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American Homeowner Preservation 514

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					                  Integrated Asset Services, LLC
                  4600 South Syracuse Street, Suite 800 Denver, CO 80237
                                                                                                                    BROKER PRICE OPINION
                  Phone (303)770-1976    Fax (303) 793-0769                                                        Exterior Inspection              Interior Inspection


 Property Address: 514 DOUGLAS                                                                                      IAS Order #:        1447508
 City, State, Zip:      WAUKEGAN, IL 60085                                                                          Project ID:         AHP042111
 Loan:                  514                                                                                         Mortgagor:          UNKNOWN,
 2nd Loan/Client #:     AmericanPres                                                                                Investor #:


SUBJECT PROPERTY                                   Occupancy Status:                VACANT           OCCUPIED                         Property Appears Secure?              YES           NO
                         Currently                                                                        Date Last      Last Sold      Previous Previous List                         Taxes
       Location                                  Current List Broker                List Broker Phone                                                                  Taxes
                          Listed                                                                            Sold          Amount        List Date  Amount                            Delinquent

       Suburban               NO                                                                              02/11/04    $280,000                                  $0.00         $0.00

       APN#:      0816307006                                                  Special Assessments:       $0.00

Subject Comments:
Please see the subject comments addendum page.



HOA Name:         NA                                       HOA Fees:   $0.00                     HOA Assessments:           $0.00                        HOA Frequency: monthly

Property Info            Subject                   Sold Comp 1          Sold Comp 2              Sold Comp 3               Listed Comp 1            Listed Comp 2           Listed Comp 3
Address                  514 DOUGLAS               2101 Williamsburg    3024 Elisha              700 Linden                328 Martin Luther King   2117 Lorraine           2100 Williamsburg

Zip                      60085                     60085                 60099                   60085                     60085                    60085                   60085

Proximity                                          1.24 Mile             4.44 Mile               0.61 Mile                 0.85 Mile                1.29 Mile               1.29 Mile
Subdivision              NA                        NA                    NA                      NA                        NA                       NA                      NA

MLS Number                                         07449947              07675436                07504747                  07694944                 07714117                07518509

Data Source              Assessor Records          MLS                   MLS                     MLS                       MLS                      MLS                     MLS

Sale Type                Fair Market               REO                   Fair Market             REO                       Short Sale               Fair Market             Fair Market

Orig List Date                                     02/22/10              11/08/10                04/19/10                  12/15/10                 01/19/11                05/03/10
Orig List Price                                    $299,000              $230,000                $399,900                  $179,900                 $258,000                $379,900
Current List Date                                                                                                          02/08/2011               01/19/2011              04/04/2011
Current List Price                                                                                                         $129,900                 $258,000                $329,000
Sale Date                                          03/24/11              03/28/11                12/27/10
List Price at Sale                                 $270,000              $230,000                $399,900

Sale Price                                         $140,000              $175,000                $325,000

Seller Concessions                                 $0.00                 $0.00                   $0.00

DOM (Curr / Total)        /                        150 / 354             107 / 107               199 / 199                 75 / 128                 93 / 93                 19 / 354

Num of Units             5                         6                     5                       10                        5                        6                       6

PropertyType             5+ Units                  5+ Units              5+ Units                5+ Units                  5+ Units                 5+ Units                5+ Units

Property Style           2S                        2S                    1S                      2S                        2S                       2S                      2S

Condition                Average                   Good                  Average                 Good                      Average                  Good                    Good

Year Built               1925                      1959                  1965                    1960                      1901                     1950                    1960

Lot Size                 0.14 Acres                0.18 Acres            0.18 Acres              0.65 Acres                0.20 Acres               0.17 Acres              0.17 Acres

Above Grade Room Count   15/5/0/0                  11/6/0/0              10/5/0/0                20/10/0/0                 7/5/0/0                  11/5/0/0                11/6/0/0

Gross Living Area        6496                      3520                  3600                    10560                     4268                     4232                    3520

Basement                 Yes                       Yes                   No                      Yes                       Yes                      Yes                     Yes

Basement (% fin)         0                         100                                           0                         0                        100                     0

Price per sq ft                                    $39.77                $48.61                  $30.78                    $30.44                   $60.96                  $93.47

Garage/Carport           None                      6 Off-Street          7 Off-Street            10 Off-Street             2 Garage - Detached      12 Off-Street           12 Off-Street

Fireplace                0                         0                     0                       0                         0                        0                       0

Pool                     No                        NO                    NO                      NO                        NO                       NO                      NO

View Type                Neighborhood              Neighborhood          Neighborhood            Neighborhood              Neighborhood             Neighborhood            Neighborhood

Inferior/Superior                                  Inferior              Inferior                Superior                  Inferior                 Superior                Superior
                 Please see the comments addendum page.
Sale 1
Comments

                 1 story, less SF, no basement space. Similar number of units. FMV Estimate Gross Income is $47,700.   MLS: 5 unit brick apartment building close to bus route & park.
Sale 2
Comments

                 Please see the comments addendum page.
Sale 3
Comments


                 Please see the comments addendum page.
Listing 1
Comments

                 Please see the comments addendum page.
Listing 2
Comments

                 Please see the comments addendum page.
Listing 3
Comments

NEIGHBORHOOD DATA:
 Neighborhood Value Trend:                      Improving            Stable                  Declining      Monthly rate (%) of change?               1.00       # months for Value trend change     6
 Neighborhood Pride of Ownership:                    Excellent              Good                 Fair        Poor        New Construction in area?                No

 Average Marketing Time of Comparable Listings:                       191                                                Average Marketing Time of Comparable Sales:                         220

 Price Range of Competing Properties:                  $125,000         to         $330,000                            Number of Competing Listings in Neighborhood:                         5
 Predominate Value for Immediate Area:                 $180,000
 Describe any negative neighborhood factors that will detract from subject:
 None Noted
 Economic outlook for region/subject's market:
 Poor

 Rent Control:           Yes                 No

 Comments:



MARKETABILITY OF SUBJECT:

 Number of REO/Short Sale properties in the subjects market                              3               Number of REO/Short Sale properties on the subject's block                      0
 Is the presence of REO/Short Sale properties in the subject's market adversely affecting overall values?                         Yes

 Average marketing time for lender owned properties in subject's market                         221

 In the subject's market, what is the average % discount required to sell a lender owned property compared to a comparable non-lender owned property?                                        40.00

 * Will this property be a problem for resale? If so, why?:
 No parking on site, exterior is an older style siding.
 Indicate any financing subject will NOT qualify for:
 FHA

 Most likely buyer:      Investor
 Explain any functional/economic obsolescence:

 None at this time

PROPERTY COMMENTS AND FEATURES

 Please Describe Any Negative Features or Condition of the Property:

 No yard, limited off street parking


 Please Describe Any Positive Features or Condition of the Property:

 Biggest postive is the location.



REPAIRS
 Does Property have any damage that may qualify as an Insurance claim ?                            No           Description:            NA

                        Insurance Repairs Estimated Amount and Description:                        $0           NA

                           Interior Repairs Estimated Amount and Description:

                          Exterior Repairs Estimated Amount and Description:                       $0           NA

                          Updates Needed Estimated Amount and Description:                         $0           NA

                                                                            Total Repairs
BROKER COMMENTS REGARDING VALUE CONCLUSION:
Because we are dealing with different numbered properties I needed to find out what was the value per unit. The listings came out to a value of $47,800 per unit and the sales came out to
a value of $31,000 per unit. We have to consider the high sales price was for 10 units (32,500 per unit) and the low was for 5 units (28,000 per unit) Average per sold unit is $30250 (5 X
30,500 = $152500) Several of the comps are newer then the subject and this needs to be taken into pricing along with the construction. Location is a plus but future maintenance will be
higher then in the newer comps. Another 90-120 days in this market will see prices declining on every type of property.




VALUE CONCLUSION:

                                                                                                       90-120 DAY MARKET TIME
                                                           AS-IS Sale Strategy                                          REPAIRED Sale Strategy                                    ESTIMATED LAND ONLY VALUE
    RECOMMENDED LIST PRICE:                                          $179,900                                                          $179,900                                                         $8,000
     ANTICIPATED SALE PRICE:                                         $169,900                                                          $169,900

                      30 DAY QUICK SALE MARKET TIME                                                                                    OTHER VALUES
                                    Quick Sale Strategy                                                                                                                                                         Recommended Sales Strategy:
     RECOMMENDED LIST PRICE:                                       $149,900                               6 MONTH FUTURE VALUE:                                             $159,957                                   AS IS                REPAIRED
     ANTICIPATED SALE PRICE:                                       $125,000                               FAIR MARKET RENT VALUE:                                            $4,250

      "Future Value is a calculation based on Brokers' ASP Price and Monthly Rate % of change. This does not represent a prediction or determination of future value, it merely displays a possible value if the area market trend were to continue."




QC COMMENTS:
Although some market data presented falls outside generally accepted guidelines, the agent has adequately justified its use and the value conclusion is reasonable and supported.




 Broker Signature: BILL NOTH                                                                                            BPO Date:            04/23/2011                                                  IAS Order #:          1447508

  Broker Company: CENTURY 21 UNITED GROUP (847)336-7333                                                                                                                                                            Loan:       514

 Property Address:           514 DOUGLAS

                                           NOTE: This report is meant to be a Broker's Opinion of Value ONLY and is not to be construed as an appraisal.
 SUBJECT PROPERTY COMMENTS ADDENDUM:
 No lender issues noted or known of. One of the biggest problems with rental units is the oversupply of them. Quilfiied renters are another issue so
we are seeing more and more vacant units. All the comps both listing and sales are near all commercial amenities that support residential areas.
No commercial or industrial developments planned that will affect future value. The subject is multi-family in an area where multi-family are the
exception. (travel/GLA variance/Lot variance/Unit mix variance) was necessary to find data investor buyers would consider similar. Rents and
income potential were considered more important than other characteristics.


 COMP LISTING # 1 COMMENTS ADDENDUM:
Older Property, less totla SF 4 1 BDRM units and 1 3 BDRM unit. Gross income estimate is $40,000. There is also additional off street parking.
MLS: near-North Waukegan near schools, churches and downtownwo in one! Rare opportunity for quality investment. Two buildings on one
parcel: 328 MLK is 4 one-bedrm apts; 330 MLK is three-bedrm, one bath det single-family home w/central a/c and 2.5 car garage. Newer roofs
with architectural shingles. Great opportunity

 COMP LISTING # 2 COMMENTS ADDENDUM:
Additional apartment. Basement is similar to a split level and is used for the apartment count. Brick construction, plenty of off street parking, newer
then subject. Total SF 6248. Gross income estimate $45,600. Basement is similar to a split level and in this case it is counted because of the
income potential and the city allows for the use of bedrooms in that case. MLS: BIG REDUCTION!!!!!!!!!!!! This brick 6 flat has (5) 2bd and (1)
1bd, electric heat, and a very motivated seller who is willing to seller finance and at a price that is a Great Deal!!!!! YOU GOTTA LOVE IT!!!!!

 COMP LISTING # 3 COMMENTS ADDENDUM:
This property is similar style as Comp 2 with LL units which are approved by the city. This build has caommon area space in the basement. Market
time is high and last adjustment was just 3 weeks ago. Newer then subject and brick construction. Basement is similar to a split level and in this
case it is counted because of the income potential and the city allows for the use of bedrooms in that case. Estimated groos income is $45,600.
MLS: Fully rented, well maintained 6 unit building with five 2 bedroom units and one 1 bedroom unit. Positive cash flow. Newer windows, flooring
and appliances.

 COMP SALES # 1 COMMENTS ADDENDUM:
REO property, 5 2bedroom units and 1 1 bedroom unit. Estimated Groos Income is $50,400. Basement is similar to a split level and in this case it
is counted because of the income potential and the city allows for the use of bedrooms in that case. Total livable space is 5280. MLS: perfect for
the first time investor. Apts have been upgraded just needs agressive management.

 COMP SALES # 2 COMMENTS ADDENDUM:

 COMP SALES # 3 COMMENTS ADDENDUM:
This is a multi building package. It is double the subject and most of the other comps so this needs to be considered when getting values. Extimate
Gross Income $96,000. MLS: Foreclosed property (court approval required), 3 one story buildings with a total of 10 units, ~70% occupancy.
Units are in fair condition. Needs some work. 3 of 10 units are vacant and secured. The asking price @$399,900 is 37% less than November 2006
sale price @$633,000. Lender may provide financing for a qualified purchaser.
                                                           BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:       DOU514
Loan Number:      514
Address:          514 DOUGLAS, WAUKEGAN, IL 60085 (LAKE)

Description: Subject




Description: Subject
                                                              BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:          DOU514
Loan Number:         514
Address:             514 DOUGLAS, WAUKEGAN, IL 60085 (LAKE)

Description: Front




Description: Side View
                                                             BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:         DOU514
Loan Number:        514
Address:            514 DOUGLAS, WAUKEGAN, IL 60085 (LAKE)

Description: Side View




Description: Rear
                                                           BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:       DOU514
Loan Number:      514
Address:          514 DOUGLAS, WAUKEGAN, IL 60085 (LAKE)

Description: House Number Verification




Description: House Number Verification
                                                           BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:       DOU514
Loan Number:      514
Address:          514 DOUGLAS, WAUKEGAN, IL 60085 (LAKE)

Description: StreetView




Description: StreetView
                                                           BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:       DOU514
Loan Number:      514
Address:          514 DOUGLAS, WAUKEGAN, IL 60085 (LAKE)

Description: StreetView




Description: StreetView
                                                                                        BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:       DOU514
Loan Number:      514
Address:          514 DOUGLAS, WAUKEGAN, IL 60085 (LAKE)

Description: CompListing1               Address: 328 Martin Luther King,Waukegan IL 60085




Description: CompListing2               Address: 2117 Lorraine,Waukegan IL 60085
                                                                                       BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:       DOU514
Loan Number:      514
Address:          514 DOUGLAS, WAUKEGAN, IL 60085 (LAKE)

Description: CompListing3               Address: 2100 Williamsburg,Waukegan IL 60085




Description: CompSale1                  Address: 2101 Williamsburg,Waukegan IL 60085
                                                                               BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:      DOU514
Loan Number:     514
Address:         514 DOUGLAS, WAUKEGAN, IL 60085 (LAKE)

Description: CompSale2                 Address: 3024 Elisha,Zion IL 60099




Description: CompSale3                 Address: 700 Linden,Waukegan IL 60085
                                                             BROKERS PRICE OPINION (BPO)
PHOTOS:

IAS Number:         DOU514
Loan Number:        514
Address:            514 DOUGLAS, WAUKEGAN, IL 60085 (LAKE)

Description: Misc




Description: Neighboring Property
Map




                                               Order Number:          DOU514
                                               Loan Number:           514


                                                                Subject Property:
                                                                     514 DOUGLAS
                                                                 WAUKEGAN, IL 60085
                                               Distance from Subject to Broker Office: 2.7025732026 Miles

                                                              ~Distances not Guaranteed~
                                               Based on MapQuest's accuracy & ability to locate addresses.



      Comp. Listing 1:                                                                                       Closed Sale 1:
      328 Martin Luther King                                                                                 2101 Williamsburg
      Waukegan, IL 60085                                                                                     Waukegan, IL 60085
      Dist. From Subject: 0.8553102754 Miles                                                                 Dist. From Subject: 1.2442273525 Miles


      Comp. Listing 2:                                                                                       Closed Sale 2:
      2117 Lorraine                                                                                          3024 Elisha
      Waukegan, IL 60085                                                                                     Zion, IL 60099
      Dist. From Subject: 1.2944358451 Miles                                                                 Dist. From Subject: 4.4427785071 Miles


      Comp. Listing 3:                                                                                       Closed Sale 3:
      2100 Williamsburg                                                                                      700 Linden
      Waukegan, IL 60085                                                                                     Waukegan, IL 60085
      Dist. From Subject: 1.2436764700 Miles                                                                 Dist. From Subject: 0.6181752656 Miles

				
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posted:4/27/2011
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Description: American Homeowner PReservation BPO