Scheduled Monthly Rents
|
Units
|
Type
|
Est. SF
|
Current Avg. Rent
|
Monthly Income
|
Rent At Market
|
Proj. Monthly Income
|
|
15 |
1BR/1BA |
700 |
$650 |
$9,750 |
$660 |
$9,900 |
|
3 |
2BR/2BA |
971 |
$800 |
$2,400 |
$825 |
$2,475 |
|
3 |
3BR/2BA |
1,123 |
$900 |
$2,700 |
$925 |
$2,775 |
|
1 |
4BR/2BA |
1,645 |
$1,500 |
$1,500 |
$1,600 |
$1,600 |
|
22 |
|
Estimated Total
|
$16,350 |
|
$16,750 |
|
|
Scheduled Gross Income
|
$196,200 |
|
$201,000 |
|
|
Less: Vacancy (5%)
|
-$9,810 |
|
-$10,050 |
|
|
Effective Gross Income
|
$186,390 |
|
$190,950 |
|
|
Plus: Utility Income |
$9,630 |
|
$9,630 |
|
|
Plus: Other Income |
$1,230 |
|
$1,230 |
|
|
Effective Annual Income
|
$197,250 |
|
$201,810 |
Estimated Expenses
|
|
Current
|
Budget
|
|
|
% EGI
|
Per/Unit
|
Amount
|
% EGI
|
Per/Unit
|
Amount
|
|
Taxes
|
10.57%
|
$896 |
$19,706 |
10.32%
|
$896 |
$19,706 |
|
Insurance
|
1.85%
|
$157 |
$3,457 |
1.81%
|
$157 |
$3,457 |
|
Utilities
|
9.86%
|
$835 |
$18,370 |
9.62%
|
$835 |
$18,370 |
|
Professional Management
|
6.00%
|
$508 |
$11,183 |
6.00%
|
$521 |
$11,457 |
|
Repairs
|
4.13%
|
$350 |
$7,700 |
4.03%
|
$350 |
$7,700 |
|
Turnover Reserves
|
1.65%
|
$140 |
$3,080 |
1.61%
|
$140 |
$3,080 |
|
Landscaping
|
1.18%
|
$100 |
$2,200 |
1.15%
|
$100 |
$2,200 |
|
Reserves
|
2.36%
|
$200 |
$4,400 |
2.30%
|
$200 |
$4,400 |
|
Other
|
1.18%
|
$100 |
$2,200 |
1.15%
|
$100 |
$2,200 |
|
Total Estimated Annual Expenses
|
38.79%
|
$3,286 |
$72,296 |
38.00%
|
$3,299 |
$72,570 |
|
Estimated Net Operating Income (NOI)
|
$124,954
|
|
$129,240
|
|
Cap Rate
|
6.59%
|
|
6.82%
|
|
Debt Service
|
$75,995 |
|
$75,995 |
|
Cash Flow
|
$48,959 |
|
$53,245 |
|
Cash Return
|
8.61%
|
|
9.37%
|
|
Proposed Financing
|
|
Listing Summary
|
|
Down Payment
|
$568,500 |
|
|
Price
|
$1,895,000 |
|
Percent Down
|
30%
|
|
|
Units
|
22 |
|
Loan Amount
|
$1,326,500 |
|
|
Building Sq. Ft.
|
19,550 |
|
Interest Rate
|
4.00%
|
|
|
Price per Unit
|
$86,136 |
|
Loan Description
|
5 year fixed |
|
|
Price per Sq. Ft.
|
$96.93 |
|
|
