SPECIMEN
This is a finding on the appraisal your lender received for this property. It tests that
appraisal against a published standard for renovation-loan collateral. It is not a new
appraisal or a second opinion on value — it is an analysis of the appraisal that was already
prepared.
What the appraisal supports
A plain-language finding on the appraisal for 1247 Maple Ave, Newark NJ
The gap
Your renovation budget funds $52 per square foot.
The sales the appraiser used to support the after-repair value were finished at about
$79 per square foot. The appraisal
values a house finished to those comparables' standard; the budget doesn't reach it.
What closes it
A scope of about $146,000
($79 per square foot) would bring the supported
value to $430,400. The rest of the
difference to the appraised value comes from the neighbourhood ceiling and market timing,
explained below.
Supported range
$366,000 – $438,000
Supported value $402,100
Confidence 68/100 · moderate · how firmly the appraisal supports its own number
The appraiser reported $455,000. Our analysis supports a value
$52,900 lower, based on the renovation scope and current market data.
Based on the comparable evidence in this file, the supported value falls within this range
roughly four times in five. This is a measure of how firmly the file supports its own number —
not a forecast of what the property will sell for.
The appraiser's four comparable sales produced adjusted values ranging from $440k to $468k.
Property Details
Address
1247 Maple Avenue, Newark, NJ 07104
Current Condition
Fair — needs renovation
Current Value (As-Is)
$295,000
Your Renovation Budget
$96,200 ($52 per square foot)
Lender Reference
LN-2026-08-0142
Appraisal Date
15 Aug 2026
Review produced 30 Aug 2026 against standard version RTL-STD-001 v1.0
Comparable Sales Used
The appraiser selected these four recent sales to support the after-repair value. All were already renovated to good condition.
| Property |
Sale Price |
Adjusted Value |
|
87 Oak Street
0.3 miles away · Sold 142 days ago
|
$412,000 |
$440,000 |
|
234 Elm Avenue
0.4 miles away · Sold 98 days ago
|
$445,000 |
$455,000 |
|
512 Cedar Lane
0.5 miles away · Sold 203 days ago
|
$498,000 |
$468,000 |
|
19 Birch Road
0.6 miles away · Sold 287 days ago
|
$425,000 |
$450,000 |
Adjusted values account for differences in size, features, and condition between each comparable and your property after renovation.
Value Adjustments
These findings shift our estimate of what the property will be worth after renovation.
-
Renovation budget falls short of comparable finish levels
−$28,300
The comparable sales used to support the after-repair value were all renovated to a higher
standard than your current budget allows. Those properties represent roughly
$79 per square foot of renovation. Your budget of
$52 per square foot would produce a finish level that
typically sells for less.
Comparable finish level: $79 per square foot. Your budget: $52 per square foot.
-
Target value is high for this neighbourhood
−$11,000
The appraised value of $455,000 would place this property above most recent sales in
the immediate area. While not impossible, values at this level carry more risk and may
take longer to achieve at sale.
Recent sales in the immediate area top out around $240 per square foot; the appraised value works out to $246.
-
Market conditions adjustment
−$8,000
The comparable sales closed between 98 and
287 days before the appraisal, and the county price index moved
over those months. The finding adjusts each sale for what the index shows since it closed.
County price index (FHFA county series, 2026Q2), past year: −2.1%.
-
Comparable sales needed heavy adjustment
−$5,600
The sales used to support the value needed larger-than-usual adjustments to match your property.
That makes them weaker evidence, and the estimate is trimmed for it.
Adjustments across the four sales were larger than is typical for this area.
Why a Range?
We give you a range, not just a single number, because some uncertainty is unavoidable. These factors widen the range for this property.
Sources of uncertainty
- Limited recent sales nearby. Only 2 comparable sales occurred within half a mile in the past six months. This is fewer than typical, so the estimate is less precise.
- How firmly the adjustments are supported. Where the appraisal's adjustments give less to go on, the range is widened. This is about the strength of the evidence, not a mistake.
A wider range doesn't mean the value is wrong — it means the evidence is thinner, so we're
being honest about what we can and can't know.
From your lender
The supported range is $366,000 – $438,000, with a supported value of
$402,100. Your lender decides how to use this finding, and your lender is the person to ask about your loan.
Lender's note
This space carries a note from your lender. It is empty on the specimen.
What this finding does not cover
- Hidden conditions behind walls not visible in appraisal photos
- Whether your scope is achievable at the stated cost in this market
- Your ability to complete the project on time and budget
- Anything requiring interior inspection beyond what the photos show
- Title, survey, or legal matters
- Permit timelines or local approval requirements
- Material cost changes after the appraisal date
- Your experience or financial capacity as a sponsor