HomeMy WebLinkAboutLINC Project Pro FormaPerforma for 913 South 4th Street 0)Instructions OK Small Scale Rental Policy Working Group Underwriting Proforma
Performa for 913 South 4th Street 1)Summary OK Small Scale Rental Policy Working Group Underwriting Proforma
PROJECT SUMMARY
Development:LINC Permanent Supportive Housing
Owner:LINC Inc
Location:913 South 4th Street
County:NHC
Total Units:2 Units by Structure Type
Single Family 4
Units by Bedroom Size Units by Income Target Duplex 0
Efficiency 2 30%0 Triplex 0
1 Bedroom 1 40%0 Fourplex 0
2 Bedroom 1 50%0 Townhome 0
3 Bedroom 1 60%6 Apartment 0
4 Bedroom 1 80%0 Condo 0
5+ Bedroom 0 Market 0 ADU 2
Total 6 Total 6 Total 6
Operating Budget Annual Per Unit Long-Term Trending Assumptions
Gross Rent Potential $46,800)$1,000)Combined Vacancy Rate:12.0%
Other Income $0)$0)Rent Inflation:2.0%
Vacancy $12,000)Expense Inflation:
Adjusted Gross Income Administration 3.5%
Operating Expenses $300)$50)Maintenance 3.5%
Net Operating Income $14,884)$2,481)Operating 3.5%
Debt Service $13,332)Escrows & Reserves 3.5%
Debt & Cash Flow Over Time
Year 1 Operating Margin 56.6%Year 1 Net Cash Flow $14,884)$2,481)
Year 5 Operating Margin 47.7%Year 5 Net Cash Flow $14,399)$2,400)
Year 10 Operating Margin 37.3%Year 10 Net Cash Flow $13,374)$2,229)
Year 15 Operating Maring 27.6%Year 15 Net Cash Flow $11,770)$1,962)
Development Costs Total Per Unit % of TDC
Predevelopment & Feasibility $0)$0)0%
Building & Property Acquisition $0)$0)0%
Construction Costs $577,500)$96,250)98%
Professional Services $0)$0)0%
Carrying & Construction Financing Costs $0)$0)0%
Permanent Financing & Syndication $0)$0)0%
Reserves $10,000)$1,667)2%
Construction & Bridge Loan Interest $0)$0)0%
Performa for 913 South 4th Street 1)Summary OK Small Scale Rental Policy Working Group Underwriting Proforma
Developer Fee $0)$0)0%
Total Development Costs $587,500)$97,917)100%TRUE
Sources Total Per Unit % of TDC
City Of Wilm $577,500)$96,250)98%
LINC General Operation $20,000)$3,333)3%
$0)$0)0%
$0)$0)0%
$0)$0)0%
$0)$0)0%
$0)$0)0%
$0)$0)0%
Total Sources $597,500)$99,583)102%
Surplus/(Gap)$10,000)$1,667)2%
Performa for 913 South 4th Street 2)Revenue OK Small Scale Rental Policy Working Group Underwriting Proforma
REVENUE PROJECTIONS
Address Unit
Structure
Type Bedrooms Baths Sq Ft
Income
Target
Utility
Allowance
Proposed
Contract
Rent Gross Rent
Max Rent
Allowed
Rent
Acceptable?
1 913 South 4th street 1 Single Family 1 1 500 $0)$650)$650)Over Limit
2 913 South 4th street 2 Single Family 1 1 500 $0)$650)$650)Over Limit
3 913 South 4th street 3 Single Family 1 1 500 $0)$650)$650)Over Limit
4 913 South 4th street 4 Single Family 1 1 500 $0)$650)$650)Over Limit
5 913 South 4th street 5 ADU 1 1 500 $0)$650)$650)Over Limit
6 913 South 4th street 6 ADU 1 1 500 $0)$650)$650)Over Limit
7 $0)Yes
8 $0)Yes
9 $0)Yes
10 $0)Yes
11 $0)Yes
12 $0)Yes
13 $0)Yes
14 $0)Yes
15 $0)Yes
16 $0)Yes
17 $0)Yes
18 $0)Yes
19 $0)Yes
20 $0)Yes
21 Total Units 6 Total Sq Footage 3,000 Monthly Rent Potential $3,900)
22 Annual Rent Potential $46,800)
23
24 Other Income Monthly Annually $650)
25 Miscellaneous & Interest $0)
26 Laundry $0)
27 Carports $0)
28 Tenant Charges (late fees, nonsufficient funds, etc)$0)
29 Other $0)
30 Totals $0)$0)
Performa for 913 South 4th Street 3)Operating Budget OK Small Scale Rental Policy Working Group Underwriting Proforma
ANNUAL OPERATING BUDGET
1 REVENUE Annual Per Unit
2 Gross Rent Potential $46,800)$7,800)
3 Other Revenue $0)$0)Unit 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
4 Subtotal $46,800)$7,800)Address 913 South 4th street 913 South 4th street 913 South 4th street 913 South 4th street 913 South 4th street 913 South 4th street
5 Combined Vacancy Factor 12.0%$5,616)$936)Unit #1 2 3 4 5 6
6 Adjusted Income $41,184)$6,864)100.0%Structure Type Single Family Single Family Single Family Single Family ADU ADU
7 Bedrooms 1 1 1 1 1 1
8 TOTAL OPERATING EXPENSES Annual Total
Per Unit
Total
% of
Revenue Override Itemized Total
9
10 Administrative Costs Annual Per Unit
11 Advertising $0)$0)$0)
12 Management $0)$0)$0)
13 Legal/Partnership $0)$0)$0)
14 Accounting/Audit $2,000)$333)$0)
15 Compliance Monitoring $0)$0)$0)
16 Other $0)$0)$0)
17 Subtotal $2,000)$333)4.9%
18
19 Maintenance Annual Per Unit
20 Preventative Maintenance $1,000)$167)$0)
21 Unit Turns $500)$83)$0)
22 Exterminating $600)$100)$0)
23 Grounds $600)$100)$0)
24 Other $0)$0)$0)
25 Subtotal $2,700)$450)6.6%
26
27 Operating Annual Per Unit
28 Elevator $0)$0)$0)
29 Project Paid Fuel $0)$0)$0)
30 Common Electricity $7,200)$1,200)$0)
31 Water/Sewer $2,400)$400)$0)
32 Gas $0)$0)$0)
33 Trash Removal $0)$0)$0)
34 Payroll $0)$0)$0)
35 Payroll Taxes & Fringes $0)$0)$0)
36 Other $0)$0)$0)
37 Subtotal $9,600)$1,600)23.3%
38
39 Escrows & Reserves Annual Per Unit
40 Insurance $2,000)$333)$0)
41 Real Estate Taxes $0)$0)$0)
42 Other Taxes $0)$0)$0)
43 Replacement Reserve $10,000)$1,667)$0)
44 Other:$0)$0)$0)
45 Subtotal $12,000)$2,000)29.1%
46
47 Total Operating Expenses $26,300)$4,383)63.9%
48
49 Net Operating Income $14,884)$2,481)36.1%
50
51
52 MORTGAGE
53 Debt Coverage Ratio 0.00
54 Max Mortgage Pmt $0)$0)0.0%
55 Amortization (years)20
56 Interest Rate 0.000%
57 Projected Mortgage $0)$0)
58 ACTUAL Mortgage $0)$0)0.0%
59 Override Mortgage Payment $0)
60 Annual Per Unit
61 Cash Flow $14,884)$2,481)
Operating Margin 57%
Performa for 913 South 4th Street 4)Operating Cash Flow OK Small Scale Rental Policy Working Group Underwriting Proforma
Operating Cash Flow Projection
1 Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year
2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
3 REVENUE Inflator
4 Gross Income Potential 2.0%$46,800)$47,736)$48,691)$49,665)$50,658)$51,671)$52,704)$53,758)$54,834)$55,930)$57,049)$58,190)$59,354)$60,541)$61,752)$62,987)$64,246)$65,531)$66,842)$68,179)
5 Vacancy Factor 12%$5,616)$5,728)$5,843)$5,960)$6,079)$6,201)$6,325)$6,451)$6,580)$6,712)$6,846)$6,983)$7,122)$7,265)$7,410)$7,558)$7,710)$7,864)$8,021)$8,181)
6 Net Income $41,184)$42,008)$42,848)$43,705)$44,579)$45,470)$46,380)$47,307)$48,254)$49,219)$50,203)$51,207)$52,231)$53,276)$54,341)$55,428)$56,537)$57,668)$58,821)$59,997)
7 Per Unit $6,864)$7,001)$7,141)$7,284)$7,430)$7,578)$7,730)$7,885)$8,042)$8,203)$8,367)$8,535)$8,705)$8,879)$9,057)$9,238)$9,423)$9,611)$9,803)$10,000)
8
9 OPERATING EXPENSES Inflator
10 Administration 3.5%$2,000)$2,070)$2,142)$2,217)$2,295)$2,375)$2,459)$2,545)$2,634)$2,726)$2,821)$2,920)$3,022)$3,128)$3,237)$3,351)$3,468)$3,589)$3,715)$3,845)
11 Maintenance 3.5%$2,700)$2,795)$2,892)$2,994)$3,098)$3,207)$3,319)$3,435)$3,555)$3,680)$3,809)$3,942)$4,080)$4,223)$4,370)$4,523)$4,682)$4,846)$5,015)$5,191)
12 Operating 3.5%$9,600)$9,936)$10,284)$10,644)$11,016)$11,402)$11,801)$12,214)$12,641)$13,084)$13,542)$14,016)$14,506)$15,014)$15,539)$16,083)$16,646)$17,229)$17,832)$18,456)
13 Escrows & Reserves 3.5%$12,000)$12,420)$12,855)$13,305)$13,770)$14,252)$14,751)$15,267)$15,802)$16,355)$16,927)$17,520)$18,133)$18,767)$19,424)$20,104)$20,808)$21,536)$22,290)$23,070)
14 Total Operating Expenses $26,300)$27,221)$28,173)$29,159)$30,180)$31,236)$32,329)$33,461)$34,632)$35,844)$37,099)$38,397)$39,741)$41,132)$42,572)$44,062)$45,604)$47,200)$48,852)$50,562)
15 Per Unit $4,383.33)$4,536.75)$4,695.54)$4,859.88)$5,029.98)$5,206.02)$5,388.24)$5,576.82)$5,772.01)$5,974.03)$6,183.12)$6,399.53)$6,623.52)$6,855.34)$7,095.28)$7,343.61)$7,600.64)$7,866.66)$8,141.99)$8,426.96)
16
17 Net Operating Income $14,884)$14,787)$14,675)$14,546)$14,399)$14,234)$14,050)$13,847)$13,622)$13,374)$13,104)$12,810)$12,490)$12,144)$11,770)$11,367)$10,933)$10,468)$9,969)$9,436)
18 Per Unit $2,480.67)$2,464.53)$2,445.77)$2,424.25)$2,399.84)$2,372.39)$2,341.74)$2,307.75)$2,270.26)$2,229.08)$2,184.05)$2,134.99)$2,081.69)$2,023.98)$1,961.62)$1,894.43)$1,822.16)$1,744.60)$1,661.49)$1,572.59)
19
20 Debt Service $0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)
21 Debt Coverage Ratio n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
22 Operating Margin 56.6%54.3%52.1%49.9%47.7%45.6%43.5%41.4%39.3%37.3%35.3%33.4%31.4%29.5%27.6%25.8%24.0%22.2%20.4%18.7%
23 CASH FLOW $14,884)$14,787)$14,675)$14,546)$14,399)$14,234)$14,050)$13,847)$13,622)$13,374)$13,104)$12,810)$12,490)$12,144)$11,770)$11,367)$10,933)$10,468)$9,969)$9,436)
24 Per Unit $2,481)$2,465)$2,446)$2,424)$2,400)$2,372)$2,342)$2,308)$2,270)$2,229)$2,184)$2,135)$2,082)$2,024)$1,962)$1,894)$1,822)$1,745)$1,661)$1,573)
25
26
27 Operating Deficit Reserve Analysis
28 Starting Balance $0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)
29 Annual Operating Deficit $0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)
30 Interest Earned on Reserve 0.00%$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)
31 Ending Balance $0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)
Performa for 913 South 4th Street 5)Development Budget OK Small Scale Rental Policy Working Group Underwriting Proforma
DEVELOPMENT BUDGET Unit (1)(2)(3)(4)(5)(6)(7)(8)(9)(10)(11)(12)(13)(14)(15)(16)(17)(18)(19)(20)
Addresss 913 South 4th street 913 South 4th street 913 South 4th street 913 South 4th street 913 South 4th street 913 South 4th street
Unit #(1)(2)(3)(4)(5)(6)
Structure Type Single Family Single Family Single Family Single Family ADU ADU
Bedrooms (1)(1)(1)(1)(1)(1)
1 Predevelopment & Feasibility Project Totals Per Unit Override Itemized Total
2 Appraiser (0)(0)$0)
3 Architect & Engineer (0)(0)$0)
4 Environmental Reviews & Reports (Phase I, Phase II, etc)(0)(0)$0)
5 Market Analysis (0)(0)$0)
6 Preliminary Title Search (0)(0)$0)
7 Survey (0)(0)$0)
8 Consultant (0)(0)$0)
9 Application Fees (0)(0)$0)
10 Other:(0)(0)$0)
11 Total Predevelopment:$0)$0)
12 Building & Property Acquisition
13 Land (0)(0)$0)
14 Closing Costs @ Acquisition (0)(0)$0)
15 Misc (0)(0)$0)
16 Total Acquisition:$0)$0)
17 Construction Costs
18 Base Construction Costs (192.50 per Sq Foot)(577,500)(96,250)$0)
Permits, Impact/Tap Fees (0)(0)$0)
Landscaping (0)(0)$0)
20 Appliance Package (0)(0)$0)
Other: (0)(0)$0)
21 Contractor General Conditions (calc on Base)0.00%/ hard cost (0)(0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)
22 Contractor Overhead 0.00%/ hard cost (0)(0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)
23 Contractor Profit 0.00%/ hard cost (0)(0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)
24 CONSTRUCTION CONTINGENCY 10.00%/ hard cost (0)(0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)
25 ($192.50) per sq. ft.Total Construction:(577,500)$96,250)
26 Professional Services
27 Legal (0)(0)$0)
28 Title & Recording (0)(0)$0)
29 Cost Certification (0)(0)$0)
30 Marketing /Advertising (0)(0)$0)
31 Total Professional Fees:(0)$0)
32 Carrying & Construction Financing Costs
33 Inspection & Draw Fees (0)(0)$0)
34 Points & Bank Fees (0)(0)$0)
35 Builder's Risk Insurance (0)(0)$0)
36 Property Insurance (0)(0)$0)
37 Real Estate Taxes (0)(0)$0)
38 Interim/Capitalized Operating Costs (0)(0)$0)
39 Total Carrying Costs:(0)$0)
40 Permanent Financing & Syndication
41 Points & Bank Fees (0)(0)$0)
42 Title & Recording (0)(0)$0)
43 Partnership & Organization Expense (0)(0)$0)
44 Legal (including tax opinion)(0)(0)$0)
45 Other (0)(0)$0)
46 Total Permanent Financing & Syndication:(0)$0)
47 Reserves
48 Rent Up Reserves (0)(0)$0)
49 Operating Reserves (0)(0)$0)
50 Deficit Reserve (as calculated by 20 Year Projection)(0)(0)$0)
51 Replacement Reserves (10,000)(1,667)$0)
52 Other (0)(0)$0)
53 Total Reserves:(10,000)$1,667)
54
55 Construction & Bridge Loan Interest (0)(0)$0)$0)$0)$0)$0)
56
57 Subtotal Hard & Soft Costs $587,500)
58 Developer Fee 0.00%/Hard & Soft Costs (0)(0)
59
60 TOTAL DEVELOPMENT COSTS (TDC):$587,500)$97,917)$0)$0)$0)$0)$0)$0)
Performa for 913 South 4th Street 6)Construction Cash Flow OK Small Scale Rental Policy Working Group Underwriting Proforma
PROJECT DEVELOPMENT CASH FLOW
Total Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Trial
1 USES OF FUNDS Budget 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Total Balance Variance
2 Predevelopment & Feasibility $0)$0)Balanced $0)
3 Acquisition $0)$0)Balanced $0)
4 Construction $577,500)$0)Under $577,500)
5 Professional Services $0)$0)Balanced $0)
6 Carrying & Construction Financing $0)$0)Balanced $0)
7 Permanent Financing & Syndication $0)$0)Balanced $0)
8 Reserves $10,000)$0)Under $10,000)
9 Developer Fee $0)$0)Balanced $0)
10 SUB-TOTAL USES $587,500)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)
11
12 SOURCES OF FUNDS
13 Prior Month Ending Cash $0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)
14 City Of Wilm $577,500)$0)Under $577,500)
15 LINC General Operation $20,000)$0)Under $20,000)
16 $0)$0)Balanced $0)
17 $0)$0)Balanced $0)
18 $0)$0)Balanced $0)
19 $0)$0)Balanced $0)
20 $0)$0)Balanced $0)
21 $0)$0)Balanced $0)
22 SUB-TOTAL SOURCES $597,500)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)
23
24 Construction Loan
25 Construction Loan Calculation $0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)
26 Construction Loan Draw $0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)
27 TOTAL SOURCES $0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)
28
29 Paydown Calculation $0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)
30 Construction Loan Paydown $0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)
31 TOTAL USES $0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)
32 Ending Cash $0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)
33 CONSTRUCTION LOAN INT & BALANCES
34 Draw $0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)
35 (Loan Payoff)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)Total
36 Construction Loan Interest 0.000%$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)
37 Loan Balance $0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)$0)