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Wright Property <br />Development Budget <br />Scenario 2: Purchase and Lease Until Additional Funding Available* <br />Acquisition 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 $ 1,500 $ 16,500 <br />Soft Costs $ 900 $ 9,900 <br />Contingency $ 1,500 $ 16,500 <br />Total 94,915 ; 1,044,060 <br />85% LTV "" $ 85,000 $ 935,000 <br />15°~ Equity $ 9,915 $ 109,060 <br />Monthly Carrying Gosts <br />Financing @ 9.25 $ 655 $ 7,207 <br />Taxes $ 150 $ 1,650 <br />Maintenance $ 50 $ 550 <br />Total $ 855 S 9,407 <br />Gross Rents $ 465 $ 5,115 <br />Less Vacancy (796) $ 33 $ 358 <br />Effective Gross Rents ; 432 ; 4,757 <br />Monthly Operating Subsidy $ 423 $ 4,650 <br />Total Operating Subsidy (6 mos) $ 2,537 $ 27,902 <br />Interim County Investment $ 12,451 ; 136,962 <br />Deferred Expenses <br />Rehab $ 8,500 $ 93,500 <br />Soft Costs $ 600 $ 6,600 <br />Financing $ 1,500 $ 16,500 <br />Devek~pmentfee $ 1,500 $ 16,500 <br />Closing Costs $ 2,000 $ 22,000 <br />Total Defamed Costs $ 14,100 $ 155,100 <br />Total County Investmerrt ; 26,551 $ 292,062 <br />7 <br />* assume 6 month holding period <br />**assume avg. as-is appraised value of $100,000 <br />