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Advanced Underwriting
DCF analysis, IRR, equity multiples, waterfall distributions — built for serious investors.
Hollow Tree ApartmentsAustin, TX · 150 Units · Built 2018
ActiveAcquisition DCF
Purchase Price
$33,750,000
$225,000 / unit
Going-In Cap Rate
5.50%
5-yr hold · Exit 5.50%
Loan Amount
$22,500,000
66.7% LTV · 6.25% · 2yr IO
Equity Required
$11,250,000
33.3% of capital stack
Operating Pro Forma (3% Annual Growth)
| Line Item | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|
| Gross Potential Rent | $3,150K | $3,245K | $3,342K | $3,443K | $3,546K |
| Vacancy Loss (5%) | ($158K) | ($162K) | ($167K) | ($172K) | ($177K) |
| Other Income | $75K | $77K | $80K | $82K | $84K |
| Effective Gross Income | $3,067K | $3,160K | $3,255K | $3,353K | $3,453K |
| Operating Expenses (40%) | ($1,227K) | ($1,264K) | ($1,302K) | ($1,341K) | ($1,381K) |
| Net Operating Income | $1,840K | $1,896K | $1,953K | $2,012K | $2,072K |
| Debt Service(IO → Am) | ($1,406K) | ($1,406K) | ($1,663K) | ($1,663K) | ($1,663K) |
| Cash Flow Before Tax | $434K | $490K | $290K | $349K | $409K |
| Cash-on-Cash Return | 3.9% | 4.4% | 2.6% | 3.1% | 3.6% |
Returns Summary
18.4%
Levered IRR
2.21×
Equity Multiple
Unlevered IRR10.8%
Avg Cash-on-Cash3.5%
Exit Value (Y5)$42.1M
Equity Profit$13.6M
LP Pref (8%)$4.5M
GP Promote$2.3M
IRR Sensitivity Matrix
Exit Cap Rate vs Annual Rent Growth
| Exit Cap | 2.0% | 2.5% | 3.0% | 3.5% | 4.0% |
|---|---|---|---|---|---|
| 5.00% | 19.1% | 20.2% | 21.4% | 22.6% | 23.8% |
| 5.25% | 17.8% | 18.8% | 19.9% | 21.0% | 22.1% |
| 5.50% | 16.4% | 17.4% | 18.4% | 19.5% | 20.5% |
| 5.75% | 15.0% | 16.0% | 17.0% | 18.0% | 19.0% |
| 6.00% | 13.7% | 14.7% | 15.7% | 16.7% | 17.7% |
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