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Wright Property <br />Development Budget <br />Scenario 1: Purchase, Renovate and Re•sell* <br />Costs Per Unit Total <br />Purchase Price $ 1,232,000 <br />Resale of 2 homes to family members $ (260,000) <br />Effective Acquisition Costs $ 88,364 $ 972,000 <br />Broker's Fee $ 2,651 $ 29,160 <br />Rehab $ 10,000 $ 110,000 <br />Soft Costs $ 1,500 $ 16,500 <br />Financing $ 1,500 $ 16,500 <br />Contingencylbevelapmentfee $ 3,000 $ 33,000 <br />Total $ 107,015 $ 1,177,160 <br />Sales Price $ 107,015 $ 1,177,160 <br />plus closing $ 2,000 $ 22,000 <br />Total cost to Buyer $ 109,015 $ 1,199,160 <br />less buyer contribution $ 1,000 $ 11,000 <br />less 2nd mortgage $ 22,500 $ 247,500 <br />First mortgage ; 85,515 940,660 <br />Total County Investment $ 22,500 3 247,500 <br />6 <br />*Assume after•rehab appraised value +l• $115,000 <br />