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BETTENDORF ROHRER KNOCHE WALL,INC. <br /> I <br /> DATE OF VALUATION <br /> The date of valuation is May 18, 1996. The effective date of the report constitutes the date of <br /> property inspection. <br /> I <br /> SCOPE OF THE APPRAISAL <br /> A detailed inspection of the property has been made coupled with an analysis of the physical <br /> characteristics, zoning, market trends and other pertinent information leading to a conclusion of <br /> highest and best use. As will be discussed later in this report, it was concluded that the highest <br /> and best use of the subject property is for single family development. A valuation analysis will <br /> I <br /> be made based upon this highest and best use. Of the three traditional approaches to value <br /> (Cost, Direct Sales Comparison and Income) only the Direct Sales Comparison Approach will <br /> be utilized. The other valuation methods are not considered applicable in the appraisal of the <br /> ' subject property. <br /> ' The Cost Approach separates the value of a property into the components of land and <br /> improvements. The subject property constitutes vacant land. As such, this approach is not <br /> appropriate. <br /> The Income Approach involves an analysis of the rental potential of a property and the <br /> conversion of that potential income into present value. Vacant land such as the subject is rarely <br /> rented for investment purposes. As such, the Income Approach is not appropriate. <br /> The Direct Sales Comparison Approach involves an analysis of sales of similar properties, <br /> which after making adjustments for various differences, will provide a value conclusion for the <br /> ' subject land. All reported sales of vacant land in the subject market area were thoroughly <br /> researched in the scope of the assignment. An analysis has been made of verified land sales <br /> which, after making adjustments for various differences, provides an indicator of value for the <br /> ' subject land. This method of analysis best measures the attitudes of buyers and sellers for this <br /> type of property. Full weight will be placed upon the value conclusion as obtained from the <br /> 111 Direct Sales Comparison Approach. <br /> 1 8 <br />