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It's Like Givin' it Away (Say it ain't so Joe!)

By Joe Manausa - Tallahassee, FL

Real Estate Agent with Joe Manausa Real Estate 8508880888

August 23, 2007 12:10 AM

It's like the owner is giving this apartment complex away.

Incredible numbers. Check it out and let me know what you think!

Contact Information

Annual Property Operating Data

Chelsea Apartments

Purpose	Broker's Recap
Name	Chelsea Apartments
Location	Tallahassee Florida
Property Type	Apartment Complex
Date	23 August 2007
Square Feet	56

Price	$1,950,000
-Loans	1,560,000
Down Payment	390,000
+Acq Costs	39,000
+Loan Points	15,600
Investment	444,600

	$/SqFt	% of GI	Annual $
Gross Income
56 Units (25,760 sf)	$11.09	100.0%	$285,600
Total Gross Income	$5,100.00	100.0%	$285,600
- Vacancy & Credit Loss	204.00	4.0%	11,424
Effective Income	$4,896.00	96.0%	$274,176
Less: Operating Expenses
Property Taxes	331.25	6.5%	18,550
Hazard Insurance	267.86	5.3%	15,000
Maintenance	200.00	3.9%	11,200
Utilities	357.14	7.0%	20,000
Capital Reserves	200.00	3.9%	11,200
Management Fee	244.80	4.8%	13,709
Total Operating Expenses	$1,601.05	31.4%	$89,659
Net Operating Income	$3,294.95	64.6%	$184,517
Less: Debt Service	2,177.07	42.7%	121,916
Net Operating Cash Flow	$1,117.88	21.9%	$62,601

Capitalization Rate	9.46%
Gross Income Multiplier	6.83
Cash on Cash	14.08%
Debt Coverage Ratio	1.513
Price/SqFt	$34,821

Property Acquisition Report

Chelsea Apartments

This report shows the projected cash requirement for acquisition of the Chelsea Apartments on 1 January 2008.

Cost of Property Acquired
Price of Property	$1,950,000
+ Closing Costs (2%)	39,000
Total Cost of Property Acquired			$1,989,000

Property Financing
Conduit Loan (10/30 Fixed) Loan Principal	$1,560,000
- Points (1 Point)	15,600
Conduit Loan (10/30 Fixed) Loan Proceeds		$1,544,400
Total Net Loan Proceeds			1,544,400
Cash Required at Acquisition			$444,600

Property Sale Report

Chelsea Apartments

This report shows the results of a projected sale of the Chelsea Apartments on 31 December 2017. The Sale Price of $4,734,535 is projected by using a Net Capitalization Rate of 6.5% on the projected Net Operating Income of $307,745 in effect at that time, according to the analysis assumptions.

Analysis of Sale Proceeds
Sale Price (as discussed above)	$4,734,535
- Costs of Sale (5%)	236,727
- Loan Balances	1,331,985
- Prepayment Penalties	0
Sale Proceeds Before Tax			$3,165,823

Analysis of Capital Gain Results
Sale Price	$4,734,535
- Capitalized Costs of Sale (100%)	236,727
Net Sale Price for Tax Purposes		$4,497,808

Property Basis at Acquisition	$1,950,000
+ Capitalized Closing Costs (100%)	39,000
+ Capital Additions	0
- Depreciation Taken	583,641
+ Excess Depreciation Recaptured	0
Adjusted Basis at Sale		1,405,359
Capital Gain (or Loss)		$3,092,449
- Suspended Passive Losses		0
Net Capital Gain (or Loss)		$3,092,449
- Cost Recovery Recaptured		583,641
Adjusted Net Capital Gain (or Loss)		$2,508,808
Cost Recovery Recapture Tax (@ 25%)			(145,910)
Tax on Adjusted Net Capital Gain (@ 20%)			(501,762)

Expenses Recognized at Sale
Expensed Costs of Sale	0
+ Accrued Loan Interest	0
+ Unamortized Points	0
+ Prepayment Penalties	0
- Excess Depreciation Recaptured	0
Total Expenses Recognized at Sale		0
Tax Savings Due to Sale Expenses (@ 31%)			0
Net Taxable Income		$3,092,449
After Tax Cash Proceeds of Sale			$2,518,151

Proforma Income Statement

Chelsea Apartments

	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017
Gross Income
56 Units	$285,600	$302,400	$319,200	$336,000	$352,800	$369,600	$386,400	$403,200	$420,000	$436,800
Total Gross Income	$285,600	$302,400	$319,200	$336,000	$352,800	$369,600	$386,400	$403,200	$420,000	$436,800
Less: Vacancy & Credit Loss	11,424	12,096	12,768	13,440	14,112	14,784	15,456	16,128	16,800	17,472
Effective Income	$274,176	$290,304	$306,432	$322,560	$338,688	$354,816	$370,944	$387,072	$403,200	$419,328
Less: Operating Expenses
Property Taxes	18,550	19,107	19,680	20,270	20,878	21,505	22,150	22,814	23,499	24,204
Hazard Insurance	15,000	15,300	15,606	15,918	16,236	16,561	16,892	17,230	17,575	17,926
Maintenance	11,200	11,424	11,652	11,886	12,123	12,366	12,613	12,865	13,123	13,385
Utilities	20,000	20,400	20,808	21,224	21,649	22,082	22,523	22,974	23,433	23,902
Capital Reserves	11,200	11,200	11,200	11,200	11,200	11,200	11,200	11,200	11,200	11,200
Management Fee	13,709	14,515	15,322	16,128	16,934	17,741	18,547	19,354	20,160	20,966
Total Operating Expenses	$89,659	$91,946	$94,268	$96,626	$99,021	$101,454	$103,926	$106,437	$108,989	$111,583
Net Operating Income	$184,517	$198,358	$212,164	$225,934	$239,667	$253,362	$267,018	$280,635	$294,211	$307,745
Less: Debt Service	121,916	121,916	121,916	121,916	121,916	121,916	121,916	121,916	121,916	121,916
Net Operating Cash Flow	$62,601	$76,443	$90,248	$104,018	$117,751	$131,446	$145,103	$158,719	$172,295	$185,829
Taxable Income and Taxes
(Losses Carried Forward)
Taxable Revenues	$274,176	$290,304	$306,432	$322,560	$338,688	$354,816	$370,944	$387,072	$403,200	$419,328
Less: Deducted Expenses	89,659	91,946	94,268	96,626	99,021	101,454	103,926	106,437	108,989	111,583
Less: Interest Expense	105,417	104,261	103,024	101,701	100,285	98,769	97,148	95,413	93,556	91,569
Less: Amortized Points	1,560	1,560	1,560	1,560	1,560	1,560	1,560	1,560	1,560	1,560
Less: Depreciation	56,402	58,855	58,855	58,855	58,855	58,855	58,855	58,855	58,855	56,402
Ordinary Income	$21,138	$33,683	$48,725	$63,819	$78,968	$94,178	$109,456	$124,808	$140,240	$158,213
Taxable Income	21,138	33,683	48,725	63,819	78,968	94,178	109,456	124,808	140,240	158,213
(Cum Suspended Losses)	0	0	0	0	0	0	0	0	0	0
Taxes Due (- = Savings)	6,553	10,442	15,105	19,784	24,480	29,195	33,931	38,690	43,474	49,046
Cash Flow After Tax	$56,049	$66,001	$75,144	$84,234	$93,271	$102,251	$111,171	$120,029	$128,821	$136,783
Sale Proceeds:
Sale Value	$2,838,726	$3,051,666	$3,264,065	$3,475,909	$3,687,185	$3,897,879	$4,107,976	$4,317,461	$4,526,319	$4,734,535
Less: Sale Costs (5%)	141,936	152,583	163,203	173,795	184,359	194,894	205,399	215,873	226,316	236,727
Less: Loan Repayment	1,543,501	1,525,846	1,506,955	1,486,740	1,465,109	1,441,962	1,417,194	1,390,691	1,362,331	1,331,985
Sale Proceeds Before Tax	1,153,289	1,373,236	1,593,907	1,815,374	2,037,717	2,261,023	2,485,383	2,710,897	2,937,672	3,165,823
Less: Taxes due to Sale	137,206	206,349	261,902	317,350	372,689	427,918	483,034	538,033	592,914	647,672
Sale Proceeds After Tax	1,016,083	1,166,888	1,332,005	1,498,024	1,665,028	1,833,105	2,002,349	2,172,864	2,344,758	2,518,151
Ratio Analysis:
Profitability Ratios
Capitalization Rate	9.46%	10.17%	10.88%	11.59%	12.29%	12.99%	13.69%	14.39%	15.09%	15.78%
Cash on Cash Before Tax	14.08%	17.19%	20.30%	23.40%	26.48%	29.57%	32.64%	35.70%	38.75%	41.80%
Cash on Cash After Tax	12.61%	14.84%	16.90%	18.95%	20.98%	23.00%	25.00%	27.00%	28.97%	30.77%
Accounting RoR Before Tax		69.22%	72.49%	75.78%	79.08%	82.39%	85.72%	89.05%	92.41%
Accounting RoR After Tax		66.87%	69.10%	71.33%	73.57%	75.82%	78.08%	80.35%	82.63%
Current RoR Before Tax		21.64%	19.56%	17.98%	16.74%	15.74%	14.91%	14.22%	13.63%
Current RoR After Tax		19.81%	18.11%	16.77%	15.70%	14.81%	14.07%	13.43%	12.89%
Risk Ratios
Debt Coverage Ratio	1.513	1.627	1.740	1.853	1.966	2.078	2.190	2.302	2.413	2.524
Breakeven Occupancy	74.1%	70.7%	67.7%	65.0%	62.6%	60.4%	58.4%	56.6%	55.0%	53.5%
Loan Balance/Property Value	54.4%	50.0%	46.2%	42.8%	39.7%	37.0%	34.5%	32.2%	30.1%	28.1%
Assumption Ratios
NOI/Property Value	6.50%	6.50%	6.50%	6.50%	6.50%	6.50%	6.50%	6.50%	6.50%	6.50%
Gross Income Multiple	9.94	10.09	10.23	10.34	10.45	10.55	10.63	10.71	10.78	10.84
Operating Expense Ratio	31.4%	30.4%	29.5%	28.8%	28.1%	27.4%	26.9%	26.4%	25.9%	25.5%
Analysis Measures:
IRR Before Debt	46.9%	30.8%	25.7%	23.1%	21.4%	20.3%	19.5%	18.9%	18.3%	17.9%
IRR Before Tax	184.3%	92.8%	68.1%	56.5%	49.5%	45.0%	41.6%	39.2%	37.2%	35.8%
IRR After Tax	142.5%	76.7%	57.4%	48.1%	42.5%	38.7%	36.0%	33.9%	32.3%	31.0%
NPV Before Debt @10.00%	$638,623	$754,931	$855,963	$943,537	$1,019,265	$1,084,577	$1,140,742	$1,188,884	$1,229,997	$1,264,963
NPV Before Tax @10.00%	$663,555	$816,301	$950,062	$1,067,002	$1,169,051	$1,257,926	$1,335,157	$1,402,102	$1,459,974	$1,509,846
NPV After Tax @10.00%	$515,898	$629,806	$725,488	$808,325	$879,821	$941,315	$993,995	$1,038,919	$1,077,025	$1,109,146

2013 Proforma Annual Statement

Chelsea Apartments

Sale Value	$3,897,879
Less: Sale Costs (5%)	194,894
Less: Loan Repayment	1,441,962
Sale Proceeds Before Tax	2,261,023
Less: Taxes due to Sale	427,918
Sale Proceeds After Tax	1,833,105

Price	$1,950,000
-Loans	1,560,000
Down Payment	390,000
+Acq Costs	39,000
+Loan Points	15,600
Investment	444,600

	$/SqFt	% of GI	Annual $
Gross Income
56 Units (25,760 sf)	$14.35	100.0%	$369,600
Total Gross Income	$6,600.00	100.0%	$369,600
Less: Vacancy & Credit Loss	264.00	4.0%	14,784
Effective Income	$6,336.00	96.0%	$354,816
Less: Operating Expenses
Property Taxes	384.01	5.8%	21,505
Hazard Insurance	295.74	4.5%	16,561
Maintenance	220.82	3.3%	12,366
Utilities	394.31	6.0%	22,082
Capital Reserves	200.00	3.0%	11,200
Management Fee	316.80	4.8%	17,741
Total Operating Expenses	$1,811.68	27.4%	$101,454
Net Operating Income	$4,524.32	68.6%	$253,362
Less: Debt Service	2,177.07	33.0%	121,916
Net Operating Cash Flow	$2,347.26	35.6%	$131,446
Taxable Income and Taxes
(Losses Carried Forward)
Taxable Revenues	$6,336.00	96.0%	$354,816
Less: Deducted Expenses	1,811.68	27.4%	101,454
Less: Interest Expense	1,763.74	26.7%	98,769
Less: Amortized Points	27.86	0.4%	1,560
Less: Depreciation	1,050.97	15.9%	58,855
Ordinary Income	$1,681.75	25.5%	$94,178
Taxable Income	1,681.75	25.5%	94,178
(Cum Suspended Losses)	0.00	0.0%	0
Taxes Due (- = Savings)	521.34	7.9%	29,195
Cash Flow After Tax	$1,825.91	27.7%	$102,251

Capitalization Rate	12.99%
Cash on Cash Before Tax	29.57%
Cash on Cash After Tax	23.00%
Accounting RoR Before Tax	82.39%
Accounting RoR After Tax	75.82%
Current RoR Before Tax	15.74%
Current RoR After Tax	14.81%
Debt Coverage Ratio	2.078
Breakeven Occupancy	60.4%
Loan Balance/Property Value	37.0%
NOI/Property Value	6.50%
Gross Income Multiple	10.55
Operating Expense Ratio	27.4%
IRR Before Debt	20.3%
IRR Before Tax	45.0%
IRR After Tax	38.7%
NPV Before Debt @10.00%	$1,084,577
NPV Before Tax @10.00%	$1,257,926
NPV After Tax @10.00%	$941,315

Analysis Assumptions Report

Chelsea Apartments

Investment Assumptions
Price of Property		$1,950,000.00
Closing Costs		2% of Property Price
Date of Acquisition		1 January 2008
Holding Period		10 Years
Inflation Rate		2% per Year
Sale Price Method		6.5% Capitalization of NOI on Sale Date
Selling Costs		5%

Investor's Assumptions
General Vacancy & Credit Loss		Zero
Tax Rate - First Year		31%
Tax Rate - Following Years		31%
Capital Gain Rate		20%
Cost Recovery Recapture Rate		25% - Losses Carried Forward
Present Value Discount Rate Before Debt		10% per Year
Present Value Discount Rate Before Tax		10% per Year
Present Value Discount Rate After Tax		10% per Year

Building Depreciation Assumptions
83% Asset-to-Value Ratio.
Depreciable Amount		83% of Property Price
Depreciable Life		27.5 Years
Depreciation Method		Straight Line
Depreciation Start Date		at Acquisition

Conduit Loan (10/30 Fixed) Loan Assumptions
Jay Hill at Hill Mortgage Consulting can help you with this conduit financing if needed.
Loan Amount		80% of Property Price
Loan Interest Rate		6.79% Annually
Original Loan Period		30 Years
Loan Origination Date		at Acquisition
Loan Type		Monthly Payments, Amortizing
Balloon Payment Due		120 Months
Loan Points Charged		1 Point, Amortized over Loan Life

56 Units Revenue Assumptions
These rents are still below market due to large renovations over the past two years. Rents are projected to see a $25 per month increase each year. The downtown market will yield $500-$600 per month rents.
Annual Revenue (56 Units @ $425.00/Unit/Month)		$285,600.00
Revenue Start Date		at Acquisition
Revenue Period		Until Projected Sale
Revenue Growth Method		Annual at $16,800.00each year
Management Fee		5%
Vacancy Factor		4%

Property Taxes Expense Assumptions
The proforma shows taxes rising, but current legislation efforts might see a reduction (roll-back) in taxes.
Annual Expense		$18,550.00
Expense Start Date		at Acquisition
Expense Period		Until Projected Sale
Expense Growth Method		Annual at 3% Annually

Hazard Insurance Expense Assumptions
Annual Expense		$15,000.00
Expense Start Date		at Acquisition
Expense Period		Until Projected Sale
Expense Growth Method		Annual at 2% Annually

Maintenance Expense Assumptions
Annual Expense (56 Units @ $200.00/Unit/Year)		$11,200.00
Expense Start Date		at Acquisition
Expense Period		Until Projected Sale
Expense Growth Method		Annual at 2% Annually

Utilities Expense Assumptions
Annual Expense		$20,000.00
Expense Start Date		at Acquisition
Expense Period		Until Projected Sale
Expense Growth Method		Annual at 2% Annually

Capital Reserves Expense Assumptions
Annual Expense (56 Units @ $200.00/Unit/Year)		$11,200.00
Expense Start Date		at Acquisition
Expense Period		Until Projected Sale
Expense Growth Method		No Growth is Projected

Net Capitalization Rate

Chelsea Apartments

	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017
	9.5	10.2	10.9	11.6	12.3	13.0	13.7	14.4	15.1	15.8

real estate tallahassee fl

IRR Verification Report

Chelsea Apartments

These cash flows and dates are those on which the Rate of Return Before Tax in our analysis of the Chelsea Apartments are based.

Our Analysis plans operating cash flows monthly, and assumes that cash flows occuring during the month all occur at the middle of the month.Calculators and Spreadsheets typically schedule these cash flows at the end of the year (year-end convention).Since cash flows do actually occur unevenly during the year, the mid-month convention is more accurate.

The Internal Rate of Return (IRR) is defined as the Present Value Discount Rate which makes the Net Present Value of the Cash Flows involved equal to zero. The Net Present Value of ($0.01) shown below demonstrates that the Net Present Value of these Cash Flows is very close to zero when discounted at 35.6627% and, in turn, the IRR of the Cash Flows is very close to 35.6627%.

Date	Years	Cash Flow	Present Value Discount Factor	Present Value at 35.6627%
1 Jan 2008	0.00	($444,600.00)	1.0000000	($444,600.00)
15 Jan 2008	0.04	5,217.00	0.9883695	5,156.32
15 Feb 2008	0.12	5,217.00	0.9630953	5,024.47
15 Mar 2008	0.20	5,217.00	0.9400372	4,904.17
15 Apr 2008	0.29	5,217.00	0.9159989	4,778.77
15 May 2008	0.37	5,217.00	0.8933215	4,660.46
15 Jun 2008	0.45	5,217.00	0.8704779	4,541.28
15 Jul 2008	0.54	5,217.00	0.8489275	4,428.85
15 Aug 2008	0.62	5,217.00	0.8272191	4,315.60
15 Sep 2008	0.71	5,217.00	0.8060658	4,205.25
15 Oct 2008	0.79	5,217.00	0.7861100	4,101.14
15 Nov 2008	0.87	5,217.00	0.7660079	3,996.26
15 Dec 2008	0.96	5,217.00	0.7470439	3,897.33
15 Jan 2009	1.04	6,370.00	0.7279408	4,636.98
15 Feb 2009	1.13	6,370.00	0.7093262	4,518.41
15 Mar 2009	1.20	6,370.00	0.6929225	4,413.92
15 Apr 2009	1.29	6,370.00	0.6752034	4,301.05
15 May 2009	1.37	6,370.00	0.6584874	4,194.56
15 Jun 2009	1.45	6,370.00	0.6416488	4,087.30
15 Jul 2009	1.54	6,370.00	0.6257635	3,986.11
15 Aug 2009	1.62	6,370.00	0.6097617	3,884.18
15 Sep 2009	1.71	6,370.00	0.5941692	3,784.86
15 Oct 2009	1.79	6,370.00	0.5794593	3,691.16
15 Nov 2009	1.87	6,370.00	0.5646416	3,596.77
15 Dec 2009	1.96	6,370.00	0.5506628	3,507.72
15 Jan 2010	2.04	7,521.00	0.5365815	4,035.63
15 Feb 2010	2.13	7,521.00	0.5228603	3,932.43
15 Mar 2010	2.20	7,521.00	0.5107687	3,841.49
15 Apr 2010	2.29	7,521.00	0.4977075	3,743.26
15 May 2010	2.37	7,521.00	0.4853858	3,650.59
15 Jun 2010	2.45	7,521.00	0.4729737	3,557.24
15 Jul 2010	2.54	7,521.00	0.4612643	3,469.17
15 Aug 2010	2.62	7,521.00	0.4494691	3,380.46
15 Sep 2010	2.71	7,521.00	0.4379754	3,294.01
15 Oct 2010	2.79	7,521.00	0.4271325	3,212.46
15 Nov 2010	2.87	7,521.00	0.4162100	3,130.32
15 Dec 2010	2.96	7,521.00	0.4059059	3,052.82
15 Jan 2011	3.04	8,668.00	0.3955263	3,428.42
15 Feb 2011	3.13	8,668.00	0.3854120	3,340.75
15 Mar 2011	3.20	8,668.00	0.3764991	3,263.49
15 Apr 2011	3.29	8,668.00	0.3668714	3,180.04
15 May 2011	3.37	8,668.00	0.3577888	3,101.31
15 Jun 2011	3.45	8,668.00	0.3486395	3,022.01
15 Jul 2011	3.54	8,668.00	0.3400083	2,947.19
15 Aug 2011	3.62	8,668.00	0.3313137	2,871.83
15 Sep 2011	3.71	8,668.00	0.3228415	2,798.39
15 Oct 2011	3.79	8,668.00	0.3148489	2,729.11
15 Nov 2011	3.87	8,668.00	0.3067977	2,659.32
15 Dec 2011	3.96	8,668.00	0.2992024	2,593.49
15 Jan 2012	4.04	9,813.00	0.2915513	2,860.99
15 Feb 2012	4.13	9,813.00	0.2840959	2,787.83
15 Mar 2012	4.21	9,813.00	0.2772941	2,721.09
15 Apr 2012	4.29	9,813.00	0.2702033	2,651.50
15 May 2012	4.37	9,813.00	0.2635138	2,585.86
15 Jun 2012	4.46	9,813.00	0.2567754	2,519.74
15 Jul 2012	4.54	9,813.00	0.2504184	2,457.36
15 Aug 2012	4.62	9,813.00	0.2440148	2,394.52
15 Sep 2012	4.71	9,813.00	0.2377750	2,333.29
15 Oct 2012	4.79	9,813.00	0.2318884	2,275.52
15 Nov 2012	4.88	9,813.00	0.2259586	2,217.33
15 Dec 2012	4.96	9,813.00	0.2203646	2,162.44
15 Jan 2013	5.04	10,954.00	0.2147295	2,352.15
15 Feb 2013	5.13	10,954.00	0.2092385	2,292.00
15 Mar 2013	5.21	10,954.00	0.2043997	2,238.99
15 Apr 2013	5.29	10,954.00	0.1991729	2,181.74
15 May 2013	5.37	10,954.00	0.1942420	2,127.73
15 Jun 2013	5.46	10,954.00	0.1892749	2,073.32
15 Jul 2013	5.54	10,954.00	0.1845890	2,021.99
15 Aug 2013	5.62	10,954.00	0.1798688	1,970.28
15 Sep 2013	5.71	10,954.00	0.1752693	1,919.90
15 Oct 2013	5.79	10,954.00	0.1709301	1,872.37
15 Nov 2013	5.88	10,954.00	0.1665592	1,824.49
15 Dec 2013	5.96	10,954.00	0.1624357	1,779.32
15 Jan 2014	6.04	12,092.00	0.1582819	1,913.94
15 Feb 2014	6.13	12,092.00	0.1542344	1,865.00
15 Mar 2014	6.21	12,092.00	0.1506676	1,821.87
15 Apr 2014	6.29	12,092.00	0.1468148	1,775.28
15 May 2014	6.37	12,092.00	0.1431801	1,731.33
15 Jun 2014	6.46	12,092.00	0.1395188	1,687.06
15 Jul 2014	6.54	12,092.00	0.1360647	1,645.29
15 Aug 2014	6.62	12,092.00	0.1325853	1,603.22
15 Sep 2014	6.71	12,092.00	0.1291949	1,562.22
15 Oct 2014	6.79	12,092.00	0.1259964	1,523.55
15 Nov 2014	6.88	12,092.00	0.1227745	1,484.59
15 Dec 2014	6.96	12,092.00	0.1197350	1,447.84
15 Jan 2015	7.04	13,227.00	0.1166732	1,543.24
15 Feb 2015	7.13	13,227.00	0.1136896	1,503.77
15 Mar 2015	7.21	13,227.00	0.1110605	1,469.00
15 Apr 2015	7.29	13,227.00	0.1082205	1,431.43
15 May 2015	7.37	13,227.00	0.1055413	1,395.99
15 Jun 2015	7.46	13,227.00	0.1028424	1,360.30
15 Jul 2015	7.54	13,227.00	0.1002963	1,326.62
15 Aug 2015	7.62	13,227.00	0.0977316	1,292.70
15 Sep 2015	7.71	13,227.00	0.0952325	1,259.64
15 Oct 2015	7.79	13,227.00	0.0928748	1,228.45
15 Nov 2015	7.88	13,227.00	0.0904998	1,197.04
15 Dec 2015	7.96	13,227.00	0.0882593	1,167.41
15 Jan 2016	8.04	14,358.00	0.0860024	1,234.82
15 Feb 2016	8.13	14,358.00	0.0838032	1,203.25
15 Mar 2016	8.21	14,358.00	0.0817968	1,174.44
15 Apr 2016	8.29	14,358.00	0.0797051	1,144.41
15 May 2016	8.38	14,358.00	0.0777319	1,116.07
15 Jun 2016	8.46	14,358.00	0.0757441	1,087.53
15 Jul 2016	8.54	14,358.00	0.0738689	1,060.61
15 Aug 2016	8.63	14,358.00	0.0719800	1,033.49
15 Sep 2016	8.71	14,358.00	0.0701393	1,007.06
15 Oct 2016	8.79	14,358.00	0.0684029	982.13
15 Nov 2016	8.88	14,358.00	0.0666537	957.01
15 Dec 2016	8.96	14,358.00	0.0650036	933.32
15 Jan 2017	9.05	15,486.00	0.0633413	980.90
15 Feb 2017	9.13	15,486.00	0.0617216	955.82
15 Mar 2017	9.21	15,486.00	0.0602942	933.72
15 Apr 2017	9.29	15,486.00	0.0587524	909.84
15 May 2017	9.38	15,486.00	0.0572979	887.32
15 Jun 2017	9.46	15,486.00	0.0558327	864.63
15 Jul 2017	9.54	15,486.00	0.0544504	843.22
15 Aug 2017	9.63	15,486.00	0.0530581	821.66
15 Sep 2017	9.71	15,486.00	0.0517013	800.65
15 Oct 2017	9.79	15,486.00	0.0504213	780.82
15 Nov 2017	9.88	15,486.00	0.0491320	760.86
15 Dec 2017	9.96	15,486.00	0.0479156	742.02
31 Dec 2017	10.01	3,165,823.00	0.0472792	149,677.71
TOTALS		$3,965,695.00		($0.01)

Wow, I can't believe you made it this far. Congrats! Now give me a "5" and a comment for stamina!

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Joe Manausa - Tallahassee, FL

Joe Manausa Real Estate - Tallahassee, FL

Tallahassee Real Estate

The owner saw the first "copy" of this and decided to change his price!

Aug 23, 2007 03:25 AM

OK, owner got greedy, got his price down one more time!

Aug 23, 2007 04:11 AM

Erik Snyder

Century 21 First Realty - Tallahassee, FL

Nice spreadsheets Joe - you're an analyticals dream. I don't see this property hanging around long with those kinds of ROI numbers.

Aug 23, 2007 06:43 AM

Anonymous

Joe Manausa

Thanks Erik.

Aug 23, 2007 06:51 AM

No kidding

Pie in the sky. That property will never see rents that high.

Nov 21, 2009 01:06 PM

It's Like Givin' it Away (Say it ain't so Joe!)

It's like the owner is giving this apartment complex away.

Incredible numbers. Check it out and let me know what you think!

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Comments(5)

Joe Manausa - Tallahassee, FL

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