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Date of Analysis: March 4, 2025

Property Address: 

Appraiser: STEVEN E. TUNKS APPA, CCPPA, CCAA   

Client: Owner/Seller

Purpose of Appraisal: Market Value Estimation for Sale 

1. Analysis Approach Summary 

This appraisal employs the Sales Comparison Approach to analyze the value of the legal rental duplex located at 9680 SW 30th Ter, Ocala, FL 34476. The subject property is compared against six recently sold comparable properties in the local market. The analysis adheres to the Uniform Standards of Professional Appraisal Practice (USPAP), ensuring a thorough and professional evaluation.

Property Description

- Address: 9680 SW 30th Ter, Ocala, FL 34476

- Type: Legal Rental Duplex

- Size: 2200 sq. ft.

- Zoning: Residential (Duplex)

- Current Use: Rental property with two units

2. Comparable Properties

The following table lists six recently sold comparable properties that were used in this analysis:

| Address                     | Sale Price | Sale Date   | Bedrooms | Bathrooms | Square Footage | Price/SF  |

|-----------------------------|------------|-------------|----------|-----------|----------------|-----------|

| 9660 SW 30th Ter            | $305,000   | 01/15/2023  | 2        | 2         | 1,500          | $203.33   |

| 9705 SW 29th Ct             | $299,000   | 03/10/2023  | 2        | 1         | 1,400          | $213.57   |

| 9675 SW 30th Ter            | $315,000   | 04/22/2023  | 3        | 2         | 1,650          | $190.91   |

| 9640 SW 30th Ct             | $310,000   | 05/05/2023  | 2        | 2         | 1,550          | $200.00   |

| 9655 SW 29th Ct             | $290,000   | 06/15/2023  | 2        | 1         | 1,350          | $214.81   |

| 9630 SW 30th Ct             | $365,000   | 07/01/2023  | 3        | 2         | 2,200          | $165.91   |

 3. Comparative Analysis

Average Price per Square Foot Calculation

1. Total Sale Price of Comparables:  

   $305,000 + $299,000 + $315,000 + $310,000 + $290,000 + $365,000 = $1,884,000

2. Total Square Footage of Comparables:  

   1,500 + 1,400 + 1,650 + 1,550 + 1,350 + 2,200 = 9,650 sq. ft.

3. Average Price per Square Foot:  

   [ \text{Average Price/SF} = \frac{\text{Total Sale Price}}{\text{Total Square Footage}} = \frac{1,884,000}{9,650} \approx 195.00 ]

Adjusted Value for Subject Property

- Estimated Square Footage of Subject Property: 2,200 sq. ft.

- Estimated Value Based on Average Price/SF:  

   [   \text{Estimated Value} = 2,200 \text{ sq. ft.} \times 195.00 \approx 429,000  ]

4. Market Overview

Ocala Real Estate Market

- Recent trends indicate a stable market for duplex properties in Ocala, with average home prices showing a slight increase of approximately 5% over the last six months. The demand for rental properties remains strong, driven by a growing population and economic factors.

Supply and Demand

- Inventory levels for duplexes are moderate, contributing to a competitive market. Buyers are actively seeking rental properties, and this demand has led to increasing sale prices.

5. Compliance with USPAP

This appraisal adheres to the Uniform Standards of Professional Appraisal Practice (USPAP), which includes the following principles:

- Competency: The appraiser possesses the necessary knowledge and skills to conduct the appraisal.

- Objectivity: The analysis is conducted impartially, avoiding any conflicts of interest.

- Integrity: The appraisal process follows ethical standards, providing accurate data and analysis.

6. Glossary of Terms

- Fair Market Value: The price at which property would sell in a competitive and open market.

- Sales Comparison Approach: A method of estimating the value of a property by comparing it to similar properties that have recently sold.

- Price per Square Foot: A common metric used to determine the value of real estate based on the size of the property.

7. Sources and References

1. Local Real Estate Listings (Zillow, Realtor.com)

2. Ocala Property Sales Records

3. Local Market Analysis Reports (Ocala Real Estate Association)

4. Uniform Standards of Professional Appraisal Practice (USPAP)

Specific Links Per Source

- www.zillow.com 

- www.realtor.com 

- www.ocala-real-estate-association.com 

- www.appraisalfoundation.org  

Recommendation, Disclaimer of use: 

For a more precise valuation, consider getting a professional real estate appraisal or consulting a local real estate agent who can provide insights into the nuances of the Flordia market. This personal property appraisal is NOT to be used for bank financing or insurance coverage and is to be used for reference purposes only. The values depicted in this report are as of the current market values and sources of March 4, 2025.