Architect / Developer - Building in California (For a Profit)

[William Samuel Johnson]

My Current Deal; 

Area : Lake Elsinore, CA 

Land location : 30 Silver St. Lake Elsinore, CA 

Link : https://www.zillow.com/homedetails/30-Silver-St-Lake-Elsinore-CA-92530/2089090603_zpid/

Land Cost : 54,900 | .9 ACRES ( Without negotiation ) 

Program : 3 Bed 2.5 Bath - 1,591 Sq. Ft. 

Price / Sq. Ft. = $125

My Due Diligence

- Average selling price in Lake Elsinore = $390,000

- Homes sell for around list price and go pending in around 48 days.

- Average Income in Lake Elsinore = $63,303 / Year - which means the average person can afford a $350,000 home. 

- Pardee Homes have started developing homes starting in the mid 300's - 3 bed, 2.5 bath - 1,794 - 2,288 Sq. Ft. 
Link- https://www.pardeehomes.com/inland-empire/westlake/

Land / City Analysis : 

Zoning : R-1 Single Family Residential District 

Geo-technical Engineer - Identified Granitic Bedrock in the surrounding Area

Sewer Tap fee = $52,000

Water Tap Fee = $17,500

Real Estate Agent broker fee = $24,000

Building Permits = $4,392

Design Review Committee = N/A  ( Not Required )

Pro Forma 

Projected profit = $76,933 (24%)

Architectural Rendering 

Apparently, Bigger Pockets won't let me attach more than one image, So I will try to attach my Pro Forma along with my Floor plans. 

I'd really like to get a discussion going about how people are approaching the Owner / Developer and in my case the Arch Designer / Developer Business model.