You can also call local small and midsize GC's for their budget guidance on hard costs.You can do a very simple proforma as follows:Revenue from salesLess Broker fees for condo sales, closing costs for unit sales, warranty costs for units salesLand, closing costs for land, broker fees for landSoft costs, architecture, civil eng, MEP/S engineering, soils report, Phase 1 if needed, developer insurance, prop. taxes during const., marketing, subdivision costs, HOA formation and reservesHard costs - GC contract costs, overhead, profit, insuranceDevelopment impact fees, permit fees, school fees, park fees, etc.Loan costs for const. loan, interest carry, loan fees, appraisal costs, lender legal, funds controlDeveloper feeEquals (what's left) - developer profit, normally shared between equity investor and developer. 6.

I brought up Irfan because he's doing a healthy business right now in Philly/Jersey, but wants to quadruple his business in short order. 

By my math it’s a good deal for him as he is essentially a wash between his lease rate and his annual distributions from reinvesting the proceeds; no capital gains exposure and has $2.98m working for him at a healthy 10%, and exposure to a sponsor relationship that has tremendous, yet intangible value.

will also depend partly on which market, western Washington for the example has notoriously bad soils which would require far more scrutiny than somewhere like Colorado for example.

If the net cash flow number above (3100-2040 = 960) is including all these considerations, then that's a healthy chunk of change per month.

Hire and manage a design team, including architect, landscape architect, civil engineer, soils engineer, to produce the initial design concepts and schematic plans necessary to complete the entitlement process.

Michael:  I paid $500 bucks for some remodeling plans (yucca valley architect who is quas-retired) and he connected me to engineer/ and Title 24 guy  (new construction also requires soil test engineering and sometimes water flow testing for the water district)but I think 1000-1500 is probably  low end and 3500-5000 is high endI'm working on a hew house in pioneertown and I'm interviewing builders/general contractors (who have plans in their archives that were approved) -many plans approved in 2015 aren't valid.. because of the Title 24 increases every year and the 2016 codeNathan: exciting. yucca NEEDS some new apartments!

I will say though prices seemed healthy and didn't make sense to me (seemed like lot of work for tiny return).

Do you know the extent of what is soiled in the apartment?

Previously, my method has been to purchase homes and hold/rent with healthy cash flow.