Request to Demolish 1051 White StreetPlanning Services Department
City Hall
50 West 13~ Street
Dubuque, IA 52001-4864
(563) 589-4210 phone
(563) 589-4221 fax
(563) 690-6678 TDD
planningQc~ofdubuque.org
THE CITY OF ~ ~"'~
~J ~ V L.
c %~ib't~.ti
~~~
April 24, 2007
The Honorable Mayor and City Council Members
City of Dubuque
City Hall - 50 W. 13t" Street
Dubuque, IA 52001
RE: Request for Demolition Permit
Applicant: Robert and Sandra Smith
Location: 1051 White Street
Conservation District: Downtown Neighborhood Conservation District
Description: To demolish the building
Dear Mayor and City Council Members:
The City of Dubuque Historic Preservation Commission has reviewed the above-cited
request. The application, staff report and related materials are attached for your review.
Discussion
Robert Smith, owner and applicant, cited reasons supporting his request to demolish
the building at 1051 White Street, focusing primarily on the poor condition of the
structure since he purchased it in 1990.
Assistant Planner David Johnson noted the Phase III Architectural and Historical
Survey/Evaluation Report identified the building as having local historical interest. He
noted Mr. Smith has been notified by the Housing and Community Development
Department as to Housing Code violations. He also noted the Building Services
Department has notified Mr. Smith of violations amounting to demolition by neglect.
There were no public comments.
The Historic Preservation Commission discussed the request and supporting
documentation, finding that the structure has historical or architectural significance;
however, denial of the application would prevent the property owner from earning a
reasonable economic return on the property.
The Honorable Mayor and City Council Members
April 24, 2007
Page 2
Recommendation
By a vote of 6 to 0, the Historic Preservation Commission recommends demolition of
1051 White Street noting that the building does have historical and architectural
significance; however, denial of the application would prevent the property owner from
earning a reasonable economic return on the property.
A simply majority vote is needed for the City Council to approve the request for
demolition.
Respectfully submitted,
Christine Olson, Chairperson
Historic Preservation Commission
Attachments
cc: Rich Russell, Building Services Manager
David Heiar, Economic Development Director
David Harris, Housing & Community Development Director
Crenna Brummell, Assistant City Attorney
Gty of Dubuque
~ crrr of Planning Services Department
DUB E Dubuque, IA 52001-4864
Phone:563-589-4210
~~ ~ a~,~ Fax: 563-589-4221
PLANNING APPLICATION FORM
^ Variance ^Rezoning ^Simple Site Plan ^Annexation
^Conditional Use Permit ^Planned District ^Minor Site Plan ^Temporary Use Permit
^Appeal ^Preliminary Plat ^ Major Site Plan ^Certificate of Economic Non-Viability
^Spedal Exception ^Minor Final Plat ^ Major Fnal Plat ^Certificate of Appropriateness
^Limited Setback Waiver ^Text Amendment ^Simple Subdivision Other: ~~Fi~TiD.y T~F.eK~s
Please tvt~e or arint le4 ibiv in ink
Property owner(s): ~o~ Eer' ~- ~.a w~lL,e ~i~. rr-N Phone: ,f.~ ?- d"' 8~ ~ 6 /7~
Address: 2735r!amsNaaeo ~-r Clty: ~~auav~ State :~_ Zip: S"Zou/
Fax Number: Mobile/Cellular Number:
Applicant/Agent: ~N.v B as A8o v~ Phone:
Address:
Fax Number:
Site location/address:
Existing zoning: ~' ~
Gty: State: Zip:
Mobile/Cellular Number:
Proposed zoning: ti ~ Historic District: ~_ Landmark: ,~^
Legal Description (Sidwell parcel ID# or lot number/blod< number/subdivision): /D -Z~/- ~/7~ - D//
~ar• 1 0~ /irY LoT 33G
Total property (lot) area (square feet or acres): ~. a 7 ,n ~a.~s l ~ z y. ~3
Describe proposal and reason necessary (attach a letter of explanation, if needed): cmu~~> ~-~vw~r-
JT,/E f/PC .CL~Ga.ctifE.un APP.~IisIL ./Jl' .d Dc'I~/catlnnv i~Erzrsiy ,ram ?bF ~.~~scrr
CERTIFICATION: I/we, the undersigned, do hereby certify that:
1. The information submitted herein is true and con-ec~ to ttme best of my/our knowledge and upon
submittal bewmes public record;
2. Fees are not refundable and payment does not guarantee approval; and
3. A!I addtional required written and graphic materials are attached.
/? t a? - p~D - D
Property Owner(s): ~~~: Date: T
Applicant/Agent:
Date:
FOR OFFICE USE ONLY -APPLICATION SUBMITTAL CHECKLIST
Fee: ->9- Received by:
^Site/sketch plan ^ Conceptual Development Plan
Date: Docket:
^Photo ^Plat
^Improvement plans ^Design review project description ^Fioor plan ^Other:
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We hereby submit specifications and estimates for. J~ d /i ~ol~ dl f~o~ii c ~r ~CGf"/..
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We prop/ose/hereby to famish material and labor -complete in accordance with the above specifications for the sum of.
~.~1 /l~ar,~.~q~,rJ'_ - -~- ~~~ - Doll
with payments to be made as follows, - r !~~ L,y~~~Co`x~••- ~ ~dr'~~
Arty alteration or deviatron from above specifications involving extra wets wiq be Respectfu Ily /
executed only upon wrdten order, and wdl become an extra charge over and SUbmltted,,l~ry L dd ~ ~ ~~ ~ J
above the estimate. All agreements contingent upon strikes, acddents, or Note - this proposal may be withdrawn by us if rx# accepted wiMin
delays beyond our control
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The above prices. specifications and oondfions are satisfactory and are hereby SI nature
accepted. You are authorized to do the work as speaf' red. g
Paymerds wiN be made as outlined above.
Date of Acceptance Signature
~~~~ n~~~ Page # of pages
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Proposa! Submitted To: ~~~ ~ ® r Job Name Job #
Address w~ ~,0~'1/~ti%1~D~'"Gr ~ Job Location
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Phone # .~(~ `! (Fax # Architect
herd by s~~~~('/e(~j~(cjJ'f~i~ons~aind estim~ s for: _ ~~~/{1j~j _ >-' _ ~ /~.j~'~/~y,------/yA-
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We propose hereby to furnish material and labor -complete in accordance with the above specifications for the sum of:
$ Dollars
with payments to be made as follows:
Any alteration or deviation from above specifications involving extra costs will be Respectfully
executed only upon written order, and will become an extra charge over and submitted /
above the estimate. All agreements contingent upon strikes, accidents, or delays
beyond our control. Note -this proposal may be, ~ drawn by us if not accepted within days.
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~cc>~tance of ~ro~o~aY
The above prices, specifications and conditions are satisfactory and are Signature `ti'lt"
hereby accepted. You are authorized to do the work as specified.
Payments wilt be made as outlined above.
Date of Acceptance Signature
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Proposal Submitted To: ) Job Name
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Address ~ I ~ ~ ~~ ~ Job Location
Date
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Phone # Fax #
We hereby submit specifi/cation/s/and estimates for/. _!~ _.: ~~~ _ -~ t.___ ?~~'s:.:
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Date of Plans
Architect
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We propose hereby to furnish material and labor -complete in accordance with the above specifications for the sum of:
$ Dollars
with payments to be made as follows:
Any alteration or deviation from above specifications involving extra costs will be Respectfully I
executed only upon written order, and will become an extra charge over and submitted ~z Z ~ ~ ~ "~'~j2"
above the estimate. All agreements contingent upon strikes, accidents, or delays
beyond our control. Note -this proposal may be with n by us if not accepted within days.
~CCPptd1~CP Df ~rD~lD~~r
The above prices, specifications and conditions are satisfactory and are Signature ~~~'~-~'~'L'
hereby accepted. You are authorized to do the work as specified.
Payments will be made as outlined above.
Date of Acceptance Signature
~% NC3819 MADE IN USA
IOWA STATE BAR ASSOCIATION
OfIICIBI Forth No. 142 (rrada-Mark Registered,:
FOR THE LEGAL EFFECT OF THE USE OF
THIS FORM. CONSULT YOUR LAWYER.
$fA7Z.
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rte; ~ REAL ESTATE CONTRACT-INSTALLMENTS
IT IS AGREED this day of April , 19 ~ by and between HERBERT F. HANSELMANN
a/k/a HERBERT HANSELMANN AND ANNE M. HANSELMANN, HUSBAND AND WIFE
of the County OF DL73UOUE State of Iowa, Sellers; and ROBERT G. SMITH AND SANDRA S_
SMITH, HUSBAND AND WIFE
of the County of D[lRilni~F: State of Iowa, Buyers;
That the Sellers, as in this contract provided, agree to sell to the Buyers, and the Buyers in consideration of the premises,
hereby agree with the Sellers to Purchase the following described real estate situated in the County of
State of Iowa, to-wit:
Lot 1 of Lot 336 and the Northerly 28 feet of Lot 271 in the City of
Dubuque, Iowa, according to the United States Commissioners' Map thereof,
,~ ~: ,:. r:~ , .
together with any easements and servient estates appurtenant thereto, but with such reservations and exceptions of title as
may be below stated, and certain personal property if and as may be herein described of if and as an itemized list is attached
hereto and marked "Exhibit A' all upon the terms and conditions following:
1.TOTALPURCHASEPRICE Thetxrycagreeslopay+«eaidpropenyu,eeotalas 52. 000. OO due and payable at
2825 Davenport, Dubu(~t1e Dubu~(ae Canty.lowa.aslalows:
(a) DOWN PAYMENT of 5 ~ 5 •000 - OO RECEIPT OF WHICH is HEREBY ACKNOWe Fnr_r:n; ar,d
(uJeALANCEOFPUFICHASEPRICE. i 37-~-~ .asfopowss 616.33 On Oi_' before June 30, 1990
(interest only), $1869.39 or more at the option of the buyers including principal and
interest on or before December 31, 1990 and $1869.39 or more at the option of the buyer:
including principal and interest on or before ~ June 30 and December 31 of each and
every year thereafter until December 31, 2005 when all remaining principal and interest,
shall be due and payable. Interest on the unpaid principal shall be eight percent
(8~) per annum from the date of possession until paid in full. No prepayment
penalty.
2POSSESS1oN. Buyers.erpywimdueperfomrancenntheirpartshaCbeertlitledtopossessionasadpramisesonme 15th day a
Apr i 1 , t9 90 : am merea(ter so king ~ prey snap peAenn me aalgauon~ a this centred. n ~s are rekirg sW>ject to rive righLS or lessees
and are entitled to re«a!s merelrom on and after date of p~sidn, so Yrdirata by yes' to the space folwwing NO
a TAXES. senors snap pay All fiscal Year 1988-1989 real estate taxes and fiscal veer
1989-1990 real estate taxes prorated to date of possession
and any ~ipe:d taxes mseon payable kr pri« years. Buyers shatl pay anY lazes rot aswmed tN Setlara and atl sutxsequerx rains Del«s same txcrxrwr derapuent. WMaver may be
resporrsrble f« the paynwtl d said razes. and the sperial ass~rrreras, tl any. Dear year. shat turrrisN to me otlrer partbs evidence a paymem a such items not latter men duy is a earn
year. Any prorstlon r# taxes afrtl ba based upon ttrs taxes far the year apnmly paya6la unlsaa tlr partlea state othuwiae.
(Deride. for yourself. H that formWa is fair if Buyers are purdtasirg a kM witlf newly Cutll improvernerrts.)
1. SPECIAL ASSESSn~NTS. Severs shah pay the sperial assea'anlertls against tlris properly: (Strike and eitlter (al « (b) bebw.)
tarvcfrit~rflarjs~anf rt~iruwas~ssliaatis"P®y~e'ptrormereifr
(blWl+ichareanentheremasa April 15. 1990
(Date)
(e) kxduding aY sewage disposal a5565srnerlts f« average charge herekNora assessed by any murtidpalily having jurisdiction as a dam d possession.
Buyers, except a5 above stated shall oev atl suhsrrruw.x e...+d °•°°°°^~^^" ^~' -`-__ ~ .. ..
Dubuque County, IA
beacon""
Date Created: 3/1/2007
Summary
Parcel ID 1024476011
Alternate ID N/A
Property Address 1051 White
Sec/TwP/ ~9
Brief Tax Description LOT 1 OF CIfY LOT 336
(Note: Not to be used on legal documents)
Deed Book/Page 05-5322 (04042005)
Contract Book/Page N/A
Iowa Land Records
Gross Acres 0.00
Net Acres 0.00
Class R -Residential
Taxing District DUBA -DUBUQUE CIfY/DBQ COMM SCH Click to Enlarge
School District DUBUQUE COMM SCH
Owners
Deed Holder Contract Holder Mailing Address
Smith, Robert G & Sandra S
2735 Cottonwood Court
Dubuque IA 52001
Land
Neighborhood # 128
Land Data -Card 1
Lot Dimensions:
Tvoe Eff. Frontage [FT) Eff. Dent„ iFT)
Regular Lot 33 100
Residential Dwellings
Residential Dwelling -Card 1
Story Height 2.00
Attic None
Style Old Style
Ext. Walls Brick
Year Built 1890
Year Remod 0
Basement Full
Eff. Year 0
Total Rooms 7
Total Bedrooms 4
Family Rooms 0
Full Baths 1
Half Baths 0
Add'1 Fixtures 0
Total Fixtures 5
Heating Type Basic
Heating System Warm Air
Fuel Type Gas
Interior relative to Exterior Same
Physical Condition Very Poor
Bsmt Garage Stalls 0
Fin. Bsmt Living Area 0
Rec Room Size 0 x 0
Masonry FP Stacks/Openings 0 / 0
Metal FP Stacks/Openings 0 / 0
Brick Size 0 x 0
Stone Size 0 x 0
Ground Floor Liv. area 832
Above Ground Liv. Area 1560
Det. Garage SF 0 SF
Grade 6
Special Features
Sales
Sales -Card 1
Date Tvee Price S_rc Validi
D4/04/2005 2 $0.00 ~ 4 6
Valuation
2006 2005 2004
r+ Assessed Building Value $0 $0 $0
+ Assessed Dwelling Value $1,800 $1,800 $1,800
r+ Assessed Land Value $8,300 $8,300 $8,300
Exempt Value ~
~ GrossASSessedValue _
$10,100 $10,100 $!0,100
- Exempt Value
Net Assessed Value r $10,100 $10,100 $10,100
Taxation
2005 2004
+ Taxable Building Value $0 $0
~+ Taxable Dwelling Value $828 $863
+ axable Land Value $3,818 $3,481
Gross Taxable Value $4,646 $4,844
- Military Credit $0 $0
NetTaxable Value $4,64 6 $4,844
x Levy Rate (per $1000 of value) 33.3Q392 32:08712
Gross Taxes Due $154.73 $155.43
- Ag Land Credit $0.00 - $0.00
- Family Farm Credit $0.00 $0.00
- Homestead Credit $0.00 $0.00
r~ DSC Credit $0.00 $0.00
Net Taxes Due $154.00 $156.00
Pay Property Taxes
~1'ck here to ent rt~he County Treasurer's web site=
Special Assessments
Tax History
Year Due Date Amount Paid Date Paid Receipt
2005 March 2007
September 2006 $77
$77 No 227582
Yes 09/06/2006
2004 March 2006 $78 Yes 03/06/2006 177154
Dubuque County, IA ~beacon~'
Date Created: 3!1/2007
Summary
Parcel ID 1024476011
Alternate ID N/A
Property Address 1051 White
Sec/TwP/~9
Brief Tax Description LOT l OF CITY LOT 336
(Note: Not to be used on legal documents)
Deed Book/Page OS-5322(04042005)
Contract Book/Page N/A
Iowa Land Records
Gross Acres 0.00
Net Acres 0.00
Class R -Residential
Taxing District DUBA - DUBUQUE Crf`f/DBQ COMM SCH Clidc to Enlarge
School District DUBUQUE COMM SCH
Owners
Deed Holder Contract Holder Mailing Address
Smith, Robert G & Sandra S
2735 Cottonwood Court
Dubuque IA 52001
Land
Neighborhood # 128
Land Data -Card 1
Lot Dimensions:
?yDe Eff. Frontage (FT) Eff. Depth (FT)
Regular Lot 33 100
Residential Dwellings
Residential Dwelling -Card 1
Story Height 2.00
Attic None
Style Old Style
Ext Walls Brick
Year Built 1890
Year Remod 0
Basement Full
Eff. Year 0
Total Rooms 7
Total Bedrooms 4
Family Rooms 0
Full Baths 1
Half Baths 0
Add'1 Fixtures 0
Total Fixtures 5
Heating Type Basic
Heating System Warm Air
Fuel Type Gas
Interior relative to Exterior Same
Physical Condition Very Poor
Bsmt Garage Stalls 0
Fin. Bsmt Living Area 0
Rec Room Size 0 x 0
Masonry FP Stacks/Openings 0 / 0
Metal FP Stacks/Openings 0 / 0
Brick Size 0 x 0
Stone Size 0 x 0
Ground Floor Liv. Area 832
Above Ground Liv. Area 1560
Det. Garage SF 0 SF
Grade 6
Special Features
Sales
Sales -Card i
Date Tvae rice rr V tidi
04/04/2005 2 $0.00 ~ 4i 6
Valuation
2006 2005 2004
r+ Assessed Building Value $0 $0 $0
+ Assessed Dwelling Value $1,800 $1,800 $1,800
~+ Assessed Land Value $8,300 $8,300 $8,300
+ Fxempt Value
= Gross Assessed Value $10,100 $10,100 $10,100
Exempt Value
Net Assessed Value ~-$10,100 $10,100 ~-$10,100
Taxation
2005 2004
+ Taxable Building Value $0 $0
r+ Taxable Dwelling Value ~~$828 $863
Taxable Land Value $3,818 $3,981
r= Gross Taxable Value ~ $4,646 $4,844
- Military Credit $0 $0
~= Net Taxable Value $4,646 $4,844
x Levy Rate (per $1000 of value) 33.3Q392 32.08712
~ GrossTaxesDue $154.73 $155.43
Ag Land Credit ~` $0.00 $0.00
Family Farm Credit $0.00 $0.00
Homestead Credit _ _$0.00 $0.00
DSC Credit $0.00 $0.00
Net Taxes Due $154.00 $156.00
Pay Property Taxes
pick here to enter the Countv Treasurer's web site.
Special Assessments
Tax H(story
Year Due Date Amount Paid Date Paid Receipt
2Q05 March 2007
September 2006 $77
$77 No
Yes 227582
09/06/2006
2004 March 2006 $78 Yes 03/06/2006 177154
-----__.
Sketc~a
--~---_, xp[ember 2005
Photos __.___,_._----------____---•--_-_.._._-~-- 7g_.~ __ "Yes
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Disclaimer: The information in this web site represents current data from a working rile which is updated regularly. Information is believed reliable,
but its accuracy cannot be guaranteed. No warranty, expressed or implied, is provided far the data herein or its use.
Last Data Upload: 3/1/2007 6:07:35 AM
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Indexing Name Search Indexed Instrument Display
,~ ,_ Dubuque County, /owa
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4~ ~ ~ ~;~~ ~ Kathy Flynn Thur/ol~v, .Recorder
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Search criteria: Fiie Number 200500005322 For GENERAL For Ail Parry Types on Thursday, February 08, 2007 11:06:52 AM
GENERAL Valid From 01/01/1988 TFiru 02/06/2007
ERAL Date Filed: 04!08/2005 Time: 03:08:40
P
.Index Type: GEN M
Document Date:
04/04/2005 - D~aTE HoR'tG,1kGE prcD oi=F
Doc Number: 2005-00005322
Kind: SPECIAL WARRANTY
DEED Scan Pages: 1 Amount: $5
Parcel Num: 1024476004
City: DUBUQUE
Subdivision: CITY LOT Unit: Block: Lot: 271
Comment: N28' SUB CITY LT 271
Description
Not Warranted:
GRANTOR - Record(sj 3
HANSELMANN, HERBERT F
HANSELMANN, HERBERT
HANSELMANN, ANNE M
GRANTEE -Record(s) Z
SMITH, ROBERT G
SMITH, SANDRA S
Ad~ ,.
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~~ ~- » --- ----~--.~--1...:,,..~:,,,aa,.;,,.,~;.-i.. ;nctnlTYlAn1' ~;cnlava~n?TDRecord=0&Ind... 02/08/2007
Name: ROBERT SMITH
Mailing Address:
Property Address: 1051 WHITE ST
DUBUQUEQ, IA 52001
Policy Number:
Account Number:
Effective Date:
Current Coverage: $p
Agent Name:
Branch OtTice:
Cost As Of: 1 ] /2006
Value Basis: Reconstruction
Number of Families: 1
Cost Estimate
Coverage A
Reconstruction Cost w/o Debris Removal
Debris Removal
Reconstruction Cost with Debris Removal
a 1~a,91o
a g.ao9
S 183,319
Category Total
General Conditions 6,727
Sitework
Foundations 11,435
Slab on Grade 1,764
Framing l 8.269
Roofing 2,502
Exterior Walls 50,098
Partitions 26.106
Wall Finishes 8,170
Floor Finishes 6,58 ]
Ceiling Finishes 10.880
Equipment 8,357
Conveying Systems
Plumbing Systems 13,261
HVAC Systems 3.498
Electrical Systems 7,262
Attached Structures
Subtotal $174,910
Property Description Main Home Wing 1
Wing 2
Year Built 1890
Predominant Style 2 Story
Number of Stories 2.00
Total Living Area g62
Cathedral Ceilings
Slab
Crawl Space
Basement 100 (Standard)
Basement Finished
Pier Foundation
Hillside Foundation
Slope
Shape
Site Access Flat Area/Easy Access Roads
Exterior Wa lls
100%
R
f Solid Brick
oo
mg
100%
AsphalUFibcrglass Shingle
artitions
100°'° Plaster
Wall Coverings
88% Paint
7% Vinyl Wallpaper
5% Sheet Paneling
eilin
100% Plaster
Floor Coverings
13% Hardwood
45% Carpet over Hardwood -
(acrylic/nylon)
34% Wall to Wall Carpet -
(acrylic/nylon)
8% Vinyl
Interior
I Kitchen -Builder's Grade
2 Full Bath -Builder's Grade
HVA
100% Heating -Gas
MSB costs include labor and material, norrnai profit and overhead as of date of report. Costs represent general estimates that are no[ to be considered a detailed quantity survey.
Version 3.3 Copyright ~` 2007 Marshall & Swift/Boeckh, LLC and its licensors
Page I
Borro~~~er.'Ciient NIA _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ File i~!a ~nry't-105?white _ _
PropertirAddress iL'S'i White Street _ _ _ _ _ _ _ _ _ _
Ci~r_ Dubuque _ _ _ _ _ _ _ County Dubuque _ _ _ _ _ _ State IA _ _ _ Zip Code 530G [ _ _ _
Lender Owner
TABLE OF CONTENTS
1
2
............................ 3
........................... 5
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........................... 11
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File No. w' -1051white Pa a #1
FROM: I NVO I C E
Bill Felderman
Bill Felderman Appraisals
2421 University Avenue
Dubuque,lA 52001
Telephone Number: 563-583-5561 Fax Number: 563-584-0782
T0:
Owner
Telephone Number Fax Number.
Alternate Number: E-Mail:
...DESCRIPTION::
Lender: Owner Client: Owner
PurchaserBortower: N/A
Property Address: 1051 White Street
City: Dubuque
County: Dubuque State: IA Zrp: 52001
Legal Descdption: Lot 1 of City Lot 336
FEES ~~-~~ ~
- ~ - `
AMOUNT .
215.00
SUBTOTAL ~ z15.oo
PAYMENTS - ~ ~ -
AMOUNT
Check f1: f $~J 6 Date: 02 -02 Y-O7 Description:
Cheek ~i: Date: Description:
Check J1: Date: Description:
SUBTOTAL o.oo
TOTAL DUE $ z15.oo
INVOICE NUMBER
DATE
2/23/2D07
REFERENCE
Imernal Order k:
Lender Case #:
CIieM Flle #:
MainFlle#onform: wjf-1051white
Other Flle // on form:
Federal Tax ID: 42-1478720
Employer ID:
Form NIV5 -'TOTAL far Windows" appraisal software by a la mode, inc. -1-800-ALAMODE
bill felderman appraisals ltd.
file No. w'f-1051 white Pa a #2
SUMMARY OF SALIENT FEATURES
Subject Address 1051 White Street
Legal Description Lot 1 of City Lot 336
City Dubuque
County Dubuque
State IA
Zip Code 52001
Census Tract 0001.00
Map Reference 19-061
Sale Price $ N/A
- Date of Sale N!A
Borrower/Client N/A
Lender Owner
Sue (Squaze Feet) 1,248
Pdce per Square Foot $
Location Urban/Avg
Age 117
Condition Poor
Total Rooms 5
Bedrooms 2
Baths 0
Appraiser Bill Feldennan
Date of Appraised Value 02/22/2007
Final Estimate of Value $ 5,000
Form SSD - "TOTAL for Windows' appraisal software by a la mode, inc. -1-800-ALAMODE
File No. w'rf-105twhite Pane #3
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions
requisde to a fair sale, the buyer and seller, each acting pmdendy, knowledgeably and assuming the pdce is not affected by undue stimulus. Implicit in .this
definition is the consummation of a sale as of a specilied date and the passing of tide tram seller to buyer under conditions whereby: (1) buyer and seller are
typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is agowed
for exposure in the open market; (4) payment is .made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the pdce
represents tyre normal consideration for the property sold unaffected by special or creative financing or sales concessions' granted by anyone associated wiM
the sale.
Adjustrnents to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary
for those costs which aze normally paid by sekers as a result of iradilion or taw in a market area; these costs are readily identifiable
since the seller pays these costs in virtually all sales transactions. Special or creative financing adjusmrents can be made to the
comparable property by comparisons to financing terms offered by a third party insthutianal lender that is not already involved in the
property or transaction. Any adjustment should not be calculated on a mechanical dogar tar dollar cast of the financing or concessbn
but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the
appraiser's judgemerd.
- STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject w the fallowing
conditions:
1. The appraiser wilt not be responsible tot matters of a legal nature that affect either the property being appraised or the title to R. The appraiser assumes Mat
Me title is good and marketable and, Merefore, will not render any opinions about the title. The property is appraised on Me basis of it being under responsible
ownership,
2. The appraiser has provided a sketch in Me appraisal report to show approximate dimensions of the improvements and Me sketch is inchrded only to assist
the reader of the report in visualizing the property and understanding Me appraiser's determination of hs size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted
in the appraisal report whether Me subject she is located in an idenMied Special Flood Hazard Area. Because Me appraiser is not a surveyor, he or she makes
no guarantees, express or implied, regarding Mis determination.
4. The appraiser wig not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do
so have been made beforehand.
5. The appraiser has estimated Me value of Me land in Me cost approach at fts highest and best use and trre improvements at Meir contributory value. These
separate valuations of the land and improvements must not be used in conjunction with any abler appraisal and are invalid ti Mey are so used.
6. The appraiser has noted in Me appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic
substances, etc.) observed during Me inspection of Me subject property or that he or she became aware of during the normal research involved in performing
the appraisal. Unless otherwise stated in Me appraisal report, Me appraiser has no knowledge of any hidden or unapparent conditions of Me property or
adverse environmental conditions (including Me presence of hazardous wastes, tordc substances, etc.) Mat would make the property nave or less valuable, and
has assumed Mat Mere are no such conditions and makes no guarardees or warranties, express or implied, regarding the condition of the property. The
appraiser will not be responsible for any such conditions that do exist or far any engineering or testing that might be required to discover whether such
conditions exist. Because the appraiser is not an expert in Me field of environmental hazards, Me appraisal report must not be considered as an
environmental assessment of the property.
7. The appraiser obtained Me intormation, estimates, and opinions that were expressed in Me appraisal report from sources that he or she considers to be
reliable and believes them to be true and correct. The appraiser does not assume responsibil'dy for the accuracy nt such items Mat were furnished by other
parties.
8. The appraiser wilt not disclose Me contents of Me appraisal report except as provided for in Me Uniform Standards of Protessionai Appraisal Practice.
9. The appraiser has based his ar her appraisal report and valuation conclusion for an appraisal that is subject to satisiactory completion, repairs, or
atterafions on the assumption Mat completion of the improvements will be performed in a workmanlike manner.
14. The appraiser must provide his or her prior written consent before Me lendegclient spec0ied in Me appraisal report can distribute Me appraisal report
(including conclusions about Me property value, Me appraiser's identity and professional designations, and references to any professional appraisal
organzatons or the firm with which Me appraiser is associated) to anyone other Man Me borrower, Me mortgagee or its successors and assigns; Me mortgage
insurer, cansulhants; professienal appraisal organizations; any state or federally approved iinancial instituiion; or any department, agency, ar instmmentaliry
of Me United States or any state or Me District of Columbia; except Mat Me lender/client may distribute Me property descrfption section of Me report only to data
collection or reporting service(s) without having to obtain Me appraiser's prior written consent. The appraiser's written consent and approval must also
be obtained before Me appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or omer media.
Freddie Mac Form 439 6-93 Page 1 of 2 Fannie Mae Form 1DD4B &93
bill feltlerman appraisals ltd.
Form ACR -'TOTAL for Windows" appraisal software by a la mode, inc. - i-800-ALAMODE
File No. w' -1051white, Pa a #4
APPRAISER'S CERTIFICATION: The Appraiser certrfies and agrees that:
1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property
for consideration in the sales campadson analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of signgicant
variation. d a signgicant item in a comparable property is supedor to, or more favorable than, the subject property, I have made a negative adjustment to reduce
the adjusted sales price of the compazable and, 'rf a sign'rficant item in a comparable property is inferfor to, or less favorable than the subject property, I have made
a poshive adjustmerd to increase the adjusted sales price of the comparable.
2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not
knowingly whhheld any sign'rficard information from the appraisal report and I believe, to the best of my knowledge, that all statements and iniorrtration in the
appraisal report are hue and cortect
3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingerd
and limiting condhions specified in this form.
4. I have no present or prospective interest in the property that is the subject to this report, and 1 have no present or prospective personal interest or bias whh
respect to The participants in the transaction. I did not base, eidrer partially or completely, my analysis and/or the estimate of market value in the appraisal report
on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present
owners or occupants of the properties in the vicinity of the subject property.
5. I have no preserd or contemplated future interest in the subject property, and neither my curtent or future employment nor my compensation for performing this
appraisal is contingent on the appraised value of the property.
6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate,
the attainment of a specgic result, or the occurtence of a subsequent event in order to receive my compensation and/or employment for perfomdng the appraisal. I
did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a speck mortgage ban.
7. i performed this appraisal in conformity with the Untiorm Standards of Protessionai Appraisal Practice that were adopted and promulgated by the Appraisal
Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those
Standards, which does not apply. I acknowledge that an estimate al a reasonable time for exposure in the open market is a condition in the definition of market value
and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the
reconciliation section.
B. I have personally inspected the irdedor and exterior areas of the subject property and the ex[erfor of all properties listed as compazables in the appraisal report.
i further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate
vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that
I had market evidence to support them. 1 have also commerded about the effect of the adverse conditions on the marketability of the subject property.
9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. h I relied on signfficaM professional
assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and
disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to perform
the tasks. I have not authorfzed anyone to make a change to any item in the report: therefore, 'rf an unauthorized change is made to the appraisal report, I will take
na responsibilhy for ft.
SUPERVISORY APPRAISER'S CERTIFICATION: tt a supervisory appraiser signed the appraisal report, he or she certifies and agrees that.
I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser,
agree to be bound by the appraiser's certifications numbered 4 through 7 shove, and am taking full responsibility for the appraisal and the appraisal report
ADDRESS OF PROPERTY APPRAISED: 1051 White Street. Dubuque, IA 52001
APPRAISER: SUPERVISORY APPRAISER (only if required):
Signature: Signature:
Name: Bill Feld an Name:
Date Signed: 0 2412007 Date Signed:
State Certification #: CR01360 State Certification #:
or State License #: or State License #:
State: IA State:
Expiration Date of Certification or License: 6/30/2008 Expiration Date of Certdication or License:
^ Did ^ Did Not Inspect Property
Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 10D4B fr93
Form ACR - "TOTAL for Windows' appraisal software by a la mode, inc. -1-000•ALAMODE
FannieMae bill felderman appraisals ttd. Fle No. w'rf-1051whfte
Desktop Underwriter Quantitative Analysis Appraisal Report File No- wif-1051white
TRtti SUMMARY APPRAISAL REPORT IS INTENDED FOR USE 8Y THE LENDER/CLIENT FOR A MORTGAGE FINANCE TRANSACTION ONLY.
Pro a Address 1051 White Street C' Dubu ue State IA Zi Code 52001
Le al Descri 'on Lot 1 of Cit Lot 336 Coun Dubu ue
Assessor's Parcel No. 1024476011 Tax Year 2005 R.E. Taxes 154.73 S cial Assessmems
.. Borrower N/A Current Owner Robert 8 Sandra Smith Occu ant Owner Tenant Vacant
Nei hborhootl or Pro ect Name NIA Pro'ect T PUD Condominium HOA n/a o.
Sales Price $ N/A Dale of Sale N/A Descri lion amount of loan char es concessions to be id b seller
Pro e d hts a raised Fee Sim le Leasehold Ma Reference 19-061 Census Tract 0001.00
Note: ace nd ac al om siCon the nei b d re of a sisal ac or
Location ®Urban ^ Suburban ^ Rural
Buftt up ®Over 75%
^ 25.75% ^ Under 25%
Growth rate Ra id Stable Slow Property values ^ Increasing ®51abk g
^ Declinin
Demand/supply ^ Shorta e ^ pp y
g ®In balance Over su I
Marketin time Under 3 mos. 3-6 mos. Over 6 nws. singletami housin
N 9
$(000) ~rsj
15 Low 25+ Condominium housin
9
3(IOCOUj t applic.) ~~ ~
Low
Neighborhood boundaries See Attached Addenda 140 Hi h 50+ Hi h
Predominar Predominant
80 50+
Dimensions 33 x 100 Site area 3,300 Shape Rectangular
Spec'rfic toning classification and descrfp8on C-4 Downtown Commercial
Zoning compliance ®Legal ^ Legal noncordorming (Grandtathered use) ^ Illegal, attach descrfp8on ^ No zoning
Highest and best use of subject property as improved (or as proposed per plans and specifications): ®Present use ^ Other use, attach description.
Utlltties Public Other Public Other
Electricity ® Water ~
Gas Sanha sewer ON-sitelmprovements Type Public Private
Sheet Asphalt ~ ^
Alle As halt
Are there an a areM adverse stte conditions easements encroachments s cial assessments slide areas etc. ? (~ Yes No 8 Yes attach descrf lion.
Source(s) used for physical characteristics of property: Interior and exterior inspection Exterior inspection from street Previous appraisal tiles
MLS Assessment and tax records Prfor ins ection Pro a owner Other Descdbe
No. of Stories 2 T e DetJAtt. Det Eztedor Walls BrickSlatelAv Root Surface As haltShn UTar Manufactured HDUSin n Yes No
Does the ro rt enerall conform to the nei hborhood in terms of s le condition and conswction materfals? Yes No tt No attach descd lion.
Are there any apparent physical deficiencies or conditons that would affect the soundness or simcWral Integrity of the improvements or the livability of the property?
Yes No tt Yes attach descd lion.
Are there any apparent adverse environmental conditions (hazardous wastes, toxic substances, etc.) preserd in the improvements, on the she, or in the immediate vicinity at
the subject property? ^ Yes ®Nc 8 Yes, attach description.
I researched the subject market area for comparable listings and sales that are the most similar and proximate to the subject property.
My research revealed a total of 3 sales ranging in sales prfce from $ 40,000 to $ 1,000
My research revealed a total of 5 listings ranging in list pdce from $ 40.000 to $ 5.000
The anal sis of the comparable sales below reflects market reaction to si n'rficant variations between the sales and the subject grope
FEATURE SUBJECT SALE1 SALE2 SALE 3
1051 White Street
Address Dubu ue 1309 Rhomberg
Dubu ue 636 University Avenue
Dubu ue 141E 11th Street
Dubu ue
Proxima tD Sub'ect 1.26 miles 0.50 miles 0.04 miles
Sales Price __ NIA 35 000 22 900 20 000
Price Gross Llvln Area 31.2545 19.88 ~ 11,25 ~
Data 8 VerificaBOn Sources ~ 106375-DMLS 105705-DMLS 106587-DMLS
VALUE ADJUSTMENTS DESCRIPTIDN DESCRIPTION + - S Ad' st. DESCRIPTION + - 5 Ad' st. DESCRIPTION + - S ' sl.
Sales or Flnancing
Concessions Conv. Conv. Conv.
Date of Sale ime 07/17/2007 07/20/2006 12!2812006
Location Urban/Av Urban/Av ~ UrbaMAv Urban/Av
Site 3 300 3151 4500 1938
View Residential Residential Residential Residential
Desi n S le 2 Sto 2 Sto 2 Sto 2 Sto
-
Actual A e rs. 117 92 117 g7
_
_ Condition Poor Av /Good -8 000 Av /Good -r3 000 Fair -2 000
Above Grade Total Bdrms Baths Total ~Bdrms~ Baths _ _ Total ~Bdrms Baths Total Bdrms Baths
Room Count 5 2 0 5 2 1 -1,000 5~ 2~ 1 -1
000 6 4 1 -2
000
Grass livin Area 1 248 S . Ft. 1 120 S . Ft. ~ +1 280 ,
1 152 S . Ft. +g60 ,
1 777 S . Ft. ~. -5 290
Basement 8 Rnished
- Rooms Below Grade Full
Unfinished Full
Unfinished Full
Unfinished Full
Unfinished
Gara a Ca rt None 1-Car Det -1 500 None None
_ Sidin Ouali BrkSlate/Poor HardboardlGood -10 000 SlatelAv -5 000 HardboardlAv -5 000
Heatin Etc None FWA/Central -5 000 F1NA/Central -5 000 FWA/No A/C -3 000
Net Ad'. total + - 24 220 + - 18040 + - 17 290
'
Adjusted Sales Pdce
of Comparables ..Net .69.2 %
_Gross 76.5 % 10 780 Net 78.8. %
Gross 87.2 %` 4 860 Net 86,5 %
. Gross 86.5 % 2 710
Date of Pdor Sale n/a n/a nla nla
Pdce of Prior Sale $ $
Analysis of any current agreement of sale, option, or listing of the subject property and analysis of the prior sales of subject and comparables: See Attached Addenda
Summary of sales comparfson and value conclusion: See Attached Addenda
This appraisal is made ®•as-is", ^ subject to complefion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, or
^ subject to the following repairs, alterations or conditions
BASED ON AN ^ FJ(TERIOR INSPECTION FROM THE STREET OR AN ®INTERIOR AND EXTERIOR INSPECTION , I ESTYIATE THE MARKET VALUE, AS DEFlNED, OF THE REAL
PROPERTY THAT IS THE SUBJECT OF THIS REPORT TO BE S 5,000 , AS OF 02/22!2007
PAGE 1 OF 3 Fannie Mae Form 2055 9-96
Form 205 - •TOTAL for Windows" appraisal software by a la mode, inc. -1-B00-ALAMODE
IFile No. wif-1051 white Page #6
Desktop Underwriter Quantitative Analysis Appraisal Report File No. wif-1051white
Project Information for PUDs (n applicable) - • Is the developerPouilder in control of the Home Owners' Association (HOA)? ^Yes ^ No
Provide the following information for PUDs only'rf the developepbuilder is in control of the HDA and the subject property is an attached dwelling unR
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 buildings into a PUD? ^Yes ^ No n yes, date of conversion:
Does >he project contain any mufti-dwelling units? ^Yes ^ No Data Source:
Are the common elemerds completed? ^Yes ^ No n Na, describe status of completion:
Are any common elements leased to ar by the Home Owners' Association? ^Yes ^ No tt yes, attach addendum describing rental terms and options.
Describe common elements and recreational facilities:
Project Information for Condominiums (n applicable) - - Is the developer/builder in control of the Home Owners' Association (HOA)? ^Yes ^ No
Provide the fallowing inormation for all Condominium Projects:
Total number of phases Total number of unns Total number of unns sold
Total number of units rented Total number of units for sale Data Source(s)
Was the project created by the conversion of existing buildings into a condominium? ^Yes ^ No n yes, date of conversion:
Project Type: ^ Primary Residence ^ Second Home or Recreabonal ^ Row or Townhouse ^ Garden ^ Midrise ^ Highrise ^
Condition of the project, quality of consWetion, unit mix, etc.:
Are the common elements completed? U Yes U No n No, describe status of completion:
Are any common elements leased to or by the Home Owners' Association? ^Yes ^ No n yes, attach addendum describing rental terms and options.
Describe common elements and recreational facilities:
PURPOSE OF APPRAISAL: The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report based on a
quantitative sales comparison analysis for use in a mortgage finance transaction.
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market urider ail
conditions requisite to a fair sale, the buyer and seller, each acting pruderdty, knowledgeably and assuming the price is not affected by undue
stimulus. Implicit in this definttion is the consummation of a sale as of a specitied date and the passing of title from seller to buyer
under conditions whereby: (i) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting
in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made
in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration
for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.
` Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those
costs which are normally paid by sellers as a resun of tradition or law in a market area; these costs are readily identifiable since the
seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable
property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or
transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar
amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment.
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser's cert'dication that appears in the appraisal report is subject to the following conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes
that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the
basis of n being under responsible ownership.
2. The appraiser has provided any required sketch in the appraisal report to show approximate dimensions of the improvements and the sketch
is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size.
3. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific
arrangements to do so have been made beforehand.
4. The appraiser has noted in the appraisal report any adverse conditions (such as, but not limited te, needed repairs, the presence of hazardous
wastes, toxic substances, etc.) _ observed during the inspection of the subject property or that he or she became aware of during
the normal research involved in pertorming the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge
of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous
wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and
makes no guarantees or warranties, expressed or implied, regarding the condition of the property. The appraiser will not be
responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions
exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be Considered
as an environmental assessmerd of the property.
5. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be
reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such Hems that were furnished by
other parties..
6. The appraiser will not disclose the contents of the appraisal report except as provided for in the Un'rform Standards of Professional Appraisal Practice.
7. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal
report (including conclusions about the property value, the appraiser's identity and professional designations, and references
to any processional appraisal organizations or the fine with which the appraiser is associated) to anyone other than the borrower;
the mortgagee or its successors and assigns; the mortgage insurer; consultants; processional appraisal organizations; any state or
federally approved financial institution; or any department, agency, or instrumentality of the Untied States or any state or the District of
Columbia; except that the lender/client may distribute the report to data collection or reporting service(s) wtthout having to obtain the
appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be
conveyed by anyone to the public through advertising, public relations, news, sales, or other media.
8. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to completion per plans and specifications on
on the basis of a hypothetical condition that the improvements have been completed.
9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to completion, repairs, or anerations on the
assumption that completion of the improvements will be performed in a workmanlike manner.
PAGE 2 OF 3 Fannie Mae Form 2055 9-96
Form 205 -'TOTAL ter Windows" appraisal software by a la mode, inc. -1-800-ALAMODE
File No. w' -1051whffe Pa a #7
Desktop Underwriter Quantitative Analysis Appraisal Report File No. wjf-1O51white
APPRAISEA'S CERTIFICATION: The Appraiser certifies and agrees that:
i. I performed this appraisal by (1) personally inspecting from the street the subject property and neighborhood and each of the
comparable sales (unless i have otherwise indicated in this report that l also inspected the intedar of the subject property); (2) collecting, confirming,
and analyzing data from reliable public and/or private sources; and (3) reporting the results of my inspection and analysis in this summary appraisal
report. I further certify that I have adequate information about the physical chatacteristics of the subject property and the comparable sales to develop
this appraisal
2. I have researched and analyzed the comparable sales and offedngs/listings in the subject market area and have reported the
comparable sales in this report that are the best available for the subject property. I further certify that adequate
comparable market data exists in the general market area to develop a reliable sales comparison analysis for the subject property.
3. I have taken Into consideration the factors that have an impact on value in my development of the estimate of market value in
the appraisal report. I further certffy that I have noted any apparent or known adverse conditions in the subject improvements, on
the subject she, or on any stte within the immediate vicinity of the subject property of which I am aware, have considered these adverse
conditions in my analysis of the property value to the extent that I had market evidence to support them, and have commented about the effect of
the adverse condttions on the marketability of the subject property. I have not knowingly withheld any sign'rficant information from the appraisal
report and I believe, to the best of my knowledge, that alt statements and information in the appraisal report are true and correct.
4. I stated in the appraisal report only my own personas, unbiased, and professional analysis, opinions, and conclusions, which are
subject only to the contingent and limiting condttions specified in this form.
5. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal
interest or bias with respect to the participants in the transaction. I did na[ base, either partially or completely, my analysis and/or the
estimate of market value in the appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national
origin of ether the prospective owners or occupants of the subject property or of the present owners or occupants of the properties
in the vicinity of the subject property or on any other basis prohibited bylaw.
6. f have no present or contemplated future interest in the subject property, and neither my current or future employment nor my
compensation for pertorming this appraisal is contingent on the appraised value of the property.
7. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the
amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my
compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation,
a specific valuation, or the need to approve a specific mortgage loan.
8. I estimated the market value of the real property that is the subject of this report based on the sales compadson approach to value. I
further certity that I considered the cost and income approaches to value, but, through mutual agreement with the client, did not develop them, unless
I have noted otherwise in this report.
9. I performed this appraisal as a limited appraisal, subject to the Departure Provision of the Uniform Standards of Professional Appraisal
Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of
the effective date of the appraisal (unless I have otherwise indicated in this report that the appraisal is a complete appraisal, in which
case, the Departure Provision does not apply).
10. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condffion in the definition of market value.
The exposure time associated with the estimate of market value for the subject property is consistent with the marketing time noted
in the Neighborhood section of this report. The marketing period concluded for the subject property at the estimated market value is
also consistent with the marketing time noted in the Neighborhood section.
11. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. I
further certify that no one provided significard professional assistance to me in the development o(this appraisal.
SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certiies and agrees that:
I directly supervise the appraiser who prepared the appraisal report, have examined the appraisal report for compliance with the Uniform Standards
of Professional Appraisal Practice, agree with the statemerds and conclusions of the appraiser, agree to be bound by the appraiser's
certifications numbered 5 through 7 above, and am taking full responsibility for the appraisal and the appraisal report.
APPRAISER: W. J. Felde~rm,,an~'"]~ SUPERVISORY APPRAISER (ONLY IF REQUIRED):
Signature: ~i~/f~ Signature:
Name: Bill Felder an Name:
Company Name: Bill Felderman Appraisals Company Name:
Company Address: 2421 Universit Avenue Company Address:
Dubuque Iowa 52001
Date of Report/Signature: 02/24/2007 Date of ReporVSignature:
State Certification #: cRO136o State Certification #:
or State License #: or State License #:
State: IA State:
Expiration Date of Certification or License: 613012008 Expiration Date of Certification or License:
ADDRESS OF PROPERTY APPRAISED:
1051 White Street SUPERVISORY APPRAISER:
Dubuque IA 52001 SUBJECT PROPERTY
APPRAISED VALUE OF SUBJECT PROPERTY S 5 000 ^ Did not inspect subject property
EFFECTIVE DATE OF APPRAISAL/INSPECTION 02/2212007 ^ Did inspect exterior of subject property from street
^ Did inspect interior and exterior of subject property
LENDERjCLIENT: COMPARABLE SALES
Name: Robert smith
Company Name: owner ^ Did not inspect exterior of comparable sales from street
Company Address: 2735 cottonwood court Dubuque Iowa s2oD1 ^ Did inspect exterior of comparable sales from street
PAGE 3 OF 3 Fannie Mae form 2055 9-96
Form 205 - "TOTAL for Windows' appraisal software by a la mode, inc. -1-800-ALAMODE
Suonlemental Addendum (File rJo. wif-to5twnite Paae as
Bonower Client N!A
Pro a Address 1051 White Street
Cit Dubu ue Coun Dubu ue State IA Zi Code 52001
Lender Owner
Information for the appraisal was gathered from; City and County Assessors, County Auditor, County Treasurer, City and
County Zoning Departments, City and County Engineers, Multiple Listings Service, Appraiser Files of previous inspections or
appraisals, market information maintained in appraisers files, discussions with real estate brokers and appraisers, U. S. Census
Bureau, and Federal Emergency Management Agency (Flood Status).
The Net Real Estate Taxes are currently listed at $154.00x, according to the County Treasurers Office.
• URAR Neiohborhood Factors:
Dubuque is the hub city for the Tri-State Area, and is the county seat for Dubuque County. The major employment, school, and
shopping centers are located in Dubuque. The Tri-State Area continues to see new housing construction, and the location of
new businesses to the area. The Dubuque Economic Base continues to increase. The economic growth pattern is positive with
the new businesses and the continued growth of tourism; including, but not limited to, the dog track, riverboat gambling, and
historic tours.
• URAR :Neighborhood Market conditions:
The present housing supply is normal, with continued new construction and upward price Vends in most price ranges.
The overall market is expected to continue, subject to favorable interest rates, and a continued stable to increasing economic
market.
Any reasonable loan service paid by the sellers of comparable sales for mortgage financing are not considered to have an
influence on the estimate of market value.
Commercial uses are located within the subject neighborhood. These uses are typical of similar neighborhoods, and do not
negatively affect the market value of the property.
Vacant and/or undeveloped land uses are located within the subject neighborhood. These uses are typical of similar
neighborhoods, and do not negatively affect the market value of the property.
• URAR :Site Comments:
The history of the Tri State (Dubuque) area includes lead mining, and there are mines and old mine shafts throughout the area.
This Appraiser has no knowledge of such mines/shafts which are problematic to the subject property.
There is an alley along the rear of the property.
• URAR :Additional Features. Condition. and Depreciation Comments:
The house is a two story house, with no garage. The property is unlivable, floors falling in to the basement (main Level), hole in
roof, broken windows, no heating system, and no plumbing, and no floor coverings.
The subject house is older than five years old. Upon a visual inspection, no mechanical systems appear to be working; and the
roof appears to be in a poor (holes in the roof) condition.
There were major physical or functional inadequacies noted. The house has not been maintained, and is in overall fair
condition.
The appraiser is not a code expert, and has not inspected the subject for code compatibility in the basement or other code
related matters. The Appraiser reserves the right to modify the value estimate if code violations are subsequently discovered
which have material impact on the subjects value.
• URAR :Adverse Environmental Conditions:
There is no indication of any adverse environmental conditions (such as hazardous wastes, toxic substances) present in the
improvements, on the site, or in the immediate vicinity of the subject property.
This property was constructed and/or painted prior to 1978 EPA/HUD Target Housing, and lead paint hazard or content is
unknown without a risk assessment or inspection. There is a HUD handout available with the hazards of lead paint discussed.
The house was built prior to 1981, and asbestos content is unknown without an asbestos inspection or assessment.
The appraiser has NOT tested for LEAD, RADON, or ASBESTOS.
The value in this report is based on the extraordinary assumption that there are no adverse materials present or noted
form TADD -'TOTAL for Windows' appraisal software by a la mode, inc. -1.800-ALAMODE
Supplemental Addendum
Fle No. w' -1051white Pa a #9
Rlc Nn uif_1nS1,ur,ifo
Borrower Client N/A
Pro a Address 1051 White Street
C' Dubu ue Count Dubu ue State IA Zi Code 52001
Lender Owner
• URAR :Sales Comparison Comments: ,
The comparables listed are the most similar in style, condition, construction, appeal, amenities, and location to the subject.
When the comparable information has been obtained from a Multiple Listing Service, the sale date is the date the Purchase
Agreement was signed. This date may be different from the actual recorded date of sale. Unless indicated differently, all sales
are verified closed sales.
One of the comparables sale date is older than six months old, or farther than one mile from the subject.
All comparables are the best available from a research of sales in the past year, and within 10 miles of the subject.
When there are equal size (# of cars) garages, the local market indicates greater desirability for attached or detached over
built-in garages.
After adjustments, some consideration was given to all comparables.
The adjustment percentages are higher than normal (10% for individual items, and 15% for net items, or 25°!o for gross
adjustments) for all comparables.
• URAR :Comments and Conditions of the Aopraisal:
This report is a complete appraisal, submitted in a summary report format.
The property is based on an "AS IS" condition.
The subject property is NOT currently offered for sale. This was verified with the Dubuque Multiple Listing Service and/or the
owner.
There are no special conditions or requirements that affect the markei value or future marketability in the Appraisal Report.
• URAR :Final Reconciliation Comments:
There are few, if any, comparables of houses for rent within the same value range of the subject. Single family dwellings are
not typically purchased for their income producing capability. Based on the lack of data, the appraiser has not determined an
Income Approach to Value in this report.
The Sales Comparison Approach more accurately reflects current value and is given greatest weight.
form TADD - "TOTAL for Windows" appraisal software by a la mode, inc. -1-800-ALAMODE
Comparable Photo gage
rtla K0. +^p-145k:~hiie Page S71
Bofl'b+'.eC'Clrent PJ/A _ _ _ _ - - - - -- - - - - - - - - -
?rbpedyArftiress 1051 tNhda Street _ _ _ - -
:ity Dubuque _ _ _ _ Caunq~ Dubuque _ _ _ _ Stsle IA _ _ ~p~C_52001 _
Lpxkr Owner
Comparable 1
1309 Rhomberg
Prox. in Subject 1.26 miles
Sale Price 35,000
GrossLivinpF.rca 1,120
Total Roarw 5
TotalBedraoms 2
Trial Bathrooms 1
Lbcata?rt UrbaNAvg
Yew Residential
Sde 3151
Gua6ry Hardboard/Gd
Age 92
Comparable 2
636 University Avenue
Prox. to Subject 0.50 miles
Sale prKe ^?.9t~
GrosslJrinpArea 1,152
Tatar Rooms 5
iutal Ballrooms 2
Total Battaoans 1
Locat;+,n UrbanlAvg
Yew Residential
Site 4500
Oualiq~ SlatelAvg
Age 117
Comparable 3
141E 11th Street
Prox, to Subject 0.04 miles
Sale Price 20.000
Gross Living Area 1,777
Tu1,a1 Roans 6
TotalBet$aans 4
Tsai Bathrooms 1
LocaGOn UrbanlAvg
Yew Resdential
Slte 1936
puality Hardboard/Avg
Age 97
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Subject Photo Page
F7iP N0. 1V~(-~(L)St Wh1IP Paoe#f0
Pro~eertyrlddres 1957 1Nhite SVeet _ _ __ - - - - - -
Ctry pubuque _ Coumy Dubuque _ _ _ Stata ~A - - - - Zµt i:cre _ 52001 IJ#
Lender O~.,roer - - - _ -
Subject Front
1051 White Street
Saks Price WA
Gross Living Area t,2a8
7ota1 Roans 5
Total Bedroans 2
Total Bathrooms 0
LocaSon UrbarUAvg
View Residential
Site 3,300
Ouagty BrkState/POOr
Ape 117
Subject Rear
Subject Street
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:file Ion, wyt-1051t•,hiie Page #13
3arowergrent N!A _ _ _
'roperty Address 1051 WiiiD+ Slrc:et _ _ _ _ _- - _ - - - - - - - - - -
:ily Dubuque _ _ _, _ _ _ _ Gcwnry Dubuque _ _ _ Stafe IA _ _ _ _ _1pi:ode 52001 - _
.enoer Ovmr•r
1051 Whrte Street
Saks Pdce NIA
Gross Living Area 1,248
Tota4 Rooms 5
To'.al Bedrooms 2
Total datnraoms 0
Location Urban/Avg
Yiew Residential
$il~ 3,300
Gca6ty BrkSlate/Poor
Age tt7
Form PICPLY.SR -'TOTAL for Kmdows' appraisal software by a la mode, irc. - 1.800-ALAMDDE
Subject Photo Page
FiIP d:o. v; j6-1(Yulw~ile Peg_e #12.
iBOROV:er:Ciiert N/A .- _ _ _ _ _ _ _ _ _ _ 1
ptpy[!l5-eUMresS +OS1VVn;teStreet _ _ _ _ _ __ _ _
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1D51 White Street
Sales Price N!A
Gross Livinu Area 1,248
Talal Roans 5
Total Bedrooms 2
Total Bathrooms 0
Location UrbanlAvg
Vkw Residential
Site 3,300
Quality Rrt'gtate/Poor
Age 117
Fwm PtCPIX.SR -'TOTAL for wndaws` appraisal sairvrare 6y a is mode, inc. -1-8A7•AIAMODE
Comparable Sales Map
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rrower,Client NIA
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y Dubuque _ County D;itngr.e _ _ State IA _ lip Code 5001
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Location Map
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Sunnlemental Addendum cisei,. „sr_~n~tiu,r,No
Bonower Cliem N/A
Pro a Address 1051 White Street
C' Dubu ue Cau Dubu ue State lA Zi Code 52001
Lender Owner
WILLIAM J. FELDERMAN
EDUCATION
Army Community College
Iowa Association of Realtors Pre Licensing Course
Dubuque "MLS" Board/DMLS School
Principles of Real Estate Appraisal, Lincoln Graduate Center,
San Antonio, Texas
Practice of Real Estate Appraisal, Lincoln Graduate Center,
San Antonio, Texas
Narrative Appraisal, Lincoln Graduate Center, San Antonio, Texas
Farm and Land Appraisals, Lincoln Graduate Center
Commercial Appraisals, Lincoln Graduate Center
Standards and Ethics Course, Lincoln Graduate Center
Unauthorized Practice of Law in Real Estate, Iowa Association of Realtors
Misrepresentation in Real Estate, Iowa Association of Realtors
Property Inspections, Lincoln Graduate Center
PROFESSIONAL AND TRADE AFFILIATIONS AND DESIGNATIONS
Member, National Association of Master Appraisers (N.A.M.A.)
Master Residential Appraiser, N.A.M.A.
Master Senior Appraiser, N.A.M.A. Certification No. 4482
Licensed Real Estate Salesman, State of Iowa
Appraiser, John L. Felderman Appraisals
State of Iowa Certified Residential Real Property Appraiser No. CR01360
State of Illinois Licensed Real Estate Appraiser No. 154002919
Senior Property Inspector, Since 1995
Dubuque Board of Realtors, Dubuque Multiple Listing Service
BUSINESS EXPERIENCE
U.S. Army, Fort Benning, Georgia 1977 - 1980
Lacoma Golf Course, Illinois, (Greenskeeper) 1976 - 1977
Representative for "Tempo" custom golf clubs and golf accessories 1975 - 1976
Ertl Toy Company, Dyersville, (Territorial Sales Manager) 1980 - 1987
Continental Realty and Investments, Dubuque, Iowa 1987 - 1999
3. L. Felderman Appraisals, Dubuque, Iowa 1987 - 1998
J and J Construction, building rehabilitation 1990 - 1995
Bill Felderman Appraisals since 1998
Iowa Certified Residential Appraiser since 1987
Illinois Licensed Residential Appraiser since 1990
Iowa Real Estate Broker since 2000
Form TADD - "TOTAL for Wintlows` appraisal software by a la mode, inc. -1-800-ALAMODE
Suuulementaf Addendum cuoni~ uar_~n~tu,r,~rP
Borrower Client N!A
Pro a Address 1051 White Street
Cit Dubu ue Coun Dubu ue State IA Zi Code 52001
lender Owner
American Trust and Savings Bank, Dubuque, Iowa
Bellevue State Bank, Bellevue, Iowa
City of Dubuque, Iowa; and East Dubuque, Illinois
Coldwell Banker Mortgage Services,Inc.,Overland Park, Kansas
Deere & Company, Dubuque, Iowa
Dubuque Bank and Trust Company, Dubuque, Iowa
DuPaco Credit Union, Dubuque, Iowa
Dupont Company Corporate Relocation, Wilmington, Delaware
Dutrac Community Credit Union, Dubuque, Iowa
East Dubuque Savings Bank, East Dubuque, Illinois
U. S. Bank, Dubuque and Cedar Rapids, Iowa
Home Equity Relocation, Oakbrook, Illinois
NORWEST Mortgage, Dubuque, Iowa and Des Moines, Iowa
Transequity,Member of Byron Reed Company,Inc.Omaha, Nebraska
BILL FELDERMAN APPRAISALS - DUBUQUE, IOWA
form TADD -'TOTAL for Windows' appraisal software by a la mode, inc. -1-800-ALAMODE
8atmtedCGert1 N!A F!etvb. wff-tO5lwhite
Pfoy+ertg Address 1051 White SIrt et
City Dubuque Caunry Dubuqu? St ~e IA Zio Cade 5200 i
Lender t]wner
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Form TOCP - 40TAL for Windows" aPP~isal software by a la mode, inc. -1-BDO-ALNi~iUDE
TABLE OF CONTENTS
File No. w' -1051white Pa a #1
FROM:
Bill Felderman
Bill Felderman Appraisals
2421 University Avenue
Dubuque,lA 52001
Telephone Number. 563-583-5561 Fax Number. 563-584-0782
T0:
Owner
Telephone Numtxr. Fax Number:
Ahemate Number. E-Mall:
INVOICE
INVOICE NUMBER
DATE
3/23/2007
'- REFERENCE
Internal Order #:
Lender Case #:
Client Flle #:
Main File # on form: wjf-1051white
Other Flle # on form:
Federal Tax ID: 42-1478720
Employer ID:
:DESCRIPTION ~~
Lender: Owner Client: Owner
Purchaser/Borrower: N!A
Property Address: 1051 White Street
City: Dubuque
County: Dubuque State: IA Zip: 52001
Legal Description: Lot 1 of City Lot 336
FEES - AMOUNT
zls.oo
SUBTOTAL 215.00
PAYMENTS ..~ AMOUNT
Check #: Date: Description: 215.00
Check #: Date: Description:
Check #: Date: Descriptlon:
SUBTOTAL 21s.oo
TOTAL DUE $ o.oo
Form NN5 -"TOTAL for Windows" appraisal software by a la mode, inc. -1-800-ALAMODE
bill felderman appraisals ltd.
SUMMARY OF SALIENT FEATURES
Subject Address 1051 White Street
Legal Description Lot 1 of City Lot 336
City Dubuque
County Dubuque
State IA
Zip Code 52001
Census Tract 0001.00
Map Reference 19-061
Sale Price $ N/A
- Date of Sale N/A
8anawer / Ctiens NIA
Lender Owner
Size (Square Feet) 1,248
Price per Square Foot $
Location Urban/Avg
Age 117
Condition AvglGood
Total Rooms 5
Bedrooms 2
Baths 1
Appraiser Bill Felderman
Date of Appraised Value 03122/2007
Final Estimate of Value $ 77,000
Form SSD -'TOTAL for Windows' appraisal software by a la mode, inc. -1-800-ALAMODE
File No. w'rf-1051white Pape #3
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions
requisfte to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implictt in this
definition is the consummation M a sale as of a specified date and the passing of tttle tram setter to buyer under condftions whereby: (1) buyer and seller are
typically motivated; (2) both parties are well irdonned or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed
for exposure in the open market; (4) paymerd is made in teens of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price
represents the nomral consideration for the properly sold unaffected by special or creative financing or sales concessions* grarded by anyone associated wtth
the sale.
`Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary
for those costs which are normally paid by setters as a result of tradition or law in a market area; these casts are readily identifiable
since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the
comparable property by comparisons to financing terms offered by a third parry institutional lender that is not already involved in the
property or transaction. Any adjustment should not be calculated on a mechanical dollar tar dollar cost of the financing or concession
but the dollar amount t any adjustment should approximate the market's reaction to the financing or concessions based on the
appraiser's judgement.
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraisers certification that appears in the appraisal report Is subject ro the following
conditions:
1. The appraiser will eat be responsible for matters of a legal nature that affect ehher the property being appraised or the title to ft. The appraiser assumes that
the title is good and marketable and, therefore, will eat render any opinions about the title. The property is appraised on the basis of ft being under responsible
ownership.
2. The appraiser has provided a sketch in the appraisal report to show appro>amate dimensions of the improvements and the sketch is included only to assist
the reader of the report in visualizing the property and understanding the appraiser's determination of fts size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted
in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he ar she makes
na guarantees, express or implied, regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specKc arrangements to do
so have been made beforehand.
5. The appraiser has estimated the value of the land in the cost approach at hs highest and best use and the improvements at their contributory value. These
separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid tt they are so used.
6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, ta>ac
substances, etc.) observed during the inspection M the subject property or that he or she became aware of during the normal research irnolved in performing
the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditons of the property or
adverse environmental condftions (ncluding the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and
has assumed that there are no such conditions and makes no guarantees ar wanatrties, express or implied, regarding the conditbn of the property. The
appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such
conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must eat be considered as an
environmental assessment of the property.
7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from souces that he or she considers to be
reliable and believes them ro be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were famished by other
parties.
8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Unttorm Standards of Professional Appraisal Practice.
9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repaks, or
alterations on the assumption that completion m the improvements will be performed in a workmanlike manner.
10. The appraiser must provide his or her prior wdtten consent before the fender/client specified in the appraisal report can distribute the appraisal report
• (including contusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal
organizations or the firm with which the appraiser is associated) to anyone other than the borrower, the mortgagee or its successors and assigns; the mortgage
insurer, consultants; professional appraisal organizations; any state or federally approved financial insMUtion; ar any department, agency, or instrrrmerrtality
of the United States or any state or the Distdt o1 Columbia; except that the lender/clierd may distdbute the property description section of the report only ro data
collection or reporimg service(s) wdhout having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also
be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media.
Freddie Mac Form 439 6.93 Page 1 a12 Fannie Mae Form 10048 6-93
bill felderman appraisals ltd.
Form ACR - "TOTAL for Windows" appraisal software by a la mode, inc. -1-80D-ALAMODE
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees mat:
1. I have researched the subject market area and have selected a minimum at mree recent sales of properties most similar and proximate to me subject property
for consideration in me sales comparison analysis and have made a dollar adjustment when appropriate to reflect me market reaction to mose items of significant
variation. If a significant hem in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce
me adjusted sales price of the comparable and, ti a significant item in a comparable property is interior to, or less favorable than the subject property, I have made
a positive adjustment to increase me adjusted sales price of me comparable.
2. I have taken into consideration me factors mat have an impact on value in my development of me estimate of market value in me appraisal report. t have not
knowingly wtthheld any significant information from me appraisal report and I believe, to me best of rtry knowledge, mat all statements and information in me
appraisal report are true and correct
3. I stated in me appraisal repoR only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent
and limiting conditions specified in mis form.
4. I have no presets or prospective imerest in the property mat is me subject to this report, and I have no present or prospective personal interest or bias with
respect to me participants in me transaction. I did not base, eidrer partially or completely, my analysis and/or me estimate of market value in the appraisal report
on me race, color, religion, sex handicap, familial status, or national origin of either me prospective owners or occupants of me subject property or of me present
owners o< occuparrts at the properties in me vicinity of me subject properly.
5. I have no present or comempiated future interest in me subject property, and neither my current or future empbyment nor my compensation for performing mis
appraisal is contiogen[ on me app2ised value of me properly.
6. t was not requhetl to report a predetermined value or direction in value mat favors me cause of me client or any related party, me amourd of me value estimate,
the attainmem of a specfic result, or me occurrence of a subsequent event in order to receive my compensation arrdtor empbynurrt for pertomting me appraisal. I
did not base me appraisal report on a requested minimum valuation, a specific valuation, or me need to approve a specific mortgage loan.
7. I performed this appraisal in conformity with the Unhorm Standards of Professional Appraisal Practice mat were adopted and promulgated by me Appraisal
Standards Board of The Appraisal Foundation and that were in place as of me effective date of mis appraisal, wfm me exception of the departure provision oT arose
Standards, which does not apply. 1 acknowledge mat an estimate of a reasonable time for exposure in the open market is a conditlon in me definttion of market value
and the estimate I developed is consistent with me marketing time noted in me neighborhood section of mis report, unless I have otherwise stated in the
reconciliation section.
8. I have personally inspected me interior and exterior areas of me subject property and me a#edor of all properties listed as comparabies in me appraisal repoR
I further cerbfy that 1 have noted any apparent or known adverse conditions in the subject improvements, on me subject site, or on any stte within me imvnediate
vicinity of me subject property of which I am aware and have made adjustments for mese adverse condigans in my analysis of the property value to me extern mat
I had market evidence to support mem. I have also commented about the effect of me adverse conditions on me marketabifiry of the subject property.
9. I personally prepared all conclusions and opinions about me real estate mat were set form in me appraisal report. tt I relied on significant professional
assistance from any individual or individuals in the periormance of me appraisal or me preparation of me appraisal report, I have named such individual(s) and
disclosed the spechic tasks perormed by them in the reconciliation section of this appraisal report 1 certhy mat any individual so named is qualifred to perform
me tasks. I have not aumorized anyone to make a change to any hem in me report; merefore, it an unaumorized change is made to me appraisal report, I wrU take
no responsibility for tt.
SUPERVISORY APPRAISER'S CERTIFICATION; tt a supervisory appraiser signed me appraisal report, he a she certifies and agrees mat:
I directly supervise me appraiser who prepared me appraisal report, have reviewed me appraisal report, agree wim me statements and conclusions o1 me appraiser,
agree to be bound by the appraiser's ceri'rfications numbered 4 mrough 7 above, and am taking toll responsibility for the appraisal and me appraisal report.
ADDRESS OF PROPERTY APPRAISED: 1051 White Street Dubuque IA 52001
APPRAISER: SUPERVISORY APPRAISER (only if required):
Signature: Signature:
Name: Bill Feld an Name:
Date Signed: 0 22/2007 Date Signed:
State Certtticatian #: CR01360 State Certification #:
or State License #; or State Ucense #:
State: IA State:
Expiration Oate of Cert'dication or License: 6/3012006 Expiration Date of Cerithcation or License:
^ Did ^ Did Not Inspect Property
Freddie Mac Form 439 ti-93 Page 2 of 2 Fannie Mae Form 10D48 6-93
Form ACR -'TOTAL for Windows' appraisal software by a la mode, inc. -1-800-ALAMODE
FanriieMae bill felderman appraisals ftd.
nn~l.fn., Ilndnwu~ifFasr AuantltaltiVP_ Onaltucic Onnraisal Refonrt
File No. w' -1051white Pa a #5
err. Mn wit-1051 white
__r _ _ _
THIS SUMMARY APPRAISAL REPORT IS INTENDED FOR USE BY THE LENOER/CLIENT FOR A MORTGAGE FINANCE TRANSACTION ONLY.
Pro a Address 1051 White Street C' Dubu ue State IA Zi Code 52001
Le ai Descri 'on Lot 1 of Cit Lot 336 Coun Dubu ue
Assessor's Parcel No. 1024476071 Tax Year 2005 R.E. Taxes 154.73 S ecial Assessments
.. Borrower NIA Cuttent Owner Robert 8 Sandra Smith Occu am Owner Tenard Vacam
Nei hborhood or Pro' ct Name NIA Pro'ect T e PUD Condominium HOA n!a Mo.
Sates Price NIA Date of Sale NIA Descri lion amount of loan char es concessions to be aid b seller
Pro e ri hts a raised I Fee Sim le Leasehold Ma Reference 19-061 Census Tract 0001.00
ore: a d ial o i n o t i fw ood r not rats I fact s.
Locatlon ®Urban ^Suburban ^Aural Property values ^ Increasing ~i Stable ^ Declining 5ingietamiryhousing Condaniniumhousing
d ~plr`~l
Buih up ®Over 75% ^ 25-75% ^ Under 25% Demand/supply ^ Shortage ®In balance ^ Over supply (yrsj
$(gOpj l~sl $(~)
Growth rate Ra id Stable Slow Marketin time Under 3 mos. 3-6 mos. Over 6 mos. 15 Low 25+ Low
Neighborhood boundaries See Attached Addenda 140 Hi h 50+ }G h
Predominard Predominam
80 50+
Dimensions 33 x 100 Site area 3.300 Shape Rectangular
Specific zoning classification and description C-4 Downtown Commercial
Zoning compliance ®Legai ^ Legal nonconforming (Grandfathered use) ^ Illegal, attach description ^ No zoning
Highest and best use of subject property as improved (a as proposed per plans and specfications): ®Presert use ^ Other use, attach description.
Utilities Public Other Public Other Off-site Improvements Type Public Private
Electricity ® Water ® Street Asphalt ® ^
Gas Sanita sewer Alle As halt
Are there an a arent adverse site conditions easements encroachments s eclat assessmerds slide areas etc. ? n Yes No tt Yes attach descd lion.
Source(s) used for physical characteristics of property: Interior and exterior inspection Exleria inspection from street Previous appraisal files
MLS Assessment and tax records Prior ins ction Pro a owner Other Describe
No. of Stories 2 T DetJAtt. Det Exterior Walls BrickSlate/Av Roof Surtace As haltShn I/Tar Manufactured Housin n Yes No
Does the ro eneralt cardorm to the net boyhood in terms of s le cond'dian and construction materials? Yes No tt No attach lest ' Lion.
Are there any apparent physical deficiencies or conditions that would affect the soundness or structural integrity of the improvements or the livability of the property?
- Yes No ttYes attachdescri lion.
Are there any apparent adverse environmental conditions (hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the immediate vicinity of
the subject property? ^ Yes ®No tl Ves, attach description.
1 researched the subject market area tar comparable listings and sales that are the most similar and proximate to the subject property.
My research revealed a total of 7 sales ranging in sales price from $ 60 000 to $ 100,000
My research revealed a total of 4 listings ranging in list price from $ 60 000 to $ 100,000
The anal sis M the comparable sales below reflects market reaction to significant variations between the sales and the subject grope
FEATURE SUBJECT SALE1 SALE2 SALES
1051 White Street 2036 Jackson Street 2706 Central Avenue 1214 Lincoln
Address Dubu ue Dubu ue Dubu ue Dubu ue
PAGE 1 Of 3 rooms more roan cuw a-yo
Form 205 - "TOTAL for Windows" appraisal software by a la mode, inc. -1-80D-ALAMODE
File No w'rf-1051 white Page #6
Desktop Underwriter Quantitative Analysis Appraisal Report File No. wjf-1O51white
Project Information for PUDs (tt applicable) - - Is the developer/builder in conrol of the Home Owners' Association (HOA)? ^ Yes ^ No
Provide the following information for PUDs only if the developerNuilder is in control of the HOA and the subject property is an attached dwelling unft:
Total number of phases Total number of unOs 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 buildings into a PUD? ^ Yes ^ No ff yes, date of conversion:
Ooes the project contain any mufti-dwelling units? ^ Yes ^ No Data Source:
Are rite common elements completed? ^ Yes ^ No B No, descdbe status of completion:
Are any common elemems leased to or by the Home Owners' Association? UYes U No h yes, attach addendum descdbing rental terms and options.
Desedbe comnron elemems and recreational facilrbes:
Project Information for Condominiums (If applicable) - - Is the developer/builtler in control of the Home Owners' Association (HOA)? ^ Yes ^ No
Provide the following information for all Condominium Projects:
Total number of phases Total number of units Total number N un'ds sold
Total number of units rented Total number of units far sale Data 5ource(s)
Was the project created by the conversion of existing buildings into a condominium? ^ Yes ^ No n yes, date of conversion:
Project Type: ^ Primary Residence ^ Second Home or Recreational ^ Row or Townhouse ^ Garden ^ Midrise ^ Highdse ^
Condttion of the project, quality of construction, unh mix, etc.:
Are the common elemems completed? [~ Yes U No fl No, describe status at completion:
Are any common elements leased to or by the Home Owners' Association? ^ Yes ^ No tt yes, attach addendum descdbing rental terms and options.
Descdbe common elemems and recreational facilities:
PURPOSE OF APPRAISAL: The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report based on a
quantttative sales Comparison analysis for use in a mortgage finance transaction.
DEFINITION OF MARKET VALUE: The most probable price which a property should bdng in a competitive -and open market under all
conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeabry and assuming the price is not affected by undue
stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of Crtte from seller to buyer
under condtions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting
in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made
in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration
for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.
* Adjustments to the comparables must be made for special or creative financing ar sales concessions. No adjustmems are necessary for those
casts which are normally paid by sellers as a resuh of tradition or law in a market area; these costs are readily ident'rfiable since the
seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable
property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or
transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar
amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment.
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMlfING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions:
1. The appraiser wilt not be responsible for matters of a legal nature that affect either the property being appraised or the title to ft. The appraiser assumes
that the title is good and marketable and, therefore, will not render any opinions about the title. The property (s appraised on the
basis of h being under responsible ownership.
2. The appraiser has provided any required sketch in the appraisal report to show approximate dimensions of the improvements and the sketch
is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of tts size.
3. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific
arrangements to do so have been made beforehand.
4. The appraiser has noted in the appraisal report any adverse conditions (such as, but not limited to, needed repairs, the presence of hazardous
wastes, toxic substances, etc.) observed dudng the inspection of the subject property or that he or she became aware of dudng
the normal research involved in performing the app2isal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge
of any hidden w unapparent conditions of the property or adverse environmental condhions (including the presence of hazardous
wastes, toxic substances, etc.} that would make the property more or Less valuable, and has assumed that there are no such conditions and
makes no guarantees or warranties, expressed or implied, regarding the condftion of the property. The appraiser will not be
responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such condttions
exist. Because the appraiser is not an expert In the field of environmental hazards, the appraisal report must not be considered
as an environmental assessment of the property.
5. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be
reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such ttems that were furnished by
other parties.
6. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice.
7. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal
report (including conclusions about the property value, the appraiser's identity and professional designations, and references
to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower;
the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or
federally approved financial institution; or any departmem, agency, or instrumentality of the United States or any state or the District of
Columbia; except that the lender/client may distribute the report to data collection or reporting services} without having to obtain the
appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be
conveyed by anyone to the public through advertising, public relations, news, sales, or other media.
8. The appraises has based his or her appraisal report and valuation conclusion for an appraisal that is subject to completion per plans and specifications on
on the basis of a hypothetical condition that the improvements have been completed.
9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to completion, repairs, or alterations on the
assumption that completion of the improvements will be performed in a workmanlike manner.
PAGE 2 OF 3 Fannie Mae Form 2055 9-96
Form 205 -'TOTAL for Windows' appraisal software by a la made, inc. -1.800-ALAMODE
file No. w' -1051whhe Pa a #7
Desktop Underwriter Quantitative analysis appra~sa~ lieporz File No. wjf-1051 white
APPRAISER`S CERTIFICATION: The Appraiser certifies and agrees that:
1. I performed this appraisal by (1) personally inspecting from the street the subject properly and neighborhood and each of the
comparable sales (unless I have otherwise indicated in this report that 1 also inspected the interior of the subject property); (2) collecting, confirming,
and analyzing data from reliable public and/or private sources; and (3) reporting the results of my inspection and analysis in this summary appraisal
report. I further certify that I have adequate information about the physical characteristics of the subject property and the comparable sales to develop
this appraisal.
2. I have researched and analyzed the comparable sales and offeringsflistings in the subject market area and have reported the
comparable sales in this report that are the best available for the subject property. I further certify that adequate
comparable market data exists in the general market area to develop a reliable sales comparison anatysis for the subject property.
3. I have taken Into conslderatian the factors that have an impact on value in my development of the estimate of market value in
the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on
the subject stte, or on any site within the immediate vicinity of the subject property of which I am aware, have considered these adverse
condttions in my analysis of the property value to the exterrt that I had market evidence to support them, and have commented about the effect of
the adverse conditions on the marketability of the subject property. I have not knowingly withheld any significant information from the appraisal
report and {believe, to the best of my knowledge, that alt statements and information in the appraisal report are true and correct.
4. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are
subject only to the contingent and limiting cond'Rions specified in this form.
5. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal
interest or bias wtth respect to the participants in the transaction. I did not. base, either partially or completely, my analysis and/or the
estimate of market value in the appraisal report on the race, cWor, religion, sex, age, marital status, handicap, familial status, or national
origin of either the prospective owners ar occupants of the subject property or of the present owners or occupants of the properties
in the vicin'tty of the subject property or on any other basis prohibfted by law.
6. 1 have no present or contemplated future Interest in the subject property, and netther my current or future employment nor my
compensation for performing this appraisal is contingent on the appraised value of the property.
7. I was not required to report a predetermined value or direction in value that favors the cause of the cliem or any related party, the
amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my
compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation,
a specrfic valuation, or the need to approve a specific mortgage loan.
8. I estimated the market value of the real property that is the subject of this report based on the sales comparison approach to value. I
further certify that 1 considered the cost and income approaches to value, but, through mutual agreement with the client, did not develop them, unless
I have noted otherwise in this report.
9. I performed this appraisal as a limtted appraisal, subject to the Departure Provision of the Uniform Standards of Professional Appraisal
Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of
the effective date of the appraisal (unless 1 have otherwise indicated in this report that the appraisal is a complete appraisal, in which
case, the Departure Provision does not appty).
t0. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condttion in the definftion of market value.
The exposure time associated wtth the estimate of market value for the subject property is consistent with the marketing time noted
in the Neighborhood section of this report. The marketing period concluded for the subject property at the estimated market value is
also consistent with the marketing time noted in the Neighborhood section.
11. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. I
further certtty that no one provided significant professional assistance to me in the development of this appraisal.
SUPERVISORY APPRAISER'S CEATIFlCATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that:
I directly supervise the appraiser who prepared the appraisal report, have examined the appraisal report for compliance with the Uniform Standards
of Professional Appraisal Practice, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's
certifications numbered 5 through 7 above, and am taking full responsibiltty for the appraisal and the appraisal report.
APPRAISER: W. J. Felderman SUPERVISORY APPRAISER (ONLY IF REQUIRED-:
Signature: Signature:
Name: Bill Felde an Name:
Company Name: Bill Felderman Aooraisals Company Name:
Company Address: 2421 University Avenue Company Address:
Dubuque Iowa 52001
Date of Report/Signature: 0322/2007 Date of Report/Signature:
State Certification #: CR01360 State Certirfication #:
or State License #: or State License #:
State: IA State:
Expiration Date of Certification or License: 6!302006 Expiration Date of Certification or License:
ADDRESS OF PROPERTY APPRAISED:
105t White Street SUPERVISORY APPRAISER:
Dubuque to 52001 ROPERTY
SUBJECT P
APPRAISED VALUE OF SUBJECT PROPERTY; ~~ 000 ^ Did riot inspect subject property
EFFECTIVE DATE OF APPRAISAL/INSPEC7fON 03222007 ^ Did inspect exterior of subject property from street
^ Did inspect interior and exterior of subject property
LENDER/CLIENT: COMPARABLE SALES
Name: Robert Smith
^ Did not inspect exterior of comparable sales from street
Company Name: Owner ^ Did inspect exterior of comparable sales from street
Company Address: 2735 Cottonwood Court Dubuque, Iowa 52001
PAGE 3 Of 3 ranme mae roan zuoo y-yo
Form 205 -"TOTAL for Windows" appraisal software by a la mode, inc. - t-800-ALAMOOE
Rle No. w' -1051white Pa a #8
Sunnlemental Addendum ri•u,. .as_~n~~,..tiae
Borrower Client N!A
Pro a Address 1051 White Street
Ci Dubu ue Coun Dubu ue State IA L' Cotle 52001
Lender Owner
Information for the appraisal was gathered from; City and County Assessors, County Auditor, County Treasurer, City and
County Zoning Departments, City and County Engineers, Multiple Listings Service, Appraiser Files of previous inspections or
appraisals, market information maintained in appraisers files, discussions with real estate brokers and appraisers, U. S. Census
Bureau, and Federal Emergency Management Agency (Flood Status).
The Net Real Estate Taxes are currently listed at $154.00, according to the County Treasurers Office.
• URAR Neighborhood Factors
Dubuque is the hub city for the Tri-State Area, and is the county seat for Dubuque County. The major employment, school, and
shopping centers are located in Dubuque. The Tri-State Area continues to sea new housing construction, and the location of
new businesses to the area. The Dubuque Economic Base continues to increase. The economic growth pattern is positive with
the new businesses and the continued growth of tourism; including, but not limited to, the dog track, riverboat gambling, and
historic tours.
• URAR : Neiohborhood Market conditions:
The present housing supply is normal, with continued new construction and upward price trends in most price ranges.
The overall market is expected to continue, subject to favorable interest rates, and a continued stable to increasing economic
market.
Any reasonable loan service paid by the sellers of comparable sales for mortgage financing are not considered to have an
influence on the estimate of market value.
Commercial uses are located within the subject neighborhood. These uses are typical of similar neighborhoods, and do not
negatively affect the market value of the property.
Vacant and/or undeveloped land uses are located within the subject neighborhood. These uses are typical of similar
neighborhoods, and do not negatively affect the market value of the property.
• URAR :Site Comments:
The history of the Tri State (Dubuque) area inGudes lead mining, and there are mines and old mine shafts throughout the area.
This Appraiser has no knowledge of such mines/shafts which are problematic to the subject property.
There is an alley along the rear of the property.
• URAR ~ Additional Features Condition. and Depreciation Comments:
The house will be a two story house, with no garage. The property will be total rehab.
There were no major physical or functional inadequacies noted. The house will be in avg/good condition.
The appraiser is not a code expert, and has not inspected the subject for code compatibility in the basement or other code
related matters. The Appraiser reserves the right to modify the value estimate if code violations are subsequently discovered
which have material impact on the subjects value.
• URAR :Adverse Environmental Condilions:
There is no indication of any adverse environmental conditions (such as hazardous wastes, toxic substances) present in the
improvements, on the site, or in the immediate vicinity of the subject property.
This property was constructed and/or painted prior to 1978 EPAMUD Target Housing, and lead paint hazard or content is
unknown without a risk assessment or inspection. There is a HUD handout available vrith the hazards of lead paint discussed.
The house was built prior to 1981, and asbestos content is unknown without an asbestos inspection or assessment.
The appraiser has NOT tested for LEAD, RADON, or ASBESTOS.
The value in this report is based on the extraordinary assumption that there are no adverse materials present or noted.
• URAR :Sales Comparison Comments:
The comparables listed are the most similar in style, condition, construction, appeal, amenities, and location to the subject.
When the comparable information has been obtained from a Multiple Listing Service, the sale date is the date the Purchase
Agreement was signed. This date may be different from the actual recorded date of sale. Unless indicated differently, all sales
are verified Gosed sales.
Form TADD - `TOTAL for Windows" appraisal software by a la mode, inc. -1.800-ALAMODE
Suoolemental Addendum G;;orJ~ ,.,;t_,na,u,h;,a
Borrower Client N/A
Pro a Address 1051 White Street
C Dubu ue Coun Dubu ue 5tate IA Zi Code 52001
Lender Owner
One of the comparables sale date is older than six months old, or farther than one mile from the subject.
All comparables are the best available from a research of sales in the past year, and wrthin 10 miles of the subject.
When there are equal size (# of cars) garages, the local market indicates greater desirability for attached or detached over
built-in garages.
After adjustments, some consideration was given to all comparables.
• URAR • Comments and Conditions of the Aooraisat:
This report is a complete appraisal, submitted in a summary report format.
The property is based on an "Subject to" condition.
The subject property is NOT curcently offered for sale. This was verified with the Dubuque Multiple Listing Service and/or the
owner.
There are no special conditions or requirements that affect the market value or future marketability in the Appraisal Report.
• URAR :Final Reconciliation Comments:
There are few, if any, comparables of houses for rent within the same value range of the subject. Single family dwellings are
not typically purchased for their income producing capability. Based on the lack of data, the appraiser has not determined an
Income Approach to Value in this report.
The Sales Comparison Approach more accurately reflects current value and is given greatest weight.
Form TADD - "T07AL for Windows" appraisal software by a la mode, inc. -1-800-ALAMODE
Subject Photo Page
F!e No. ~•rj(-1051 v:hife Page 810
o,TOVrn/Cfem t\/A
roperty i+ddress 1051 White St:ee± - - - _ - _ _ _- _- _
iry Dubuque CarOty Dubuque - _ Sian IA Zip Code 52001 _
antler Ov: per
Subject Front
1051 White Street
+ales Aice NIA
Gross Luting Area ; 31B
Total Rooms 5
Total Bedrooms 2
Total BathroaTS 1
Location UrbarUAvg
View ResidlComm
Site 3.300
Quality BrkSlate/Poor
Age '117
Subject Rear
Subject Street
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Comparable Pboto Page
i ile ~ 1n vjf-1051 ~"hite a age rk17
lorioa;?oCtent iJL-~ _ _
'roperty hJdress 10~ 1 Whix. Str?et __, ~ ~ _ _ _ - - _ _ _
pity DubuGua Cocnty Dubu;u,% _ Staie_IA _ - _ Apt=ooe 03001_
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Comparable 1
2036 J=ci.son Street
Prox. to Subject 0.60 miles
Sate Price 63,000
Gross Livinn Area 1,172
Total Rooms 5
Total Bedrooms 2
Torar Bathrooms 1
Lo.aaon Urban/Avg
View ResidlComm
Site 2500
Quality Hardboard/Gd
kge 74
Comparable 2
)06 Central Avenue
Prox. to Subject 1.35 miles
Sale Price 80,500
Gross LivingAr,:,; 1,252
Tet:J Rooms 5
ToW Bedrooms 2
Total Bahrooms
Locahou Ca,an/Avg
View Residential
Site 5100
Ouaht7 S~a:JAvg
Age t0/
Comparable 3
1214 Lincoln
Prox. to Subject 1.22 miles
Sale Price 92,000
Grns LiWng Area ' 47^_
Toi^I Rooms 5
Tchl Bedrooms 2
Total Batluaoms 1
Lacatlon Urban/Avg
Vkw Residential
Sfle 685D
Quality Hardboard/Avg
Age 97
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Subject Photo Page
;File:Pn.;:yf-105iv:hite Page#12
?mranrr/Client 1.''A
'roDerty^ ~.aress _1051 Whi'~:e ~~~.-°; _ - -- _ _ - _ _ --
;ii}- Uubu~?i~^ - _ fnuiity Dubuque _ _ Stal= IA _ _ __ Zip Code 52001 _
.ender Q~: r^r
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105 ~ White Street
Sale, }Ricz N/A
Gros. Li+mtg Area 1 ^a
Total Rooms 5
Total Bedrooms 2
ToC;I L'::1`:mems t
Loc::twn Urban/Avg
"'"-~: ResidlComm
Site 3,300
Quality BrkSlatelPoor
Age 117
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Pronedv AodresS t0o1 White 6tret9 - - - ~ _ _ _ _ - _ - ~ - - I
City ilub~r~;i;a _ _ -County Dubuque _ _ State !A _ _ Zip CorM `^On 1 _ _
Lender rDv:r,er
1051 White Street
Saks Price N/A
GrossLivin!tRrea t,2.S
Total Rooms 5
ToG:! Bedraants z
Total9athrooms 1
Location Urban!Avg
View ResidlComm
Site 3.300
Quality BrkSfatelPoor
Age 177
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Sunnlemental Addendum ~,~e u~ ,~f_,nF,,.,r,;,o
Borrower Client N/A
Pro a Address 1051 White Street
C' Dubu ue Coun Dubu ue State IA r Code 52D01
Lender Owner
WILLIAM J. FELDERMAN
EDUCATION
Army Community College
Iowa Association of Realtors Pre Licensing Course
Dubuque "MLS" Board/DMLS School
Principles of Real Estate Appraisal, Lincoln Graduate Center,
San Antonio, Texas
Practice of Real Estate Appraisal, Lincoln Graduate Center,
San Antonio, Texas
Narrative Appraisal, Lincoln Graduate Center, San Antonio, Texas
Farm and Land Appraisals, Lincoln Graduate Center
Commercial Appraisals, Lincoln Graduate Center
Standards and Ethics Course, Lincoln Graduate Center
Unauthorized Practice of Law in Real Estate, Iowa Association of Realtors
Misrepresentation in Real Estate, Iowa Association of Realtors
Property Inspections, Lincoln Graduate Center
PROFESSIONAL AND TRADE AFFILIATIONS AND DESIGNATIONS
Member, National Association of Master Appraisers (N.A.M.A.)
Master Residential Appraiser, N.A.M.A.
Master Senior Appraiser, N.A.M.A. Certification No. 4482
Licensed Real Estate Salesman, State of Iowa
Appraiser, John L. Felderman Appraisals
State of Iowa Certified Residential Real Property Appraiser No. CRO1360
State of Illinois Licensed Real Estate Appraiser No. 154002919
Senior Property Inspector, Since 1995
Dubuque Board of Realtors, Dubuque Multiple Listing Service
BUSINESS EXPERIENCE
U.S. Army, Fort Benning, Georgia 1977 - 1980
Lacoma Golf Course, Illinois, (Greenskeeper) 1976 - 1977
Representative for "Tempo" custom golf clubs and golf accessories 1975 - 1976
Ertl Toy Company, Dyersville, (Territorial Sales Manager) 1980 - 1987
Continental Realty and Investments, Dubuque, Iowa 1987 - 1999
J. L. Felderman Appraisals, Dubuque, Iowa 1987 - 1998
J and J Construction, building rehabilitation 1990 - 1995
Bill Felderman Appraisals since 1998
Iowa Certified Residential Appraiser since 1987
Illinois Licensed Residential Appraiser since 1990
Iowa Real Estate Broker since 2000
Form TADD - "TOTAL for Windows' appraisal software by a la mode, inc. -1-8D0-ALAMODE
File No. w' -1051white Pa a #17
Supatemental Addendum c;;a u~ u,;r_rns~u,r,;ra
Borrower Client N/A
Pro a Address 1051 White Street
C' Dub ue Coun Dubu ue State IA Zi Code 52001
Lender Owner
American Trust and Savings Bank, Dubuque, Iowa
Bellevue State Bank, Bellevue, Iowa
City of Dubuque, Iowa; and East Dubuque, Illinois
Coldwell Banker Mortgage Services,Inc.,Overland Park, Kansas
Deere & Company, Dubuque, Iowa
Dubuque Bank and Trust Company, Dubuque, Iowa
DuPaco Credit Union, Dubuque, Iowa
Dupont Company Corporate Relocation, Wilmington, Delaware
Dutrac Community Credit Union, Dubuque, Iowa
East Dubuque Savings Bank, East Dubuque, Illinois
U. S. Bank, Dubuque and Cedar Rapids, Iowa
Home Equity Relocation, Oakbrook, Illinois
NORWEST Mortgage, Dubuque, Iowa and Des Moines, Iowa
Transequity,Member of Byron Reed Company,Inc.Omaha, Nebraska
BILL FELDERMAN APPRAISALS - DUBUQUE, IOWA
Form TADD -'TOTAL for Windows' appraisal software by a la mode, inc. -1-800-ALAMODE
DESIGN REVIEW STAFF REPORT Meeting Date: April 19, 2007
Property Address: 1051 White Street
Property Owner: Robert and Sandra Smith
Applicant: Robert and. Sandra Smith
Project: To demolish the building
Conservation District: Downtown Neighborhood Conservation District
Landmark: No Funding: No Date Built: Circa 1890
Present Land Use: Intended to be used as a home, but has been recently used for
storage.
Existing Zoning: C-4 Downtown Commercial District
Level of Significance:
^ Supportive (Kriviskey 1979)
^ Contributing -local historical interest (Jacobsen Phase III Architectural & Historical
Survey Report)
Property History: The structure is a 2-story side gabled brick residence.. The building
was roofed in 1950 and 1954. Alterations and repairs were made in the amount of
$1400 in 1956. A Conditional Use Permit was granted in 1990 to allow the parking of
autos, all terrain vehicles and motorcycles at 1051 White Street.
Staff Analysis: The building is currently in violation of Chapter 26 Housing Codes and
is also cited for demolition by neglect. The Housing and Community Development
Department's required repairs are outlined in the attached letter. The applicant is
seeking a recommendation for approval of a demolition permit for the building at 1051
Whit Street. The applicant has submitted the required supporting documentation for the
demolition review process. The applicant has also provided photographs for the
Commissions consideration. As a point of clarification, the applicant has submitted tow
appraisals. The February 22, 2007 appraisal is for the property in its current condition.
The March 22, 2007 appraisal is for the property after renovation for continued use.
The following is a summary of the provided supporting documentation submitted with
the application:
1. Estimate of the cost the proposed demolition: $8,000, Drew Cook & Sons
Excavating
2. A report from a licensed engineer, architect or contractor with experience
in rehabilitation as to the structural integriity of any structure that the
applicant proposes to demolish: The report/proposal submitted by Dan
Arensdorf of Dan Arensdorf Construction explains the back addition is separating
from the.house. The foundation has settled in some locations evidenced by
cracks and leaks. The report states the roof rafters and shingles need to be
replaced. The first and second-story floors need to be replaced. The walls,
siding, electric, plumbing, and HVAC have to be replaced as well. The report
states to address the issues with the building, the building would have to be
demolished and rebuilt to current housing and city standards.
3. An opinion of the market value and the appraised value of the property by a
realtor or appraiser in it's a) current condition, b) after completion of the
proposed demolition, c) after renovation of the existing property for
continued use, and d) all appraisals obtained in the last five years:
a) $5,000
b) Assessed land. value is $8,300
c) $77,000
d) The only appraisal obtained in the last 5 years is the attached Bill
Felderman appraisals.
4. An estimate from an architect, developer, real estate consultant, appraiser
or other real estate professional experienced in rehabilitation, as to the
cost to rehabilitate the structure for its continued use: $163,000.00
5. The amount paid-for the properly, the date of purchase and the person
from whom the property was purchased: The property was purchased from
Herbert and Anne Hanselmann for the amount of $52,000 on April 1.5, 1990 as
indicated in the enclosed real estate contract.
6. If the property is income-producing, the annual gross income from the
property for the previous two years: The Smiths have indicated in the
enclosed application that the property does not, and has never produced income
in the 16 years they have owned it.
7. Itemized operating and maintenance expenses for the previous two years,
and the depreciation deduction and annual cash flow before and after the
debt service, if any, during the same period: The applicant explained there
are no utilities servicing the building. The only operating and maintenance
expenses from the property have been the property taxes. Net annual properly
taxes for the previous two years have been $156 and $154. There hasn't been
any debt service in the last two years.
8. The remaining balance on any mortgage or other financing secured by the
property and annual, and annual debt service for the previous two years:
There is no remaining balance on any mortgage or financing on the property.
9. All appraisals obtained with the previous two years by the owner or
applicant in connection with the purchase, financing or ownership of the
property: The only appraisals obtained within the previous two years in
connection to the ownership of the property have been the recent enclosed
Felderman appraisals.
10.Any listing of the property for sale or rent, the price asked and offers
received, if any, within the previous two years: The property has not been
listed for sale or rent within the previous two years.
11. The assessed value of the properly according to the two most recent
assessments: The net assessed value of the building in 2005 and 2006 was
$1,800.
12. The amount of real estate taxes for the previous two years and whether or
not they have been paid: Real estate taxes have been paid for the last two
years in the amount of $154 and $156.
13. The form of ownership or operation of the property, whether sole
proprietorship, for-profit or not-for-profit corporation, limited partnership,
joint venture or other: The property is owned as a sole proprietorship.
14.Any other information considered necessary by the Commission to make a
determination as to whether the property does or does or may yield a
reasonable economic return from the property in its current condition, and
after renovation of the existing property for continued use: The applicant
has provided photographs for the Commission review.
15. Proof of the applicants efforts to obtain financing, tax incentives,
preservation grants, and other incentives sufficient to allow the applicant
to earn a reasonable economic return from the property in its current
condition, and after renovation of the existing properly for continued use:
The applicant has not made efforts to obtain financing, tax incentives,
preservation grants, and other incentives.
16.A showing of the applicant's efforts in ongoing maintenance and repair:
The applicant does not have a showing of efforts for ongoing maintenance and
repair. The applicant has explained the property was purchased in disrepair and
use for cold storage.
The City Code provides for the Historic Preservation Commission to review the
demolition request, and then to make a determination as to:
(1) Whether the building has historic or architectural significance to the community, and
(2) Whether denial of the proposed demolition would prevent the property owner from
earning a reasonable economic return on the property.
If the HPC finds that denial of the application would prevent the property owner from
earning a reasonable economic return on the property, or that the building does not
have any historical or architectural significance to the community, the Commission shall
recommend approval of the application. The Commission's recommendation goes on to
the City Council for a hearing and final action.
Prepared by ~ ---~ Reviewed: Date: d4_(~_07
txs an of ~''""-.
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H&CD
Housing and Community Development Department
General Housing Program
1805 Central Avenue ;:'
Dubuque, Iowa 52001-3656
(563) 589-4731 phone
(563) 589-4244 fax
02/08/07
ROBERT G & ~'ANDRA S SMITH
2 7 3 5 COTTON r~rOOD CT
DUBUQUE, IA. 52001
RE: 105': WHITE ST
- UNIT/UNITS
DEAR HOUSING:: PROVIDER:
~"Y`~,",~"sy`"~
A housing i_r.:spection was performed at 1051 WRITE ST on
11./15/05, a=- required by our housing ordinance. The legal
description .of the .property inspected is as follows:
SUB. CITY L~:T 336 1 '
;~
The inspect^r's findings are noted on the attached list. The
report iden::ifies the necessary repairs and locates them by the
room or are:: of the dwelling where they exist.
A reinspecti`on is scheduled for 06/01/06 at 09:00. If this
date or tim? is inconvenient or you need more time to make repairs,
please ca11~~Bobbi at 589-4231 to arrange for another time. If you
have questi~:ns about your inspection, please contact Kathy Lamb,
Senior Hous,ng Inspector or me at 589-4231. I am normally in the
office unti_' 8.:45 am, from 1:00 pm until 1:30 pm and after 4:00 pm
daily. I ar not expecting that all violations to be corrected at
this time. ,-However, I am expecting to see effort toward compliance.
I can grant`'~additional time to make repairs as long as effort is
shown . ~~_+
Please note~-s prior to beginning any work you should check with the
Building De~~artment (589-4150) and the Historic Preservation
Commission :x589-.4213) to determine if a permit is required. If you
wish to appsal this notice to the Housing Code Appeals Board, an
Appeal Form~'is enclosed with this inspection report.
Thank you f~~r working with us in providing quality housing!
::°
KATHALEEN Fl:~ LAMB
Housing Sergi=-ices Department
cc : file -~-2
OS-005:17
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Service - People ]ntegrity Responsibility Innovation Teamwork
EACH ITEM TO BE REPAIRED WILL BS LISTED BY ITS LOCATION, CODE SECTION AND
PROBLEM DESCRIPTION. ALSO, THOSE REPAIR ITEMS LISTED WITH AN * INDICATED
THAT THIS ITEM APPEARS TO BE THE RESPONSIBILITY OF THE TENANT TO REPAIR.
** 1051 WHITE ST **
** 05-0051? **
--LOCATION OF VIOLATION--
- --CODE SECTION--
--EXPECTED REPAIRS--
EXTERIOR
2 6 -10 . (g) (3) b . A SEE CONIlKENT SECTION AT THE END OF THE REPORT .
EXTERIOR
26-10.(g)(3)b. ~ SEE'COMMENT SECTION AT THE END OF THE REPORT.
EXTERIOR 2
2 6 -10 . ('g) (3) a . ~ SEE CONIl-~IENT SECTION AT THE END OF THE REPORT .
EXTERIOR
2 6 -10 . (j) (3) b . _ SEE CONII~IENT SECTION AT THE END OF THE REPORT .
**COMMENTS '= 1051 WHITE STREET**
.~:
1. WINDOWS ARE FALLING APART, FALLING OUT AND OTHERWISE DETERIORATED.
ALL WINDOWS-.MUST BE PROPERLY REPLACE AND/OR REPAIRED. WINDOWS CAN NOT
BE BOARDED bVER IN THE FRONT OF THE PROPERTY (THE STREET SIDE.)
WINDOWS ON THE SIDES OR IN THE REAR OF THE DWELLING COULD BE COVER
OVER IF THE WOOD IS CUT TO FIT THE SIZE OF THE WINDOW AND PAINTED TO
MATCH THE SI~TRROUNDING EXTERIOR MATERIAL.
2.ALL EXTERIOR WOOD TRIM NEEDS TO BE PROPERLY PROTECTED WITH PAINT OR
OTHER CHEMICAL PRESERVATION. THIS INCLUDES WOOD WINDOWS, DOORS, WOOD
TRIM, ETC.
3. REMOVE TRUCK TOPPER FROM THE FRONT YARD. MOTOR VEHICLES STORED IN
THE REAR YARDSPACE IS REFERRED TO THE ZONING DEPARTMENT FOR POSSIBLE
ENFORCEMENT~ACTION_
4. PROPERL3~ REPAIR GUTTERS AND DOWNSPOUTS SO THAT RAIN WATER WILL BE
PROPERLY DI~7ERTED FROM THE BUILDING.
5. PROPERI.,~ TRIM UP THE TREE AND THE BRUSH AND SHRUBS IN THE FRONT
YARD SPACE.`
6. BRICK I~ IN NEED OF TUCKPOINTING AND REPAIR.
OWNER STATES THAT HE IS PLANNING ON TEARING THE PROPERTY DOWN WITHIN
THE NEXT SIX MONTHS OR BY JUNE 1, 2006. A RE-INSPECTION WILL BE SET
FOR THAT DAVE.
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