Residential Appraisal Report

Residential Appraisal Report

Of

Single Family Residence at

4817 HOPKINS PL. BOULDER, CO 80301-5472

For

JP MORGAN CHASE, BANK, N.A. 1125 17TH STREET FLOOR 02 DENVER, CO 80202

As of

06/29/2015

ARC APPRAISAL, LLC P.O. BOX 20423 BOULDER, CO 80308-1111

07/02/2015

JP MORGAN CHASE, BANK, N.A. 1125 17TH STREET FLOOR 02 DENVER, CO 80202

RE:

THOMAS HOPSON, RUTH GELFARB

4817 HOPKINS PL.

BOULDER, CO 80301-5472

File No. ARCCC43

Case No.

Dear

In accordance with your request, I have personally inspected and prepared an appraisal report of the real property located at:

4817 HOPKINS PL., BOULDER, CO 80301-5472

The purpose of this appraisal is to estimate the market value of the property described in the body of this appraisal report.

Enclosed, please find the appraisal report which describes certain data gathered during our investigation of the property. The methods of approach and reasoning in the valuation of the various physical and economic factors of the subject property are contained in this report.

An inspection of the property and a study of pertinent factors, including valuation trends and an analysis of

neighborhood data, led the appraiser to the conclusion that the market value, as of 06/29/2015

is:

$

584,900

The opinion of value expressed in this report is contingent upon the limiting conditions attached to this report.

It has been a pleasure to assist you. If I may be of further service to you in the future, please let me know.

Respectfully submitted,

Signature:

HEIDI MITKE

SUBJECT

CONTRACT

NEIGHBORHOOD

ARC APPRAISAL, LLC

File No. ARCCC43

Uniform Residential Appraisal Report

Case No.

The purpose of this appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.

Property Address 4817 HOPKINS PL.

City

BOULDER

State CO Zip Code 80301-5472

Borrower THOMAS HOPSON, RUTH GELFARB Owner of Public Record

MICAH B. SCWALB & KATIE R. SCHWALB

County

BOULDER

Legal Description LOT 17 BLK 1 NORTHCREEK SUB

Assessor's Parcel # 1463213-07-017

Tax Year

2014

R.E. Taxes $ 2,973

Neighborhood Name NORTHCREEK SUB

Map Reference

MapSCO

Census Tract

0122.03

Occupant X Owner Tenant Vacant Special Assessments $

0

X PUD HOA $

340

X per year per month

Property Rights Appraised X Fee Simple Leasehold Other (describe)

Assignment Type X Purchase Transaction

Refinance Transaction Other (describe)

Lender/Client JP MORGAN CHASE, BANK, N.A.

Address 1125 17TH STREET FLOOR 02, DENVER, CO 80202

Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? X Yes

No

Report data source(s) used, offerings price(s), and date(s). DOM Unk;Subject property was listed for sale by owner.;Original Price $584,900;Original Date

06/16/2015;SELLER;SALES CONTRACT

I X did

did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not

performed. Arms length sale;ORIGINAL LIST PRICE WAS $595,000. UNDER CONTRACT FOR $584,900. NO CONCESSIONS, PER FULL EXECUTED SALES

CONTRACT AS OF 6/16/2015

Contract Price $ 584,900 Date of Contract 06/16/2015 Is the property seller the owner of public record? X Yes No Data Source(s) IRES

Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower?

Yes X No

If Yes, report the total dollar amount and describe the items to be paid. $0;;

Note: Race and the racial composition of the neighborhood are not appraisal factors.

Neighborhood Characteristics

One-Unit Housing Trends

One-Unit Housing Present Land Use %

Location Urban X Suburban Rural

Property Values X Increasing

Stable

Declining PRICE

AGE One-Unit

80 %

Built-Up X Over 75% 25-75% Under 25% Demand/Supply X Shortage

In Balance Over Supply $ (000)

(yrs) 2-4 Unit

5%

Growth Rapid X Stable

Slow

Marketing Time X Under 3 mths 3-6 mths

Over 6 mths 460 Low 21 Multi-Family 5 %

Neighborhood Boundaries THE SUBJECT IS LOCATED IN , COLORADO, BOULDER COUNTY. IT IS BORDERED BY:

590 High 26 Commercial 5 %

47TH ST., WEST; KENOSHA DR., EAST; KINGS RIDGE BLVD., SOUTH; MITCHELL LN/OPEN SPACE., NORTH.

516 Pred. 23 Other LAND 5 %

Neighborhood Description THE NEIGHBORHOOD IS CLOSE TO NORTH EAST BOULDER SHOPPING, PUBLIC SCHOOLS, RECREATIONAL FACILITIES AND PLACES OF WORSHIP. THE HOMES IN THIS

NEIGHBORHOOD ARE ADEQUATELY MAINTAINED AND MEDIAN SALES PRICES OF HOMES THAT ARE COMPARABLE TO THE SUBJECT PROPERTY ARE STABLE. DEMAND FOR HOUSING IS DUE PRIMARILY TO

PROXIMITY TO MAJOR BOULDER/DENVER EMPLOYERS, AMENITIES, HWY 36, HIGHWAY 287, I-25 CORRIDOR, AND THE UNIVERSITY OF COLORADO.

Market Conditions (including support for the above conclusions) MARKETING TIME IS 1-10 MONTHS. FINANCING AVAILABLE IS TYPICALLY CONVENTIONAL; HOWEVER

FHA AND VA FINANCING ARE ALSO AVAILABLE. TYPICAL MORTGAGE RATES ARE 4.0% TO 10% WITH SELLERS PAYING SOME CLOSING COSTS AND OR SOME LOAN

DISCOUNT POINTS.

Dimensions 16'x21'x26'x99'x24'x101'

Area

4484 sf

Shape

Irregular

Specific Zoning Classification RM-1

Zoning Description RESIDENTIAL MEDIUM DENSITY

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

Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? X Yes

View

N;Res;

No If No, describe.

Utilities Public Other (describe)

Public Other (describe)

Off-site Improvements--Type

Public Private

Electricity X

Water

X

Street Asphalt

X

Gas

X

Sanitary Sewer X

Alley None

FEMA Special Flood Hazard Area Yes X No FEMA Flood Zone X

FEMA Map # 08013C0411J

FEMA Map Date 12/18/2012

Are the utilities and/or off-site improvements typical for the market area? X Yes No If No, describe.

Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes X No If Yes, describe.

AT THE TIME OF THE INSPECTION THE APPRAISER WAS NOT AWARE OF ANY ENCROACHMENTS OR OTHER ADVERSE CONDITIONS. NO EASEMENTS

OTHER THAN THE NORMAL UTILITY EASEMENTS OF RECORD WERE NOTED.

General Description

Foundation

Exterior Description materials/condition Interior

materials/condition

Units X One One with Accessory Unit Concrete Slab Crawl Space Foundation Walls POURED CONC/AVG

Floors

HD/CPT/CER/LN/AVG

# of Stories 2

X Full Basement Partial Basement Exterior Walls CMPSTE/BR/AVG

Walls

DRYWALL/AVG

Type X Det. Att. S-Det./End Unit Basement Area 801

sq. ft. Roof Surface ASPHALT SHNGLE/AVG Trim/Finish WOOD/AVG

X Existing Proposed Under Const. Basement Finish 90

% Gutters & Downspouts METAL/AVG

Bath Floor CER/LN/AVG

Design (Style) NEOECLECTIC

Outside Entry/Exit Sump Pump Window Type DP PANE/AVG

Bath Wainscot CERAMIC/AVG

Year Built

1989

Evidence of Infestation

Storm Sash/Insulated VINYL/AVG

Car Storage

None

Effective Age (Yrs) 5

Dampness Settlement

Screens

MESH/AVG

X Driveway # of Cars 2

Attic

None

Heating X FWA HWBB Radiant Amenities

Woodstove(s) # 0 Driveway Surface CONC

Drop Stair

Stairs

Other

Fuel Gas

X Fireplace(s) # 1 X Fence WD

X Garage # of Cars 2

Floor

X Scuttle

Cooling X Central Air Conditioning X Patio/Deck WD

Porch None

Carport # of Cars 0

Finished

Heated

Individual Other None

Pool NONE

Other None

X Att.

Det.

Built-in

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

Finished area above grade contains: 6 Rooms 3 Bedrooms 2.1 Bath(s) 1,566 Square Feet of Gross Living Area Above Grade

Additional features (special energy efficient items, etc.) NONE

Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). C3;Kitchen-updated-one to five years ago;Bathrooms-updated-one to five years ago;KITCHEN AND BATHROOMS RECENTLY UPDATED OR REMODELED AND WELL MAINTAINED

SITE

IMPROVEMENTS

Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes X No If Yes, describe A VISUAL INSPECTION OF THE SUBJECT PROPERTY HAS BEEN MADE AND THERE DOES NOT APPEAR TO BE ANY PHYSICAL DEFICIENCIES OR ADVERSE CONDITIONS SUCH AS ENVIRONMENTAL HAZARDS. SEE MULTI-PURPOSE ADDENDUM AND CERT. OF LIMITING CONDITIONS.

Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? X Yes No If No, describe THE PROPERTY

DESIGN AND FLOOR PLAN ARE WELL ACCEPTED IN THE MARKET AREA. THE QUALITY AND STYLE OF CONSTRUCTION OF THE SUBJECT APPEARS

ADEQUATE FOR THE NEIGHBORHOOD.

Freddie Mac Form 70 March 2005

Fannie Mae Form 1004 March 2005

UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727

Page 1 of 36

ARC APPRAISAL, LLC

File No. ARCCC43

Uniform Residential Appraisal Report

Case No.

There are 0 comparable properties currently offered for sale in the subject neighborhood ranging in price from $

There are 5 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $

FEATURE

SUBJECT

COMPARABLE SALE # 1

COMPARABLE SALE # 2

Address

4817 HOPKINS PL.

3348 SENTINEL DR

3354 SENTINEL DR

0

to $

0

.

460,000 to $

590,000 .

COMPARABLE SALE # 3

3362 SENTINEL DR

BOULDER, CO 80301-5472

BOULDER, CO 80301

BOULDER, CO 80301

BOULDER, CO 80301

Proximity to Subject

0.13 miles E

0.13 miles E

0.14 miles NE

Sale Price

$

584,900

$

509000

$

575000

$

590000

Sale Price/Gross Liv. Area $ 373.50 sq. ft. $ 326.70 sq. ft.

$

368.59 sq. ft.

$

378.45 sq. ft.

Data Source(s)

IRESMLS#740783;DOM 55

IRESMLS#757613;DOM 29

IRESMLS#760969;DOM 39

Verification Source(s)

VISUAL, BOULDER ASSESSOR VISUAL, BOULDER ASSESSOR VISUAL, BOULDER ASSESSOR

VALUE ADJUSTMENTS DESCRIPTION

DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment

Sale or Financing

ArmLth

0

ArmLth

0

ArmLth

0

Concessions

Conv;0

0

Cash;0

0

Conv;0

0

Date of Sale/Time

s08/14;c07/14

+50,900 s04/15;c03/15

0 s05/15;c04/15

0

Location

B;OPEN SPACE TRAIL;

N;Res;

+10,000

N;Res;

+10,000 B;CUL DE SAC;

0

Leasehold/Fee Simple

FEE SIMPLE

FEE SIMPLE

FEE SIMPLE

FEE SIMPLE

Site

4484 sf

4440 sf

0

3821 sf

0

3973 sf

0

View

N;Res;

N;Res;

N;Res;

N;Res;

Design (Style)

DT2;NEOECLECTIC DT2;NEOECLECTIC

DT2;NEOECLECTIC

DT2;NEOECLECTIC

Quality of Construction

Q4

Q4

Q4

Q4

Actual Age

26

23

0

21

0

24

0

Condition

C3

C3

C3

C3

Above Grade

Total Bdrms. Baths Total Bdrms. Baths

Total Bdrms. Baths

Total Bdrms. Baths

Room Count

6 3 2.1 6 3 2.1

5 2 2.1

0 7 3 3.0

-2,000

Gross Living Area

1,566 sq. ft. 1558 sq. ft.

0 1560 sq. ft.

0 1,559 sq. ft.

0

Basement & Finished

801sf720sfin

752sf677sfin

+1,715 868sf781sfin

-2,345 798sf718sfin

0

Rooms Below Grade

1rr1br1.0ba0o

1rr1br1.0ba0o

0rr1br1.0ba0o

+2,000 1rr1br1.0ba0o

Functional Utility

AVERAGE

AVERAGE

AVERAGE

AVERAGE

Heating/Cooling

FWA/CAC

FWA/None

+2,500

FWA/CAC

FWA/CAC

Energy Efficient Items

NONE

SOLAR

-5,000

NONE

NONE

Garage/Carport

2ga2dw

2ga2dw

2ga2dw

2ga2dw

Porch/Patio/Deck

DECK

NONE

+2,500

PATIO

0

PATIO

0

FIREPLACE

1 FIREPLACE

NONE

+2,500 1 FIREPLACE

1 FIREPLACE

Net Adjustment (Total)

X+ -

$ 65,115

X+ -

$ 9,655

Adjusted Sale Price

Net Adj: 13%

Net Adj: 2%

of Comparables

Gross Adj : 15% $ 574,115 Gross Adj: 2% $ 584,655

I X did did not research the sale or transfer history of the subject property and comparable sales. If not, explain

+X Net Adj: 0% Gross Adj: 0%

$ -2,000 $ 588,000

My research did X did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.

Data source(s) IRES

My research did X did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.

Data source(s) IRES

Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).

ITEM

SUBJECT

COMPARABLE SALE # 1

COMPARABLE SALE # 2

COMPARABLE SALE # 3

Date of Prior Sale/Transfer

Price of Prior Sale/Transfer

Data Source(s)

IRES

IRES

IRES

IRES

Effective Date of Data Source(s)

07/02/2015

07/02/2015

07/02/2015

07/02/2015

Analysis of prior sale or transfer history of the subject property and comparable sales THE SUBJECT PROPERTY SOLD OR TRANSFERRED IN THE PAST 3.5 YEARS IN

A WARRANTY DEED TRANSFER - DOCUMENT NUMBER: 3206014 --- SELLER IS JODY B. AND MARK J. ALLEN -- BUYER IS: KATIE R. MICAH B. SCHWALB.

THE COMPARABLE SALES HAVE NOT SOLD IN THE PAST YEAR OTHER THAN AS NOTED.

SALES COMPARISON ANALYSIS

Summary of Sales Comparison Approach THE SUBJECT PROPERTY IS COMPATIBLE WITH OTHER PROPERTIES FOUND IN THIS RESIDENTIAL NEIGHBORHOOD IN WHICH IT IS LOCATED. THE COMPARABLE SALES USED IN THIS REPORT ARE ALL LOCATED IN THE SUBJECT'S MARKET AREA AND ARE SIMILAR IN OVERALL MARKET APPEAL. ALL SALES COMPARABLES ARE CLOSED SALES AND CONSIDERED GOOD INDICATORS OF VALUE. MOST CONSIDERATION WAS GIVEN TO SALES COMPARABLES NUMBERS 2 & 3 BECAUSE THEY HAD THE LEAST AMOUNT OF GROSS ADJUSTMENTS. COLLECTIVELY THEY BOTH CONTRIBUTE AND SUPPORT THE ESTIMATED MARKET VALUE OF THE SUBJECT PROPERTY.

Indicated Value by Sales Comparison Approach $

584,900

Indicated Value by: Sales Comparison Approach $ 584,900 Cost Approach (if developed) $

SEE RECONCILIATION OF THE THREE APPROACHES TO VALUATION IN THE COMMENT ADDENDUM.

Income Approach (if developed) $

RECONCILIATION

This appraisal is made X "as is,"

subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been

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

following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:

Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting

conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is

$

584,900

, as of

06/29/2015

, which is the date of inspection and the effective date of this appraisal.

Freddie Mac Form 70 March 2005

Fannie Mae Form 1004 March 2005

UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727

Page 2 of 36

ARC APPRAISAL, LLC

Uniform Residential Appraisal Report

File No. ARCCC43 Case No.

UAD AT THE REQUEST OF THE CLIENT, THIS APPRAISAL REPORT HAS BEEN PREPARED IN COMPLIANCE WITH THE UNIFORM APPRAISAL DATASET (UAD) FROM FANNIE MAE AND FREDDIE MAC. THE UAD REQUIRES THE APPRAISER TO USE STANDARDIZED RESPONSES THAT INCLUDE SPECIFIC FORMATS, DEFINITIONS, ABBREVIATIONS AND ACRONYMNS. READERS OF THIS REPORT WHO ARE NOT IDENTIFIED AS AN INTENDED USER AND ARE NOT FAMILIAR WITH RECENT CHANGES IN REPORTING FORMATS MAY FIND IT DIFFICULT TO UNDERSTAND PORTIONS OF THIS REPORT.

THE APPRAISER ATTEMPTED TO OBTAIN AN ADEQUATE AMOUNT OF INFORMATION IN THE NORMAL COURSE OF BUSINESS REGARDING THE SUBJECT AND COMPARABLE PROPERTIES. SOME OF THE STANDARDIZED RESPONSES REQUIRED BY THE UAD, ESPECIALLY THOSE IN WHICH THE APPRAISER HAS NOT HAD THE OPPORTUNITY TO VERIFY PERSONALLY OR MEASURE, COULD MISTAKENLY IMPLY GREATER PRECISION AND RELIABILITY IN THE DATA THAN IS FACTUALLY CORRECT OR TYPICAL IN THE NORMAL COURSE OF BUSINESS OR IN THE TIMELINE AMCs ALLOW FOR REPORT TURNAROUND ON THIS ASSIGNMENT. EXAMPLES INCLUDE CONDITION AND QUALITY RATINGS, AS WELL AS COMPARABLE SALES AND LISTING DATA. NOT EVERY ELEMENT OF THE SUBJECT PROPERTY WAS OBSERVED AND COMPARABLE PROPERTY DATA WAS GENERALLY OBTAINED FROM THIRD PARTY SOURCES, SUCH AS REALTORS, MLS DATA SHEETS AND COUNTY RECORDS. CONSEQUENTLY, THIS INFORMATION SHOULD BE CONSIDERED AN "ESTIMATE" UNLESS OTHERWISE NOTED BY THE APPRAISER.

ADDITIONAL COMMENTS

COST APPROACH

COST APPROACH TO VALUE (not required by Fannie Mae.) Provide adequate information for the lender/client to replicate your cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) THE SITE VALUE FOR THE SUBJECT PROPERTY

WAS OBTAINED FROM BOULDER COUNTY ASSESSOR'S RECORDS AND MLS PUBLIC RECORDS. IT MAY NOT BE A RELIABLE INDICATOR OF MARKET VALUE. THIS WAS USED DUE TO THE LACK OF RECENT LAND SALES WITHIN THE SUBJECT'S NEIGHBORHOOD.

ESTIMATED

REPRODUCTION OR

REPLACEMENT COST NEW

OPINION OF SITE VALUE

Source of cost data

Dwelling

1,566 Sq. Ft. @ $

Quality rating from cost service

Effective date of cost data

Bsmt.

801 Sq. Ft. @ $

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

THE COST APPROACH IS NOT BEING APPLIED DUE TO THE INABILITY TO Garage/Carport

Sq. Ft. @ $

ACCURATELY DETERMINE ACCRUED DEPRECIATION ON A HOUSE OF THE Total Estimate of Cost-new

SUBJECT AGE AND VERY UPDATED CONDTION. THIS APPLICATION WOULD Less

Physical 8 Functional

NOT LEAD TO A CREDIBLE RESULT AND WAS THEREFORE NOT APPLIED. Depreciation

0

REMAINING ECONOMIC LIFE FOR THE SUBJECT IS BASED ON A 60 YEAR Depreciated Cost of Improvements

ECONOMIC LIFE PER MARSHALL & SWIFT.

"As-is" Value of Site Improvements

External

=$

72,000

=$

=$

=$

=$

0

=$ (

0

)

=$

0

=$

Estimated Remaining Economic Life (HUD and VA only)

55

Years Indicated Value By Cost Approach

=$

INCOME APPROACH TO VALUE (not required by Fannie Mae.)

Estimated Monthly Market Rent $

X Gross Multiplier

=$

Indicated Value by Income Approach

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

PROJECT INFORMATION FOR PUDs (if applicable)

Is the developer/builder in control of the Homeowner's Association (HOA)? Yes X No Unit type(s) X Detached

Attached

Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.

Legal Name of Project

Total number of phases

Total number of units

Total number of units sold

Total number of units rented

Total number of units for sale

Data source(s)

Was the project created by the conversion of existing building(s) into a PUD? Yes

No If Yes, date of conversion.

Does the project contain any multi-dwelling units? Yes No Data source.

Are the units, common elements, and recreation facilities complete? Yes

No If No, describe the status of completion.

INCOME

PUD INFORMATION

Are the common elements leased to or by the Homeowner's Association? Yes

No If Yes, describe the rental terms and options.

Describe common elements and recreational facilities.

Freddie Mac Form 70 March 2005

UAD Version 9/2011 Produced by ClickFORMS Software 800-622-8727

Fannie Mae Form 1004 March 2005 Page 3 of 36

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