Real estate investment financial model excel template to be completed.

Description

I need help completing this financial model in the excel file given, and understanding how to do it.

Please find attached a Trailing 12 Financial Statement and Rent Roll for Woodcrest Phase II. Can you put together a projection model assuming 4% annual rent growth and 2% expense growth for this property in our master template and send me the investment outputs in both PDF and excel? I’ve included attached a sample of what these outputs look like “Project St Cloud – OpModel”. You would use the “Master Operating Model 5.26.2022” to build it or you can use your own to calculate a net IRR.

Purchase price: $4.5MM
Capex budget: $200K
Exit cap rate: 6.0%
Transaction expenses: 1.5%
Loan costs: 1.5%
Financing:
Loan size sized on a 1.25x DSCR for the T-12 NOI at a 6.5% interest rate
5 years I/O
Upside:
Market lot rent: $650
Billback water, sewer, and trash costs at a 95% collection rate in Year 3

Keep in mind this is a ‘best-efforts’ exercise and we understand that you may not have extensive modeling experience. We are testing 2 things:

Ability to think critically regarding an investment
Understanding of financial statement and mathematical principles for purposes of real-estate

Unformatted Attachment Preview

Income Statement (Profit and Loss)
COARE Communities
For the month ended August 31, 2023
Cash Basis
Partnership is 11 – Woodcrest MHP LLC.
Account
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Rental Income
Utilities – Water & Sewer Revenue
Utilities – Trash Revenue
Service Charge – Water & Sewer
Pet Fees
Late Fees
Non-Sufficient Funds Fee
Background Check
Application Fees
Property Tax Pass-Thru
Total Income
20,355.25
2,796.00
919.00
0.00
0.00
490.00
0.00
0.00
0.00
0.00
24,560.25
20,154.00
2,727.00
913.00
0.00
0.00
415.00
0.00
0.00
0.00
0.00
24,209.00
19,526.04
2,558.00
842.00
0.00
0.00
245.00
0.00
0.00
0.00
0.00
23,171.04
17,448.96
2,565.00
855.00
0.00
0.00
450.00
0.00
0.00
0.00
0.00
21,318.96
24,085.11
2,742.02
1,426.01
0.02
0.01
700.01
0.00
0.00
0.01
0.00
28,953.19
Gross Profit
24,560.25
24,209.00
23,171.04
21,318.96
28,953.19
R
Utilities – Water & Sewer
Utilities – Trash
Utilities – Electric
Utilities – Gas
Utilities – Telecom
R&M – Maintenance & Repairs
R&M – Landscaping
Auto & Travel
Advertising
Property Tax
Insurance
General & Admin – Licenses & Permits
General & Admin – Legal Court & Evictions
General & Admin – Office, Professional & Other
Contract Labor – On-Site Manager
Contract Labor – Accounting
Contract Labor – Management Fees
Total Operating Expenses
566.86
1,832.26
173.40
0.00
343.07
0.00
0.00
(0.97)
0.00
0.00
1,921.17
0.00
0.00
52.46
1,000.00
300.00
1,493.00
7,681.25
5,752.94
2,139.32
173.40
0.00
0.00
0.00
1,163.69
370.33
0.00
1,154.89
3,105.78
0.00
0.00
89.43
1,000.00
300.00
1,493.00
16,742.78
7,978.82
3,282.06
186.00
0.00
12.61
808.96
4,532.50
0.00
0.00
10,091.91
0.00
0.00
0.00
1,445.43
1,054.74
300.00
1,493.00
31,186.03
1,045.90
3,854.05
185.73
0.00
252.50
42.34
0.00
0.00
0.00
0.00
0.00
0.00
0.00
190.28
1,109.49
300.00
1,493.00
8,473.29
1,850.96
1,274.93
186.01
0.01
0.01
1,189.44
1,950.01
138.65
(0.01)
(0.01)
(0.01)
0.01
0.01
2,867.63
1,109.49
300.00
1,493.00
12,360.13
Net Operating Income
16,879.00
7,466.22
(8,014.99)
12,845.67
16,593.06
Income
O
Feb-23
Mar-23
Apr-23
May-23
21,458.96
3,417.00
1,613.00
0.00
0.00
500.00
0.00
0.00
0.00
0.00
26,988.96
25,144.24
4,371.00
2,019.00
0.00
0.00
1,000.00
0.00
0.00
0.00
0.00
32,534.24
20,512.24
3,904.00
1,860.00
0.00
0.00
500.00
0.00
0.00
0.00
0.00
26,776.24
26,988.96
32,534.24
581.62
1,274.92
186.00
0.00
0.00
0.00
0.00
525.00
0.00
0.00
0.00
0.00
0.00
289.59
1,109.49
300.00
1,493.00
5,759.62
21,229.34
Jun-23
Jul-23
Aug 2023 T-12 Total
22,626.00
3,328.00
1,560.00
0.00
0.00
500.00
0.00
0.00
0.00
0.00
28,014.00
21,035.42 23,391.28
3,008.00
3,456.00
1,410.00
1,620.00
0.00
0.00
0.00
0.00
400.00
800.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
25,853.42 29,267.28
21,815.28 257,552.78
3,200.00
38,072.02
1,500.00
16,537.01
0.00
0.02
0.00
0.01
750.00
6,750.01
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
27,265.28
318,911.86
26,776.24
28,014.00
25,853.42
29,267.28
27,265.28
318,911.86
4,782.02
1,274.92
186.00
0.00
0.00
(200.00)
4,500.00
0.00
0.00
0.00
0.00
0.00
110.00
95.98
2,312.59
300.00
1,493.00
14,854.51
6,614.52
1,274.92
186.00
0.00
0.00
1,015.00
2,190.00
0.00
0.00
0.00
0.00
0.00
0.00
905.18
2,214.98
300.00
1,493.00
16,193.60
0.00
1,274.92
179.98
0.00
0.00
1,105.95
2,000.00
0.00
216.00
0.00
0.00
0.00
0.00
214.00
2,214.98
300.00
1,493.00
8,998.83
582.29
1,274.92
0.00
0.00
0.00
0.00
425.00
0.00
0.00
0.00
0.00
0.00
0.00
168.90
2,214.98
300.00
1,493.00
6,459.09
6,946.73
1,398.57
0.00
0.00
0.00
2,989.33
0.00
0.00
0.00
0.00
0.00
0.00
300.00
2,077.43
2,214.98
300.00
1,493.00
17,720.04
2,236.26
1,398.57
0.00
0.00
0.00
515.00
0.00
1,586.42
0.00
0.00
32.96
0.00
0.00
527.91
2,214.98
300.00
1,493.00
10,305.10
38,938.92
21,554.36
1,642.52
0.01
608.19
7,466.02
16,761.20
2,619.43
215.99
11,246.79
5,059.90
0.01
410.01
8,924.22
19,770.70
3,600.00
17,916.00
156,734.27
17,679.73
10,582.64
19,015.17
19,394.33
11,547.24
16,960.18
162,177.59
T2 Income
T12 Expenses
Aug-23
Aug 2023 Rent
Roll Annualized
Aug-23 Commentary
271,239.36
39,936.00
18,720.00
0.00
0.00
9,300.00
0.00
0.00
0.00
0.00
339,195.36
318,000.00
48,336.00
19,080.00
0.00
0.00
9,000.00
0.00
0.00
0.00
0.00
394,416.00
339,195.36
394,416.00
38,938.92
21,554.36
1,642.52
0.01
608.19
7,466.02
16,761.20
2,619.43
215.99
11,246.79
5,059.90
0.01
410.01
8,924.22
19,770.70
3,600.00
17,916.00
156,734.27
38,938.92
21,554.36
1,642.52
0.01
608.19
7,466.02
16,761.20
2,619.43
215.99
11,246.79
5,059.90
0.01
410.01
8,924.22
19,770.70
3,600.00
17,916.00
156,734.27
182,461.09
237,681.73
60.3%
Rent Roll & Recurring Charges
Tenant
Trevino, Maria
Arita, Marvin
Slayton, Tim
Villegas, Guillermina
Bustamante, Lauriano
Sabella, Mayra
Blanco, Andres
Morales, Susan
Tovar, Ascencion
Martinez, Jose
Blanco, Mario
Morales, Pedro
Sotelo, Alejandro
Torres, Ofelia
Viramonte, Maria
Turner, Cindy
Lugo, Rosalva
Cruz, Francisco
Jacquez, Sandra
King, Edward
Rosales, Rosa
Ruiz, Oscar
Aguilar, Carmen
Bautista, Maria
Moreno, Virginia
Cuevas, Katy
Jiminez, Ray
Nunley, Wayne
Beltran, Luis
Alvarez, Luis
Flores, Johnathan
Jaimes, Gustavo
Ortiz, Rodrigo
Alvizu, Fernando
Aguilar, Thomas
Lopez, Socorro
Sutton, Maranda
Johnson, Jessica
Rodriguez, Yadira
Gudino, Julio
Garcia, Kitzia
Torres, Pedro
Cervantes, Silva
Oblitas, Roberto
Jimenez, Leopolda
Diego, Itzel
Torres, Chris
Gudino, Karla
Martinez, Edith
Charles, Ruben
Flores Tellez, Juan
Geraldon, Thomas
Gonzalez, Aquimides
ID
Unit
Unit Type
RC
Trash
Sewer
788
787
789
790
791
792
1033
795
797
796
798
799
802
803
804
805
806
807
808
809
811
813
814
815
816
819
820
821
822
823
824
826
828
829
830
831
833
834
835
836
837
1192
840
841
844
845
846
1207
849
850
851
853
854
12
18
20
21
22
23
25
25-A
26
26-A
27
28
32
33
34
35
36
38
39
40
42
103
104
105
106
109
110
111
112
113
114
116
118
121
123
124
126
128
130
131
132
133-A
135
136
140
141-A
141-B
142
144
145-A
145-B
147
148
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH-RV
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
ROH
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
39.00
Prop
Property Total
Property Counts
53
53
53
$ 26,500.00
53
$ 1,590.00
53
$ 2,067.00
53
urring Charges
Property: Woodcrest MHP LLC As of 09/20/23
Water
Total Woodcrest MHP LLC
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
37.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
606.00
Rent Roll & Recurring Charges (
Totals for 53 Tenants
Charge Type
RC
Trash
Sewer
Water
Description
Rent Charge
Sewer Utility Usage
TOTAL
Customers
53
53
53
53
53
$ 1,961.00
53
$
32,118.00
53
rring Charges (Summary)
als for 53 Tenants
% Charged
100%
100%
100%
100%
% of Total $
82.5%
5.0%
6.4%
6.1%
100.0%
Amount
$
26,500.00
$
1,590.00
$
2,067.00
$
1,961.00
$
32,118.00
Property Name
City
Star
State Rating # of Pads
Median Price Per Pad / Cap Rate 2021 – 2023
Subject Property (COARE Pro Forma Including Full CapEx)
0
Subject Property (Y5 Projected Exit Pricing – 2028)
0
(A) Cost basis and COARE Pro Forma In-Place cap rate reflects all-in basis in the property
(B) Valuation reflects a 6.00% exit cap rate assumption upon a sale in Year 5
(C) Reflects Year 5 all-in cap rate including the impact of all capital improvements and transaction costs
Purchase Price
$/Pad
Cap Rate Sale Date
#NUM!
#NUM!
#NUM!
$0
#DIV/0!
#DIV/0!
n/a
#VALUE!
#DIV/0!
d transaction costs
Amenities
Laundry
Distance
Property Name
from Subject
Pool
Clubhouse
Room
x
✓
✓
Star
Playground Rating
All-Age MHP Closest Comps
– All-Age Median: Closest Comps
–
St. Cloud Trailer Park
x
Amenities
Distance
Property Name
from Subject
Laundry
Pool
Clubhouse
Room
x
✓
✓
Star
Playground Rating
All-Age Park Model / RV Closest Comps
All-Age Median: Closest Comps
St. Cloud Trailer Park
x
Adjustment for Utilities Included in Lot Rent
Occ.
Total
What’s Included
Base
(%)
Sites
in Rent?
MH Lot Rent
#NUM!
#NUM!
#NUM!
#DIV/0!
0
$0
Water
Trash
Sewer
($17)
($20)
($43)
–
–
–
Adjustment for Utilities Included in Lot Rent
Total
Water
Trash
Sewer
($17)
($20)
($43)
RV / Park
Occ.
RV
What’s Included Model Annual
(%)
Sites
–
–
–
#DIV/0!
0
$0
in Rent?
Rates
–
–
–
Adj.
Lot Rent
$0
$0
Adj.
Lot Rent
#NUM!
$0
Last Updated
12/28/2023
COARE Communities, LLC.
Property Name Due Diligence Packet
City, State
Last Updated: 12/28/2023
Page 6 of 19
12/28/2023
Property Name – Model Inputs
City, State
Purchase Assumptions
Depreciation
Project / Property Name
Property Name
All in Purchase Price
$0
Implied Purchase Cap Rate
#DIV/0!
Initial Purchase Price
$0
All in Price Per Pad
#DIV/0!
Mortgage Assumption – Bridge to Permanent – Scenario 1
Capital Improvements (Useful Life)
Building (Useful Life)
Building Depreciable Value
Land Value
Bridge
Loan-to-Value
Loan Amount
Term
Interest Rate
Annual Interest Payment
Permanent
Year of Permanent Loan
Year 3 Value
Loan-to-Value
Loan Amount
Term
Amortization
Interest Rate
Annual Payment
Interest-Only?
Interest-Only Period (Years)
75.0%
$0
25 years
4.65%
$0
Year 3
$0
75.0%
$0
10 years
30 years
4.00%
$0
Yes
3
PF Debt Yield
Debt Yield Test
#DIV/0!
No
Select Mortgage Scenario:
1st Lien
Property Details
27 Years
39 Years
0.0%
100.0%
#DIV/0!
#DIV/0!
$0
10 years
30 years
5.50%
$0
1.35x
No
2
Fees and Loan Costs, Misc.
Transaction Expenses % Purchase Price
Transaction Expenses ($)
Broker Fee (%)
Broker Fee ($)
Loan Costs (%)
Loan Costs ($)
3.00%
$0
0.00%
$0
0.0%
$0
#DIV/0!
Refinancing Assumptions
Refinancing Scenario
Year of Refinancing
NOI at Year of Refinancing
Appraised Value 6.0% Exit Cap Rate
Interest Rate
Amortization
Loan-to-Value Test
Max LTV
Implied Loan Balance
Implied Debt Service Payment
City, State
0
0
#DIV/0!
Operating Assumptions
Loan-to-Value
Loan Amount
Term
Amortization
Interest Rate
Annual Payment
PF DSCR
Interest-Only?
Interest Only Period (Years)
Down Payment (%)
Property Address:
Total Units (Lots)
Occupied Units
Base Year Occupancy
Annual Rent Increase
Utility Billback %
Bad Debt Expense
Annual Expense Growth
On-Site Management Fee
Propery Tax Increase
Submetering Capex – Water
Submetering Capex – Electric
CapEx Budget
Infill Reserve
CapEx Per Unit
Other Model Assumptions
Cap Rate – Purchase Price
Cap Rate – Total Cost
Investment Hold Period
Exit Cap Rate
Exit Price Per Pad
Equity Assumptions
Down Payment ($)
Transaction Expenses ($)
Total Contribution ($)
$0
$0
$0
$0
0.00%
Limited Partner
LP Contribution (% CE)
LP Contribution ($)
Preferred Return
99.00%
$0
8.00%
General Partner
GP – Sponsor Contribution (%)
$0 GP – Sponsor Contribution ($)
#DIV/0! Acquisition Fee (%)
$0 Management Fee (%) above NOI
1.00%
$0
1.50%
3.00%
75.0%
$0
$0
Minimum of LTV or DSCR Constraint
Implied LTV
Implied Debt Service
25.00%
Target LP Cash-on-Cash Return
20.0%
Year for Cash-on-Cash Target
Year 3
Disposition & Defeasance Costs
Max Purchase Price
Cap Rate
$0
#DIV/0!
Defeasance Penalty (%)
Defeasance Penalty ($)
Disposition Cost (%)
Disposition Cost ($)
Cash-on-Cash Differential
#DIV/0!
$0
1.30x
$0
#DIV/0!
#DIV/0!
#DIV/0!
5 years
6.00%
#DIV/0!
Preferred Equity Contribution
Target Dividend Yield
Debt Service Coverage Test
Max Debt Service
Max Debt Service Coverage Ratio
Implied Loan Balance
Implied LTV
Investment Goals
Target LP IRR
Calculate Max Purchase Price
Max Purchase Price
Cap Rate
$0
#DIV/0!
IRR Differential
#VALUE!
need to update investment goals for new waterfall tabs
Calculate Max Purchase Price
5.0%
Projection Method
3.0%
95.0%
1.0%
3.0%
4.0%
2.0%
$10,000
$10,000
$0
$0
$200
Preferred Equity
Off
Year 3
$0
$0
5.00%
30
Avg. Projected Vacancy
2.00%
$0
3.00%
#VALUE!
Note:
Occupancy based on cases when
rent projection method = “Cases”
Constant Growth
% GPI
Constant Growth
Sizing
Constant Growth
Off
Off
Utility billback not modeled
separately when method = Cases
Property Name – Sources & Uses
City, State
Sources & Uses of Funds – At Transaction Close
Sources
Uses
#DIV/0!
Equity:
Preferred Equity
General Partner @ 1.0%
Limited Partner
Total Equity
$0
#DIV/0!
$0
$0
$0
$0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Total
$0
#DIV/0!
Purchase Price at Close
Transaction Expenses
Acquisition Fee – COARE @ 1.5%
Loan Costs
Broker Fee
Infill Reserve
CapEx Budget
$0
$0
$0
$0
$0
$0
$0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Total
$0
#DIV/0!
$0
$0
($3,600)
–
–
100.0%
($3,600)
100.0%
Sources & Uses of Funds – Permanent Transaction
Sources
Permanent Loan (@ 75.0% LTV)
Uses
$0
–
Funds from Operations – Year 3 (Pre-Transaction)
($3,600)
100.0%
Total
($3,600)
100.0%
Bridge Loan Paydown
Capex & Occupancy Infill
Equity Distributions
Property Name – Property-Level Cash Flows
City, State
Seller’s
Financials
12/31/2021
12/31/2020
Lender
Pro Forma
12/31/2023
12/31/2022
COARE
Pro Forma
12/31/2023
($) / Pad
($) / Pad
12/30/2023
12/31/2024
12/31/2025
12/31/2026
12/31/2027
12/31/2028
12/31/2029
12/31/2030
12/31/2031
12/31/2032
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Projected
Commentary
Income Statement
MH – Lot Rental Income
MH – Infill Income
RV – Lot Rental Income
SFH Income
Effective Rental Income
Plus: Other Income
Utility Billback Income – (@ 95% Collections)
Electric Billback Income – (@ 95% Collections)
Gas Billback Income – (@ 95% Collections)
Sewer Billback Income – (@ 95% Collections)
Trash Billback Income – (@ 95% Collections)
Water Billback Income – (@ 95% Collections)
Property Tax Pass-On
Misc
Late Fees
Lawn Fees
Bad Debt
Total Other Income
Total Effective Gross Income
Less: Operating Expenses
General & Administrative
auto
postage
dues & subscriptions
office
misc
equipment rental
supplies
Legal & Professional
Contractors
Phone & Internet
Property Taxes
Insurance
Licenses & Permits
R&M
Utilities
electric
gas
sewer
trash
water
Payroll
1 Maintenance (@$20 / HR x 25 Hours)
Payroll Taxes – 1 Maintenance
1 Community Manager (@$20 / HR x 25 Hours)
Payroll Taxes – 1 Community Manager
Management Fee – COARE @ 3.0%
Total Operating Expenses
Net Operating Income
$0
Rental Income & Occupancy
Total Permitted Units
Vacancies
Total Occupied Units
Physical Occupancy (%)
Vacancy (%)
Rent Growth
Implied Rent Per Unit
Cap Rate Basis
$0
$0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
–
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
–
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
–
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
–
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
–
–
–
–
–
–
–
–
–
–
–
#DIV/0!
–
#DIV/0!
–
–
–
–
–
–
–
–
–
–
–
$0
$0
$0
–
–
–
–
#DIV/0!
$0
#DIV/0!
#DIV/0!
#DIV/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
$0
$0
$0
0
0
– Assumes 1% Bad Debt Expense
0
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
25
–
–
–
–
–
#DIV/0!
–
#DIV/0!
#DIV/0!
–
–
–
–
–
–
–
–
–
–
$0
$0
$0
$0
#DIV/0!
$0
#DIV/0!
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
–
#DIV/0!
#DIV/0!
(3,600)
(3,600)
(3,600)
(3,600)
(3,600)
(3,600)
(3,600)
(3,600)
(3,600)
(3,600)
(3,600)
3%
$0
–
#DIV/0!
($3,600)
($3,600)
–
($3,600)
($3,600)
($3,600)
–
–
($3,600)
($3,600)
($3,600)
–
–
($3,600)
($3,600)
($3,600)
–
–
($3,600)
($3,600)
#VALUE!
#VALUE!
–
–
#VALUE!
$0
$0
–
–
$0
$0
$0
–
–
$0
$0
$0
–
–
$0
$0
$0
–
–
$0
$0
$0
–
–
$0
Less: Non-Recurring Expenses
POH expenses
contributions
education
employee benefits
movies
small equipment exp
depreciation
Interest
Contract Labor – Accounting @$300 / Month
Excess PM Fee @3.0%, below NOI)
Net Income
#DIV/0!
#DIV/0!
Less: Bridge Loan Servicing Cost
Less: Bridge Loan Exit/Extension Fee
Less: Disposition/Defeasance Cost/Penalty
+/- Net Loan Balance – Permanent Loan (Year 3)
+/- Net Loan Balance – Refinancing Loan (Year 3)
Funds From Operations
Less: Occupancy In-Fill
Plus: Infill Reserve
Less: Cost of Goods Sold (POH to TOH)
Plus: Proceeds from Sale
Plus: POH / RTO Income
Free Cash Flow
$0
–
–
$0
–
$0
–
$0
$0
–
$0
–
$0
$0
$0
$0
$0
($3,600)
–
($3,600) #DIV/0!
– #DIV/0!
($3,600) #DIV/0!
#DIV/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
0
#DIV/0!
#DIV/0!
n/a
#DIV/0!
#DIV/0!
0
#DIV/0!
#DIV/0!
n/a
#DIV/0!
#DIV/0!
0
#DIV/0!
#DIV/0!
n/a
#DIV/0!
#DIV/0!
0
#DIV/0!
#DIV/0!
n/a
#DIV/0!
#DIV/0!
0
#DIV/0!
#DIV/0!
n/a
#DIV/0!
#DIV/0!
0
#DIV/0!
#DIV/0!
n/a
#DIV/0!
#DIV/0!
0
#DIV/0!
#DIV/0!
n/a
#DIV/0!
#DIV/0!
0
#DIV/0!
#DIV/0!
n/a
#DIV/0!
#DIV/0!
0
#DIV/0!
#DIV/0!
n/a
#DIV/0!
#DIV/0!
0
#DIV/0!
#DIV/0!
n/a
#DIV/0!
#DIV/0!
0
#DIV/0!
#DIV/0!
n/a
#DIV/0!
#DIV/0!
0
#DIV/0!
#DIV/0!
n/a
#DIV/0!
#DIV/0!
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
n/a
n/a
n/a
n/a
#DIV/0!
#VALUE!
n/a
#DIV/0!
#VALUE!
n/a
#DIV/0!
#VALUE!
n/a
#DIV/0!
#VALUE!
n/a
#DIV/0!
#VALUE!
$325
$325
$335
$345
$355
$366
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
#DIV/0!
#DIV/0!
0
0
0
#DIV/0!
#DIV/0!
0
#DIV/0!
#DIV/0!
n/a
#DIV/0!
#DIV/0!
n/a
#DIV/0!
#DIV/0!
n/a
#DIV/0!
#DIV/0!
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
#DIV/0!
#VALUE!
n/a
#DIV/0!
#VALUE!
n/a
#DIV/0!
#VALUE!
n/a
#DIV/0!
#VALUE!
n/a
#DIV/0!
#VALUE!
$377
$388
$400
$412
$424
$437
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
$0
3.0%
$0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Operating Metrics
Operating Expense Ratio
NOI Margin
Debt Service Ratios
1st Lien – DSCR
1st Lien – Debt Yield
Loan to Value (Assuming 6.00% Appraised Value Cap Rate)
n/a
#DIV/0!
#DIV/0!
Unit Mix Detail
Market Rents
MH Lot Rents
Rent – Property / Portfolio
MH – Lot Rent
(%) Growth
($) Growth
MH – Home Rent (POH)
(%) Growth
($) Growth
MH – RTO Payment
(%) Growth
($) Growth
APT
(%) Growth
($) Growth
SFH
(%) Growth
($) Growth
Occupancy
MH – TOH
MH – POH
MH – RTO
APT
SFH
Total Occupied Units
Vacancy
MH – TOH
MH – POH
MH – RTO
APT
SFH
Total Vacancies
Infill
MH – TOH
MH – POH
MH – RTO
APT
SFH
Total Infill
3.0%
0
$55,000
$5,500
$3,500
$3,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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
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
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
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
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
0
0
0
0
0
0
0
0
POH -> TOH
0
0
0
0
0
0
0
0
0
0
0
0
RTO -> TOH
0
0
0
0
0
0
0
0
0
0
0
0
Total Conversion
0
0
0
0
0
0
0
0
0
0
0
0
Conversion of POH / RTO into TOH
Page 9 of 19
12/28/2023
25
Bank Statements vs. Income Statements – Variance Analysis
Property Name
2018
Column2
Bank
Column3
Column6
Column9
Column92
Month
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Total
2019
Deposits
Rent Roll
P&L
Tax Returns
GL
P&L
Tax Returns
GL
P&L
Tax Returns
GL
P&L
Tax Returns
GL
P&L
Tax Returns
GL
P&L
Tax Returns
GL
–
–
Bank
Month
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Total
2020
Deposits
–
Rent Roll
–
Bank
Month
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Total
2021
Deposits
–
Rent Roll
–
Bank
Month
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Total
2022
Deposits
–
Rent Roll
–
Bank
Month
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Total
2023
Deposits
–
Rent Roll
–
Bank
Month
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Total
Deposits
–
Rent Roll
–
Utility Bill Variance Analysis – Invoices vs Income Statements
Property Name
2019
January
February
March
April
May
June
July
August
September
October
November
December
Total
Tax Returns
2020
Tax Returns
Water
Sewer
Trash
Electric
Gas
P&L
Water Invoices
Water
Sewer
Trash
Electric
Gas
P&L
Water Invoices
January
February
March
April
May
June
July
August
September
October
November
December
Total
2021
January
February
March
April
May
June
July
August
September
October
November
December
Total
2022
January
February
March
April
May
June
July
August
September
October
November
December
Total
2023
January
February
March
April
May
June
July
August
September
October
November
December
Total
Sewer Invoices
Sewer Invoices
Tax Returns
Water
Sewer
Trash
Electric
Gas
P&L
Water Invoices
Water
Sewer
Trash
Electric
Gas
P&L
Water Invoices
Water
Sewer
Trash
Electric
Gas
P&L
–
–
–
Utility Invoices
–
Utility Invoices
–
Variance
–
Gas Invoices
Variance
–
–
Electric Invoices
–
Utility Invoices
Gas Invoices
Variance
–
–
–
Trash Invoices
Utility Invoices
Gas Invoices
Electric Invoices
Variance
–
–
–
–
Utility Invoices
Gas Invoices
Electric Invoices
Trash Invoices
Sewer Invoices
–
–
–
Gas Invoices
Electric Invoices
Trash Invoices
Sewer Invoices
Water Invoices
–
–
Tax Returns
Electric Invoices
Trash Invoices
Sewer Invoices
Tax Returns
Trash Invoices
Variance
–
–
Income Statement Variance Analysis
Commentary
Property Name
2019
Tax Return
P&L
GL
2020
Tax Return
P&L
GL
2021
Tax Return
P&L
GL
2022
Tax Return
P&L
GL
2023
Tax Return
P&L
Income:
Gross Income
–
–
–
–
–
–
–
–
–
–
Operating Expenses:
Total Operating Expenses
Net Operating Income
NOI Margin
Operating Expense Margin
Non-Cash / Non-Recurring Expenses:
Interest
Other
Depreciation
Total Non-Cash / Non-Recurring Expenses
Less: Depreciaton
Total Expenses
Net Income
Income Margin
Expense Margin
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
–
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
–
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
–
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
–
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
GL
Property Name – Investor-Level Returns Summary
City, State
Returns Summary
12/31/2021
Year 0
12/30/2023
Year 1
Distribution Structure
Select Distribution Scenario:
Description:
12/31/2024
Year 2
12/31/2025
Year 3
Net Cash Flow For Distribution
Unlevered Free Cash Flow
(-) Debt Service: 1st Lien Loan
(-) Debt Service: Refinancing
(+/-) Net Perm. Loan Proceeds (Bridge Paydown)
(+/-) Net Refi Proceeds (1st Lien Paydown)
(+) Equity Proceeds at Exit
(-) Acquisition/Refi Loan Payoff at Exit
(-) Bridge Loan Servicing Cost
(-) Bridge Loan Exit / Extension Fee
(-) Disposition/Defeasance Cost/Penalty
(-) Acquisition Fee
(-) Management Fee
(-) Excess Property Management Fee
(-) CAPEX
(-) Cost of Goods Sold (POH to TOH)
(+) Proceeds from Sale
(+) POH / RTO Income
Adjusted Levered Free Cash Flow
Net Cash Flow (5-Yr. Hold)
Property-Level IRR
GP
#DIV/0!
#DIV/0!
#VALUE!
#DIV/0!
LP
#DIV/0!
#DIV/0!
#VALUE!
#DIV/0!
–
–
–
–
–
–
–
–
–
–
Investor Returns
LP
LP Distributions
LP Contributions
Net Profit
Remaining Capital Account
IRR
Cash-on-Cash Return
Cash-on-Cash Return (on Remaining Capital Account)
MOIC
COARE
Acquisition Fee
Management Fee
GP Distributions
GP Contributions
Net Profit
IRR
Cash-on-Cash Return
MOIC
12/31/2028
Year 6
12/31/2029
Year 7
12/31/2030
Year 8
12/31/2031
Year 9
Refinancing Assumptions
Valuation at Refi
$0
Refi Cap Rate
6.00%
NOI at Refi
$0
Year of Refi
Year 3
Loan-to-Value
#DIV/0!
Loan Amount
$0
Amortization
30 years
Interest Rate
5.00%
Annual Payment
$0
$0
#DIV/0!
$0
#DIV/0!
$0
#DIV/0!
$0
30 years
5.50%
$0
–
12/31/2032
Year 10
12/31/2033
Year 11
Exit Assumptions
Valuation at Exit
Exit Cap Rate
NOI at Exit
Year of Exit
n/a
6.00%
$0
Year 5
#VALUE!
#VALUE!
–
–
–
–
–
–
#VALUE!
–
–
–
–
–
–
n/a
#VALUE!
–
#VALUE!
Cash Flow Remaining
Total Distributions (Common Equity)
LP
GP
Total
12/31/2027
Year 5
Entry Assumptions
Purchase Price
In-Place Cap Rate
In-Place NOI
PF Cap Rate
PF NOI
Loan-to-Value
Loan Amount
Amortization
Interest Rate
Annual Payment
Cash Sweep
70 / 30 split LP / GP above an 8% preferred return
Investor Return Summary
Total Distributions
Net Profit
IRR
MOIC
12/31/2026
Year 4
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–
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#DIV/0!
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#VALUE!
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
–
–
–
–
–
–
–
–
–
–
–
#DIV/0!
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#VALUE!
#DIV/0!
#DIV/0!
#DIV/0!
0.00%
#DIV/0!
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#DIV/0!
0.00%
#DIV/0!
#DIV/0!
#DIV/0!
0.00%
#DIV/0!
#DIV/0!
#DIV/0!
0.00%
#VALUE!
#VALUE!
#VALUE!
0.00%
#DIV/0!
#DIV/0!
#DIV/0!
0.00%
#DIV/0!
#DIV/0!
#DIV/0!
0.00%
#DIV/0!
#DIV/0!
#DIV/0!
0.00%
#DIV/0!
#DIV/0!
#DIV/0!
0.00%
#DIV/0!
#DIV/0!
#DIV/0!
0.00%
#DIV/0!
#DIV/0!
#DIV/0!
0.00%
Property Name – Investor Returns: Cash Sweep
City, State
Cash Sweep
Equity Structure
Common Equity Contribution (Down Pmt)
GP
LP
Total Common Equity
12/31/2021
Year 0
$ Inv.
$0
$0
$0
12/30/2023
Year 1
% CE
#DIV/0!
#DIV/0!
#DIV/0!
Cash Flow Available for Distribution
–
Capital Contribution
Preferred Equity
LP
GP
Total Contributions
–
#DIV/0!
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#DIV/0!
Cash Flow Remaining
–
#DIV/0!
Return of Capital and Preferred Return @ 8.0%
Beginning Balance (LP Capital Account)
Required Return for Hurdle
LP Contributions
LP Distributions
Ending Balance (LP Capital Account)
–
#DIV/0!
#DIV/0!
#DIV/0!
–
#DIV/0!
#DIV/0!
LP Distributions (Return of Cap and Pref Return)
Net LP Cash Flow
IRR
–
–
–
#VALUE!
GP Distributions
#DIV/0!
#DIV/0!
Cash Flow Remaining
#DIV/0!
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Distributions – Thereafter
#DIV/0!
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Total Distributions – Thereafter
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#DIV/0!
Cash Flow Remaining
#DIV/0!
#DIV/0!
Investor Returns
LP
LP Distributions
LP Contributions
Net Profit
Remaining Capital Account
IRR
Cash-on-Cash Return
Cash-on-Cash Return (on Remaining Capital Account)
#DIV/0!
#DIV/0!
–
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#VALUE!
0.00%
0.00%
MOIC
COARE
Acquisition Fee
Management Fee
GP Distributions
GP Contributions
Net Profit
IRR
Cash-on-Cash Return
MOIC
Total Common Equity
Total Contributions
Total Net Profit
IRR
Cash-on-Cash Return
MOIC
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#VALUE!
0.00%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#VALUE!
0.00%
#DIV/0!
12/31/2024
Year 2
12/31/2025
Year 3
Cash Sweep
Return of Cap
Pref Return
Thereafter
12/31/2026
Year 4
12/31/2027
Year 5
12/31/2028
Year 6
GP Promote Scenarios (IRR Hurdles)
Hurdle Rate
GP Promote
GP %
#DIV/0!
8.00%
29.3%
#DIV/0!
#DIV/0!
–
–
–
–
–
12/31/2030
Year 8
Investor Returns Sum
LP%
GP
LP
Total
#DIV/0!
#DIV/0!
#VALUE!
–
12/31/2029
Year 7
–
–
–
–
–
–
–
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0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
#DIV/0!
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0.00%
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0.00%
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0.00%
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0.00%
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0.00%
#DIV/0!
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0.00%
#VALUE!
#VALUE!
#VALUE!
0.00%
#VALUE!
#DIV/0!
0.00%
#DIV/0!
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0.00%
#DIV/0!
#DIV/0!
0.00%
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#DIV/0!
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0.00%
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0.00%
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#DIV/0!
#DIV/0!
0.00%
#DIV/0!
#DIV/0!
0.00%
12/31/2031
Year 9
12/31/2032
Year 10
12/31/2033
Year 11
Investor Returns Summary
Net Profit
IRR
#DIV/0!
#VALUE!
#DIV/0!
#VALUE!
#DIV/0!
#VALUE!
–
MOIC
#DIV/0!
#DIV/0!
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–
–
–
–
–
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#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
#DIV/0!
#DIV/0!
#DIV/0!
0.00%
#DIV/0!
#DIV/0!
0.00%
#DIV/0!
#DIV/0!
#DIV/0!
0.00%
#DIV/0!
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0.00%
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0.00%
#DIV/0!
#DIV/0!
0.00%
Last Updated
3/17/2023
COARE Communities, LLC.
St. Cloud Trailer Park Due Diligence Packet
Saint Cloud, FL
Last Updated: 03/17/2023
Page 1 of 5
3/17/2023
St. Cloud Trailer Park – Sources & Uses
Saint Cloud, FL
Sources & Uses of Funds – At Transaction Close
Sources
Uses
1st Lien Loan (@ 73.0% LTV)
Equity:
CO 2023 Fund I LLC – Upfront Funding
CO 2023 Fund I LLC – CapEx Funding
Total Equity
$5,475,000
69.8%
$2,311,000
$60,000
$2,371,000
29.5%
30.2%
Total
$7,846,000
100.0%
Purchase Price at Close
Transaction Expenses
Broker Fee
Loan Costs
Infill Reserve
Acquisition Fee – COARE @ 1.5%
CapEx Budget
$7,500,000
$150,000
$0
$0
$23,500
$112,500
$60,000
95.6%
1.9%
–
Total
$7,846,000
100.0%
0.3%
1.4%
0.8%
St. Cloud Trailer Park – Property-Level Cash Flows
Saint Cloud, FL
Seller’s
Financials
12/31/2021
COARE
Pro Forma
12/31/2023
($) / Pad
12/30/2024
12/31/2025
12/31/2026
12/31/2027
12/31/2028
Year 1
Year 2
Year 3
Year 4
Year 5
Projected
Income Statement
MH – Lot Rental Income
Infill Income
APT Income
Effective Rental Income
Plus: Other Income
Utility Billback Income – (@ 95% Collections)
Electric Billback Income – (@ 95% Collections)
Sewer Billback Income – (@ 95% Collections)
Water Billback Income – (@ 95% Collections)
Tax Income
Admin
Landscaping
Laundry
Bad Debt
Total Other Income
Total Effective Gross Income
Less: Operating Expenses
General & Administrative
Legal & Professional
Supplies
Security
Phone/Internet
Labor
Property Taxes
Insurance
Licenses & Permits
R&M
Utilities
Electric
Gas
Sewer
Utility Taxes
Water
On-Site Payroll
Management Fee – COARE @ 3.0%
Total Operating Expenses
Net Operating Income
Less: Non-Recurring Income & Expenses
Deposits
RV’s Sold
Sip &