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BETTENDORF IROHRER I KNOCHE WALL <br /> -2- <br /> A detailed inspection of the property will be made. An analysis will be made of physical <br /> characteristics, zoning, market trends and other pertinent information leading to a conclusion of <br /> highest and best use. A valuation analysis will be made based upon this highest and best use. <br /> Of the three approaches to value (Cost, Direct Sales Comparison and Income) only the Direct <br /> Sales Comparison Approach will be utilized. <br /> The Cost Approach separates the value of a property into the components of land and <br /> improvements. The subject site constitutes vacant land. As such, this approach is not <br /> appropriate. The Income Approach involves an analysis of the rental potential of a property and <br /> the conversion of that potential into present value. Vacant sites, such as the subject, are rarely <br /> rented for investment purposes. As such, this approach is also not appropriate. <br /> The Direct Sales Comparison Approach involved an analysis of sales of similar properties <br /> which, after making adjustments for various differences, provides a value conclusion for the <br /> subject site. An analysis will be made of recent sales of similar properties within the market <br /> area. In analyzing these sales, adjustments will be made for various differences in order to <br /> provide a indicator of value for the subject property. This method of analysis best measures the <br /> attitudes of buyers and sellers for this type of property. Full weight will be placed upon the <br /> value conclusion as obtained from the Direct Sales Comparison Approach. <br /> The fee for the preparation of a full and complete appraisal report on the captioned property is: <br /> ($1,500) <br /> The time frame to complete the assignment is anticipated at three to four weeks from date of <br /> authorization to proceed. <br /> I would like to take this opportunity to thank you for considering me in this matter. Enclosed for <br /> your convenience is a copy of my qualifications along with a company profile. <br /> Yours truly, <br /> 011111 41,0* <br /> Michael J. Bettendorf, MAI <br />