| |
| |
PURCHASE TERMS
|
 |
|
|
|
|
|
|
| |
Price |
|
$2,795,000 |
|
|
|
|
|
| |
Down Payment |
|
$978,250 |
|
|
|
35% |
|
| |
New Loan @ 6%
|
|
$1,816,750 |
|
|
|
65% |
|
| |
FINANCIAL SUMMARY
|
|
ACTUAL |
|
|
PRO-FORMA |
|
|
| |
Scheduled Gross Income |
|
$283,284 |
|
|
$312,300 |
|
|
| |
Less Vacancy (2%) |
|
($5,665) |
|
|
($6,246) |
|
|
| |
Gross Operating Income |
|
$277,618 |
|
|
$306,054 |
|
|
| |
Less Expenses |
|
($74,145) |
|
|
($74,145) |
|
|
| |
Net Operating Income |
|
$203,473 |
|
|
$231,909 |
|
|
| |
Less Loan Payments |
|
($130,708) |
|
|
($130,708) |
|
|
| |
Annual Income |
|
$72,765 |
|
|
$72,765 |
|
|
| |
First Year Principal Reduction |
|
$21,703 |
|
|
$21,703 |
|
|
| |
TOTAL RETURN |
|
$94,468 |
|
|
$122,904 |
|
|
| |
RATIOS
|
|
ACTUAL |
|
|
PRO-FORMA |
|
|
| |
CAP Rate |
|
7.28% |
|
|
8.30% |
|
|
| |
GRM |
|
9.87 |
|
|
8.95 |
|
|
| |
Debt Coverage Ratio |
|
1.56 |
|
|
1.77 |
|
|
| |
Annual Income Upside |
|
61.72% |
|
|
|
|
|
|
| |
| |
EXPENSES
|
|
ACTUAL |
|
|
PRO-FORMA |
|
|
| |
Taxes 1.25% |
|
$34,938 |
|
|
$34,938 |
|
|
| |
Insurance |
|
$7,717 |
|
|
$7,717 |
|
|
| |
General & Admin |
|
$1,000 |
|
|
$1,000 |
|
|
| |
Residential Manager |
|
$3,600 |
|
|
$3,600 |
|
|
| |
Electric |
|
$1,955 |
|
|
$1,955 |
|
|
| |
Water & Sewer |
|
$5,774 |
|
|
$5,774 |
|
|
| |
Gas |
|
$2,364 |
|
|
$2,364 |
|
|
| |
Trash |
|
$2,374 |
|
|
$2,374 |
|
|
| |
Pest Control |
|
$492 |
|
|
$492 |
|
|
| |
Cleaning & Gardening |
|
$2,820 |
|
|
$2,820 |
|
|
| |
Repairs & Maintenance |
|
$12,800 |
|
|
$12,800 |
|
|
| |
Telephone |
|
$266 |
|
|
$266 |
|
|
| |
TOTAL EXPENSES |
|
$74,145 |
|
|
$74,145 |
|
|
| |
EXPENSES PER UNIT |
|
$4,119 |
|
|
$4,119 |
|
|
|
|
