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DASHBOARD
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1/4/2025
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Rental AssumptionsHome Purchasing Velocity
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Days Available / Year270Year12345678910 +
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Daily Rate$150 Homes Purchased / Week0.50.751.11.72.53.85.78.512.819.2
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Occupancy Rate40%OpCo Sales Fee33%33%33%33%33%33%33%33%33%33%
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0.5
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Management Fee30%Prop Co Returns
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Taxes15%IRR34.6%EM2.61
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Other Expenses5%
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Year12345678910
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Development AssumptionsHomes Acquired 27 39 60 88 132 197 296 453 666 1,000
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Acquisition / Development Cost$100,000 Homes Sold 21 36 55 82 123 184 276 420 620 929
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Acquisition Fee3%Homes Sold 50/50 0 0 0 0 0 0 0 0 0 0
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Sales Price$225,000 Homes Held 5 8 12 19 27 41 61 94 141 212
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Discount to Unsold Units (1)5%
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Weeks Until Homes are Rentable9Total Acquisition Costs(2,729,500)(4,137,510)(6,515,385)(9,876,340)(15,258,945)(23,575,070)(36,423,483)(57,356,479)(86,943,765)(134,328,117)
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Total PropCo Net Operating Income 11,175 20,402 32,581 48,658 75,563 116,298 179,860 287,449 428,349 661,270
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Sales AssumptionsNet Sales Proceeds (Full Sales) 2,234,390 3,955,465 6,199,610 9,427,120 14,623,280 22,528,545 34,851,126 54,576,055 82,989,777 128,175,238
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Weeks to Sell Home9Net Sales Proceeds (50/50 Sales) 0 0 0 0 0 0 0 0 0 0
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Sales Percentage70%Net Sales Proceeds (Held Assets) 0 0 0 0 0 0 0 0 0 69,253,806
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Average Homes Sold Per Year93%Total Net Income(483,934)(161,643)(283,194)(400,562)(560,102)(930,227)(1,392,497)(2,492,975)(3,525,639) 63,762,196
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50/50 Percentage0%Net Cash Flow with Recycled Equity(730,866)(315,559)(453,609)(714,743)(1,132,887)(1,725,258)(2,363,796)(3,787,805)(5,418,139) 70,174,085
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50/50 Homes Sold Per Year0%Equity Requirement by Year(730,866)(315,559)(453,609)(714,743)(1,132,887)(1,725,258)(2,699,091)(4,425,868)(7,296,055)(13,716,745)
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Hold30%
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General AssumptionsOpCo Returns
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Start Date6/1/202410 Year Profit$201,755,403
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Disposition Fee3%Year12345678910
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Broker Fee2%Acquisition Fee 79,500 120,510 189,768 287,660 444,435 686,653 1,060,878 1,670,577 2,532,343 3,912,469
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Taxes on a Sale15%Fee to OpCo 23,053 99,270 225,209 410,288 702,547 1,156,146 1,859,078 3,016,825 4,657,043 7,261,221
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General OpCo Expenses20%Total Sales Fees 1,711,448 3,029,718 4,748,637 7,220,773 11,200,810 17,255,907 26,694,480 41,802,936 63,566,638 114,471,791
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OpCo Tax Expense10%Gross Revenue 1,814,001 3,249,498 5,163,615 7,918,721 12,347,792 19,098,705 29,614,436 46,490,338 70,756,023 125,645,481
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Income Growth3%Total Expenses 1,339,200 1,793,699 2,501,242 3,557,583 5,322,726 7,773,798 11,534,132 17,518,860 25,848,934 43,153,033
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Expense Growth3%Net Income 474,800 1,455,798 2,662,373 4,361,138 7,025,067 11,324,907 18,080,304 28,971,478 44,907,089 82,492,448
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End of Fund Life (Years)10
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End of Fund Life (Month)120Prop Co Sensitivity Analysis
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IRR - Development Costs and Sales Price
IRR - Weeks to Sell Home and Sales Price
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Equity Account Assumptions34.6%$65,000$70,000$75,000$80,000$85,00034.6%4812
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Min Monthly Cash Flow (2)$500,000 $130,00023.2%9.8%0.0%0.0%0.0%$130,0000.0%0.0%0.9%
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Min Reserve$1,000,000 $140,00038.0%22.5%9.9%-0.1%0.0%$140,0008.9%9.9%10.7%
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Equity Required 33,210,680 $150,00056.6%36.2%21.8%10.0%0.6%$150,00022.9%21.8%21.1%
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 $160,00079.9%53.1%34.7%21.3%10.1%$160,00038.5%34.7%32.0%
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Notes:$170,000107.4%74.2%50.1%33.3%20.8%$170,00058.9%50.1%44.7%
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(1) Homes that are Unsold are not trended
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(2) The Minimum Monthly Cash Flow and Reserve help to reduce the amount of Equity
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required by holding equity in the deal for times when there would otherwise be shortfalls
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