Part C. Unit Equipment/Amenities (lines 11 through 23)

This section details specifics about the unit and its equipment and amenities. The RCS appraiser should use the blank line to add unit amenities or equipment that aren’t listed but significantly affect the rent a tenant would pay. Total adjustments made for this Part should not exceed the value a typical tenant would place on all unit amenities.

Line 11. # Bedrooms. The RCS appraiser must enter the number of bedrooms in the unit. The RCS appraiser can use “0” for efficiencies. If a comparable and the subject have a different number of bedrooms, the RCS appraiser must explain in the narrative why he/she selected a comparable of a different bedroom type.

Line 12. # Baths. The RCS appraiser must enter the number of bathrooms in the unit. The RCS appraiser may use decimals to represent partial baths. Example: The RCS appraiser may enter 1.5 to indicate one full bath and one bath with a toilet and sink, but no tub or shower stall.

Line 13. Unit Interior Sq. Ft. The RCS appraiser must enter the rentable interior square footage of the unit. The RCS appraiser should not include balconies, mechanical areas or other non-living spaces, unless the comparable unit size measurements include those areas and it is not possible to adjust the comparables. The RCS appraiser must explain: a) how the square footage of the subject was derived and how it corresponds to the square footage of the comparables; and b) the method used to determine the size adjustment. The method used to determine the size adjustment must be market-based, the ideal being a property in that market that offers similar plans with regard to number of bedrooms and bathrooms, but differing with regard to square footage. Given the lack of precision and standardization in the way that unit sizes are measured, RCS appraisers should not adjust for size differences of less than 10 square feet. For example, a difference of 50 square feet in the case of a 500 square feet one-bedroom might be worth a different amount to prospective tenants than a 50 square feet difference in the case of an 800-square foot, two-bedroom unit.

Note: Even for size differences exceeding 10 square feet, the RCS appraiser should adjust only if, and to the extent, the subject’s market values a size

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difference. Some markets may not value small size differences and a difference in size may not increase the market value of a larger unit to the same degree that it might for a smaller unit.

Line 14. Balcony/Patio. The RCS appraiser should consider if the unit has a balcony or a patio, and enter “Y” or “N”, as appropriate. While an adjustment greater than a nominal amount may be justified in certain markets (e.g., resort area, warm climate), the RCS appraiser must explain the basis for any adjustment that exceeds $10 or 2 percent of unadjusted rent of the comparable, whichever is larger.

14. Balcony/Patio. The RCS appraiser should consider if the unit has a balcony or a patio, and enter “Y” or “N”, as appropriate. While an adjustment greater than a nominal amount may be justified in certain markets (e.g., resort area, warm climate), the RCS appraiser must explain the basis for any adjustment that exceeds $10 or 2 percent of unadjusted rent of the comparable, whichever is larger.

Line 15. AC: Central/Wall. The RCS appraiser should use this line item to reflect the type of cooling equipment in the unit, using “C” for central, “W” for wall unit, or “N” for none. The RCS appraiser is required to adjust only for the value of having AC equipment and for differences in the type of equipment (wall, central, etc.). The RCS appraiser should not adjust for the cost of running the air conditioner, which should be captured under Line 34 below. Adjustment for type of AC will typically be nominal (not exceeding $10 or 2 percent of unadjusted rent, whichever is larger). The RCS appraiser must explain the basis for dollar amount chosen that exceeds the nominal amount, in the underlying narrative, and whether the RCS appraiser utilized a paired comp analysis or interviewed knowledgeable sources.

Line 16. Range /Refrigerator. The RCS appraiser must enter “R” for range, “F” for refrigerator, or “RF” if the unit has both appliances. If neither is present, the RCS appraiser must enter “N”. It is not uncommon in some markets for tenants to need to provide their own refrigerator; the corresponding adjustment should not exceed the monthly cost of a rental.

Line 17. Microwave/ Dishwasher. The RCS appraiser must enter “M” for microwave, “D” for dishwasher, or “MD” if the unit has both appliances. If neither is present, the RCS appraiser must enter “N”. The adjustments here should be nominal, typically not exceeding the higher of $10 or 2 percent of the unadjusted rent, for each item.

Line 18. Washer/Dryer. If there is a washer/dryer hookup in the unit but the Owner supplies neither appliance, the RCS appraiser must enter “HU.” If the appliances are provided in the unit, the RCS appraiser must enter “W” for washer, “D” for dryer or “WD” for both. If there is a common laundry area in the project, the RCS appraiser must enter “L”. If the project offers no laundry facilities, hookup, or appliances in the unit, the RCS appraiser must enter “N”. The adjustment for a unit where the Owner provides hookups, but not the washer-dryer machines, should not exceed the monthly cost of the machine rental.

Line 19. Floor Coverings. The RCS appraiser must indicate the predominant floor covering in the unit, using “V” for vinyl, “W” for wood, “WC” for wood composite product, and “C” for carpet. The RCS appraiser is required to only adjust for type of floor covering if there is market evidence, based on the experience of property managers and leasing agents, that one type of floor covering is more valued in the project’s market than other types.

Line 20. Window Coverings. If the unit is rented with window treatments, the RCS appraiser must enter “B” for blinds or “S” for shades or “D” for drapes. If the unit is

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rented without window coverings of any kind, the RCS appraiser must enter “N” for none. RCS appraisers are required to only adjust for type of Owner-provided window covering, if there is market evidence, based on the experience of property managers and leasing agents, that one type of window covering is more valued in the project’s market than other types.

Line 21. Cable/Satellite/Internet. The RCS appraiser must enter “C” for cable TV, “S” for satellite TV, and “I” for Internet access. If the subject property has more than one of these amenities, the RCS appraiser must enter all of the corresponding letters. For example, “CSI” indicates a project that offers all three of these amenities. The RCS appraiser must consider whether the project merely offers infrastructure (i.e., broadband) to access the amenities or whether it offers the amenities itself as part of the rent . If only infrastructure is offered, then the RCS appraiser must adjust based on the market value attributable to the availability of that infrastructure. If the amenity is provided to the tenant without an additional fee, the RCS appraiser should reflect the value of both access to and provision of the amenity. Any valuation for provision of cable/satellite/internet must be based on actual comparable data from the surrounding market area (comparable properties that provide internet access to tenants without any additional fees) rather than post-market adjustments. Similar data speed and means of access (wireless, hard-wired) must be used to identify comparable market services.

Line 22. Special Features. The RCS appraiser should use this line to adjust for items that are valued in the project’s market, based on the experience of property managers and leasing agents, but not listed above. For example, views, fireplaces, vaulted ceiling, partial ceramic tile flooring (in entryway, kitchen, or bath). The RCS appraiser must enter “VW” for view, “F” for fireplace, “VC” for vaulted ceiling, or “CT” for ceramic tile. If the unit has safety bars, ramps, or other features to improve access for elderly or persons with disabilities, the RCS appraiser should enter “A”.

Lines 23. Blank line. The RCS appraiser should use this line to add a unit amenity that is not listed but significantly affects the rent a tenant would pay. The RCS appraiser must describe the amenity on the line provided and make dollar adjustments as appropriate.