Rent Comparability Study on Townhouse Square Apartments 1966 Wagner Street Mobile, Alabama 36617 Date of Report May 21, 2019 Effective Date May 16, 2019 Prepared For Mr. Marvin Dismukes Royal Management Company, Inc. P.O. Box 161604 Mobile, Alabama 36616 Prepared By Gill Group, Inc. Jeffrey L. Hansen, AL# G01189 Samuel T. Gill, AL# G-00548 512 North One Mile Road * Dexter, Missouri 63841 Ph: 573-624-6614 * Fax: 573-624-2942
[email protected] May 21, 2019 Mr. Marvin Dismukes Royal Management Company, Inc. P.O. Box 161604 Mobile, Alabama 36616 RE: Rent Comparability Study Townhouse Square Apartments FHA# FHA_ Contract# AL09M000028 Dear Mr. Dismukes: Attached is the Rent Comparability Study (RCS) you requested for Townhouse Square Apartments in Mobile, Alabama. The purpose of the study was to estimate the market rents for the units within the subject property. Market rent is the rent that a knowledgeable tenant would most probably pay for the units as of the date of this report, if the tenants were not receiving rental subsidies and rents were not restricted by HUD or other government agencies. The following table lists the “as is” market rent I concluded for each Section 8 unit type, as of May 16, 2019. Estimated Market Size (Sq. Prepared Unit Type # of Units Ft) Rent $/Sq. Ft Grid? (Y/N) 2/1 40 700 $635 $0.91 Y 40 The RCS was prepared in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) and Chapter Nine of the Section 8 Renewal Policy Guide. Market Rents were defined and estimated in accordance with Sections 9-8 through 9-13 and Appendix 9-1-2 of Chapter Nine of HUD’s Section 8 Renewal Policy Guide, and the RCS report was prepared in accordance with guidance in Chapter Nine.