
Gross Monthly Rent
Gross Rent Multiplier
Price per Unit
Price per Room
Price per Bedroom
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Rent Control Yes No Yes No Yes No Yes No
Data Source(s)
Verification Source(s)
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment
Sale or Financing
Concessions
Date of Sale/Time
Location
Leasehold/Fee Simple
Site
View
Design (Style)
Quality of Construction
Actual Age
Condition
Gross Building Area
Unit Breakdown Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths
Unit # 1
Unit # 2
Unit # 3
Unit # 4
Basement Description
Basement Finished Rooms
Functional Utility
Heating/Cooling
Energy Efficient Items
Parking On/Off Site
Porch/Patio/Deck
Net Adjustment (Total)+–+–+–$$$
Adjusted Sale Price
$$$of Comparables
Adjusted Price Per Unit (Adj. SP Comp / # of Comp Units)$$$
Adjusted Price Per Room (Adj. SP Comp / # of Comp Rooms)$$$
Adjusted Price Per Bedrm(Adj. SP Comp / # of Comp Bedrooms)$$$
Value per Unit $X Units = $Value per GBA $X GBA = $
Value per Rm.$X Rooms = $Value per Bdrms.$X Bdrms. = $
Net Adj.%
Gross Adj.%
Net Adj.%
Gross Adj.%
Net Adj.%
Gross Adj.%
Summary of Sales Comparison Approach including reconciliation of the above indicators of value.
Indicated Value by Sales Comparison Approach $
Total gross monthly rent $X gross rent multiplier (GRM)= $Indicated value by the Income Approach
Comments on income approach including reconciliation of the GRM
Indicated Value by: Sales Comparison Approach $Income Approach $Cost Approach (if developed) $
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 limitingconditions, 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
$, as of , which is the date of inspection and the effective date of this appraisal.
Page 3 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
460 Sturdivant Ave
11 700,000 1,500,000
16 700,000 1,500,000
460 Sturdivant Ave
Atlantic Beach, FL 32233
665,000
348.53
12,000
55.42
166,250
55,417
166,250
N;Res;
Fee Simple
4,792 SF
N;Res;
Quadraplex
Q3
35
C3
1,908
3 1 1.0
3 1 1.0
3 1 1.0
3 1 1.0
0
0
Average
CH/A
None
4dw
Pch's
Appliances, Kitchen, etc.Standard
Pools, fireplaces, etc.None
Short Sale/REO Seller Owned
405 6th Ave N
Jacksonville Beach, FL 32250
2.15 miles S
950,000
318.79
5,200
182.69
237,500
59,375
118,750
MLS#1122584;DOM 32
Public Records;List Agent
ArmLth
Conv;0 0
s09/21;c08/21 +19,000
N;Res;
Fee Simple
6098 sf 0
N;Res;
DT1;Quadraplex
Q3
45 0
C4 +28,500
2,980 -117,900
4 2 1.0 -8,000
4 2 1.0 -8,000
4 2 1.0 -8,000
4 2 1.0 -8,000
0sf
0
Average
CH/A
None
4dw
Pch's
Standard
None
Seller Owned
-102,400
10.8
20.8 847,600
211,900
52,975
105,950
611 2nd St
Neptune Beach, FL 32266
0.48 miles SE
915,000
348.17
0
305,000
83,182
183,000
MLS#1124439;DOM 38
Public Records;List Agent
ArmLth
Conv;0 0
s11/21;c09/21 +13,700
N;Res;
Fee Simple
4792 sf
N;Res;
DT2;Triplex 0
Q3
75 0
C4 +27,500
2,628 -79,200
4 2 1.0 -8,000
4 2 1.0 -8,000
3 1 1.0
+12,000
0sf
0
Average
CH/A
None
2gd2dw -10,000
Pch's
Standard
None
Seller Owned
-52,000
5.7
17.3 863,000
287,667
78,455
172,600
404 Margaret St
Neptune Beach, FL 32266
1.13 miles S
791,000
263.67
0
197,750
65,917
197,750
MLS#1117210;DOM 118
Public Records;List Agent
ArmLth
Conv;0 0
s12/21;c10/21 +7,900
N;Res;
Fee Simple
5663 sf 0
N;Res;
DT1;Quadraplex
Q3
74 0
C4 +23,700
3,000 -120,100
3 1 1.0
3 1 1.0
3 1 1.0
3 1 1.0
0sf
0
Average
CH/A
None
4dw
Pch's
Standard
None
Seller Owned
-88,500
11.2
19.2 702,500
175,625
58,542
175,625
225,000 4 900,000 340 1,908 648,720
70,000 12 840,000 170,000 4 680,000
Sales provided are the most similar, recently sold
comparables in subject's market area with Sale #3 being the most recent sale within the Subject's market area. Sales were given standard
adjustments for date of sale, condition, bath count, SF, minor amenities, upgrade differences as required to equate to the subject property. All
sales were considered in the final opinion of value & the value is felt to be well supported. The comparables selected best represent subject
property. Across the board Lot size difference adjustment not warranted due to same functional utility of each lot. Adjustments extracted from
market using paired sales analysis. Appraiser utilized three sales most similar to subject sold recently. Listing four on additional comps page. Date
of sale extended to secure comps. this is typical
850,000
12,000 75 900,000
GRM based on past data from the immediate market area. This is also consistent with
appraiser files on past assignments in this area.
850,000 900,000 844,525
The market approach to value is given the most weight in the final estimate of value as it reflects the actions and reactions in the marketplace. The
cost approach typically sets the upper limit of value and is utilized as additional support for the market value estimate. Market approach given more
value due to the nature of the verifiable sales. Subject reconciled to listing by law of substitution.
Subject to property being
converted to four residential unit quadraplex with addition of full bath in each unit, kitchen and new flooring.
850,000 12/20/2021
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
460 Sturdivant Ave
11 700,000 1,500,000
16 700,000 1,500,000
460 Sturdivant Ave
Atlantic Beach, FL 32233
665,000
348.53
12,000
55.42
166,250
55,417
166,250
N;Res;
Fee Simple
4,792 SF
N;Res;
Quadraplex
Q3
35
C3
1,908
3 1 1.0
3 1 1.0
3 1 1.0
3 1 1.0
0
0
Average
CH/A
None
4dw
Pch's
Appliances, Kitchen, etc.Standard
Pools, fireplaces, etc.None
Short Sale/REO Seller Owned
405 6th Ave N
Jacksonville Beach, FL 32250
2.15 miles S
950,000
318.79
5,200
182.69
237,500
59,375
118,750
MLS#1122584;DOM 32
Public Records;List Agent
ArmLth
Conv;0 0
s09/21;c08/21 +19,000
N;Res;
Fee Simple
6098 sf 0
N;Res;
DT1;Quadraplex
Q3
45 0
C4 +28,500
2,980 -117,900
4 2 1.0 -8,000
4 2 1.0 -8,000
4 2 1.0 -8,000
4 2 1.0 -8,000
0sf
0
Average
CH/A
None
4dw
Pch's
Standard
None
Seller Owned
-102,400
10.8
20.8 847,600
211,900
52,975
105,950
611 2nd St
Neptune Beach, FL 32266
0.48 miles SE
915,000
348.17
0
305,000
83,182
183,000
MLS#1124439;DOM 38
Public Records;List Agent
ArmLth
Conv;0 0
s11/21;c09/21 +13,700
N;Res;
Fee Simple
4792 sf
N;Res;
DT2;Triplex 0
Q3
75 0
C4 +27,500
2,628 -79,200
4 2 1.0 -8,000
4 2 1.0 -8,000
3 1 1.0
+12,000
0sf
0
Average
CH/A
None
2gd2dw -10,000
Pch's
Standard
None
Seller Owned
-52,000
5.7
17.3 863,000
287,667
78,455
172,600
404 Margaret St
Neptune Beach, FL 32266
1.13 miles S
791,000
263.67
0
197,750
65,917
197,750
MLS#1117210;DOM 118
Public Records;List Agent
ArmLth
Conv;0 0
s12/21;c10/21 +7,900
N;Res;
Fee Simple
5663 sf 0
N;Res;
DT1;Quadraplex
Q3
74 0
C4 +23,700
3,000 -120,100
3 1 1.0
3 1 1.0
3 1 1.0
3 1 1.0
0sf
0
Average
CH/A
None
4dw
Pch's
Standard
None
Seller Owned
-88,500
11.2
19.2 702,500
175,625
58,542
175,625
225,000 4 900,000 340 1,908 648,720
70,000 12 840,000 170,000 4 680,000
Sales provided are the most similar, recently sold
comparables in subject's market area with Sale #3 being the most recent sale within the Subject's market area. Sales were given standard
adjustments for date of sale, condition, bath count, SF, minor amenities, upgrade differences as required to equate to the subject property. All
sales were considered in the final opinion of value & the value is felt to be well supported. The comparables selected best represent subject
property. Across the board Lot size difference adjustment not warranted due to same functional utility of each lot. Adjustments extracted from
market using paired sales analysis. Appraiser utilized three sales most similar to subject sold recently. Listing four on additional comps page. Date
of sale extended to secure comps. this is typical
850,000
12,000 75 900,000
GRM based on past data from the immediate market area. This is also consistent with
appraiser files on past assignments in this area.
850,000 900,000 844,525
The market approach to value is given the most weight in the final estimate of value as it reflects the actions and reactions in the marketplace. The
cost approach typically sets the upper limit of value and is utilized as additional support for the market value estimate. Market approach given more
value due to the nature of the verifiable sales. Subject reconciled to listing by law of substitution.
Subject to property being
converted to four residential unit quadraplex with addition of full bath in each unit, kitchen and new flooring.
850,000 12/20/2021
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Small Residential Income Property Appraisal Report File #SALES COMPARISON APPROACHINCOMERECONCILIATIONThere are comparable properties currently offered for sale in the subject neighborhood ranging in price from $to $.
There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $to $.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3
Address
Proximity to Subject
Sale Price
Sale Price/Gross Bldg. Area sq.ft.sq.ft.sq.ft.sq.ft.
Gross Monthly Rent
Gross Rent Multiplier
Price per Unit
Price per Room
Price per Bedroom
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Rent Control Yes No Yes No Yes No Yes No
Data Source(s)
Verification Source(s)
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment
Sale or Financing
Concessions
Date of Sale/Time
Location
Leasehold/Fee Simple
Site
View
Design (Style)
Quality of Construction
Actual Age
Condition
Gross Building Area
Unit Breakdown Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths
Unit # 1
Unit # 2
Unit # 3
Unit # 4
Basement Description
Basement Finished Rooms
Functional Utility
Heating/Cooling
Energy Efficient Items
Parking On/Off Site
Porch/Patio/Deck
Net Adjustment (Total)+–+–+–$$$
Adjusted Sale Price
$$$of Comparables
Adjusted Price Per Unit (Adj. SP Comp / # of Comp Units)$$$
Adjusted Price Per Room (Adj. SP Comp / # of Comp Rooms)$$$
Adjusted Price Per Bedrm(Adj. SP Comp / # of Comp Bedrooms)$$$
Value per Unit $X Units = $Value per GBA $X GBA = $
Value per Rm.$X Rooms = $Value per Bdrms.$X Bdrms. = $
Net Adj.%
Gross Adj.%
Net Adj.%
Gross Adj.%
Net Adj.%
Gross Adj.%
Summary of Sales Comparison Approach including reconciliation of the above indicators of value.
Indicated Value by Sales Comparison Approach $
Total gross monthly rent $X gross rent multiplier (GRM)= $Indicated value by the Income Approach
Comments on income approach including reconciliation of the GRM
Indicated Value by: Sales Comparison Approach $Income Approach $Cost Approach (if developed) $
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 limitingconditions, 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
$, as of , which is the date of inspection and the effective date of this appraisal.
Page 3 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
Page #4Main File No. 460 Sturdivant Ave
Small Residential Income Property Appraisal Report File #ADDITIONAL COMMENTSCOST APPROACHPUD INFORMATIONCOST APPROACH TO VALUE (not required by Fannie Mae)
Provide adequate information for the lender/client to replicate the below cost figures and calculations.
Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value)
ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW
Source of cost data
Quality rating from cost service Effective date of cost data
Comments on Cost Approach (gross building area calculations, depreciation, etc.)
OPINION OF SITE VALUE =$
DWELLING Sq.Ft. @ $=$
Sq.Ft. @ $=$
=$
Garage/Carport Sq.Ft. @ $=$
Total Estimate of Cost-New =$
Less Physical Functional External
Depreciation =$()
Depreciated Cost of Improvements =$
"As-is" Value of Site Improvements =$
INDICATED VALUE BY COST APPROACH =$Estimated Remaining Economic Life (HUD and VA only)Years
PROJECT INFORMATION FOR PUDs (if applicable)
Is the developer/builder in control of the Homeowners’ Association (HOA)?Yes No Unit type(s)Detached Attached
Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.
Legal Name of Project
Total number of phases Total number of units Total number of units sold
Total number of units rented Total number of units for sale Data source(s)
Was the project created by the conversion of existing building(s) into a PUD?Yes No If Yes, date of conversion.
Does the project contain any multi-dwelling units?Yes No Data Source
Are the units, common elements, and recreation facilities complete?Yes No If No, describe the status of completion.
Are the common elements leased to or by the Homeowners’ Association?Yes No If Yes, describe the rental terms and options.
Describe common elements and recreational facilities.
Page 4 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
460 Sturdivant Ave
• URAR : Neighborhood - Description The subject property is located in the Neptune Beach Area east of Downtown Jacksonville. The
area is built up with single family subdivisions that offer site built homes that range from 1000 to 4000+ Square Feet in size. The area is
convenient to all necessary residential amenities. No adverse factors noted. Due to proximity to ocean/beach and associated amenities,
property values are bolstered in this area due to location.
• URAR : Neighborhood - Market Conditions
Market conditions have reached an increasing condition in the general market area. The increase appears to be a result of a lack of new
construction and available listings. Also contributing is the fact that interest rates have remained at historic lows prompting buyers to
make buying decisions now. This lack of inventory in many areas has led to price increases and 2021 is poised to be the year the
market will continue to show modest gains. Due to the lack of supply of available homes, marketing times are generally 0 to 90 days.
Months of housing supply below 10 months generally illustrate stability in the market. Further, short sales and foreclosure sales
appears to be stabilizing as well. The general area has seen an increase in activity due to lower interest rates. The market is expected
to be good over the next 5 years due to the relocation of numerous companies to the North Florida area. Conventional, FHA, and VA
programs are readily available to qualified individuals. Discounts, rebates, and adjustable rate financing have little or no effect on the
value estimate of this appraisal. There are no negative marketability issues to report.
•Appraisers Additional CommentsSale to list price ratios range from 84% to 100% with the average being 98%.Intended users of
this report are Constructive Loans LLC
This appraisal was ordered in compliance with the Appraisal Independence “AIR” and Mortgagee Letter 2009-28
Proximity guidelines had to be extended in order to find appropriate comparables for subject property. Due to lack of available
multi-family sales, proximity had to be extended. All three sales are in the same or similar market locations.
The market information on page one differs slightly from the 1004MC as the page one data is a micro analysis of the subject market and
the 1004MC is a macro analysis of the market.
Each unit will have a shower/tub installed as well as a kitchenette consisting of a sink/refrigerator/stovetop.
There were no other sales found that would be suitable to utilize as comparables, either due to locational differences or functional utility.
The reconciled value opinion is based on the comparable sale approach with ALL three values given equal weight to derive the final
value opinion with particular attention given to value per Unit/bedroom and GBA. Due to lack of quantifiable data, little to no weight was
given the income approach.
Land value estimate based on lot sales in the
general area as well as from typical land to value ratios for the area.
M&S/Bldrs Cost
Good 12/2020
600,000
1,908 125.00 238,500
0
Pch's 15,000
253,500
28,975 28,975
224,525
20,000
Drive, Walks, Lndscp, etc.
844,525
Cost estimates provided based on local builders costs and from Marshall
& Swift cost guides (figures rounded). Cost estimates provided for
USPAP compliance. Land value estimate based on recent land sales in
the area as well as from total land to value ratios typical in the area.
Square footage per exterior dimensions of the subject dwelling. Minor
deviations are of little or no consequence.
62
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
460 Sturdivant Ave
• URAR : Neighborhood - Description The subject property is located in the Neptune Beach Area east of Downtown Jacksonville. The
area is built up with single family subdivisions that offer site built homes that range from 1000 to 4000+ Square Feet in size. The area is
convenient to all necessary residential amenities. No adverse factors noted. Due to proximity to ocean/beach and associated amenities,
property values are bolstered in this area due to location.
• URAR : Neighborhood - Market Conditions
Market conditions have reached an increasing condition in the general market area. The increase appears to be a result of a lack of new
construction and available listings. Also contributing is the fact that interest rates have remained at historic lows prompting buyers to
make buying decisions now. This lack of inventory in many areas has led to price increases and 2021 is poised to be the year the
market will continue to show modest gains. Due to the lack of supply of available homes, marketing times are generally 0 to 90 days.
Months of housing supply below 10 months generally illustrate stability in the market. Further, short sales and foreclosure sales
appears to be stabilizing as well. The general area has seen an increase in activity due to lower interest rates. The market is expected
to be good over the next 5 years due to the relocation of numerous companies to the North Florida area. Conventional, FHA, and VA
programs are readily available to qualified individuals. Discounts, rebates, and adjustable rate financing have little or no effect on the
value estimate of this appraisal. There are no negative marketability issues to report.
•Appraisers Additional CommentsSale to list price ratios range from 84% to 100% with the average being 98%.Intended users of
this report are Constructive Loans LLC
This appraisal was ordered in compliance with the Appraisal Independence “AIR” and Mortgagee Letter 2009-28
Proximity guidelines had to be extended in order to find appropriate comparables for subject property. Due to lack of available
multi-family sales, proximity had to be extended. All three sales are in the same or similar market locations.
The market information on page one differs slightly from the 1004MC as the page one data is a micro analysis of the subject market and
the 1004MC is a macro analysis of the market.
Each unit will have a shower/tub installed as well as a kitchenette consisting of a sink/refrigerator/stovetop.
There were no other sales found that would be suitable to utilize as comparables, either due to locational differences or functional utility.
The reconciled value opinion is based on the comparable sale approach with ALL three values given equal weight to derive the final
value opinion with particular attention given to value per Unit/bedroom and GBA. Due to lack of quantifiable data, little to no weight was
given the income approach.
Land value estimate based on lot sales in the
general area as well as from typical land to value ratios for the area.
M&S/Bldrs Cost
Good 12/2020
600,000
1,908 125.00 238,500
0
Pch's 15,000
253,500
28,975 28,975
224,525
20,000
Drive, Walks, Lndscp, etc.
844,525
Cost estimates provided based on local builders costs and from Marshall
& Swift cost guides (figures rounded). Cost estimates provided for
USPAP compliance. Land value estimate based on recent land sales in
the area as well as from total land to value ratios typical in the area.
Square footage per exterior dimensions of the subject dwelling. Minor
deviations are of little or no consequence.
62
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Small Residential Income Property Appraisal Report File #ADDITIONAL COMMENTSCOST APPROACHPUD INFORMATIONCOST APPROACH TO VALUE (not required by Fannie Mae)
Provide adequate information for the lender/client to replicate the below cost figures and calculations.
Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value)
ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW
Source of cost data
Quality rating from cost service Effective date of cost data
Comments on Cost Approach (gross building area calculations, depreciation, etc.)
OPINION OF SITE VALUE =$
DWELLING Sq.Ft. @ $=$
Sq.Ft. @ $=$
=$
Garage/Carport Sq.Ft. @ $=$
Total Estimate of Cost-New =$
Less Physical Functional External
Depreciation =$()
Depreciated Cost of Improvements =$
"As-is" Value of Site Improvements =$
INDICATED VALUE BY COST APPROACH =$Estimated Remaining Economic Life (HUD and VA only)Years
PROJECT INFORMATION FOR PUDs (if applicable)
Is the developer/builder in control of the Homeowners’ Association (HOA)?Yes No Unit type(s)Detached Attached
Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.
Legal Name of Project
Total number of phases Total number of units Total number of units sold
Total number of units rented Total number of units for sale Data source(s)
Was the project created by the conversion of existing building(s) into a PUD?Yes No If Yes, date of conversion.
Does the project contain any multi-dwelling units?Yes No Data Source
Are the units, common elements, and recreation facilities complete?Yes No If No, describe the status of completion.
Are the common elements leased to or by the Homeowners’ Association?Yes No If Yes, describe the rental terms and options.
Describe common elements and recreational facilities.
Page 4 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
Page #5Main File No. 460 Sturdivant Ave
Small Residential Income Property Appraisal Report File #
This report form is designed to report an appraisal of a two- to four-unit property, including a two- to four-unit property in aplanned unit development (PUD). A two- to four-unit property located in either a condominium or cooperative projectrequires the appraiser to inspect the project and complete the project information section of the Individual CondominiumUnit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attach it as an addendum to this report.
This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intendeduse, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser mayexpand the scope of work to include any additional research or analysis necessary based on the complexity of thisappraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additionalcertifications that do not constitute material alterations to this appraisal report, such as those required by law or thoserelated to the appraiser’s continuing education or membership in an appraisal organization, are permitted.
SCOPE OF WORK:The scope of work for this appraisal is defined by the complexity of this appraisal assignment andthe reporting requirements of this appraisal report form, including the following definition of market value, statement ofassumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visualinspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of thecomparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources,and (5) report his or her analysis, opinions, and conclusions in this appraisal report.
INTENDED USE:The intended use of this appraisal report is for the lender/client to evaluate the property that is thesubject of this appraisal for a mortgage finance transaction.
INTENDED USER:The intended user of this appraisal report is the lender/client.
DEFINITION OF MARKET VALUE:The most probable price which a property should bring in a competitive and openmarket 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 andthe 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 or she considers his or her own best interest; (3) areasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in
terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the propertysold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments arenecessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs arereadily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financingadjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutionallender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanicaldollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate themarket’s reaction to the financing or concessions based on the appraiser’s judgment.
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS:The appraiser’s certification in this report issubject to the following assumptions and limiting conditions:
1.The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the
title to it, except for information that he or she became aware of during the research involved in performing this appraisal.The appraiser assumes that the title is good and marketable and will not render any opinions about the title.
2.The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements,including each of the units. The sketch is included only to assist the reader in visualizing the property and understanding the
appraiser’s determination of its size.
3.The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in anidentified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express orimplied, regarding this determination.
4.The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
5.The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, thepresence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he orshe became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisalreport, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of theproperty (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are nosuch conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for anysuch conditions that do exist or for any engineering or testing that might be required to discover whether such conditionsexist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be
considered as an environmental assessment of the property.
6.The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to
satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subjectproperty will be performed in a professional manner.
Page 5 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
460 Sturdivant Ave
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
460 Sturdivant Ave
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Small Residential Income Property Appraisal Report File #
This report form is designed to report an appraisal of a two- to four-unit property, including a two- to four-unit property in aplanned unit development (PUD). A two- to four-unit property located in either a condominium or cooperative projectrequires the appraiser to inspect the project and complete the project information section of the Individual CondominiumUnit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attach it as an addendum to this report.
This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intendeduse, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser mayexpand the scope of work to include any additional research or analysis necessary based on the complexity of thisappraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additionalcertifications that do not constitute material alterations to this appraisal report, such as those required by law or thoserelated to the appraiser’s continuing education or membership in an appraisal organization, are permitted.
SCOPE OF WORK:The scope of work for this appraisal is defined by the complexity of this appraisal assignment andthe reporting requirements of this appraisal report form, including the following definition of market value, statement ofassumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visualinspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of thecomparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources,and (5) report his or her analysis, opinions, and conclusions in this appraisal report.
INTENDED USE:The intended use of this appraisal report is for the lender/client to evaluate the property that is thesubject of this appraisal for a mortgage finance transaction.
INTENDED USER:The intended user of this appraisal report is the lender/client.
DEFINITION OF MARKET VALUE:The most probable price which a property should bring in a competitive and openmarket 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 andthe 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 or she considers his or her own best interest; (3) areasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in
terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the propertysold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments arenecessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs arereadily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financingadjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutionallender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanicaldollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate themarket’s reaction to the financing or concessions based on the appraiser’s judgment.
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS:The appraiser’s certification in this report issubject to the following assumptions and limiting conditions:
1.The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the
title to it, except for information that he or she became aware of during the research involved in performing this appraisal.The appraiser assumes that the title is good and marketable and will not render any opinions about the title.
2.The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements,including each of the units. The sketch is included only to assist the reader in visualizing the property and understanding the
appraiser’s determination of its size.
3.The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in anidentified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express orimplied, regarding this determination.
4.The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
5.The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, thepresence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he orshe became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisalreport, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of theproperty (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are nosuch conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for anysuch conditions that do exist or for any engineering or testing that might be required to discover whether such conditionsexist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be
considered as an environmental assessment of the property.
6.The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to
satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subjectproperty will be performed in a professional manner.
Page 5 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
Page #6Main File No. 460 Sturdivant Ave
Small Residential Income Property Appraisal Report File #
APPRAISER’S CERTIFICATION:The Appraiser certifies and agrees that:
1.I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated inthis appraisal report.
2.I performed a complete visual inspection of the interior and exterior areas of the subject property, including all units. Ireported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies thatcould affect the livability, soundness, or structural integrity of the property.
3.I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional AppraisalPractice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that werein place at the time this appraisal report was prepared.
4.I developed my opinion of the market value of the real property that is the subject of this report based on the salescomparison and income approaches to value. I have adequate market data to develop reliable sales comparison andincome approaches to value for this appraisal assignment. I further certify that I considered the cost approach to value butdid not develop it, unless otherwise indicated in this report.
5.I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering forsale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of thesubject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this
report.
6.I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year priorto the date of sale of the comparable sale, unless otherwise indicated in this report.
7.I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
8.I have not used comparable sales that were the result of combining a land sale with the contract purchase price of ahome that has been built or will be built on the land.
9.I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the
subject property and the comparable sales.
10.I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest inthe sale or financing of the subject property.
11.I have knowledge and experience in appraising this type of property in this market area.
12.I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listingservices, tax assessment records, public land records and other such data sources for the area in which the property is located.
13.I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal reportfrom reliable sources that I believe to be true and correct.
14.I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood,
subject property, and the proximity of the subject property to adverse influences in the development of my opinion of marketvalue. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration,the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during theinspection of the subject property or that I became aware of during the research involved in performing this appraisal. I haveconsidered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditionson the value and marketability of the subject property.
15.I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, allstatements and information in this appraisal report are true and correct.
16.I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, whichare subject only to the assumptions and limiting conditions in this appraisal report.
17.I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospectivepersonal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, myanalysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap,
familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners oroccupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
18.My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was notconditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) apredetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the causeof any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of apending mortgage loan application).
19.I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If Irelied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisalor the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in thisappraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone tomake a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I willtake no responsibility for it.
20.I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization thatordered and will receive this appraisal report.
Page 6 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
460 Sturdivant Ave
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
460 Sturdivant Ave
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Small Residential Income Property Appraisal Report File #
APPRAISER’S CERTIFICATION:The Appraiser certifies and agrees that:
1.I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated inthis appraisal report.
2.I performed a complete visual inspection of the interior and exterior areas of the subject property, including all units. Ireported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies thatcould affect the livability, soundness, or structural integrity of the property.
3.I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional AppraisalPractice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that werein place at the time this appraisal report was prepared.
4.I developed my opinion of the market value of the real property that is the subject of this report based on the salescomparison and income approaches to value. I have adequate market data to develop reliable sales comparison andincome approaches to value for this appraisal assignment. I further certify that I considered the cost approach to value butdid not develop it, unless otherwise indicated in this report.
5.I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering forsale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of thesubject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this
report.
6.I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year priorto the date of sale of the comparable sale, unless otherwise indicated in this report.
7.I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
8.I have not used comparable sales that were the result of combining a land sale with the contract purchase price of ahome that has been built or will be built on the land.
9.I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the
subject property and the comparable sales.
10.I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest inthe sale or financing of the subject property.
11.I have knowledge and experience in appraising this type of property in this market area.
12.I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listingservices, tax assessment records, public land records and other such data sources for the area in which the property is located.
13.I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal reportfrom reliable sources that I believe to be true and correct.
14.I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood,
subject property, and the proximity of the subject property to adverse influences in the development of my opinion of marketvalue. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration,the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during theinspection of the subject property or that I became aware of during the research involved in performing this appraisal. I haveconsidered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditionson the value and marketability of the subject property.
15.I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, allstatements and information in this appraisal report are true and correct.
16.I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, whichare subject only to the assumptions and limiting conditions in this appraisal report.
17.I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospectivepersonal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, myanalysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap,
familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners oroccupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
18.My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was notconditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) apredetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the causeof any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of apending mortgage loan application).
19.I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If Irelied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisalor the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in thisappraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone tomake a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I willtake no responsibility for it.
20.I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization thatordered and will receive this appraisal report.
Page 6 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
Page #7Main File No. 460 Sturdivant Ave
Small Residential Income Property Appraisal Report File #
21.The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of theborrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; othersecondary market participants; data collection or reporting services; professional appraisal organizations; any department,agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having toobtain the appraiser’s or supervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisalreport may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, publicrelations, news, sales, or other media).
22.I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certainlaws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practicethat pertain to disclosure or distribution by me.
23.The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgageinsurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as partof any mortgage finance transaction that involves any one or more of these parties.
24.If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid as if a paper version of this appraisal report were delivered containing my original hand written signature.
25.Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/orcriminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States
Code, Section 1001, et seq., or similar state laws.
SUPERVISORY APPRAISER’S CERTIFICATION:The Supervisory Appraiser certifies and agrees that:
1.I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser’sanalysis, opinions, statements, conclusions, and the appraiser’s certification.
2.I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser’s analysis, opinions,statements, conclusions, and the appraiser’s certification.
3.The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or theappraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.
4.This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted andpromulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisalreport was prepared.
5.If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid as if a paper version of this appraisal report were delivered containing my original hand written signature.
APPRAISER
Signature
Name
Company Name
Company Address
Telephone Number
Email Address
Date of Signature and Report
Effective Date of Appraisal
State Certification #
or State License #
or Other (describe)State #
State
Expiration Date of Certification or License
ADDRESS OF PROPERTY APPRAISED
APPRAISED VALUE OF SUBJECT PROPERTY $
LENDER/CLIENT
Name
Company Name
Company Address
Email Address
SUPERVISORY APPRAISER (ONLY IF REQUIRED)
Signature
Name
Company Name
Company Address
Telephone Number
Email Address
Date of Signature
State Certification #
or State License #
State
Expiration Date of Certification or License
SUBJECT PROPERTY
Did not inspect subject property
Did inspect exterior of subject property from street
Date of Inspection
Did inspect interior and exterior of subject property
Date of Inspection
COMPARABLE SALES
Did not inspect exterior of comparable sales from street
Did inspect exterior of comparable sales from street
Date of Inspection
Page 7 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
460 Sturdivant Ave
Joseph Stark
Gulfstream Appraisal Service
P.O. Box 551364, Jacksonville, FL 32255
(904) 599-2261
jrstark23@hotmail.com
12/21/2021
12/20/2021
RZ2997 State Certified Gen REA
FL
11/30/2022
460 Sturdivant Ave
Atlantic Beach, FL 32233
850,000
BPL Mortgage Trust LLC
1801 S. Meyer Road, Suite 10, Oakbrook
Terrace , IL 60181
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
460 Sturdivant Ave
Joseph Stark
Gulfstream Appraisal Service
P.O. Box 551364, Jacksonville, FL 32255
(904) 599-2261
jrstark23@hotmail.com
12/21/2021
12/20/2021
RZ2997 State Certified Gen REA
FL
11/30/2022
460 Sturdivant Ave
Atlantic Beach, FL 32233
850,000
BPL Mortgage Trust LLC
1801 S. Meyer Road, Suite 10, Oakbrook
Terrace , IL 60181
Form 1025 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Small Residential Income Property Appraisal Report File #
21.The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of theborrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; othersecondary market participants; data collection or reporting services; professional appraisal organizations; any department,agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having toobtain the appraiser’s or supervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisalreport may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, publicrelations, news, sales, or other media).
22.I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certainlaws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practicethat pertain to disclosure or distribution by me.
23.The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgageinsurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as partof any mortgage finance transaction that involves any one or more of these parties.
24.If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid as if a paper version of this appraisal report were delivered containing my original hand written signature.
25.Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/orcriminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States
Code, Section 1001, et seq., or similar state laws.
SUPERVISORY APPRAISER’S CERTIFICATION:The Supervisory Appraiser certifies and agrees that:
1.I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser’sanalysis, opinions, statements, conclusions, and the appraiser’s certification.
2.I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser’s analysis, opinions,statements, conclusions, and the appraiser’s certification.
3.The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or theappraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.
4.This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted andpromulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisalreport was prepared.
5.If this appraisal report was transmitted as an “electronic record” containing my “electronic signature,” as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid as if a paper version of this appraisal report were delivered containing my original hand written signature.
APPRAISER
Signature
Name
Company Name
Company Address
Telephone Number
Email Address
Date of Signature and Report
Effective Date of Appraisal
State Certification #
or State License #
or Other (describe)State #
State
Expiration Date of Certification or License
ADDRESS OF PROPERTY APPRAISED
APPRAISED VALUE OF SUBJECT PROPERTY $
LENDER/CLIENT
Name
Company Name
Company Address
Email Address
SUPERVISORY APPRAISER (ONLY IF REQUIRED)
Signature
Name
Company Name
Company Address
Telephone Number
Email Address
Date of Signature
State Certification #
or State License #
State
Expiration Date of Certification or License
SUBJECT PROPERTY
Did not inspect subject property
Did inspect exterior of subject property from street
Date of Inspection
Did inspect interior and exterior of subject property
Date of Inspection
COMPARABLE SALES
Did not inspect exterior of comparable sales from street
Did inspect exterior of comparable sales from street
Date of Inspection
Page 7 of 7Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
Page #8Main File No. 460 Sturdivant Ave
File No.
UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM
(Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements)
Condition Ratings and Definitions
C1
The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new
and the dwelling features no physical depreciation.*
*Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwellings provided that the
dwelling is placed on a 100% new foundation and the recycled materials and the recycled components have been rehabilitated/re-manufactured
into like-new condition. Recently constructed improvements that have not been previously occupied are not considered “new” if they have any
significant physical depreciation (i.e., newly constructed dwellings that have been vacant for an extended period of time without adequate
maintenance or upkeep).
C2
The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components
are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced
with components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated and
are similar in condition to new construction.
C3
The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every
major building component, may be updated or recently rehabilitated. The structure has been well maintained.
C4
The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been
adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building
components have been adequately maintained and are functionally adequate.
C5
The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs,
rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains
useable and functional as a residence.
C6
The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety,
soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many
or most major components.
Quality Ratings and Definitions
Q1
Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such
residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship
and exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-quality
exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishes
throughout the dwelling are of exceptionally high quality.
Q2
Dwellings with this quality rating are often custom designed for construction on an individual property owner’s site. However, dwellings in
this quality grade are also found in high-quality tract developments featuring residence constructed from individual plans or from highly
modified or upgraded plans. The design features detailed, high quality exterior ornamentation, high-quality interior refinements, and detail. The
workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.
Q3
Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard
residential tract developments or on an individual property owner’s site. The design includes significant exterior ornamentation and interiors
that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been
upgraded from “stock” standards.
Q4
Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans
are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship,
finish, and equipment are of stock or builder grade and may feature some upgrades.
UAD Version 9/2011
460 Sturdivant Ave
Form UADDEFINE — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
460 Sturdivant Ave
Form UADDEFINE — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
File No.
UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM
(Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements)
Condition Ratings and Definitions
C1
The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new
and the dwelling features no physical depreciation.*
*Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwellings provided that the
dwelling is placed on a 100% new foundation and the recycled materials and the recycled components have been rehabilitated/re-manufactured
into like-new condition. Recently constructed improvements that have not been previously occupied are not considered “new” if they have any
significant physical depreciation (i.e., newly constructed dwellings that have been vacant for an extended period of time without adequate
maintenance or upkeep).
C2
The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components
are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced
with components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated and
are similar in condition to new construction.
C3
The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every
major building component, may be updated or recently rehabilitated. The structure has been well maintained.
C4
The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been
adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building
components have been adequately maintained and are functionally adequate.
C5
The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs,
rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains
useable and functional as a residence.
C6
The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety,
soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many
or most major components.
Quality Ratings and Definitions
Q1
Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such
residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship
and exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-quality
exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishes
throughout the dwelling are of exceptionally high quality.
Q2
Dwellings with this quality rating are often custom designed for construction on an individual property owner’s site. However, dwellings in
this quality grade are also found in high-quality tract developments featuring residence constructed from individual plans or from highly
modified or upgraded plans. The design features detailed, high quality exterior ornamentation, high-quality interior refinements, and detail. The
workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.
Q3
Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard
residential tract developments or on an individual property owner’s site. The design includes significant exterior ornamentation and interiors
that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been
upgraded from “stock” standards.
Q4
Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans
are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship,
finish, and equipment are of stock or builder grade and may feature some upgrades.
UAD Version 9/2011
Page #9Main File No. 460 Sturdivant Ave
UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM
(Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements)
Quality Ratings and Definitions (continued)
Q5
Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a
plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation
and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials
with limited refinements and upgrades.
Q6
Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings
are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or
expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical
systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additions
to the original structure
Definitions of Not Updated, Updated, and Remodeled
Not Updated
Little or no updating or modernization. This description includes, but is not limited to, new homes.
Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major
components have been replaced or updated. Those over fifteen years of age are also considered not updated if the
appliances, fixtures, and finishes are predominantly dated. An area that is ‘Not Updated’ may still be well maintained
and fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration.
Updated
The area of the home has been modified to meet current market expectations. These modifications
are limited in terms of both scope and cost.
An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute
updates include refurbishment and/or replacing components to meet existing market expectations. Updates do not
include significant alterations to the existing structure.
Remodeled
Significant finish and/or structural changes have been made that increase utility and appeal through
complete replacement and/or expansion.
A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include
some or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocation
of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of)
square footage). This would include a complete gutting and rebuild.
Explanation of Bathroom Count
Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are not
included in the bathroom count. The number of full and half baths is reported by separating the two values using a
period, where the full bath count is represented to the left of the period and the half bath count is represented to the
right of the period.
Example:
3.2 indicates three full baths and two half baths.
UAD Version 9/2011
Form UADDEFINE — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEForm UADDEFINE — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM
(Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements)
Quality Ratings and Definitions (continued)
Q5
Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a
plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation
and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials
with limited refinements and upgrades.
Q6
Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings
are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or
expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical
systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additions
to the original structure
Definitions of Not Updated, Updated, and Remodeled
Not Updated
Little or no updating or modernization. This description includes, but is not limited to, new homes.
Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major
components have been replaced or updated. Those over fifteen years of age are also considered not updated if the
appliances, fixtures, and finishes are predominantly dated. An area that is ‘Not Updated’ may still be well maintained
and fully functional, and this rating does not necessarily imply deferred maintenance or physical/functional deterioration.
Updated
The area of the home has been modified to meet current market expectations. These modifications
are limited in terms of both scope and cost.
An updated area of the home should have an improved look and feel, or functional utility. Changes that constitute
updates include refurbishment and/or replacing components to meet existing market expectations. Updates do not
include significant alterations to the existing structure.
Remodeled
Significant finish and/or structural changes have been made that increase utility and appeal through
complete replacement and/or expansion.
A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include
some or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocation
of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of)
square footage). This would include a complete gutting and rebuild.
Explanation of Bathroom Count
Three-quarter baths are counted as a full bath in all cases. Quarter baths (baths that feature only a toilet) are not
included in the bathroom count. The number of full and half baths is reported by separating the two values using a
period, where the full bath count is represented to the left of the period and the half bath count is represented to the
right of the period.
Example:
3.2 indicates three full baths and two half baths.
UAD Version 9/2011
Page #10Main File No. 460 Sturdivant Ave
UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM
(Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements)
Abbreviations Used in Data Standardization Text
Abbreviation Full Name Fields Where This Abbreviation May Appear
ac Acres Area, Site
AdjPrk Adjacent to Park Location
AdjPwr Adjacent to Power Lines Location
A Adverse Location & View
ArmLth Arms Length Sale Sale or Financing Concessions
ba Bathroom(s)Basement & Finished Rooms Below Grade
br Bedroom Basement & Finished Rooms Below Grade
B Beneficial Location & View
Cash Cash Sale or Financing Concessions
CtySky City View Skyline View View
CtyStr City Street View View
Comm Commercial Influence Location
c Contracted Date Date of Sale/Time
Conv Conventional Sale or Financing Concessions
CrtOrd Court Ordered Sale Sale or Financing Concessions
DOM Days On Market Data Sources
e Expiration Date Date of Sale/Time
Estate Estate Sale Sale or Financing Concessions
FHA Federal Housing Authority Sale or Financing Concessions
GlfCse Golf Course Location
Glfvw Golf Course View View
Ind Industrial Location & View
in Interior Only Stairs Basement & Finished Rooms Below Grade
Lndfl Landfill Location
LtdSght Limited Sight View
Listing Listing Sale or Financing Concessions
Mtn Mountain View View
N Neutral Location & View
NonArm Non-Arms Length Sale Sale or Financing Concessions
BsyRd Busy Road Location
o Other Basement & Finished Rooms Below Grade
Prk Park View View
Pstrl Pastoral View View
PwrLn Power Lines View
PubTrn Public Transportation Location
rr Recreational (Rec) Room Basement & Finished Rooms Below Grade
Relo Relocation Sale Sale or Financing Concessions
REO REO Sale Sale or Financing Concessions
Res Residential Location & View
RH USDA - Rural Housing Sale or Financing Concessions
s Settlement Date Date of Sale/Time
Short Short Sale Sale or Financing Concessions
sf Square Feet Area, Site, Basement
sqm Square Meters Area, Site
Unk Unknown Date of Sale/Time
VA Veterans Administration Sale or Financing Concessions
w Withdrawn Date Date of Sale/Time
wo Walk Out Basement Basement & Finished Rooms Below Grade
wu Walk Up Basement Basement & Finished Rooms Below Grade
WtrFr Water Frontage Location
Wtr Water View View
Woods Woods View View
Other Appraiser-Defined Abbreviations
Abbreviation Full Name Fields Where This Abbreviation May Appear
UAD Version 9/2011
Form UADDEFINE — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEForm UADDEFINE — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM
(Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements)
Abbreviations Used in Data Standardization Text
Abbreviation Full Name Fields Where This Abbreviation May Appear
ac Acres Area, Site
AdjPrk Adjacent to Park Location
AdjPwr Adjacent to Power Lines Location
A Adverse Location & View
ArmLth Arms Length Sale Sale or Financing Concessions
ba Bathroom(s)Basement & Finished Rooms Below Grade
br Bedroom Basement & Finished Rooms Below Grade
B Beneficial Location & View
Cash Cash Sale or Financing Concessions
CtySky City View Skyline View View
CtyStr City Street View View
Comm Commercial Influence Location
c Contracted Date Date of Sale/Time
Conv Conventional Sale or Financing Concessions
CrtOrd Court Ordered Sale Sale or Financing Concessions
DOM Days On Market Data Sources
e Expiration Date Date of Sale/Time
Estate Estate Sale Sale or Financing Concessions
FHA Federal Housing Authority Sale or Financing Concessions
GlfCse Golf Course Location
Glfvw Golf Course View View
Ind Industrial Location & View
in Interior Only Stairs Basement & Finished Rooms Below Grade
Lndfl Landfill Location
LtdSght Limited Sight View
Listing Listing Sale or Financing Concessions
Mtn Mountain View View
N Neutral Location & View
NonArm Non-Arms Length Sale Sale or Financing Concessions
BsyRd Busy Road Location
o Other Basement & Finished Rooms Below Grade
Prk Park View View
Pstrl Pastoral View View
PwrLn Power Lines View
PubTrn Public Transportation Location
rr Recreational (Rec) Room Basement & Finished Rooms Below Grade
Relo Relocation Sale Sale or Financing Concessions
REO REO Sale Sale or Financing Concessions
Res Residential Location & View
RH USDA - Rural Housing Sale or Financing Concessions
s Settlement Date Date of Sale/Time
Short Short Sale Sale or Financing Concessions
sf Square Feet Area, Site, Basement
sqm Square Meters Area, Site
Unk Unknown Date of Sale/Time
VA Veterans Administration Sale or Financing Concessions
w Withdrawn Date Date of Sale/Time
wo Walk Out Basement Basement & Finished Rooms Below Grade
wu Walk Up Basement Basement & Finished Rooms Below Grade
WtrFr Water Frontage Location
Wtr Water View View
Woods Woods View View
Other Appraiser-Defined Abbreviations
Abbreviation Full Name Fields Where This Abbreviation May Appear
UAD Version 9/2011
Page #11Main File No. 460 Sturdivant Ave
File No.
Property Address
City County State Zip Code
This Appraisal Report is one of the following types:
Self Contained (A written report prepared under Standards Rule , pursuant to the Scope of Work, as disclosed elsewhere in this report.)
Summary (A written report prepared under Standards Rule , pursuant to the Scope of Work, as disclosed elsewhere in this report.)
Restricted Use (A written report prepared under Standards Rule , pursuant to the Scope of Work, as disclosed elsewhere in this report,restricted to the stated intended use by the specified client or intended user.)
APPRAISER:
Signature:
Name:
Date Signed:
State Certification #:
or State License #:
State:
Expiration Date of Certification or License:
Effective Date of Appraisal:
SUPERVISORY APPRAISER (only if required):
Signature:
Name:
Date Signed:
State Certification #:
or State License #:
State:
Expiration Date of Certification or License:
Supervisory Appraiser inspection of Subject Property:
Did Not Exterior-only from street Interior and Exterior
Brown Brothers Capital LLC 460 Sturdivant Ave
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
APPRAISAL AND REPORT IDENTIFICATION
2-2(a)
2-2(b)
2-2(c)
Comments on Standards Rule 2-3
I certify that, to the best of my knowledge and belief:
— the statements of fact contained in this report are true and correct.
— the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional
analyses, opinions, and conclusions.
— I have no (or the specified) present or prospective interest in the property that is the subject of this report and no (or the specified) personal interest with respect to the parties
involved.
— I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
— my engagement in this assignment was not contingent upon developing or reporting predetermined results.
— my compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the
client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
— my analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.
— I have (or have not) made a personal inspection of the property that is the subject of this report. (If more than one person signs this certification, the certification must clearly
specify which individuals did and which individuals did not make a personal inspection of the appraised property.)
— no one provided significant real property appraisal assistance to the person signing this certification. (If there are exceptions, the name of each individual providing significant real
property appraisal assistance must be stated.)
Comments on Appraisal and Report Identification
Note any USPAP related issues requiring disclosure and any state mandated requirements:
This report is for use only by Constructive Loans LLC. for lending purposes. Use of this report by others is not intended by the appraiser. This
report is for lending purposes only. Use of this report for other reasons is not intended by the appraiser.
This appraisal report is not a home inspection and the appraiser is not acting as a home inspector when preparing the report. The borrower
has a right to have the home inspected by a professional home inspector. When performing the inspection of this property, the appraiser
visually observed areas that were readily accessible. Due to weather and climatic conditions in Florida, mold may be present, and in areas the
appraiser cannot see. The appraiser is not qualified to determine the cause of the mold, the type of the mold, or whether the mold might be
pose a risk to property or any of the inhabitants. This appraisal does not guarantee that the property is free of defects or environmental
problems. The appraiser is not required to disturb or move anything that obstructs access or visability. When completing the appraisal, a
visual inspection was done in accordance with FNMA guidelines. This inspection is not technically exhaustive. The inspection does not offer
warranties or guarantees of any kind.
It can be noted that this appraisal has been digitally signed with a password protected signature.
SCOPE:
The scope of work related to this appraisal includes an inspection of the subject property and comparable data, as well as a comprehensive
search of available market sales. Numerous sources may have been utilized including but not limited to; the Marshall & Swift Cost Handbook,
local builders cost estimates, the Northeast Florida Multiple Listing Service, Win2Data, and online public records. Market sales data has been
analyzed for comparable land sales in the subject's market area to determine a reasonable value for the subject lot as if vacant where
applicable. Site value is derived through the extraction method based on typical land to value ratios for the area if there are insufficient land
sales in the area. Appraiser has performed ONE APPRAISAL and no other services on subject property within the past three years.
Exposure time for subject is 90-120 days.
Joseph Stark
12/21/2021
RZ2997 State Certified Gen REA
FL
11/30/2022
12/20/2021
Form ID06 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
JRS Appraisal
Borrower/Client
Lender
Brown Brothers Capital LLC 460 Sturdivant Ave
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
APPRAISAL AND REPORT IDENTIFICATION
2-2(a)
2-2(b)
2-2(c)
Comments on Standards Rule 2-3
I certify that, to the best of my knowledge and belief:
— the statements of fact contained in this report are true and correct.
— the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional
analyses, opinions, and conclusions.
— I have no (or the specified) present or prospective interest in the property that is the subject of this report and no (or the specified) personal interest with respect to the parties
involved.
— I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
— my engagement in this assignment was not contingent upon developing or reporting predetermined results.
— my compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the
client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
— my analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.
— I have (or have not) made a personal inspection of the property that is the subject of this report. (If more than one person signs this certification, the certification must clearly
specify which individuals did and which individuals did not make a personal inspection of the appraised property.)
— no one provided significant real property appraisal assistance to the person signing this certification. (If there are exceptions, the name of each individual providing significant real
property appraisal assistance must be stated.)
Comments on Appraisal and Report Identification
Note any USPAP related issues requiring disclosure and any state mandated requirements:
This report is for use only by Constructive Loans LLC. for lending purposes. Use of this report by others is not intended by the appraiser. This
report is for lending purposes only. Use of this report for other reasons is not intended by the appraiser.
This appraisal report is not a home inspection and the appraiser is not acting as a home inspector when preparing the report. The borrower
has a right to have the home inspected by a professional home inspector. When performing the inspection of this property, the appraiser
visually observed areas that were readily accessible. Due to weather and climatic conditions in Florida, mold may be present, and in areas the
appraiser cannot see. The appraiser is not qualified to determine the cause of the mold, the type of the mold, or whether the mold might be
pose a risk to property or any of the inhabitants. This appraisal does not guarantee that the property is free of defects or environmental
problems. The appraiser is not required to disturb or move anything that obstructs access or visability. When completing the appraisal, a
visual inspection was done in accordance with FNMA guidelines. This inspection is not technically exhaustive. The inspection does not offer
warranties or guarantees of any kind.
It can be noted that this appraisal has been digitally signed with a password protected signature.
SCOPE:
The scope of work related to this appraisal includes an inspection of the subject property and comparable data, as well as a comprehensive
search of available market sales. Numerous sources may have been utilized including but not limited to; the Marshall & Swift Cost Handbook,
local builders cost estimates, the Northeast Florida Multiple Listing Service, Win2Data, and online public records. Market sales data has been
analyzed for comparable land sales in the subject's market area to determine a reasonable value for the subject lot as if vacant where
applicable. Site value is derived through the extraction method based on typical land to value ratios for the area if there are insufficient land
sales in the area. Appraiser has performed ONE APPRAISAL and no other services on subject property within the past three years.
Exposure time for subject is 90-120 days.
Joseph Stark
12/21/2021
RZ2997 State Certified Gen REA
FL
11/30/2022
12/20/2021
Form ID06 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
JRS Appraisal
Borrower/Client
Lender
File No.
Property Address
City County State Zip Code
This Appraisal Report is one of the following types:
Self Contained (A written report prepared under Standards Rule , pursuant to the Scope of Work, as disclosed elsewhere in this report.)
Summary (A written report prepared under Standards Rule , pursuant to the Scope of Work, as disclosed elsewhere in this report.)
Restricted Use (A written report prepared under Standards Rule , pursuant to the Scope of Work, as disclosed elsewhere in this report,restricted to the stated intended use by the specified client or intended user.)
APPRAISER:
Signature:
Name:
Date Signed:
State Certification #:
or State License #:
State:
Expiration Date of Certification or License:
Effective Date of Appraisal:
SUPERVISORY APPRAISER (only if required):
Signature:
Name:
Date Signed:
State Certification #:
or State License #:
State:
Expiration Date of Certification or License:
Supervisory Appraiser inspection of Subject Property:
Did Not Exterior-only from street Interior and Exterior
Page #12Main File No. 460 Sturdivant Ave
Small Residential Income Property Appraisal Report File #SALES COMPARISON APPROACHSALE HISTORYANALYSIS / COMMENTSFEATURE SUBJECT COMPARABLE SALE #COMPARABLE SALE #COMPARABLE SALE #
Address
Proximity to Subject
Sale Price
Sale Price/Gross Bldg. Area sq.ft.sq.ft.sq.ft.sq.ft.
Gross Monthly Rent
Gross Rent Multiplier
Price per Unit
Price per Room
Price per Bedroom
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Rent Control Yes No Yes No Yes No Yes No
Data Source(s)
Verification Source(s)
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment
Sale or Financing
Concessions
Date of Sale/Time
Location
Leasehold/Fee Simple
Site
View
Design (Style)
Quality of Construction
Actual Age
Condition
Gross Building Area
Unit Breakdown Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths
Unit # 1
Unit # 2
Unit # 3
Unit # 4
Basement Description
Basement Finished Rooms
Functional Utility
Heating/Cooling
Energy Efficient Items
Parking On/Off Site
Porch/Patio/Deck
Net Adjustment (Total)+–+–+–$$$
Adjusted Sale Price
$$$of Comparables
Adjusted Price Per Unit (Adj. SP Comp / # of Comp Units)$$$
Adjusted Price Per Room (Adj. SP Comp / # of Comp Rooms)$$$
Adjusted Price Per Bedrm (Adj. SP Comp / # of Comp Bedrooms)$$$
Net Adj.%
Gross Adj.%
Net Adj.%
Gross Adj.%
Net Adj.%
Gross Adj.%
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 #COMPARABLE SALE #COMPARABLE SALE #
Date of Prior Sale/Transfer
Price of Prior Sale/Transfer
Data Source(s)
Effective Date of Data Source(s)
Analysis of prior sale or transfer history of the subject property and comparable sales
Analysis/Comments
Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
460 Sturdivant Ave
460 Sturdivant Ave
Atlantic Beach, FL 32233
665,000
348.53
12,000
55.42
166,250
55,417
166,250
N;Res;
Fee Simple
4,792 SF
N;Res;
Quadraplex
Q3
35
C3
1,908
3 1 1.0
3 1 1.0
3 1 1.0
3 1 1.0
0
0
Average
CH/A
None
4dw
Pch's
Appliances, Kitchen, etc.Standard
Pools, fireplaces, etc.None
Short Sale/REO Seller Owned
405 Lower 8th Ave S
Jacksonville Beach, FL 32250
3.15 miles S
1,195,000
495.44
0
298,750
99,583
298,750
MLS#1145807;DOM 4
Public Records;List Agent
Listing
N/A
Active -23,900
N;Res;
Fee Simple
4792 sf
N;Res;
DT1;Quadraplex
Q3
44 0
C3
2,412 -55,400
3 1 1.0
3 1 1.0
3 1 1.0
3 1 1.0
0sf
0
Average
CH/A
None
4dw
Patios 0
Standard
None
Seller Owned
-79,300
6.6
6.6 1,115,700
278,925
92,975
278,925
4 5 6
4 5 6
Public Records
12/20/2021
Public Records
12/20/2021
No other sales to note.
Seller owned listing above supports value opinion.
Form 1025.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
460 Sturdivant Ave
460 Sturdivant Ave
Atlantic Beach, FL 32233
665,000
348.53
12,000
55.42
166,250
55,417
166,250
N;Res;
Fee Simple
4,792 SF
N;Res;
Quadraplex
Q3
35
C3
1,908
3 1 1.0
3 1 1.0
3 1 1.0
3 1 1.0
0
0
Average
CH/A
None
4dw
Pch's
Appliances, Kitchen, etc.Standard
Pools, fireplaces, etc.None
Short Sale/REO Seller Owned
405 Lower 8th Ave S
Jacksonville Beach, FL 32250
3.15 miles S
1,195,000
495.44
0
298,750
99,583
298,750
MLS#1145807;DOM 4
Public Records;List Agent
Listing
N/A
Active -23,900
N;Res;
Fee Simple
4792 sf
N;Res;
DT1;Quadraplex
Q3
44 0
C3
2,412 -55,400
3 1 1.0
3 1 1.0
3 1 1.0
3 1 1.0
0sf
0
Average
CH/A
None
4dw
Patios 0
Standard
None
Seller Owned
-79,300
6.6
6.6 1,115,700
278,925
92,975
278,925
4 5 6
4 5 6
Public Records
12/20/2021
Public Records
12/20/2021
No other sales to note.
Seller owned listing above supports value opinion.
Form 1025.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Small Residential Income Property Appraisal Report File #SALES COMPARISON APPROACHSALE HISTORYANALYSIS / COMMENTSFEATURE SUBJECT COMPARABLE SALE #COMPARABLE SALE #COMPARABLE SALE #
Address
Proximity to Subject
Sale Price
Sale Price/Gross Bldg. Area sq.ft.sq.ft.sq.ft.sq.ft.
Gross Monthly Rent
Gross Rent Multiplier
Price per Unit
Price per Room
Price per Bedroom
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Rent Control Yes No Yes No Yes No Yes No
Data Source(s)
Verification Source(s)
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment
Sale or Financing
Concessions
Date of Sale/Time
Location
Leasehold/Fee Simple
Site
View
Design (Style)
Quality of Construction
Actual Age
Condition
Gross Building Area
Unit Breakdown Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths
Unit # 1
Unit # 2
Unit # 3
Unit # 4
Basement Description
Basement Finished Rooms
Functional Utility
Heating/Cooling
Energy Efficient Items
Parking On/Off Site
Porch/Patio/Deck
Net Adjustment (Total)+–+–+–$$$
Adjusted Sale Price
$$$of Comparables
Adjusted Price Per Unit (Adj. SP Comp / # of Comp Units)$$$
Adjusted Price Per Room (Adj. SP Comp / # of Comp Rooms)$$$
Adjusted Price Per Bedrm (Adj. SP Comp / # of Comp Bedrooms)$$$
Net Adj.%
Gross Adj.%
Net Adj.%
Gross Adj.%
Net Adj.%
Gross Adj.%
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 #COMPARABLE SALE #COMPARABLE SALE #
Date of Prior Sale/Transfer
Price of Prior Sale/Transfer
Data Source(s)
Effective Date of Data Source(s)
Analysis of prior sale or transfer history of the subject property and comparable sales
Analysis/Comments
Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005
Page #13Main File No. 460 Sturdivant Ave
File No.Market Conditions Addendum to the Appraisal Report
MARKET RESEARCH & ANALYSISCONDO/CO-OP PROJECTSAPPRAISERThe purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject
neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009.
Property Address City State ZIP Code
Borrower
Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regarding
housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent
it is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an
explanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the data
in the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as an
average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of the
subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc.
Inventory Analysis Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend
Median Sale & List Price, DOM, Sale/List %Prior 7–12 Months Prior 4–6 Months Current – 3 Months
Total # of Comparable Sales (Settled)
Absorption Rate (Total Sales/Months)
Total # of Comparable Active Listings
Months of Housing Supply (Total Listings/Ab.Rate)
Median Comparable Sale Price
Median Comparable Sales Days on Market
Median Comparable List Price
Median Comparable Listings Days on Market
Median Sale Price as % of List Price
Increasing Stable Declining
Increasing Stable Declining
Declining Stable Increasing
Declining Stable Increasing
Overall Trend
Increasing Stable Declining
Declining Stable Increasing
Increasing Stable Declining
Declining Stable Increasing
Increasing Stable Declining
Seller-(developer, builder, etc.)paid financial assistance prevalent?Yes No Declining Stable Increasing
Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo
fees, options, etc.).
Are foreclosure sales (REO sales) a factor in the market?Yes No If yes, explain (including the trends in listings and sales of foreclosed properties).
Cite data sources for above information.
Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as
an analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.
If the subject is a unit in a condominium or cooperative project , complete the following:Project Name:
Subject Project Data Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend
Total # of Comparable Sales (Settled)
Absorption Rate (Total Sales/Months)
Months of Unit Supply (Total Listings/Ab.Rate)
Total # of Active Comparable Listings
Increasing Stable Declining
Increasing Stable Declining
Declining Stable Increasing
Declining Stable Increasing
Are foreclosure sales (REO sales) a factor in the project?Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales of
foreclosed properties.
Summarize the above trends and address the impact on the subject unit and project.
Signature
Appraiser Name
Company Name
Company Address
State License/Certification #State
Email Address
Signature
Supervisory Appraiser Name
Company Name
Company Address
State License/Certification #State
Email Address
Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009
460 Sturdivant Ave
460 Sturdivant Ave Atlantic Beach FL 32233
Brown Brothers Capital LLC
8
1.33
9
6.8
737,500
53
775,000
137
93%
7
2.33
4
1.7
750,000
37
821,000
245.5
98%
1
0.33
11
33.3
822,000
35
855,000
35
93%
Concessions are stable in this market.. In this market area, concessions are stable due to the lack of available listings.
REO's and short sales were a factor in this market and the leading cause of the decline in values in subject market area. The inventory of REO
and short sales has decreaseed and prices are now increasing.
NEF MLS.
The market is at the end of the declining process and signs of an increasing market noted above have taken hold and are illustrated by the
above statistics.
Joseph Stark
Gulfstream Appraisal Service
P.O. Box 551364, Jacksonville, FL 32255
RZ2997 State Certified Gen REAFL
jrstark23@hotmail.com
Form 1004MC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
460 Sturdivant Ave
460 Sturdivant Ave Atlantic Beach FL 32233
Brown Brothers Capital LLC
8
1.33
9
6.8
737,500
53
775,000
137
93%
7
2.33
4
1.7
750,000
37
821,000
245.5
98%
1
0.33
11
33.3
822,000
35
855,000
35
93%
Concessions are stable in this market.. In this market area, concessions are stable due to the lack of available listings.
REO's and short sales were a factor in this market and the leading cause of the decline in values in subject market area. The inventory of REO
and short sales has decreaseed and prices are now increasing.
NEF MLS.
The market is at the end of the declining process and signs of an increasing market noted above have taken hold and are illustrated by the
above statistics.
Joseph Stark
Gulfstream Appraisal Service
P.O. Box 551364, Jacksonville, FL 32255
RZ2997 State Certified Gen REAFL
jrstark23@hotmail.com
Form 1004MC2 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
File No.Market Conditions Addendum to the Appraisal Report
MARKET RESEARCH & ANALYSISCONDO/CO-OP PROJECTSAPPRAISERThe purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject
neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009.
Property Address City State ZIP Code
Borrower
Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regarding
housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent
it is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an
explanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the data
in the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as an
average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of the
subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc.
Inventory Analysis Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend
Median Sale & List Price, DOM, Sale/List %Prior 7–12 Months Prior 4–6 Months Current – 3 Months
Total # of Comparable Sales (Settled)
Absorption Rate (Total Sales/Months)
Total # of Comparable Active Listings
Months of Housing Supply (Total Listings/Ab.Rate)
Median Comparable Sale Price
Median Comparable Sales Days on Market
Median Comparable List Price
Median Comparable Listings Days on Market
Median Sale Price as % of List Price
Increasing Stable Declining
Increasing Stable Declining
Declining Stable Increasing
Declining Stable Increasing
Overall Trend
Increasing Stable Declining
Declining Stable Increasing
Increasing Stable Declining
Declining Stable Increasing
Increasing Stable Declining
Seller-(developer, builder, etc.)paid financial assistance prevalent?Yes No Declining Stable Increasing
Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo
fees, options, etc.).
Are foreclosure sales (REO sales) a factor in the market?Yes No If yes, explain (including the trends in listings and sales of foreclosed properties).
Cite data sources for above information.
Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as
an analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions.
If the subject is a unit in a condominium or cooperative project , complete the following:Project Name:
Subject Project Data Prior 7–12 Months Prior 4–6 Months Current – 3 Months Overall Trend
Total # of Comparable Sales (Settled)
Absorption Rate (Total Sales/Months)
Months of Unit Supply (Total Listings/Ab.Rate)
Total # of Active Comparable Listings
Increasing Stable Declining
Increasing Stable Declining
Declining Stable Increasing
Declining Stable Increasing
Are foreclosure sales (REO sales) a factor in the project?Yes No If yes, indicate the number of REO listings and explain the trends in listings and sales of
foreclosed properties.
Summarize the above trends and address the impact on the subject unit and project.
Signature
Appraiser Name
Company Name
Company Address
State License/Certification #State
Email Address
Signature
Supervisory Appraiser Name
Company Name
Company Address
State License/Certification #State
Email Address
Freddie Mac Form 71 March 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009
Page #14Main File No. 460 Sturdivant Ave
Property Address
City County State Zip Code
Form MAP.LOC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Location Map
Brown Brothers Capital LLC
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
Borrower/Client
Lender
Form MAP.LOC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Location Map
Brown Brothers Capital LLC
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
Borrower/Client
Lender
Property Address
City County State Zip Code
Page #15Main File No. 460 Sturdivant Ave
Property Address
City County State Zip Code
Form SKT.BldSkI — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Building Sketch
Brown Brothers Capital LLC
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
Borrower/Client
Lender
Form SKT.BldSkI — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Building Sketch
Brown Brothers Capital LLC
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
Borrower/Client
Lender
Property Address
City County State Zip Code
Page #16Main File No. 460 Sturdivant Ave
Property Address
City County State Zip Code
Form PICPIX.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Photo Page
Brown Brothers Capital LLC
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
Subject Front
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
460 Sturdivant Ave
665,000
12
4
4
N;Res;
N;Res;
4,792 SF
Q3
35
Subject Rear
Subject Street
Borrower/Client
Lender
Form PICPIX.SR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Photo Page
Brown Brothers Capital LLC
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
Subject Front
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
460 Sturdivant Ave
665,000
12
4
4
N;Res;
N;Res;
4,792 SF
Q3
35
Subject Rear
Subject Street
Borrower/Client
Lender
Property Address
City County State Zip Code
Page #17Main File No. 460 Sturdivant Ave
Property Address
City County State Zip Code
Form PICPIX.SIC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Photo Page
Brown Brothers Capital LLC
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
Subject Side
Sales Price
Gross Building Area
Age
460 Sturdivant Ave
665,000
1,908
35
Subject Side
Unit Four Bedroom
Borrower/Client
Lender
Form PICPIX.SIC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Photo Page
Brown Brothers Capital LLC
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
Subject Side
Sales Price
Gross Building Area
Age
460 Sturdivant Ave
665,000
1,908
35
Subject Side
Unit Four Bedroom
Borrower/Client
Lender
Property Address
City County State Zip Code
Page #18Main File No. 460 Sturdivant Ave
Property Address
City County State Zip Code
Form PICPIX.SIC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Interior Photo Page
Brown Brothers Capital LLC
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
Unit Four Bath
Sales Price
Gross Building Area
Age
460 Sturdivant Ave
665,000
1,908
35
Unit Four Kitchen
Unit Four Living Room
Borrower/Client
Lender
Form PICPIX.SIC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Interior Photo Page
Brown Brothers Capital LLC
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
Unit Four Bath
Sales Price
Gross Building Area
Age
460 Sturdivant Ave
665,000
1,908
35
Unit Four Kitchen
Unit Four Living Room
Borrower/Client
Lender
Property Address
City County State Zip Code
Page #19Main File No. 460 Sturdivant Ave
Property Address
City County State Zip Code
Form PICPIX.SIC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Interior Photo Page
Brown Brothers Capital LLC
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
Unit Three Bedroom
Sales Price
Gross Building Area
Age
460 Sturdivant Ave
665,000
1,908
35
Unit Three Bath
Unit Three Kitchen
Borrower/Client
Lender
Form PICPIX.SIC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Interior Photo Page
Brown Brothers Capital LLC
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
Unit Three Bedroom
Sales Price
Gross Building Area
Age
460 Sturdivant Ave
665,000
1,908
35
Unit Three Bath
Unit Three Kitchen
Borrower/Client
Lender
Property Address
City County State Zip Code
Page #20Main File No. 460 Sturdivant Ave
Property Address
City County State Zip Code
Form PICPIX.SIC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Interior Photo Page
Brown Brothers Capital LLC
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
Unit Three Living Room
Sales Price
Gross Building Area
Age
460 Sturdivant Ave
665,000
1,908
35
Unit Two Living Room
Unit Two Bath
Borrower/Client
Lender
Form PICPIX.SIC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Interior Photo Page
Brown Brothers Capital LLC
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
Unit Three Living Room
Sales Price
Gross Building Area
Age
460 Sturdivant Ave
665,000
1,908
35
Unit Two Living Room
Unit Two Bath
Borrower/Client
Lender
Property Address
City County State Zip Code
Page #21Main File No. 460 Sturdivant Ave
Property Address
City County State Zip Code
Form PICPIX.SIC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Interior Photo Page
Brown Brothers Capital LLC
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
Unit Two Kitchen
Sales Price
Gross Building Area
Age
460 Sturdivant Ave
665,000
1,908
35
Unit Two Bedroom
Unit One Living Room
Borrower/Client
Lender
Form PICPIX.SIC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Interior Photo Page
Brown Brothers Capital LLC
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
Unit Two Kitchen
Sales Price
Gross Building Area
Age
460 Sturdivant Ave
665,000
1,908
35
Unit Two Bedroom
Unit One Living Room
Borrower/Client
Lender
Property Address
City County State Zip Code
Page #22Main File No. 460 Sturdivant Ave
Property Address
City County State Zip Code
Form PICPIX.SIC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Interior Photo Page
Brown Brothers Capital LLC
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
Unit One Bath
Sales Price
Gross Building Area
Age
460 Sturdivant Ave
665,000
1,908
35
Subject Kitchen
Unit One Bedroom
Borrower/Client
Lender
Form PICPIX.SIC — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Subject Interior Photo Page
Brown Brothers Capital LLC
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
Unit One Bath
Sales Price
Gross Building Area
Age
460 Sturdivant Ave
665,000
1,908
35
Subject Kitchen
Unit One Bedroom
Borrower/Client
Lender
Property Address
City County State Zip Code
Page #23Main File No. 460 Sturdivant Ave
Property Address
City County State Zip Code
Form PICPIX.CR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Comparable Photo Page
Brown Brothers Capital LLC
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
Comparable1
Prox. to Subject
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
405 6th Ave N
2.15 miles S
950,000
2,916
16
8
4
N;Res;
N;Res;
6098 sf
Q3
45
Comparable 2
Prox. to Subject
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
611 2nd St
0.48 miles SE
915,000
2,524
11
5
3
N;Res;
N;Res;
4792 sf
Q3
75
Comparable 3
Prox. to Subject
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
404 Margaret St
1.13 miles S
791,000
3,318
12
4
4
N;Res;
N;Res;
5663 sf
Q3
74
Borrower/Client
Lender
Form PICPIX.CR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Comparable Photo Page
Brown Brothers Capital LLC
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
Comparable1
Prox. to Subject
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
405 6th Ave N
2.15 miles S
950,000
2,916
16
8
4
N;Res;
N;Res;
6098 sf
Q3
45
Comparable 2
Prox. to Subject
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
611 2nd St
0.48 miles SE
915,000
2,524
11
5
3
N;Res;
N;Res;
4792 sf
Q3
75
Comparable 3
Prox. to Subject
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
404 Margaret St
1.13 miles S
791,000
3,318
12
4
4
N;Res;
N;Res;
5663 sf
Q3
74
Borrower/Client
Lender
Property Address
City County State Zip Code
Page #24Main File No. 460 Sturdivant Ave
Property Address
City County State Zip Code
Form PICPIX.CR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Comparable Photo Page
Brown Brothers Capital LLC
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
Comparable 4
Prox. to Subject
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
405 Lower 8th Ave S
3.15 miles S
1,195,000
12
4
4
N;Res;
N;Res;
4792 sf
Q3
44
Comparable5
Prox. to Subject
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
Comparable 6
Prox. to Subject
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
Borrower/Client
Lender
Form PICPIX.CR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Comparable Photo Page
Brown Brothers Capital LLC
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
Comparable 4
Prox. to Subject
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
405 Lower 8th Ave S
3.15 miles S
1,195,000
12
4
4
N;Res;
N;Res;
4792 sf
Q3
44
Comparable5
Prox. to Subject
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
Comparable 6
Prox. to Subject
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
Borrower/Client
Lender
Property Address
City County State Zip Code
Page #25Main File No. 460 Sturdivant Ave
Property Address
City County State Zip Code
Form DLSTRNT.DS$C — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Rental Photo Page
Brown Brothers Capital LLC
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
Rental 1
Proximity to Subject
Gross Building Area
Age
1624 1st St
1.02 miles SE
1,100
50
Rental 2
Proximity to Subject
Gross Building Area
Age
359 Ahern St
0.18 miles E
917
14
Rental 3
Proximity to Subject
Gross Building Area
Age
901 Ocean Blvd
0.70 miles NE
705
55
Borrower/Client
Lender
Form DLSTRNT.DS$C — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Rental Photo Page
Brown Brothers Capital LLC
460 Sturdivant Ave
Atlantic Beach Duval FL 32233
BPL Mortgage Trust LLC
Rental 1
Proximity to Subject
Gross Building Area
Age
1624 1st St
1.02 miles SE
1,100
50
Rental 2
Proximity to Subject
Gross Building Area
Age
359 Ahern St
0.18 miles E
917
14
Rental 3
Proximity to Subject
Gross Building Area
Age
901 Ocean Blvd
0.70 miles NE
705
55
Borrower/Client
Lender
Property Address
City County State Zip Code
Page #26Main File No. 460 Sturdivant Ave
Form SC1 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEForm SC1 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Page #27Main File No. 460 Sturdivant Ave
E&O
Form SCNLTR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
E&O
Form SCNLTR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Page #28Main File No. 460 Sturdivant Ave
Aerial
Form SCNLTR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Aerial
Form SCNLTR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Page #29Main File No. 460 Sturdivant Ave
Budget
Form SCNLTR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Budget
Form SCNLTR — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
Page #30Main File No. 460 Sturdivant Ave