Escrow Request Form
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
Escrow Request Form Asset Acquisition MARP ID: Purchase Price: Sale Type: Contract Acceptance:
5023 $330,000 Estate 1/28/2015
Earnest Money: EMD Due Date: Contingency End: COE:
$5,000 1/28/2015 2/6/2015 2/27/2015
Contact Information Buyer Contracting Entity: Closing Entity: Buyer Contact: Contact Phone: Contact Email:
Escrow Agent: Escrow Company: Escrow Agent Email: Escrow Agent Address: City, State, Zip:
Seller
MARP DE LLC MARP DE LLC Ryan Boll 302-479-9500 x105 [email protected]
Seller: Seller Agent: Contact Phone: Contact Email:
Sandra McGee Rose Bloom [email protected]
Escrow and Title Michael Scali Gellert, Scali, Busenkell & Brown, LLC [email protected] 913 N. Market St, 10th Flr. Wilmington, DE 19801 Property Summary
APN 607600046
Address 614 Berwick Rd
City Wilmington
Special Instructions/Notes
ST DE
Zip 19803
EMD $5,000
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
# #
American Residential Property Address:
5023
Asset #
614 Berwick Rd Wilmington DE 19803
APN: A ID:
607600046 off-mrket
Seller: Sale Type:
Sandra McGee Estate
U/W Date: Acq. Date:
1/29/2015 2/27/2015
Asset Overview MSA: County: Community: Location Quality:
Phila MSA New Castle Edenridge A+
Property Sales History Transaction unavailable
Date n/a
Return Summary Relacement Cost: $228 Discount to Replacement Cost:
Asset Type: Year Built: Square Feet: Lot Size: Asset Quality:
Price n/a
$580,635 31.7%
Initial Implied Equity Yield on Cost Implied Exit Cap Rate
24.5% 4.1% 3.2%
SF Detached 1967 2,550 17,860 A+
Stories: Style: Bedrooms: Bathrooms: Garage:
1.5 Colonial 3.0 2.5 2-car
List Price: As-Is BPO: % of List: Acquisition: ARV:
$345,000 $345,000 96% $330,000 $525,000
$135 $135 $129 $206
Sales Comparables Address 703 Mt. Lebanon Rd. 610 Berwick Rd 614 Black Gates Rd
City Wilmington Wilmington Wilmington
Distance 0.2 0.0 0.1
BR/BA 4/3.0 4/2.5 4/2.5
Year Built 1975 1968 1967
SF 3,029 2,825 2,775 Average:
Sales Price $529,000 $595,000 $665,000 $596,333
$/SF $175 $211 $240 $208
Date Sold 10/30/2014 1/15/2015 7/31/2014
Rental Comparables Address 20 S Rockland Falls Rd 305 Cornwall Rd 117 Dexter Rd
City Rockland Wilmington Wilmington
Distance 0.7 0.8 0.9
BR/BA 1/1.5 4/3.0 4/2.5
Year Built 1901 1958 1960
SF 1,350 2,575 2,650 Average:
Rent $2,500 $2,700 $2,900 $2,700
$/SF $1.85 $1.05 $1.09 $1.33
Date Leased 12/1/2014 2/1/2015 11/10/2013
U/W Commentary: Sales comparable 610 Berwick considered most similar to subject. Subject ARV discounted due to floorplan configuration. Rental comp 20 S Rockland was a restored barn with unique floorplan. Rental comp. 305 Cornwall considered most similar to subject.
Financial Analysis Acquisition Summary Acquisition Cost Closing Cost Total Acquisition Construction Costs Working Capital Other Costs
Amount $330,000 $10,250 $340,250 $53,020 $500 $2,600
PSF $129.41 $4.02 $133.43 $20.79 $0.20 $1.02
% 83% 3% 86% 13% 0% 1%
Total Project Costs
$396,370
$155.44
100%
Cash Flow Summary Capital Expenditures: Total Acquisition Construction Costs Working Capital Accounting Other Costs Total Inputs Revenue: Rental Revenue Misc. Income Less: Vacancy Less: Credit Loss Effective Gross Income Expenses: HOAs Maintenance Maintenance Turnover Utilities Landscaping Lease Up/ Marketing Management Fees Insurance Taxes Total Expenses NOI (Pre Cap Ex Reserve) Less: Cap Ex Reserves
1.0% 5.0% 2.0%
0.25x
0.50x 9.0%
6%
NOI (PostCap Ex Reserve) Operations Expense Ratio
Monthly/SF 1.03 0.01 (0.05) (0.02) 0.97
Int. Rate Acq. LTC Cap Ex LTC Amort. I/O Period Total Debt Max LTC Max LTV
($11,471) ($2,558) 2.0%
Time 0 0
Year 1 1
(340,250) (500) (2,600) (343,350)
(53,020) (53,020)
Year 2 0 -
Acq. Debt N/A N/A N/A N/A N/A $0 N/A N/A
Year 3 0 -
Year 4 0
Year 5 0
Sale Assumptions ARV HPA Sale Year Sale Value Variance Marketing Term Cost of Sale
Perm Debt N/A N/A N/A N/A N/A $0 N/A Actual N/A Actual Year 6 0
Year 7 0
Year 8 0
Total
-
-
-
-
-
(340,250) (53,020) (500) (2,600) (396,370)
-
18,980 190 (958) (383) 17,828
31,564 316 (1,594) (638) 29,648
21,375 214 (1,079) (432) 20,078
-
-
-
-
-
71,919 719 (3,632) (1,453) 67,554
0 (61) (55) 0 (20) (110) (222) (72) (417) (956)
0.00 (0.02) (0.02) 0.00 (0.01) (0.04) (0.09) (0.03) (0.16) (0.37)
0.00 (0.29) (0.26) 0.00 (0.10) (0.52) (1.05) (0.34) (1.96) (4.50)
-
(420) (379) (240) (758) (1,605) (842) (4,900) (9,144)
(728) (658) (245) (1,315) (2,668) (858) (4,998) (11,471)
(493) (445) (250) (891) (1,807) (875) (5,098) (9,859)
-
-
-
-
-
(1,642) (1,482) (734) (2,964) (6,080) (2,575) (14,996) (30,473)
1,515 (148)
0.59 (0.06)
7.13 (0.70)
-
8,684 (1,070)
18,177 (1,779)
10,218 (1,205)
-
-
-
-
-
37,080 (4,053)
1,367
0.54
6.43
N/A
7,615 57%
16,399 45%
9,014 55%
N/A
N/A
N/A
N/A
N/A
-
2.2% 1.9%
4.6% 4.1%
2.6% 2.3%
-
-
-
-
-
-
-
-
573,682 (28,684) 544,998
-
-
-
-
-
573,682 (28,684) 544,998
554,011 181,655
-
-
-
-
-
181,655
1,367
0.54
6.43
(343,350) (343,350)
(45,405) (388,755)
16,399 (372,357)
Valuation & Return Analysis Property-Level Return Overview IRR: 14.4% Invested Capital: $388,755 LP (1) Return Overview IRR: 13.1% ROE: 41.1% LP (2) Return Overview IRR: 13.3% ROE: 41.5% Sponsor Promote: 20%
$525,000 3.0% 3.0 $573,682 100% 4 months 5.0%
Annual/SF 12.38 0.12 (0.63) (0.25) 11.63
5.0%
Asset Net Cash Flow Cumulative Cash Flow
Financing $2,600 1.0% 2.0% 2 months 3.0 years
Stabilized P&L Overview Per Month 2,630 26 (133) (53) 2,471
Yield on Cost (Pre Cap Ex Reserve) Yield on Cost (Post Cap Ex Reserve) Asset Sale Sale Price Less Closing Costs Net Sales Price
Revenue Monthly Rent Misc. Income Rent Growth Marketing Period Average Lease Term Expenses Full Load Expenses Vacant Expenses (Initial) Expense Growth
Emx: Gross Profit:
1.47x $181,655
Emx: Gross Profit:
1.42x $83,233
Emx: Gross Profit:
1.43x $81,801
Valuation Overview Acquisition $330,000 Total Basis $396,370 BPO Value $525,000 Sale Value $573,682
129.41 /sf 155.44 /sf 205.88 /sf 224.97 /sf
Implied Sale Value Actual 3.2% 4.0% $463,525 5.0% $370,820 6.0% $309,017 7.0% $264,872
33,027
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
614 Berwick Rd Wilmington DE 19803 Sources & Uses Sources: First Mortgage Earnest Money Deposit: Additional Cash Equity Total Sources
$0 $5,000 $391,370 $396,370
Uses: Acquisition Price Closing Costs Transfer Tax Recording Fees Title Insurance Pro Rated RE Taxes Bank Fee Legal- Transaction Survey Acquisition Fee Home Inspection Escrow Fee Misc. Closing Cost Past Due Obligation Appraisal Broker Commissions Sub-Total Construction Costs Permits General Conditions Hard Costs Hard Cost Contingency Construction Management Fee Sub-Total Working Capital Accounting Operating Reserve Interest Reserve Sub-Total Other Costs Upfront Replacement Reserve Initial Leasing Commision Sub-Total
$330,000
$4,950 $75 $1,144 $2,041 $0 $450 $0 $1,000 $275 $200 $115 $0 $0 $0 $10,250
$100 $1,000 $45,148 $2,258 $4,515 $53,020
$500 $0 $0 $500
$0 $2,600 $2,600
Total Funds Required Outside of Escrow Total Uses
$396,370
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
Comparable Sales Report Subject
MLS # / Status: Address: MLS Area: City / PO / Zip Code: Distance: Subdivision/Neighborhd: School District: Category: Bedrooms & Bathrooms: Form of Ownership: Property Type / Age: Year Built: Design: Style: Aprox Square Feet: Kitchen / Family Room: Basement: Garage: Heat: Cooling: Certifications: Aprx. Lot Dim / Acreage: RE Taxes / Tax Year: County Assessed Value: OneTime$ / Rcrr$ / Freq: Additional Sale Terms: Original List Price: List Price: Settlement Price: Seller Concessions: Final Sale Terms: Listing Date/DOM: Off Market Date: Settlement Date:
1
/ACT 614 Berwick Rd 30901 Brandywine Wilmington, 19803 N/A Edenridge Brandywine New Castl Residential 3 /2.5 FeeSimple Single/Detac/48 1.5-Story Traditional 2,550 FullKit-NoEI / Y FullBasement ,Fini ... 2-CarGarage ,Att/B ... GasHeat ,HotAirHeat CentralAir 0 $ $
0 4,900 $160,200 $0 0 $345,000 $345,000 $0 0 0 0
6394550 / STL 703 Mount Lebanon Rd 30901 Brandywine Wilmington , 19803 0.2 mi. Edenridge Brandywine New Castl Residential 4 3/0 FeeSimple Single/Detac / 40 1975 2-Story Traditional 3,029 FullKit-NoEI / Y FullBasement ,Fini ... 2-CarGarage ,Att/B ... GasHeat ,HotAirHeat CentralAir 0 0 X 0 , 0.43 $5029 / 2013 $0 / $62.00 / A 0 $599,900 $539,900 $529,000 0 0 05/21/14, 100 8/28/2014 10/30/2014
2
3
6481855 / STL 610 Berwick Rd 30901 Brandywine Wilmington , 19803 0.0 mi. Edenridge Brandywine New Castl Residential 4 2/1 FeeSimple Single/Detac / 47 1968 2-Story Colonial 2,825 EatInKitchen / Y PartialBsmnt 2-CarGarage ,Att/B ... GasHeat ,HotAirHeat CentralAir 0 110X169 , 0.42 $5013 / 2014 $163,900 / $125.00 / A 0 $599,999 $599,999 $595,000 5000 0 11/05/14, 34 12/8/2014 1/15/2015
6411019 / STL 614 Black Gates Rd 30901 Brandywine Wilmington , 19803 0.1 mi. Edenridge Brandywine New Castl Residential 4 2/2 FeeSimple Single/Detac / 48 1967 2-Story Colonial 2,775 EatInKitchen / Y FullBasement ,Fini ... 2-CarGarage ,Att/B ... GasHeat ,HotAirHeat CentralAir Other Green 110X160 , 0.41 $5051 / 2013 $165,700 // 0 $665,000 $665,000 $665,000 0 0 06/19/14, 2 6/20/2014 7/31/2014
Result Statistics
Low Sale Price: High Sale Price
$ $
Comparables 529,000 665,000
Subject Implied Pricing N/A N/A
Pricing Analysis $665,000 $595,000
$700,000 $525,000
$529,000
$600,000
Average Size: Median Sale Price: Median Sale Price/SF:
$ $
2876 595,000 207
$ $
2550 525,000 206
Average Sales Price Average Sales Price/SF
$ $
596,333 207
$ $
525,000 206
$500,000 $400,000 $300,000 $200,000 $100,000 $Subject
703 Mount Lebanon Rd
610 Berwick Rd
614 Black Gates Rd
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
614 Berwick Rd
January 22, 2015
614 Berwick Rd 614 Berwick Rd Wilmington, DE 19803
Submitted by:
Eric Starrett Chatham Bay 1405 Foulk Rd Wilmington, DE 19803 Mobile: 302-218-5112 [email protected]
Chatham Bay
1
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
614 Berwick Rd Eric Starrett Chatham Bay 1405 Foulk Rd Wilmington, DE 19803 Mobile 302-218-5112 [email protected]
January 22, 2015
Estimate
Project: 5023
Customer
614 Berwick Rd 614 Berwick Rd Wilmington, DE 19803
MARP-DE
Office 302-479-9500 Fax 302-479-9200
3 bed, 3 bath 2550 Sq Ft off market property in Eden Ridge. Description
Quantity
General Carpentry-Exterior Doors
Cost
18,419.20 1 Ea
264.00
1 Ea
594.00
1 Ea
1,500.00
Cleaning-1500SF or more
1 Ea
200.00
Completion Package
1 Ea
325.00
Demo-Trash Out Heavy
1 Ea
1,055.00
1105 Ea
1,270.75
2 Ea
68.88
40 Ea
340.00
25 Ea
200.00
6 Ea
204.00
170 SY
2,242.73
1000 SF
2,750.00
1 Ea
3,800.00
2550 SF
3,187.50
Storm Door (Standard)
Carpentry-Exterior Doors Sliding Glass Door (Standard)
Carpentry-Trim Baseboard and Shoe Molding Throughout
30 Cu Yard Dumpster and Labor
Drywall Hang Drywall per SF Wall Area
Electrical-Outlets Outdoor GFCI and Weatherproof Enclosure
Electrical-Outlets Standard Outlet and Plate
Electrical-Outlets Standard Light Switch and Plate
Electrical-Outlets Replace Existing Outlet with GFCI
Flooring-Carpet Carpet (Premium Spec - Jaguar) In all beds, hallway, and stairs
Flooring-Hardwood Floors Resurface Hardwood Floors
GC Fee Paint Interior Paint (Walls, Ceilings, Trim, Point-up and Caulking)
Chatham Bay
2
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
614 Berwick Rd Description
January 22, 2015 Quantity
Cost
2 Ea
126.94
20 Ea
290.40
General Window Coverings Vertical Blinds
Window Coverings Vinyl Mini Blinds-up to 36"
Construction
26,728.48
Exterior
5,852.72
Carpentry-Door Hardware
2 Ea
169.84
1 Ea
164.00
2 Ea
528.00
1 Ea
535.00
2 Ea
119.94
2 Ea
185.94
1 Ea
550.00
1 Ea
300.00
1 Ea
600.00
Exterior-Sidewalk Repairs
1 Ea
300.00
Finish Carpentry
1 Ea
950.00
1 Ea
700.00
1 Ea
750.00
Smartkey Entry Hardware (knob & deadbolt)
Carpentry-Door Hardware Smartkey Entry Hardware (Handleset)
Carpentry-Exterior Doors Storm Door (Standard)
Carpentry-Exterior Doors Premium 6 Panel Fiberglass with Toplite (primed w/ brickmold)
Electrical-Exterior Lighting Premium Wall Mount Black Lantern
Electrical-Exterior Lighting Double Flood Light
Exterior-Landscape Basic Landscape Clean-up (Heavy)
Exterior-Landscape Tree Trim Remove medium tree and trim others
Exterior-Powerwash Exterior Heavy with Scrubbing of Siding
Soffit and Trim repairs to exterior
Paint-Exterior Paint Paint Exterior (Doors, trim, Bilco)
Roof Repairs
Entry Carpentry-Interior Doors
189.36 1 Ea
143.40
1 Ea
30.98
1 Ea
14.98
Prehung Package with Hardware
Electrical-Interior Lighting 2 Light Flushmount
Electrical-Smoke Detectors Smoke Detectors - Battery
Living Room Clean Chimney
150.00 1 Ea
Dining Room Electrical-Interior Lighting
150.00
311.98 1 Ea
86.98
5 Light Chandelier
Chatham Bay
3
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
614 Berwick Rd Description
January 22, 2015 Quantity
Cost
450 Ea
225.00
Construction Dining Room Paint-Wall Paper Removal Wall Paper Removal
Kitchen Appliances-Cooktops
5,337.03 1 Ea
511.00
1 Ea
447.30
1 Ea
322.00
1 Ea
1,201.90
3 Ea
138.72
1 Ea
86.98
475 SF
2,629.13
30" Gas Cooktop (Match Existing)
Appliances-Dishwashers Stainless Built In Dishwasher
Appliances-Microhoods Stainless 1.6 CU Ft OTR Microhood
Appliances-Refrigerators Stainless Frigidaire 25 CU Ft side/side
Electrical-Interior Lighting Recessed Can or Eyeball Light with White Trim
Electrical-Interior Lighting 5 Light Chandelier
Flooring-Tile 12x12 Tile Floor (kitchen)
Den Carpentry-Interior Doors
701.77 2 Ea
286.80
Clean Chimney
1 Ea
150.00
Electrical-Ceiling Fan
1 Ea
169.97
1 Ea
95.00
Prehung Package with Hardware
52" Indoor Ceiling Fan
Paint-Interior Paint Additional Primer
Stairs/Hallway Carpentry-Interior Doors
458.74 2 Ea
286.80
2 Ea
61.96
1 Ea
14.98
1 Ea
95.00
Prehung Package with Hardware
Electrical-Interior Lighting 2 Light Flushmount
Electrical-Smoke Detectors Smoke Detectors - Battery
Paint-Interior Paint Additional Primer
Master Bed Carpentry-Interior Doors
990.15 3 Ea
430.20
1 Ea
169.97
1 Ea
14.98
Prehung Package with Hardware
Electrical-Ceiling Fan 52" Indoor Ceiling Fan
Electrical-Smoke Detectors Smoke Detectors - Battery
Chatham Bay
4
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
614 Berwick Rd Description
January 22, 2015 Quantity
Cost
3 Ea
375.00
Construction Master Bed Wire Shelving
Bed 2 Carpentry-Interior Doors
519.38 1 Ea
141.00
1 Ea
143.40
1 Ea
14.98
1 Ea
95.00
1 Ea
125.00
Bypass Closet Doors w/ Hardware
Carpentry-Interior Doors Prehung Package with Hardware
Electrical-Smoke Detectors Smoke Detectors - Battery
Paint-Interior Paint Additional Primer
Wire Shelving
Bed 3 Carpentry-Interior Doors
519.38 1 Ea
143.40
1 Ea
141.00
1 Ea
14.98
1 Ea
95.00
1 Ea
125.00
Prehung Package with Hardware
Carpentry-Interior Doors Bypass Closet Doors w/ Hardware
Electrical-Smoke Detectors Smoke Detectors - Battery
Paint-Interior Paint Additional Primer
Wire Shelving
Master Bath Carpentry-Interior Doors
1,492.46 1 Ea
143.40
1 Ea
160.00
45 SF
249.08
1 Ea
63.97
1 Ea
69.00
1 Ea
50.74
1 Ea
545.63
1 Ea
210.64
Prehung Package with Hardware
Demo-Labor Demo Labor per Man-Day
Flooring-Tile 12x12 Tile Floor
HVAC-Exhaust / Venting Bathroom Exhaust Fan (replace)
Plumbing-Bath Accessories 3 piece Accessory Kit
Plumbing-Bathroom Accessories Medium Mirror (36"x36")
Plumbing-Bathroom Sinks 36" Premium Vanity Complete (incl faucet stops and supplies)
Plumbing-Toilets Glacier Bay 2 Piece Elongated (incl stop and supply)
Bath 2 Carpentry-Interior Doors
1,286.10 1 Ea
143.40
Prehung Package with Hardware
Chatham Bay
5
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
614 Berwick Rd Description
January 22, 2015 Quantity
Cost
1 Ea
160.00
35 SF
193.72
1 Ea
63.97
1 Ea
69.00
1 Ea
50.74
1 Ea
394.63
1 Ea
210.64
Construction Bath 2 Demo-Labor Demo Labor per Man-Day
Flooring-Tile 12x12 Tile Floor
HVAC-Exhaust / Venting Bathroom Exhaust Fan (replace)
Plumbing-Bath Accessories 3 piece Accessory Kit
Plumbing-Bathroom Accessories Medium Mirror (36"x36")
Plumbing-Bathroom Sinks 30" Standard Vanity Complete (incl faucet stops and supplies)
Plumbing-Toilets Glacier Bay 2 Piece Elongated (incl stop and supply)
Bath 3 Carpentry-Interior Doors
2,136.01 1 Ea
143.40
1 Ea
160.00
175 SF
968.63
1 Ea
63.97
150 Ea
75.00
1 Ea
69.00
1 Ea
50.74
1 Ea
394.63
1 Ea
210.64
Prehung Package with Hardware
Demo-Labor Demo Labor per Man-Day
Flooring-Tile 12x12 Tile Floor
HVAC-Exhaust / Venting Bathroom Exhaust Fan (replace)
Paint-Wall Paper Removal Wall Paper Removal
Plumbing-Bath Accessories 3 piece Accessory Kit
Plumbing-Bathroom Accessories Medium Mirror (36"x36")
Plumbing-Bathroom Sinks 30" Standard Vanity Complete (incl faucet stops and supplies)
Plumbing-Toilets Glacier Bay 2 Piece Elongated (incl stop and supply)
Basement Carpentry-Interior Doors
5,563.40 1 Ea
143.40
1 Ea
160.00
1 Ea
160.00
1 Ea
4,850.00
Prehung Package with Hardware
Demo-Labor Demo Labor per Man-Day
Demo-Labor Demo Labor per Man-Day
HVAC 5 ton replacement Complete replacement with gas furnace
Chatham Bay
6
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
614 Berwick Rd Description
January 22, 2015 Quantity
Cost
1 Ea
250.00
Construction Basement Replace Sump Pump
Porch
550.00
Carpentry
1 Ea
350.00
1 Ea
200.00
Repair porch ceiling
Window-Screen Replacement Replace Screens in Porch
Garage
670.00
Garage-Door Openers
1 Ea
385.00
Garage-Garage Door Service
1 Ea
85.00
Garage-Paint existing Door
1 Ea
200.00
Project Subtotal
45,147.68
Overhead Contingency Fixed Fee
4,514.78 2,257.55 1,000.00
Project Total
52,920.01
Tax Total with Tax
0.00 52,920.01
Install 1/2HP Chain Drive Operator and 2 Remotes
We appreciate your business and look forward to working with you.
Approved By: Contractor
Chatham Bay
Date:
Date:
1/22/15 Customer
7
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
CONTINGENCY WAIVER Transaction Overview Address Address
614 Berwick Rd Wilmington, DE 19803
Contract Acceptance Date Contingency Expiration Date Settlement Date
Purchase Price Cap Ex U/W Basis ARV Market Rent Net Yield Implied Equity IRR
1/28/2015 2/6/2015 2/27/2015
Asset Type Asset Rating Size (SF) Bedrooms Bathrooms Year Built MSA
Asset Overview Acquisition Summary Final U/W Approved Bid Variance $330,000 $345,000 -4% $53,020 $50,600 5% $396,370 $408,816 -3% $525,000 $525,000 0% $2,600 $2,650 -2% 4.1% 4.2% -1% 24.5% 22.1% 11% 14.4% 13.2% 9%
SF Detached A+ 2550 3 2.5 1967 Phila MSA
Property Image
U/W Comments AR Manager successfully negotiated purchase price $15K below seller ask price, increasing implied equity by 11% and IRR by 9%. Estate sale transaction. Asset located in Edenridge Community of North Wilmington and considered A+ quality. Comprable properties have sold for $485-665K in this neighborhood over the past 12 months. 600 Wynyard Rd is currently pending at $629,900, and 716 Hertford Rd is the only active listing in the community; currently at $599,000. Tremendous value in one of Delaware's best communities. Discount to current ARV of 24.5%, with strong upside potential.
Property Summary
Investor hereby elects to: Approve asset and waive inspection contingency Reject asset and release from contract
Approved By:
Authorized Signatory
Special Instructions/Notes
Date:
Escrow Request Form Asset Acquisition MARP ID: Purchase Price: Sale Type: Contract Acceptance:
5023 $330,000 Estate 1/28/2015
Earnest Money: EMD Due Date: Contingency End: COE:
$5,000 1/28/2015 2/6/2015 2/27/2015
Contact Information Buyer Contracting Entity: Closing Entity: Buyer Contact: Contact Phone: Contact Email:
Escrow Agent: Escrow Company: Escrow Agent Email: Escrow Agent Address: City, State, Zip:
Seller
MARP DE LLC MARP DE LLC Ryan Boll 302-479-9500 x105 [email protected]
Seller: Seller Agent: Contact Phone: Contact Email:
Sandra McGee Rose Bloom [email protected]
Escrow and Title Michael Scali Gellert, Scali, Busenkell & Brown, LLC [email protected] 913 N. Market St, 10th Flr. Wilmington, DE 19801 Property Summary
APN 607600046
Address 614 Berwick Rd
City Wilmington
Special Instructions/Notes
ST DE
Zip 19803
EMD $5,000
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
# #
American Residential Property Address:
5023
Asset #
614 Berwick Rd Wilmington DE 19803
APN: A ID:
607600046 off-mrket
Seller: Sale Type:
Sandra McGee Estate
U/W Date: Acq. Date:
1/29/2015 2/27/2015
Asset Overview MSA: County: Community: Location Quality:
Phila MSA New Castle Edenridge A+
Property Sales History Transaction unavailable
Date n/a
Return Summary Relacement Cost: $228 Discount to Replacement Cost:
Asset Type: Year Built: Square Feet: Lot Size: Asset Quality:
Price n/a
$580,635 31.7%
Initial Implied Equity Yield on Cost Implied Exit Cap Rate
24.5% 4.1% 3.2%
SF Detached 1967 2,550 17,860 A+
Stories: Style: Bedrooms: Bathrooms: Garage:
1.5 Colonial 3.0 2.5 2-car
List Price: As-Is BPO: % of List: Acquisition: ARV:
$345,000 $345,000 96% $330,000 $525,000
$135 $135 $129 $206
Sales Comparables Address 703 Mt. Lebanon Rd. 610 Berwick Rd 614 Black Gates Rd
City Wilmington Wilmington Wilmington
Distance 0.2 0.0 0.1
BR/BA 4/3.0 4/2.5 4/2.5
Year Built 1975 1968 1967
SF 3,029 2,825 2,775 Average:
Sales Price $529,000 $595,000 $665,000 $596,333
$/SF $175 $211 $240 $208
Date Sold 10/30/2014 1/15/2015 7/31/2014
Rental Comparables Address 20 S Rockland Falls Rd 305 Cornwall Rd 117 Dexter Rd
City Rockland Wilmington Wilmington
Distance 0.7 0.8 0.9
BR/BA 1/1.5 4/3.0 4/2.5
Year Built 1901 1958 1960
SF 1,350 2,575 2,650 Average:
Rent $2,500 $2,700 $2,900 $2,700
$/SF $1.85 $1.05 $1.09 $1.33
Date Leased 12/1/2014 2/1/2015 11/10/2013
U/W Commentary: Sales comparable 610 Berwick considered most similar to subject. Subject ARV discounted due to floorplan configuration. Rental comp 20 S Rockland was a restored barn with unique floorplan. Rental comp. 305 Cornwall considered most similar to subject.
Financial Analysis Acquisition Summary Acquisition Cost Closing Cost Total Acquisition Construction Costs Working Capital Other Costs
Amount $330,000 $10,250 $340,250 $53,020 $500 $2,600
PSF $129.41 $4.02 $133.43 $20.79 $0.20 $1.02
% 83% 3% 86% 13% 0% 1%
Total Project Costs
$396,370
$155.44
100%
Cash Flow Summary Capital Expenditures: Total Acquisition Construction Costs Working Capital Accounting Other Costs Total Inputs Revenue: Rental Revenue Misc. Income Less: Vacancy Less: Credit Loss Effective Gross Income Expenses: HOAs Maintenance Maintenance Turnover Utilities Landscaping Lease Up/ Marketing Management Fees Insurance Taxes Total Expenses NOI (Pre Cap Ex Reserve) Less: Cap Ex Reserves
1.0% 5.0% 2.0%
0.25x
0.50x 9.0%
6%
NOI (PostCap Ex Reserve) Operations Expense Ratio
Monthly/SF 1.03 0.01 (0.05) (0.02) 0.97
Int. Rate Acq. LTC Cap Ex LTC Amort. I/O Period Total Debt Max LTC Max LTV
($11,471) ($2,558) 2.0%
Time 0 0
Year 1 1
(340,250) (500) (2,600) (343,350)
(53,020) (53,020)
Year 2 0 -
Acq. Debt N/A N/A N/A N/A N/A $0 N/A N/A
Year 3 0 -
Year 4 0
Year 5 0
Sale Assumptions ARV HPA Sale Year Sale Value Variance Marketing Term Cost of Sale
Perm Debt N/A N/A N/A N/A N/A $0 N/A Actual N/A Actual Year 6 0
Year 7 0
Year 8 0
Total
-
-
-
-
-
(340,250) (53,020) (500) (2,600) (396,370)
-
18,980 190 (958) (383) 17,828
31,564 316 (1,594) (638) 29,648
21,375 214 (1,079) (432) 20,078
-
-
-
-
-
71,919 719 (3,632) (1,453) 67,554
0 (61) (55) 0 (20) (110) (222) (72) (417) (956)
0.00 (0.02) (0.02) 0.00 (0.01) (0.04) (0.09) (0.03) (0.16) (0.37)
0.00 (0.29) (0.26) 0.00 (0.10) (0.52) (1.05) (0.34) (1.96) (4.50)
-
(420) (379) (240) (758) (1,605) (842) (4,900) (9,144)
(728) (658) (245) (1,315) (2,668) (858) (4,998) (11,471)
(493) (445) (250) (891) (1,807) (875) (5,098) (9,859)
-
-
-
-
-
(1,642) (1,482) (734) (2,964) (6,080) (2,575) (14,996) (30,473)
1,515 (148)
0.59 (0.06)
7.13 (0.70)
-
8,684 (1,070)
18,177 (1,779)
10,218 (1,205)
-
-
-
-
-
37,080 (4,053)
1,367
0.54
6.43
N/A
7,615 57%
16,399 45%
9,014 55%
N/A
N/A
N/A
N/A
N/A
-
2.2% 1.9%
4.6% 4.1%
2.6% 2.3%
-
-
-
-
-
-
-
-
573,682 (28,684) 544,998
-
-
-
-
-
573,682 (28,684) 544,998
554,011 181,655
-
-
-
-
-
181,655
1,367
0.54
6.43
(343,350) (343,350)
(45,405) (388,755)
16,399 (372,357)
Valuation & Return Analysis Property-Level Return Overview IRR: 14.4% Invested Capital: $388,755 LP (1) Return Overview IRR: 13.1% ROE: 41.1% LP (2) Return Overview IRR: 13.3% ROE: 41.5% Sponsor Promote: 20%
$525,000 3.0% 3.0 $573,682 100% 4 months 5.0%
Annual/SF 12.38 0.12 (0.63) (0.25) 11.63
5.0%
Asset Net Cash Flow Cumulative Cash Flow
Financing $2,600 1.0% 2.0% 2 months 3.0 years
Stabilized P&L Overview Per Month 2,630 26 (133) (53) 2,471
Yield on Cost (Pre Cap Ex Reserve) Yield on Cost (Post Cap Ex Reserve) Asset Sale Sale Price Less Closing Costs Net Sales Price
Revenue Monthly Rent Misc. Income Rent Growth Marketing Period Average Lease Term Expenses Full Load Expenses Vacant Expenses (Initial) Expense Growth
Emx: Gross Profit:
1.47x $181,655
Emx: Gross Profit:
1.42x $83,233
Emx: Gross Profit:
1.43x $81,801
Valuation Overview Acquisition $330,000 Total Basis $396,370 BPO Value $525,000 Sale Value $573,682
129.41 /sf 155.44 /sf 205.88 /sf 224.97 /sf
Implied Sale Value Actual 3.2% 4.0% $463,525 5.0% $370,820 6.0% $309,017 7.0% $264,872
33,027
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
614 Berwick Rd Wilmington DE 19803 Sources & Uses Sources: First Mortgage Earnest Money Deposit: Additional Cash Equity Total Sources
$0 $5,000 $391,370 $396,370
Uses: Acquisition Price Closing Costs Transfer Tax Recording Fees Title Insurance Pro Rated RE Taxes Bank Fee Legal- Transaction Survey Acquisition Fee Home Inspection Escrow Fee Misc. Closing Cost Past Due Obligation Appraisal Broker Commissions Sub-Total Construction Costs Permits General Conditions Hard Costs Hard Cost Contingency Construction Management Fee Sub-Total Working Capital Accounting Operating Reserve Interest Reserve Sub-Total Other Costs Upfront Replacement Reserve Initial Leasing Commision Sub-Total
$330,000
$4,950 $75 $1,144 $2,041 $0 $450 $0 $1,000 $275 $200 $115 $0 $0 $0 $10,250
$100 $1,000 $45,148 $2,258 $4,515 $53,020
$500 $0 $0 $500
$0 $2,600 $2,600
Total Funds Required Outside of Escrow Total Uses
$396,370
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
Comparable Sales Report Subject
MLS # / Status: Address: MLS Area: City / PO / Zip Code: Distance: Subdivision/Neighborhd: School District: Category: Bedrooms & Bathrooms: Form of Ownership: Property Type / Age: Year Built: Design: Style: Aprox Square Feet: Kitchen / Family Room: Basement: Garage: Heat: Cooling: Certifications: Aprx. Lot Dim / Acreage: RE Taxes / Tax Year: County Assessed Value: OneTime$ / Rcrr$ / Freq: Additional Sale Terms: Original List Price: List Price: Settlement Price: Seller Concessions: Final Sale Terms: Listing Date/DOM: Off Market Date: Settlement Date:
1
/ACT 614 Berwick Rd 30901 Brandywine Wilmington, 19803 N/A Edenridge Brandywine New Castl Residential 3 /2.5 FeeSimple Single/Detac/48 1.5-Story Traditional 2,550 FullKit-NoEI / Y FullBasement ,Fini ... 2-CarGarage ,Att/B ... GasHeat ,HotAirHeat CentralAir 0 $ $
0 4,900 $160,200 $0 0 $345,000 $345,000 $0 0 0 0
6394550 / STL 703 Mount Lebanon Rd 30901 Brandywine Wilmington , 19803 0.2 mi. Edenridge Brandywine New Castl Residential 4 3/0 FeeSimple Single/Detac / 40 1975 2-Story Traditional 3,029 FullKit-NoEI / Y FullBasement ,Fini ... 2-CarGarage ,Att/B ... GasHeat ,HotAirHeat CentralAir 0 0 X 0 , 0.43 $5029 / 2013 $0 / $62.00 / A 0 $599,900 $539,900 $529,000 0 0 05/21/14, 100 8/28/2014 10/30/2014
2
3
6481855 / STL 610 Berwick Rd 30901 Brandywine Wilmington , 19803 0.0 mi. Edenridge Brandywine New Castl Residential 4 2/1 FeeSimple Single/Detac / 47 1968 2-Story Colonial 2,825 EatInKitchen / Y PartialBsmnt 2-CarGarage ,Att/B ... GasHeat ,HotAirHeat CentralAir 0 110X169 , 0.42 $5013 / 2014 $163,900 / $125.00 / A 0 $599,999 $599,999 $595,000 5000 0 11/05/14, 34 12/8/2014 1/15/2015
6411019 / STL 614 Black Gates Rd 30901 Brandywine Wilmington , 19803 0.1 mi. Edenridge Brandywine New Castl Residential 4 2/2 FeeSimple Single/Detac / 48 1967 2-Story Colonial 2,775 EatInKitchen / Y FullBasement ,Fini ... 2-CarGarage ,Att/B ... GasHeat ,HotAirHeat CentralAir Other Green 110X160 , 0.41 $5051 / 2013 $165,700 // 0 $665,000 $665,000 $665,000 0 0 06/19/14, 2 6/20/2014 7/31/2014
Result Statistics
Low Sale Price: High Sale Price
$ $
Comparables 529,000 665,000
Subject Implied Pricing N/A N/A
Pricing Analysis $665,000 $595,000
$700,000 $525,000
$529,000
$600,000
Average Size: Median Sale Price: Median Sale Price/SF:
$ $
2876 595,000 207
$ $
2550 525,000 206
Average Sales Price Average Sales Price/SF
$ $
596,333 207
$ $
525,000 206
$500,000 $400,000 $300,000 $200,000 $100,000 $Subject
703 Mount Lebanon Rd
610 Berwick Rd
614 Black Gates Rd
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
614 Berwick Rd
January 22, 2015
614 Berwick Rd 614 Berwick Rd Wilmington, DE 19803
Submitted by:
Eric Starrett Chatham Bay 1405 Foulk Rd Wilmington, DE 19803 Mobile: 302-218-5112 [email protected]
Chatham Bay
1
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
614 Berwick Rd Eric Starrett Chatham Bay 1405 Foulk Rd Wilmington, DE 19803 Mobile 302-218-5112 [email protected]
January 22, 2015
Estimate
Project: 5023
Customer
614 Berwick Rd 614 Berwick Rd Wilmington, DE 19803
MARP-DE
Office 302-479-9500 Fax 302-479-9200
3 bed, 3 bath 2550 Sq Ft off market property in Eden Ridge. Description
Quantity
General Carpentry-Exterior Doors
Cost
18,419.20 1 Ea
264.00
1 Ea
594.00
1 Ea
1,500.00
Cleaning-1500SF or more
1 Ea
200.00
Completion Package
1 Ea
325.00
Demo-Trash Out Heavy
1 Ea
1,055.00
1105 Ea
1,270.75
2 Ea
68.88
40 Ea
340.00
25 Ea
200.00
6 Ea
204.00
170 SY
2,242.73
1000 SF
2,750.00
1 Ea
3,800.00
2550 SF
3,187.50
Storm Door (Standard)
Carpentry-Exterior Doors Sliding Glass Door (Standard)
Carpentry-Trim Baseboard and Shoe Molding Throughout
30 Cu Yard Dumpster and Labor
Drywall Hang Drywall per SF Wall Area
Electrical-Outlets Outdoor GFCI and Weatherproof Enclosure
Electrical-Outlets Standard Outlet and Plate
Electrical-Outlets Standard Light Switch and Plate
Electrical-Outlets Replace Existing Outlet with GFCI
Flooring-Carpet Carpet (Premium Spec - Jaguar) In all beds, hallway, and stairs
Flooring-Hardwood Floors Resurface Hardwood Floors
GC Fee Paint Interior Paint (Walls, Ceilings, Trim, Point-up and Caulking)
Chatham Bay
2
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
614 Berwick Rd Description
January 22, 2015 Quantity
Cost
2 Ea
126.94
20 Ea
290.40
General Window Coverings Vertical Blinds
Window Coverings Vinyl Mini Blinds-up to 36"
Construction
26,728.48
Exterior
5,852.72
Carpentry-Door Hardware
2 Ea
169.84
1 Ea
164.00
2 Ea
528.00
1 Ea
535.00
2 Ea
119.94
2 Ea
185.94
1 Ea
550.00
1 Ea
300.00
1 Ea
600.00
Exterior-Sidewalk Repairs
1 Ea
300.00
Finish Carpentry
1 Ea
950.00
1 Ea
700.00
1 Ea
750.00
Smartkey Entry Hardware (knob & deadbolt)
Carpentry-Door Hardware Smartkey Entry Hardware (Handleset)
Carpentry-Exterior Doors Storm Door (Standard)
Carpentry-Exterior Doors Premium 6 Panel Fiberglass with Toplite (primed w/ brickmold)
Electrical-Exterior Lighting Premium Wall Mount Black Lantern
Electrical-Exterior Lighting Double Flood Light
Exterior-Landscape Basic Landscape Clean-up (Heavy)
Exterior-Landscape Tree Trim Remove medium tree and trim others
Exterior-Powerwash Exterior Heavy with Scrubbing of Siding
Soffit and Trim repairs to exterior
Paint-Exterior Paint Paint Exterior (Doors, trim, Bilco)
Roof Repairs
Entry Carpentry-Interior Doors
189.36 1 Ea
143.40
1 Ea
30.98
1 Ea
14.98
Prehung Package with Hardware
Electrical-Interior Lighting 2 Light Flushmount
Electrical-Smoke Detectors Smoke Detectors - Battery
Living Room Clean Chimney
150.00 1 Ea
Dining Room Electrical-Interior Lighting
150.00
311.98 1 Ea
86.98
5 Light Chandelier
Chatham Bay
3
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
614 Berwick Rd Description
January 22, 2015 Quantity
Cost
450 Ea
225.00
Construction Dining Room Paint-Wall Paper Removal Wall Paper Removal
Kitchen Appliances-Cooktops
5,337.03 1 Ea
511.00
1 Ea
447.30
1 Ea
322.00
1 Ea
1,201.90
3 Ea
138.72
1 Ea
86.98
475 SF
2,629.13
30" Gas Cooktop (Match Existing)
Appliances-Dishwashers Stainless Built In Dishwasher
Appliances-Microhoods Stainless 1.6 CU Ft OTR Microhood
Appliances-Refrigerators Stainless Frigidaire 25 CU Ft side/side
Electrical-Interior Lighting Recessed Can or Eyeball Light with White Trim
Electrical-Interior Lighting 5 Light Chandelier
Flooring-Tile 12x12 Tile Floor (kitchen)
Den Carpentry-Interior Doors
701.77 2 Ea
286.80
Clean Chimney
1 Ea
150.00
Electrical-Ceiling Fan
1 Ea
169.97
1 Ea
95.00
Prehung Package with Hardware
52" Indoor Ceiling Fan
Paint-Interior Paint Additional Primer
Stairs/Hallway Carpentry-Interior Doors
458.74 2 Ea
286.80
2 Ea
61.96
1 Ea
14.98
1 Ea
95.00
Prehung Package with Hardware
Electrical-Interior Lighting 2 Light Flushmount
Electrical-Smoke Detectors Smoke Detectors - Battery
Paint-Interior Paint Additional Primer
Master Bed Carpentry-Interior Doors
990.15 3 Ea
430.20
1 Ea
169.97
1 Ea
14.98
Prehung Package with Hardware
Electrical-Ceiling Fan 52" Indoor Ceiling Fan
Electrical-Smoke Detectors Smoke Detectors - Battery
Chatham Bay
4
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
614 Berwick Rd Description
January 22, 2015 Quantity
Cost
3 Ea
375.00
Construction Master Bed Wire Shelving
Bed 2 Carpentry-Interior Doors
519.38 1 Ea
141.00
1 Ea
143.40
1 Ea
14.98
1 Ea
95.00
1 Ea
125.00
Bypass Closet Doors w/ Hardware
Carpentry-Interior Doors Prehung Package with Hardware
Electrical-Smoke Detectors Smoke Detectors - Battery
Paint-Interior Paint Additional Primer
Wire Shelving
Bed 3 Carpentry-Interior Doors
519.38 1 Ea
143.40
1 Ea
141.00
1 Ea
14.98
1 Ea
95.00
1 Ea
125.00
Prehung Package with Hardware
Carpentry-Interior Doors Bypass Closet Doors w/ Hardware
Electrical-Smoke Detectors Smoke Detectors - Battery
Paint-Interior Paint Additional Primer
Wire Shelving
Master Bath Carpentry-Interior Doors
1,492.46 1 Ea
143.40
1 Ea
160.00
45 SF
249.08
1 Ea
63.97
1 Ea
69.00
1 Ea
50.74
1 Ea
545.63
1 Ea
210.64
Prehung Package with Hardware
Demo-Labor Demo Labor per Man-Day
Flooring-Tile 12x12 Tile Floor
HVAC-Exhaust / Venting Bathroom Exhaust Fan (replace)
Plumbing-Bath Accessories 3 piece Accessory Kit
Plumbing-Bathroom Accessories Medium Mirror (36"x36")
Plumbing-Bathroom Sinks 36" Premium Vanity Complete (incl faucet stops and supplies)
Plumbing-Toilets Glacier Bay 2 Piece Elongated (incl stop and supply)
Bath 2 Carpentry-Interior Doors
1,286.10 1 Ea
143.40
Prehung Package with Hardware
Chatham Bay
5
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
614 Berwick Rd Description
January 22, 2015 Quantity
Cost
1 Ea
160.00
35 SF
193.72
1 Ea
63.97
1 Ea
69.00
1 Ea
50.74
1 Ea
394.63
1 Ea
210.64
Construction Bath 2 Demo-Labor Demo Labor per Man-Day
Flooring-Tile 12x12 Tile Floor
HVAC-Exhaust / Venting Bathroom Exhaust Fan (replace)
Plumbing-Bath Accessories 3 piece Accessory Kit
Plumbing-Bathroom Accessories Medium Mirror (36"x36")
Plumbing-Bathroom Sinks 30" Standard Vanity Complete (incl faucet stops and supplies)
Plumbing-Toilets Glacier Bay 2 Piece Elongated (incl stop and supply)
Bath 3 Carpentry-Interior Doors
2,136.01 1 Ea
143.40
1 Ea
160.00
175 SF
968.63
1 Ea
63.97
150 Ea
75.00
1 Ea
69.00
1 Ea
50.74
1 Ea
394.63
1 Ea
210.64
Prehung Package with Hardware
Demo-Labor Demo Labor per Man-Day
Flooring-Tile 12x12 Tile Floor
HVAC-Exhaust / Venting Bathroom Exhaust Fan (replace)
Paint-Wall Paper Removal Wall Paper Removal
Plumbing-Bath Accessories 3 piece Accessory Kit
Plumbing-Bathroom Accessories Medium Mirror (36"x36")
Plumbing-Bathroom Sinks 30" Standard Vanity Complete (incl faucet stops and supplies)
Plumbing-Toilets Glacier Bay 2 Piece Elongated (incl stop and supply)
Basement Carpentry-Interior Doors
5,563.40 1 Ea
143.40
1 Ea
160.00
1 Ea
160.00
1 Ea
4,850.00
Prehung Package with Hardware
Demo-Labor Demo Labor per Man-Day
Demo-Labor Demo Labor per Man-Day
HVAC 5 ton replacement Complete replacement with gas furnace
Chatham Bay
6
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
614 Berwick Rd Description
January 22, 2015 Quantity
Cost
1 Ea
250.00
Construction Basement Replace Sump Pump
Porch
550.00
Carpentry
1 Ea
350.00
1 Ea
200.00
Repair porch ceiling
Window-Screen Replacement Replace Screens in Porch
Garage
670.00
Garage-Door Openers
1 Ea
385.00
Garage-Garage Door Service
1 Ea
85.00
Garage-Paint existing Door
1 Ea
200.00
Project Subtotal
45,147.68
Overhead Contingency Fixed Fee
4,514.78 2,257.55 1,000.00
Project Total
52,920.01
Tax Total with Tax
0.00 52,920.01
Install 1/2HP Chain Drive Operator and 2 Remotes
We appreciate your business and look forward to working with you.
Approved By: Contractor
Chatham Bay
Date:
Date:
1/22/15 Customer
7
DocuSign Envelope ID: A80A199A-1576-4761-B11D-F0FE60B17620
CONTINGENCY WAIVER Transaction Overview Address Address
614 Berwick Rd Wilmington, DE 19803
Contract Acceptance Date Contingency Expiration Date Settlement Date
Purchase Price Cap Ex U/W Basis ARV Market Rent Net Yield Implied Equity IRR
1/28/2015 2/6/2015 2/27/2015
Asset Type Asset Rating Size (SF) Bedrooms Bathrooms Year Built MSA
Asset Overview Acquisition Summary Final U/W Approved Bid Variance $330,000 $345,000 -4% $53,020 $50,600 5% $396,370 $408,816 -3% $525,000 $525,000 0% $2,600 $2,650 -2% 4.1% 4.2% -1% 24.5% 22.1% 11% 14.4% 13.2% 9%
SF Detached A+ 2550 3 2.5 1967 Phila MSA
Property Image
U/W Comments AR Manager successfully negotiated purchase price $15K below seller ask price, increasing implied equity by 11% and IRR by 9%. Estate sale transaction. Asset located in Edenridge Community of North Wilmington and considered A+ quality. Comprable properties have sold for $485-665K in this neighborhood over the past 12 months. 600 Wynyard Rd is currently pending at $629,900, and 716 Hertford Rd is the only active listing in the community; currently at $599,000. Tremendous value in one of Delaware's best communities. Discount to current ARV of 24.5%, with strong upside potential.
Property Summary
Investor hereby elects to: Approve asset and waive inspection contingency Reject asset and release from contract
Approved By:
Authorized Signatory
Special Instructions/Notes
Date:
