Financials & Assumptions
30 year projections based on the rent and expense assumptions in the Financials & Assumptions section of this report.
The build up of equity based on the price, mortgage balance, and home price appreciation assumptions used in the Financials & Assumptions section.
This is a long term owned portfolio. When properties come vacant, a complete make-ready is done and deferred maintenance is taken care of at that time. Throughout the lease period, we take care of maintenance issues as they come up. That would include replacing HVAC, water heaters, appliances, etc as needed. Service requests are completed within days of submittal. As would be expected, long-term tenant units might need more make ready work today than a property that was leased a year or two ago. In most cases, properties don't have much deferred maintenance. Most properties had new 30 yr dimensional shingle roofs put on in 2010. About 10 of them had new 30 year roofs put on in 2016. Many of these were ones that didn't get new roofs in 2010. Depending on the term of the past tenant, most make-ready costs are for paint and carpet/vinyl, mini blinds, cleaning, etc. In recent years, we have been installing the wood floor-looking sheet vinyl in wet areas and some living areas as well. Some properties have ceramic tile in the wet areas. Most homes have two tone paint schemes, include range and dishwasher if applicable. Tenants usually provide their own refrigerator.
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HOME PRICE PERFORMANCE
Long term home price appreciation is measured to establish an Average Annual Home Price Appreciation Rate. The data set used for this chart goes back to 1998 - the longest term measurement of institutional quality data available. It encompasses the mild period in the late 1990's, the price volatility of the 2000's and the beginnings of the recovery. The contrast of the county, state and nation provides insight into the relative price point and volatility of the subject market.Data source: Zillow.com
Average Annual Appreciation Rates:
Demand for housing is directly tied to changes in population, both for rent and for sale. The 100-year population growth chart represents the history of the long term demand for housing in the subject area.Data source: US Census
Migration is a main driver of population change, and illustrates where people are moving from and to. Observations can be made as to why people are moving from and to specific counties. Are there positive or negative trends that are likely to be ongoing?Data source: Internal Revenue Service
Civilian unemployment for the subject state can be contrasted with the national average. Grey shaded areas are recessions. Observations can be made as to the performance of the job market in good times and bad.Data source: US Bureau of Labor
JOB GROWTH & DIVERSITY
Employment diversity illustrates how dependent a state is on specific trade sectors. Annual job growth shows raw payrolls over time.Data source: US Bureau of Labor
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