INTRODUCTION
You are evaluating an opportunity to purchase a 4-unit apartment building located in central Bozeman as an investment property. The proposed purchase price is $795,000. Each of the four apartments in the building has 3 bedrooms, 2.5 baths, a large and modern kitchen, and a garage. The building is only 15 years old, and the units were renovated last year. The building is just one mile away from campus, and its overall quality rating is 5 out of 5, as is its amenities rating. The units currently rent for $1,300 per month, and all are currently on a month-to-month occupancy basis (leases have expired). You have 15% of the purchase price available for down payment. Any marginal taxable income (or tax savings) from this property will fall into the 25.00% marginal tax bracket.
I. PREDICTING MONTHLY RENT
You would like to raise the rent on the apartment units to $1,450 per month, but want to make sure that the local market will support the increase. Using the information contained within the accompanying Excel workbook, use regression analysis to estimate an equation that describes the relationship between monthly rental expense per property and the six above-listed property attributes. The regression results should be shown on a new sheet in the workbook, and on that sheet you should use the intercept and coefficients generated by the regression to calculate an estimated rent for the apartments in the subject property. If the estimate is within 5% of your target of $1,450, you will assume the higher rent in the analysis that follows. Otherwise, assume the rents stay at $1,300.
II. FINANCING ALTERNATIVE
You have shopped around and found a FNMA-sponsored multi-family financing program that will allow a high loan-to-value of 85% on a newer, high-quality building such as the subject property. The rate is 5%, with a 30-year term. There is a 0.25% pre-payment penalty on the outstanding balance at the time of loan pay-off.
For your loan, you should employ a monthly payment. However, the entire analysis is set up to show annual cash flows. Thus, in your loan amortization schedule, you should simply use the monthly payment x 12. You can still figure out the annual interest expense as follows: If you re-cast the end-of-period loan balance as equaling the present value of the remaining future cash flows, you can infer how much of the annual total loan payment goes towards paying down the principal balance and, in turn, how much of the annual total loan payment goes towards paying interest expense. Thus, in your loan amortization schedule for year 1, the ending balance should be the present value of 348 more payments. The principal payment is simply equal to the beginning loan balance minus the ending balance. The interest payment is then simply equal to the difference between the monthly payment x 12 and the principal payment.
III. OTHER RELEVANT VARIABLES
Below is a table with the starting values and estimated annual growth rates for rent, other income, and operating expenses.
| Item | Starting Value (if applicable) | Annual Growth Rate |
| Rent (per unit per month) | Either $1,300 or $1,450 (depending on regression results). | 4% |
| Other income | $2,900 | 7% |
| Electric & Gas | $1,500 | 5% |
| Insurance | $2,100 | 4% |
| Repairs & Maintenance | $1,500 | 2% |
| Vacancy allowance | 5% of gross rent | NA |
| Management fee | 5% of gross rent | NA |
Property taxes are 0.84% of the beginning of the year property value, and you expect property appreciation of 5% annually. The property will be depreciated on a straight-line basis over 30 years to zero.
IV. BEFORE- AND AFTER-TAX INTERNAL RATES OF RETURN (IRRs) and PRESENT VALUES
We have been discussing how to construct discounted cash flow models for real estate in class, and had a pretty detailed demonstration of such a model in our last class. In the same workbook that now contains the rental market data and the reults of your regression analysis, you will now build a 15-year cash flow model for this property, using a structure similar to our last example. You need to have a number of input cells, so that the model is completely flexible and able to accept and accurately reflect any specific set of conditions.
To evaluate the proposed purchase, you need to calculate the before-tax IRR and the after-tax IRR, which means you need to calculate before-tax cash flows and after-tax cash flows. You also need to calculate a present value of the cash flows from the property, without regard for taxes or financing method. When performing this step, use 10% as the discount rate.
A. INVESTMENT HORIZONS OF 5, 10, AND 15 YEARS
Use your completed model to calculate the before- and after-tax IRRs (BTIRR, ATIRR) for this investment property under the initially specified values for all of the relevant variables. Use investment horizons of 5, 10, and 15 years. Use 15 years of cash flows from the property and the estimated market value at the end of year 15 to calculate a present value of the property, using 10% as the discount rate. Report these results in table form on a separate sheet in the workbook.
V. SENSITIVITY ANALYSES
Create a two-way data table to calculate property present values using annual property value appreciation rates between 3% and 7% in 0.5% increments, and annual rent increases between 2% and 6% in 0.5% increments. This table should be located on your cash flow model worksheet. What is the range of values predicted by your model? How would this information help you to assess the risk of this project?
Also create a two-way data table showing BTIRR for LTVs of 60%, 70%, 80%, and 90%, and interest rates ranging from 3.0% to 13%, in 0.5% increments.
Also calculate the DSCR and cap rate associated with this transaction, using the projected first year NOI.
BFIN 421 Rental Market Survey -- Spring 2021
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1
NOTES: Average AMENITIES include washer/dryer, d'washer, stove/oven, microwave oven -- a dwelling with typical amenities would rate as a 3. If you OWN
your residence, please take your monthly mortgage pmt. and subtract (80% x pmt.) x 25%
WITH A LOAN 0 1 2 3 5 6 7 8 9 10 11 12 13 14 15 CASH FLOW ANALYSIS time Purchase PurchPrice LoanProceeds Operate Rental Income Other income Vacancy Electric/Gas Insurance Management Repairs and maintenance Taxes NOI DeprExp IntExp Prepaymt Penalty TaxExp Sell Selling Price TaxOnGain LoanBalance Before-Tax CFS After-Tax CFS BTIRR ATIRR UNLEVERED CASH FLOWS PRESENT VALUE Loan Balance Tracker Bal. at Beg oft = Loan Payment Interest Payment Principal Payment Bal, at End of t = Property Value Tracker Book Value Market Value (Selling Price) User Inputs (in Yellow) PurchPrice. DepreciableValue DeprecHorizon (yrs). Monthly rent Year 1 Rental Income in Year 1.. LTV LoanProceeds. LoanRate (per yr.). Loan Term (yrs). Balloon Pmt. $550,000 $550,000 30 $4,000 $48,000 80% $440,000 5.75% 30 $0 AnticipatedSale att = Growth in rental income Growth in property value. Tax rate. Vacancy Management fee Property tax rate Loan prepayment penalty. Private mortgage insurance / month... 15 4.50% 4.00% 21.00% 4.00% 5.00% 1.000% 0.500% $0 Loan Payment (if Monthly x 12) Loan Payment (if Annual) $30,812.65 $31,115.14 Required return... Growth in other income Growth in electric & gas Growth in insurance Growth in repairs and maintenance 10.00% 7.00% 5.00% 4.00% 2.00% Other income year 1 Electric & Gas year 1 Insurance year 1 Repairs and maintenance year 1 $1,900 $1,100 $1,300 $1,000 DCR Year 1 Cap Rate 0.00 0.00% BFIN 421 Rental Market Survey -- Spring 2021 p.1 Obser- vation ! No. of Bathrooms Number of (if wlo a bathi shower, Bedrooms count as 0.5) Garage (yeso?) Proximity to Campus (in miles) Overall Quality Amenities (see of the Dwelling footnote) (rating 1-5,5- (rating 1-5,5- best, 1= worst) best, 1= worst) Total Monthly Rental Payment per dwelling lif you OWN your home, see footnote) 1 3 2.0 1 10.00 5.0 5.0 $840 2 2 1.5 1 2.50 3.0 3.0 $975 3 3 2.5 1 3.00 4.0 4.0 $1,685 4 4 1 1.0 0 0.50 3.0 3.0 $815 5 4 3.0 1 7.00 5.0 5.0 $2,015 6 2 1.0 0 0.25 3.0 3.0 $880 7 2 10 1 0.50 3.0 2.8 $945 8 2 1.0 0 0.50 3.0 3.0 $815 9 4 2.0 1 3.50 3.0 4.0 $1,335 10 1 1.0 0 0.10 3.0 2.5 $560 11 4 3.0 1 1.00 4.0 4.0 $1,820 12 3 2.5 1 3.00 4.0 4.0 $1,530 13 3 2.5 1 15.00 5.0 5.0 $1,790 14 3 3 2.5 1 3.00 4.0 4.0 $1,465 15 2 1.0 0 0.10 4.0 4.0 $815 BFIN 421 Rental Market Survey -- Spring 2021 p.2 Obser- vation ! No. of Bathrooms Number of lif wlo a bathi shower, Bedrooms count as 0.5) Garage (yeso?) Proximity to Campus (in miles) Overall Quality Amenities (see of the Dvelling footnote) (rating 1-5,5 = (rating 1-5,5 - best, 1 = worst) best, 1 = worst) Total Monthly Rental Payment per dwelling (if you OWN your home, see footnote) 16 3 2.0 1 0.80 5.0 4.0 $1,595 17 3 1.5 0 0.50 3.0 2.0 $845 18 3 2.0 1 0.50 3.0 3.0 $1,270 19 4 2.0 1 3.00 3.0 3.0 $1,530 20 1 1.0 0 1.00 3.0 2.0 $555 21 2 2.0 0 0.75 3.0 2.0 $905 22 5 2.5 1 3.50 3.0 3.0 $2,310 23 4 2.0 0 1.00 3.0 3.0 $845 24 3 2.0 1 3.00 4.0 3.0 $1,365 25 3 2.5 1 3.00 4.0 4.0 $1,235 26 3 2.5 1 3.00 4.0 4.0 $1,270 27 3 2.5 1 0.50 4.0 4.0 $1,465 28 3 1.0 0 0.10 3.0 3.0 $1,335 29 3 2.0 0 2.00 4.0 3.0 $1,165 30 3 1.0 0 0.10 3.0 3.0 $780 BFIN 421 Rental Market Survey - Spring 2021 p.3 Obser- vation No. of Bathrooms Number of (if wlo a bathi shower, Bedrooms count as 0.5) Garage (yeso?) Proximity to Campus (in miles) Overall Quality Amenities (see of the Dwelling footnote) (rating 1-5,5 = (rating 1-5,5 = best, 1 = worst) best, 1 = worst) Total Monthly Rental Payment per dwelling (if you OWN your home, see footnote) 31 2 1.0 0 3.00 3.0 3.0 $880 32 2 1.0 0 0.50 4.0 2.0 $715 33 3 2.5 1 3.00 5.0 5.0 $1,690 34 3 2.5 1 3.00 5.0 5.0 $975 35 2 1.0 0 4.50 4.5 4.0 $815 36 3 1.0 0 0.10 3.0 2.0 $1,040 37 3 2.0 1 3.00 5.0 5.0 $1,255 38 2 2.0 0 2.00 2.0 3.0 $845 39 4 1.5 1 1.00 4.0 3.0 $2,275 40 4 3.0 1 3.00 5.0 5.0 $1,820 41 3 1.0 1 1.50 4.0 4.0 $1,105 42 2 1.0 0 1.50 3.5 2.0 $845 43 4 2.0 1 5.00 5.0 5.0 $1,950 44 4 2.0 1 3.00 4.0 4.0 $520 45 2 1.0 1 2.00 3.0 3.0 $845 BFIN 421 Rental Market Survey -- Spring 2021 P.4 Obser- vation # Number of Bedrooms No. of Bathrooms (if wlo a bathI shower, count as 0.5) Garage (yeso?) Proximity to Campus (in miles) Overall Quality Amenities (see of the Dwelling footnote) (rating 1-5,5 = (rating 1-5,5 = best, 1 = worst) best, 1 = worst) Total Monthly Rental Payment per dwelling (if you OWN your home, see footnote) 46 2 1.0 0 0.70 4.5 4.0 $555 47 2 1.0 0 0.20 4.0 3.5 $650 48 2 1.0 0 0.50 3.5 3.0 $715 49 3 2.0 0 0.80 4.0 3.5 $650 50 2 2.0 0 1.20 3.0 3.0 $520 51 4 2.5 1 2.50 4.0 3.0 $520 52 1 1.0 0 2.00 3.0 3.5 $775 53 3 2.0 1 3.00 5.0 4.0 $520 54 3 1.0 0 0.01 3.0 3.0 $360 55 3 2.5 1 3.00 5.0 4.0 $975 56 4 1.5 1 1.20 4.0 4.0 $555 57 3 2.5 1 1.20 5.0 4.0 $490 58 2 2.0 1 10.00 5.0 4.0 $390 59 3 3.0 1 3.00 5.0 5.0 $1,755 60 2 1.0 0 1.00 2.0 2.0 $975 BFIN 421 Rental Market Survey -- Spring 2021 2.5 Obser- vation ! Number of Bedrooms No. of Bathrooms (if wlo a bath/ shower, count as 0.5) Garage (yeso?) Proximity to Campus (in miles) Overall Quality Amenities (see of the Dvelling footnote) (rating 1-5,5 - (rating 1-5,5 = best, 1 = worst) best, 1 = worst) Total Monthly Rental Payment per dwelling lif you OWN your home, see footnote) 61 1 1.0 0 3.00 5.00 2.0 $910 62 3 2.5 1 3.00 5.00 2.0 $1,300 63 3 2.0 1 0.50 5.00 4.0 $1,365 64 2 1.5 1 2.50 3.00 3.0 $975 65 2 1.0 0 0.25 2.00 3.0 $910 66 3 2.5 1 1.25 5.00 4.0 $1,170 67 2 2.0 0 4.00 3.00 4.0 $780 68 1 1.0 0 0.25 4.00 4.0 $735 69 3 2.0 1 0.75 4.00 4.0 $520 70 1 1.0 0 1.00 4.00 3.0 $715 71 3 1.5 0 15.00 4.00 2.0 $815 72 4 2.0 1 1.00 3.00 2.0 $1,625 73 2 2.0 0 1.25 3.00 3.0 $910 74 3 1.0 1 1.50 4.50 3.0 $1,300 75 3 1.0 1 1.50 4.70 5.0 $1,105 BFIN 421 Rental Market Survey -- Spring 2021 p.6 Obser- vation No. of Bathrooms Number of lif wlo a bathi shower, Bedrooms count as 0.5) Garage (yesino?) Proximity to Campus (in miles) Overall Quality Amenities (see of the Dwelling footnote) (rating 1-5,5 = (rating 1-5,5 = best, 1 = worst) best, 1 = worst) Total Monthly Rental Payment per dwelling (if you OWN your home, see footnote) 76 2 1.0 0 2.00 4.50 2.0 $780 77 2 2.0 0 1.00 4.00 2.0 $880 78 3 2.0 0 1.00 3.00 2.0 $945 79 3 2.0 1 2.50 3.00 2.0 $1,235 80 4 2.5 1 3.10 4.50 4.0 $390 81 2 1.0 1 2.00 4.00 3.0 $1,235 82 3 1.0 0 1.50 4.00 1.0 $1,235 83 2 1.5 1 2.00 4.00 3.0 $975 84 3 2.5 1 5.00 5.00 3.0 $1,345 85 1 1.0 0 0.10 4.00 2.0 $775 86 1 1.0 0 1.00 5.00 4.0 $815 87 3 2.5 1 3.00 4.00 4.0 $1,400 88 3 2.5 1 3.50 4.00 4.0 $1,300 89 2 1.0 0 0.50 4.00 2.0 $780 90 3 2.0 1 4.00 4.00 3.0 $1,410 BFIN 421 Rental Market Survey -- Spring 2021 p.7 Obser- vation Number of Bedrooms No. of Bathrooms (if wio a bathi shower, count as 0.5) Garage (yesino?) Proximity to Campus (in miles) Overall Quality Amenities (see of the Dwelling footnote) (rating 1-5,5 - (rating 1-5,5 = best, 1 = worst) best, 1 = worst) Total Monthly Rental Payment per dwelling (if you OWN your home, see footnote) 91 3 2.5 1 3.00 4.00 3.0 $1,400 92 3 2.0 1 10.00 4.00 4.0 $1,205 93 5 3.5 1 3.50 5.00 5.0 $2,015 94 2 2.0 0 4.50 5.00 5.0 $1,075 95 3 2.0 1 0.10 3.00 3.0 $1,235 96 4 3.5 1 6.00 4.00 4.0 $1,625 97 3 2.0 1 10.00 3.00 5.0 $585 98 4 2.5 1 8.00 5.00 5.0 $1,205 99 1 1.0 0 0.25 2.00 3.0 $750 100 3 2.0 1 5.00 5.00 5.0 $780 101 3 2.5 1 5.00 5.00 4.0 $1,625 102 2 1.0 1 2.00 5.00 4.0 $1,190 103 2 1.0 0 2.00 5.00 4.0 $1,155 104 3 2.0 1 4.00 5.00 4.0 $1,495 105 3 3.0 1 3.00 5.00 5.0 $2,080 BFIN 421 Rental Market Survey -- Spring 2021 p.8 Obser- vation. No. of Bathrooms Number of lif wlo a bathi shower, Bedrooms count as 0.5) Garage (yesino?) Proximity to Campus (in miles) Overall Quality Amenities (see of the Dwelling footnote) (rating 1-5,5 = (rating 1-5,5 - best, 1 = worst) best, 1 = worst) Total Monthly Rental Payment per dwelling (if you OWN your home, see footnote) 106 4 2.5 1 3.00 3.00 3.0 $2,145 107 2 1.0 0 0.50 3.00 3.0 $1,020 108 2 2.0 0.50 3.00 3.0 $895 109 4 2.0 1 30.00 2.00 3.0 $765 110 3 3.0 1 3.00 4.00 4.0 $1,125 111 2 1.0 0 5.00 2.00 3.0 $750 112 2 2.0 0 4.00 4.00 4.0 $1,125 113 2 1.0 0 7.00 5.00 5.0 $1,345 114 3 2.5 1 6.00 4.00 3.0 $1,465 115 2 1.0 0 1.00 5.00 3.0 $1,085 116 5 3.5 1 20.00 5.00 5.0 $2,600 117 3 2.0 0 0.10 2.00 2.0 $1,795 118 3 2.0 2.50 4.00 4.0 $895 119 3 20 1 1.00 4.00 4.0 $2,245 120 2 1.0 1 1.00 4.00 3.0 $885 BFIN 421 Rental Market Survey -- Spring 2021 p. 9 Obser- vation ! No. of Bathrooms Number of (if wlo a bathi shower, Bedrooms count as 0.5) Garage (yesino?) Proximity to Campus (in miles) Overall Quality Amenities (see of the Dwelling footnote) (rating 1-5,5 - (rating 1-5,5 - best, 1 = worst) best, 1= worst) Total Monthly Rental Payment per dwelling (if you OWN your home, see footnote) 121 3 1.5 1 1.00 4.00 5.0 $1,560 122 2 1.0 0 10.00 4.00 3.0 $1,125 123 5 3.0 1 1.00 3.00 3.0 $2,405 124 3 2.0 1 4.00 3.00 2.0 $1,205 125 3 2.5 1 1.00 4.00 3.0 $1,560 126 3 1.0 0 0.50 3.00 2.0 $1,125 127 3 2.0 0 4.00 4.00 4.0 $1,670 128 2 1.0 0 0.10 3.70 1.0 $1,040 129 2 1.0 0 1.00 4.00 5.0 $1,010 130 2 1.0 1 10.00 3.00 4.0 $1,010 131 5 3.0 1 3.00 4.00 3.0 $3,315 132 4 3.5 1 0.50 4.00 3.0 $2,245 133 3 2.0 1 4.00 4.00 4.0 $1,725 134 3 2.0 0 1.00 4.00 3.0 $1,490 135 3 2.5 1 3.00 4.00 3.0 $1,560 BFIN 421 Rental Market Survey -- Spring 2021 P.IV Obser- vation No. of Bathrooms Number of (if wlo a bath shower, Bedrooms count as 0.5) Garage (yeso?) Proximity to Campus (in miles) Overall Quality Amenities (see of the Dwelling footnote) (rating 1-5,5 = (rating 1-5,5 - best, 1= worst) best, 1= worst) Total Monthly Rental Payment per dwelling lif you OWN your home, see footnote) 136 4 2.0 1 15.00 3.00 5.0 $1,815 137 4 3.0 1 17.00 3.00 3.0 $2,015 138 2 2.0 1 3.00 3.50 3.0 $1,625 139 3 2.5 1 4.00 4.00 4.0 $1,530 140 2 1.0 0 1.00 4.00 4.0 $1,010 141 3 2.0 1 4.00 4.00 4.0 $1,725 142 3 2.5 1 4.00 4.00 4.0 $1,530 143 3 2.0 1 1.00 4.00 4.0 $1,885 144 1 1.0 0 0.50 3.00 3.0 $865 145 2 2.0 1 4.00 5.00 5.0 $1,205 146 5 2.0 1 1.00 4.50 5.0 $2,795 147 4 2.0 1 4.00 4.00 5.0 $1,140 148 3 2.5 1 2.00 4.00 3.0 $1,595 149 4 2.5 1 3.00 4.00 5.0 $2,080 150 2 1.0 0 0.40 4.50 2.0 $1,040 BFIN 421 Rental Market Survey -- Spring 2021 P.11 Obser- vation ! Number of Bedrooms No. of Bathrooms (if wlo a bathi shower, count as 0.5) Garage (yesino?) Proximity to Campus (in miles) Overall Quality Amenities (see of the Dwelling footnote) (rating 1-5,5- (rating 1-5,5- best, 1= worst) best, 1= worst) Total Monthly Rental Payment per dwelling (if you OWN your home, see footnote) 151 3 3.5 1 1.30 4.00 4.0 $1,385 152 2 2.5 1 0.60 6.00 6.0 $1,595 WITH A LOAN 0 1 2 3 5 6 7 8 9 10 11 12 13 14 15 CASH FLOW ANALYSIS time Purchase PurchPrice LoanProceeds Operate Rental Income Other income Vacancy Electric/Gas Insurance Management Repairs and maintenance Taxes NOI DeprExp IntExp Prepaymt Penalty TaxExp Sell Selling Price TaxOnGain LoanBalance Before-Tax CFS After-Tax CFS BTIRR ATIRR UNLEVERED CASH FLOWS PRESENT VALUE Loan Balance Tracker Bal. at Beg oft = Loan Payment Interest Payment Principal Payment Bal, at End of t = Property Value Tracker Book Value Market Value (Selling Price) User Inputs (in Yellow) PurchPrice. DepreciableValue DeprecHorizon (yrs). Monthly rent Year 1 Rental Income in Year 1.. LTV LoanProceeds. LoanRate (per yr.). Loan Term (yrs). Balloon Pmt. $550,000 $550,000 30 $4,000 $48,000 80% $440,000 5.75% 30 $0 AnticipatedSale att = Growth in rental income Growth in property value. Tax rate. Vacancy Management fee Property tax rate Loan prepayment penalty. Private mortgage insurance / month... 15 4.50% 4.00% 21.00% 4.00% 5.00% 1.000% 0.500% $0 Loan Payment (if Monthly x 12) Loan Payment (if Annual) $30,812.65 $31,115.14 Required return... Growth in other income Growth in electric & gas Growth in insurance Growth in repairs and maintenance 10.00% 7.00% 5.00% 4.00% 2.00% Other income year 1 Electric & Gas year 1 Insurance year 1 Repairs and maintenance year 1 $1,900 $1,100 $1,300 $1,000 DCR Year 1 Cap Rate 0.00 0.00% BFIN 421 Rental Market Survey -- Spring 2021 p.1 Obser- vation ! No. of Bathrooms Number of (if wlo a bathi shower, Bedrooms count as 0.5) Garage (yeso?) Proximity to Campus (in miles) Overall Quality Amenities (see of the Dwelling footnote) (rating 1-5,5- (rating 1-5,5- best, 1= worst) best, 1= worst) Total Monthly Rental Payment per dwelling lif you OWN your home, see footnote) 1 3 2.0 1 10.00 5.0 5.0 $840 2 2 1.5 1 2.50 3.0 3.0 $975 3 3 2.5 1 3.00 4.0 4.0 $1,685 4 4 1 1.0 0 0.50 3.0 3.0 $815 5 4 3.0 1 7.00 5.0 5.0 $2,015 6 2 1.0 0 0.25 3.0 3.0 $880 7 2 10 1 0.50 3.0 2.8 $945 8 2 1.0 0 0.50 3.0 3.0 $815 9 4 2.0 1 3.50 3.0 4.0 $1,335 10 1 1.0 0 0.10 3.0 2.5 $560 11 4 3.0 1 1.00 4.0 4.0 $1,820 12 3 2.5 1 3.00 4.0 4.0 $1,530 13 3 2.5 1 15.00 5.0 5.0 $1,790 14 3 3 2.5 1 3.00 4.0 4.0 $1,465 15 2 1.0 0 0.10 4.0 4.0 $815 BFIN 421 Rental Market Survey -- Spring 2021 p.2 Obser- vation ! No. of Bathrooms Number of lif wlo a bathi shower, Bedrooms count as 0.5) Garage (yeso?) Proximity to Campus (in miles) Overall Quality Amenities (see of the Dvelling footnote) (rating 1-5,5 = (rating 1-5,5 - best, 1 = worst) best, 1 = worst) Total Monthly Rental Payment per dwelling (if you OWN your home, see footnote) 16 3 2.0 1 0.80 5.0 4.0 $1,595 17 3 1.5 0 0.50 3.0 2.0 $845 18 3 2.0 1 0.50 3.0 3.0 $1,270 19 4 2.0 1 3.00 3.0 3.0 $1,530 20 1 1.0 0 1.00 3.0 2.0 $555 21 2 2.0 0 0.75 3.0 2.0 $905 22 5 2.5 1 3.50 3.0 3.0 $2,310 23 4 2.0 0 1.00 3.0 3.0 $845 24 3 2.0 1 3.00 4.0 3.0 $1,365 25 3 2.5 1 3.00 4.0 4.0 $1,235 26 3 2.5 1 3.00 4.0 4.0 $1,270 27 3 2.5 1 0.50 4.0 4.0 $1,465 28 3 1.0 0 0.10 3.0 3.0 $1,335 29 3 2.0 0 2.00 4.0 3.0 $1,165 30 3 1.0 0 0.10 3.0 3.0 $780 BFIN 421 Rental Market Survey - Spring 2021 p.3 Obser- vation No. of Bathrooms Number of (if wlo a bathi shower, Bedrooms count as 0.5) Garage (yeso?) Proximity to Campus (in miles) Overall Quality Amenities (see of the Dwelling footnote) (rating 1-5,5 = (rating 1-5,5 = best, 1 = worst) best, 1 = worst) Total Monthly Rental Payment per dwelling (if you OWN your home, see footnote) 31 2 1.0 0 3.00 3.0 3.0 $880 32 2 1.0 0 0.50 4.0 2.0 $715 33 3 2.5 1 3.00 5.0 5.0 $1,690 34 3 2.5 1 3.00 5.0 5.0 $975 35 2 1.0 0 4.50 4.5 4.0 $815 36 3 1.0 0 0.10 3.0 2.0 $1,040 37 3 2.0 1 3.00 5.0 5.0 $1,255 38 2 2.0 0 2.00 2.0 3.0 $845 39 4 1.5 1 1.00 4.0 3.0 $2,275 40 4 3.0 1 3.00 5.0 5.0 $1,820 41 3 1.0 1 1.50 4.0 4.0 $1,105 42 2 1.0 0 1.50 3.5 2.0 $845 43 4 2.0 1 5.00 5.0 5.0 $1,950 44 4 2.0 1 3.00 4.0 4.0 $520 45 2 1.0 1 2.00 3.0 3.0 $845 BFIN 421 Rental Market Survey -- Spring 2021 P.4 Obser- vation # Number of Bedrooms No. of Bathrooms (if wlo a bathI shower, count as 0.5) Garage (yeso?) Proximity to Campus (in miles) Overall Quality Amenities (see of the Dwelling footnote) (rating 1-5,5 = (rating 1-5,5 = best, 1 = worst) best, 1 = worst) Total Monthly Rental Payment per dwelling (if you OWN your home, see footnote) 46 2 1.0 0 0.70 4.5 4.0 $555 47 2 1.0 0 0.20 4.0 3.5 $650 48 2 1.0 0 0.50 3.5 3.0 $715 49 3 2.0 0 0.80 4.0 3.5 $650 50 2 2.0 0 1.20 3.0 3.0 $520 51 4 2.5 1 2.50 4.0 3.0 $520 52 1 1.0 0 2.00 3.0 3.5 $775 53 3 2.0 1 3.00 5.0 4.0 $520 54 3 1.0 0 0.01 3.0 3.0 $360 55 3 2.5 1 3.00 5.0 4.0 $975 56 4 1.5 1 1.20 4.0 4.0 $555 57 3 2.5 1 1.20 5.0 4.0 $490 58 2 2.0 1 10.00 5.0 4.0 $390 59 3 3.0 1 3.00 5.0 5.0 $1,755 60 2 1.0 0 1.00 2.0 2.0 $975 BFIN 421 Rental Market Survey -- Spring 2021 2.5 Obser- vation ! Number of Bedrooms No. of Bathrooms (if wlo a bath/ shower, count as 0.5) Garage (yeso?) Proximity to Campus (in miles) Overall Quality Amenities (see of the Dvelling footnote) (rating 1-5,5 - (rating 1-5,5 = best, 1 = worst) best, 1 = worst) Total Monthly Rental Payment per dwelling lif you OWN your home, see footnote) 61 1 1.0 0 3.00 5.00 2.0 $910 62 3 2.5 1 3.00 5.00 2.0 $1,300 63 3 2.0 1 0.50 5.00 4.0 $1,365 64 2 1.5 1 2.50 3.00 3.0 $975 65 2 1.0 0 0.25 2.00 3.0 $910 66 3 2.5 1 1.25 5.00 4.0 $1,170 67 2 2.0 0 4.00 3.00 4.0 $780 68 1 1.0 0 0.25 4.00 4.0 $735 69 3 2.0 1 0.75 4.00 4.0 $520 70 1 1.0 0 1.00 4.00 3.0 $715 71 3 1.5 0 15.00 4.00 2.0 $815 72 4 2.0 1 1.00 3.00 2.0 $1,625 73 2 2.0 0 1.25 3.00 3.0 $910 74 3 1.0 1 1.50 4.50 3.0 $1,300 75 3 1.0 1 1.50 4.70 5.0 $1,105 BFIN 421 Rental Market Survey -- Spring 2021 p.6 Obser- vation No. of Bathrooms Number of lif wlo a bathi shower, Bedrooms count as 0.5) Garage (yesino?) Proximity to Campus (in miles) Overall Quality Amenities (see of the Dwelling footnote) (rating 1-5,5 = (rating 1-5,5 = best, 1 = worst) best, 1 = worst) Total Monthly Rental Payment per dwelling (if you OWN your home, see footnote) 76 2 1.0 0 2.00 4.50 2.0 $780 77 2 2.0 0 1.00 4.00 2.0 $880 78 3 2.0 0 1.00 3.00 2.0 $945 79 3 2.0 1 2.50 3.00 2.0 $1,235 80 4 2.5 1 3.10 4.50 4.0 $390 81 2 1.0 1 2.00 4.00 3.0 $1,235 82 3 1.0 0 1.50 4.00 1.0 $1,235 83 2 1.5 1 2.00 4.00 3.0 $975 84 3 2.5 1 5.00 5.00 3.0 $1,345 85 1 1.0 0 0.10 4.00 2.0 $775 86 1 1.0 0 1.00 5.00 4.0 $815 87 3 2.5 1 3.00 4.00 4.0 $1,400 88 3 2.5 1 3.50 4.00 4.0 $1,300 89 2 1.0 0 0.50 4.00 2.0 $780 90 3 2.0 1 4.00 4.00 3.0 $1,410 BFIN 421 Rental Market Survey -- Spring 2021 p.7 Obser- vation Number of Bedrooms No. of Bathrooms (if wio a bathi shower, count as 0.5) Garage (yesino?) Proximity to Campus (in miles) Overall Quality Amenities (see of the Dwelling footnote) (rating 1-5,5 - (rating 1-5,5 = best, 1 = worst) best, 1 = worst) Total Monthly Rental Payment per dwelling (if you OWN your home, see footnote) 91 3 2.5 1 3.00 4.00 3.0 $1,400 92 3 2.0 1 10.00 4.00 4.0 $1,205 93 5 3.5 1 3.50 5.00 5.0 $2,015 94 2 2.0 0 4.50 5.00 5.0 $1,075 95 3 2.0 1 0.10 3.00 3.0 $1,235 96 4 3.5 1 6.00 4.00 4.0 $1,625 97 3 2.0 1 10.00 3.00 5.0 $585 98 4 2.5 1 8.00 5.00 5.0 $1,205 99 1 1.0 0 0.25 2.00 3.0 $750 100 3 2.0 1 5.00 5.00 5.0 $780 101 3 2.5 1 5.00 5.00 4.0 $1,625 102 2 1.0 1 2.00 5.00 4.0 $1,190 103 2 1.0 0 2.00 5.00 4.0 $1,155 104 3 2.0 1 4.00 5.00 4.0 $1,495 105 3 3.0 1 3.00 5.00 5.0 $2,080 BFIN 421 Rental Market Survey -- Spring 2021 p.8 Obser- vation. No. of Bathrooms Number of lif wlo a bathi shower, Bedrooms count as 0.5) Garage (yesino?) Proximity to Campus (in miles) Overall Quality Amenities (see of the Dwelling footnote) (rating 1-5,5 = (rating 1-5,5 - best, 1 = worst) best, 1 = worst) Total Monthly Rental Payment per dwelling (if you OWN your home, see footnote) 106 4 2.5 1 3.00 3.00 3.0 $2,145 107 2 1.0 0 0.50 3.00 3.0 $1,020 108 2 2.0 0.50 3.00 3.0 $895 109 4 2.0 1 30.00 2.00 3.0 $765 110 3 3.0 1 3.00 4.00 4.0 $1,125 111 2 1.0 0 5.00 2.00 3.0 $750 112 2 2.0 0 4.00 4.00 4.0 $1,125 113 2 1.0 0 7.00 5.00 5.0 $1,345 114 3 2.5 1 6.00 4.00 3.0 $1,465 115 2 1.0 0 1.00 5.00 3.0 $1,085 116 5 3.5 1 20.00 5.00 5.0 $2,600 117 3 2.0 0 0.10 2.00 2.0 $1,795 118 3 2.0 2.50 4.00 4.0 $895 119 3 20 1 1.00 4.00 4.0 $2,245 120 2 1.0 1 1.00 4.00 3.0 $885 BFIN 421 Rental Market Survey -- Spring 2021 p. 9 Obser- vation ! No. of Bathrooms Number of (if wlo a bathi shower, Bedrooms count as 0.5) Garage (yesino?) Proximity to Campus (in miles) Overall Quality Amenities (see of the Dwelling footnote) (rating 1-5,5 - (rating 1-5,5 - best, 1 = worst) best, 1= worst) Total Monthly Rental Payment per dwelling (if you OWN your home, see footnote) 121 3 1.5 1 1.00 4.00 5.0 $1,560 122 2 1.0 0 10.00 4.00 3.0 $1,125 123 5 3.0 1 1.00 3.00 3.0 $2,405 124 3 2.0 1 4.00 3.00 2.0 $1,205 125 3 2.5 1 1.00 4.00 3.0 $1,560 126 3 1.0 0 0.50 3.00 2.0 $1,125 127 3 2.0 0 4.00 4.00 4.0 $1,670 128 2 1.0 0 0.10 3.70 1.0 $1,040 129 2 1.0 0 1.00 4.00 5.0 $1,010 130 2 1.0 1 10.00 3.00 4.0 $1,010 131 5 3.0 1 3.00 4.00 3.0 $3,315 132 4 3.5 1 0.50 4.00 3.0 $2,245 133 3 2.0 1 4.00 4.00 4.0 $1,725 134 3 2.0 0 1.00 4.00 3.0 $1,490 135 3 2.5 1 3.00 4.00 3.0 $1,560 BFIN 421 Rental Market Survey -- Spring 2021 P.IV Obser- vation No. of Bathrooms Number of (if wlo a bath shower, Bedrooms count as 0.5) Garage (yeso?) Proximity to Campus (in miles) Overall Quality Amenities (see of the Dwelling footnote) (rating 1-5,5 = (rating 1-5,5 - best, 1= worst) best, 1= worst) Total Monthly Rental Payment per dwelling lif you OWN your home, see footnote) 136 4 2.0 1 15.00 3.00 5.0 $1,815 137 4 3.0 1 17.00 3.00 3.0 $2,015 138 2 2.0 1 3.00 3.50 3.0 $1,625 139 3 2.5 1 4.00 4.00 4.0 $1,530 140 2 1.0 0 1.00 4.00 4.0 $1,010 141 3 2.0 1 4.00 4.00 4.0 $1,725 142 3 2.5 1 4.00 4.00 4.0 $1,530 143 3 2.0 1 1.00 4.00 4.0 $1,885 144 1 1.0 0 0.50 3.00 3.0 $865 145 2 2.0 1 4.00 5.00 5.0 $1,205 146 5 2.0 1 1.00 4.50 5.0 $2,795 147 4 2.0 1 4.00 4.00 5.0 $1,140 148 3 2.5 1 2.00 4.00 3.0 $1,595 149 4 2.5 1 3.00 4.00 5.0 $2,080 150 2 1.0 0 0.40 4.50 2.0 $1,040 BFIN 421 Rental Market Survey -- Spring 2021 P.11 Obser- vation ! Number of Bedrooms No. of Bathrooms (if wlo a bathi shower, count as 0.5) Garage (yesino?) Proximity to Campus (in miles) Overall Quality Amenities (see of the Dwelling footnote) (rating 1-5,5- (rating 1-5,5- best, 1= worst) best, 1= worst) Total Monthly Rental Payment per dwelling (if you OWN your home, see footnote) 151 3 3.5 1 1.30 4.00 4.0 $1,385 152 2 2.5 1 0.60 6.00 6.0 $1,595
