All Forum Posts by: Jeff Ostrander

Each side is 1400 soft. It'll be city and sewer but all that is included in the price. My friend will have the entire thing built out and leased before handing it over at the price shown.

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As in my description, this is from a trustworthy acquaintance that has approached a friend and I about purchasing this property. It would be my first real estate deal so I'm a little hesitant to jump in on a project this large, however it will be in a very desirable location. A local banker says the numbers appear to be on par with the market I live in, so that's reassuring. These will be nicer furnishings and on the larger end up what's available in my market.

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Twelve Duplexes
Property Information and Income Potential

Units	Description	Square Footage	Monthly Rent	Income
24	3 Bedroom, 2 Bath	1400	$ 1,400.00	$ 33,600.00
			Total Income	$ 33,600.00
Development and Construction Cost

Quantity	Description	Unit Cost	Total Cost
12	Lots	$ 15,000.00	$ 180,000.00
33600	Construction	$ 89.00	$ 2,990,400.00
		Total Cost	$ 3,170,400.00
Financing Details
Estimated Appraised Value		$ 3,588,000.00
Requested Loan to Value		80.00%
Total Loan		$ 2,870,400.00
Down Payment		$ 300,000.00
Term		20 Years
Rate		5.25%
Monthly Payment		$ 19,343.00
Property Expenses (Monthly)
Note Payment		$ 19,343.00
Vacancy Rate 2%		$ 672.00
Management 7%		$ 2,352.00
Maintenance 7%		$ 2,352.00
Property Taxes		$ 2,800.00
Insurance		$ 1,400.00
	Total Expenses	$ 28,919.00
Perfomance
Caitalization Rate		9.09%
Net Monthly Income		$ 4,681.00
Annual Income		$ 56,172.00
Debt Coverage Ratio		1.73706250323114

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All Forum Posts by: Jeff Ostrander

Jeff Ostrander has started 8 posts and replied 33 times.

Post: Duplex construction oppurtunity

Post: Duplex construction oppurtunity

Post: Duplex construction oppurtunity