Help in analyzing new construction as build/rent/hold projec

[James Saturley]

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*I am contemplating building multi-family units here in the Tampa area.  For simplicity reasons on the forum, Lets say I build for $65/sqft (with no profit), land cost is $100K (for this project).  Three units at 1500sqft each (3bdrm, 2bath).  I want to build these units, rent them out and refinance at 70% appraised value. (which is what I have invested).  Do the numbers on the report make sense?  Am I missing something?  Last night I was at a REIA meeting and someone said the cap rate would keep me from getting these refinanced.  The cap rate here is 8%.  If my NOI is $44K, the value is $550K, right? So, not sure what he was talking about.