《来自国外的房地产投资财务评估的第一手资料_》.docVIP

Residential Development - Cash Flow Forecasting Estimated project revenues, costs and timing Current price for townhouses $270,000 Price escalation per month 0.50% Selling programme: 1 sold on building completion and then 1 per month. Marketing costs $15,000 plus $10,000 per townhouse Design and planning fees $60,000 in month 2 Construction costs Site works $45,000 in month 3 Building $625,000 paid in 4 stages, 2 monthly from month 4. Building contract permits contractor to recover increases in material prices and wages during construction. Estimated monthly rate of inflation in building costs 0.25% per month Landscaping $32,000 in month 10 Purchase of site $225,000 plus costs of 4.00% Resulting monthly project cash flows[1] Month EOM0 EOM1 EOM2 EOM3 EOM4 EOM5 EOM6 EOM7 EOM8 EOM9 EOM10 EOM11 EOM12 EOM13 EOM14 Sales of townhouses $283,500 $284,850 $286,200 $287,550 $288,900 Costs of sale [2] ($25,000) ($10,000) ($10,000) ($10,000) ($10,000) Land plus buying costs ($234,000) Design fees ($60,000) Site works ($45,338) Building costs ($157,813) ($158,594) ($159,375) ($160,156) Landscaping ($32,800) Project cash flows before tax ($234,000) $0 ($60,000) ($45,338) ($157,813) $0 ($158,594) $0 ($159,375) $0 $65,544 $274,850 $276,200 $277,550 $278,900 RESULTS Net present value at a monthly rate of 4% $16,607 Internal rate of return 4.27% per month 51.28% per ann um Workbook 6.3 : Demonstrating Multiple IRRs Within One Set of Cash Flows. Project Data and Calculations. EOY 0 EOY 1 EOY 2 Cash Flows -190 455 -270 Calculated IRR = 8.49% Calculated NPV = $1.37 Data Table of NPVs at Various Rates of Return Reqd Rate 14.00% Rate NPV 0.00% -$5.00 1.00% -$4.18 2.00% -$3.44 3.00% -$2.75 4.00% -$2.13 5.00% -$1.56 6.00% -$1.05 7.00% -$0.59 8.00