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HomeMy WebLinkAboutAs-Is Pro Forma (without NHC WHSP funding)PROJECT SUMMARY Development: Owner: Location: County: Total Units: Units by Bedroom Size Efficiency 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom 5+ Bedroom Total Operating Budget Gross Rent Potential Other Income Vacancy Adjusted Gross Income Operating Expenses Net Operating Income Debt Service Debt & Cash Flow Over Time Year 1 Operating Margin Year 5 Operating Margin Year 10 Operating Margin Year 15 Operating Maring Cape Fear Collective Single-Family Scattered Site Rental Portfolio Cape Fear Investment 01; Cape Fear Investment 02; Cape Fear Affordable Housing Wilmington, NC New Hanover County 83 0 8 35 32 5 3 83 Annual 708468 0 844276.18 -149977.54 0 -0.177640378294221 -0.224287006765922 -0.278892228907118 -0.329653593447505 Units by Income Target 0.3 0.4 0.5 0.6 0.8 Market Total Per Unit 8535.759 0 10172.0022 -1806.9583 Year 1 Net Cash Flow Year 5 Net Cash Flow Year 10 Net Cash Flow Year 15 Net Cash Flow 0 0 0 83 0 0 83 Long-Term Trending Assumptions Combined Vacancy Rate: Rent Inflation: Expense Inflation: Administration Maintenance Operating Escrows & Reserves Units by Structure Type Single Family Duplex Triplex Fourplex Townhome Apartment Condo Other Total -149977.54 -217295.1588 -320910.6261 -450512.9173 78 4 0 1 0 0 0 0 83 0.02 0.02 0.035 0.035 0.035 0.035 -1806.9583 -2618.014 -3866.3931 -5427.8665 Units 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 83 Units Cory Cory HWF W T T w T W T FP W W W T W SP W W W Cory 21 22 23 24 25 26 27 28 29 30 REVENUE PROJECTIONS Actual Rent Revenue as of Address 1019 Campbell Street 607 N 11th Street 1309 S 4th Street Unit D 1309 S 4th Street Unit C 1309 S 4th Street Unit B 1309 S 4th Street Unit A 1009 Orange Street 212 S 15th Street 123 S 13th Street 1205 Orange Street 108 S 13th Street Unit A (AH) 108 S 13th Street Unit B (AH) 716 Nun Street (AH) 1306 Church Street 1006 S 4th Street 1320 Dock Street 909 Rankin Street 1318 Dock Street 1308 Church Street 717 Wooster Street 1008 S 4th Street 609 Swann Street 717 S 8th Street/lot only 714 N 8th Street 1005 Chestnut Street 215 N 11th Street 604 Queen Street 803 S 7th Street 203 N 11th Street 808 S 10th Street 908 N 8th Street 402 Marstellar Street 1005 S 10th Street 1003 Chestnut Street 433 Clay Street 430 Clay Street 619 N 11th Street 6360 Pine Grove Drive (AH) 6356 Pine Grove Drive (AH) 701 N 11th Street 3002 Lauren Place Drive #103 1009 Wright Street 712 S 12th Street 716 Queen Street 1211 S 7th Street 1014 S 7th Street 1009 Dawson Street 1005 Wright Street 507 N 10th Street 416 McRae Street 724 N 11th Street 720 S 10th Street 915 S 7th Street 706 Harnett Street 514 Harnett Street 1111 S 6th Street (AH) 916 S 4th Street 1017 Princess Street 814 S 8th Street (AH) 1106 S 10th Street 1212 Meares Street 810 S 10th Street 810 S 16th Street 1024 S 13th Street 446 Manly Avenue 3806 Wrightsville Avenue 435 Clay Street 1418 Church Street 1315 Church Street 710 S 13th Street 614 N 8th Street 4159 Abbington Terrace 12 Montgomery Avenue 719 Campbell Street 719 Wooster Street (AH) 209 S 13th Street 913 S 7th Street 719 Red Cross Street 1107 S 6th Street 515 N 10th Street 1112 Queen Street 907 Rankin Street 711 S 7th Street Total Units Other Income Miscellaneous & Interest Laundry Carports Tenant Charges (late fees, nonsufficient funds, etc) Other Totals Rent based on 2024 HUD high HOME Rent 5/1/2024 Unit 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 83 Structure Type Duplex Duplex Fourplex Fourplex Fourplex Fourplex Single Family Single Family Single Family Single Family Duplex Duplex Single Family Single Family Single Family Duplex Single Family Duplex Single Family Single Family Duplex Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Duplex Duplex Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Single Family Total Bedrms Bedrooms 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 5+ 5+ 5+ 197 Baths 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 1 1 1 1 1 1 2 1 1 2.5 1 1 1 1 1 1 1 2.5 2 2 1 1 2 1.5 2 1 2 2 2 Total Sq Footage Monthly 0 Sq Ft 350 350 616 616 616 616 721 1038 1107 816 1040 1079 1070 745 720 880 858 880 745 1131 720 708 720 840 862 804 882 940 815 829 811 881 816 493 493 975 1251 1251 704 976 733 1105 752 939 615 858 997 972 1015 999 863 1107 1009 1223 956 978 1116 882 793 1143 1121 1311 1169 1049 811 935 1124 851 1059 1711 1183 1008 1323 1409 1974 1495 1800 1292 1295 1876 2135 79751 Annually 0 0 0 0 0 0 Income Target 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 Utility Allowance 240 240 240 240 240 240 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 263 263 263 263 263 263 263 263 263 263 263 263 263 263 263 263 263 263 263 263 263 263 263 263 263 263 263 263 263 263 263 263 263 273 273 273 273 273 283 283 283 Monthly Rent Potential Annual Rent Potential Current Contract Rent 430 550 0 0 0 0 0 0 1050 800 1000 0 800 1100 0 1000 2002 1150 800 1174 0 1150 0 1082 0 855 0 800 800 0 0 800 750 1150 0 1329 1150 850 1200 800 850 900 0 1400 0 0 0 750 800 1325 1350 0 927 2002 1471 1200 1050 1008 0 1678 1000 800 0 1119 1700 1100 2002 0 0 1200 917 0 221 950 1280 0 950 1300 0 2002 1215 0 0 59039 708468 626.7143 Kim's list in good shape Vacant sold or listed Uninhabitable Phase 1- COW Phase 2 - NHC or NHCE Gross Rent 670 790 240 240 240 240 250 250 1300 1050 1250 250 1050 1350 250 1250 2252 1400 1050 1424 250 1400 250 1332 250 1105 250 1050 1050 250 250 1050 1000 1400 250 1579 1400 1100 1450 1050 1100 1150 263 1663 263 263 263 1013 1063 1588 1613 263 1190 2265 1734 1463 1313 1271 263 1941 1263 1063 263 1382 1963 1363 2265 263 263 1463 1180 263 484 1213 1543 273 1223 1573 273 2275 1498 283 283 Max Rent Allowed 1189 1189 1189 1189 1189 1189 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1429 1644 1644 1644 1644 1644 1644 1644 1644 1644 1644 1644 1644 1644 1644 1644 1644 1644 1644 1644 1644 1644 1644 1644 1644 1644 1644 1644 1644 1644 1644 1644 1644 1644 1814 1814 1814 1814 1814 1982 1982 1982 Rent Acceptable? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Over Limit Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Over Limit Yes Yes Over Limit Yes Yes Yes Yes Over Limit Yes Yes Yes Yes Yes Yes Yes Yes Yes Over Limit Over Limit Yes Yes Yes Yes Over Limit Yes Yes Yes Yes Over Limit Yes Over Limit Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Over Limit Yes Yes Yes Vacancy Rate W T FP SP Cory Unrealized Revenue/ Subsidy 519 399 129 379 179 379 79 1179 179 29 379 5 29 97 324 379 379 379 429 29 29 329 379 329 279 631 581 56 31 454 181 331 373 381 581 262 281 181 464 1160 431 101 591 241 484 15020 180240 288.96 vacant sold or listed Mkt Uninhabitable WHA HCV Trillium Family Promise Safe Place purchase Monthly Subsidy Needed Annual Subsidy Needed 21 4 4 0.28 Rent Collected Occupied Units Potential Rent @ HUD High HOME Current CFC Subsidy to Occupied Units 59039 74059 -15020 1 2 3 4 5 6 7 8 9 10 11 12 13 14 16 17 18 19 20 21 22 23 24 25 26 27 30 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 ANNUAL OPERATING BUDGET REVENUE Gross Rent Potential Other Revenue Subtotal Combined Vacancy Factor Adjusted Income TOTAL OPERATING EXPENSES Administrative Costs Advertising Management Legal/Partnership Accounting/Audit HOA Dues D&O Insurance/Insurance Other- Bad Debt, Bank Fees,Evictions Subtotal Maintenance Repairs & Maintenance Unit Turns* in Repr&Maint. Exterminating Grounds Other- Relocation Subtotal Operating Utilities incld vacant & some occupied Property Management Fee Contract Labor CFC Direct Staff Time Other Subtotal Escrows & Reserves Insurance Real Estate Taxes Other Taxes Replacement Reserve Other: Replaced Applicances Subtotal Total Operating Expenses Net Operating Income MORTGAGE Debt Coverage Ratio Max Mortgage Pmt Amortization (years) Interest Rate Projected Mortgage ACTUAL Mortgage Override Mortgage Payment Cash Flow Operating Margin Gross Rent Revenue includes vacant units @ $0, est 2% vacancy 0.02 Annual 708468 0 708468 14169.36 694298.64 Annual Total Annual 0 169477.71 9000 15000 2970.76 15938.85 4986.06 217373.38 Annual 144378.28 0 8353.79 26793.5 7629.74 187155.31 Annual 54092.5 56660.06 18190 139500 0 268442.56 Annual 87544.83 77285.17 0 0 6474.93 171304.93 844276.18 -149977.54 1.5 -99985.0267 20 0 -1999700.5333 0 0 Annual -149977.54 -0.177640378294221 Per Unit 8535.759 0 8535.759 170.7152 8365.0439 Per Unit Total Per Unit 0 2041.9001 108.4337 180.7229 35.7923 192.0343 60.073 2618.9564 Per Unit 1739.4973 0 100.6481 322.8133 91.9246 2254.8833 Per Unit 651.7169 682.6513 219.1566 1680.7229 0 3234.2477 Per Unit 1054.757 931.1466 0 0 78.0112 2063.9148 10172.0022 -1806.9583 -1204.6389 -24092.7775 0 Per Unit -1806.9583 1 % of Revenue 0.313083401690085 0.26956024283729 0.386638464393362 0.246730902425504 1.21601301134624 -0.216013011346241 -0.144008674230828 0 Override 169477.71 9000 15000 139500 Unit Address #Units Structure Type Bedrooms Itemized Total 0 308977.71 24091.34 59173.56 2970.76 15938.85 4986.06 144378.28 0 8353.79 26793.5 7629.74 54092.5 56660.06 18190 0 0 87544.83 77285.17 0 0 6474.93 2023 Operating Expenses based on P&L Statements CFCI01 13 79775.71 18973.22 25233.56 2970.76 4929.6 701.84 23198.49 2746.23 5960 13551.14 8795.57 15640 12155.12 10507.57 964.72 CFCI02 61 223202 4303.1 30250 7310.18 3660.02 115187.45 5467.56 18653.5 7629.74 37454.35 43632.53 2550 67770.59 61020.26 5510.21 CFCAH 9 6000 815.02 3690 3699.07 624.2 5992.34 140 2180 3087.01 4231.96 7619.12 5757.34 83 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 AS IS Operating Cash Flow Projection REVENUE Gross Income Potential Vacancy Factor Net Income Per Unit OPERATING EXPENSES Administration Maintenance Operating Escrows & Reserves Total Operating Expenses Per Unit Net Operating Income Per Unit Debt Service Debt Coverage Ratio Operating Margin CASH FLOW Per Unit Operating Deficit Reserve Analysis Starting Balance Annual Operating Deficit Interest Earned on Reserve Ending Balance 0.02 Inflator 0.02 Inflator 0.035 0.035 0.035 0.035 0 Year 1 708468 14169.36 694298.64 8365.0439 217373.38 187155.31 268442.56 171304.93 844276.18 10172.0022 -149977.54 -1806.9583 n/a -0.177640378294221 -149977.54 -1806.9583 -149977.54 0 -149977.54 Year 2 722637.36 14452.7472 708184.6128 8532.3447 224981.4483 193705.7458 277838.0496 177300.6025 873825.8463 10528.0222 -165641.2335 -1995.6775 0 n/a -0.189558633681261 -165641.2335 -1995.6775 -149977.54 -165641.2335 0 -315618.7735 Year 3 737090.1072 14741.8021 722348.3051 8702.9916 232855.799 200485.447 287562.3813 183506.1236 904409.7509 10896.503 -182061.4459 -2193.5114 0 n/a -0.201304160729359 -182061.4459 -2193.5114 -315618.7735 -182061.4459 0 -497680.2194 Year 4 751831.9093 15036.6382 736795.2712 8877.0515 241005.752 207502.4376 297627.0647 189928.838 936064.0922 11277.8806 -199268.821 -2400.8292 0 n/a -0.212879462747774 -199268.821 -2400.8292 -497680.2194 -199268.821 0 -696949.0404 Year 5 766868.5475 15337.371 751531.1766 9054.5925 249440.9533 214765.0229 308044.0119 196576.3473 968826.3354 11672.6065 -217295.1588 -2618.014 0 n/a -0.224287006765922 -217295.1588 -2618.014 -696949.0404 -217295.1588 0 -914244.1993 Year 6 782205.9185 15644.1184 766561.8001 9235.6843 258171.3866 222281.7987 318825.5524 203456.5195 1002735.2572 12081.1477 -236173.4571 -2845.4633 0 n/a -0.23552922405917 -236173.4571 -2845.4633 -914244.1993 -236173.4571 0 -1150417.6563 Year 7 797850.0369 15957.0007 781893.0361 9420.398 267207.3852 230061.6617 329984.4467 210577.4976 1037830.9912 12503.9878 -255937.9551 -3083.5898 0 n/a -0.246608510667008 -255937.9551 -3083.5898 -1150417.6563 -255937.9551 0 -1406355.6114 Year 8 813807.0376 16276.1408 797530.8968 9608.806 276559.6437 238113.8198 341533.9023 217947.71 1074155.0759 12941.6274 -276624.179 -3332.8214 0 n/a -0.257527227903718 -276624.179 -3332.8214 -1406355.6114 -276624.179 0 -1682979.7904 Year 9 830083.1783 16601.6636 813481.5148 9800.9821 286239.2312 246447.8035 353487.5889 225575.8799 1111750.5035 13394.5844 -298268.9887 -3593.6023 0 n/a -0.268287702861635 -298268.9887 -3593.6023 -1682979.7904 -298268.9887 0 -1981248.7791 Year 10 846684.8419 16933.6968 829751.1451 9997.0017 296257.6043 255073.4766 365859.6545 233471.0357 1150661.7711 13863.3948 -320910.6261 -3866.3931 0 n/a -0.278892228907118 -320910.6261 -3866.3931 -1981248.7791 -320910.6261 0 -2302159.4052 Year 11 863618.5387 17272.3708 846346.168 10196.9418 306626.6204 264001.0483 378664.7424 241642.5219 1190934.9331 14348.6137 -344588.7652 -4151.6719 0 n/a -0.289343066169334 -344588.7652 -4151.6719 -2302159.4052 -344588.7652 0 -2646748.1704 Year 12 880890.9095 17617.8182 863273.0913 10400.8806 317358.5521 273241.085 391918.0084 250100.0102 1232617.6558 14850.8151 -369344.5645 -4449.9345 0 n/a -0.299642442021952 -369344.5645 -4449.9345 -2646748.1704 -369344.5645 0 -3016092.7348 Year 13 898508.7277 17970.1746 880538.5532 10608.8982 328466.1015 282804.523 405635.1387 258853.5106 1275759.2737 15370.5937 -395220.7206 -4761.6954 0 n/a -0.309792551557866 -395220.7206 -4761.6954 -3016092.7348 -395220.7206 0 -3411313.4554 Year 14 916478.9023 18329.578 898149.3242 10821.0762 339962.415 292702.6813 419832.3686 267913.3834 1320410.8483 15908.5644 -422261.5241 -5087.4882 0 n/a -0.319795558057027 -422261.5241 -5087.4882 -3411313.4554 -422261.5241 0 -3833574.9795 Year 15 934808.4803 18696.1696 916112.3107 11037.4977 351861.0995 302947.2751 434526.5015 277290.3519 1366625.228 16465.3642 -450512.9173 -5427.8665 0 n/a -0.329653593447505 -450512.9173 -5427.8665 -3833574.9795 -450512.9173 0 -4284087.8968 Year 16 953504.6499 19070.093 934434.5569 11258.2477 364176.238 313550.4298 449734.929 286995.5142 1414457.111 17041.6519 -480022.5541 -5783.4043 0 n/a -0.33936875875986 -480022.5541 -5783.4043 -4284087.8968 -480022.5541 0 -4764110.4509 Year 17 972574.7429 19451.4949 953123.2481 11483.4126 376922.4064 324524.6948 465475.6515 297040.3572 1463963.1099 17638.1098 -510839.8618 -6154.6971 0 n/a -0.348943124574934 -510839.8618 -6154.6971 -4764110.4509 -510839.8618 0 -5274950.3127 Year 18 992026.2378 19840.5248 972185.713 11713.0809 390114.6906 335883.0591 481767.2993 307436.7697 1515201.8187 18255.4436 -543016.1057 -6542.3627 0 n/a -0.358378731465152 -543016.1057 -6542.3627 -5274950.3127 -543016.1057 0 -5817966.4184 Year 19 1011866.7625 20237.3353 991629.4273 11947.3425 403768.7047 347638.9662 498629.1548 318197.0566 1568233.8824 18894.3841 -576604.4551 -6947.0416 0 n/a -0.367677590429426 -576604.4551 -6947.0416 -5817966.4184 -576604.4551 0 -6394570.8735 Year 20 1032104.0978 20642.082 1011462.0158 12186.2893 417900.6094 359806.33 516081.1752 329333.9536 1623122.0683 19555.6876 -611660.0524 -7369.3982 0 n/a -0.376841683321753 -611660.0524 -7369.3982 -6394570.8735 -611660.0524 0 -7006230.926