3% Rule on New Development

[Derek Morrison]

So I was browsing the web today and found what seems to be an unrealistically good deal:

• A New Development (supposed to be done in 2020)
• 30+ units (mix of studio, 1/1, and 2/2)
• Renting between $975 - $1200 per month (about $34,000 per month for all units)
• The list price is around $900,000

Certainly I must be missing something? Is this the price for land, and then I have construction costs as well?