HomeMy WebLinkAbout63-24 RESOLUTION113 West Mountain Street
Fayetteville, AR 72701
(479) 575-8323
Resolution: 63-24
File Number: 2024-1678
2633 N. GREGG AVENUE (PURCHASE AGREEMENT):
A RESOLUTION TO APPROVE THE PURCHASE OF PROPERTY LOCATED AT 2633 N. GREGG AVENUE
OWNED BY QUALITY LIFE ASSOCIATES, INC. IN THE AMOUNT OF $525,000.00 PLUS $10,000.00 FOR
CLOSING COSTS, AND TO APPROVE A BUDGET ADJUSTMENT - 2019 STREET IMPROVEMENT BOND
PROJECT
WHEREAS, the extension of Futrall Drive has long been on the City's Master Street Plan to provide additional access
to approximately 150 acres of undeveloped property west of the railroad tracks, east of Garland Avenue, and north of
Drake Street; and
WHEREAS, on December 15, 2020, City Council approved an agreement with the Arkansas Missouri Railroad for the
construction of a new railroad crossing at North Futrall Drive and North Gregg Ave.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE,
ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby authorizes the purchase of property
located at 2633 N. Gregg Ave. owned by Quality Life Associates, Inc. in the amount of $525,000.00, plus $10,000.00
for the estimated closing costs.
Section 2: That the City Council of the City of Fayetteville, Arkansas hereby approves a budget adjustment, a copy of
which is attached to this Resolution.
PASSED and APPROVED on February 6, 2024
Page 1
Attest: 0%jJ t 111 r rir1t�z
•/ rR�gs•,�.
01
�U• 11
Kara Paxton, City CIA Treasurer= • FAYr.TTV!LL
1-114,1111,41-0
CITY OF
FAYETTEVILLE
ARKANSAS
MEETING OF FEBRUARY 6, 2024
CITY COUNCIL MEMO
2024-1678
TO: Mayor Jordan and City Council
THRU: Chris Brown, Public Works Director
Susan Norton, Chief of Staff
FROM: Matt Casey, Engineering Design Manager
DATE:
SUBJECT: Approval of a resolution authorizing the purchase of property and structure located
at 2633 N Gregg Avenue (parcel #765-15904-000) , in the amount of $525,000 plus
$10,000 for the associated closing costs and to approve a budget adjustment.
RECOMMENDATION:
Staff recommends approval of a resolution authorizing the purchase of property and structure located at 2633
N Gregg Avenue (parcel #765-15904-000), in the amount of $525,000 plus $10,000 for the associated closing
costs and to approve a budget adjustment.
BACKGROUND:
The extension of Futrall Drive has long been on the City's Master Street Plan, to provide additional access to
approximately 150 acres of undeveloped property west of the railroad tracks, east of Garland Avenue, and
north of Drake Street. The connection will provide a more direct access from the property to the Fulbright
Expressway and will include pedestrian facilities to allow for safe crossings at the railroad and Gregg Avenue.
On December 15, 2020, the City Council approved an agreement with the Arkansas Missouri Railroad for the
construction of a new railroad crossing at North Futrall Drive and North Gregg Ave. As part of the agreement,
the railroad required the closure of an existing crossing.
DISCUSSION:
After the agreement with the railroad was approved, City staff began looking at options to allow for the closure
of the existing railroad crossing at Jocelyn Lane. The original concept included the extension of a private drive
from the south that included a new bridge crossing of Sublett Creek to access the two properties served by the
existing railroad crossing. A preliminary design was prepared, and a cost estimate was developed. With a
cost estimate of over $1,000,000, staff decided to explore other options.
The City Land Agents ordered appraisals of the two properties to evaluate the option to purchase the
properties instead of providing access. These properties are both located along the Razorback Greenway and
could be an asset to the City's trail system. The 2022 appraised value of the two properties was $695,000.
With the significant savings possibility with this option, staff reached out to the property owners to begin
conversations regarding the purchases. Fortunately, both owners were open to the discussion. In September
of 2023, Quality Life Associates provided an updated appraisal of their property for $546.000. The property
contains 1.1 acres and a 3,100 square foot home. After negotiations with the owner, an amount of $525,000
Mailing address:
113 W. Mountain Street www.fayetteville-ar.gov
Fayetteville, AR 72701
was agreed upon.
BUDGET/STAFF IMPACT:
The proposed source for the funding would be the 2019 Transportation Bond Funds.
ATTACHMENTS: SRF (#3), BA (#4), 2633 N Gregg Ave Land Sale Agreement (#5), Quality Life Associates
Executed Offer - Brookside 12.11.23 (#6), 2633 Gregg Vicinity Map (#7), 2633 N Gregg Ave Appraisal (#8),
2633 N Gregg (#9)
Mailing address:
113 W. Mountain Street www.fayetteville-ar.gov
Fayetteville, AR 72701
== City of Fayetteville, Arkansas
y 113 West Mountain Street
Fayetteville, AR 72701
(479)575-8323
- Legislation Text
File #: 2024-1678
Approval of a resolution authorizing the purchase of property and structure located at 2633 N
Gregg Avenue (parcel #765-15904-000) , in the amount of $525,000 plus $10,000 for the associated
closing costs and to approve a budget adjustment.
A RESOLUTION TO APPROVE THE PURCHASE OF PROPERTY LOCATED AT 2633 N. GREGG
AVENUE OWNED BY QUALITY LIFE ASSOCIATES, INC. IN THE AMOUNT OF $525,000.00
PLUS $10,000.00 FOR CLOSING COSTS, AND TO APPROVE A BUDGET ADJUSTMENT - 2019
STREET IMPROVEMENT BOND PROJECT
WHEREAS, the extension of Futrall Drive has long been on the City's Master Street Plan to provide
additional access to approximately 150 acres of undeveloped property west of the railroad tracks, east of
Garland Avenue, and north of Drake Street; and
WHEREAS, on December 15, 2020, City Council approved an agreement with the Arkansas Missouri
Railroad for the construction of a new railroad crossing at North Futrall Drive and North Gregg Ave.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby authorizes the purchase of
property located at 2633 N. Gregg Ave. owned by Quality Life Associates, Inc. in the amount of
$525,000.00, plus $10,000.00 for the estimated closing costs.
Section 2: That the City Council of the City of Fayetteville, Arkansas hereby approves a budget
adjustment, a copy of which is attached to this Resolution.
Page 1
Matt Casey
Submitted By
City of Fayetteville Staff Review Form
2024-1678
Item ID
2/6/2024
City Council Meeting Date - Agenda Item Only
N/A for Non -Agenda Item
1/11/2024 ENGINEERING (621)
Submitted Date Division / Department
Action Recommendation:
Approval of a resolution authorizing the purchase of property and structure located at 2633 N Gregg Avenue (parcel
#765-15904-000), in the amount of $525,000 plus $10,000 for the associated closing costs and to approve a budget
adjustment.
4702.860.7220-5805.00
Account Number
46020.7220
Project Number
Budgeted Item? Yes
Budget Impact:
2022 Transportation Bond Funds
Fund
Futrall/Gregg and Shiloh/Gregg RR Crossings
Project Title
Total Amended Budget
Expenses (Actual+Encum)
Available Budget
Does item have a direct cost? Yes Item Cost
Is a Budget Adjustment attached? Yes Budget Adjustment
Remaining Budget
$ 297,452.00
$ 297,452.00
$ 535,000.00
$ 535,000.00
297,452.00
V20221130
Purchase Order Number: Previous Ordinance or Resolution #
Change Order Number: Approval Date:
Original Contract Number:
Comments:
City of Fayetteville, Arkansas - Budget Adjustment (Agenda)
Budget Year Division ENGINEERING (621) Adjustment Number
2024 /Org2
Requestor: Matt Casey
BUDGET ADJUSTMENT DESCRIPTION / JUSTIFICATION:
Approval of a resolution authorizing the purchase of property and structure located at 2633 N Gregg Avenue (parcel
#765-15904-000), in the amount of $525,000 plus $10,000 for the associated closing costs and to approve a budget
adjustment.
COUNCIL DATE:
ITEM ID#:
2/6/2024
2024-1678
Nolly Black
717712024 70:07 AM
RESOLUTION/ORDINANCE
Budget Division
TYPE:
JOURNAL#:
GLDATE:
CHKD/POSTED:
Date
D - (City Council)
TOTAL
Account Number
- -
Increase / (Decrease)
Expense Revenue
Prolect.Sub#
Project Sub.Detl AT
v.202413
Account Name
4702.860.7220-5805.00
535,000 -
46020 7220 EX Land -Acquisition
4702.860.7999-5899.00
(535,000) -
46020 7999 EX Unallocated - Budget
K:\Engineering Design Services\Projects\BOND PROGRAM\2019 Bond Program\RR Crossings Shiloh and Futrall\Council and
Committee Actions\Alexander Property Purchase\2024-1678 BA 2633 N Gregg Ave Purchase 1 of 1
LAND SALE AGREEMENT
This Land Sale Agreement is made and entered into by and between the City of Fayetteville, Arkansas,
an Arkansas municipal corporation (hereinafter "City" or "Fayetteville") and Quality Life Associates, Inc.
(hereinafter "the Seller").
TERMS AND CONDITIONS
PURCHASE AND SALE
Subject to the terms and conditions, mutual promises and covenants of this Agreement, the City of
Fayetteville agrees to purchase, and the Seller agrees to sell, the following described property (the "Property"):
SEE ATTACHED EXHIBIT "A" FOR PROPERTY DESCRIPTION
2. PURCHASE PRICE
Subject to the terms and conditions, mutual promises and covenants of this Agreement, the City agrees
to purchase the Property for Five hundred twenty-five thousand and no/100 dollars ($525,000) to be paid to
the Seller by the City on or before the Closing Date.
3. CONTINGENCIES
The City agrees that this sale and all the Agreements set forth herein are subject to and contingent upon
approval by the Fayetteville City Council and subsequent execution hereof by the Mayor, of the original offer
amount of $525,000.
The City agrees that this sale shall be contingent upon the property being vacant of all tenants at least ten
(10) days prior to closing and Seller is responsible for maintaining that vacancy until closing.
4. CLOSING DATE AND PLACE
Closing shall occur within 90 days following the date this Agreement has been executed by the parties.
The Closing shall occur at 113 West Mountain Street, Fayetteville, Arkansas in a room supplied by the City of
Fayetteville or at another location agreed upon by the parties. The Closing Date may be extended upon the
mutual agreement of the parties.
5. DATE OF POSSESSION
Possession of the Property shall be delivered to the City of Fayetteville on the Closing Date free of any
tenancies or other third -party possessory rights.
6. TITLE INSURANCE
The Seller shall order a title commitment on the Property, as soon as practicable following the full
execution of this Agreement, through Bronson Abstract Company. If the report on title, binder or commitment
discloses any defects in title (other than liens or encumbrances of a definite or ascertainable amount which may
be paid at closing), The Seller shall have thirty (30) days from the date of the City notice of such defects to make
a good faith effort to cure such defects and to furnish a report showing the defects cured or removed. If, such
defects are not cured within thirty (30) days, the City may terminate this agreement or may, at its election, take
title subject to any such defects. The cost of the title commitment and the cost of the owner's title policy shall be
borne by the Seller.
1
7. DEED, TAXES, CLOSING COSTS, AND OTHER DOCUMENTS
On the Closing date, the Seller shall convey marketable and insurable title to the premises by general
warranty deed, free and clear of all liens, restrictions, and encumbrances except easements and rights -of -way
of record, or as provided in this Agreement.
Taxes and special assessments due on or before the date of closing shall be paid by Seller. Ad valorem
taxes shall be prorated as of the date of closing. The City and the Seller shall equally share the cost of a
reasonable closing fee imposed by the closing agent employed by parties provided however that the City shall
be responsible for any revenue stamps resulting from this transaction and all recording fees for the deed and
other documents that need to be filed.
8. RISK OF LOSS
Risk of loss as to the Property shall remain with the Seller until the Closing date.
9. THE CITY OF FAYETTEVILLE'S DUE DILIGENCE
The City may enter upon the Property to conduct any surveying, testing or inspection it deems necessary
to ensure the Property will be appropriate and safe. If the City discovers any problems that would adversely
impact its development and use of the Property for its facilities, the City shall notify the Seller who shall be granted
sixty (60) days to remediate any problem. The Seller may also terminate this Agreement without penalty rather
than remediating any problem or issue discovered by the City.
10. NOTICES
Notices required by this Agreement.shall be in writing and.shall be delivered to:.....
City of Fayetteviile
Quality Life Associates, Inc.
ATTN: Mayor's Office
c/o Elise Alexander
113 W. Mountain Street
PO Box 2449
Fayetteville, AR 72701
Alma, AR 72921
11. AUTHORITY
Each of the undersigned individuals represent and warrant that they are authorized to enter into this
Agreement on behalf of themselves or their respective entities and that execution hereof will bind all parties to
this Agreement.
12. COUNTERPARTS
This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which taken together shall'constitute one and the same agreement:
13. FACSIMILE
For purposes of executing this Agreement, a scanned or facsimile signature shall be as effective an as
actual. signature.
14. APPLICABLE LAW
This Agreement shall be construed and enforced in accordance with the laws of the State of Arkansas
with venue in Washington County, Arkansas.
7
15. SURVIVAL
The representations, warranties, and agreements of the parties contained herein shall survive the
closing date.
16. NO WAIVERS
The waiver by either party hereto of any condition or the breach of any term, covenant or conditions
herein contained shall not be. deemed to be a waiver of any other condition or of any subsequent breach of the
same or of any other term, covenant or condition herein contained.
17. TIME OF ESSENCE
Time is of the essence in this Agreement.
18. INVALIDITY
If for any reason any term or provision of this Agreement shall be declared void and unenforceable by
any court of law or equity, it shall only affect such term or provision of this Agreement and the balance of this
Agreement shall remain in full force and effect and shall be binding upon the parties hereto.
19. COMPLETE AGREEMENT
All understandings and agreements heretofore existing between the parties are merged into this
Agreement that alone fully and completely expresses their agreement. This Agreement may be changed only in
writing signed by all the parties hereto and shall apply to and bind the successors and assigns of each of the
parties hereto and shall not merge with the deed delivered to the City at closing.
IN AGREEMENT WITH ALL OF THE TERMS AND CONDITIONS of this Land Sale Agreement and
after being properly authorized by the Fayetteville City Council, the Mayor and City -Clerk Treasurer of the City
of Fayetteville, Arkansas, Purchaser, sign their names below:
CITY OFF YETTEV E, ARKANSAS
By: ATTEST:�.G�� Y nF
.��. •.�
ioneld Jor Mayor =i— • _
Date: Z Kara Paxton
City Clerk -Treasurer uT ;'
IN AGREEMENT WITH ALL OF, THE TERMS AND CONDITIONS of this Land Sale Agreement, Seller,
through its authorized agent or representative, signs below:
QUALITY LIFE ASSOCIATES, INC.
By:
Elise Alexander, Director
Date: t ` u51 W2 -:
3
WITNESS:
EXHIBIT A
A part of the Southeast Quarter (SE1/4) of Section Thirty-four (34), Township Seventeen (17) North, Range Thirty
(30) West, being more particularly described as follows, To -wit: Beginning at a point which is 694.98 feet East and
1057.46 feet South of the Northwest corner of said Southeast Quarter (SE1/4), and running thence South 374.64
feet, thence North 84 degrees 30 minutes east 823.75 feet, thence South 59 degrees 19 minutes 46 seconds East
166.38 feet to the Railroad right of way, thence North 30 degrees 31 minutes West along said right of way 441.75
feet, thence West 738.75 feet to the point of beginning, containing 6.42 acres, more or less. Subject to easements
and rights of way of record. LESS AND EXCEPT: Part of the Southeast Quarter of Section 35, Township 17 North,
Range 30 West, Washington County, Arkansas being more particularly described as follows: Commencing at the
Northwest corner of the Northwest Quarter of the Southeast Quarter, thence North 89 degrees 38 minutes 21
seconds East, 694.98 feet, thence South 00 degrees 21 minutes 29 seconds East, 1057.46 feet to a'/Z inch existing
rebar and the Point of Beginning; thence East 517.67 feet to a set p/k nail, thence South 51 degrees 39 minutes 48
seconds East 234.50 feet to a'/Z inch existing rebar, thence South 129.36 feet to a'/2 inch existing rebar, thence
North 84 degrees 17 minutes 30 seconds East 104.38 feet to a'/z inch existing rebar, thence North 59 degrees 05
minutes 19 seconds East 41.78 feet to a'/ existing rebar, thence around a curve to the left having a radius of 40.00
feet and subtended by a chord bearing and distance of South 15 degrees 24 minutes 45 seconds West 54.51 feet
to a'/2 inch existing rebar, thence North 60 degrees 55 minutes 08 seconds West 5.35 feet to'/ inch existing rebar,
thence South 84 degrees 17 minutes 30 seconds West 823.87 feet to a '/ inch existing rebar, thence North 00
degrees 21 minutes 39 seconds West 374.87 feet to the point of beginning, containing 5.25 acres, more or less.
Said lands contained within Washington County Tax Parcel No. 765-15904-002, together with easement for street
right of way and utilities established by Easement Agreement in instrument No. 2007-034226. Leaving
approximately 1.17 acres.
(Exact description to be determined by survey)
4
CITY OF
FAYETTEVILLE
ARKANSAS
December 5, 2023
Quality Life Associates, Inc
c/o Elise Alexander
PO Box 2449
Alma AR 72921
RE: 2623 N Gregg Ave
Parcel No. 765-15904-000
Offer Letter -_-- -_ _-
Dear Ms. Alexander,
The City of Fayetteville has been in previous discussion with you regarding the purchase of property you own within the
floodplain at 2623 Gregg Avenue. It was nice to finally meet with you In person.
The City of Fayetteville hereby offers $525,000.00, contingent upon City Council approval, for approximately 1.17 acres
known as part of the SE1/4 of Section 34, Township 17 North, Range 30 West and Washington County Assessment Parcel
No. 765-15904-000 and including a dwelling in its current condition of approximately 3178 square feet.
Upon acceptance of this offer and City Council approval, a survey or updated legal description will be created, title insurance
will be ordered,- and a closing will be scheduled. We will notify you of the date of the closing. Each party to this transaction
will pay normal closing costs associated with a transaction such as this one.
A City Land Agent will be glad to meet with you at your convenience and discuss all phases of this project and the associated
acquisitions. Please contact Holly Jones at (479) 444-3414 (hiones(o-)fayetteville-ar.gov) or Brandi Samuels (479) 444-3421
(bsamuels(cilfayetteville-ar.gov). For questions or concerns, please contact Alan Pugh, Staff Engineer at
apugh(a)fayetteville-ar.gov or Chris Brown, City Engineer at cbrown(a fayetteville-ar.gov.
Sincerely,
Chris Brown
City Engineer/Public Works Director Quality Life Associates, Inc.
CB/hj BY: Accepted: K�� (U,�hh
Elise Alexander
Date: Z-I � Lz::Q;-)-3
Witness
City of Fayetteville Engineering Division of the Public Works Department: 479-575-8206
Mailing Address:
113 W. Mountain Street www.fayetteville-ar.gov
Fayetteville, AR 72701
VICINITY MAP
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PROJECT LOCATION
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PARCEL No. 765-15904-000
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iorrower n/a File No. S2309062CP.TH
'roperty Address 2623 N Gregg Ave
%ity Fayetteville County Washington State AR Zip Code 72703
.ender/Client Quality Life Associates, Inc
TABLE OF CONTENTS
Summary of Salient Features
USPAPIdentification Addendum......................................................................................................................................................................................... 2
URAR................................................................................................................................................................................................................................. 3
AdditionalComparables 4-6................................................................................................................................................................................................ 9
ReconciliationAddendum................................................................................................................................................................................................... 10
SupplementalAddendum.................................................................................................................................................................................................... 11
Market Conditions Addendum to the Appraisal Report......................................................................................................................................................... 12
AnalyticsAddendum........................................................................................................................................................................................................... 13
BuildingSketch................................................................................................................................................................................................................... 14
SubjectPhotos................................................................................................................................................................................................................... 15
PhotographAddendum....................................................................................................................................................................................................... 16
PhotographAddendum....................................................................................................................................................................................................... 17
PhotographAddendum....................................................................................................................................................................................................... 18
ComparablePhotos 1-3...................................................................................................................................................................................................... 19
ComparablePhotos 4-6...................................................................................................................................................................................................... 20
SubjectParcel.................................................................................................................................................................................................................... 21
FloodMap.......................................................................................................................................................................................................................... 22
LocationMap..................................................................................................................................................................................................................... 23
LADDefinitions Addendum................................................................................................................................................................................................. 24
SupplementalAddendum.................................................................................................................................................................................................... 27
License.............................................................................................................................................................................................................................. 28
License.............................................................................................................................................................................................................................. 29
Form TOCP - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE
SUMMARY OF SALIENT FEATURES
Subject Address
2623 N Gregg Ave
Legal Description
See addendum.
City
Fayetteville
County
Washington
State
AR
Zip Code
72703
Census Tract
0107.03
Map Reference
22220
Sale Price
$
Date of Sale
Borrower
n/a
Lender/Client
Quality Life Associates, Inc
Size (Square Feet)
3,113
Price per Square Foot
$
Location
N;Res;
Age
18
Condition
C3
Total Rooms
8
Bedrooms
4
Baths
3.1
Appraiser
Turner Hurley
Date of Appraised Value
09/19/2023
Opinion of Value
$ 546,000
Form SSD2 - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE
Borrower n/a
USPAP ADDENDUM
File No. S2309062CP.TH
Address 2623 N Greoo Ave
Lender
State AR Zip Code
This report was prepared under the following USPAP reporting option:
® Appraisal Report This report was prepared in accordance with USPAP Standards Rule 2-2(a).
❑ Restricted Appraisal Report This report was prepared in accordance with USPAP Standards Rule 2-2(b).
Reasonable Exposure Time
My opinion of a reasonable exposure time for the subject property at the market value stated in this report is: 1-3 Months
Exposure time determined to be between 1-3 months according to included comparable sales and market conditions.
Additional Certifications
I certify that, to the best of my knowledge and belief:
® I have NOT performed services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the
three-year period immediately preceding acceptance of this assignment.
❑ I HAVE performed services, as an appraiser or in another capacity, regarding the property that is the subject of this report within the three-year
period immediately preceding acceptance of this assignment. Those services are described in the comments below.
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.
- Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no 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 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 that
were in effect at the time this report was prepared.
Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report.
Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each
individual providing significant real property appraisal assistance is stated elsewhere in this report).
Additional Comments
The intended use of this appraisal report is for private use by the owner/client.
The intended user is the Quality Life Associates Inc.
Scott "Coy" Puryear, Turner Hurley, and Mitchell Hill completed this appraisal report including defining the problem, preliminary analysis,
data collection, inspection of the property, final conclusion and report preparation.
SAS� AP?
`�� �OERTIF/C4
APPRAISER:
REGISTERED .o
Signature: �c>t. �pppENTIPC '�*
Name: Turner Hurley aw
; .,.,..e„
Date Signed: 10/02/2023
State Certification #:
or State License #: RA4783 ��i� .;9NIRV
State: AIR
Expiration Date of Certification or License:
Effective Date of Appraisal: 09/19/2023
SUPERVISORY APPRAI i ,•(onlyTif rdgdired)
u: CF."
'-ED :a c
Signature: = REST;WIAL :'
Name: Scott Co Pu eat�'•�'
Date Signed: 10/02/2023 %,npUa�,.�•`
State Certification #: CR2323
or State License #:
State: AR
Expiration Date of Certification or License: 06/30/2024
Supervisory Appraiser Inspection of Subject Property:
❑ Did Not ® Exterior -only from Street ❑ Interior and Exterior
Form ID14AP - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE
Ozark Appraisal Services
Uniform Residential Appraisal Report File# S2309062CP.TH
The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.
Property Address 2623 N Greqq Ave City Fayetteville State AR Zip Code 72703
Borrower n/a Owner of Public Record Quality Life Associates Inc County Washington
Legal Description See addendum.
Assessor's Parcel # 765-15904-000 Tax Year 2022 R.E. Taxes $ 4,826
Neighborhood Name 34-17-30 Map Reference 22220 Census Tract 0107.03
Occupant ® Owner ❑ Tenant ❑ Vacant Special Assessments $ 0 ❑ PUD HOA $ 0 ❑ per year ❑ per month
" Property Rights Appraised ® Fee Simple ❑ Leasehold ❑ Other (describe)
Assignment Type ❑ Purchase Transaction ❑ Refinance Transaction ® Other (describe) Personal
Lender/Client Quality Life Associates Inc Address 6836 Isaacs Orchard Rd Springdale, AR 72762
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). Northwest Arkansas MLS.
❑ 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 parry on behalf of the borrower? ❑ Yes ❑ No
If Yes, report the total dollar amount and describe the items to be paid.
Note: Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood Characteristics One -Unit Housing Trends
One -Unit Housing Present Land Use %
Location ❑ Urban ® Suburban ❑ Rural
I Property Values L , Increasing ® Stable ❑ Declining
PRICE AGE
$ (000) (yrs)
One -Unit 45 %
2-4 Unit 5 %
Built -Up ❑ Over 75% ® 25-75% ❑ Under 25%
Demand/Supply ❑ Shortage ® In Balance ❑ Over Supply
Growth ❑ Rapid ® Stable ❑ Slow
Marketing Time ❑ Under 3 mths ® 3-6 mths ❑ Over 6 mths
170 Low O
Multi -Family 15 %
Neighborhood Boundaries The subject neighborhood is roughly bounded by North: Fulbri ht Expy, East:
1,925 High 61
Commercial 25 %
Hwy 71 South: W North St West: 1-49.
369 Pred. 16
Other 10 %
Neighborhood Description The subject neighborhood is located in an established residential area approximately 2.5 miles North of downtown Fayetteville and 2.5
miles NorthEast of the intersection of Hwy 112 and 1-49. The sub'ect is near transportation arteriespublic services employment centerspublic schools and
recreation facilities. This is a stable residential area with average market appeal. "Other' land use refers to vacant or undeveloped land/lots.
Market Conditions (including support for the above conclusions) Market data indicates that prices have been stable to increasing in the area over previous
12 months. See attached 1004MC.
Dimensions 240x2l2x403xl l9x20x35xlO4xlO30 Area 1.05 ac Shape Irregular View N;Res;
Specific Zoning Classification RMF-24 Zoning Description Residential Multi Family- 24 Units per Acre
Zoning Compliance ®Legal ❑ Legal Nonconforming (Grandfathered Use) ❑ No Zoning ❑ Illegal (describe)
Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? ® Yes ❑ No If No, describe
Utilities Public Other (describe) Public Other (describe) Off -site Improvements - Type Public Private
Electricity ® ❑ Water ® ❑ Street Asphalt ® ❑
Gas ® ❑ Sanitary Sewer ® ❑ Alley None ❑ ❑
FEMA Special Flood Hazard Area ® Yes ❑ No FEMA Flood Zone AE FEMA Map # 05143CO210F FEMA Map Date 05/16/2008
Are the utilities and 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
None noted. The appraiser recommends that a survey be performed in order to determine exact property lines as well as easements or
encroachments if any currently exist.
Units ® One ❑ One with Accessory Unit
❑ Concrete Slab ® Crawl Space
dition
Foundation Walls Block/C3
Inte erials/condition
Floors WdLam Tile/C3
# of Stories 1.00
❑ Full Basement ❑ Partial Basement
Exterior Walls Brick Vin 1/C3
Walls D all/C3
Type ® Det. ❑ Att. ❑ S-Det./End Unit
Basement Area 0 sq.ft.
Roof Surface Com Shin Ie/C3
Trim/Finish PaintedWood/C3
® Existing ❑ Proposed ❑ Under Const.
Basement Finish 0 %
Gutters & Downspouts Aluminum/C3
Bath Floor Tile/C3
Design (Style) Trad
❑ Outside Entry/Exit ❑ Sump Pump
Window Type Vin I/C3
Bath Wainscot Fiber lass/C3
Year Built 2005
Evidence of ❑ Infestation O
Storm Sash/Insulated Insulated/C3
Car Storage ❑ None
Effective Age (Yrs) 10
❑ Dampness ❑ Settlement
Screens Vin I/C3
® Driveway # of Cars 2
Attic ❑ None
Heating ® FWA ❑ HWBB ❑ Radiant
Amenities ❑ Woodstove(s) # p
Driveway Surface Concrete
® Drop Stair ❑ Stairs
❑ Other Fuel Gas
® Fireplace(s) # 1 ❑ Fence None
® Garage # of Cars 2
❑ Floor ❑ Scuttle
Cooling ® Central Air Conditioning
® Patio/Deck Patio ® Porch Covered
❑ Carport # of Cars 0
❑ Finished ❑ Heated
❑ Individual ❑Other
❑ Pool None ❑Other None
®Att. Det. ❑ Built-in
Appliances ❑ Refrigerator ® Range/Oven ® Dishwasher ® Disposal ® Microwave ❑ Washer/Dryer ❑ Other (describe)
Finished area above grade contains: 8 Rooms 4 Bedrooms 3.1 Bath(s) 3,1113 Square Feet of Gross Living Area Above Grade
. Additional features (special energy efficient items, etc.). No energy efficient upgrades noted.
Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). C3;No updates in the prior 15 ears;The subject
was built in 2005 and has been well maintained with no needed repairs noted. Finishes/amenities include wood laminate/tile flooring, granite
kitchen countertops, crown molding,stainless steel appliances, gas log fireplace, and attached 2-car garage. Utilities were on and functioning
during the time of inspection.
Are 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
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 1 of 6
Form 1004UAD - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE
Fannie Mae Form 1004 March 2005
Uniform Residential Appraisal Report File# S2309062CP.TH
There are 8 comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 479,900 to $ 855,400
There are 9 comparable sales in the subject neighborhood within the past twelve months
ranging in sale price from $ 507,30 to $ 950,000
FEATURE I SUBJECT
COMPARABLE SALE # 1
COMPARABLE SALE # 2
COMPARABLE SALE # 3
Address 2623 N Gregg Ave
Fayetteville, AR 72703
420 W North St
Fayetteville, AR 72701-1942
1100 E Glenn Ln
Fayetteville, AR 72703
3029 N Dorchester Dr
Fayetteville, AR 72703-4817
Proximity to Subject
1.48 miles S
1.19 miles E
0.53 miles N
Sale Price
$
$ 446 000
$ 565 000
= $ 507,300
Sale Price/Gross Liv. Area
$ sq.ft.
$ 193.07 sq.ft.
$ 196.04 sq.ft.
$ 145.94 SO
Data Source(s)
AML#
1247373;DOM 5
ML# 1229660;DOM 139
ML# 1242486;DOM 52
Verification Source(s)
qMwashinqton
Co. - ActDataScout
Washington Co. - ActDataScout
Washington Co. - ActDataScout
VALUE ADJUSTMENTS
DESCRIPTION
DESCRIPTION
+() $ Adjustment
DESCRIPTION
+() $ Adjustment
DESCRIPTION
+() $ Adjustment
Sales or Financing
Concessions
ArmLth
N/A•O
ArmLth
N/A•O
Arml-th
N/A•O
Date of Sale/Time
s05/23;cO5/23
s02/23;cO1/23
s05/23;cO4/23
Location
N;Res;
N;Res;
N;Res;
N;Res;
Leasehold/Fee Simple
Fee Simple
Fee Simple
Fee Simple
Fee Simple
Site
1.05 ac
16988 sf
-40 000
14375 sf
-20 000
32670 sf
0
View
N;Res;
N;Res;
N;Res;
N;Res;
Design (Style)
DT1.00;Trad
DT2.00;Trad
0
DT2.00;Trad
0
DT2.00;Trad
0
Quality of Construction
Q4
Q4
Q4
Q4
Actual Age
18
64
056
049
0
Condition
C3
C4
+11 150
C3
-14 125
C3
Above Grade
Total
Bdrms.
Baths
Total
Bdrms.
Baths
Total
Bdrms.
Baths
Total
Bdrms.
I Baths
Room Count
8
4
3.1
9
4
2.0
+7 500
10
4
3.0
+2 500
8
4
1 3.0
+2 500
Gross Living Area
3,113 sq.ft.
2,310 sq.ft.
+108 405
2,882 sq.ft.
+31 185
3,476 sq.ft.
-49 005
Basement & Finished
Rooms Below Grade
Osf
Osf
Osf
Osf
Functional Utility
Average
Average
Average
Average
Heating/Cooling
Central
Central
Central
Central
Energy Efficient Items
Average
Average
Average
Average
Garage/Carport
2 a2dw
2c 2dw
+6 000
2 a2dw
2 a2dw
Porch/Patio/Deck
Pch Pat
Pch Dk
0
Pch Dk
0
Pch Pat
• Fence Fireplace
F /1
Fn Ws/2
0
Fn F /1
0
Fn F /1
0
Pool Other
None
None
None
None
• Net Adjustment (Total)
® + ❑ -
$ 93,055
❑ + ® -
$ -440
❑ + ® -
$ -46 505
Adjusted Sale Price
of Comparables
Net Adj. 20.9 %
I Gross Adj. 38.8 %
$ 539 055
Net Adj. 0.1 %
Gross Adj. 12.0 %
$ 564,560
Net Adj. 9.2 %
Gross Adj. 10.2 %
$ 460,795
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) Washington County Tax Records
My research ❑ did ® did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.
Data Source(s) Washington County Tax Records
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)
County Tax Records
County Tax Records
County Tax Records
County Tax Records
Effective Date of Data Source(s)
09/28/2023
09/28/2023
09/28/2023
09/28/2023
Analysis of prior sale or transfer history of the subject property and comparable sales There were no prior sales for the subject property in the previous 36
months. There were no prior sales for the comparable properties within the previous 12 months. Prior sales data was researched through Benton
County tax records.
Summary of Sales Comparison Approach The sales com arables are selected based on size age, location quality of construction and time of sale and
are considered to be the most appropriate com arables available at the time of the appraisal. Each is considered to be indicative of the subject's
value after adjustments. Similar sales were limited in the subject's immediate area due to its location in an urban/mixed use area with a mixture
of residential commercial and multifamily properties. Included com arables are located within a 2 mile radius of the subject and similar in overall
market appeal. Comparable 1 is inferior in condition due to inferior interior updates. Comparable 2 is superior in condition due to superior interior
updates. Site adjustments were made were necessary to reflect differences in location. Final opinion of value based on a weighted average
of all adjusted sales.
Indicated Value by Sales Comparison Approach $ 546,000
Indicated Value by: Sales Comparison Approach $ 546,000 Cost Approach (if developed) $ 524,322 Income Approach (if developed) $
The most weight is given to the sales comparison approach, with the cost approach used for support. The income approach was not used due to
insufficient data due to a lack of comparable rental properties in the subject neighborhood/market.
•
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: The subject property was _
appraised in "as is" condition.
Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting
conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is
$ 546,000 , as of 09/19/2023 , which is the date of inspection and the effective date of this appraisal.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 2 of 6
Form 1004UAD - "TOTAL" appraisal software by a la mode, Inc.-1-800-ALAMODE
Fannie Mae Form 1004 March 2005
Uniform Residential Appraisal Report File# 52309062CP.TH
Sale comparison approach information:
-Comparable Properties are adjusted for "Site" and "Location" to reflect the estimated market value difference in the value of the subject site and
location versus the site and location of the comparable properties.
-Adjustments are utilized in "Quality of Construction" to reflect differences in the quality of construction materials used as well as the quality of
the craftsmanship of the interior and exterior of the subject property versus the comparable properties.
-The market date period was extended back through the previous 12 months to locate the best available sales data. All efforts are made to find
com arables within a 3 to 6 months period, however, it is sometimes necessary to search the previous 12 months to locate appropriate
comparable sales. The sales data utilized is reflective of current market conditions. Gross living area adjustments are not utilized forsquare
footage differences of fifty square feet or less.
Note: The signature utilized in this report is electronic. This has no effect on the appraisal.
Note: The appraiser is not a home or environmental inspector. The appraiser provided an opinion of value. The appraisal does not guarantee that
the property is free of defects or environmental issues. The appraiser performs an observation of visible and accessible area only. A professional
home inspection or environmental inspection is recommended.
Note: The value derived from the cost approach should not be used for insurance purposes. Appropriate insurance cost estimators should be
consulted to determine insurable values.
"Property measurements were completed usina the Square Footage -Method for Calculating: ANSI® Z765-2021 American National
Standards Institute® Measuring Standard for measuring, calculating, and reporting ross living area (GLA) and non-GLA areas."
COST 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) The site or lot value was determined through
research of lot sales in the sub'ect neighborhood. ML# 1177891 1167174 1137331 1238762
The subject's site value was negatively impacted by it's flood zone status and railroad track frontage. The referenced site sales above were
chosen due to similar external influences.
ESTIMATED ❑ REPRODUCTION OR ® REPLACEMENT COST NEW
OPINION OF SITE VALUE _$ 60,000
Source of cost data Marshall & Swift / Local Building Data
DWELLING 3,113 Sq.Ft. @ $ 157.00 _ _ _ _ _ _ _ _$ 488,741
: Quality rating from cost service Good Effective date of cost data 07/23
0 Sq.Ft. @ $ _$
- Comments on Cost Approach (gross living area calculations, depreciation, etc.)
Pch A Etc _ _ _ _ _ _ _ _$ 25,000
Values used in the cost approach are from Marshall & Swift Residential
Garage/Carport 653 Sq.Ft. @ $ 39.00 =$ 25,467
Cost Handbook and from data collected throw h manufacturers.
Total Estimate of Cost -New _ _ _ _ _ _ _ _$ 539,208
Estimated site value is based on available market data.
Less Physical
Functional
External
Depreciation 89,886
=$( 89,886)
Depreciated Cost of Improvements =$ 449,322
Estimated Remaining Economic Life (HUD and VA only) 50 Years
"As -is" Value of Site Improvements =$ 15,000
INDICATED VALUE BY COST APPROACH _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _$ 524,322
INCOME APPROACH TO VALUE (not required by Fannie Mae)
Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach
Summary of Income Approach (including support for market rent and GRM)
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 properly 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.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 3 of 6
Form 1OO4UAD - "TOTAL" appraisal software by a la mode, Inc.-1-800-ALAMODE
Fannie Mae Form 1004 March 2005
Uniform Residential Appraisal Report File# S2309062CP.TH
This report form is designed to report an appraisal of a one -unit property or a one -unit property with an accessory unit;
including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a
manufactured home or a unit in a condominium or cooperative project.
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 intended
use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may
expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal
assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do
not constitute material alterations to this appraisal report, such as those required by law or those related 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 and the
reporting requirements of
this appraisal report form, including the
following
definition of market value, statement of
assumptions and limiting
conditions,
and certifications. The appraiser
must, at
a minimum: (1) perform a complete visual
inspection of the interior
and exterior
areas of the subject property,
(2) inspect the neighborhood, (3) inspect each of the
comparable 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 the
subject 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
open
market under all conditions requisite to a fair
sale, the buyer and seller, each acting
prudently, knowledgeably and
assuming
the price is not affected by undue stimulus. Implicit in this definition is the consummation
of a sale as of a specified
date and
the passing of title from seller to buyer under conditions whereby: (1) buyer and seller
are typically motivated; (2)
both
parties are well informed or well advised, and
each acting in what he or she considers
his or her own best interest;
(3) a
reasonable 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 property sold
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 are
necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are
readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing
adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional
lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical
dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market'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 is
subject 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.
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
(or other data sources) and has noted in this appraisal report
identified Special Flood Hazard Area. Because the appraiser is
implied, regarding this determination.
are provided by the Federal Emergency Management Agency
whether any portion of the subject site is located in an
not a surveyor, he or she makes no guarantees, express or
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, the
presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or
she became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisal
report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the
property (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 no such
conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such
conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.
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 subject property will
be performed in a professional manner.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 4 of 6
Form 1004UAD - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE
Fannie Mae Form 1004 March 2005
Uniform Residential Appraisal Report File# S2309062CP.TH
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that
1. 1 have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in
this appraisal report.
2. 1 performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition
of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the
livability, soundness, or structural integrity of the property.
3. 1 performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal
Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in
place at the time this appraisal report was prepared.
4. 1 developed my opinion of the market value of the real property that is the subject of this report based on the sales
comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach
for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop
them, unless otherwise indicated in this report.
5. 1 researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for
sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject
property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.
6. 1 researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior
to the date of sale of the comparable sale, unless otherwise indicated in this report.
7. 1 selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
8. 1 have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that
has been built or will be built on the land.
9. 1 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. 1 verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in
the sale or financing of the subject property.
11. 1 have knowledge and experience in appraising this type of property in this market area.
12. 1 am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing
services, tax assessment records, public land records and other such data sources for the area in which the property is located.
13. 1 obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from
reliable sources that I believe to be true and correct.
14. 1 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 market value. 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 the inspection of the
subject property or that I became aware of during the research involved in performing this appraisal. I have considered these
adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and
marketability of the subject property.
15. 1 have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all
statements and information in this appraisal report are true and correct.
16. 1 stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which
are subject only to the assumptions and limiting conditions in this appraisal report.
17. 1 have no present or prospective interest in the property that is the subject of this report, and I have no present or
prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or
completely, my analysis 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 or occupants 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 not
conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a
predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of
any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending
mortgage loan application).
19. 1 personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I
relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal
or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this
appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make
a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no
responsibility for it.
20. 1 identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that
ordered and will receive this appraisal report.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 5 of 6 Fannie Mae Form 1004 March 2005
Form 1004UAD - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE
Uniform Residential Appraisal Report File# S2309062CP.TH
21. The lender/client may
disclose or distribute this
appraisal report to:
the borrower; another lender at the request of the
borrower; the mortgagee
or its successors and assigns; mortgage insurers;
government sponsored enterprises; other
secondary 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 to
obtain the appraiser's or
supervisory appraiser's (if
applicable) consent.
Such consent must be obtained before this appraisal
report may be disclosed or distributed to any other
party (including, but
not limited to, the public through advertising, public
relations, news, sales, or
other media).
22. 1 am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain
laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice
that 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, mortgage
insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part
of 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 are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid 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/or
criminal 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. 1 directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's
analysis, opinions, statements, conclusions, and the appraiser's certification.
2. 1 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 the
appraisal 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 and
promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal
report was prepared.
5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
IlJ
APPRAISER
REGISTERED :o
Signature /ts. _ .s
Name Turner Hurley
� APPRt����'F s
Company Name Ozark Apprais ••
Company Address 3900 N Froi,
Fayetteville; �"-- RNER
Telephone Number (479) 444-3 �z�'*ii1il,,,.,10%
Email Address turner@ozarkapl
Date of Signature and Report
Effective Date of Appraisal 09/19/2023
State Certification #
or State License # RA4783
or Other (describe) State #
State AR
Expiration Date of Certification or License 12/31/2023
ADDRESS OF PROPERTY APPRAISED
2623 N Gregg Ave
Fayetteville, AR 72703
APPRAISED VALUE OF SUBJECT PROPERTY $ 546,000
LENDER/CLIENT
Name No AMC
Company Name Quality Life Associates, Inc
Company Address 6836 Isaacs Orchard Rd, Springdale, AR
72762
Email Address
SUPERVISORY APPRAI
Signature
Name Scott fCoyl PuWk
Company Name Ozark
Company Address 39C
CEPTS!ED =
RES11ENTIAL
,' CP2323
Fayetteville, AR 72703
Telephone Number (479) 444-3334
Email Address coy@ozarkappraisers.com
Date of Signature 10/02/2023
State Certification # CR2323
or State License #
State AR
Expiration Date of Certification or License
SUBJECT PROPERTY
, LLC
06/30/2024
Did not inspect subject property
® Did inspect exterior of subject property from street
Date of Inspection 09/19/2023
U 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
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 6 of 6
Form 1004UAD - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE
Fannie Mae Form 1004 March 2005
Uniform Residential Appraisal Report File# S2309062CP.TH
FEATURE
SUBJECT
COMPARABLE SALE # 4
COMPARABLE SALE # 5
COMPARABLE SALE # 6
Address 2623 N Gregg Ave
Fayetteville, AR 72703
Proximity to Subject
Sale Price $
Sale Price/Gross Liv. Area $ sq.ft.
1648 E Winfield Dr
Fayetteville, AR 72703
1.81 miles NE
2187 E Wolf Creek Dr
Fayetteville, _AR 72703-4441
1.96 miles NE
$ 505 000
$ 201.36 sq.ft.
ML# 1242862•DOM 23
$
$
$ 202.26 sq.ft.
ML# 1240731 •DOM 8
599,900
$ sq.ft.
Data Source(s)
Verification Source(s)
Washington Co. - ActDataScout
Washington Co. - ActDataScout
VALUE ADJUSTMENTS
DESCRIPTION
DESCRIPTION
+() $ Adjustment
DESCRIPTION
+() $ Adjustment
DESCRIPTION
+() $ Adjustment
Sales or Financing
Concessions
ArmLth
N/A•O
ArmLth
N/A•O
Date of Sale/Time
s03/23;cO3/23
s04/23;cO4/23
Location
N•Res;
N•Res;
N•Res;
Leasehold/Fee Simple
Fee Simple
Fee Simple
Fee Simple
• Site
1.05 ac
13504 sf
-20 000
7841 sf
-20 000
View
N;Res;
N;Res
N;Res;
Design (Style)
DT1.00;Trad
DT1.00;Trad
DT2.00;Trad
0
Quality of Construction
Q4
Q4
Q4
Actual Age
18
20
0
29
0
Condition
C3
C3
C3
Above Grade
Total
Bdrms.
Baths
Total
Bdrms.
Baths
Total
Bdrms.
Baths
Total
Bdrms.
Baths
Room Count
8
4
3.1
10
4
3.1
0
8
4
2.1
+5 000
Gross Living Area
3,113 sq.ft.
2,966 sq.ft.
+19 845
2,508 sq.ft.
+81 675
sq.ft.
Basement & Finished
Rooms Below Grade
Osf
Osf
Osf
Functional Utility
Average
Average
Average
Heating/Cooling
Central
Central
Central
Energy Efficient Items
Average
Average
Average
Garage/Carport
2 a2dw
3 a3dw
-5 000
2 a2dw
Porch/Patio/Deck
Pch Pat
Pch Pat
Pch Pat
Fence Fireplace
F /1
Fn F /1
0
F /1
Pool Other
None
None
None
Net Adjustment (Total)
❑ + ® -
$
-5 155
® + ❑ -
$ 66,675
❑ + ❑
$
Adjusted Sale Price
of Comparables
Net Adj. 0.9 %
Gross Adj. 7.5 %
$
594 745
Net Adj. 13.2 %
Gross Adj. 21.1 %
$ 571,675
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 # 4
COMPARABLE SALE # 5
COMPARABLE SALE # 6
Date of Prior Sale/Transfer
Price of Prior Sale/Transfer
Data Source(s)
County Tax Records
County
Tax Records
County Tax Records
Effective Date of Data Source(s)
09/28/2023
09/28/2023
09/28/2023
Analysis of prior sale or transfer history of the subject property and comparable sales
No prior sales.
Analysis/Comments
Freddie Mac Form 70 March 2005 LAD Version 9/2011 Fannie Mae Form 1004 March 2005
Form 1004UAD.(AC) - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE
Reconciliation Addendum File No. 52309062CP.TH
lorrower n/a
roperty Address 2623 N Gregg Ave
ity Fayetteville County Washington State AR Zip Code 72703
ender/Client Quality Life Associates, Inc
• Comparable Summary
Comparables Summary &
Estimated Indicated
Value
Sale Price
Net Adj %
Grs Adj %
Ind Value
Weight
Comp #1:
446,000
20.9
38.8
539,055
14.17
Comp #2:
565,000
0.1
12
564,560
21.65
Comp #3:
507,300
9.2
10.2
460,795
22.15
Comp #4:
599,900
0.9
7.5
594,745
22.91
Comp #5:
505,000
13.2
21.1
571,675
19.12
ESTIMATED INDICATED VALUE OF THE SUBJECT: 546,000
• Indicated Weight Value
Estimated indicated value is determined by using the Gross Adjustment of sale price for each comparable as a measure of the
relative quality of the comp. The Indicated Value is derived by multiplying the weight of each comp by the Adjusted Sale Price of
that comp, repeating for each property, then adding them all together. This weighted average is used as the indicated value of
the subject.
As with any method, this technique is not perfect. However, it does do a very good job of giving more weight to the most similar
comps while at the same time minimizing values near the extremes of the indicated value range.
Form TADD. Reconciliation Addendum - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE
auppiemenzai Auuenuum File No. S2309062CP.TH
Borrower n/a
Property Address 2623 N Greqq Ave
City Fayetteville County Washington State AR Zip Code 72703
Lender/Client Quality Life Associates, Inc
EXHIBIT "A"
A part of the Southeast Quarter (SE 1/4) of Section Thirty Four (34),
Township Seventeen (17) North, Range Thirty (30) West, being more
particularly described as follows, To -Wit: Beginning at a point which
is 694.96 feet East and 1057.46 feet South of the Northwest corner of
said southeast Quarter (SE 1/4), and running thence South 374.64 feet,
thence North 84 degrees 30 minutes East 823.75 feet, thence South 59
degrees 19 minutes 46 seconds East 166.38 feet to the Railroad
right-ef-way, thence North 30 degrees 31 minutes West along said
right-of-way 441.75 feet, thence West 738.75 feet to the point of
beginning, containing 6.42 acres, more or less. subject to easements
and rights -of -ways of record.
Form TADD - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE
Market Conditions Addendum to the Appraisal Report File No. S2309062CP.TH
The 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 2623 N Greqq Ave City Fa etteville State AR ZIP Code 72703
Borrower n/a
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
Total # of Comparable Sales (Settled)
2
4
3
® Increasing
❑ Stable
I ❑ Declining
Absorption Rate (Total Sales/Months)
0.33
1.33
1.00
® Increasing
❑ Stable
❑ Declining
Total # of Comparable Active Listings
5
5
8
❑ Declining
® Stable
❑ Increasing
Months of Housing Supply (Total Listings/Ab.Rate)
15.00
3.75
8.00
® Declining
❑ Stable
❑ Increasing
Median Sale & List Price, DOM, Sale/List %
Prior 7-12 Months
Prior 4-6 Months
Current — 3 Months
Overall Trend
Median Comparable Sale Price
$900,000
$699,500
$689 900
❑ Increasing
®
Stable
❑ Declining
Median Comparable Sales Days on Market
51
65
48
❑ Declining
®
Stable
❑ Increasing
Median Comparable List Price
$665,000
$626 500
$714 900
❑ Increasing
®
Stable
❑ Declining
Median Comparable Listings Days on Market
53
63
64
❑ Declining
®
Stable
❑ Increasing
Median Sale Price as % of List Price
99.92%
98.12%
1 100.00%
❑ Increasing
®
Stable
❑ Declining
Seller -(developer, builder, etc.)paid financial assistance prevalent? ❑ Yes ® No
I ❑ Declining I
®
Stable
I ❑ 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.). Based on research of the sub'ect market it is not typical for the builder to contribute to the purchase price towards the
buyers closing costs and prepaids.
Are foreclosure sales (RED 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. Sales data researched through the Northwest Arkansas MLS system. www.nwa.mlxchan e.com
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.
The search criteria for the data in the grid above are single family properties with 2500 - 3500 square feet of GLA located within a 1
mile
radius of the sub'ect property.
If the subject is a unit in a condominium or cooperative project, complete the following: N/A Project Name: N/A
Subject Project Data
Prior 7-12 Months
Prior 4-6 Months
Current — 3 Months
Overall Trend
Total # of Comparable Sales (Settled)
❑ Increasing
❑ Stable
❑ Declining
Absorption Rate (Total Sales/Months)
❑ Increasing
❑ Stable
❑ Declining
Total # of Active Comparable Listings
❑ Declining
❑ Stable
❑ Increasing
Months of Unit Supply (Total Listings/Ab.Rate)
❑ Declining
❑ Stable
❑ Increasing
Are foreclosure sales (RED sales) a factor in the project? ❑ Yes ❑ No If yes, indicate the number of RED 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. N/A
crrr:M
• ;►
v•. O �� mot.- STM
IE It
Signature .s
Signature RE5!DEYTIAL
Supervisory Appraiser Name
Appraiser Name Turner I -I ley
Company Name Ozark Appraisal : : :
Company Name Ozark
Company Address 3900 N Front £ •• ��
Company Address 3900 101 Fayetteville,
AR 72703
State License/Certification # RA4783 �i • •.. • • �`
State License/Certification # CR2323 State AR
Email Address turner@ozarkappr� �''ERIH �`�
Email Address coy@ozarkappraisers.com
Freddie Mac Form (1 March 2009 Page 1 of 1 Fannie Mae Form 1004MG March 2009
Form 1004MC2 - "TOTAL" appraisal software by a la mode, Inc.-1-800-ALAMODE
Analytics Addendum
Borrower n/a
Property Address 2623 N GreggAve
City Fayetteville County Washington State AR Zip Code 72703
Lender/Client Quality Life Associates, Inc
Median Price
$900.000
$800.000
$700.000
$600,000
$500,000
$400.000
L
f1 $300.000
$200.000
$100.000
$0 -
09\�olr 0
19\222 0�\fig\2023 0`�\19\2023 Oy\1g0OZ`3 01 \1g\2023
- Median List Price Median Sales Pdce
For each month from 09-20-2022 to 09-19-2023 this chart shows the median price for both sales and listings in the subject market.
300
200
N
100
0
0°�\TO\2022
20`ZZ 023
c0` 0�as,
Median Price $/sf
03t201�0�0
_ Listings
�5120\2023
Sales
0°'t10j202�,
For each month from 09-20-2022 to 09-19-2023 this chart shows the median price per square foot for both sales and listings in the subject
market.
Median Days on Market
100
90
w, 80
70
60
= 50
0 40
to
R 30
20
10
9\ZO\2022 11l`L02022 1t20t2023 Ot`LO\2023 Ot20\2023 1\T0\2023 9t1gj2023
0 0 0 0 0 0
_ Median Listing DOM Median Sales DOM
This chart shows the median days on market for sales and active listings during each month starting 09-20-2022 through 09-19-2023.
Form PIC3TACHARTW - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE
Building Sketch
Borrower
n/a
Property Address
2623 N GreggAve
City
Fayetteville County Washington State AR Zip Code 72703
Lender/Client
Quality Life Associates, Inc
5.3'
5.6' N 5.6'
O_
Living
O 7.9'
9.3'
S.
n
p
4.04'
rn
� 11.3'
Breakfast rn
12'
Master Bedroom
Den
Kitchen Bedroom
First Floor
[3112.77 Sq ft]
bo
ui
Bath
26'
M
Bath (half)
Dining Laundry
Master Bedroom
12.4'
Bedroom
v_
1T
2 Car Attached
[652.6 Sq ft]
14.4'
Bedroom
ip
Bath
n 26'
7.3' 71
18.3'
TOTAL Sketch by a la mode, inc.
Area Calculations Summary
Living Area
Calculation Details i
First Floor
3112.77 Sq ft
5.3 x 2.4 = 12.72
0.5 x 0.01 x 4.04 = 0.01
35.8 x 4.04 = 144.49
0.5 x 2.83 x 2.83 = 4
35.81 x 2.83 = 101.28
43.64 x 7.54 = 328.82
36.64 x 1.76 = 64.64
29.84 x 10.64 = 317.32
31.94 x 0.66 = 21.22
49.94 x 14.34 = 715.85
67.94 x 2.16 = 147.05
57.94 x 5.14 = 297.53
58.94 x 2.76 = 162.93
0.5 x 3.54 x 3.54 = 6.25
55.4 x 3.54 = 195.87
49.4 x 12 = 592.8
Total Living Area (Rounded):
3113 Sq ft
Non -living Area
2 Car Attached
652.6 Sq ft
25.1 x 26 = 652.6
Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE
Subject Photo Page
Borrower
n/a
Property Address
2623 N GreggAve
City
Fayetteville County Washington State AR Zip Code 72703
Lender/Client
Quality Life Associates, Inc
Subject Front
2623 N Gregg Ave
Sales Price
Gross Living Area
3,113
Total Rooms
8
Total Bedrooms
4
Total Bathrooms
3.1
Location
N;Res;
View
N;Res;
Site
1.05 ac
Quality
Q4
Age
18
Subject Rear
Subject Street
Form PICPIX.SR - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE
Subject Photograph Addendum
Borrower n/a
Property Address 2623 N GreggAve
City Fayetteville County Washington State AR Zip Code 72703
Lender/Client Quality Life Associates, Inc
19
Living
Breakfast
Den
Kitchen
Dining
IL. -IWF--
Wei
0
.—
Master Bedroom
Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE
Photograph Addendum
rower n/a
)erty Address 2623 N Gregg Ave
Fayetteville County Washington State AR Zip Code 72703
der/Client Quality Life Associates, Inc
Master Bath
Bedroom
Bath
- Wj
Bedroom
Bedroom
Bath
Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE
Subject Photograph Addendum
Borrower n/a
Property Address 2623 N GreggAve
City Fayetteville County Washington State AR Zip Code 72703
Lender/Client Quality Life Associates, Inc
Bath(Half)
Garage
Laundry
Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE
Comparable Photo Page
Borrower n/a
Property Address 2623 N Gregg Ave
City Fayetteville County Washington State AR Zip Code 72703
Lender/Client Quality Life Associates, Inc
Comparable 1
420 W North St
Prox. to Subject 1.48 miles S
Sale Price
446,000
Gross Living Area
2,310
Total Rooms
9
Total Bedrooms
4
Total Bathrooms
2.0
Location
N;Res;
View
N;Res;
Site
16988 sf
Quality
Q4
Age
64
Comparable 2
1100 E Glenn Ln
Prox. to Subject 1.19 miles E
Sale Price
565,000
Gross Living Area
2,882
Total Rooms
10
Total Bedrooms
4
Total Bathrooms
3.0
Location
N;Res;
View
N;Res;
Site
14375 sf
Quality
Q4
Age
56
Comparable 3
3029 N Dorchester Dr
Prox. to Subject 0.53 miles N
Sale Price
507,300
Gross Living Area
3,476
Total Rooms
8
Total Bedrooms
4
Total Bathrooms
3.0
Location
N;Res;
View
N;Res;
Site
32670 sf
Quality
Q4
Age
49
Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE
Comparable Photo Page
3orrower n/a
Iroperty Address 2623 N Gregg Ave
'ity Fayetteville County Washington State AR Zip Code 72703
-ender/Client Quality Life Associates, Inc
Comparable 4
1648 E Winfield Dr
Prox. to Subject 1.81 miles NE
Sales Price
599,900
Gross Living Area
2,966
Total Rooms
10
Total Bedrooms
4
Total Bathrooms
3.1
Location
N;Res;
View
N;Res;
Site
13504 sf
Quality
Q4
Age
20
Comparable 5
2187 E Wolf Creek Dr
Prox. to Subject 1.96 miles NE
Sales Price
505,000
Gross Living Area
2,508
Total Rooms
8
Total Bedrooms
4
Total Bathrooms
2.1
Location
N;Res;
View
N;Res;
Site
7841 sf
Quality
Q4
Age
29
Comparable 6
Prox. to Subject
Sales Price
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View
Site
Quality
Age
Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE
Subject Parcel
Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
1 Elfss%-B&ry-, UD �► j ...n . ��; E cydnc.
fflm<
� W'
r�r cc),? —
f $
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W,Drake St W�tkeke G :aSott
Dfake,St' E;�
1--ong Park + S Augusta`;or .
a , x,• �,tn t drsy lor
LV Eli)
Or r3 �t
- i
-n W Meade St
�r•r 4 Z^ �� M • 1/r
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9 • ElSunbridge�Dr
i2eynnlds Rd•—� r- _� � } •�'�< do—%, �. i
1 r
t _
o J W �aY+rnship. St �.
IP
Fayeteville��
t`s Creati"ve Scfto"ol.
ands _ �� 1 •'Y. .� A
10a1. Iac-1, __ s_3ArkansasGIS, MaxarTe:hnF:: - State ofArkawas, USDAlj
•- 'rr+ nor' � -�i'i •frfs•. _ i
a la mode, inc.
49
• "' �¢ � Nor' ,. , _, , f>~ � � •�1--, �
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-�-i- ,1•, �' . ,�, Tr too
of�S1,1 Gr0-14 Hope
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pr
CM
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COMPARABLE
1648 E Winfield Dr guy re
49
fti
1.81 miles NE
-I COMPARABLE No. 5
COMPARABLE No. 3
.' •
2187 E Wolf Creek Dr
-'[,ya f Dorchester • - .. -
1.96 miles NE
r
0.53 miles N
,y \. 4 ' J ' ® • _ it i l_ r-
GaryFia i:
pton ��,'•`� ;.'
�s M
RN
. •
�iy'y, DA: M. -a ti d';r+jl1 Y 2 rE ►1p`'`� 5.' �e .. - 't' �' 1
��-..I�d14' ,h'' `-;1�,`. a-1�a� �' Yj/ 't ' �� ••t• •.' � ® ' .w
rllsona<ark_ii*
University
• � ofrArkansas L •
COMPARABLE No. I.
A' uoyahlCi f W North StrSim
t
_yetime e Stewart Family
f, ij', Christmas Light Display Y _
Centt'mlal 1�`;, t�r i r
*,-II ' t
i,rµcl: l
Baum- .Na�wrrr 5tact u:n rr' �gW�alker'Parka,, , •
U�o
�' • . _ AIL � - f. �, ` ,13ALDWIN
*f
N�aultain- -b f
4�
� m
Goode — �••��•••,��■ram
File No. S2309062CP.TH
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 recently constructed and have not been previously occupied. The entire structure and all components are new
and the dwelling features no physical depreciation.
Note: Newly constructed improvements that feature recycled or previously used materials and/or components can be considered new dwellings
provided that the dwelling is placed on a 100 percent new foundation and the recycled materials and the recycled components have been
rehabilitated/remanufactured into like -new condition. Improvements that have not been previously occupied are not considered "new" if they
have any significant physical depreciation (that is, 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 are either almost new or have been recently completely renovated and
are similar in condition to new construction.
Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physical
depreciation, or an older property that has been recently completely renovated.
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.
Note: The improvement is in its first -cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and is
being well maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority of
short-lived building components have been replaced but not to the level of a complete renovation.
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.
Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived building
components have been replaced, and some short-lived building components are at or near the end of their physical life expectancy; however,
they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property.
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.
Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which many
of its short-lived building components are at the end of or have exceeded their physical life expectancy but remain functional.
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.
Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property
with conditions severe enough to affect the safety, soundness, or structural integrity of the improvements.
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.
UAD Version 9/2011 (Updated 1/2014)
Form UADDEFINEIA - "TOTAL" 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)
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.
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
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.
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 (Updated 1/2014)
Form UADDEFINEIA - "TOTAL" 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
A
Adverse
Location & View
ac
Acres
Area, Site
AdjPrk
Adjacent to Park
Location
AdjPwr
Adjacent to Power Lines
Location
ArmLth
Arms Length Sale
Sale or Financing Concessions
AT
Attached Structure
Design (Style)
B
Beneficial
Location & View
ba
Bathroom(s)
Basement & Finished Rooms Below Grade
br
Bedroom
Basement & Finished Rooms Below Grade
BsyRd
Busy Road
Location
c
Contracted Date
Date of Sale/Time
Cash
Cash
Sale or Financing Concessions
Comm
Commercial Influence
Location
Conv
Conventional
Sale or Financing Concessions
cp
Carport
Garage/Carport
CrtOrd
Court Ordered Sale
Sale or Financing Concessions
CtySky
City View Skyline View
View
CtyStr
City Street View
View
cv
Covered
Garage/Carport
DOM
Days On Market
Data Sources
DT
Detached Structure
Design (Style)
dw
Driveway
Garage/Carport
e
Expiration Date
Date of Sale/Time
Estate
Estate Sale
Sale or Financing Concessions
FHA
Federal Housing Authority
Sale or Financing Concessions
g
Garage
Garage/Carport
ga
Attached Garage
Garage/Carport
gbi
Built-in Garage
Garage/Carport
gd
Detached Garage
Garage/Carport
GlfCse
Golf Course
Location
Glfvw
Golf Course View
View
GR
Garden
Design (Style)
HR
High Rise
Design (Style)
in
Interior Only Stairs
Basement & Finished Rooms Below Grade
Intl
Industrial
Location & View
Listing
Listing
Sale or Financing Concessions
Lndfl
Landfill
Location
LtdSght
Limited Sight
View
MR
Mid -rise
Design (Style)
Mtn
Mountain View
View
N
Neutral
Location & View
NonArm
Non -Arms Length Sale
Sale or Financing Concessions
o
Other
Basement & Finished Rooms Below Grade
0
Other
Design (Style)
op
Open
Garage/Carport
Prk
Park View
View
Pstrl
Pastoral View
View
PwrLn
Power Lines
View
PubTrn
Public Transportation
Location
Relo
Relocation Sale
Sale or Financing Concessions
RED
RED Sale
Sale or Financing Concessions
Res
Residential
Location & View
RH
USDA - Rural Housing
Sale or Financing Concessions
rr
Recreational (Rec) Room
Basement & Finished Rooms Below Grade
RT
Row or Townhouse
Design (Style)
s
Settlement Date
Date of Sale/Time
SD
Semi-detached Structure
Design (Style)
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
Woods
Woods View
View
Wtr
Water View
View
WtrFr
Water Frontage
Location
wu
Walk Up Basement
Basement & Finished Rooms Below Grade
UAD Version 9/2011 (Updated 1/2014)
Form UADDEFINEIA - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE
File No. S2309062CP.TH
Borrower n/a
Property Address 2623 N Gregg Ave
City Fayetteville County Washington State AR Zip Code 72703
Lender Client Quality Life Associates, Inc
SCOTT (COY) PURYEAR
OZARK APPRAISAL SERVICES, LLC
3900 N FRONT ST, SUITE 101 FAYETTEVILLE AR 72703 479-444-3334
SUMMARY OF QUALIFICATIONS
ARKANSAS STATE CERTIFIED RESIDENTIAL APPRAISER LICENSE (CR# 2323)
BA DEGREE — FAYETTEVILLE, ARKANSAS
UNIVERSITY OF ARKANSAS — FAYETTEVILLE, ARKANSAS
REAL ESTATE / APPRAISAL RELATED EDUCATION
THE APPRAISAL INSTITUTE
THE PROFESSIONALS GUIDE TO THE URAR, OCTOBER 2005
BASIC APPRAISAL PRINCIPLES, SEPTEMBER 2006
BASIC APPRAISAL PROCEDURES, OCTOBER 2006
MARKET ANALYSIS & HIGHEST & BEST USE, DECEMBER 2006
NEW RESIDENTIAL MARKET CONDITIONS FORM (1004MC), MARCH 2O09
ENERGY STAR & THE APPRAISAL PROCESS, MAY 2010
INSPECTING THE RESIDENTIAL GREEN OR HIGH PERFORMANCE HOME, MAY 2010
RCI CAREER ENHANCEMENTS, RUSSELLVILLE, ARKANSAS
15 HOUR NATIONAL USPAP COURSE, DECEMBER 2003
FUNDAMENTALS OF REAL PROPERTY APPRAISAL, APRIL 2005
7 HOUR NATIONAL USPAP COURSE, MARCH 2O06
7 HOUR NATIONAL USPAP COURSE, JUNE 2010
7 HOUR NATIONAL USPAP COURSE, JANUARY 2014
REAL ESTATE EDUCATION CENTER, SPRINGDALE, ARKANSAS
ETHICS & PROFESSIONALISM IN REAL ESTATE, AUGUST 2004
REAL ESTATE TRAINERS
PRACTICAL APPLICATION OF AGENCY & DISCLOSURE, FEBRUARY 2005
APPRAISAL FOUNDATION
7 HOUR USPAP UPDATE, APRIL 2007
MCKISSOCK
RESIDENTIAL REPORT WRITING, JUNE 2010
APPRAISING FHA TODAY, JUNE 2010
RESIDENTIAL APPRAISAL REVIEW, JUNE 2012
APPRAISING & ANALYZING RETAIL SHOPPING CENTERS, JUNE 2012
LOWMAN & CO.
7 HOUR USPAP UPDATE, JUNE 2012
Form SUP - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE
License
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The data contained herein was compiled from various sources for the sole
use and benefit of the City of Fayetteville Geographic Information System
overnde 1 and the public agencies it serves. Any use of the data by anyone other than
the City of Fayetteville is at the sole risk of the user; and by acceptance of
override 2 this data, the user does hereby agree to indemnify the City of Fayetteville
IIIIIIII,
and hold the City of Fayetteville harmless from and without liability for any
1%Annual Chance Flood Hazard 2633 N G re g g claims, actions, cost for damages of any nature, including the city's cost of
defense, asserted by user or by another arising from the use of this data.
Regulatory Floodway The City of Fayetteville makes no express or implied warrantees with
r� reference to the data. No word, phrase, or clause found herein shall be
Special Floodway Fayetteville, AR construed to waive that tort immunity set forth under Arkansas law.
- Area of Undetermined Flood Hazard Created: 113012024
IIIIIIII, 0.2%Annual Chance Flood Hazard Credits: FEMA, City of Fayetteville, AR, 2023 Imagery I EagleView
Technologies I Surdex Corporation
Map Author: