FINAL APPRAISED VALUE
$350,000
As-is leased fee · October 5, 2026
DIETERICH BANK / APPRAISAL REVIEW TEAM
801 W Saint Anthony Ave
Sales, cap rates and rent comparisons
Matt, I put these properties together so you and the review team can compare them with my building. I’ve included the local sales, the three Charleston properties used in the appraisal, and the rents listed for each.
View the property summary ↓01 / PROPERTY SUMMARY
About my property
My building has four two-bedroom, one-bath units averaging 960 SF. Two rent for $1,200 and two for $1,050, for an average of $1,125 a month. I’m comfortable using Edgar and Illini as local comps. My concern is how much weight the Charleston properties carry when they differ from mine in location, size and rents.
My building: 801 W Saint Anthony Ave
Four two-bedroom, one-bath units · 3,840 SF total · 960 SF average per unit
Source: supplied appraisal, subject photographs, pages 19 and 21. Interior views show Unit A, identified by the owner. The report records an October 5, 2026 inspection; individual photo capture dates are not separately provided. Selected photos show the building and Unit A, not every unit. Authorized for this private lender review.
SALES COMPARISON
$308,000
$77,000 per unit · four units
DIRECT CAPITALIZATION
$393,000
Reported NOI $35,370 · 9.00% rate
Property-tax comparison: the supplied 2025 county bill is $4,869.52, versus $5,208 used in the appraisal. Changing taxes only increases the report’s $35,370 NOI to $35,708.48. The value cards above show the original appraisal figures. Source: owner-supplied county record for parcel 03-16-022-001; appraisal pp. 22 and 44.
02 / SELECTED LOCAL INCOME COMPARISONS
Local sales and cap rates
Edgar and Illini are the local sales used in the appraisal. Illinois and 206 S Smith provide two more rental sales in Effingham County. The calculations below use the income and expenses reported for each sale.
Property / market
Sale period / units
Income-to-price calculation
Reported indication
404 W Edgar · Effingham
2025 · 4 × 1BR
$12,071 ÷ $225,000
5.36% · reported MLS NOI
102 Illini · Effingham
2026 · 3 × 2BR
($24,300 − $8,200) ÷ $230,000
7.00% · derived from MLS totals
411 W Illinois · Effingham
2025 · 2 × 2BR
($25,200 − $7,601) ÷ $285,000
6.18% · derived from MLS totals
206 S Smith · Teutopolis
2022 · 6 × 2BR
$27,302 ÷ $410,000
6.66% · reported MLS NOI
Selected examples, not a complete market range. Ratios use reported MLS income and expenses and nominal sale prices before subject-specific adjustments. Vacancy, management, reserves, utilities and concessions may differ. The 2022 Teutopolis sale is older than the appraisal’s three-year search window.
03 / CHARLESTON COMPARISONS
How the Charleston properties compare
The Charleston comps include a 24-unit building, a 14-unit building and a group of eight duplexes. Mine is one four-unit building in Effingham. I don’t think those sales should carry the same weight as the local comps without explaining how the differences affect the comparison.
Charleston property
Units / layout
Sale and income basis
Cap-rate comparison
913 4th St
24 × 1BR · ~690 SF
2024: $1,490,000. Supplied MLS financials are from the separate $640,000 sale in 2021.
No verified 2024 sale-time cap rate
1815 12th St
14 × 1BR · ~501 SF
2024: ($117,000 − $25,000) ÷ $660,000 = 13.94%, using reported MLS totals.
Preliminary arithmetic; expense coverage and $60,000 personal-property allocation require reconciliation
2135–2216 Richey
16 × 2BR · 8 duplexes · ~912 SF
2023: $1,000,000; rent schedule annualizes to $111,720. Expense total not supplied.
No usable net cap rate from supplied MLS
Unit count, layout and location
The Charleston apartment buildings have 24 and 14 one-bedroom units. Richey has sixteen two-bedroom units across eight duplexes, with garages. The report makes location and condition adjustments, but the unit mix and number of units still differ substantially from my four-unit building.
I think the Effingham sales are the better starting point for pricing my building. The Charleston properties are included here so the review team can see the differences.
My building is in Effingham’s hospital neighborhood. Effingham also has interstate, industrial and business activity, while EIU is a major part of Charleston’s economy. Those differences matter to me, along with the actual rents and types of buildings being compared.
Appraisal pp. 11, 16–18, 27–35 and 41–44; supplied Charleston MLS records. Economic background: Effingham Regional Growth Alliance and EIU enrollment report. These sources do not quantify a citywide rent premium or identify the tenants of these buildings.
04 / RENT DISPARITY
How the rents compare
My four units bring in $4,500 a month, or $54,000 a year. The Charleston listings show lower rents from their sale periods. Richey gives us a two-bedroom comparison: about $582 a month per unit, compared with my $1,125 average.
Property / market
Rent period / layout
Size and monthly rent
Difference from subject
My property · Effingham
2026 appraisal contract rents · 4 × 2BR
960 SF · $1,125 average
Reference: $54,000 annual rent
913 4th · Charleston
2021 income projection · not 2024 sale rents
~690 SF · $495 gross-income equivalent
$630 lower · 56% below subject; not a verified average rent
1815 12th · Charleston
2024 · $695 for 12 of 14 units
~501 SF · $695 listed entries
$430 lower · 38.2% below subject for listed entries only
Richey · Charleston
2023 · 16 × 2BR
~912 SF · $581.88
$543.12 lower / month · 48.3% below subject
404 W Edgar · Effingham
2025 · 4 × 1BR
660 SF · $450
$675 lower / month · 60% below subject
102 Illini · Effingham
2026 · 3 × 2BR
~1,024 SF per assessor interpretation · $675
$450 lower / month · 40% below subject
411 W Illinois · Effingham
2025 · 2 × 2BR
~1,175 SF · $1,050
$75 lower / month · 6.7% below subject
206 S Smith · Teutopolis
2022 · 6 × 2BR
~1,026.67 SF MLS · $587.50 from unit rows
$537.50 lower / month · 47.8% below subject
The listed rents are about 48% lower at Richey and 38% lower for the twelve entries at 1815 12th. Those differences, along with the dates and unit layouts, are why I place more weight on local rental comparisons.
Difference = $1,125 minus the comparison amount; percentage = difference ÷ $1,125. Figures reflect the stated dates, layouts and landlord-paid expenses. 913 4th’s $495 is projected 2021 gross income divided by 24 units and 12 months, not a verified rent roll or 2024 sale income. 1815 lists only 12 of 14 rents. For 206 S Smith, unit rows annualize to $42,300 versus $42,000 reported gross. These rent differences are not automatic value adjustments.
05 / PROPERTY PHOTOS AND DETAILS
Property photos and details
These are the same seven properties used in the tables above. Each has photos and the same eight comparison items. Listing periods are labeled; photos show the property when photographed and are not an independent condition assessment. Reproduction is authorized for this private review.
Properties used in the appraisal
4 units · 1 bed / 1 bath · 660 SF average
2025 listing · listing-era appearance; capture date not independently verified
Listing photos supplied for this private review.
$225,000 · September 10, 2025 · MLS 6254160
Edgar is a local four-unit sale, so I’m comfortable including it. Its one-bedroom units average 660 SF and were listed at $450 a month. Mine are two-bedroom units averaging 960 SF and $1,125 a month. The report treats the locations as similar and adds 20% for condition, bringing Edgar to $67,500 per unit.
On a phone, swipe across the table to see both properties.
Comparison
My property · 801 W Saint Anthony
404 W Edgar
Units / layout
4 · two bedrooms, one bath
4 · one bedroom, one bath
Building area
3,840 SF
2,640 SF
Average area / unit
960 SF · calculated
660 SF · calculated
Monthly rent / unit
2 at $1,200; 2 at $1,050
4 at $450
Average monthly rent
$1,125 / unit
$450 / unit
Annual gross rental income
$54,000 · appraisal contract rents
$21,600 · MLS reported gross income
Year built
1983 · appraisal
1990 · appraisal and MLS
Condition / location
Average (+) / Residential-Good
Inferior / Similar · appraisal grid
Appraisal pp. 27–28, 34–35, 44; MLS 6254160. Area averages are calculated; individual sizes are not verified.
3 units · 2 bed / 1½ bath · about 1,024 SF per unit from assessor interpretation
2026 listing · listing-era appearance; capture date not independently verified
Listing photos supplied for this private review.
$230,000 · April 6, 2026 · MLS 6256867
Illini has three two-bedroom units with listed rents averaging $675, including one discounted tenancy. The report adds 20% for condition and deducts 20% for garages. The assessor information and sketch I supplied suggest about 3,072 SF over two floors across the three units, versus the report’s 1,024 SF. The area interpretation still needs confirmation.
On a phone, swipe across the table to see both properties.
Comparison
My property · 801 W Saint Anthony
102 Illini
Units / layout
4 · two bedrooms, one bath
3 · two bedrooms, 1½ baths per MLS remarks; structured fields say 1 bath
Building area
3,840 SF
3,072 SF · owner-supplied assessor record; appraisal lists 1,024 SF GBA
Average area / unit
960 SF · calculated
1,024 SF · assessor record (512 SF footprint × two stories)
Monthly rent / unit
2 at $1,200; 2 at $1,050
$575, $650 and $800
Average monthly rent
$1,125 / unit
$675 / unit
Annual gross rental income
$54,000 · appraisal contract rents
$24,300 · MLS reported gross income
Year built
1983 · appraisal
1984 · appraisal and MLS
Condition / location
Average (+) / Residential-Good
Inferior / Similar · appraisal grid
Appraisal pp. 27, 29, 34, 41, 43; MLS 6256867; owner-supplied assessor text and sketch 101143.jpg.
24 units · 1 bed / 1 bath · 690 SF average
2021 listing photos · separate from the 2024 sale · listing-era appearance; capture date not independently verified
Listing photos supplied for this private review.
$1,490,000 · March 27, 2024 · corroborated by supplied county record
913 4th has 24 one-bedroom units averaging about 690 SF. Mine has four two-bedroom units averaging 960 SF. It is a much larger property in Charleston. The report adds 10% for location and 20% for condition, bringing it to $80,708 per unit. These photos are from its 2021 listing; the $1,490,000 sale used in the appraisal was in 2024.
On a phone, swipe across the table to see both properties.
Comparison
My property · 801 W Saint Anthony
913 4th St
Units / layout
4 · two bedrooms, one bath
24 · one bedroom, one bath per appraisal
Building area
3,840 SF
16,560 SF rentable area per appraisal; MLS area not provided
Average area / unit
960 SF · calculated
690 SF · calculated from appraisal rentable area
Monthly rent / unit
2 at $1,200; 2 at $1,050
2024 sale rents not supplied; 2021 rent roll not supplied
Average monthly rent
$1,125 / unit
Not verified; 2021 gross income equates to $495/unit/month, not a verified rent roll
Annual gross rental income
$54,000 · appraisal contract rents
$142,560 · 2021 MLS full-occupancy projection; not 2024 income
Year built
1983 · appraisal
1970 · appraisal and 2021 MLS
Condition / location
Average (+) / Residential-Good
Inferior / Inferior · appraisal grid
Appraisal pp. 30, 34, 41; MLS 6212898 (2021); supplied county parcel 02-1-04294-000, deed 202400811386. County dates the earlier sale September 24, 2021; MLS September 30.
14 units · 1 bed / 1 bath · about 501 SF average
2024 listing · aerial image only · listing-era appearance; capture date not independently verified
The supplied listing includes one aerial image; no interior or ground-level exterior photos were provided.
$660,000 MLS total / $600,000 appraisal real estate price
1815 12th has fourteen one-bedroom units averaging about 501 SF, compared with my four two-bedroom units averaging 960 SF. The report deducts $60,000 for personal property from the $660,000 sale, then uses $600,000 for the real estate. After location and condition adjustments, it comes to $55,714 per unit.
On a phone, swipe across the table to see both properties.
Comparison
My property · 801 W Saint Anthony
1815 12th St
Units / layout
4 · two bedrooms, one bath
14 · one bedroom, one bath per appraisal
Building area
3,840 SF
7,008 SF rentable area · appraisal
Average area / unit
960 SF · calculated
Approximately 501 SF · calculated
Monthly rent / unit
2 at $1,200; 2 at $1,050
$695 shown for 12 listed unit entries; remaining 2 not supplied
Average monthly rent
$1,125 / unit
Whole-property average unverified; $695 for the 12 listed entries
Annual gross rental income
$54,000 · appraisal contract rents
$117,000 · MLS reported gross income; rent roll reconciliation needed
Year built
1983 · appraisal
1978 · appraisal and MLS
Condition / location
Average (+) / Residential-Good
Inferior / Inferior · appraisal grid
Appraisal pp. 31, 34, 41; MLS 6240711. Net real estate price allocation is reported by the appraisal, not independently substantiated by the supplied sheet.
16 units in 8 duplexes · 2 bed / 1 bath · 912 SF average
2022–2023 listing · listing-era appearance; capture date not independently verified
Listing photos supplied for this private review.
$1,000,000 · March 31, 2023 · MLS 6225290
Richey sold as eight duplexes with sixteen two-bedroom units. The bedroom count is similar to mine, but this was a larger purchase with garages in Charleston. Listed rents average $581.88 per unit, compared with my $1,125. The report’s location and condition adjustments bring it to $81,250 per unit.
On a phone, swipe across the table to see both properties.
Comparison
My property · 801 W Saint Anthony
2135–2216 Richey Ave
Units / layout
4 · two bedrooms, one bath
16 · two bedrooms, one bath; eight duplexes
Building area
3,840 SF
14,592 SF GBA · appraisal sale summary; rentable area not supplied
Average area / unit
960 SF · calculated
912 SF · calculated from appraisal GBA; individual sizes vary
Monthly rent / unit
2 at $1,200; 2 at $1,050
1 at $610; 15 at $580 · MLS schedule
Average monthly rent
$1,125 / unit
$581.88 / unit · calculated
Annual gross rental income
$54,000 · appraisal contract rents
$111,720 scheduled annual rent · calculated; MLS gross-income field is 0
Year built
1983 · appraisal
1992 · appraisal; 1992–1994 · MLS remarks
Condition / location
Average (+) / Residential-Good
Inferior / Inferior · appraisal grid
Appraisal pp. 27, 32, 34–35, 41, 47; MLS 6225290. Average area uses reported GBA, not verified rentable area.
Additional Effingham County sales
2 units · 2 bedrooms · about 1,175 SF average
2025 listing · listing-era appearance; capture date not independently verified
Listing photos supplied for this private review.
$285,000 · October 31, 2025 · MLS 6254524
Illinois sold for $285,000 in October 2025. Both units were leased at $1,050 a month. The MLS shows $25,200 in annual income and $7,601 in expenses, leaving $17,599. Dividing that by the sale price gives 6.18%. It’s an Effingham rental with two-bedroom units, so I think it is worth comparing with mine.
On a phone, swipe across the table to see both properties.
Comparison
My property · 801 W Saint Anthony
411 W Illinois Ave
Units / layout
4 · two bedrooms, one bath
2 · two bedrooms; remarks describe 1 full + 1 half bath per unit; structured fields show 2
Building area
3,840 SF · appraisal
2,350 SF total finished area · MLS, builder source
Average area / unit
960 SF · calculated
1,175 SF · calculated; equal area assumed from mirror layouts
Monthly rent / unit
2 at $1,200; 2 at $1,050
2 at $1,050
Average monthly rent
$1,125 / unit
$1,050 / unit
Annual gross rental income
$54,000 · appraisal contract rents
$25,200 · MLS reported income, matches scheduled rents
Year built
1983 · appraisal
2002 · MLS/public records
Condition / location
Average (+) / Residential-Good · appraisal
Well maintained · MLS description; Effingham location; no independent comparative rating
MLS 6254524; appraisal duplex rationale p. 47. Structured bathroom fields say 2; detailed remarks describe one full and one half bath per unit. Expense scope is incomplete.
6 units · 2 bed / 1 bath · about 1,027 SF average from MLS
2022 listing · historical sale · listing-era appearance; capture date not independently verified
Listing photos supplied for this private review.
$410,000 · October 27, 2022 · MLS 6220343
206 S Smith sold for $410,000 in October 2022. Reported net income of $27,302 gives a 6.66% ratio. It has six two-bedroom units in Teutopolis. The appraisal’s later pending transaction is separate. The MLS rent rows total $42,300 a year, versus $42,000 reported gross.
On a phone, swipe across the table to see both properties.
Comparison
My property · 801 W Saint Anthony
206 S Smith
Units / layout
4 · two bedrooms, one bath
6 · two bedrooms, one bath
Building area
3,840 SF · appraisal
6,160 SF total finished area · 2022 MLS
Average area / unit
960 SF · calculated
1,026.67 SF calculated from MLS; appraisal rental discussion cites 992 SF/unit
Monthly rent / unit
2 at $1,200; 2 at $1,050
3 at $600; 3 at $575 · 2022 MLS
Average monthly rent
$1,125 / unit
$587.50 / unit · 2022 schedule
Annual gross rental income
$54,000 · appraisal contract rents
$42,300 scheduled annual rent; MLS reports $42,000 gross income
Year built
1983 · appraisal
2006 · MLS/public records
Condition / location
Average (+) / Residential-Good · appraisal
Teutopolis; historical MLS descriptions not an independent comparative rating
MLS 6220343; appraisal pp. 35, 37. MLS reports a $2,600 repair concession. Different-year price and income are not combined.