 |
|
|
 |
Scheduled Monthly Rents
|
Units
|
Type
|
Est. SF
|
Current Avg. Rent
|
Monthly Income
|
|
12 |
1 Bed / 1 Bath |
650 |
$600 |
$7,200 |
|
11 |
2 Bed / 1 Bath |
850 |
$675 |
$7,425 |
|
23 |
|
Estimated Total
|
$14,625 |
|
|
Scheduled Gross Income
|
$175,500 |
|
|
Less: Vacancy (5%)
|
-$8,775 |
|
|
Effective Gross Income
|
$166,725 |
|
|
Plus: Laundry |
$600 |
|
|
Plus: Garage & Storage |
$18,780 |
|
|
Effective Annual Income
|
$186,105 |
Estimated Expenses
|
|
Current
|
|
|
% EGI
|
Per/Unit
|
Amount
|
|
Taxes
|
12.67%
|
$919 |
$21,132 |
|
Insurance
|
2.83%
|
$205 |
$4,715 |
|
Utilities
|
9.66%
|
$700 |
$16,100 |
|
Professional Management
|
7.00%
|
$507 |
$11,671 |
|
Repairs
|
6.21%
|
$450 |
$10,350 |
|
Turnover Reserves
|
2.07%
|
$150 |
$3,450 |
|
Landscaping
|
1.80%
|
$130 |
$3,000 |
|
Reserves
|
3.45%
|
$250 |
$5,750 |
|
Total Estimated Annual Expenses
|
45.68%
|
$3,312 |
$76,168 |
|
Estimated Net Operating Income (NOI)
|
$109,937
|
|
Cap Rate
|
7.0%
|
|
Debt Service
|
$67,244 |
|
Cash Flow
|
$42,693 |
|
Cash Return
|
10.91%
|
|
Proposed Financing
|
|
Listing Summary
|
|
Down Payment
|
$391,250 |
|
|
Price
|
$1,565,000 |
|
Percent Down
|
25%
|
|
|
Units
|
23 |
|
Loan Amount
|
$1,173,750 |
|
|
Building Sq. Ft.
|
16,588 |
|
Interest Rate
|
4.00%
|
|
|
Price per Unit
|
$68,043 |
|
Loan Description
|
10 yr. fix/30 yr. am. |
|
|
Price per Sq. Ft.
|
$94.35 |
|
|
|