1099 deerwood apraisal

File No.

APPRAISAL OF

LOCATED AT:

CLIENT:

AS OF:

BY:

1099 Deerwood Trail J

Joseph P McGuigan

October 21, 2010

Nashville, TN 37215P. O. Box 150209

Gerry & Allyson House

Pegram, TN 371431099 Deerwood Trail

File No.

File Number:

In accordance with your request, I have appraised the real property at:

The purpose of this appraisal is to develop an opinion of the defined value of the subject property, as improved.The property r ights appraised are the fee simple interest in the site and improvements.

In my opinion, the defined value of the property as of i s :

The at tached repor t conta ins the descr ip t ion, analys is and suppor t ive data for the conclus ions,final opinion of value, descriptive photographs, assignment conditions and appropriate certif ications.


Joseph P McGuigan

Seven Hundred Fifty Thousand Dollars$750,000

October 21, 2010



Nashville, TN 37215P. O. Box 150209Gerry & Allyson House

Gerry House

Residential Appraisal Report File No.

The purpose of this appraisal report is to provide the client with a credible opinion of the defined value of the subject property, given the intended use of the appraisal.

Client Name/Intended User E-mail

Client Address City State Zip

Additional Intended User(s)

Intended Use

PU

RP

OS

E

Property Address City State Zip

Owner of Public Record County

Legal Description

Assessor's Parcel # Tax Year R.E. Taxes $

Neighborhood Name Map Reference Census Tract

Property Rights Appraised Fee Simple Leasehold Other (describe)

SU

BJE

CT

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.

Prior Sale/Transfer: Date Price Source(s)

Analysis of prior sale or transfer history of the subject property (and comparable sales, if applicable)

Offerings, options and contracts as of the effective date of the appraisal

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IST

OR

Y

Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use %

Location Urban Suburban Rural Property Values Increasing Stable Declining PRICE AGE One-Unit %

Built-Up Over 75% 25-75% Under 25% Demand/Supply Shortage In Balance Over Supply $(000) (yrs) 2-4 Unit %

Growth Rapid Stable Slow Marketing Time Under 3 mths 3-6 mths Over 6 mths Low Multi-Family %

Neighborhood Boundaries High Commercial %

Pred. Other %

Neighborhood Description

Market Conditions (including support for the above conclusions)

NE

IGH

BO

RH

OO

D

Dimensions Area Shape View

Specific Zoning Classification Zoning Description

Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe)

Is the highest and best use of the 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

Gas Sanitary Sewer Alley

Site Comments

SIT

E

GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION materials INTERIOR materials

Units One One w/Acc. unit Concrete Slab Crawl Space Foundation Walls Floors

# of Stories Full Basement Partial Basement Exterior Walls Walls

Type Det. Att. S-Det./End Unit Basement Area sq. ft. Roof Surface Trim/Finish

Existing Proposed Under Const. Basement Finish % Gutters & Downspouts Bath Floor

Design (Style) Outside Entry/Exit Sump Pump Window Type Bath Wainscot

Year Built Storm Sash/Insulated Car Storage None

Effective Age (Yrs) Screens Driveway # of Cars

Attic None Heating FWA HW Radiant Amenities WoodStove(s) # Driveway Surface

Drop Stair Stairs Other Fuel Fireplace(s) # Fence Garage # of Cars

Floor Scuttle Cooling Central Air Conditioning Patio/Deck Porch Carport # of Cars

Finished Heated Individual Other Pool Other Att. Det. Built-in

Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)

Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above Grade

Additional Features

Comments on the Improvements

IMP

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Page 1 of 4This form Copyright © 2005-2010 ACI Division of ISO Claims Services, Inc., All Rights Reserved.

(gPAR™) General Purpose Appraisal Report 05/2010GPAR1004_10 05262010

Produced using ACI software, 800.234.8727 www.aciweb.com


This appraisal is to estimate the fair market value of the property, as of the specified date of valuation. The intended use of this appraisal is for the client to gain knowledge on market value for the subject property.

The intended user is the client.37215TNNashvilleP. O. Box 150209

[email protected]; [email protected] & Allyson House

X701.0277Deerbrook Estate1,397.00200928.19, 52.00

Lot 15 Deerbrook Estate (Deed Book128, Page 739, Deed Book 269, Page 562)CheathamHouse

37143TNPegram1099 Deerwood Trail

The subject property is currently listed for $1,890,000. It has been on the market since October 13, 2010. MLS

No sale within the past three years for the subject property.Public RecordsN/AN/A

X

Supply and demand are generally in balance in the subject neighborhood. Buydowns and excessive sales concessions are not typical within this area. Marketing times for properties similar to the subject property will be over a six month time period.

The subject property is located within the southeastern portion of Cheatham county just west of the county line. Major roads and thoroughfare such as Pond Creek Road, nearby Highway 70, and Interstate 40 provide convenient access to all necessary support services. Downtown Nashville is within a thirty minute drive from the subject property.

100

1040+New

125425+

50NORTH to River Road; EAST to the Cheatham county line; SOUTH to Highway 70;

WEST to Sams Creek Road.

XXX

XXX

There does not appear to be any operating dysfunction with the septic tank system.None

XAsphaltSeptic TankX

XPropaneX

X

XX

ResidentialResidentialPrivate LakeIrregular+/- 53.34 AcresApproximately +/- 53.34 Acres

The subject property has been well maintained and is deemed to be in very good condition. Recent updates include new hardwood floors, new countertops, new recessed lights, new shades, new interior paint, rescreened the screened in deck, new hot tub, painted all decks, new 1/2 bath, new main level bath and built the guest house.

See Attached Addendum2,5073.537

Fan/HoodXXXXXX

2XGravel

Slate/Very GoodHwd, Slate/Very GdWood/Very GoodDrywall/Very GoodHwd/Very Good

GstHseXXXX2X

YesNoDH, CasementAluminumFSFrame, LogCB

XGas

X

0

X

X

51999/2009

1.5 StoryX

X1.5 Story

X


FEATURE SUBJECT

Address

Proximity to Subject

Sale Price $

Sale Price/Gross Liv. Area $ sq. ft.

Data Source(s)

Verification Source(s)

VALUE ADJUSTMENTS DESCRIPTION

Sale or Financing

Concessions

Date of Sale/Time

Location

Leasehold/Fee Simple

Site

View

Design (Style)

Quality of Construction

Actual Age

Condition

Above Grade Total Bdrms. Baths

Room Count

Gross Living Area sq. ft.

Basement & Finished

Rooms Below Grade

Functional Utility

Heating/Cooling

Energy Efficient Items

Garage/Carport

Porch/Patio/Deck

Net Adjustment (Total)

Adjusted Sale Price

of Comparables

COMPARABLE SALE NO. 1

$

$ sq. ft.

DESCRIPTION +(-) $ Adjustment

Total Bdrms. Baths

sq. ft.

+ - $

Net Adj. %

Gross Adj. % $


$

$ sq. ft.


Total Bdrms. Baths

sq. ft.

+ - $

Net Adj. %

Gross Adj. % $


$

$ sq. ft.


Total Bdrms. Baths

sq. ft.

+ - $

Net Adj. %

Gross Adj. % $

Summary of Sales Comparison Approach

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COST APPROACH TO VALUE

Site Value Comments

ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW

Source of cost data

Quality rating from cost service Effective date of cost data

Comments on Cost Approach (gross living area calculations, depreciation, etc.)

OPINION OF SITE VALUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $

Dwelling Sq. Ft. @ $ . . . . . . . . . . . . = $

Sq. Ft. @ $ . . . . . . . . . . . . = $

Garage/Carport Sq. Ft. @ $ . . . . . . . . . . . . = $

Total Estimate of Cost-New . . . . . . . . . . . . = $

Less Physical Functional External

Depreciation = $ ( )

Depreciated Cost of Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $

"As-is" Value of Site Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $

INDICATED VALUE BY COST APPROACH . . . . . . . . . . . . . . . . . . . . . . = $

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INCOME APPROACH TO VALUE

Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach

Summary of Income Approach (including support for market rent and GRM)

INC

OM

E

Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $

This appraisal is made "as is," subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed,

subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed subject to the following:

Based on the scope of work, assumptions, limiting conditions and appraiser's certification, my (our) opinion of the defined value of the real property

that is the subject of this report is $ as of , which is the effective date of this appraisal.

RE

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GravelDrivewayFence,Gate, DockFence, Etc2 FPsFPs, EtcWrpPr,LrgDck,ScPr2/GarageAverageCentralAdequateNo FinishedNone

2,50740.003.537

Very Good1999/2009Good1.5 StoryPrivate Lake+/- 53.34 AcresFee SimpleSuburban

0.00

Pegram1099 Deerwood Trail

755,94027.15.1

36,940XGravel

10,000None3,000FP5,000WrpPor, WrapBalc

2/GarageAverageCentralAdequateNo Finished

-17,5801758 SF-61,4804,044

3,0003512

Very Good2007Good2 StoryRiverview

95,000+/- 43.62 acresFee SimpleSuburban04/09/2010None KnownConventional

(Closed Sale)MLS, Public Records

177.79719,000

6.73 miles SWKingston Springs1106 Street Road

753,56046.515.9

103,560XGravel

-7,000Fence, Barn3,000FP

20,000Porch, Deck-12,0003/Garage, 3/Carprt

AverageCentralAdequate

-14,640488 Finished-5,760576 SF

-60,0404,0083.5410

20,000Good1986

15,000Average/Good1.5 StoryCreek

145,000+/- 51 acres/InferFee SimpleSuburban11/04/2008None KnownConventional


162.18650,000

10.27 miles NEJoelton5820 Craft Road

719,36057.041.1

209,360XGravel

-7,000Fence, Barn3,000FP

10,0001800 SF Porches12,000None

AverageCentralAdequateNo FinishedNone

-31,6403,2983.5410

Very Good2001

15,000Average/Good1 StorySimilar Residential

210,000+/- 31.28 acresFee SimpleSuburban09/30/2010

-2,000Seller ParticipationConventional


154.64510,000

21.71 miles NCedar Hill3409 Flewellyn Road

See Attached Addendum

777,500

10,000367,51231,958$31,958

65399,47011,02525.0044150,000Large Deck, Scr Deck, WrapPorch,2FPs,Fence,Gate,Dock

0None338,445135.002,507400,000

Cost analysis was derived from the Marshall & Swift Residential Cost Handbook, local builders estimates, and the appraisers own cost files. Square foot calculations were obtained by pulling a tape measure around the perimeter of the building. The remaining economic life of the subject property is 60 years based on an overall life expectancy of 65 years.

09/2010AverageMarshall & Swifts Cost Handbook / Appraiser Files

X

The site value has been derived from the sale of similar sites within the competitive market area and from prior appraisal files.

Omitted

10/21/2010750,000

The subject property has been appraised "as is".

X

Because buyers rely heavily on comparisons, the direct sales comparison approach is considered the best indicator of market value. The cost approach supports the sales comparison approach. There was insufficient data available to process the income approach.

Omitted777,500750,000

MCGUIGAN & ASSOCIATES, LLC


FEATURE SUBJECT

Address


Sale Price $


Data Source(s)



Sale or Financing

Concessions

Date of Sale/Time

Location


Site

View

Design (Style)


Actual Age

Condition


Room Count


Basement & Finished

Rooms Below Grade

Functional Utility

Heating/Cooling


Garage/Carport

Porch/Patio/Deck


Adjusted Sale Price

of Comparables


$

$ sq. ft.


Total Bdrms. Baths

sq. ft.

+ - $

Net Adj. %

Gross Adj. % $


$

$ sq. ft.


Total Bdrms. Baths

sq. ft.

+ - $

Net Adj. %

Gross Adj. % $


$

$ sq. ft.


Total Bdrms. Baths

sq. ft.

+ - $

Net Adj. %

Gross Adj. % $


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Additional ComparablesThis form Copyright © 2005-2010 ACI Division of ISO Claims Services, Inc., All Rights Reserved.





2,50740.003.537


0.00


1,219,36018.2-12.7

177,640XGravel

-15,000Fn,Gate,Barn,Dock3,000FP

20,000Porch, Deck12,000None


-15,6402,8983,000339

Very Good1982Good2 StoryPond

-185,000+/- 38.94 acres/SupFee SimpleSuburban07/30/2009None KnownCash


482.061,397,000

20.53 miles SFranklin3385 Bailey Road

782,32025.2-10.6

92,680X-10,000Asphalt-7,000Fence, Barn3,000FP

20,000Porch, Cov Patio-12,0004/Garage


-62,6804,0746,0002.538

20,000Good1982

15,000Average/Good2 StoryPond

-65,000+/- 31 acres/SuperFee SimpleSuburban08/30/2010None KnownConventional


214.78875,000

22.11 miles SFranklin5501 Leipers Creek Road

555,96080.542.6

165,960XGravel

-5,000Barn3,000FP

20,000Porch, Deck12,0004/Basement

AverageCentralAdequateNo Finished

-17,4001740SF-51,6403,798

3.538

20,000Good1986

15,000Average/Good1 StorySimilar Residential

170,000+/- 36 acres/InferFee SimpleSuburban09/01/2009None KnownConventional


102.69390,000

11.50 miles NNEJoelton7322 Old Clarksville Pike


FEATURE SUBJECT

Address


Sale Price $


Data Source(s)



Sale or Financing

Concessions

Date of Sale/Time

Location


Site

View

Design (Style)


Actual Age

Condition


Room Count


Basement & Finished

Rooms Below Grade

Functional Utility

Heating/Cooling


Garage/Carport

Porch/Patio/Deck


Adjusted Sale Price

of Comparables


$

$ sq. ft.


Total Bdrms. Baths

sq. ft.

+ - $

Net Adj. %

Gross Adj. % $


$

$ sq. ft.


Total Bdrms. Baths

sq. ft.

+ - $

Net Adj. %

Gross Adj. % $


$

$ sq. ft.


Total Bdrms. Baths

sq. ft.

+ - $

Net Adj. %

Gross Adj. % $


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Additional ComparablesThis form Copyright © 2005-2010 ACI Division of ISO Claims Services, Inc., All Rights Reserved.





2,50740.003.537


0.00


731,88045.6-39.0

468,120X-10,000Asphalt-7,000Fence, Barn

2 FPs15,000Porch, Deck, Patio

2/GarageAverageCentralAdequate

-34,8301161 Finished-11,6101161 SF24,3201,899-3,000449

Very Good1996Good1.5 StoryPond

-345,000+/- 93 acres/SuperFee SimpleSuburbanActive

-96,000-8%Active

(Active Listing)MLS

631.911,200,000

22.68 miles SFranklin5873 Davis Hollow Road

859,64026.4-13.9

139,360XGravel

10,000None-6,0004 FPs15,000Porch, Deck, Patio12,000None


-35,4403,3933.5410

Very Good25,0001918

Good2 StoryCreek

-80,000+/- 120 acresFee SimpleSuburbanActive

-79,920-8%Active

(Active Listing)MLS

294.43999,000

12.24 miles NJoelton1099 Deer View Drive


Scope of Work, Assumptions and Limiting Conditions

Scope of work is defined in the Uniform Standards of Professional Appraisal Practice as " the type and extent of research and analyses in an assignment." In short, scope of work is simply what the appraiser did and did not do during the course of the assignment. It includes, but is not limited to: the extent to which the property is identified and inspected, the type and extent of data researched, the type and extent of analyses applied to arrive at opinions or conclusions.

The scope of this appraisal and ensuing discussion in this report are specific to the needs of the client, other identified intended users and to the intended use of the report. This report was prepared for the sole and exclusive use of the client and other identified intended users for the identified intended use and its use by any other parties is prohibited. The appraiser is not responsible for unauthorized use of the report.

The appraiser's certification appearing in this appraisal report is subject to the following conditions and to such other specific conditions as are set forth by the appraiser in the report. All extraordinary assumptions and hypothetical conditions are stated in the report and might have affected the assignment results.

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

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

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

4. Neither all, nor any part of the content of this report, copy or other media thereof (including conclusions as to the property value, the identity of the appraiser, professional designations, or the firm with which the appraiser is connected), shall be used for any purposes by anyone but the client and other intended users as identified in this report, nor shall it be conveyed by anyone to the public through advertising, public relations, news, sales, or other media, without the written consent of the appraiser.

5. The appraiser will not disclose the contents of this appraisal report unless required by applicable law or as specified in the Uniform Standards of Professional Appraisal Practice.

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

7. The appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. The appraiser assumes no responsibility for such conditions, or for engineering or testing, which might be required to discover such factors. This appraisal is not an environmental assessment of the property and should not be considered as such.

8. The appraiser specializes in the valuation of real property and is not a home inspector, building contractor, structural engineer, or similar expert, unless otherwise noted. The appraiser did not conduct the intensive type of field observations of the kind intended to seek and discover property defects. The viewing of the property and any improvements is for purposes of developing an opinion of the defined value of the property, given the intended use of this assignment. Statements regarding condition are based on surface observations only. The appraiser claims no special expertise regarding issues including, but not limited to: foundation settlement, basement moisture problems, wood destroying (or other) insects, pest infestation, radon gas, lead based paint, mold or environmental issues. Unless otherwise indicated, mechanical systems were not activated or tested.

This appraisal report should not be used to disclose the condition of the property as it relates to the presence/absence of defects. The client is invited and encouraged to employ qualified experts to inspect and address areas of concern. If negative conditions are discovered, the opinion of value may be affected.

Unless otherwise noted, the appraiser assumes the components that constitute the subject property improvement(s) are fundamentally sound and in working order.

Any viewing of the property by the appraiser was limited to readily observable areas. Unless otherwise noted, attics and crawl space areas were not accessed. The appraiser did not move furniture, floor coverings or other items that may restrict the viewing of the property.

9. Appraisals involving hypothetical conditions related to completion of new construction, repairs or alteration are based on the assumption that such completion, alteration or repairs will be competently performed.

10. Unless the intended use of this appraisal specifically includes issues of property insurance coverage, this appraisal should not be used for such purposes. Reproduction or Replacement cost figures used in the cost approach are for valuation purposes only, given the intended use of the assignment. The Definition of Value used in this assignment is unlikely to be consistent with the definition of Insurable Value for property insurance coverage/use.

11. The ACI General Purpose Appraisal Report (GPAR™) is not intended for use in transactions that require a Fannie Mae 1004/Freddie Mac 70 form, also known as the Uniform Residential Appraisal Report (URAR).

Additional Comments Related To Scope Of Work, Assumptions and Limiting Conditions





The scope of this assignment included an exterior and interior inspection of the subject property on 10/21/2010. Because buyers rely heavily on comparisons, the direct sales comparison approach is considered the best indicator of market value. The cost approach supports the sales comparison approach. There was insufficient data available to process the income approach.


Appraiser's Certification

The appraiser(s) certifies that, to the best of the appraiser's knowledge and belief:

1. The statements of fact contained in this report are true and correct.

2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are the appraiser's personal, impartial, and unbiased professional analyses, opinions, and conclusions.

3. Unless otherwise stated, the appraiser has no present or prospective interest in the property that is the subject of this report and has no personal interest with respect to the parties involved.

4. The appraiser has no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.

5. The appraiser's engagement in this assignment was not contingent upon developing or reporting predetermined results.

6. The appraiser's 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.

7. The appraiser's analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.

8. Unless otherwise noted, the appraiser has made a personal inspection of the property that is the subject of this report.

9. Unless noted below, no one provided significant real property appraisal assistance to the appraiser signing this certification. Significant real property appraisal assistance provided by:

Additional Certifications:

Definition of Value: Market Value Other Value:

Source of Definition:

ADDRESS OF THE PROPERTY APPRAISED:

EFFECTIVE DATE OF THE APPRAISAL:

APPRAISED VALUE OF THE SUBJECT PROPERTY $

APPRAISER

Signature:

Name:

State Certification #

or License #

or Other (describe): State #:

State:

Expiration Date of Certification or License:

Date of Signature and Report:

Date of Property Viewing:

Degree of property viewing:

Interior and Exterior Exterior Only Did not personally view

SUPERVISORY APPRAISER

Signature:

Name:

State Certification #

or License #

State:

Expiration Date of Certification or License:

Date of Signature:

Date of Property Viewing:

Degree of property viewing:

Interior and Exterior Exterior Only Did not personally view





X

10/21/201011/04/2010

12/31/2011TN

00003168Joseph P McGuigan

750,00010/21/2010


Market value is 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 considers his 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.

Fannie MaeX

Jared Smith Certified Residential Appraiser #3556 has contributed significantly to the completion of this report.

MCGUIGAN & ASSOCIATES, LLC

ADDENDUM

Client: Gerry & Allyson House File No.: 1099 Deerwood Trail JProperty Address: 1099 Deerwood Trail Case No.:City: Pegram State: TN Zip: 37143

Addendum Page 1 of 1

Additional FeaturesAdditional features include a 23 foot vaulted beamed ceiling, five skylights and a fireplace in the living room, coriancountertops and ceramic tile backsplash in the kitchen, skylight in the main house bedroom, vaulted beamed ceiling in thebedroom above the garage, granite countertops in the bath over the garage, 18 foot vaulted wood beam ceiling, wet bar anda fireplace in the living room of the guest house, large deck, screened porch, covered wrap porch around the guest house,two private lakes with small dock and a gate with wrought iron fencing and stone column.

Comments on Sales ComparisonAn extensive search was conducted of all of Cheatham, Dickson, Robertson, Maury and portions of Davidson andWilliamson Counties in an effort to find similar sales. Extremely few sales were found. Normal time restrictions were alsoextended in an effort to find the best sales. Sales two, four and six exceed normal time restrictions of one year. The abovechosen comparables are from the subject's competitive market area and offer good evidence of market value. These saleswere chosen due to their similarity to the subject in size and appeal. Site adjustments were made on a per site basis withregards to size, location and view. Sales one, two, three, five, six, seven and eight exceed normal percentage adjustmentparameters due to the necessary adjustments. All sales exceed normal distance restrictions but still provide good evidenceof market value. Condition and age adjustments were made due to differences in the original date of construction andupdating. Quality of construction adjustments were made with regards to the subject's superior upgrades concerning thekitchen and baths. Sales seven and eight are current active listings that have been provided to lend additional support to theappraised value. These sales have been adjusted using a list/sales price ratio of 92% derived from our analysis of themarketplace. All sales were given consideration in estimating the market value for the subject property.

FLOORPLAN

Client: File No.:Property Address: Case No.:City: State: Zip: 37143TNPegram

1099 Deerwood Trail1099 Deerwood Trail JGerry & Allyson House

Comments:

AREA CALCULATIONS SUMMARYCode Description Size Net TotalsGLA1 First Floor Main Hou 1089.00

First Floor Abv Grge 441.00First Floor Gst Hse 707.25

GLA22237.25

2nd Floor Main House 270.00P/P

270.00Deck 1716.75Screened Porch 217.50Porch 597.00

GAR2531.25

Garage 441.00 441.00

TOTAL LIVABLE (rounded) 2507

Breakdown SubtotalsLIVING AREA BREAKDOWN

First Floor Main Hou12.0 x 54.5 654.00 15.0 x 29.0 435.00

First Floor Abv Grge21.0 x 21.0 441.00

First Floor Gst Hse20.5 x 34.5 707.25

2nd Floor Main House15.0 x 18.0 270.00

5 Calculations Total (rounded) 2507

Sketch by Apex IV™

25.5'

12.0

'

54.5'

27.0

'

29.0'

15.5

'

3.0'

13.5

'

5.5'

3.5'

32.0'

16.0

'

28.0'

14.5'

15.0

'

11.0'

16.0'

16.0

'

19.0'

15.0

'

60.5'

6.0'

24.5'

8.5'

21.0'

21.0

'

21.0

'

21.0'

15.0

'

18.0'

20.5

'

34.5'8.

5'

26.0'

10.0'

8.0'

18.0'

37.0

'

34.0'

Living Room

Bath

Office/Bedroom

Porch

Loft Bath1/2

2 Car

Garage

Bedroom

Bath

Deck

Deck

Deck

Screened

Deck

BedroomUtility

BathKitchen

Living Room

LOCATION MAP

Client: File No.:Property Address: Case No.:City: State: Zip: 37143TNPegram

1099 Deerwood Trail1099 Deerwood Trail JGerry & Allyson House

SUBJECT PROPERTY PHOTO ADDENDUM

Client: File No.:Property Address: Case No.:City: State: Zip:

FRONT VIEW OFSUBJECT PROPERTY

Appraised Date:Appraised Value: $

REAR VIEW OFSUBJECT PROPERTY

STREET SCENE


1099 Deerwood Trail JGerry & Allyson House

750,000October 21, 2010


Produced using ACI software, 800.234.8727 www.aciweb.com PHT6



COMPARABLE PROPERTY PHOTO ADDENDUM


COMPARABLE SALE #1

Sale Date:Sale Price: $

COMPARABLE SALE #2


COMPARABLE SALE #3




719,00004/09/2010

Kingston Springs1106 Street Road

650,00011/04/2008

Joelton5820 Craft Road

510,00009/30/2010

Cedar Hill3409 Flewellyn Road



COMPARABLE SALE #4


COMPARABLE SALE #5


COMPARABLE SALE #6




1,397,00007/30/2009

Franklin3385 Bailey Road

875,00008/30/2010

Franklin5501 Leipers Creek Road

390,00009/01/2009

Joelton7322 Old Clarksville Pike



COMPARABLE SALE #7


COMPARABLE SALE #8


COMPARABLE SALE #9




1,200,000Active

Franklin5873 Davis Hollow Road

999,000Active

Joelton1099 Deer View Drive

File No.

- - - - - - - - - - - - - -

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********* INVOICE *********

File Number:

Invoice # :Order Date :Reference/Case # :PO Number :

$$

Invoice Total $State Sales Tax @ $Deposit ( $ )Deposit ( $ )

Amount Due $

Terms:

Please Make Check Payable To:

Fed. I.D. #:


PAID

0.00

700.000.00

700.00


32967

Gerry House


1099 deerwood apraisal

Documents

subject property

real property

property r ights

present use

defined value

appraisal oflocated

unit housing present

unit housing trends