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Im probably over thinking this, but would appreciate any feedback. 
No. It's your best estimation of the market value of the home subject to completion per the plans and specifications given you.If you are doing an appraisal for a prospective market value, subject-to plans and specs, is that considered a hypothetical condition?
"on the basis of a hypothetical condition that the improvements have been completed".
Well, I never...
Was that the phraseology back in 2013? Was hypothetical even mentioned? Or am I losing it?
For a current market value, it's certainly a hypothetical condition. Prospective market value is interesting in that 6 months from now it may well be completed. In that case, I suppose you could argue that it's an Extraordinary Assumption that it will be completed as of that future date. Someone with more knowledge on that will hopefully jump in.
Bless your heart
So you date of value is in the future?
I have entered grandpa mode. I honestly can't remember if the verbiage on a FNMA form back in '13 referred to a hypothetical condition on the 'subject to' checkbox or not. That is the last time I looked at an FNMA form in earnest. My memory blows.Bless your heart