Beachwalk Development Project

[John L DeVitto Jr]

Investment Info:

Single-family residence other investment.

Purchase price: $450,000
Cash invested: $210,000
Sale price: $3,269,000

5 Single Family Home Development. Bought the land for $480k with a partner. We excavated the land, then got a construction loan to build the 5 homes.
Sale Price on all 5 $ 3,269,000
Land Cost -$ 450,000
Excavation cost -$ 500,000
House Cost all 5 -$ 1,625,000
Permits -$ 61,000
Holding Cost -$ 92,000
Closing Cost -$ 131,000

TOTAL PROFIT $ 410,000