Highlighted in PDFIndividual Assignment Woodland Avenue Apartments, Southwest Philadelphia, PA Goals...

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Highlighted in PDFIndividual Assignment Woodland Avenue Apartments, Southwest Philadelphia, PA Goals - Learning Objectives The overarching goal for this individual assignment is to allow the students to demonstrate their comprehension of the learning outcomes for the real estate finance course and in addition to improving technical (XLS), written and oral presentation skills.  In particular the student should employ critical thinking when answering the questions and to bend the mechanics of the financial math with judgement which should be intuitive even for students without a strong real estate finance background. Case Background It’s Fall 2019 and a recent graduate from the Georgetown University Graduate Real Estate program, has decided to apply her knowledge gained from the program and invest in real estate.  Sally came across a for sale listing of a multi-family property located in Southwest Philadelphia that could be a good starter property to buy and renovate.  She contacted the selling broker and requested information on the property.  After signing a confidentially agreement, the broker provided the following information on the property. Address			7000 Block of Woodland Avenue, Philadelphia, PA 19142 Listing Price 		$420,000 “as is” with no representations Units			5 Lot Size			0.04 acres Gross Building Size 	3,850 SF Stories 			3  Year Built		1915 Year Renovated		1991 Zoning			C-2 Walk Score		84 (very walkable to public transportation, services, retail, etc.?) Transit Score		74 (excellent transportation) All units are separately metered for gas and electric and the landlord is responsible for water/sewer, common electric and heat in the hallways, real estate taxes, insurance, repairs and maintenance and property management. Property has a rear yard that’s not presently used and full basement access from inside and outside. The property is conveniently located on main Woodland thoroughfare, close to transportation, restaurants, banks, shopping, grocery stores and much more. Within minutes to the airport, I-95, Route 13, and major roads. Rent Roll 	Unit Number 	Net Rentable SF 	Monthly Rents 	A – Basement - 2 Bedroom 1.5 Bath 	900 sf 	$600.00 /mth 	B – 1st Floor Studio 1 Bath 	450 sf 	$450.00 / mth 	C – 1st Floor Studio 1 Bath 	450 sf 	$450.00 / mth 	D – 2nd Floor 2 Bedroom 1.5 bath 	900 sf 	$500.00 /mth 	E – 3rd Floor 2 Bedroom 2 Bath  	900 sf 	$600.00 /mth 	 	 	 Underwriting Sally estimated real estate taxes based on the current assessment of the property “as is” in its current state.  For insurance she looked online for property coverage to arrive at an annual premium.  For repairs and maintenance, she looked at the prior financials and figured that historical perspective was a good indicator of future performance.  For property management she estimated what she wanted to earn per month as a % of collected revenues. She knew that properties were appreciating in the neighborhood and looked at national surveys for multi-family exit cap rates when estimating an exit cap rate for this project. Unit Amenities 1. Walk-up units with common hallways (via a wood staircase). Access to the building is provided via mechanical key. No security system.  Each unit and hallways include smoke alarms.   2. Range and Refrigerator 3. Carpeted Floors – stained and partially missing. 4. Eat-In Kitchen 5. Tub/Shower/Vanity  6. Window AC Units 7. Central heat via an old boiler unit in the basement Physical Condition of the Asset The current owner purchased the asset in 1991 as a single-family home and renovated the property into multi-family units at that time.  Interior of the units are original and dated.  The carpet and appliances are in need of replacement and residents expects central heating and air conditioning vs what is currently provided which is box air conditioning units and heat via radiator.  The roof leaks and needs a full replacement.  Parking is on the street.  The rear yard may be used as a common area for residents. As part of her due diligence Sally ordered a physical needs assessment for the property. The following is a summary of that report and includes both deferred maintenance and cosmetic enhancements for the property to remain safe and competitive. Add “ductless” Heating and Cooling Units - $3,200 per unit includes electrical – total $16,000 1. Upgrade Plumbing - $4,600 total – new lines to the public water and sewer system 2. Replace carpeting and rehab the original wood flooring - $7,700 total 3. Replace Appliances (range, refrigerator, add microwave) - $4,200 total 4. Replace Roof (rubber membrane) - $6,500 5. Replace Tub/Shower/Toilet/Vanities - $12,000 total 6. Contingency – 10% of total	 Market Rents Sally having excelled in the Georgetown market study class, conducted a trade area study for the area which is southwest Philadelphia and narrowed down her search for the community known as Elwood.  Based on this research she determined that with upgrades to Woodland that rents could be increased as follows: 	Unit Number 	Market Rent if Renovated 	A – Basement - 2 Bedroom 1.5 Bath 	$900.00/ mth 	B – 1st Floor Studio 1 Bath 	$750.00/ mth 	C – 1st Floor Studio 1 Bath 	$750.00/ mth 	D – 2nd Floor 2 Bedroom 1.5 bath 	$950.00/ mth 	E – 3rd Floor 2 Bedroom 2 Bath  	 $925.00 / mth Based on his market research it was determined that rents will grow 2.5% per year and operating expenses will grow at 2% per year.  Vacancy for apartment units in the neighborhood average 12%. Lender Sally also excelled in the GT Real Estate Finance class was able to run the numbers on the overall feasibility of the project using the feasibility XLS model.  She valued the property at stabilization and put together the renovation plan with costs.  She went to a local bank who provided a construction and permanent loan quote.  Terms are as follows: 80% loan to value, 6% interest rate, 25-year amortization and a 10-year balloon term.  Sally would guaranty 100% of the loan. Zoning Sally discovered during due diligence on the property that one the units was added by the former owner without a building permit.  That additional unit exceeds the maximum permitted units per zoning.  Sally has a friend in the Philadelphia building permit department who noted that any renovation to the property will involve dealing with a maze of inspectors and new regulations.  Sally feels the contingency factor she added to her model will cover any fees and unknown costs.  Investment Since Sally is just starting out in the real estate business she has limited equity to invest. She decided to reach out to a few family members and friends to help raise the required equity needed for the project.  It is expected that a minimum leveraged return of 10% is needed and that her investment group plans to sell the asset once it is stabilized. She projected an exit cap rate of 8% with a 10% cost of sale for a broker to find the buyer. Personal Background Sally wants to save money and act as the GC for this project despite not having any experience in this area.  She also likes the area and is considering occupying the 3rd floor unit as an owner.  This will save her from having to buy a home and she can keep an eye on the operations.  She also plans to do all the leasing and repairs at the property.  This is a bit of concern in that she works full time at a local appraisal firm but given the nature of this business she could work from the unit while overseeing the renovations and later property management and leasing. Rubric – Instructors will review the submission in the context of the following: 1. Did the student demonstrate an understanding of how to prepare a feasibility model in XLS? 1. Did the student demonstrate an understanding of how to identify he risks associated with this investment? 1. Did the student articulate and then quantity two risks with the asset that could result in a project that loses money? 1. Is the paper spell checked, grammar checked? 1. Is the math correct in the XLS model? 1. Are the conclusions noted in the memo clear, concise and to the point and based on an interpretation of the numbers but not reciting the numbers? Memo Format Please answer the following questions in the order shown below.  Please also paste the completed XLS model(s) as an addendum in that Word doc.  Name the file as follows:  LAST_NAME_WOODLANDS.doc.  Scenario One Using the XLS file recreate the analysis based on Sally’s assumptions. 1. How did Sally go about searching for the property (positives and negatives) and what was her investment criteria? 1. As a friend of Sally, she asks for your input.  How would you approach evaluating this investment? 1. How would you evaluate Sally’s approach to underwriting and sourcing the mortgage? 1. Based on Sally’s underwriting, experience and lifestyle, does the investment and her role make sense for her? Scenario Two Sally was impressed with your thoughts and asks that you join her in this investment as a 50/50 partner.  Prepare your own XLS analysis with a summary investment memo that outlines the returns, strengths, weaknesses and risks associated with the project.  An outline of that memo is as follows: Executive Summary – Two Pages Max 1. Provide a summary (chart format) of the financial returns, strengths and weaknesses with the investment. 1. Summarize the “downside” scenario of what could result in the investment losing money.  1. Summarize a recommended new offering price for the property “as is” including the study period, deposit and when the deposit becomes non-refundable. 1. Risks – How might the current Philadelphia’s zoning of this asset impact its renovation and its valuation? 1. What capital reserve might be appropriate for this investment?  How do you distinguish between a) maintenance, b) repairs and c) capex? Also, is there a need for working capital? 1. How does the concept of “loss to lease” apply in context to this investment?  Does it impact value? 1. Describe the submarket in the content of rent vs. buying a home…is there a clear preference? Financials – Two Pages Max 1. Insert the new Feasibility XLS model  1. Explain two key variables that if not met could result in a loss of return / money. Next test the variables against your cost. Can you live with the worse-case? Management Plan – One Page Max 1. For the scope of renovation work noted herein, how much will be self-performed by your group vs. bid out. Explain why. 1. Who will manage the asset? The group or 3rd party? Explain why. Scenario Three   Now that you arrived at a JV deal with Sally (both of you are thrilled with this new partnership), Sally came up with a twist.  Given the area is changing into a more diverse community and residents are moving into the

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Scenario 1-
1. How did Sally go about searching for the property (positives and negatives) and what was her investment criterion?
     Ans – Sally just graduated from the Georgetown University Graduate real estate program. Just after graduating she went for searching the property to invest in it. Now there are some positives and negatives related to it.
Positives:
a) She is graduated in Real Estate program.
b) She has excelled in market study class and can conduct trade analysis.
c) She has also excelled in GT Real Estate Finance and can efficiently run the feasibility studies.
d) The Property is located conveniently on the main Woodland and is close to transportation, banks,   grocery shops etc.
e) The property is close to the airport, route 13, I-95 and other major roads.
f) Once renovated, it can generate 50% more rental income than before.
g) There is rear yard in property which can be used as common area and also out of 3850SF of total area almost 93.5% can be used for the renting purpose, i.e., 3600SF.
Negatives:
She has just graduated from the university and does not have the much practical knowledge to handle this project all alone.
The property selected is a century old building though renovated in 1991.
It requires a lot of renovation as everything in there is outdated or waste.
There is no security system and parking is on the street.
There are roof leaks and other things which require a full replacement.
She wants to be GC for this but does not have any experience in this area.
One unit in building was added without building permit which can pose challenge for renovation.
The main criteria for her investment was multi-family property located in Southwest Philadelphia as it was conveniently located on main Woodland and close to all the basic and important locations as well as airport. Also she knew that properties were appreciating in the neighborhood and looked at national surveys for the multi-family property exit cap rates when estimating an exit cap for this project. 
Apart from the monetary benefits, Sally also thought that it can occupy 3rd floor while the operations can be done and that can save her from buying the house as the area was also good.
2.  As a friend of Sally, she asks for your input.  How would you approach evaluating this investment?
Ans – Real estate investment is one of the famous investment options available to anyone as the appreciation of the wealth is good in such investment. 
Sally has found a good investment option in Woodland Avenue as it is multi- family property with 5 rental option thus generating good rental income. 
There are both pros and cons of this investment. 
Pros – 
a) Multi - family property
b) Exit cap rate from MF property is good and appreciating
c) Generation of good rental income
d) Good efficiency ratio. (93.5% area can be rented)
e) Rear yard in the property.
f) Close to important shops, groceries, airports etc.
Cons – 
a) Century old building 
b) It requires a lot of renovation work thus increasing the buying cost by 15% approximately.
c) There is no parking area
d) The landlord is responsible for many expenses such as water/sewer, real estate taxes, insurance, repairs and maintenance.
e) There is also no security system but can be installed.
f) One unit added without a building permit thus making renovation a tough job.
After going through the excel analysis of the investment, putting in all the relevant values depending on the market rates such exit cap rate, loan capitalization rates, given the purchase cost “as is” is $420,000 plus renovation expense of $51,000. The total loan to value comes to $336,006 which leaves Sally with $152,840 of self-equity to perform the relevant job and investment. 
Though the cash flows are positive beginning the first year given the interest rate etc. and after serving the monthly EMIs, the net proceeds after three years depending upon 8 percent exit cap rate is also positive, However the Internal Rate of Return (IRR) is negative at -14.17% which suffice the option of not to invest in this property going by the given details. Negative IRR means the cash flows are negative and will not cover the investment done.
So, as a friend of Sally, I would recommend not investing in this property as there are many cons than pros and internal rate of return is negative.
3. How would you evaluate Sally’s approach to underwriting and sourcing the mortgage?
Ans – Sally estimated that minimum leveraged return required from the investment must be at least 10%. She decided to earn as a property management fees by taking 10% of the collected revenues to mitigate her loan and other finance. 
She is having a great knowledge of real estate finance decided to take a loan with a 10 year balloon term. She also reached out to family and friends to complete the required equity. By running the numbers she got 68.73% of the total amount required for building to complete as a loan. 
I would rather suggest not taking the balloon term loan in case of real estate investment as it is riskier if the term is too long. Had it been 4-5 years it would have been feasible because at a much later date such investment becomes riskier. Also depending upon the current rental income and then coming to the loan to value, it is much lower in terms of loan to cost thus requiring sally to invest on her own and hence putting pressure to clear the both. 
However, her approach in underwriting is good depending on the latest trends in the real estate market but for the source of mortgage it is doubtful if the cash flows will be sufficient enough to clear both the loan and self-equity.
4. Based on Sally’s underwriting, experience and lifestyle, do the investment and her role make sense for her?
Ans - Based on Sally’s underwriting, experience and lifestyle, it somewhat makes less sense for her to take up such project after just graduating for the university. She might have excelled in real estate finance, marketing etc. but handling a practical project which involves lot of renovation, building permits to be completed, struggling to get self-equity is a tough job for a fresher. Since she wants to act as a GC for this project, she has no experience in this role thus making it difficult to cope with the future challenges associated with it. 
Moreover staying at the property and occupying the third floor will not be beneficial as the IRR as still negative and she works full time at a local appraisal firm thus making it more difficult to stay at property and work. 
Thus keeping in mind the negative IRR, multiple challenges, almost nil practical experience, Sally does not fit for her role and investment. 
However she can assist senior person in this project and gain relevant knowledge and experience regarding such projects.
Addendum
woodland-ave-apart
ments-feasiblity-model-template-fall-2019-1-bkrovqex.xlsm
Evaluation by Sally 
	Woodland Avenue
	Scenario I
	Gross Building Size	3,850 sf
	Rentable Building Size	3,600 sf
	Basement 2BR 1.5 BA	900 sf
	1st Floor Studio - 1BA	450 sf
	1st Floor Studio - 1BA	450 sf
	2nd Floor - 2BR 1.5 Bath	900 sf
	3rd Floor - 2BR, 1.5 BA	900 sf
	Efficiency Ratio	93.5%	difference is hallways
	Land Area	0.04 acres
	FAR	2.07 FAR
			Total
	Basement 2BR 1.5 BA	$900 per unit per month	$   10,800	Resident pays unit electric bills
	1st Floor Studio - 1BA	$750 per unit per month	9,000	Resident pays unit electric bills
	1st Floor Studio - 1BA	$750 per unit per month	9,000	Resident pays unit electric bills
	2nd Floor - 2BR 1.5 Bath	$950 per unit per month	11,400	Resident pays unit electric bills
	3rd Floor - 2BR, 1.5 BA	$925 per unit per month	11,100	Resident pays unit electric bills
	Sub-Total		$   51,300
	Vacancy and Collection Loss	12%	6,156
	Effective Gross Income		$   45,144
	Real Estate Taxes		$   3,725
	Insurance		2,750
	Common Area Utilities		1,100
	Property Management	10%	4,514
	Painting of Units when they turn	$0 per unit	0
	Sub-total		12,089
	Net Operating Income		$   33,055			Weighted rent average from existing tenants:  $17.50
						Weighted rent average from existing tenants:  $17.51
	Cost	Per SF	Total			Weighted rent average from existing tenants:  $17.52
	Purchase Price - BUILDING		$   420,000			Weighted rent average from existing tenants:  $17.53
	Renovation Costs		51,000			Weighted rent average from existing tenants:  $17.54
	CONTINGENCY	10.00%	5,100			Weighted rent average from existing tenants:  $17.55
	Lenders Attorney Costs		0	Seller and Buyer split these costs		Weighted rent average from existing tenants:  $17.56
	  Closing Costs - Origination fee	0.00%	0			Weighted rent average from existing tenants:  $17.57
	  Closing Costs - Buyers attorney & fees		0
	Operating Expense Carry During Renovation		3,725
	Debt Service Reserve During Renovation		0
	Working Capital - Two Months Opex and Debt Service		621
	Closing, Escrow	2.00%	8,400
	Total Costs		$   488,846
	To Size Value for Lending Purposes
	Net Operating Income for Valuation & Loan Sizing		$   33,055
	Capitalization Rate	7.87%	$   420,008
	Loan by LTV Test	80.00% LTV Ratio	$   336,006
	Interest Rate	6.00%
	Amortization	25 years
	Loan Constant	7.73%
	Minimum DSC	1.15 X
	Maximum Loan to Cost	80.00%
	Loan per LTV Ratio		$   336,006
	Loan per DSC Ratio		372,000
	Loan per LTC Ratio		391,077
	Concluded Loan - Min of LTV, DSC, LTC Tests		$   336,006
	Concluded Loan to Cost		68.73%
	Selected Loan		$336,006
	  Annual Payment		$   25,979
	Required Equity		$   152,840
	Cash Flow After Debt Service		$   7,076
	Difference Between our Cost and Value		$   (68,838)
	Now We Introduce Time to this Analysis…		Year 1	Year 2	Year 3
	Basement 2BR 1.5 BA	2.50% increase per yr	$   10,800	$   11,070	$   11,347
	1st Floor Studio - 1BA	2.50% increase per yr	9,000	9,225	9,456
	1st Floor Studio - 1BA	2.50% increase per yr	9,000	9,225	9,456
	2nd Floor - 2BR 1.5 Bath	2.50% increase per yr	11,400	11,685	11,977
	3rd Floor - 2BR, 1.5 BA	2.50% increase per yr	11,100	11,378	11,662
	Sub-Total		$   51,300	$   52,583	$   53,897
	Vacancy and Collection Loss	12.00% increase per yr	6,156	6,310	6,468
	Effective Gross Income		$   45,144	$   46,273	$   47,429
	Real Estate Taxes	2.00% increase per yr	3,725	3,800	3,875
	Insurance	2.00% increase per yr	2,750	2,805	2,861
	Common Area Utilities	2.00% increase per yr	1,100	1,122	1,144
	Property Management	2.00% increase per yr	4,514	4,605	4,697
	Repairs and Maintenance	2.00% increase per yr	0	0	0
	Total Operating Expenses		$   12,089	$   12,331	$   12,578
	Net Operating Income		$   33,055	$   33,941	$   34,852
	Debt Service		$   25,979	$   25,979	$   25,979
	Cash Flow After Debt Service		$   7,076	$   7,963	$   8,873
	CASH ON CASH RETURN FOR EQUITY		4.630%	5.210%	5.805%
	Terminal Cap Rate	8.00%
	NOI	Year Three	$   34,852
	Reversion		$   435,645	Return of the investment with profit
	Less Cost of Sale	10.00%	$   43,565	Broker fee
	Net Reversion		$   392,081
	Less Debt Balance		$   316,353
	Net Proceeds		$   75,727
	Leveraged IRR	$   (152,840)	$   7,076	$   7,963	$   84,600
		-14.17%
Amort Schedule by Sally
	Woodland Avenue
	 AMORTIZATION (P&I) SCHEDULE
													Red = "cells" in this tab that can be changed
			Loan Amount	$   336,006	*		Loan Amount	$336,006
			Annual Interest Rate	6.00%	*		Monthly Interest Rate	0.50%
			Years	25	*		Term in months	300
			Number of Payments per Year	12	*		Debt Serv. Monthly	$2,165
							Debt Serv. Yearly	$25,979
		Amount	Debt			Periods	Accum	Accum
	Period	Outstanding	Service	Principal	Interest	Remain	Principal	Interest	Year
	0	336,006.00				300	0.00	0.00
	1	335,521.14	2,164.89	484.86	1,680.03	299	$485	$1,680					Annual Totals
	2	335,033.85	2,164.89	487.29	1,677.61	298	$972	$3,358					Interest	Principal	P&I
	3	334,544.13	2,164.89	489.72	1,675.17	297	$1,462	$5,033				1	19,997.66	5,981.04	25,978.70
	4	334,051.96	2,164.89	492.17	1,672.72	296	$1,954	$6,706				2	19,628.76	6,349.93	25,978.70
	5	333,557.33	2,164.89	494.63	1,670.26	295	$2,449	$8,376				3	19,237.11	6,741.59	25,978.70
	6	333,060.22	2,164.89	497.10	1,667.79	294	$2,946	$10,044				4	18,821.31	7,157.39	25,978.70
	7	332,560.63	2,164.89	499.59	1,665.30	293	$3,445	$11,709				5	18,379.85	7,598.84	25,978.70
	8	332,058.55	2,164.89	502.09	1,662.80	292	$3,947	$13,372				6	17,911.17	8,067.52	25,978.70
	9	331,553.95	2,164.89	504.60	1,660.29	291	$4,452	$15,032				7	17,413.59	8,565.11	25,978.70
	10	331,046.83	2,164.89	507.12	1,657.77	290	$4,959	$16,690				8	16,885.31	9,093.39	25,978.70
	11	330,537.17	2,164.89	509.66	1,655.23	289	$5,469	$18,345		Principal	Interest	9	16,324.45	9,654.25	25,978.70
	12	330,024.96	2,164.89	512.21	1,652.69	288	$5,981	$19,998	1	$512	$1,653	10	15,729.00	10,249.70	25,978.70
	13	329,510.20	2,164.89	514.77	1,650.12	287	$6,496	$21,648		$544	$1,621	11	15,096.82	10,881.88	25,978.70
	14	328,992.86	2,164.89	517.34	1,647.55	286	$7,013	$23,295		$577	$1,588
	15	328,472.93	2,164.89	519.93	1,644.96	285	$7,533	$24,940		$613	$1,552
	16	327,950.40	2,164.89	522.53	1,642.36	284	$8,056	$26,583		$651	$1,514
	17	327,425.26	2,164.89	525.14	1,639.75	283	$8,581	$28,222		$691	$1,474
	18	326,897.50	2,164.89	527.77	1,637.13	282	$9,109	$29,860		$734	$1,431
	19	326,367.09	2,164.89	530.40	1,634.49	281	$9,639	$31,494		$779	$1,386
	20	325,834.04	2,164.89	533.06	1,631.84	280	$10,172	$33,126		$827	$1,338
	21	325,298.32	2,164.89	535.72	1,629.17	279	$10,708	$34,755		$878	$1,287
	22	324,759.92	2,164.89	538.40	1,626.49	278	$11,246	$36,382		$932	$1,233
	23	324,218.82	2,164.89	541.09	1,623.80	277	$11,787	$38,005
	24	323,675.03	2,164.89	543.80	1,621.09	276	$12,331	$39,626	2
	25	323,128.51	2,164.89	546.52	1,618.38	275	$12,877	$41,245
	26	322,579.26	2,164.89	549.25	1,615.64	274	$13,427	$42,860
	27	322,027.27	2,164.89	552.00	1,612.90	273	$13,979	$44,473
	28	321,472.51	2,164.89	554.76	1,610.14	272	$14,533	$46,083
	29	320,914.98	2,164.89	557.53	1,607.36	271	$15,091	$47,691
	30	320,354.67	2,164.89	560.32	1,604.57	270	$15,651	$49,295
	31	319,791.55	2,164.89	563.12	1,601.77	269	$16,214	$50,897
	32	319,225.62	2,164.89	565.93	1,598.96	268	$16,780	$52,496
	33	318,656.85	2,164.89	568.76	1,596.13	267	$17,349	$54,092
	34	318,085.24	2,164.89	571.61	1,593.28	266	$17,921	$55,686
	35	317,510.78	2,164.89	574.47	1,590.43	265	$18,495	$57,276
	36	316,933.44	2,164.89	577.34	1,587.55	264	$19,073	$58,864	3
	37	316,353.22	2,164.89	580.22	1,584.67	263	$19,653	$60,448
	38	315,770.09	2,164.89	583.13	1,581.77	262	$20,236	$62,030
	39	315,184.05	2,164.89	586.04	1,578.85	261	$20,822	$63,609
	40	314,595.08	2,164.89	588.97	1,575.92	260	$21,411	$65,185
	41	314,003.16	2,164.89	591.92	1,572.98	259	$22,003	$66,758
	42	313,408.29	2,164.89	594.88	1,570.02	258	$22,598	$68,328
	43	312,810.44	2,164.89	597.85	1,567.04	257	$23,196	$69,895
	44	312,209.60	2,164.89	600.84	1,564.05	256	$23,796	$71,459
	45	311,605.76	2,164.89	603.84	1,561.05	255	$24,400	$73,020
	46	310,998.89	2,164.89	606.86	1,558.03	254	$25,007	$74,578
	47	310,389.00	2,164.89	609.90	1,554.99	253	$25,617	$76,133
	48	309,776.05	2,164.89	612.95	1,551.94	252	$26,230	$77,685	4
	49	309,160.04	2,164.89	616.01	1,548.88	251	$26,846	$79,234
	50	308,540.95	2,164.89	619.09	1,545.80	250	$27,465	$80,780
	51	307,918.76	2,164.89	622.19	1,542.70	249	$28,087	$82,322
	52	307,293.46	2,164.89	625.30	1,539.59	248	$28,713	$83,862
	53	306,665.04	2,164.89	628.42	1,536.47	247	$29,341	$85,398
	54	306,033.47	2,164.89	631.57	1,533.33	246	$29,973	$86,932
	55	305,398.75	2,164.89	634.72	1,530.17	245	$30,607	$88,462
	56	304,760.85	2,164.89	637.90	1,526.99	244	$31,245	$89,989
	57	304,119.77	2,164.89	641.09	1,523.80	243	$31,886	$91,513
	58	303,475.47	2,164.89	644.29	1,520.60	242	$32,531	$93,033
	59	302,827.96	2,164.89	647.51	1,517.38	241	$33,178	$94,551
	60	302,177.21	2,164.89	650.75	1,514.14	240	$33,829	$96,065	5
	61	301,523.20	2,164.89	654.01	1,510.89	239	$34,483	$97,576
	62	300,865.93	2,164.89	657.28	1,507.62	238	$35,140	$99,083
	63	300,205.37	2,164.89	660.56	1,504.33	237	$35,801	$100,588
	64	299,541.50	2,164.89	663.86	1,501.03	236	$36,464	$102,089
	65	298,874.32	2,164.89	667.18	1,497.71	235	$37,132	$103,586
	66	298,203.80	2,164.89	670.52	1,494.37	234	$37,802	$105,081
	67	297,529.92	2,164.89	673.87	1,491.02	233	$38,476	$106,572
	68	296,852.68	2,164.89	677.24	1,487.65	232	$39,153	$108,059
	69	296,172.05	2,164.89	680.63	1,484.26	231	$39,834	$109,544
	70	295,488.02	2,164.89	684.03	1,480.86	230	$40,518	$111,024
	71	294,800.57	2,164.89	687.45	1,477.44	229	$41,205	$112,502
	72	294,109.68	2,164.89	690.89	1,474.00	228	$41,896	$113,976	6
	73	293,415.34	2,164.89	694.34	1,470.55	227	$42,591	$115,446
	74	292,717.53	2,164.89	697.81	1,467.08	226	$43,288	$116,913
	75	292,016.22	2,164.89	701.30	1,463.59	225	$43,990	$118,377
	76	291,311.41	2,164.89	704.81	1,460.08	224	$44,695	$119,837
	77	290,603.08	2,164.89	708.33	1,456.56	223	$45,403	$121,294
	78	289,891.20	2,164.89	711.88	1,453.02	222	$46,115	$122,747
	79	289,175.77	2,164.89	715.44	1,449.46	221	$46,830	$124,196
	80	288,456.75	2,164.89	719.01	1,445.88	220	$47,549	$125,642
	81	287,734.15	2,164.89	722.61	1,442.28	219	$48,272	$127,084
	82	287,007.93	2,164.89	726.22	1,438.67	218	$48,998	$128,523
	83	286,278.07	2,164.89	729.85	1,435.04	217	$49,728	$129,958
	84	285,544.57	2,164.89	733.50	1,431.39	216	$50,461	$131,389	7
	85	284,807.40	2,164.89	737.17	1,427.72	215	$51,199	$132,817
	86	284,066.55	2,164.89	740.85	1,424.04	214	$51,939	$134,241
	87	283,321.99	2,164.89	744.56	1,420.33	213	$52,684	$135,662
	88	282,573.71	2,164.89	748.28	1,416.61	212	$53,432	$137,078
	89	281,821.69	2,164.89	752.02	1,412.87	211	$54,184	$138,491
	90	281,065.90	2,164.89	755.78	1,409.11	210	$54,940	$139,900
	91	280,306.34	2,164.89	759.56	1,405.33	209	$55,700	$141,305
	92	279,542.98	2,164.89	763.36	1,401.53	208	$56,463	$142,707
	93	278,775.81	2,164.89	767.18	1,397.71	207	$57,230	$144,105
	94	278,004.79	2,164.89	771.01	1,393.88	206	$58,001	$145,499
	95	277,229.93	2,164.89	774.87	1,390.02	205	$58,776	$146,889
	96	276,451.19	2,164.89	778.74	1,386.15	204	$59,555	$148,275	8
	97	275,668.55	2,164.89	782.64	1,382.26	203	$60,337	$149,657
	98	274,882.00	2,164.89	786.55	1,378.34	202	$61,124	$151,035
	99	274,091.52	2,164.89	790.48	1,374.41	201	$61,914	$152,410
	100	273,297.09	2,164.89	794.43	1,370.46	200	$62,709	$153,780
	101	272,498.68	2,164.89	798.41	1,366.49	199	$63,507	$155,147
	102	271,696.28	2,164.89	802.40	1,362.49	198	$64,310	$156,509
	103	270,889.87	2,164.89	806.41	1,358.48	197	$65,116	$157,868
	104	270,079.43	2,164.89	810.44	1,354.45	196	$65,927	$159,222
	105	269,264.94	2,164.89	814.49	1,350.40	195	$66,741	$160,573
	106	268,446.37	2,164.89	818.57	1,346.32	194	$67,560	$161,919
	107	267,623.71	2,164.89	822.66	1,342.23	193	$68,382	$163,261
	108	266,796.94	2,164.89	826.77	1,338.12	192	$69,209	$164,599	9
	109	265,966.03	2,164.89	830.91	1,333.98	191	$70,040	$165,933
	110	265,130.97	2,164.89	835.06	1,329.83	190	$70,875	$167,263
	111	264,291.73	2,164.89	839.24	1,325.65	189	$71,714	$168,589
	112	263,448.30	2,164.89	843.43	1,321.46	188	$72,558	$169,910
	113	262,600.65	2,164.89	847.65	1,317.24	187	$73,405	$171,227
	114	261,748.76	2,164.89	851.89	1,313.00	186	$74,257	$172,540
	115	260,892.61	2,164.89	856.15	1,308.74	185	$75,113	$173,849
	116	260,032.19	2,164.89	860.43	1,304.46	184	$75,974	$175,154
	117	259,167.46	2,164.89	864.73	1,300.16	183	$76,839	$176,454
	118	258,298.40	2,164.89	869.05	1,295.84	182	$77,708	$177,750
	119	257,425.00	2,164.89	873.40	1,291.49	181	$78,581	$179,041
	120	256,547.24	2,164.89	877.77	1,287.13	180	$79,459	$180,328	10
	121	255,665.08	2,164.89	882.16	1,282.74	179	$80,341	$181,611
	122	254,778.51	2,164.89	886.57	1,278.33	178	$81,227	$182,889
	123	253,887.52	2,164.89	891.00	1,273.89	177	$82,118	$184,163
	124	252,992.06	2,164.89	895.45	1,269.44	176	$83,014	$185,433
	125	252,092.13	2,164.89	899.93	1,264.96	175	$83,914	$186,698
	126	251,187.70	2,164.89	904.43	1,260.46	174	$84,818	$187,958
	127	250,278.75	2,164.89	908.95	1,255.94	173	$85,727	$189,214
	128	249,365.25	2,164.89	913.50	1,251.39	172	$86,641	$190,465
	129	248,447.18	2,164.89	918.07	1,246.83	171	$87,559	$191,712
	130	247,524.53	2,164.89	922.66	1,242.24	170	$88,481	$192,954
	131	246,597.26	2,164.89	927.27	1,237.62	169	$89,409	$194,192
	132	245,665.36	2,164.89	931.91	1,232.99	168	$90,341	$195,425	11
	133	244,728.79	2,164.89	936.56	1,228.33	167	$91,277	$196,653
	134	243,787.54	2,164.89	941.25	1,223.64	166	$92,218	$197,877
	135	242,841.59	2,164.89	945.95	1,218.94	165	$93,164	$199,096
	136	241,890.91	2,164.89	950.68	1,214.21	164	$94,115	$200,310
	137	240,935.47	2,164.89	955.44	1,209.45	163	$95,071	$201,520
	138	239,975.26	2,164.89	960.21	1,204.68	162	$96,031	$202,724
	139	239,010.24	2,164.89	965.02	1,199.88	161	$96,996	$203,924
	140	238,040.40	2,164.89	969.84	1,195.05	160	$97,966	$205,119
	141	237,065.71	2,164.89	974.69	1,190.20	159	$98,940	$206,309
	142	236,086.15	2,164.89	979.56	1,185.33	158	$99,920	$207,495
	143	235,101.69	2,164.89	984.46	1,180.43	157	$100,904	$208,675
	144	234,112.30	2,164.89	989.38	1,175.51	156	$101,894	$209,851
	145	233,117.97	2,164.89	994.33	1,170.56	155	$102,888	$211,021
	146	232,118.67	2,164.89	999.30	1,165.59	154	$103,887	$212,187
	147	231,114.38	2,164.89	1,004.30	1,160.59	153	$104,892	$213,347
	148	230,105.06	2,164.89	1,009.32	1,155.57	152	$105,901	$214,503
	149	229,090.69	2,164.89	1,014.37	1,150.53	151	$106,915	$215,654
	150	228,071.25	2,164.89	1,019.44	1,145.45	150	$107,935	$216,799
	151	227,046.72	2,164.89	1,024.54	1,140.36	149	$108,959	$217,939
	152	226,017.06	2,164.89	1,029.66	1,135.23	148	$109,989	$219,075
	153	224,982.25	2,164.89	1,034.81	1,130.09	147	$111,024	$220,205
	154	223,942.27	2,164.89	1,039.98	1,124.91	146	$112,064	$221,330
	155	222,897.09	2,164.89	1,045.18	1,119.71	145	$113,109	$222,449
	156	221,846.69	2,164.89	1,050.41	1,114.49	144	$114,159	$223,564
	157	220,791.03	2,164.89	1,055.66	1,109.23	143	$115,215	$224,673
	158	219,730.09	2,164.89	1,060.94	1,103.96	142	$116,276	$225,777
	159	218,663.85	2,164.89	1,066.24	1,098.65	141	$117,342	$226,876
	160	217,592.28	2,164.89	1,071.57	1,093.32	140	$118,414	$227,969
	161	216,515.35	2,164.89	1,076.93	1,087.96	139	$119,491	$229,057
	162	215,433.04	2,164.89	1,082.31	1,082.58	138	$120,573	$230,139
	163	214,345.31	2,164.89	1,087.73	1,077.17	137	$121,661	$231,217
	164	213,252.14	2,164.89	1,093.16	1,071.73	136	$122,754	$232,288
	165	212,153.51	2,164.89	1,098.63	1,066.26	135	$123,852	$233,355
	166	211,049.39	2,164.89	1,104.12	1,060.77	134	$124,957	$234,

Individual Assignment Woodland Avenue Apartments, Southwest Philadelphia, PA Goals - Learning Objectives The overarching goal for this individual assignment is to allow the students to demonstrate...

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