We are riding from cap 9 market to cap 3 market, everyone in BP that invested in 2009 is rich enough lol.Now................ the difference is the effect of asset when financed with short term debt vs very long term debt.With very long term debt like residential we have reduced appreciation rate in different market (from -2 to 6% market)to a collapsed of valuation (in CRE using short-term floating) with (DE-)appreciation from -10 to -30%( one 100 bps changes in spread causing a decline of valuation to 10-15% and/or 10-15 DSCR from my napkin calculator ).

Without crunching real numbers, my napkin math is probably close to 20% avg annual return.  

Back of the napkin, I think $130k would be break even.

At this point I need assistance and advice for the up-front (call it "back of the napkin") assessment to determine if it's worth moving forward on.

Too much paper, napkins, toy trucks, etc - tenants problem. 

So back of the napkin, that's almost 3 years of waiting to get the money back. 

A rough back-of-the-napkin calculation yields about $3.2 million in available equity across the entire portfolio.  

Back of the napkin analysis (or BP calculator) make a conservative offer and see if the seller is willing to play ball.  

Now is that their off the napkin running of the numbers to see if they would even consider my deal or is that what they usually use.

BUT we normally tell clients for the back of the napkin number to use $122 per sq ft.