certified appraisal report 2001 piper pa-44-180 n0000b · pdf filecertified appraisal report...

Certified Appraisal Report 2001 PIPER PA-44-180

N0000B

Prepared for: Central Florida Bank

Prepared by:

A1Aviation Group, Inc

6/30/2016

A1Aviation Group, Inc.

Appraisal Work Sheet # 20160630N0000B

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AIRCRAFT APPRAISAL REPORT

Client: Central Florida Bank Attention: Bank Manager Address: Central Florida Bank Phone: 123-456-7890 123 Main Street Anytown, FL 12345 This appraisal report is intended to be used by:

Mr. John Doe, Bank Market President Ms. Sarah Smith, Bank Sales Manager

This appraisal report is to be held strictly confidential and should not be disseminated to anyone other than the intended users without the client’s permission. It is intended that this appraisal report be used to estimate the Market Value of the subject aircraft in U.S. dollars for legal purposes. For the purposes of this aircraft appraisal report, the aircraft is considered to be free and clear of all liens and encumbrances, unless noted within the report. This aircraft appraisal report is intended to be used by the client for the purpose(s) noted. It should not be used for any other purpose, nor should it be considered valid after the effective date expressed in the report. The entire appraisal is based on this appraiser’s visual inspection of the aircraft and its records on the effective date of this report. This report is not intended to be an evaluation of the mechanical condition of the aircraft, nor is any of the data herein intended to be used for evaluating the mechanical condition of the aircraft. This appraiser urges the client and/or purchaser of this aircraft to engage an FAA licensed A&P mechanic who has knowledge of the aircraft make and model to inspect the aircraft for mechanical defects prior to completing the purchase.


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Aircraft Identification

Make: PIPER AIRCRAFT COMPANY Model: PA 44 180 - Seminole Serial No: 11-22222 Reg. No: N0000B Year Mfg: 2001 Type of Aircraft: Multi Engine Piston Airframe Total Time: 6329 Hrs. Airframe Total Time Detail of Calculation: This aircraft has three Hobbs meters. One is used for flight school billing, another was used for the Janitrol heater operational times (the heater has been removed). The last Hobbs meter, right above the heater Hobbs, is used for aircraft time keeping. Aircraft time includes total airframe, engine and propeller times, maintenance inspections, oil changes etc. All times in this appraisal report refer to this Hobbs meter time unless otherwise noted. The heater Hobbs and the maintenance Hobbs are distinguishable by decals. For conformity, the times used in this appraisal were taken from the Aircraft Verification Form dated June 14, 2016, compiled by the maintenance department. Due to the utilization rate of this aircraft, the times have increased during the appraisal process, but were verified at the time by this appraiser. Airframe Condition: Average Comments on the Visual Inspection: Here is another example of an aircraft that looks good as one approaches it from across the ramp. Getting closer however, one starts seeing some of the results of a life-long career as a multi-engine trainer. The aircraft doesn’t look bad it just looks like a hard-working plane and not a hangar showpiece.


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The logbooks indicate that much regular preventative, as well as required maintenance has been performed to keep this aircraft fully operational. Without this kind of quality maintenance, even new airplanes will deteriorate rapidly.

Below the footprint of the aircraft there are no apparent signs of major fluid leaks and the undersides of the nacelles as well as the fuselage are reasonably clean of drips, grease, oil and hydraulic fluid. The baggage compartment door appears to shut well and the cabin door also appears to shut reasonably well with only a slight gap noticed between the door and the fuselage along the aft edge of the door.


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The antiskid tread delineating the walk path leading up to the cockpit is in reasonably good condition.

A minimal amount of cracking and stop drilling is noticeable around a few of the rivet heads and screw holes of fairings/panels. The three landing gear wheel wells are generally clean with only a few greasy spots visible. Paint covers the area well, the brakes and tires and hydraulic lines appear to be in good condition. The landing lights on the wings appear to be in good condition and the nose landing/taxi lights are high powered LED type lights. These lenses are mostly clear, uncrazed and clean.


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The cabin windows are clean, clear with no crazing evident. They appear to be sealed well with only a minimal amount of sealant visible along the outside.

The oil dipstick access doors appear bent downwards slightly near the middle of the piano hinge on each nacelle.

Most panels show signs of frequent removal and replacement for maintenance inspections (a good thing). Many of these fasteners are still stainless steel in color and not the color of the surrounding fuselage.


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The upper surfaces of the fuselage and wings appear to be free of hail damage. The upper surfaces of the horizontal stabilizer are not visible from the ground, but it is reasonable to believe that if the other surfaces of the aircraft are free from hail damage, then so will the upper surface of the tail be free of that damage. The wing to wing tip fairings have gaps visible between the fasteners. Overall, this airframe appears to be in a good condition.

Log Books in Aircraft Appear: Original


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Airframe Log Book Inventory and Comments: Although the logs are original, the first logbook has 2 initial pages marked duplicate (02/23/2001). The early maintenance on the aircraft appears to have been accomplished in the Baltimore, Maryland area. These entries are mostly handwritten but some comments have been printed. Subsequent entries show maintenance accomplished in Colorado. The final entry in book 1 is dated 10/14/2009 at a maintenance Hobbs time of 2588.6 hours. Logbook number 2 starts on 03/18/2010, Hobbs/TTAF 2616.0 hours, this entry being an annual inspection. The last entry in this logbook is dated 02/22/2013 at time 3106.9. Logbook number 3 is contained within the Adlog Aircraft Maintenance Recordkeeping System and begins on 04/11/2013, time 3156.9. Between the 22nd of February and the 11th of April, only fifty hours were put on the aircraft. This log records the removal of the Janitrol heater on 10/06/2014 at the maintenance Hobbs time of 4199.4 hours. The latest annual is recorded a having been accomplished on 12/27/2015, TTAF 5685.9 and the final entry at the time of this review is 06/14/2016 at maintenance Hobbs/TT 6328.9 hours. Most of the entries in this latest logbook are neatly printed and legible. The logbooks overall are in a good condition and appear to be well maintained. Aircraft Registered to:

Flight School

Address:

100 1st Street

City, State, Zip

Anytown, FL 12345

Date of Registration: 11/29/2012 Registration Expiration Date: 11/30/2018 Location of Registration and Airworthiness Certificates: These certificates are in designated sleeves located in the rear baggage compartment between the left rear window and side panel crevice. Location of Pilot’s Operating Handbook (POH): The POH is located in the rear seat pocket of the right front seat. Location of Weight and Balance, FAA337 Forms, Equipment List: These are located in the POH.


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Maintenance Status

Maintenance Inspection Date: 12/27/2015 Comments: This aircraft is being maintained on an annual inspection basis,

with intermediate inspections being accomplished every 50 flight hours per the applicable Piper maintenance manual and FAR's. It appears from the logbooks that most inspections and repairs were carried out as and when required. Known Airframe Maintenance Issues: None known or reported. Estimated Cost of Repair: N/A Transponder/Encoder Recertification Date: 03/31/2018 ELT Battery Due Date: 10/31/2021 Other: None Service Bulletin Status: Many Service Bulletins appear to have been

accomplished. AD’s Complied With: Yes Estimated Cost for AD’s Compliance: N/A Tires Condition: Good Exterior Paint Condition: Average

Repaint Date: N/A Repainted By: N/A


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Paint Comments: The color scheme is white with blue, gold and grey trim. The finish appears to cover the airframe well and it generally retains a semi-gloss appearance overall. The blue trim looks like it has some overspray or white flecks in the finish in some areas. There are a few areas where paint is missing revealing bare aluminum underneath, as well as some areas with slight blistering visible, however these areas are minimal and the overall finish on the fuselage is good.

Some corrosion is noticeable around the combination navigation/strobe light housings on the wingtips.


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Interior Condition: Average Cabin Configuration: Passenger Panel Layout: Average Pressurized Cabin: No Window Condition: Good Interior Comments: The interior of the aircraft appears to be in good

condition. The ceiling and side panels appear to be clean and mostly secure, although gaps are visible and some areas of foam are visible through these gaps.

The carpets, especially in the front, are worn and soiled, with the black

rubberized portion in the front worn through where the occupants’ heels rest with feet on the rudder pedals.


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The glareshield appears to be in reasonably good shape, and the windows and window trim look to be in good condition, clear and without crazing. Rosen sun visors are installed at both front seat locations.

The area around the entry doorway is slightly scuffed and dirty. Most placards and

decals appear legible and intact and correctly placed. The seats and seat covers appear to be in good condition without major tears, cuts or even scrapes, and the seat belts appear to be fairly clean, not frayed and in good condition. The front seats are leather covered, while the rear seats are cloth and vinyl covered. The baggage compartment behind the back seats is neat, tidy and reasonably clean.


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The aircraft flight manual is located in the rear pocket of the left side front seat. A Halon fire extinguisher is installed on the floor of the cockpit between the pilot seats and a first aid kit is located in the back.

The airworthiness certificate and aircraft registration forms are inserted

between the left rear window and side panel crevice. Overall, the interior of this aircraft is in good condition.


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Airframe Modifications

None Known or Reported.

Damage History Current Damage: None Historical Damage: No


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Engine & Propeller Log Book Inventory and Comments: Each engine has two logbooks

associated with it. The left engine (engine one, numbering from left side first), is an O-360-A1H6 Lycoming engine, serial number L-11111-222. The first entry in logbook 1 shows a time of 4168 hours when the engine was totally rebuilt to zero time at the factory. This is dated 02/24/2006. This logbook also contained left propeller entries. The final entry in this log is dated 02/22/2013 at time 3106.9. The entries here are mostly handwritten, some of which are difficult to read. The second logbook is contained within the Adlog System and begins at TTAF

3156.9/TSMOH engine 1410.7 on 04/11/2013 with an annual inspection. The engine was overhauled to factory new limits by Engine Repair Company on 06/25/2014 and installed on the aircraft 10/06/2014 Mtx Hobbs 4199.4TTAF/TSMOH 0. The latest entry prior to the logbook review is dated 06/14/2016 6328.9TTAF/2129.5 TSMOH. Most of these entries are printed and appear neat and legible. The right is a Lycoming LO-360-A1H6 engine, serial number L-333-444. Its first

logbook is dated 03/13/2006 at engine total time of 3344.7 when it was overhauled by the factory to zero time. This book also contains propeller entries. The final entry is on 2/22/2013, Mtx Hobbs 3106.9. The Adlog system contains right engine logbook 2 beginning on 04/11/2013 at

time 3156.9. An annual inspection was accomplished after the engine returned from an overhaul to factory new limits by Engine Repair Company on 10/06/2014 (the overhaul was accomplished on 06/25/2014). This occurred at Hobbs 4199.4 TTAF/0 TSMOH. The latest annual was accomplished 12/27/2015 and the final entry prior to review is dated 06/14/2016 TTAF 6328.9/TSMOH 2129.5. The time between overhauls for these engines is 2,200 hours. The propeller logs are both contained within the Adlog system beginning on

04/11/2013. The left propeller was 3156.9 hours TTSN. Prop changed from XX10000B to XX00000B at 02/14/2014 at zero time on the new propeller. The latest entry of the left propeller is dated 06/06/2016 at 2299.7 hours TTSN/6279.7 Hobbs. The right propeller logbook begins 04/11/2013 with propeller XX11111B at time

3156.9 hours. It was overhauled to 0 time and installed on 02/20/2015. This propeller then had its latest overhaul on 12/14/2015 to zero time and installed on aircraft on 12/27/2015. The latest logbook entry showed a time of 593.8 TTSN/6279.7 TTAF. These entries are printed and legible.


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Left Engine Manufacturer: Lycoming Left Engine Type: Piston Left Model: O-360-A1H6 Left Engine Serial No: L-11111-222 Left Engine Total Time: 2130 Hrs. Left Time Since Major Overhaul: 2130 Hrs.

Left Engine Overhauled By: Engine Repair Company, Anytown, FL Left Recommend TBO: 2200 Right Engine Manufacturer: Lycoming Right Engine Type: Piston Right Model: LO-360-A1H6 Right Engine Serial No: L-333-444 Right Engine Total Time: 2130 Hrs. Right Time Since Major Overhaul: 2130 Hrs.

Right Engine Overhauled By: Engine Repair Company, Anytown, FL Right Recommend TBO: 2200 Engine Comments: The model numbers for the engines differ slightly because

these engines are counter-rotating, meaning that they turn in opposite directions to overcome the critical engine dilemma associated with most twin-engine airplanes. The engine on the left is a Lycoming engine, model number O-360-A1H6, and the right engine is a Lycoming model number LO-360-A1H6.


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Left Propeller Make: Hartzell Left Model: HC-C2YR-2CEUF Left Serial No: XX00000B Left No. of Blades: 2 Left Propeller Type: Constant Speed Left TSO/New: 2349 Left Date of Overhaul: 02/14/2014

Right Propeller Make: Hartzell Right Model: HC-C2YR-2CLEUF

Right Serial No: XX11111B Right No. of Blades: 2 Right Propeller Type: Constant Speed Right TSO/New: 643 Right Date of Overhaul: 12/14/2015

Propeller Comments: The propellers also have differing model numbers. The left propeller model number is HC-C2YR-2CEUF, and the right is HC-C2YR-2CLEUF. This is reflected in the logbooks of these propellers within the Adlog system. The propellers were overhauled by Propeller Repair Company. 10th Avenue, Anytown, Fl. 12345


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Engine Modifications None Known or Reported Known Engine Issues: None Estimated Cost to Repair: N/A

Instrumentation

Full Panel: Yes

Dual Panel: No

Panel Configuration: Average

Panel Condition: Average

IFR Equipped: Yes

EFIS Equipped: No

Comments: The instrument panel is neat, clean and well laid out in the standard configuration. Placards, Limitations and decals are legible and for the most part, well placed. Most switches are clearly marked with labels legible. All installations appear to be to FAA specifications. The instruments have mostly clear glass and the digits and lettering on the faces of all gauges appear clear and easily read. The standby compass is clear and the correction card is legible.


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Avionics

Type of Avionic: ALTIMETERS, ENCODING Mfg: NARCO Model: AR850 Quantity: 1 Type of Avionic: ALTIMETERS, ENCODING Mfg: UNITED INSTRUMENTS Model: 5934-3 Quantity: 1 Type of Avionic: GPS COMM Mfg: GARMIN Model: GNS 430 Quantity: 2 Type of Avionic: MARKER BEACON/AUDIO PANEL Mfg: GARMIN Model: GMA 340 Quantity: 1 Type of Avionic: TRANSPONDERS Mfg: GARMIN Model: GTX 327 Quantity: 1 Type of Avionic: VOR/LOC/GS Mfg: GARMIN Model: GI 106A Quantity: 1 The avionics installed in this aircraft are considered to be Average when compared to other aircraft of the same make, model, and year.


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Additional Equipment Dual Controls: Yes

Type: Yoke

Stall Warning System: Yes

Rotating Beacon: Yes

Strobe Lights: Yes

Taxi Lights: Yes

Navigation Lights: Yes

Long Range Fuel: No Total Fuel Capacity: 110 Gallons

Single Point Refueling: No

Other Equipment: A Halon fire extinguisher is located between the pilots’ seats and a First Aid kit is carried on board. The aircraft is equipped with Rosen sun visors. These are mounted at the pilots’ windshields. The seats in the back have microphone and headset jacks for the occupants.


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De-Icing Systems Known Ice System: No

Ice Lights: No

Type of De-Ice:

Boots Condition: N/A

Prop De-Ice: No

De-Ice Type:

Windshield De-Ice: No Windshield Wipers: No Pitot Heat: Yes Comments: This aircraft is not certified for flight into known icing. As such, only a heated pitot tube is installed.


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Aircraft Appraiser’s Comments

These Piper Seminoles were originally designed as multi engine trainers. Thus most of them are higher timed aircraft than would be found if they were owned strictly for leisure flying. This aircraft appears to be well maintained and kept up, presenting a pleasing impression while sitting on the ramp.

The weight and balance was last done on 10/06/2014 when the Janitrol Heater assembly was removed. This removal resulted in a revised empty weight of 2624.30 pounds, a new empty weight center of gravity of 87.11 inches, and a new useful load of 1,175.70 pounds. The maximum takeoff weight for this aircraft is 3,800 pounds and the maximum ramp weight is 3816 pounds. This means that at maximum ramp weight, 16 pounds of fuel has to be burned off prior to advancing the throttles for takeoff. Today there is not a large source of newer, affordable multi-engine trainers from which to choose, so these aircraft are fairly scarce on the For Sale market. Those that do find their way there are usually high timed machines, worked hard and possibly unintentionally abused by student pilots grasping the intricacies of multi-engine operations. However, with well-maintained equipment on board, time-limited items such as engines and propellers regularly overhauled to factory new limits, and appropriate timely preventative and corrective maintenance provided, these aircraft can remain serviceable and a continuing source of income year after year for many flight schools. Prices for these aircraft can vary greatly depending on many factors including some of those mentioned above. Pricing for 2001 Seminoles generally start from about $146,781 to a high of about $181,551 for an aircraft with good times overall. This aircraft has high time engines, which causes a deduction in overall value. The average engine overhaul costs around $31,818 for a factory


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remanufactured engine, and $23,000 for a field overhauled engine. Increased value is added when the engines are factory remanufactured or field overhauled to factory new limits, rather than a field overhaul to FAA limits. From the logs and its overall appearance, this aircraft seems to be one that receives better than average, quality, dedicated maintenance and careful attention by its operators.

This aircraft, N0000B, was personally inspected on 6/13/2016 by Ivan Leibbrandt, member of the National Aircraft Appraisers Association, at Anytown Airport, Central County, Florida.

DEFINITION OF GREEN AIRFRAME VALUE (as used in this report)

A credible value of the basic airframe with no components considered, on an aircraft being traded in the retail aircraft market, whole and in an airworthy condition, or with airworthiness issues that are specified and considered with regards to their effect on value. On some aircraft the Green Airframe Value may be a negative number which signifies that the airframe has less value than the logical sum of its major components. The information contained in this report is private, confidential, and may be protected by attorney/client/work-product privilege. It is intended only for the use of the individual named above and the privileges are not waived by virtue of this having been sent by mail. If the person actually receiving this report or any other reader of the report is not the named recipient or the employee or agent responsible to deliver it to the named recipient, any use, dissemination, distribution, or copying of the communication is strictly prohibited. If you have received this communication in error, please immediately notify us by return e-mail and/or telephone, and then destroy this original report.


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Appraisal Computation

Average Green Airframe Value $128,025 Additions Add for Airframe Condition $0 Add for Airframe Low Total Time $6,401 Add for Annual and Mandatory Inspection $683 Add for Exterior Paint Value $8,000 Add for Interior Value $6,500 Add for Airframe & Engine Modifications $0 Add for Engine(s) Residual Value $1,495 Add for Propeller(s) Residual Value $1,260 Add for Time-Limited Components $0 Add for Avionics Value $15,082 Add for De-Ice Systems Value $0 Add for Additional Equipment $0 ============ Total Additions $39,421 Deductions Deduct for Airframe Condition $0 Deduct for Airframe High Total Time $0 Deduct for Damage History $0 Deduct for Airframe/Engine Maintenance Items $0 Deduct for Exterior Paint Value $0 Deduct for Interior Value $0 Deduct for AD's Estimated Cost for AD Compliance $0 Deduct for Estimated Cost to Repair Avionics $0

============ Total Deductions $0

Based on the above, the Market Value of N0000B is: $167,446


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A1Aviation Group, Inc.

The information herein has been prepared from many sources and believed to be correct. A1Aviation Group, Inc. does not warranty the accuracy of the source material. An inspection and inventory was conducted by a physical examination of the external surfaces of the cockpit and passenger cabin. It includes an inventory and assessment of condition of avionics, instrumentation and aircraft systems. No inspection plates were removed for internal inspection. Further, the logbooks and other aircraft records were carefully examined for compliance with FAA regulations relating to damage and maintenance history, along with other required inspections. All aircraft records are presumed to be authentic, unaltered, and signatures and inspections therein performed by persons designated and appropriately licensed. Airworthiness Directive compliance was attested to by referencing the date of the last annual, inspection or other appropriate inspections. The appraiser hereby certifies that he has no personal interest in the aircraft identified in this appraisal or any bias toward any of the parties who may be involved in the resulting transaction coincident to this report. The appraiser’s fee is not contingent upon a predetermined value being reported or a percentage of the value being reported. All values expressed in this report are in U.S. Dollars unless otherwise stated. The effective date of this report is 6/13/2016 and its expiration date 9/13/2016. The report was written on 6/30/2016. In the event of error or omission, the liability of A1Aviation Group, Inc., if any, is limited and may not, in event, exceed the amount paid for the appraisal. Further, A1Aviation Group, Inc. accepts no responsibility for usage of this form unless signed by an officer of the company.

_____________________

Ivan Leibbrandt Certified Aircraft Appraiser A1Aviation Group, Inc.

certified appraisal report 2001 piper pa-44-180 n0000b · pdf filecertified appraisal report...

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