Residential Appraisal Services 617-910-3700 FHA/VA Case No.

251-7032640

251-7032640
Small Residential Income Property Appraisal Report File # VP29934043
The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.
Property Address City CHELSEA State MA Zip Code 02150
Borrower Yosselin Cabrera & Lili Cabrera Osorio Owner of Public Record Joseph & Theresa M Englen County Suffolk
Legal Description Suffolk County Registry of deeds
Assessor's Parcel # 31/ / 87/ / Tax Year 2021 R.E. Taxes $ 6,303
Neighborhood Name Central Ave / Marginal St Map Reference 14454 Census Tract 1601.01
SUBJECT

Occupant Owner Tenant Vacant Special Assessments $ 0 PUD HOA $ per year per month
Property Rights Appraised Fee Simple Leasehold Other (describe)
Assignment Type Purchase Transaction Refinance Transaction Other (describe)
Lender/Client Sierra Pacific Mortgage Address 1180 Iron Point Road, Suite 200, Folsom, CA 95630
Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes No
Report data source(s) used, offering price(s), and date(s). As per pinergyMLS #72817760 , the subject was listed in the market for $625,000 on 4/21/2021.
Status changed to Under agreement on 4/26/2021.
I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not
performed.
CONTRACT

Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)
Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes No
If Yes, report the total dollar amount and describe the items to be paid.

Note: Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood Characteristics 2-4 Unit Housing Trends 2-4 Unit Housing Present Land Use %
Location Urban Suburban Rural Property Values Increasing Stable Declining PRICE AGE One-Unit 45 %
Built-Up Over 75% 25-75% Under 25% Demand/Supply Shortage In Balance Over Supply $ (000) (yrs) 2-4 Unit 34 %
Growth Rapid Stable Slow Marketing Time Under 3 mths 3-6 mths Over 6 mths 410 Low 34 Multi-Family 5%
NEIGHBORHOOD

Neighborhood Boundaries
The subject neighborhood is bounded by Broadway to the North & 1,035 High 221 Commercial 5%
West, Eastern Ave to the East and Central Ave to the South. 717 Pred. 121 Other 11 %
Neighborhood Description See attached addenda

Market Conditions (including support for the above conclusions) See attached addenda.

Dimensions See attached deed Area 4005 sf Shape Rectangular View Residential
Specific Zoning Classification R3 Zoning Description (5000 sf - 40 ff) minimum
Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe)
Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe See attached
addenda
Utilities Public Other (describe) Public Other (describe) Off-site Improvements - Type Public Private
SITE

Electricity Water Street Asphalt

Gas Sanitary Sewer Alley None
FEMA Special Flood Hazard Area Yes No FEMA Flood Zone X FEMA Map # 25025C0019J FEMA Map Date 03/16/2016
Are the utilities and/or off-site improvements typical for the market area? Yes No If No, describe
Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe
No apparent adverse easements or encroachments were noted or discovered at the time of inspection. There are commercial and other
establishments located nearby. However, those do not have any negative effect on the subject's marketability.
General Description Foundation Exterior Description materials/condition Interior materials/condition
Units Two Three Four Concrete Slab Crawl Space Foundation Walls Stone/Average Floors Hardwood/Average
Accessory Unit (describe below) Full Basement Partial Basement Exterior Walls Vinyl/Average Walls Drywall/Average
# of Stories 2 # of bldgs. 1 Basement Area 1,077 [Link]. Roof Surface Rubbr/Asphlt/Average Trim/Finish wood/Average
Type Det. Att. S-Det./End Unit Basement Finish 0 % Gutters & Downspouts Aluminum/Average Bath Floor Tile/Average
Existing Proposed Under Const. Outside Entry/Exit Sump Pump Window Type Dbl Hung/Average Bath Wainscot Tile/Average
Design (Style) 2 Family Evidence of Infestation Storm Sash/Insulated Yes/Yes/Average Car Storage
Year Built 1920 Dampness Settlement Screens Yes/Yes/Average None
Effective Age (Yrs) 20 Heating/Cooling Amenities Driveway # of Cars 4
IMPROVEMENTS

Attic None FWA HWBB Radiant Fireplace(s) # 0 Woodstove(s) # 0 Driveway Surface Asphalt
Drop Stair Stairs Other FHW Fuel Gas Patio/Deck None Fence None Garage # of Cars 0
Floor Scuttle Cooling Central Air Conditioning Pool None Porch 1 Covered Carport # of Cars 0
Finished Heated Individual Other None Other None Att. Det. Built-in
# of Appliances Refrigerator 1 Range/Oven 2/2 Dishwasher 1 Disposal 1 Microwave 2 Washer/Dryer 2/2 Other (describe) Fan
Unit # 1 contains: 5 Rooms 2 Bedrooms 1.0 Bath(s) 1,077 Square Feet of Gross Living Area
Unit # 2 contains: 5 Rooms 3 Bedrooms 1.0 Bath(s) 1,077 Square Feet of Gross Living Area
Unit # 3 contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area
Unit # 4 contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area
Additional features (special energy efficient items, etc.). Subject features: 1 covered porch and 4 car driveway.

Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).
The subject was built in the year of 1920. The
subject has been well maintained and is considered to be in "Average" overall condition. All mechanical systems and the electrical
services appear adequate for their intended uses. No functional, physical or external inadequacies noted. All the utilities were
working at the time of inspection.

Freddie Mac Form 72 March 2005 Page 1 of 7 Fannie Mae Form 1025 March 2005

Form 1025 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

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Small Residential Income Property Appraisal Report File # VP29934043
Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe.
IMPROVEMENTS

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

Is the property subject to rent control? Yes No If Yes, describe

The following properties represent the most current, similar, and proximate comparable rental properties to the subject property. This analysis is intended to support the
opinion of the market rent for the subject property.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3
Address xyz 98 Maverick St 103 Central Ave 26 Willard St
CHELSEA, MA 02150 Chelsea, MA 02150 Chelsea, MA 02150 Chelsea, MA 02150
Proximity to Subject 0.28 miles SW 0.26 miles SW 0.53 miles NE
Current Monthly Rent $ 0 $ 5,300 $ 3,950 $ 4,700
Rent/Gross Bldg. Area $ [Link]. $ 2.46 [Link]. $ 1.91 [Link]. $ 1.96 [Link].
Rent Control Yes No Yes No Yes No Yes No
Data Source(s) Inspection Pinergy # 72687243 Pinergy # 72637803 Pinergy # 72632845
Date of Lease(s) Vac/Own Taw/Taw Taw/Taw Taw/Taw
COMPARABLE RENTAL DATA

Location Residential Residential Residential/Busy Residential

Actual Age 101 121 121 111
Condition Average Average-Good Average-Good Average-Good
Gross Building Area 2,154 2,158 2,070 2,398
Size Size Size Size
Rm Count Sq. Ft. Rm Count Sq. Ft. Monthly Rent Rm Count Sq. Ft. Monthly Rent Rm Count Sq. Ft. Monthly Rent
Unit Breakdown
Tot Br Ba 2,154 Tot Br Ba 2,158 5,300 Tot Br Ba 2,070 3,950 Tot Br Ba 2,398 4,700
Unit # 1 5 2 1.0 1,077 5 3 1.0 995 $ 2,500 5 2 1.0 1,035 $ 1,900 4 2 1.0 1,091 $ 2,000
Unit # 2 5 3 1.0 1,077 6 4 1.0 1,163 $ 2,800 5 2 1.0 1,035 $ 2,050 8 3 2.0 1,307 $ 2,700
Unit # 3 $ $ $
Unit # 4 $ $ $
Utilities Included Water/Sewer Water/Sewer Water/Sewer Water/Sewer
Fireplace None None None None

Analysis of rental data and support for estimated market rents for the individual subject units reported below (including the adequacy of the comparables, rental concessions,
etc.) The comparable rental data extracted from the local market indicates that forecasted rents are a good indicator of typical
market rents for the area. The projected rents for the subject property appear to be in line with other similar rental units in the area

.
Rent Schedule: The appraiser must reconcile the applicable indicated monthly market rents to provide an opinion of the market rent for each unit in the subject property.
Leases Actual Rents Opinion of Market Rent
Lease Date Per Unit Total Per Unit Total
Unit # Begin Date End Date Unfurnished Furnished Rents Unfurnished Furnished Rents
SUBJECT RENT SCHEDULE

1 Vacant Vacant $ 0 $ $ $ 2,000 $ $ 2,000

2 Owner Owner 0 0 2,700 2,700
3
4
Comment on lease data Buildings are typically Total Actual Monthly Rent $ 0 Total Gross Monthly Rent $ 4,700
delivered vacant for the new owners. Other Monthly Income (itemize) $ 0 Other Monthly Income (itemize) $ 0
Total Actual Monthly Income $ 0 Total Estimated Monthly Income $ 4,700
Utilities included in estimated rents Electric Water Sewer Gas Oil Trash collection Cable Other
Comments on actual or estimated rents and other monthly income (including personal property)
Actual and estimated rents provided are derived from the
market and fall within the range given by the rental comparables, taking into account square footage of the units, location, condition,
appeal and current market conditions (supply and demand).

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

My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s) Inspection/Public Record/Deed
My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.
PRIOR SALE HISTORY

Data Source(s) PinergyMLS/Public Record

Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).
ITEM SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3
Date of Prior Sale/Transfer
Price of Prior Sale/Transfer
Data Source(s) Ins/Public Record/Deed Pinergy/Public Record Pinergy/Public Record Pinergy/Public Record
Effective Date of Data Source(s) 05/22/2021 05/22/2021 05/22/2021 05/22/2021
Analysis of prior sale or transfer history of the subject property and comparable sales The subject property has no prior sale for the three years prior to the
effective date of this appraisal. Comparable #1, # 2 & #3 have no prior sale for the year prior to the date of sale of its last sale.

Freddie Mac Form 72 March 2005 Page 2 of 7 Fannie Mae Form 1025 March 2005

Form 1025 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

251-7032640
Small Residential Income Property Appraisal Report File # VP29934043
There are 8 comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 629,000 to $ 874,000 .
There are 19 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 410,000 to $ 1,100,000 .
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3
Address xyz St 16 Cottage St 98 Maverick St 62 Heard St
Chelsea, MA 02150 Chelsea, MA 02150 Chelsea, MA 02150 Chelsea, MA 02150
Proximity to Subject 0.18 miles W 0.28 miles SW 0.47 miles NW
Sale Price $ $ 660,000 $ 690,000 $ 737,000
Sale Price/Gross Bldg. Area $ [Link]. $ 260.25 [Link]. $ 319.74 [Link]. $ 381.67 [Link].
Gross Monthly Rent $ 4,700 $ 3,800 $ 3,800 $ 3,800
Gross Rent Multiplier 173.68 181.58 193.95
Price per Unit $ $ 330,000 $ 345,000 $ 368,500
Price per Room $ $ 73,333 $ 62,727 $ 61,417
Price per Bedroom $ $ 132,000 $ 98,571 $ 92,125
Rent Control Yes No Yes No Yes No Yes No
Data Source(s) Pinergy # 72646970 ; DOM 35 Pinergy # 72687243 ; DOM 23 Pinergy # 72818441; DOM 33
Verification Source(s) Assessor Assessor Assessor
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment
Sale or Financing ArmLth ArmLth ArmLth
Concessions FHA Conv: $5,000 Conv;Fixed
Date of Sale/Time 07/15/2020 08/28/2020 05/06/2021
Location Residential Residential Residential Residential
Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
Site 4005 sf 3000 sf 3566 sf 5065 sf
View Residential Residential Residential Residential
Design (Style) 2 Family 2 Family 2 Family 2 Family
SALES COMPARISON APPROACH

Quality of Construction Average Average Average Average-Good -25,000

Actual Age 101 101 121 121
Condition Average Average-Good Average-Good -20,000 Average
Gross Building Area 2,154 2,536 -26,700 2,158 1,931 +15,600
Unit Breakdown Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths
Unit # 1 5 2 1.0 3 2 1.0 5 3 1.0 -10,000 6 4 1.0 -20,000
Unit # 2 5 3 1.0 6 3 1.0 6 4 1.0 -10,000 6 4 1.0 -10,000
Unit # 3
Unit # 4
Basement Description Full Full Full Full
Basement Finished Rooms Unfinished Unfinished Unfinished Unfinished
Functional Utility Average Average Average Average
Heating/Cooling Central/None Central/None Central/None Central/None
Energy Efficient Items None None None None
Parking On/Off Site Driveway Driveway Driveway Driveway
Porch/Patio/Deck 1/0/0 2/0/0 -3,000 1/0/1 -3,000 1/0/0
Fireplace None None None None

Net Adjustment (Total) + – $ -29,700 + – $ -43,000 + – $ -39,400

Adjusted Sale Price Net Adj. 4.5 % Net Adj. 6.2 % Net Adj. 5.3 %
of Comparables Gross Adj. 4.5 % $ 630,300 Gross Adj. 6.2 % $ 647,000 Gross Adj. 9.6 % $ 697,600
Adjusted Price Per Unit (Adj. SP Comp / # of Comp Units) $ 315,150 $ 323,500 $ 348,800
Adjusted Price Per Room (Adj. SP Comp / # of Comp Rooms) $ 70,033 $ 58,818 $ 58,133
Adjusted Price Per Bedrm (Adj. SP Comp / # of Comp Bedrooms) $ 126,060 $ 92,429 $ 87,200
Value per Unit $ 350,000 X 2 Units = $ 700,000 Value per GBA $
2,154248 X
GBA = $ 534,192
Value per Rm. $ 70,000 X 10 Rooms = $ 700,000 Value per Bdrms. $ 116,667 X
5 Bdrms. = $ 583,335
Summary of Sales Comparison Approach including reconciliation of the above indicators of value.
Variations in total living area above grade are made at the
rate of $70 per sf when exceeding minimum 100 [Link]. Bedroom adjusted at $10,000 each (minimal adjustment). Porch/deck/patio adjusted at
$3,000 each. Comparable #2 adjusted for superior condition as it has recently renovated as per MLS & exterior view. Comparable #3 adjusted for
superior quality as it has superior kitchen, bath & interior details as per MLS. Comparable which are not adjusted for actual age are considered to
have similar effective age to the subject. No time adjustment was warranted as current market reflects stable. All other adjustments are market
derived. The comparables selected for this appraisal were the closest, most recent and most similar on the date of this appraisal.

Indicated Value by Sales Comparison Approach $ 640,000

Total gross monthly rent $ 4,700 X gross rent multiplier (GRM) 153 = $ 719,100 Indicated value by the Income Approach
INCOME

Comments on income approach including reconciliation of the GRM Income Approach has been developed and considered due to the availability of
multi-unit rental data in the area, but is not heavily weighted in the final analysis.

Indicated Value by: Sales Comparison Approach $ 640,000 Income Approach $ 719,100 Cost Approach (if developed) $ 569,342
.See attached addenda.
RECONCILIATION

This appraisal is made ''as is'', subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been
completed, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to the
following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: This report is prepared for
mortgage lending purposes only and governed by the limiting conditions section of this report. No warranty of subject is given by appraiser.
Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting
conditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is
$ 640,000 , as of 05/22/2021 , which is the date of inspection and the effective date of this appraisal.
Freddie Mac Form 72 March 2005 Page 3 of 7 Fannie Mae Form 1025 March 2005

Form 1025 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

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Small Residential Income Property Appraisal Report File # VP29934043

The Appraiser's inspection of the subject property is done only as part of the appraisal assignment's scope of work, which is one of
the recognized and required steps in the appraisal process, as required by the lender/client. The Appraiser is NOT a qualified home
inspector and makes no representation or warranty about the current or future condition, quality or adequacy of the structural and/or
mechanical components of the subject property. The borrower(s)/owner(s) should not rely upon any representation or description
contained in the appraisal report concerning these aspects of the subject property. It is recommended that the borrower(s)/owner(s)
obtain an inspection report from a qualified expert such as a home inspector.
ADDITIONAL COMMENTS

COST APPROACH TO VALUE (not required by Fannie Mae)

Provide adequate information for the lender/client to replicate the below cost figures and calculations.
Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value)
The extraction method was used to derive to a
site value. Cost approach estimates are based upon both cost estimates from local builders and contractors. Depreciation is based upon the
age/life method. Due to the age of the subject, the cost approach is not considered a reliable indicator of value.

ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW OPINION OF SITE VALUE =$

COST APPROACH

145,000
Source of cost data Local Builders and Cost Consults DWELLING 2,154 [Link]. @ $ 250.00 =$ 538,500
Quality rating from cost service Average Effective date of cost data 05/22/2021 BSMT 1,077 [Link]. @ $ =$
Comments on Cost Approach (gross building area calculations, depreciation, etc.) App, Deck =$ 60,000
The cost approach was arrived via an analysis of the Public Record and Garage/Carport [Link]. @ $ =$
conversations with local builders. Physical depreciation derived from the Total Estimate of Cost-New =$ 598,500
age/life method. Life expectancy is approximately 65 years. Remaining Less Physical Functional External
economic life is 45 years. Effective age is 20 years = 30.77%. Land to Depreciation 184,158 =$( 184,158)
value ratio may exceed 30% due to lack of build able land in the subject Depreciated Cost of Improvements =$ 414,342
area. It is common for the area and has no adverse effect in the subject "As-is" Value of Site Improvements =$ 10,000
value and marketability.
Estimated Remaining Economic Life (HUD and VA only) 45 Years INDICATED VALUE BY COST APPROACH =$ 569,342
PROJECT INFORMATION FOR PUDs (if applicable)
Is the developer/builder in control of the Homeowners’ Association (HOA)? Yes No Unit type(s) Detached Attached
Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.
Legal Name of Project
Total number of phases Total number of units Total number of units sold
PUD INFORMATION

Total number of units rented Total number of units for sale Data source(s)
Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion.
Does the project contain any multi-dwelling units? Yes No Data Source
Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion.

Are the common elements leased to or by the Homeowners’ Association? Yes No If Yes, describe the rental terms and options.

Describe common elements and recreational facilities.

Freddie Mac Form 72 March 2005 Page 4 of 7 Fannie Mae Form 1025 March 2005

Form 1025 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

251-7032640
Small Residential Income Property Appraisal Report File # VP29934043

This report form is designed to report an appraisal of a two- to four-unit property, including a two- to four-unit property in a
planned unit development (PUD). A two- to four-unit property located in either a condominium or cooperative project
requires the appraiser to inspect the project and complete the project information section of the Individual Condominium
Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attach it as an addendum to this report.

This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,
statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended
use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may
expand the scope of work to include any additional research or analysis necessary based on the complexity of this
appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional
certifications that do not constitute material alterations to this appraisal report, such as those required by law or those
related to the appraiser’s continuing education or membership in an appraisal organization, are permitted.

SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and
the reporting requirements of this appraisal report form, including the following definition of market value, statement of
assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual
inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the
comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources,
and (5) report his or her analysis, opinions, and conclusions in this appraisal report.

INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the
subject of this appraisal for a mortgage finance transaction.

INTENDED USER: The intended user of this appraisal report is the lender/client.

DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open
market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably 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 title from 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 or she considers his or her 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 result 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 ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser’s certification in this report is
subject to the following assumptions and limiting 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, except for information that he or she became aware of during the research involved in performing this appraisal.
The appraiser assumes that the title is good and marketable and will not render any opinions about the title.

2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements,
including each of the units. The sketch is included only to assist the reader in visualizing the property and understanding the
appraiser’s determination of its 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 this appraisal report whether any portion of the subject site is located in an
identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no 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 specific arrangements to do so have been made beforehand, or as otherwise required by law.

5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, 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 research involved in performing this appraisal. Unless otherwise stated in this appraisal
report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the
property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,
adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no
such conditions and makes no guarantees or warranties, express or implied. 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, this appraisal report must not be
considered as an environmental assessment of the property.

6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to
satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject
property will be performed in a professional manner.

Freddie Mac Form 72 March 2005 Page 5 of 7 Fannie Mae Form 1025 March 2005

Form 1025 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

251-7032640
Small Residential Income Property Appraisal Report File # VP29934043

APPRAISER’S CERTIFICATION: The Appraiser certifies and agrees that:

1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in
this appraisal report.

2. I performed a complete visual inspection of the interior and exterior areas of the subject property, including all units. I
reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that
could affect the livability, soundness, or structural integrity of the property.

3. I performed this appraisal in accordance with the requirements 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 at the time this appraisal report was prepared.

4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales
comparison and income approaches to value. I have adequate market data to develop reliable sales comparison and
income approaches to value for this appraisal assignment. I further certify that I considered the cost approach to value but
did not develop it, unless otherwise indicated in this report.

5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for
sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the
subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this
report.

6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior
to the date of sale of the comparable sale, unless otherwise indicated in this report.

7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.

8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a
home that has been built or will be built on the land.

9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the
subject property and the comparable sales.

10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in
the sale or financing of the subject property.

11. I have knowledge and experience in appraising this type of property in this market area.

12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing
services, tax assessment records, public land records and other such data sources for the area in which the property is located.

13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report
from reliable sources that I believe to be true and correct.

14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood,
subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market
value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration,
the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the
inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have
considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions
on the value and marketability of the subject property.

15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all
statements and information in this appraisal report are true and correct.

16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which
are subject only to the assumptions and limiting conditions in this appraisal report.

17. 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 not base, either partially or completely, my
analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, 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 or on any other basis prohibited by law.

18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not
conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a
predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause
of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a
pending mortgage loan application).

19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I
relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal
or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this
appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to
make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will
take no responsibility for it.

20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that
ordered and will receive this appraisal report.

Freddie Mac Form 72 March 2005 Page 6 of 7 Fannie Mae Form 1025 March 2005

Form 1025 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

251-7032640
Small Residential Income Property Appraisal Report File # VP29934043
FEATURE SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6
Address xyz St 60 Watts St 110 Grove St 12 Watts St
Chelsea, MA 02150 Chelsea, MA 02150 Chelsea, MA 02150 Chelsea, MA 02150
Proximity to Subject 0.19 miles S 0.01 miles S 0.20 miles SW
Sale Price $ $ 745,000 $ 649,999 $ 715,900
Sale Price/Gross Bldg. Area $ [Link]. $ 265.69 [Link]. $ 310.41 [Link]. $ 313.58 [Link].
Gross Monthly Rent $ 4,700 $ 3,800 $ 3,950 $ 3,950
Gross Rent Multiplier 196.05 164.56 181.24
Price per Unit $ $ 372,500 $ 325,000 $ 357,950
Price per Room $ $ 57,308 $ 72,222 $ 65,082
Price per Bedroom $ $ 106,429 $ 130,000 $ 119,317
Rent Control Yes No Yes No Yes No Yes No
Data Source(s) Pinergy # 72779316 ; DOM 22 Pinergy # 72784052 ; DOM 46 Pinergy # 72836534 ; DOM 3
Verification Source(s) Assessor Assessor Assessor
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment DESCRIPTION +(–) Adjustment
Sale or Financing ArmLth Listing Listing
Concessions Conv: $5,000 N/A N/A
Date of Sale/Time 03/22/2021 Active Active
Location Residential Residential Residential Residential
SALES COMPARISON APPROACH

Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
Site 4005 sf 4750 sf 2450 sf 2992 sf
View Residential Residential Residential Residential
Design (Style) 2 Family 2 Family 2 Family 2 Family
Quality of Construction Average Average Average Average-Good -30,000
Actual Age 101 121 101 121
Condition Average Average-Good Average-Good Average
Gross Building Area 2,154 2,804 -45,500 2,094 2,283 -9,000
Unit Breakdown Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths
Unit # 1 5 2 1.0 6 3 1.0 -10,000 4 2 1.0 5 3 1.0 -10,000
Unit # 2 5 3 1.0 7 4 1.0 -10,000 5 3 1.0 6 3 1.0
Unit # 3
Unit # 4
Basement Description Full Full Full Full
Basement Finished Rooms Unfinished Partially Finished -5,000 Unfinished Unfinished
Functional Utility Average Average Average Average
Heating/Cooling Central/None Central/None Central/None Central/None
Energy Efficient Items None None None None
Parking On/Off Site Driveway 2 Car Garage -10,000 None Driveway
Porch/Patio/Deck 1/0/0 2/0/0 -3,000 1/0/1 -3,000 0/1/0
Fireplace None None None None

Net Adjustment (Total) + – $ -83,500 + – $ -3,000 + – $ -49,000

Adjusted Sale Price Net Adj. 11.2 % Net Adj. 0.5 % Net Adj. 6.8 %
of Comparables Gross Adj. 11.2 % $ 661,500 Gross Adj. 0.5 % $ 646,999 Gross Adj. 6.8 % $ 666,900
Adjusted Price Per Unit (Adj. SP Comp / # of Comp Units) $ 330,750 $ 323,500 $ 333,450
Adjusted Price Per Room (Adj. SP Comp / # of Comp Rooms) $ 50,885 $ 71,889 $ 60,627
Adjusted Price Per Bedrm (Adj. SP Comp / # of Comp Bedrooms) $ 94,500 $ 129,400 $ 111,150
Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).
ITEM SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6
Date of Prior Sale/Transfer
SALE HISTORY

Price of Prior Sale/Transfer

Data Source(s) Ins/Public Record/Deed Pinergy/Public Record Pinergy/Public Record Pinergy/Public Record
Effective Date of Data Source(s) 05/22/2021 05/22/2021 05/22/2021 05/22/2021
Analysis of prior sale or transfer history of the subject property and comparable sales Comparable #4 has no prior sale for the year prior to the date of
sale of their respective last sale. Comparable #5 & #6 have no prior sale within last 12 months.

Analysis/Comments No adjustment was warranted for LP/SP ratio. Car garage adjusted at $5,000 each.

Minimal adjustment was warrented for partially finished basement.

Comparable #5 adjusted for slightly superior quality construction as per MLS (Superior kitchens & baths quality)/broker & exterior
ANALYSIS / COMMENTS

view.

Freddie Mac Form 72 March 2005 Fannie Mae Form 1025 March 2005

Form 1025.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640
Operating Income Statement
One- to Four-Family Investment Property and Two- to Four-Family Owner-Occupied Property
Property Address

Street xyz City CHELSEA State MA Zip Code 02150

General Instructions: This form is to be prepared jointly by the loan applicant, the appraiser, and the lender's underwriter. The applicant must complete the following schedule indicat-
ing each unit's rental status, lease expiration date, current rent, market rent, and the responsibility for utility expenses. Rental figures must be based on the rent for an "unfurnished" unit.

Currently Expiration Current Rent Market Rent Paid Paid

Rented Date Per Month Per Month Utility Expense By Owner By Tenant
Unit No. 1 Yes No Vac $ $ 2,000 Electricity
Unit No. 2 Yes No Own $ 0 $ 2,700 Gas
Unit No. 3 Yes No $ $ Fuel Oil
Unit No. 4 Yes No $ $ Fuel (Other)
Total $ $ 4,700 Water/Sewer
Trash Removal

The applicant should complete all of the income and expense projections and for existing properties provide actual year-end operating statements for the past two years (for new
properties the applicant's projected income and expenses must be provided). This Operating Income Statement and any previous operating statements the applicant provides must
then be sent to the appraiser for review, comment, and/or adjustments next to the applicant's figures (e.g. Applicant/Appraiser 288/300). If the appraiser is retained to complete the
form instead of the applicant, the lender must provide to the appraiser the aforementioned operating statements, mortgage insurance premium, HOA dues, leasehold payments,
subordinate financing, and/or any other relevant information as to the income and expenses of the subject property received from the applicant to substantiate the projections. The
underwriter should carefully review the applicant's/appraiser's projections and the appraiser's comments concerning those projections. The underwriter should make any final
adjustments that are necessary to more accurately reflect any income or expense items that appear unreasonable for the market. (Real estate taxes and insurance on these types of
properties are included in PITI and not calculated as an annual expense item.) Income should be based on the current rents, but should not exceed market rents. When there are no
current rents because the property is proposed, new, or currently vacant, market rents should be used.

Annual Income and Expense Projection for Next 12 months

Adjustments by
Income (Do not include income for owner-occupied units) By Applicant/Appraiser Lender's Underwriter
Gross Annual Rental (from unit(s) to be rented) $ $
Other Income (include sources) + +
Total $ 56,400 $
Less Vacancy/Rent Loss – ( 4 %) – ( %)
Effective Gross Income $ 54,576 $

Expenses (Do not include expenses for owner-occupied units)

Electricity
Gas
Fuel Oil
Fuel (Type - )
Water/Sewer 200
Trash Removal 3,600
Pest Control
Other Taxes or Licenses
Casual Labor 200
This includes the costs for public area cleaning, snow removal, etc., even
though the applicant may not elect to contract for such services.

Interior Paint/Decorating 200

This includes the costs of contract labor and materials that are required to
maintain the interiors of the living unit.
General Repairs/Maintenance 200
This includes the costs of contract labor and materials that are required to
maintain the public corridors, stairways, roofs, mechanical systems, grounds, etc.

Management Expenses
These are the customery expenses that a professional management company
would charge to manage the property.
Supplies 200
This includes the costs of items like light bulbs, janitorial supplies, etc.

Total Replacement Reserves - See Schedule on Pg. 2 3,730

Miscellaneous

Total Operating Expenses $ 8,330 $

Freddie Mac Fannie Mae

Form 998 Aug 88 Form 216 Aug 88

Page 1 of 2
Residential Appraisal Services 617-910-3700
Form INC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
 FHA/VA Case No. 251-7032640

General Text Addendum File No. VP29934043

Borrower Yosselin Cabrera & Lili Cabrera Osorio
Property Address xyz
City CHELSEA County Suffolk State MA Zip Code 02150
Lender/Client Sierra Pacific Mortgage

REPORT FORMAT

This report constitutes an "Appraisal Report".

COMMENTS ON SITE SECTION

The site is legal nonconforming because it does not meet current zoning dimensional and/or
usage requirements. This is common and market accepted with no loss in value. The subject can
be rebuilt (100% of the original foot print of the dwelling) as is in the event of fire or other similar
catastrophe, according to Local Inspection Services Department.

DEFINITION OF NONCONFORMING USE

"Nonconforming use - A use which was lawfully established and maintained but which, because
of subsequent change of zoning ordinance, no longer conforms to the use regulations of the
zone in which it is located. A nonconforming building, or nonconforming portion of the building,
shall be deemed to constitute a nonconforming use of the land upon which it is located. Such
uses preclude additions or changes without municipal approval." Since the construction of the
existing structure on the subject lot, the zoning laws have changed. As of this date, the subject is
considered to be a legal, nonconforming lot, because it no longer meets lot size/front footage
requirements. Nonconforming lots are a common occurrence in the area. The market shows no
adverse reaction to legal, nonconforming lots in either marketing time or loss in value. Therefore,
no adjustment is considered necessary in the appraisal report.

LAND VALUE

The subject land value was derived through a compilation and correlation of data from the
subject community and or market area. This data includes information obtained from comparable
closed sales, current listings, comparable sale land extraction and through the allocation
method.

HIGHEST & BEST USE

The appraiser has concluded the highest and best use of the property, as improved, to be its
current use as a multi family dwelling. This opinion is supported by the fact that the improved
property is physically possible (see improvements description and pictures), is a legal
nonconforming use (see site section/zoning), is financially feasible (see sales comparison
approach for sales of similar properties) and is considered to be the maximally productive use
(improvements contribute positively to the site and it would not be feasible to change them to a
more productive use without substantial capital improvements).

ORDER : Neighborhood - Description

The subject property is located in the Central Ave / Marginal St neighborhood of Chelsea, MA,
bordered by Revere on the north and east, Everett on the west and Boston on the south. On the
south, the Chelsea River and the Mystic River form the boundary, on the east, the Chelsea River
and Mill Creek. The western boundary is partially formed by the Island End River. Chelsea is 2
miles north of Boston.

As of 2014, Chelsea (zip 02150)'s population is 35,527 people. Since 2000, it has had a population
growth of 1.39 percent.

Chelsea (zip 02150) public schools spend $20,677 per student. The average school expenditure in
the U.S. is $12,435. There are about 12.6 students per teacher in Chelsea (zip 02150).

It is an established neighborhood consisting mix of multi family, condominium and single family
dwellings that appear to be maintained is in average to good overall condition. The neighborhood
also consist of other land uses which is described in the comments on other land uses
addendum Services access are located nearby. No unfavorable factors affecting marketability
were noted or observed.

Neighborhood - Market Conditions

Analysis of market conditions in the subject neighborhood of Chelsea, MA (by means of a review

Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

General Text Addendum File No. VP29934043

Borrower Yosselin Cabrera & Lili Cabrera Osorio
Property Address xyz
City CHELSEA County Suffolk State MA Zip Code 02150
Lender/Client Sierra Pacific Mortgage

of multiple listing service and talking with brokers) that demand for multi family in the subject's
price range and in the subject's area of Chelsea are stable. Marketing time is typically under 3
months if price competitively.

COMMENTS ON OTHER LAND USES

11% other land uses are vacant land, house of worship, state property, city/town property ,
residential un developable/developable land, parking lots, commercial un
developable/developable land, industrial un developable/developable land, garden, park,
playground, restaurant, etc. However, it has no adverse effect on marketability.

COMMENTS ON EFFECTIVE AGE

The subject was built in 1920. Effective age is considered as 20 years. Life expectancy is
approximately 65 years. Remaining economic life is 45 years.

COMPARABLES OVER 3 MONTHS AND OVER 1 MILE

A thorough search for comparable is made in this neighborhood and market area. After careful
review of the comparables in subject neighborhood, the appraiser selected two sold comparable
which are closed over 3 months from the effective date of the appraisal report. Further, one sold
and one listing comparable were located over 1 mile from the subject. The comparables selected
for this appraisal are the closest, most recent and most similar sales on the date of this
appraisal.

INTENDED USE/SCOPE OF WORK

The intended user of this appraisal is lender/client and FHA/HUD. The purpose of appraisal or
intended use to evaluate the subject property and for mortgage lending purposes. No additional
intended user was identified by the appraiser. Also it is subject to scope of work by the
lender/client and FHA/HUD which stated in the appraisal request.

FHA LOAN VERBIAGE:

The intended use of the appraisal is solely to assist FHA in assessing the risk of the
property securing the FHA-insured mortgage (24 CFR 200.145(b)). The home currently
meets HUD/FHA minimum property standards and requirements (MPS and MPR) as per
HUD handbook 4000.1 as well as all applicable mortgagee letters.

FHA and the Mortgagee are the intended users of the appraisal report. The FHA appraiser
does not guarantee that the property is free from defects. The appraisal establishes the
value of the property for mortgage insurance purposes only.

All utilities were on at the time of the inspection and appear to be in working condition.
The appraiser has visually observed the subject from the interior and exterior.

An observation of the basement was conducted to HUD handbook 4000.1 standards. The
Appraiser did not observe areas that were not readily accessible or that posed safety risks.

The appraisal is not a home inspection. The appraiser is not a home inspector, building
contractor, pest control specialist or structural engineer and cannot ascertain the true
condition of the property through a FHA observation. An appraisal is not a substitute for
a home inspection or an inspection by a qualified expert in determining issues such as,
but not limited to, foundation settlement or stability, moisture problems, wood destroying (or
other) insects, rodents, or pests, radon gas or lead-based paint.

When performing the viewing of the subject property, the appraiser visually observed
areas that were readily accessible or readily observable. The appraiser is not required to
move or disturb anything that obstructs access or visibility. This appraisal report
assumes that the subject is structurally sound with no hidden defects. The appraisal
does not guarantee that the property is free of defects or environmental problems. Mold
may or may not be present; the appraiser is not a qualified mold expert.

All appliances that were present at the time of the inspection were observed to be

Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

General Text Addendum File No. VP29934043

Borrower Yosselin Cabrera & Lili Cabrera Osorio
Property Address xyz
City CHELSEA County Suffolk State MA Zip Code 02150
Lender/Client Sierra Pacific Mortgage

functional. It is not prudent to operate all appliances for an appraisal inspection that
would cause possible damage to the appliance or the property (ie microwaves, stoves for
prolonged periods, dishwashers, HVAC systems in specific outside temperature ranges,
etc). Due to the nature of durable goods (appliances) there is no guarantee they will work
after the observation on the effective date. The appraiser is not responsible for any
damages caused by defective items during, or after the observation of their operation.

Note: Observation of Furnace/Heat pump is limited by exterior temperatures. A representative

number of light switches, receptacles and fixtures were observed to be
functioning as designed.

The appraiser is trained in the valuation of residential real estate and is not an expert in the
testing of the components of the home. The appraisal report cannot be relied upon to disclose
conditions and/or defects in the property.

It is recommended that a home inspector be contracted by all buyers to ascertain a

professional opinion on the condition of the mechanical systems and components of the home.

LEAD PAINT

There were no adverse conditions or hazardous wastes observed on or near the subject site. This
home was built prior to 1978 and lead based paint may be present. See the attached Statement of
Limiting Conditions.

COMMENTS ON COMPETENCY

The appraiser completed this report confirms that the appraiser has adequate competency to
complete appraisal assignments in the subject's market area.

APPRAISAL INDEPENDENCE STATEMENT

No employee, director, officer, or agent of the lender,or any other third party acting as a joint
venture partner, independent contractor, appraisal management company, or partner on behalf of
the lender has influenced or attempted to influence the development, reporting, result, or review
of this assignment through coercion, extortion, collusion, compensation, instruction,
inducement, intimidation, bribery or in any other manner. I have not been contacted by anyone
other than the intended user (lender/client as identified on the first page of the report), borrower,
or designated contact to make an appointment to enter the property. I agree to immediately
report any unauthorized contacts either personally by phone or electronically to Valuation
Parteners.

URAR : Reconciliation - Reconciliation and Final Value Conclusion

Primary emphasis was placed on the Sales Comparison Method. All sales are equally weighted
for the final value estimate. After doing an extensive research in the subject neighborhood and
marketing area the appraiser used four sold comparable to estimate the final value.

Comparable # 1: Comparable # 1 was used due to its similarity to the subject in account of
location, design/style, quality of construction, condition & overall appeal.

Comparable # 2: Comparable # 2 was used due to its similarity to the subject in account of
location, design/style, quality of construction, condition, GLA & overall appeal. It is the most
recent sale.

Comparable # 3: Comparable # 3 was used due to its similarity to the subject in account of
location, lot size, design/style, quality of construction, condition & overall appeal.

Comparable # 4: Comparable # 4 was used due to its similarity to the subject in account of
location, design/style, quality of construction, bath count & overall appeal. It is also a recent sale.

The final opinion of value as of the effective date of this report is $700,000 is based on
Comparable #1, #2 & #3. The appraiser has placed the most weight in determining an opinion of
value on comparable sale #1, #2 & #3, considered location, lot size, design/style, quality of
construction, condition, sale time, GLA & overall appeal.

Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

General Text Addendum File No. VP29934043

Borrower Yosselin Cabrera & Lili Cabrera Osorio
Property Address xyz
City CHELSEA County Suffolk State MA Zip Code 02150
Lender/Client Sierra Pacific Mortgage

COMMENTS ON COST APPROACH

The cost approach should not be relied upon as an accurate indicator of market value. It is based
on the objective concept of value, which affirms that the cost to create is the main criterion to
estimating value. The cost approach works reasonably well for newer buildings which have
experienced little accrued Depreciation. It is considered inherently weak in establishing value in
older buildings because replacement Cost and accrued depreciation can be difficult to accurately
estimate. The cost approach does not reflect. The loss or gain in value from changing market
conditions. Generally, there is little justification for this Method in a market appraisal, but it has
been completed as per request by the client. Furthermore, the Construction cost estimates
contained herein were not prepared for insurance purposes and are invalid for that use.

Cost Approach:

The Cost Approach was included at the request of the client and should not be relied upon to
establish market value for the subject property. There has been no weight placed on the Cost
Approach in the final reconciliation of value. The Cost Approach should not be relied upon for
any reason.

Site Value: Due to lack of similar vacant land sales in the subject neighborhood, Market
Extraction Method was used to determine site value.

Estimating Replacement Cost: Square-foot method (comparison method) was used for estimating
Replacement Cost, using the external dimensions of the structures of the subject property.

Depreciation: Physical deterioration is the deterioration of structures due to wear and tear.
Physical Depreciation calculated using the Age/Life Method.

Site Improvements: Market Extraction Method was used to determine "As-is" Value of Site
Improvements.

PHOTOS

I acknowledge the photo requirements, and attest that I provided original photos for the
following:

- Subject Front, Rear, both sides and Street

- Kitchen and all Bathrooms
- Main Living Areas
- Aerial photo

SKETCH

I attest that I reviewed my sketch and validated that:

The bedrooms and baths listed are consistent with what is reported in the appraisal report.

PERSONAL PROPERTY

Personal property was not included in the estimate of final value.

COMMENTS ON PROPERTY ADDRESS

As per order and USPS standard, the property address is xyz

COMMENTS ON HEATING

The subject's heating is Radiant. It is sufficient enough to heat the entire dwelling and typical to
the subject neighborhood. It is Continuously fueled, permanently attached, externally vented and
controlled by a thermostat. It is safe & habitable year round and it has no adverse effect on
subject's marketability.

Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

General Text Addendum File No. VP29934043

Borrower Yosselin Cabrera & Lili Cabrera Osorio
Property Address xyz
City CHELSEA County Suffolk State MA Zip Code 02150
Lender/Client Sierra Pacific Mortgage

COMMENTS ON SMOKE AND CO-DETECTOR

Smoke and Co-detector were present at the time of inspection.

COMMENTS ON WATER HEATER:

Presence of double strapped water heater is not required by any State or Local codes of
Massachusetts.

LAND TO VALUE RATIO

The land to value ratio may exceed 30% which is typical for the subject neighborhood.

COMMENTS ON MLS NUMBERS

MLS numbers of all the rental, closed and list comparables are provided in the grid.

CONTRACT DATE OF THE SALE COMPARABLES

Comparable 1 : 06/19/2020
Comparable 2 : 07/31/2020
Comparable 3 : 04/21/2021
Comparable 4 : 02/18/2021

GEOGRAPHIC COMPETENCY

The subject property is located approximately 10.23 miles from my office. This assignment
requires geographic competency as part of the scope of work. I have spent sufficient time in the
subjects market and understand the nuances of the local market and the supply and demand
factors relating to the specific property type and the location involved. Such understanding will
not be imparted solely from a consideration of specific data such as demographics, costs, sales
and rentals. The necessary understanding of local market conditions provides the bridge
between a sale and a comparable sale or a rental and a comparable rental.

COMPARABLE LOCATED ACROSS THE MANMADE BOUNDARY

All the comparable used in this report are competent to the subject. All comparable are located
across the manmade boundary. However, neighborhood of all comparable are physically,
locationally and economically similar to the subject neighborhood and could not be considered
as market barrier to the buyer, therefore, no location adjustment was warranted. Exception is
comparable #6 which is adjusted for being located in a predominantly higher value area.

COMMENTS ON VARIANCES

Age variance for comparable #3, #5 & #6 exceeded the industry standard 30%. These comparable
shared some similarities with the subject and were considered to be the most similar and most
likely alternatives available at the time of inspection. Those were not perfect and as a result
variances were high.

FIRREA Certification Statement

I performed this appraisal in accordance with the requirements of Title XI of the Financial
Institution Reform, Recovery and Enforcement Act of 1989, (12 U.S.C.3331 et seq.), and any
implementing regulations.

FLOOD DISASTER STATEMENT

I hereby certify that, to the best of my knowledge and belief, the inspection revealed no
indications of significant physical damage to the property and specifically no damage noted from
flooding due to heavy rain.

Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

General Text Addendum File No. VP29934043

Borrower Yosselin Cabrera & Lili Cabrera Osorio
Property Address xyz
City CHELSEA County Suffolk State MA Zip Code 02150
Lender/Client Sierra Pacific Mortgage

Statement Relative to the Corona Virus (COVID-19):

COVID-19 has been declared a pandemic and a national state of emergency in place. Substantial
turmoil has occurred in financial markets and due to the developing situation, it is not possible at
this time to quantify its long-term or short-term effects on real estate markets or on
the subject property. The value opinion contained in this appraisal is based on findings of an
analysis of market data available to the appraiser at the time of the assignment.

DIGITAL SIGNATURES

All reports for Residential Appraisal Group are digitally signed. Each signature is an original copy
of the appraiser who is signing. All the signatures are protected by a unique security code. Only
the signer has the password so all the reports & the signatures are protected from tampering.

Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

Subject Photo Page

Borrower Yosselin Cabrera & Lili Cabrera Osorio
Property Address xyz
City CHELSEA County Suffolk State MA Zip Code 02150
Lender/Client Sierra Pacific Mortgage

Subject Front
xyz St
Sales Price
Gross Building Area 2,154
Age 101

Subject Rear

Subject Street

Form [Link] - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

Subject Photo Page

Borrower Yosselin Cabrera & Lili Cabrera Osorio
Property Address xyz
City CHELSEA County Suffolk State MA Zip Code 02150
Lender/Client Sierra Pacific Mortgage

Subject Street
xyz St
Sales Price
Gross Building Area 2,154
Age 101

Subject Side

Subject Side

Form [Link] - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

Subject Photo Page

Borrower Yosselin Cabrera & Lili Cabrera Osorio
Property Address xyz
City CHELSEA County Suffolk State MA Zip Code 02150
Lender/Client Sierra Pacific Mortgage

Unit # 1 Living Room

xyz St
Sales Price
Gross Building Area 2,154
Age 101

Unit # 1 Dining Room

Unit # 1 kitchen

Form [Link] - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

Subject Photo Page

Borrower Yosselin Cabrera & Lili Cabrera Osorio
Property Address xyz
City CHELSEA County Suffolk State MA Zip Code 02150
Lender/Client Sierra Pacific Mortgage

Unit # 1 Bedroom
xyz St
Sales Price
Gross Building Area 2,154
Age 101

Unit # 1 Bedroom

Unit # 1 Bath

Form [Link] - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

Subject Photo Page

Borrower Yosselin Cabrera & Lili Cabrera Osorio
Property Address xyz
City CHELSEA County Suffolk State MA Zip Code 02150
Lender/Client Sierra Pacific Mortgage

Unit # 1 Mudroom
xyz St
Sales Price
Gross Building Area 2,154
Age 101

Unit # 1 CO & Smoke Detector

Unit # 2 Living Room

Form [Link] - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

Subject Photo Page

Borrower Yosselin Cabrera & Lili Cabrera Osorio
Property Address xyz
City CHELSEA County Suffolk State MA Zip Code 02150
Lender/Client Sierra Pacific Mortgage

Unit # 2 Kitchen
xyz St
Sales Price
Gross Building Area 2,154
Age 101

Unit # 2 Bedroom

Unit # 2 Bedroom

Form [Link] - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

Subject Photo Page

Borrower Yosselin Cabrera & Lili Cabrera Osorio
Property Address xyz
City CHELSEA County Suffolk State MA Zip Code 02150
Lender/Client Sierra Pacific Mortgage

Unit # 2 Bedroom
xyz St
Sales Price
Gross Building Area 2,154
Age 101

Unit # 2 Bath

Unit # 2 Office

Form [Link] - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

Subject Photo Page

Borrower Yosselin Cabrera & Lili Cabrera Osorio
Property Address xyz
City CHELSEA County Suffolk State MA Zip Code 02150
Lender/Client Sierra Pacific Mortgage

Unit #2 Washer/Dryer
xyz St
Sales Price
Gross Building Area 2,154
Age 101

Unit # 2 CO & Smoke Detector

Basement-Heating System

Form [Link] - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

Subject Photo Page

Borrower Yosselin Cabrera & Lili Cabrera Osorio
Property Address xyz
City CHELSEA County Suffolk State MA Zip Code 02150
Lender/Client Sierra Pacific Mortgage

Electrice Panel & Meter

xyz St
Sales Price
Gross Building Area 2,154
Age 101

Water Heater

Attic-Drop stairs

Form [Link] - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

Comparable Photo Page

Borrower Yosselin Cabrera & Lili Cabrera Osorio
Property Address xyz
City CHELSEA County Suffolk State MA Zip Code 02150
Lender/Client Sierra Pacific Mortgage

Comparable1
16 Cottage St
Sales Price 660,000
G.B.A. 2,536
Age/Yr. Blt. 101

Comparable 2
98 Maverick St
Sales Price 690,000
G.B.A. 2,158
Age/Yr. Blt. 121

Comparable 3
62 Heard St
Sales Price 737,000
G.B.A. 1,931
Age/Yr. Blt. 121

Form [Link] - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

Comparable Photo Page

Borrower Yosselin Cabrera & Lili Cabrera Osorio
Property Address xyz
City CHELSEA County Suffolk State MA Zip Code 02150
Lender/Client Sierra Pacific Mortgage

Comparable 4
60 Watts St
Sales Price 745,000
G.B.A. 2,804
Age/Yr. Blt. 121

Comparable 5
110 Grove St
Sales Price 649,999
G.B.A. 2,094
Age/Yr. Blt. 101

Comparable6
12 Watts St
Sales Price 715,900
G.B.A. 2,283
Age/Yr. Blt. 121

Form [Link] - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

Rental Photo Page

Borrower Yosselin Cabrera & Lili Cabrera Osorio
Property Address xyz
City CHELSEA County Suffolk State MA Zip Code 02150
Lender/Client Sierra Pacific Mortgage

Rental1
98 Maverick St
Proximity to Subj. 0.28 miles SW
GBA 2,158
Age/Year Built 121

Rental 2
103 Central Ave
Proximity to Subj. 0.26 miles SW
GBA 2,070
Age/Year Built 121

Rental 3
26 Willard St
Proximity to Subj. 0.53 miles NE
GBA 2,398
Age/Year Built 111

Form [Link]$R - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

Building Sketch (Page - 1)

Borrower Yosselin Cabrera & Lili Cabrera Osorio
Property Address xyz
City CHELSEA County Suffolk State MA Zip Code 02150
Lender/Client Sierra Pacific Mortgage

Interior Drawn Not To Scale

23' 23'

Mudroom Office

Bath
Bath
22'

22'
Kitchen
Kitchen

Bedroom Bedroom
4.0

4.0
46'

46'
3'

3'
6'

Dining Room

6'
Living Room
4'
4 . 3'
Cov e re d Porch 03 '
4.0

3'
4.0
Bedroom
[89.5 Sq ft]

Bedroom
16'
om
Ro

11'
11'

11'

Bedroom
g
n
vi
Li

23' 6' 23'

First Floor Second Floor
[1077 Sq ft] [1077 Sq ft]

TOTAL Sketch by a la mode, inc. Area Calculations Summary

Living Area Calculation Details
First Floor 1077 Sq ft 0.5 × 3.5 × 2 = 3.5
0.5 × 2 × 3.5 = 3.5
6×2 = 12
46 × 23 = 1058

Second Floor 1077 Sq ft 0.5 × 3.5 × 2 = 3.5

0.5 × 2 × 3.5 = 3.5
6×2 = 12
46 × 23 = 1058

Total Living Area (Rounded): 2154 Sq ft

Non-living Area
Covered Porch 89.5 Sq ft 6 × 11 = 66
5×4 = 20
0.5 × 3.5 × 2 = 3.5

Form [Link] - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

Building Sketch (Page - 2)

Borrower Yosselin Cabrera & Lili Cabrera Osorio
Property Address xyz
City CHELSEA County Suffolk State MA Zip Code 02150
Lender/Client Sierra Pacific Mortgage

23'

22'
Unfinised Area
4.
46'

03
'6'
3'
4.0
11'

23'
Basement
[1077 Sq ft]

TOTAL Sketch by a la mode, inc. Area Calculations Summary

Non-living Area
Basement 1077 Sq ft 0.5 × 3.5 × 2 = 3.5
0.5 × 2 × 3.5 = 3.5
6×2 = 12
46 × 23 = 1058

Form [Link] - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

Location Map
Borrower Yosselin Cabrera & Lili Cabrera Osorio
Property Address xyz
City CHELSEA County Suffolk State MA Zip Code 02150
Lender/Client Sierra Pacific Mortgage

Form [Link] - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

Aerial Map
Borrower Yosselin Cabrera & Lili Cabrera Osorio
Property Address xyz
City CHELSEA County Suffolk State MA Zip Code 02150
Lender/Client Sierra Pacific Mortgage

Form [Link] - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

Plat Map

Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

Assessor - Page 1

Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

Assessor - Page 2

Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

Assessor - Page 3

Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

Subject Listing History - Page 1

Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

Subject Listing History - Page 2

Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

 FHA/VA Case No. 251-7032640

Subject Listing History - Page 3

Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE