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Rent Comparability Study
on
Townhouse Square Apartments
1966 Wagner Street Mobile, Alabama 36617
Date of Report May 21, 2019
Effective Date May 16, 2019
Prepared For Mr. Marvin Dismukes
Royal Management Company, Inc. P.O. Box 161604
Mobile, Alabama 36616
Prepared By
Gill Group, Inc. Jeffrey L. Hansen, AL# G01189
Samuel T. Gill, AL# G-00548
512 North One Mile Road * Dexter, Missouri 63841 Ph: 573-624-6614 * Fax: 573-624-2942 [email protected]
May 21, 2019 Mr. Marvin Dismukes Royal Management Company, Inc. P.O. Box 161604 Mobile, Alabama 36616 RE: Rent Comparability Study Townhouse Square Apartments FHA# FHA_ Contract# AL09M000028 Dear Mr. Dismukes: Attached is the Rent Comparability Study (RCS) you requested for Townhouse Square Apartments in Mobile, Alabama. The purpose of the study was to estimate the market rents for the units within the subject property. Market rent is the rent that a knowledgeable tenant would most probably pay for the units as of the date of this report, if the tenants were not receiving rental subsidies and rents were not restricted by HUD or other government agencies. The following table lists the “as is” market rent I concluded for each Section 8 unit type, as of May 16, 2019.
Unit Type # of Units
Size (Sq.
Ft) Rent $/Sq. Ft
Prepared
Grid? (Y/N)
2/1 40 700 $635 $0.91 Y
40
Estimated Market
The RCS was prepared in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) and Chapter Nine of the Section 8 Renewal Policy Guide. Market Rents were defined and estimated in accordance with Sections 9-8 through 9-13 and Appendix 9-1-2 of Chapter Nine of HUD’s Section 8 Renewal Policy Guide, and the RCS report was prepared in accordance with guidance in Chapter Nine. We understand that HUD/the Section 8 Contract Administrator (CA) and the project owner will use our estimate of market rents to determine: 1) the owner’s options for renewing the project’s Section 8 contracts; and 2) the maximum rents allowed under any renewal contracts. Additionally, as required by Section 9-14 of the Chapter Nine guidance, I compared the project’s median rent with HUD’s threshold and concluded that the project’s median rent is below the threshold, as shown on the following page.
The subject property contains 40 units, all of which are covered by the HAP contract. The median falls on the average of Unit 20 and Unit 21 at $635. The median gross rent for the zip code is $807 with 140 percent of the median rent being $1,130. The median market rent concluded does not exceed 140 percent of the median gross rent for the subject property’s zip code, as can be seen on the following table:
Property
County
Zip
Unit Type # of Units RCS Rent
Cumulative #
of Units
2/1 40 $635 40
Total # of Units 40
Median
average of Unit 20
and Unit 21$635
$1,130
Below
Mobile
36617
Project's RCS-based median rent
Test: Compare Project's Median Rent to Hud
Threshold
HUD's Threshold: 140 percent of Median Gross
Rent Estimate for Project's Zip Code
Townhouse Square Apartments
Should you have any questions or require more information, please contact me directly at the phone number listed on the previous page. Sincerely,
Jeffrey L. Hansen State Certified General Real Estate Appraiser
Samuel T. Gill State Certified General Real Estate Appraiser
AL# G01189 AL# G-00548
Gill Group Page 4
TABLE OF CONTENTS
TITLE PAGE LETTER OF TRANSMITTAL TABLE OF CONTENTS SCOPE OF WORK ............................................................................................................................................ 5 DESCRIPTION OF SUBJECT PROPERTY ............................................................................................................. 9 SUBJECT PHOTOS ......................................................................................................................................... 12 DEFINITION OF THE SUBJECT’S MARKET AREA ............................................................................................... 21 REGIONAL AND AREA DATA AND AREA MAPS ................................................................................................ 22 DESCRIPTION OF NEIGHBORHOOD .................................................................................................................. 27 HOW COMPARABLE PROPERTIES WERE SELECTED ........................................................................................ 29 LOCATOR MAP .............................................................................................................................................. 30 TWO-BEDROOM UNITS (700 SF) – AS IS ........................................................................................................ 31 RENT COMPARABLES .................................................................................................................................... 39 APPRAISER CERTIFICATION ........................................................................................................................... 49 CERTIFICATION.............................................................................................................................................. 50 EXHIBITS ....................................................................................................................................................... 51 APPRAISER LICENSE ..................................................................................................................................... 52 APPRAISER QUALIFICATIONS ......................................................................................................................... 54 LIMITED CONDITIONS AND ASSUMPTIONS ....................................................................................................... 60 UTILITY SCHEDULE ........................................................................................................................................ 66 FLOOD CERTIFICATE ..................................................................................................................................... 67
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
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Scope of Work
The Scope of Work Rule requires us to gather and analyze information about those assignment elements
that are necessary to properly identify the appraisal problem to be solved. According to the Standards
Rule 1-2, identification of the problem to be solved requires us to identify the following assignment
elements.
• Client and any other intended users: The client for this appraisal assignment is Royal
Management Company, Inc. The intended users of the report are Royal Management Company,
Inc., U.S. Department of Housing and Urban Development (HUD) and/or its assigns. No other
users are intended.
• Intended use of the appraiser’s opinions and conclusions: The intended use of this appraisal
assignment is to assist the intended user(s) to determine the market rental rates for the subject
property “as is”. No other use is intended.
• Effective date of the appraiser’s opinions and conclusions: The effective date of the rental
estimate is May 16, 2019.
• Subject of the assignment and its relevant characteristics: The subject property is an existing 40-
unit apartment complex known as Townhouse Square Apartments. The subject is located on the
north side of Wagner Street, west of Donald Street. Its physical address is 1966 Wagner Street.
• Assignment conditions: Assignment conditions include assumptions, extraordinary assumptions,
hypothetical conditions, supplemental standards, jurisdictional exceptions, and other conditions
that affect the scope of work. The assumptions used in this appraisal assignment can be seen on
the following pages.
• An environmental audit was not provided. I am not qualified to complete an environmental audit.
The stated opinion of rental rates is predicated on the assumption that no hazardous substances
or conditions materially affect the subject property.
• The Americans with Disabilities Act (ADA) became effective January 26, 1992. No specific
compliance survey or analysis of the identified property has been made to determine whether it is
in conformity with the various detailed requirements of the ADA. It is possible that a compliance
survey of the property together with a detailed analysis of the requirements of the ADA could
reveal that the property will not comply with one or more of the requirements of the Act. If so, this
fact could have an adverse impact upon the value of the property. Since there is no direct
evidence relating to this issue, it is assumed that no substantial immediate outlays will be
mandated by governing authorities to meet ADA requirements.
• The building improvements meet all governing codes, unless otherwise noted in this report.
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An extraordinary assumption1 is defined as follows:
An assumption, directly related to a specific assignment, which, if found to be false, could alter the
appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain
information about physical, legal, or economic characteristics of the subject property; or about conditions
external to the property, such as market conditions or trends; or about the integrity of data used in an
analysis.
An extraordinary assumption may be used in an assignment only if:
• It is required to properly develop credible opinions and conclusions;
• The appraiser has a reasonable basis for the extraordinary assumption;
• Use of the extraordinary assumption results in a credible analysis; and
• The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary
assumptions.2
The following extraordinary assumptions are used in this appraisal consultation assignment:
• There are no extraordinary assumptions for this appraisal.
A hypothetical condition3
is defined as follows:
A condition, directly related to a specific assignment, which is contrary to what is known by the appraiser
to exist on the effective date of the assignment results but is used for the purpose of analysis.
Hypothetical conditions are contrary to known facts about physical, legal, or economic characteristics of
the subject property; or about conditions external to the property, such as market condition or trends; or
about the integrity of data used in an analysis.
A hypothetical condition may be used in an assignment only if:
• Use of the hypothetical condition is clearly required for legal purposes, for purposes of
reasonable analysis, or for purposes of comparison;
• Use of the hypothetical condition results in a credible analysis; and
• The appraiser complies with the disclosure requirements set forth in USPAP for hypothetical
conditions.4
1Uniform Standards of Professional Appraisal Practice, 2018-2019 Edition (The Appraisal Foundation, 2018), pg. U-3 2Uniform Standards of Professional Appraisal Practice, 2018-2019 Edition (The Appraisal Foundation, 2018), pg. U-19 3Uniform Standards of Professional Appraisal Practice, 2018-2019 Edition (The Appraisal Foundation, 2018), pg. U-3 4Uniform Standards of Professional Appraisal Practice, 2018-2019 Edition (The Appraisal Foundation, 2018), pg. U-19
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
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The following hypothetical conditions are used in this appraisal assignment
• This Rent Comparability Study was completed under the hypothetical condition that the tenants at
the subject property were not receiving rental subsidies and the rents were not restricted by HUD
or other government agencies.
This Rent Comparability Study was completed in accordance with the requirements set forth in Chapter
Nine of the Department of Housing and Urban Development’s Section 8 Renewal Policy Guide. This Rent
Comparability Study was completed under the hypothetical condition that the tenants at the subject
property were not receiving rental subsidies and the rents were not restricted by HUD or other
government agencies.
Samuel T. Gill, a State Certified General Real Estate Appraiser employed by Gill Group, Inc., oversaw
and supervised all data collection and analysis. The following actions were taken to complete this RCS.
• On May 16, 2019, Jeffrey L. Hansen, a State Certified General Real Estate Appraiser employed
by Gill Group, Inc., conducted an interior and exterior inspection of the subject property to
determine the property’s physical and functional characteristics. Jeffrey L. Hansen inspected
common areas, mechanical rooms, exterior grounds and the following units: Unit 103, Unit 111,
Unit 202 and Unit 403. He measured the units and/or viewed the plans to verify unit sizes. He
interviewed Tony Goubil, property manager, to determine the rental rates, services and amenities
offered to the tenants of the subject property.
• Jeffrey L. Hansen researched comparable apartment rental activity in the subject market and
competing locations. The research retrieved data from several of the following: internet sites,
local newspapers and rental publications, town records, owners and managers of local apartment
properties, local real estate brokers, fellow appraisers and the appraiser’s office files.
• During the week of May 13, 2019, to May 17, 2019, Jeffrey L. Hansen inspected the exterior of
each comparable property used in the analysis. When available, Jeffrey L. Hansen inspected the
interiors of the comparable properties. Unit sizes were measured when an interior inspection was
available or were taken from floor plans (excluding balconies/patios and mechanical areas) if
available.
• During the site inspections or in separate phone interviews, Jeffrey L. Hansen talked with the
managers of the comparable properties to confirm all data and to collect additional information
about each comparable including size, age, amenities, occupancy rates and general market
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
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information. The property manager provided floor plans or other information describing the size of
comparable units after it was explained that the interior size was needed.
• Jeffrey L. Hansen completed the data & adjustment columns of the Rent Comparability Grid using
the instructions in Appendix 9-1 of Chapter Nine and determined the final estimate of rents. After
completing the rent comparability grid, Jeffrey L. Hansen derived an estimated market rent for
each unit type.
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Description of Subject Property
Townhouse Square Apartments consists of four two-story townhouse buildings containing 40 units and an
accessory building. The buildings consist of frame construction with brick and vinyl siding and pitched
roofs with shingles. The buildings contain single-hung vinyl windows and steel entry doors. The complex
is on a nearly level site located at 1966 Wagner Street, Mobile, Alabama, in Mobile County. The subject is
located on the north side of Wagner Street, west of Donald Street, in the Carver neighborhood. The lot
provides average visibility and access. The subject property is located in Flood Zone X, according to
FEMA Community Panel #0197C0554K, dated March 17, 2010. The subject is zoned R-3, Multiple-
Family District. The subject is a legal, conforming use. A zoning change is unlikely. The subject is
currently owned by RIS Properties LLC.
The following table shows the unit mix for the subject property.
Unit Type # of Units Size (Sq. Ft) Total Square Footage
2/1 40 700 28,000
40 28,000
Unit Design:
All units contain private exterior entryways which open up into the main living area. In the rear of the unit
is an L-shaped kitchen with wood cabinets and Formica countertops. The appliance package consists of
a refrigerator and range/oven. A staircase is located in the living area and leads up to the second story
where both bedrooms and the full bath are located. The bedrooms contain painted drywall with open wall
closets. The bath contains a standard vanity with a sink, mirror, toilet and tub/shower combo.
The table below describes the unit mix for all 40 units at the subject. This RCS applies to all 40 units, as
they are all included in the Section 8 contract.
Unit Type # of Units
Size (Sq.
Ft)
# of Pjt-
Based Sec
8 Units
# Other
Rent
Restricted
# Units Not
Rent
Restricted
2/1 40 700 40 0 0
40 40 0 0
The property was originally constructed in 1959 and is in average condition. It appears to have been well-
maintained. Currently, the property is 98 percent occupied. All 40 units are Section 8, designed for
families. There are 20 applicants on the waiting list. The breakdown of vacancies at the subject is shown
in the following table.
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
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Unit Type # of Units # of Vacant Units
2/1 40 1
40 1
Subject Vacancies
The property includes the following amenities:
Unit Amenities Included Fee Project Amenities Included Fee
Refrigerator x Clubhouse
Range/Oven x Meeting Room
Garbage Disposal Dining Room
Dishwasher Swimming Pool
Microwave Spa/Hot Tub
Washer/Dryer Exercise Room
Washer/Dryer Hook-Ups Picnic Area
Carpet x Playground
Vinyl x Tot Lot
Wood Volleyball Court
Wood Composite Basketball Court
Ceramic Tile Tennis Court
Blinds x Extra Storage
Drapes/Shades Housekeeping
Ceiling Fans Business Center
Vaulted Ceilings Educational Classes
Fireplace Transportation
Walk-In Closet Service Coordinator/HUD Paid
Coat Closet Concierge Services
Balcony Computer Room
Patio Car Wash Area
Pull Cords Laundry Facility x
Emergency Call On-Site Management
Safety Bars On-Site Maintenance
Parking Included Fee Intercom/Electronic Entry
Parking Lot/# of Spaces x/54 $0 Limited Access Gate
Covered Parking/# of Spaces Perimeter Fencing
Garage/# of Spaces Security Patrol
Parking Garage/Underground/# of Spaces Video Surveillance
Meals
Summer Programs
Library
Neighborhood Network/HUD Paid
Laundry Service
After School Care
Gazebo
UTILITIES
Utility Type Who Pays
Heat Central Gas Tenant
Air Conditioning Central Electric Tenant
Hot Water Gas Tenant
Cooking Gas Tenant
Other Electric Electric Tenant
Cold Water/Sewer N/A Landlord
Trash Collection N/A Landlord
UTILITY SCHEDULE
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Tony Goubil confirmed the above information. The telephone number for the property is 251-644-9975.
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
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Subject Photos
View of Sign
View of Exterior
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View of Exterior
View of Exterior
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View of Exterior
View of Exterior
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View of Laundry Facility
View of Laundry Facility
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View of Typical Living Area
View of Typical Kitchen
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View of Typical Bedroom
View of Typical Bath
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View of Parking Lot
View of Street
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View to the North
View to the South
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View to the East
View to the West
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Definition of the Subject’s Market Area
The market area for the subject consists of the following census tracts: 4.01, 4.02, 5.00, 6.00, 7.01, 7.02,
8.00, 9.01, 9.02, 10.01, 25.01, 25.02, 26.00, 27.00, 28.00, 29.00, 39.01 and 39.02. The market area has
the following boundaries: North – Interstate 65 and U.S. Highway 45; South – U.S. Highway 90; East –
West Prichard Avenue, South College Street, Toulmins Spring Branch, Conception Street Road,
Interstate 165, U.S. Highway 43 and South Broad Street; and West – Interstate 65. This is the area from
which the subject would normally draw its applicants.
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
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Regional and Area Data and Area Maps
The following data on the City of Mobile and Mobile County are included to give the reader an insight into
the social, economic, governmental and environmental factors which provide the setting and ultimate
stability for the subject neighborhood and the property which is the subject of this appraisal. The various
social, economic, governmental and environmental factors within any locality are the underlying forces
which create, modify or destroy real property values.
Location
The City of Mobile is located in Mobile County which is located in the southwest portion of Alabama. The
nearest cities include Pensacola, Florida; Biloxi, Mississippi; Montgomery, Alabama; and Jackson,
Mississippi. Mobile County has the following boundaries: North – Washington County; South – Gulf of
Mexico; East Baldwin County; and West – Mississippi State Line.
Utilities
Mobile Water Service provides water services to the residents of the city. Alabama Power Company
provides electricity services. Natural gas services are provided by Mobile Gas Corporation. Basic
telephone service is provided by AT&T. Cellular providers in the area include AT&T, C Spire Wireless,
Sprint, T-Mobile and Verizon. Internet providers in the area are Xfinity, AT&T, Mediacom, Viasat,
HughesNet, C Spire, DSL by Air, Cincinnati Bell, Hunt Telecom, Birch Communications, CenturyLink,
Windstream and Benchmark Communications. Cable providers in the area are Mediacom, Xfinity, AT&T,
CenturyLink and DirecTV.
Health Care
Hospitals in the area include Soma, VA Mobile Outpatient Clinic, USA Children’s & Women’s Hospital,
Mobile Infirmary and USA Health University Hospital. Clinics in the area include Mid Day Medical, H. E.
Savage Memorial Center, Springhill Medical Center, Taylor Clinic, Solution Focused Oriented Therapy for
Mental Health, Family Health Downtown Mobile, Franklin Primary Health Center, Extended Family Care,
Franklin Medical & Dental Express and USA Family Medicine Center.
Transportation
Major highways in the County of Mobile include Interstates 10, 65 and 165; and U.S. Highways 43, 45, 90
and 98. Airports in the area include Mobile Regional Airport, Mobile Aeroplex at Brookley, St. Elmo Airport
and Fairhope Airport. Freight service is provided by Norfolk Southern railroad company. Amtrak is
available in the area for passenger rail services. Ports in the area include APM Terminals, Pinto Island
Terminal, Port of Mobile, Alabama Cruise Port and Alabama State Port Authority. Bus services in the area
include The Wave Transit System.
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
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Population and Employment Statistics
CENSUS - 2017
City County State
Population 190,273 413,955 4,874,747
Households 75,653 154,400 1,842,174
Renter Occupied 31,729 49,913 536,712
LABOR STATISTICS
CITY
Labor Force Employment Unemployment Unemployment Rate
2010 90,547 80,151 10,396 11.5
2015 87,068 80,838 6,230 7.2
March 2019 86,975 82,686 4,289 4.9
COUNTY
Labor Force Employment Unemployment Unemployment Rate
2010 192,730 170,943 21,787 11.3
2015 186,910 174,057 12,853 6.9
March 2019 189,789 181,170 8,619 4.5
STATE
Labor Force Employment Unemployment Unemployment Rate
2010 2,196,042 1,964,559 132,483 10.5
2015 2,157,376 2,025,949 131,427 6.1
March 2019 2,247,355 2,171,879 75,476 3.4
METROPOLITAN AREA
Mobile, Alabama Metropolitan Statistical Area
Labor Force Employment Unemployment Unemployment Rate
2010 192,730 170,943 21,787 11.3
2015 186,910 174,057 12,853 6.9
March 2019 189,789 181,170 8,619 4.5
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
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Major Employers
Major employers for the area are as follows:
MAJOR EMPLOYERS
Name Product/Service Total Employees
Mobile County Public School System Education 7,500
University of Southern Alabama & Medical Facilities
Education 6,000
Infirmary Health System Healthcare 5,000
Austal Combat Shipyard 4,000
City of Mobile Government 2,140
CPSI Information Technology 1,950
Mobile County Government 1,670
AM/NS Calvert Steel Manufacturing 1,600
Providence Hospital Healthcare 1,540
Springhill Medical Center Healthcare 1,300
ST Aerospace Mobile Aerospace MRO 1,100
Source: Advantage Alabama
Summary and Conclusions
Mobile is a city located in the southwest portion of Alabama. The economic outlook for future growth and
development appears to be stable.
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
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Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
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Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
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Description of Neighborhood
The subject neighborhood is located in the northern portion of the City of Mobile, Alabama. The
neighborhood has the following boundaries: North – Hart Avenue and O'Connor Street; South –
Threemile Creek; East - Donald Street; and West – Stanton Road. Single-family residences and the
Church of the Good Shepherd are located north of the site. Single-family residences are also located
south, east and west of the site. The subject neighborhood is comprised primarily of single-family
residences and is 100 percent built up. Approximately 75 percent of the land use is made up of single-
family residences. About 15 percent is comprised of multifamily dwellings. The remaining 10 percent is
commercial properties. The subject neighborhood is in average condition with average appeal. There are
no known nuisances in the neighborhood.
According to AreaVibes, approximately 740 per 100,000 residents are victims of a violent crime annually,
and approximately 5,454 per 100,000 residents are victims of a property crime each year. There have
been a total of 1,899 crimes in the city within the past year, 1,200 of which are violent crimes and 699 of
which are property crimes. The crime rate for Mobile is 31.0 percent lower than for the nation. The total
number of crimes in the city has increased 26.0 percent within the past year, according to AreaVibes.
There is a 1 in 84 chance of being the victim of a violent crime and a 1 in 144 chance of being the victim
of a property crime. The life cycle is generally in the stability stage. Therefore, there are no major adverse
influences or hazards observed or known by the appraiser in the immediate surrounding area.
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Proximity to Services
The subject is located in Census Tract #8.00. According to the U.S. Census Bureau, the median income
for Census Tract #8.00 within the City of Mobile is $35,313. The median income for the City of Mobile is
$38,759. The median age of the census tract is 31.9 years, and the median age of the city is 36.6 years.
Approximately 52.8 percent of the census tract has never married, while approximately 38.9 percent have
never married for the City of Mobile. There are 75.0 percent in the service and laborer industries in the
census tract and 76.6 percent in the in the same industries in the city.
0.4 mi Babe's Famous Hotdogs 0.3 mi Booker T. Washington Middle School 0.6 mi Commonwealth National Bank
0.7 mi McDonald's 0.4 mi John L. Leflore Preparatory Academy High School 1.2 mi Wells Fargo Bank
0.7 mi Michigan Ave Café 0.5 mi Mobile Assocociation Retarded Citizens School 1.3 mi Regions Bank
0.7 mi Checkers 0.6 mi Pointe Academy School 1.4 mi Commonwealth National Bank
0.8 mi WOW Wing & Deli 0.6 mi Holloway Elementary School 1.5 mi Regions Bank
0.8 mi Peking Garden Restaurant 1.1 mi True Praise Deliv Tabernacle Holiness Elementary School 2.1 mi PNC Bank
0.8 mi Church's Chicken 1.3 mi Old Shell Creative Performing Art Elementary School 2.1 mi Wells Fargo Bank
0.8 mi KFC 1.4 mi Augusta Evans School 2.4 mi Trustmark
0.8 mi Wild Wing Station 1.4 mi St. James Major School 2.5 mi Century Bank
0.8 mi Rodgers B-B-Q 1.5 mi Ums-Wright Preparatory School 2.5 mi BancorpSouth Bank
0.9 mi Subway 1.5 mi St. Mary Catholic School 2.8 mi IBERIABANK
1.1 mi Hart's Fried Chicken 1.6 mi McGill-Toolen Catholic High School 2.8 mi Woodforest National Bank
1.2 mi China Chef Chinese 1.7 mi Grant Elementary School 2.9 mi Southtrust Bank
1.3 mi The Simple Greek 1.7 mi Murphy High School 2.9 mi BBVA Compass
1.4 mi Shrimp Basket 1.8 mi Glendale Elementary School 2.9 mi IBERIABANK
1.4 mi Taco Mama 1.9 mi Florence Howard Elementary School 2.9 mi Hancock Whitney Bank
1.4 mi Dew Drop Inn Restaurant
1.4 mi Popeyes Louisiana Kitchen
1.4 mi Fuego 0.7 mi Marc's Boutique 0.5 mi Mobile Police Department
1.4 mi Nixon's Midtown 0.8 mi Family Dollar Store 0.8 mi Mobile Police Department
1.4 mi Ashland Midtown Pub 1.2 mi Angela's Toy Chest 1.6 mi Prichard City Police Department
1.4 mi Butch Cassidy's Café 1.3 mi Ely's Fabric Warehouse 2.4 mi Mobile Police Department
1.4 mi Bay Barbeque 1.3 mi Faith Fashions 2.8 mi Alabama State Port Authority
1.4 mi Children's Cottage 2.8 mi US Marshal Department
1.4 mi Susan's Shoppe 3.2 mi Mobile Police Department
0.7 mi Manning's FOOD FOR LESS 1.4 mi G Harvell Mens Clothier 4 mi Chickasaw Police Department
0.8 mi Rodgers Grocery 1.4 mi Contemporary Sportswear Screen 5.8 mi University of South Alabama Police Department
1.3 mi Pettaway's Grocery 1.4 mi Just Sew 6.8 mi Saraland Police Department
1.4 mi Two Eagles Store 1.4 mi Variety Unlimited
1.4 mi M & J Groceries 1.4 mi Kenneth Carter
2.1 mi Quick Stop Grocery 1.4 mi Bradley Women's Apparel 0.5 mi Hadley Medical Center
2.2 mi Main Street Food Mart 1.4 mi The Ginger House 0.7 mi USA Health University Hospital
2.2 mi African Market 1.1 mi USA Family Medicine Center
2.2 mi Greer's CashSaver 1.2 mi Diagnostic & Medical Clinic
2.4 mi MJ Convience 1.3 mi Central Plaza Towers Medical Center
2.6 mi Greers Downtown Market 1.3 mi H.E. Savage Memorial Center
1.4 mi VA Mobile Outpatient Clinic
1.5 mi Extended Family Care
1.8 mi Smith & Gayle Medical Center
1.8 mi Franklin Primary Health Center, Inc.
2.5 mi Mercy Medical
2.7 mi Infirmary Occupational Health
2.8 mi Southern Medical Health Systems Inc.
3 mi Alabama Medical Group
3.1 mi Springhill Medical Center
5.6 mi West Mobile Family Medical Center
Shopping Police
Medical Facilities
Schools
Groceries
BanksRestaurants
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How Comparable Properties Were Selected
The appraiser researched rental housing in the market area and identified several apartment complexes
in and around the market area of the subject. The appraiser searched Vogt Strategic Insights, CoStar,
Apartments.com, previous reports and the neighborhood during inspection in order to locate comparable
properties. Some comparables were considered but ultimately were not utilized in this report due to lack
of comparability, insufficient information, and lack of proximity, and subsidies.
The following properties were not used due to subsidies or tax credits: Anton Square Apartments,
Woodlands Apartments, Ridge Manor, Jefferson Place, Washington Plaza, Magnolia Place Apartments,
Montauk Arms, Dauphin North Apartments, Northgate Apartments, South of Dauphin Apartments, Bayou
Plaza Apartments, Bay Oaks Apartments, South Bay Apartments, Downtown Renaissance Apartments,
Center Ridge Apartments, Pecan Cove Apartments, Bayou Village, Gulf Breeze Apartments,
Shadowridge Apartments, Keystone Apartments, Azalea Court Townhomes, Green Meadows
Apartments, Greenbriar Townhomes and Hounds Run Apartments.
The following properties were not used due to lack of comparability and due to the fact that more
comparable properties in closer proximity to the subject were located: Arlington Park Apartments,
Lafayette Square Apartments, Rondo Apartments, Carondelet Apartments, Manchester Park Apartments,
Twin Oaks Apartments, Ashford Place Apartments, Summer Place Apartments, Heron Lake Apartments
and Willow Tree Apartments.
Comparable properties used in this study include: Barrington Park Apartments (Comparable 1), Yester
Oaks Apartments (Comparable 2), Bel Air Apartment Homes (Comparable 3), Midtown Commons
(Comparable 4) and Midtown Oaks Townhomes (Comparable 5).
Generally, the appraiser believes that the comparables are of good quality. A search was conducted in
the subject’s primary market area to locate similar conventional multifamily rental housing which caters to
the general population. Also important in the search was locating properties contained in townhouse
structure, similar to the subject. Four comparables are located in the immediate market area. However,
one comparable from just outside the delineated market area was utilized due to its similar structure-type.
Three comparables are located in similar neighborhoods, and all comparables are located within five
miles of the subject. Any necessary adjustments have been sufficiently explained.
Based on information provided to the appraiser, none of the selected comparables are owned or
managed by the entities having an identity-of-interest with the owner or management of the subject
property.
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
Gill Group Page 30
Locator Map
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
Gill Group Page 31
HUD-Forms 92273-S8 and Explanations – As Is
Two-Bedroom Units (700 SF) – As Is
OMB Approval # 2502-0507 (exp. 04/30/2021)
Rent Comparability Grid Unit Type Subject's FHA #:
Subject Comparable 1 Comparable 2 Comparable 3 Comparable 4 Comparable 5
Townhouse Square Apartments Data
1966 Wagner Street on
Mobile Mobile Subject
A. Rents Charged Data $ Adj Data $ Adj Data $ Adj Data $ Adj Data $ Adj
1 $ Last Rent / Restricted? $710 N $777 N $856 N $750 N $699 N
2 Date Last Leased (mo/yr) May-19 May-19 May-19 May-19 May-19
3 Rent Concessions N N N N N
4 Occupancy for Unit Type 100% 97% 99% 98% 97%
5 Effective Rent & Rent/ sq. ft $710 $0.73 $777 $0.71 $856 $0.66 $750 $1.01 $699 $0.58
In Parts B thru E, adjust only for differences the subject's market values.B. Design, Location, Condition Data $ Adj Data $ Adj Data $ Adj Data $ Adj Data $ Adj
6 Structure / Stories T/2 WU/3 $10 T/2 T/2 WU/2 $10 T/2
7 Yr. Built/Yr. Renovated 1959 1974 1970/2017 1967 1965/2018 1948/1995
8 Condition /Street Appeal A A G ($80) G ($70) G ($105) G ($65)
9 Neighborhood A A A A F $130 F $130
10 Same Market? Miles to Subj Y/3.9 N/4.8 Y/4.5 Y/3.7 Y/2.7
C. Unit Equipment/ Amenities Data $ Adj Data Adj Data $ Adj Data $ Adj Data $ Adj
11 # Bedrooms 2 2 2 2 2 2
12 # Baths 1 1 1.5 ($10) 2 ($20) 1 1
13 Unit Interior Sq. Ft. 700 978 ($50) 1,100 ($70) 1,303 ($110) 740 ($5) 1,200 ($90)
14 Balcony/ Patio N Y ($5) Y ($5) Y ($5) N Y ($5)
15 AC: Central/ Wall C C C C C C
16 Range/ Refrigerator RF RF RF RF RF RF
17 Microwave/ Dishwasher N M ($5) D ($10) MD ($15) D ($10) D ($10)
18 Washer/Dryer L L HU ($5) WD ($25) L HU ($5)
19 Floor Coverings C C C HW C C
20 Window Coverings B B B B B B
21 Cable/ Satellite/Internet N CI ($75) N I ($10) N N
22 Special Features N N N VC ($10) N N
23
D Site Equipment/ Amenities Data $ Adj Data $ Adj Data $ Adj Data $ Adj Data $ Adj
24 Parking ( $ Fee) L/0 L/0 L/0 L/0 L/0 L/0
25 Extra Storage N N N N N N
26 Security N N N Y ($10) N N
27 Clubhouse/ Meeting Rooms N N C ($5) N N N
28 Pool/ Recreation Areas N PE ($20) PER ($30) PER ($30) P ($10) ER ($20)
29 Business Ctr / Nbhd Netwk N N BC ($5) N N N
30 Service Coordination N N N N N N
31 Non-shelter Services N N N N N N
32 Neighborhood Networks N N N N N N
E. Utilities Data $ Adj Data $ Adj Data $ Adj Data $ Adj Data $ Adj
33 Heat (in rent?/ type) N/G N/E N/E N/E N/E N/E
34 Cooling (in rent?/ type) N/E N/E N/E N/E N/E N/E
35 Cooking (in rent?/ type) N/G N/E N/E N/E N/E N/E
36 Hot Water (in rent?/ type) N/G N/E N/E N/E N/E N/E
37 Other Electric N N N N N N
38 Cold Water/ Sewer Y Y N $77 N $77 Y Y
39 Trash /Recycling Y Y Y/$ $10 N $10 Y Y
F. Adjustments Recap Pos Neg Pos Neg Pos Neg Pos Neg Pos Neg
40 # Adjustments B to D 1 5 0 9 0 10 2 4 1 6
41 Sum Adjustments B to D $10 ($155) $0 ($220) $0 ($305) $140 ($130) $130 ($195)
42 Sum Utility Adjustments $0 $0 $87 $0 $87 $0 $0 $0 $0 $0Net Gross Net Gross Net Gross Net Gross Net Gross
43 Net/ Gross Adjmts B to E ($145) $165 ($133) $307 ($218) $392 $10 $270 ($65) $325
G. Adjusted & Market Rents Adj. Rent Adj. Rent Adj. Rent Adj. Rent Adj. Rent
44 Adjusted Rent (5+ 43) $565 $644 $638 $760 $634
45 Adj Rent/Last rent 80% 83% 75% 101% 91%
46 Estimated Market Rent $635 $0.91 Estimated Market Rent/ Sq. Ft
5/16/2019
Appraiser's Signature Date
Grid wa s pre pa re d: M a nua lly Us ing HUD 's Exc e l fo rm
0
2500 Dauphinwood Drive276 Sage Avenue505 Bel Air Boulevard 146 Yester Oaks Drive
Midtown Oaks Townhomes
Two-Bedroom
442 Cottage Hill Road
Barrington Park Apartments Yester Oaks Apartments Bel Air Apartments Homes Midtown Commons
Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile
Attached are a. why & how each adjustment was made
b. how market rent was derived from adjusted rents
c. how this analysis was used for a similar unit type
form HUD-92273-S8 (04/2002)
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
Gill Group Page 32
Townhouse Square Apartments
Primary Unit Type – Two-Bedroom Units (700 SF)
Please note: Minor adjustments in the $5 to $10 range are based on the appraiser’s evaluation of the
overall market as well as typical responses indicated by existing tenants. In addition, this is standard
industry practice when there is insufficient market data present to support adjustments. It is also
considered an acceptable practice by HUD as indicated in the Section 8 Renewal Guide Chapter 9-12 (C)
(3) which states: “For minor adjustments (generally in the $5 to $10 range), the appraiser may state
his/her subjective evaluation of why the observed differences would affect rent.”
A rent comparability grid was prepared for the primary unit type with 700 square feet. Comparable
apartments used include: Barrington Park Apartments (Comparable 1), Yester Oaks Apartments
(Comparable 2), Bel Air Apartments Homes (Comparable 3), Midtown Commons (Comparable 4) and
Midtown Oaks Townhomes (Comparable 5).
Line 1: $ Last Rent/Restricted – All of the units are currently rented at the rates shown on the grid.
Rents range from $699 to $856. No unit used in this analysis has any rent restrictions.
Line 2: Date Last Leased – The grid shows the effective date of the leases most recently signed.
Effective dates are all May 2019. No adjustments were necessary.
Line 3: Rent Concessions – The subject is not offering any concessions. None of the comparables are
currently offering concessions. No adjustments were needed.
Line 4: Occupancy for Unit Type – The subject’s current occupancy rate is 98 percent. The
comparables’ occupancy rates range from 97 to 100 percent. No adjustments were needed.
Line 5: Effective Rent & Rent/Square Footage: All of the units are currently rented at the rates shown
on the grid. After all necessary adjustments, effective rents range from $699 to $856, and effective rents
per square foot range from $0.58 to $1.01 per square foot.
Line 6: Structure/Stories – The subject is located in two-story townhouse buildings. Comparables 2, 3
and 5 are similar. Comparables 1 and 4 are located in walk-up buildings. Although there is little market
data available concerning developments with townhouse buildings versus walk-up buildings, an
adjustment is warranted. Due to insufficient market support, a nominal adjustment of $10 per month was
selected for comparables without townhouse structures.
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
Gill Group Page 33
Line 7: Year Built/Year Renovated – The subject was built in 1959. Comparable 1 was constructed in
1974. Comparable 2 was built in 1970 and renovated in 2017. Comparable 3 was built in 1967.
Comparable 4 was constructed in 1965 and renovated in 2018. Comparable 5 was built in 1948 and
renovated in 1995. As year built/year renovated numbers play a large part in the condition of the subject,
any adjustment needed for year built/year renovated were incorporated into the condition/street appeal
adjustment.
Line 8: Condition/Street Appeal – The subject has frame construction with brick and siding. The
landscaping consists of grass, trees and shrubs. The subject is currently in average condition.
Comparable 1 is similar. Comparables 2, 3, 4 and 5 are superior in condition/street appeal to the subject
to varying degrees. In order to determine the appropriate adjustments for condition (year built/year
renovated), the appraiser utilized paired analysis to compare the comparables. Comparable 1 was
deemed the most similar to the subject. Therefore, this comparable was considered the subject in the
paired analysis calculation. When performing the analysis, the appraiser compared the units at
Comparables 2, 3, 4 and 5 individually to the units at Comparable 1. As can be seen in the following
tables, the appraiser adjusted the street rent of each comparable for all differences between the subject
and comparables to come up with a net adjusted rent for each comparable. The differences that
warranted adjustments included structure/stories, # of baths, unit size, balcony/patio, microwave/
dishwasher, washer/dryer, cable/satellite/Internet, special features, security, clubhouse/meeting room,
pool/recreation area, business center, cold water/sewer and trash/recycling. Once the net adjusted rents
were determined, these rents were compared to the street rent at Comparable 1. The differences
between the rents indicate the appropriate adjustments for condition.
Item Comparable 2 Comparable 3 Comparable 4 Comparable 5
Street Rent $777 $856 $750 $699
Structure/Stories -$10 -$10 $0 -$10
Neighborhood $0 $0 $130 $130
# Baths -$10 -$20 $0 $0
Unit Interior Sq. ft. -$20 -$60 -$45 -$40
Balcony/Patio $0 $0 $5 $0
Microwave/Dishwasher -$5 -$10 -$10 -$10
Washer/Dryer -$5 -$25 $0 -$5
Cable/Satellite/Internet $75 $65 $75 $75
Special Features $0 -$10 $0 $0
Security $0 -$10 $0 $0
Clubhouse/Meeting Room -$5 $0 $0 $0
Pool/Recreation Areas -$10 -$10 $10 $0
Business Ctr/Nbhd Netwk -$5 $0 $0 $0
Cold Water/Sewer $77 $77 $0 $0
Trash/Recycling $10 $10 $0 $0
Net Rent $869 $853 $915 $839
Comparable 1 Street Rent $710 $710 $710 $710
Indicated Adjustment -$159 -$143 -$205 -$129
Paired Analysis - Two-Bedroom Units
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
Gill Group Page 34
Due to the nature of the adjustment and the fact that all of the difference may not be attributable entirely
to differences in condition, the results were divided in half. The comparables were adjusted as follows:
Comparable 2: -$80; Comparable 3: -$70; Comparable 4: -$105; and Comparable 5: -$65.
Line 9: Neighborhood – The subject’s neighborhood is rated average with easy access to all services
available within the city limits. Comparables 1, 2 and 3 are similar in location when compared to the
subject. Comparables 4 and 5 are located in a census tract with lower median income and rent levels.
Paired analysis was performed to determine the degree of adjustment needed. The paired analysis is
shown in the following table. After evaluating the results, the difference in median rent levels was utilized
in order to determine an adjustment appropriate for the different market areas. Due to the nature of the
adjustment, and the fact that all of the difference may not be attributable entirely to differences in
neighborhood, the results were divided in half and rounded. Comparables 4 and 4 were adjusted
downward $130 per month ($939 - $683 = $256 / 2 = $130).
Line 10: Same Market/Miles to Subject – Comparables 1, 3, 4 and 5 are all located in the immediate
market area. Comparable 2 is located just outside the delineated market area boundary. However, the
market area is considered similar. No adjustment was needed.
Line 11: # of Bedrooms – The subject contains two-bedroom units. All comparables are similar. No
adjustments were needed.
Line 12: # of Baths – The subject contains one bath in the units. The majority of the difference in number
of baths is accounted for in the unit square footage adjustment. However, an adjustment is made here to
consider the added convenience of additional baths. The extra room(s) will enhance marketability of a
unit even if the square footage remains the same. There was insufficient market data available for a
paired analysis as the majority of properties containing two-bedroom units in this market contain similar
number of baths. Therefore, a $10 per half-bath adjustment was selected.
Line 13: Unit Interior Square Footage – For the purpose of this report, a range of comparable rents per
square foot was derived. To determine this adjustment, each comparables dollar per square foot rental
rate was determined for each unit type. This number was then multiplied by 25 percent for each
comparable to derive an adjusted dollar per square foot rental rate. The median dollar per square foot
Census Tracts Subject: 8 Comps 4 & 5: 28 % Diff
Population 4,950 4,561 -8.53%
Median Income $35,313 $29,574 -19.41%
Median Home Value $80,000 $99,100 19.27%
Median Rent $939 $683 -37.48%
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
Gill Group Page 35
rental rate is determined. Next, the difference in square footage between the subject and each
comparable is determined. The difference is multiplied by the determined adjusted dollar per square foot
rate to arrive at the adjustment for each comparable. The selected dollar per square foot for the units is
$0.18. The result was rounded to the nearest $5. No adjustments were made to comparables within 25
square feet of the subject. These adjustments are reflected on the HUD-Form 92273-S8, which is
attached.
Line 14: Balcony/Patio – The subject does not contain either amenity. Comparables 1, 2, 3 and 4
contain these features and were adjusted downward $5 per month. Although there is little market data
available concerning units with these features versus those without these features, the added amenity is
an enhancement to the unit. Therefore, the nominal adjustment was deemed reasonable.
Line 15: AC: Central/Wall – The subject contains central air conditioning as do all comparables. No
adjustments were needed.
Line 16: Range/Refrigerator – The subject and all comparables contain both amenities. No adjustments
were needed.
Line 17: Microwave/Dishwasher – The subject does not contain microwaves or dishwashers.
Comparables 2, 3, 4 and 5 contain dishwashers in the units. Comparables 1 and 3 contain microwaves.
Although there is little market data available concerning units with these features versus those without
these features, the added amenity is an enhancement to the unit. Therefore, dishwashers were valued at
$10 per month, and microwaves were valued at $5 per month.
Line 18: Washer/Dryer – The subject and Comparables 1 and 4 contain laundry facilities. Comparables
2 and 5 contain washer/dryer hook-ups in the units. Comparable 3 contains washers and dryers in the
units. In order to determine an appropriate adjustment, local appliance rental stores were contacted to
estimate monthly rental fees. Monthly fees ranged from $30 per month for basic appliances, up to $60 per
month for premium appliances. In addition, Comparable 4 contains units with washers and dryers that
rent for $45 more per month than the units without these appliances. Costs associated with outright
buying, owning, operating and maintaining these appliances were also considered. After considering all
factors, in-unit washers and dryers were valued at $30 per month. Washer/dryer hook-ups were valued at
$10 per month, and on-site laundry facilities were valued at $5 per month. Therefore, Comparable 3 was
adjusted downward $25 per month. Comparables 2 and 5 were adjusted downward $5 per month.
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
Gill Group Page 36
Line 19: Floor Coverings – The subject and all comparables contain carpet, vinyl and/or hardwood floor
coverings. The market did not indicate a rent differential based on floor coverings. Therefore, no
adjustments were needed.
Line 20: Window Coverings – The subject and all comparables contain window coverings. No
adjustment was needed.
Line 21: Cable/Satellite/Internet – The subject and all comparables have access to these services.
However, Comparable 1 includes cable and Internet in the rent, and Comparable 3 contains Wi-Fi in
common areas. No complex in the market area shows a rent differential based on these particular items;
however, the added amenities are an enhancement. Apartments with these features can command a
higher rent in the market area. Therefore, Comparable 3 was adjusted downward $10 per month.
Comparable 1 was adjusted downward $75 per month after researching local service providers and
comparing monthly costs as can be seen in the table below.
Line 22: Special Features – The subject does not contain special features. Comparable 3 contains
vaulted ceilings. No complex in the market area shows a rent differential based on this particular item;
however, the added amenity is an enhancement. Apartments with these features can command a higher
rent in the market area. Therefore, Comparable 3 was adjusted downward $10 per month.
Line 24: Parking – The subject and all comparables contain parking lots with no additional fee. No
adjustments were needed.
Line 25: Extra Storage – The subject does not contain extra storage. None of the comparables contain
storage. No adjustments were needed.
Line 26: Security – The subject does not contain security. Comparable 3 contains a limited access gate
and intercom/electronic entry and was adjusted downward $10 per month. No complex in the market area
shows a rent differential based on this particular item; however, the added amenity is an enhancement to
resident safety. Therefore, the nominal adjustment is reasonable.
Service Provider Monthly Fee
Mediacom $100
Xfinity $40
AT&T U-Verse $75
Dish Network $80
Average $74
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
Gill Group Page 37
Line 27: Clubhouse/Meeting Rooms/Dining Rooms – The subject does not contain these features,
similar to Comparables 1, 3, 4 and 5. No complex in the market area shows a rent differential based on
this particular item; however, the added amenity is an enhancement. Apartments with these features can
command a higher rent in the market area. Therefore, Comparable 2 was adjusted downward $5 per
month as it contains a clubhouse.
Line 28: Pool/Exercise Room/Recreation Areas – The subject does not contain these features.
Comparables 1, 2, 3 and 4 contain swimming pools. Comparables 1, 2, 3 and 5 contain exercise rooms.
Comparables 2, 3 and 5 contain recreational areas. Although there is little market data available
concerning units with these features, the added amenity is an enhancement. Therefore, a $10 adjustment
per category was deemed reasonable, and the comparables were adjusted as follows: Comparables 1
and 5 were adjusted downward $20 per month; Comparables 2 and 3 were adjusted downward $30 per
month; and Comparable 4 was adjusted downward $10 per month.
Line 29: Business Center – The subject does not contain this feature. Comparable 2 contains this
feature and was adjusted downward $5 per month. Although there is little market data available
concerning apartments with these features versus those without these features, the added amenity is an
enhancement. Therefore, the nominal adjustment is reasonable.
Line 30: Service Coordination – The subject does not contain this feature. None of the comparables
contain this feature. No adjustment was needed.
Line 31: Non-Shelter Services – The subject does not contain these features. None of the comparables
contain these features. No adjustment was needed.
Line 32: Neighborhood Network – The subject does not contain this feature. None of the comparables
contain this feature. No adjustment was needed.
Line 33: Heat – The subject does not have this utility provided. None of the comparables have this utility
provided. No adjustment was needed.
Line 34: Cooling – The subject does not have this utility provided. None of the comparables have this
utility provided. No adjustment was needed.
Line 35: Cooking – The subject does not have this utility provided. None of the comparables have this
utility provided. No adjustment was needed.
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
Gill Group Page 38
Line 36: Hot Water – The subject does not have this utility provided. None of the comparables have this
utility provided. No adjustment was needed.
Line 37: Other Electric – The subject does not have this utility provided. None of the comparables have
this utility provided. No adjustment was needed.
Line 38: Cold Water/Sewer – The subject provides cold water and sewer. Comparables 1, 4 and 5 are
similar. The remaining comparables do not provide these utilities and were adjusted upward $77 per
month based on the Allowances for Tenant-Furnished Utilities and Other Services for Mobile County. The
amount was substantiated by local utility companies.
Line 39: Trash/Recycling – The subject and Comparables 1, 4 and 5 have this utility provided. The
remaining comparables do not have this utility provided. Comparable 2 contains a flat rate fee for this
service of $10 per month and was adjusted upward accordingly. Comparable 3 was also adjusted upward
$10 per month as this was deemed an appropriate adjustment.
Line 46: Conclusion of Market Rent
The adjusted rents range from $565 to $760. Greatest emphasis was placed on Barrington Park
Apartments as it is the most similar in condition/street appeal. Secondary consideration was placed on
Midtown Oaks Townhomes as it required the lowest condition/street appeal adjustment to equate to the
subject and is similar in structure. Consideration was then given to Midtown Commons which resulted
lower in overall gross adjustments due to its similarities in utility structure and unit size. Yester Oaks
Apartments and Bel Air Apartment Homes were given slight weight as they are both similar in structure,
but they are located furthest from the subject and are least similar in amenities and utilities.
Based on the above, the appraiser concluded the market rent for the units as follows:
• 700 SF Two-Bedroom Units - $635, or $0.91 per square foot
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
Gill Group Page 39
Rent Comparables
Multi-Family Lease No. 1
Property Identification Record ID 1981 Property Type Walk-Up/Townhouse Property Name Barrington Park Apartments Address 442 Cottage Hill Road, Mobile, Mobile County, Alabama 36606 Cross Street Grant Street Neighborhood Brookwood Market Type Market
Verification Terry; 334-564-8829, May 16, 2019
Unit Mix No. of Mo. Used in
Unit Type Units Size SF Rent/Mo. Rent/SF RCS? 1/1 24 637 $640 $1.00 N 2/1 48 978 $710 $0.73 Y 2/2 48 986 $790 $0.80 N
3/2.5 T 10 1,472 $1,080 $0.73 N
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
Gill Group Page 40
Multi-Family Lease No. 1 (Cont.) Occupancy 100% Rent Premiums None Total Units 130 Unit Size Range 637 – 1,472 Avg. Unit Size 956 Avg. Rent/Unit $755 Avg. Rent/SF $0.79 Net Rentable SF 124,280 Physical Data No. of Buildings 5 Construction Type Brick HVAC Central Elec/Central Elec Stories 3 Utilities with Rent Water, Sewer, Trash, Cable, Internet Parking L/0 Year Built 1974 Condition Average Gas Utilities None Electric Utilities All Amenities Refrigerator, Range/Oven, Garbage Disposal, Microwave, Washer/Dryer Hook-Ups (Select), Carpet, Hardwood, Blinds, Ceiling Fans, Walk-In Closet, Coat Closet, Balcony, Patio, Swimming Pool, Exercise Room, Laundry Facility, On-Site Management, On-Site Maintenance, Common Area Wi-Fi Remarks This complex does not maintain a waiting list. The annual turnover rate is approximately 35 percent.
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
Gill Group Page 41
Multi-Family Lease No. 2
Property Identification Record ID 6202 Property Type Walk-Up/Townhouse Property Name Yester Oaks Apartments Address 146 Yester Oaks Drive, Mobile, Mobile County, Alabama 36608 Cross Street Airport Boulevard Neighborhood Llanfair Market Type Market
Verification Katie; 251-344-3400, May 16, 2019
Unit Mix No. of Mo. Used in
Unit Type Units Size SF Rent/Mo. Rent/SF RCS? 1/1 T 288 800 $611 $0.76 N 1/1 T 800 $929 $1.16 N 2/1 12 950 $760 $0.80 N 2/1 950 $1,065 $1.12 N
2/1.5 T 158 1,100 $777 $0.71 Y 2/1.5 T 1,100 $1,142 $1.04 N 2/1.5 T 46 1,200 $807 $0.67 N 2/1.5 T 1,200 $1,137 $0.95 N 3/2.5 T 83 1,500 $1,036 $0.69 N
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
Gill Group Page 42
Multi-Family Lease No. 2 (Cont.) Occupancy 97% Rent Premiums N Total Units 587 Unit Size Range 800 – 1,500 Avg. Unit Size 1,014 Avg. Rent/Unit $734 Avg. Rent/SF $0.72 Net Rentable SF 595,300 Physical Data No. of Buildings 53 Construction Type Brick/Siding HVAC Central Elec/Central Elec Stories 2 Utilities with Rent Trash Collection ($10 Flat Fee) Parking L/0 Year Built 1970/2017 Condition Good Gas Utilities None Electric Utilities All Amenities Refrigerator, Range/Oven, Garbage Disposal, Dishwasher, Washer/Dryer Hook Ups (Select), Carpet, Vinyl, Ceiling Fans, Balcony, Patio, Clubhouse, Swimming Pool, Exercise Room, Playground, Tennis Court, Business Center, Laundry Facility, On-Site Management, On-Site Maintenance, Media Center Remarks This complex does not maintain a waiting list, and the annual turnover rate was not disclosed. This is a daily pricing property, and rates vary based on the location of the unit.
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
Gill Group Page 43
Multi-Family Lease No. 3
Property Identification Record ID 7996 Property Type Walk-Up/Townhouse Property Name Bel Air Apartments Homes Address 505 Bel Air Boulevard, Mobile, Mobile County, Alabama 36606 Cross Street Cottage Hill Road Neighborhood Brookwood Market Type Market
Verification Kristian; 251-479-8767, May 16, 2019
Unit Mix No. of Mo. Used in
Unit Type Units Size SF Rent/Mo. Rent/SF RCS? 1/1 26 650 $625 $0.96 N 1/1 33 701 $650 $0.93 N 1/1 16 712 $675 $0.95 N 2/1 43 838 $700 $0.84 N 2/1 16 908 $700 $0.77 N 2/1 32 986 $701 $0.71 N 2/2 20 986 $706 $0.72 N
2/2 T 16 1,303 $856 $0.66 Y
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
Gill Group Page 44
Multi-Family Lease No. 3 (Cont.) Occupancy 99% Rent Premiums None Total Units 202 Unit Size Range 650 – 1,303 Avg. Unit Size 862 Avg. Rent/Unit $693 Avg. Rent/SF $0.80 Gross SF 198,772 Net Rentable SF 174,107 Physical Data No. of Buildings 12 Construction Type Brick HVAC Central Elec/Central Elec Stories 2 Utilities with Rent None Parking L/0 Year Built 1967 Condition Good Gas Utilities None Electric Utilities All Amenities Refrigerator, Range/Oven, Garbage Disposal, Dishwasher, Microwave, Washer (Townhouse Only), Dryer (Townhouse Only), Carpet, Vinyl, Blinds, Ceiling Fans, Vaulted Ceilings, Swimming Pool, Exercise Room, Picnic Area, Lounge/Coffee Bar, Laundry Facility, On-Site Management, On-Site Maintenance, Intercom/Electronic Entry, Limited Access Gate, Putting Green, Dog Park, Common Area Wi-Fi Remarks This complex does not maintain a waiting list, and the annual turnover rate is approximately seven percent.
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
Gill Group Page 45
Multi-Family Lease No. 4
Property Identification Record ID 27353 Property Type Walk-Up Property Name Midtown Commons Address 276 South Sage Avenue, Mobile, Mobile County, Alabama
36606 Cross Street Airport Boulevard Neighborhood Dauphin Acres Market Type Market
Verification Stephanie; 251-432-2940, May 16, 2019
Unit Mix No. of Mo. Used in
Unit Type Units Size SF Rent/Mo. Rent/SF RCS? 1/1 27 640 $650 $1.02 N 1/1 640 $695 $1.09 N 2/1 27 740 $750 $1.01 Y 2/1 740 $795 $1.07 N
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
Gill Group Page 46
Multi-Family Lease No. 4 (Cont.) Occupancy 98% Rent Premiums N Total Units 54 Unit Size Range 640 - 740 Avg. Unit Size 690 Avg. Rent/Unit $700 Avg. Rent/SF $1.01 Net Rentable SF 37,260 Physical Data No. of Buildings 2 Construction Type Brick HVAC Central Elec/Central Elec Stories 2 Utilities with Rent Water, Sewer, Trash Collection Parking L/0 Year Built 1965/2018 Condition Good Gas Utilities None Electric Utilities All Amenities Refrigerator, Range/Oven, Garbage Disposal, Dishwasher, Washer (Select), Dryer (Select), Carpet, Vinyl, Wood Composite, Blinds, Ceiling Fans, Walk-In Closet, Coat Closet, Swimming Pool, Laundry Facility, On-Site Management, On-Site Maintenance, Courtyard Remarks This complex does not maintain a waiting list, and the annual turnover rate was not disclosed. The higher rental rates are for units with a washer and dryer.
Townhouse Square Apartments * 1966 Wagner Street * Mobile, Alabama
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Multi-Family Lease No. 5
Property Identification Record ID 27356 Property Type Townhouse Property Name Midtown Oaks Townhomes Address 2500 Dauphinwood Drive, Mobile, Mobile County, Alabama
36606 Cross Street South Florida Street Neighborhood Carlen Market Type Market
Verification Leah; 251-479-0125, May 16, 2019
Unit Mix No. of Mo. Used in
Unit Type Units Size SF Rent/Mo. Rent/SF RCS? 2/1 52 1,200 $699 $0.58 Y 2/1 11 1,300 $759 $0.58 N 2/2 67 1,250 $799 $0.64 N 3/1 38 1,300 $814 $0.63 N
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Multi-Family Lease No. 5 (Cont.) Occupancy 97% Rent Premiums N Total Units 168 Unit Size Range 1200 – 1,300 Avg. Unit Size 1,249 Avg. Rent/Unit $769 Avg. Rent/SF $0.62 Net Rentable SF 209,850 Physical Data No. of Buildings 42 Construction Type Brick HVAC Central Elec/Central Elec Stories 2 Utilities with Rent Water, Sewer, Trash Collection Parking L/0 Year Built 1948/1995 Condition Good Gas Utilities None Electric Utilities All Amenities Refrigerator, Range/Oven, Garbage Disposal, Dishwasher, Washer/Dryer Hook-Ups, Carpet, Vinyl, Wood, Blinds, Ceiling Fans, Walk-In Closet, Coat Closet, Patio, Exercise Room, Picnic Area, Laundry Facility, On-Site Management, Courtyard Remarks This complex does not maintain a waiting list, and the annual turnover rate was not disclosed.
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Appraiser Certification
Project Name: Townhouse Square Apartments FHA Project No: FHA_ By our signature below, We certify that, to the best of our 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
our personal, impartial, and unbiased professional analyses, opinions and conclusions.
3. We have no present or prospective financial interest in the above project, its ownership or management agent entity, or the
principles of those entities. We are not an employee of those principals or entities and We have no business or close
personal/family interest with those parties that commonly would be perceived to create bias or a conflict of interest. We have
not performed any 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 unless listed here: None.
4. We have no bias with respect to the project that is the subject of this report or to the ownership or management parties
involved with this assignment.
5. Our engagement in and compensation for this assignment were and are not contingent upon the reportings of a predetermined
rent or direction in rent. Our fee is our only compensation for this rent study assignment. There are no other side agreements of
considerations.
6. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform
Standards of Professional Appraisal Practice and all applicable HUD procedures for performing Rent Comparability Studies for
Section 8 contracts.
7. Jeffrey L. Hansen inspected the interior and exterior of the subject project. Jeffrey L. Hansen inspected the exteriors of the
projects used as comparables in this report.
8. No one provided significant professional assistance to the person signing this report except the persons listed here: No one . If
anyone is listed here, his/her contribution is identified in the Scope of Work section of this report.
9. We are a certified general appraiser, licensed and in good standing with the state appraiser regulatory agency where the
subject project is located and I meet all of the appraiser qualifications required in HUD’s rent comparability procedures.
10. We are not debarred or suspended from doing business with the Federal Government. We also are not under a Limited Denial of Participation (LDP) imposed by the HUD Multifamily Regional Center or Program Center having jurisdiction over the Section 8 project. Any LDPs in effect now or in the past three years were imposed by the following HUD offices. None
Warning: If you knowingly make a false statement on this form, you may be subject to civil penalties under Section 1001 of Title 18 of the United States Code. In addition, any person who knowingly and materially violates any required disclosure of information, including intentional non-disclosure, is subject to civil money penalty not to exceed $10,000.00 for each violation.
Appraiser’s Name: Jeffrey L. Hansen Signature: Date: May 21, 2019 Permanent License No: AL# G01189 Issuing State: AL Expires: September 30, 2019
Appraiser’s Name: Samuel T. Gill Signature: Date: May 21, 2019 Permanent License No: AL# G-00548 Issuing State: AL Expires: September 30, 2019 Did you prepare the RCS under a temporary license? No If so, attach a copy of the temporary license.
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Certification
We certify that to the best of my knowledge and belief:
The statements of fact contained in this report are true and correct.
The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions and is our personal, impartial and unbiased professional analyses, opinions and conclusions.
We 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.
We have performed no 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.
We have no bias with respect to the property that is the subject of the report or to the parties involved with this assignment.
Our engagement in this assignment was not contingent upon developing or reporting predetermined results.
Our 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.
Our analyses, opinions and conclusions were developed, and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice.
Jeffrey L. Hansen made a personal inspection of the property that is the subject of this report. Samuel T. Gill did not inspect the property that is the subject of this report.
No one provided significant professional assistance to the person signing this report.
Jeffrey L. Hansen State Certified General Real Estate Appraiser
Samuel T. Gill State Certified General Real Estate Appraiser
AL# G01189 AL# G-00548
Exhibits
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Appraiser License
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Appraiser Qualifications
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Limited Conditions and Assumptions
1. Limit of Liability
The liability of Gill Group, employees and subcontractors is limited to the client. There is no
accountability, obligation or liability to any third party. If this report is placed in the hands of anyone other
than the client, the client shall make such party aware of all limiting conditions and assumptions of the
assignment and related discussions. The appraiser assumes no responsibility for any costs incurred to
discover or correct any deficiencies present in the property. Possession of this or any copy thereof does
not carry with it the right of publication nor may it be used for other than its intended use; the physical
report(s) remain the property of the appraiser for the use of the client, the fee being for the analytical
services only. This appraisal report is prepared for the sole and exclusive use of the client to assist with
the mortgage lending decision. It is not to be relied upon by any third parties for any purpose
whatsoever.
2. Copies, Publications, Distribution, Use of Report
The client may distribute copies of the appraisal report in its entirety to such third parties as he may
select; however, selected portions of this appraisal report shall not be given to third parties without the
prior written consent of the signatories of this appraisal report. Neither all nor any part of this appraisal
report shall be disseminated to the general public for the use of advertising media, public relations,
news, sales or other media for public communication without prior written consent of the appraiser.
3. Confidentiality
This appraisal is to be used only in its entirety. All conclusions and opinions of the analyses set forth in
the report were prepared by the Appraiser(s) whose signature(s) appear on the appraisal report unless
indicated as “Review Appraiser”. No change of any item in the report shall be made by anyone other
than the Appraiser and/or officer of the firm. The Appraiser and the firm shall have no responsibility if any
such unauthorized change is made.
The Appraiser may not divulge the material (evaluation) contents of the report, analytical findings or
conclusions or give a copy of the report to anyone other than the client or his designee as specified in
writing except by a court of law or body with the power of subpoena.
4. Information Used
No responsibility is assumed for accuracy of information furnished by or from others, the client, his
designee or public records. The comparable data relied upon in this report have been confirmed with one
or more parties familiar with the transaction or from affidavit or other source thought reasonable; all are
considered appropriate for inclusion to the best of my factual judgment and knowledge. An impractical
and uneconomic expenditure of time would be required in attempting to furnish unimpeachable
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verification in all instances, particularly as to engineering and market-related information. It is suggested
that the client consider independent verification within these categories as a prerequisite to any
transaction involving sale, lease or other significant commitment of subject property and that such
verification be performed by the appropriate specialists.
5. Testimony, Consultation, Completion of Contract for Appraisal Services
The contract for appraisal, consultation or analytical service is fulfilled and the total fee payable upon
completion of the report. The appraiser(s) or those assisting in preparation of the report will not be asked
or required to give testimony in court or hearing because of having made the appraisal, in full or in part,
nor engage in post-appraisal consultation with client or third parties except under separate and special
arrangement and at additional fee. If testimony or deposition is required because of any subpoena
issued on the behalf of the client, then the client shall be responsible for any additional time fees and
changes.
6. Exhibits
The sketches and maps in this report are included to assist the reader in visualizing the property and are
not necessarily to scale. Various photos, if any, are included for the same purpose as of the date of the
photos. Site plans are not surveys unless shown as being prepared by a professional surveyor. As noted
in the Scope of Work section of the report, the appraiser inspected the exterior of the comparable
properties. Our comparable database automatically includes pictures we have recently taken. The only
time a comparable picture is replaced is when the inspection shows a material change. Otherwise, the
pictures shown in the report are representative of how the comparables looked during the inspection.
7. Legal, Engineering, Financial, Structural or Mechanical Nature Hidden Components, Soil
No responsibility is assumed for matters legal in character or nature or matters of survey or of any
architectural, structural, mechanical or engineering nature. The title to the property is good and
marketable. No responsibility is assumed for the legal description provided or for matters pertaining to
legal or title considerations. The use of the land and improvements is confined within the boundaries or
property lines of the property described.
The property is appraised as if free and clear unless otherwise stated in particular parts of the report.
The legal description is assumed to be correct as used in this report as furnished by the client, his
designee or as derived by the appraiser.
Please note that no advice is given regarding mechanical equipment or structural integrity or adequacy
or soils and potential for settlement, drainage, etc., (seek assistance from qualified architect and/or
engineer) nor matters concerning liens, title status and legal marketability (seek legal assistance). The
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lender and owner should inspect the property before any disbursement of funds; further, it is likely that
the lender or owner may wish to require mechanical or structural inspections by qualified and licensed
contractor, civil or structural engineer, architect or other expert.
The appraiser has inspected, as far as possible by observation, the land and the improvements;
however, it was not possible to personally observe conditions beneath the soil or hidden structural or
other components. I have not critically inspected mechanical components within the improvements, and
no representations are made therein as to these matters unless specifically stated conditions that would
cause a loss of value. The land or the soil of the area being appraised appears firm; however,
subsidence in the area is unknown. The appraiser(s) do not warrant against this condition or occurrence
of problems arising from soil conditions.
The appraisal is based on there being no hidden unapparent or apparent conditions of the property site
subsoil or structures or toxic materials which would render it more or less valuable. No responsibility is
assumed for any such conditions or for any expertise or engineering to discover them.
All mechanical components are assumed to be in operable condition and status standard for properties
of the subject type. Conditions of heating, cooling ventilation, electrical and plumbing equipment are
considered to be commensurate with the condition of the balance of the improvements unless otherwise
stated. No judgment is made as to adequacy of insulation, type of insulation or energy efficiency of the
improvements or equipment.
If the Appraiser has not been supplied with a termite inspection, survey or occupancy permit, no
responsibility or representation is assumed or made for any costs associated with obtaining same or for
any deficiencies discovered before or after they are obtained. No representation or warranties are made
concerning obtaining the above-mentioned items.
The Appraiser assumes no responsibility for any costs or consequences arising due to the need or the
lack of need for flood hazard insurance. An Agent for the Federal Flood Insurance Program should be
contacted to determine the actual need for Flood Hazard Insurance.
8. Legality of Use
The appraisal is based on the premise that there is full compliance with all applicable federal, state and
local environmental regulations and laws unless otherwise stated in the report and that all applicable
zoning, building and use regulations and restrictions of all types have been complied with unless
otherwise stated in the report; further, it is assumed that all required licenses, consents, permits or other
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legislative or administrative authority, local, state, federal and/or private entity or organization have been
or can be obtained or renewed for any use considered in the value estimate.
9. Component Values
The distribution of the total valuation in this report between land and improvements applies only under
the existing program of utilization. The separate valuations for land and building must not be used in
conjunction with any other appraisal and are invalid if so used.
10. Auxiliary and Related Studies
No environmental or impact studies, special market study or analysis, highest and best use analysis
study or feasibility study has been requested or made unless otherwise specified in an agreement for
services or in the report. The appraiser reserves the unlimited right to alter, amend, revise or rescind any
of the statements, findings, opinions, values, estimations or conclusions upon any subsequent such
study or analysis or previous study or factual information as to market or subject or analysis
subsequently becoming known to him.
11. Dollar Values, Purchasing Power
The market value estimated and the costs used are as of the date of the estimate of value. All dollar
amounts are based on the purchasing power and price of the value estimate.
12. Inclusions
Furnishings and equipment or personal property or business operations except as specifically indicated
and typically considered as part of real estate have been disregarded with only the real estate being
considered in the value estimate unless otherwise stated. In some property types business and real
estate interests and values are combined.
13. Proposed Improvements, Conditioned Value
Improvements proposed, if any, on or off-site as well as any repairs required are considered, for
purposes of this appraisal, to be completed in good and workmanlike manner according to information
submitted and/or considered by the appraisers. In cases of proposed construction the appraisal is
subject to change upon inspection of property after construction is completed. This estimate of market
value is as of the date shown, as proposed, as if completed and operating at levels shown and projected.
14. Value Change, Dynamic Market, Influences
The estimated market value is subject to change with market changes over time; value is highly related
to exposure, time, promotional effort, terms, motivation and conditions surrounding the offering. The
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value estimate considers the productivity and relative attractiveness of the property physically and
economically in the marketplace.
In cases of appraisals involving the capitalization of income benefits, the estimate of market value or
investment value or value in use is a reflection of such benefits and appraiser’s interpretation of income,
yields and other factors derived from general and specific client and market information. Such estimates
are as of the date of the estimate of value; they are thus subject to change as the market and value are
naturally dynamic.
The “Estimate of Market Value” in the appraisal report is not based in whole or in part upon the race,
color or national origin of the present owners or occupants of the properties in the vicinity of the property
appraised.
The Appraiser reserves the right to alter the opinion of value on the basis of any information withheld or
not discovered in the original normal course of a diligent investigation.
15. Management of the Property
It is assumed that the property which is the subject of this report will be under prudent and competent
ownership and management neither inefficient nor super-efficient.
16. Fee
The fee for this appraisal or study is for the service rendered and not for the time spent on the physical
report.
17. Authentic Copies
The authentic copies of this report are signed originals. Any copy that does not have the above is
unauthorized and may have been altered.
18. Insulation and Toxic Materials
Unless otherwise stated in this report, the appraiser(s) signing this report have no knowledge concerning
the presence or absence of toxic materials, asbestos and/or urea-formaldehyde foam insulation in
existing improvements; if such is present, the value of the property may be adversely affected and
reappraisal an additional cost necessary to estimate the effects of such.
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19. Hypothetical Conditions*
This Rent Comparability Study was completed under the hypothetical condition that the tenants at the
subject property were not receiving rental subsidies and the rents were not restricted by HUD or other
government agencies.
20. Extraordinary Assumptions*
There are no extraordinary assumptions for this appraisal.
*The use of a hypothetical condition or extraordinary assumption might have affected the assignment
results.
21. Americans with Disabilities Act (ADA)
The Americans with Disabilities Act (ADA) became effective January 26, 1992, as to the removal of
barriers in existing public accommodations. The ADA applies to alterations of existing public
accommodations or commercial facilities or places of public accommodation designed for first occupancy
after January 26, 1993. A compliance survey of the subject property has not been conducted to
determine if it conforms to the various requirements of the ADA. A compliance survey of the property, in
conjunction with a detailed study of the ADA requirements, could reveal that the property is not in
compliance with one or more of the requirements of the act. If so, this could have a negative effect on
the value of the property. Since I am not qualified to determine if the subject property complies with the
various ADA regulations, I did not consider possible noncompliance with the requirements of the ADA in
estimating the value of the property.
22. Review
Unless otherwise noted herein, the review appraiser has reviewed the report only as to general
appropriateness of technique and format and has not necessarily inspected the subject or market
comparable properties.
The appraiser(s) and/or associates of Gill Group reserve the right to alter statements, analyses,
conclusions or any value estimate in the appraisal if there becomes known to them facts pertinent to the
appraisal process which were unknown to Gill Group when the report was finished.
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Utility Schedule
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Flood Certificate