Here are a couple things that have come up a bit unexpected on me that you should consider: 1- You have a lot of soft costs missing from your stack that you will need to account for.

With all that being said, given our soft current market, if we do pull back a bit, now your depreciation isn’t what you originally expected either.

Thats why due diligence is a big part of development and thats why development is higher risk....because you have a lot of soft costs up front that you could lose.