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BCL APPRAISALS, INC. <br /> Uniform Residential Appraisal Report FileNo. 112881J <br /> COST APPROACH TO VALUE(not required by Fannie Mae) <br /> Provide ade uate information for the lenderlclient fo re licate[he below cost fi ures and calculations. <br /> Support for the opinion of site value(summary of comparable land sales or other methods for estimating site value) Estimate of site value is derived usin the 211oC8tion <br /> method. <br /> ESTIMATED REPRODUCTION OR X REPLACEMENT COST NEW OPINION OF SITE VALUE........................................_ $ 235,000 <br /> : Source otcostdata Marshall &Swift Residential Cost Guide Dwellin 2,672 S .Ft.c�S 125............ - S 334,000 <br /> : Qualit ratin from cost service Ver Gd Effective tlate of cost data Se t 2011 Fin.Bsmt: 1008 S .Ft.c>R 35............ = S 35,280 <br /> � Comments on Cost A roach( ross livin area calculations,de reciation,etc.) Addl Features: CA,FP,Porch,Deck,Bl's,A I 25,000 <br /> Land to value ratio is t ical of this nei hborhood. Gara eicar ort 906 s .Fc.@$ 25............ _ $ 22,650 <br /> � Total Estimate of Cost-New = $ 416,930 <br /> Less 90 Ph sical Functional External <br /> De reciation 14% = S( 58,370) <br /> De reciated Cost of Im rovements................................ _ $ 358,560 <br /> "As-is"Value of Site Im rovemen[s................................ _ $ 25,000 <br /> Estimated Remainin Economic Life HUD and VA onl 77 Years INDICATED VALUE BY COST APPROACH...................... _ $ 618,600 <br /> . INCOME APPROACH TO VALUE(not required by Fannie Mae) <br /> � Estimated Monthl Market Rent$ X Gross Rent Multi lier =$ Indicated Value b Income A roach <br /> Summary of Income Approach(including support for market rent and GRM) <br />