by Mike Armentrout Applying UAD condition ratings has proven to be more subjective than was intended when Fannie Mae introduced the system in 2011.   To be fair, the definitions do offer a fairly complete spectrum of condition options for appraisers to assign.   Like most appraisal matters however, there are endless interpretations of when to apply the various ratings to real properties. One example is the C2 rating.   It is a designation that may be under-represented compared to the routinely cited C1, C3 and C4 ratings.   C2 does have specific identifiers such as “no deferred maintenance” but “little to no physical depreciation” implies some subjectivity.   Even the commentary regarding renovated properties leaves some level of decision making when there are some original components. It might help us to gain clarity by placing the UAD rating system alongside of the economic life analysis.   If a particular property has an estimated economi...