2xHouse Business Plan by Amy Swift

2xHouse

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2xHouse

Building Hugger L3C

This Page: â&#x20AC;˘ Rear bedroom of Unit B

Table of Contents

Table of Contents Introduction

04-05

Building a Framework

06-21

Neighborhood Analysis

22-31

Project Overview

32-39

Architectural Vision

40-49

Development Plan

50–55

Operating Pro Forma

56–63

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Introduction

Introduction Two houses, one city lot. 2xHouse is an ongoing design-build project in Southwest Detroit. Purchased in the Wayne County tax auction in 2012, the project seeks to understand and find tangible solutions for the many socio-polital and economic forces that present barriers to the rehabilitation of blighted, yet culturally rich, properties in Detroit. The goal of the 2xHouse project is to reactivate a vacant property in an active neighborhood by rehabilitating each house into two 2 unit market-rate rentals using sustainable design and preservation strategies. Although this is a unique property, it will serve as a case study to explore pathways for the rehabilitation of targeted properties in similar neighborhoods. The city-wide demolition effort utilizing $54 million in federal Hardest Hit assistance does not outline a rehabilitation plan for blighted properties of sound structural condition in targeted development zones. It is vital to have a plan in place for the rehabilitation of these properties in order to make the case to spare them from demolition. Maintaining historic fabric adds to a communityâ&#x20AC;&#x2122;s sense of place by stabilizing and improving the existing physical makeup of the neighborhood. Currently the 2xHouse project is seeking traditional and creative funding sources to pursue a 2014-15 construction schedule. The plan herein outlines the project background, needs, and impacts. Sincerely,

Amy Nicole Swift Â Principal & Founder 5

Building a Framework • • • •

Mission Statement & Executive Summary Scope of 2xHouse Plan BH Resume & Portfolio Local Partners

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Mission Statement & Executive Summary Building Hugger L3C (BH) is a low-profit limited liability company located in Detroit, Michigan pursuing socially and environmentally beneficial goals. BH believes in reusing existing structures as a means of establishing and maintaining authentic, livable, and sustainable urban places. “An L3C is a for-profit, social enterprise venture that has a stated goal of performing a socially beneficial purpose, not maximizing income. It is a hybrid structure that combines the legal and tax flexibility of a traditional LLC, the social benefits of a nonprofit organization, and the branding and market positioning advantages of a social enterprise.” — CNN Money With so many underutilized and vacant properties creating a strain on market values and community connectivity, BH places a focus on identifying barriers to reuse and employing creative solutions that allow investors and the community to reclaim and improve these spaces. BH serves as a laboratory for what an expanded role of the designer-advocate might grow to be in a DIY, communityfocused market like Detroit. By taking on varied roles – such as designer, contractor, developer, materials specialist, skilled laborer, conservationist, construction manager, property manager, and project strategist — BH seeks to feel out and react to the needs of Detroit’s unorthodox real estate and development markets in order to get projects off the ground. The goal is to focus on realistic, measurable actions that help to tangibly improve Detroit’s neighborhoods. The 2xHouse project is the first of hopefully many similar development projects executed by BH, with the goal of providing a roadmap for similar organizations and private investors to follow towards rehabilitation.

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HOW WILL BH OVERCOME DETROIT’S DEVELOPMENT CHALLENGES? It is no secret that Detroit plays host to many development challenges, but the 2xHouse project seeks to outline a solution. Foreclosures continue to plague communities. Instability from the tax auction seems to generate more horror stories and ponzi schemes than happy endings. Skewed assessments and insufficient comps create an environment where banks are hesitant or unable to lend. Over time these issues have aggregated into the complex melodrama of blight afflicting many of Detroit’s neighborhoods. While it’s easy to become paralyzed in the face of such challenges, BH is focused on managing what it can do well. That means transforming one property at a time, returning blighted structures to contributing homes that comprise strong neighborhoods. Funding these kinds of rehabilitation projects for targeted, viable properties in populated neighborhoods will require impassioned citizens and professionals working hard to find creative funding solutions. This is exactly the kind of no-stoneunturned approach that BH has outlined for the 2xHouse. WHAT IS THE SCOPE OF THIS BUSINESS PLAN? 100% of the funding being sought for the 2xHouse project will directly cover the hard and soft costs associated with the rehabilitation efforts at the property. This is an appeal for project-specific funding. General BH costs are covered by consulting work on client projects. Pre-development costs have thus far been covered with personal funds. No salaries are currently paid from BH revenue. All revenue currently covers office rent, insurances, company truck, and tool acquisition. The 2xHouse project is a vital next step to the growth of BH as a stable business entity. Revenue from the 2xHouse project, less debt service and carrying costs, will be used to replace Opposite Page, top & bottom: • Greater Downtown Map from Detroit Future City Plan. This area includes: Downtown, Midtown, Corktown, New Center, Woodbridge, Eastern Market, Rivertown, the Villages, Lafayette Park, and Hubbard Farms. • Moderate Vacancy 1 & 2 Map from Detroit Future City Plan. The location of the 2xHouse sits in the Moderate Vacancy 1 zone, just west of what is considered Greater Downtown.

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personal funds for acquisition and pre-development of future projects. It will also negate or reduce the need for BH sweat equity on future projects. Additional funding may be sought through the company’s L3C status to cover a small salary for the principal. HOW DO THE GOALS OF BH FIT INTO THE DETROIT FUTURE CITY FRAMEWORK? BH is interested in focusing on Traditional Medium-Density neighborhoods that have been surveyed as being in the Moderate Vacancy 1 category. These neighborhoods are primarily residential neighborhoods with peripheral retail and commercial zones. The predominant housing type is the detached single-family home on a traditional urban grid, but attached duplexes and townhomes are common as well. Public space is provided through neighborhood parks, school, and rec centers. These neighborhoods can maintain sustainable city service costs at full-density. However, Moderate Vacancy neighborhoods have about 25% housing and land vacancy aggregated citywide. With high foreclosure rates, markets are weak with low demand. But Moderate Vacancy 1 neighborhoods that are in close proximity to the stronger markets, like Low-Density neighborhoods and Greater Downtown, hold an excellent potential for stabilization. This type of neighborhood will be the focus of BH’s rehabilitation efforts. It is important that development plans align with the city’s plans for right sizing. That is why it will be important to focus only on areas that the city plans on investing city services in the future. Thus, neighborhoods located in Renew and Maintain and Upgrade and Maintain zones should be targeted areas for private investment. WHAT IS THE LONG-TERM MODEL FOR BH’S SELECTION OF REHABILITATION SITES? When a property is in good enough shape that a traditional developer or CDC can feasibly restore or renovate a property to rent or sell, there are free-market and government Opposite Page, top & bottom: • Strategic Renewal Approach Map from Detroit Future City Plan. 2xHouse is located in an area of “renew and maintain” at the edge of an area of “upgrade and maintain.” Although this map outlines the management approach of city services investments, the same logic could be overlaid to the scope of architectural investments.

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supported processes for that. Conversely, when a property is in unsound condition and in need of demolition, there is now public funding for that. What is missing in this equation is the hard project — the one that needs more money and elbow grease than a traditional developer is willing or able to take on, but that would have a negative impact on the neighborhood if demolished. BH seeks to tackle the hard project. As each rehabilitation project will inherently be unique, it is difficult to outline in definite terms what future projects might look like. However, there are some general guidelines: • located on a “mostly intact” block • located in a district outlined in Detroit Future City’s Strategic Renewal Approach as either “Renew and Maintain” or “Upgrade and Maintain” because these are the areas where the City of Detroit is investing in city services • acquisition process does not compete with an owneroccupant interested in purchasing the property • primary structure is generally sound • preference will be given to properties built before 1960 • contains, or may contain, some authentic historic architectural detailing • has the potential to be broken into multiple units without significant changes to the exterior

Overall BH Timetable 07-2012

REGISTERED BUILDING HUGGER L3C

10-2012

PURCHASED 1433 MCKINSTRY IN WAYNE COUNTY TAX AUCTION

11-2012

RECEIVED DEED

06-2013

GAINED ACCESS TO PROPERTY

07-2013

CLEANED PROPERTY W/ VOLUNTEER CREW

08-2013 DETROIT TRAINING CENTER ON-SITE DEMOLITION TRAINING

10-2013

SEASONAL BOARDING

11-2013

PARTNERED WITH PRACTICE SPACE (PS) FOR PRE-DEVELOPMENT PLANNING

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12-2013

PURCHASED 4616 PORTER ST FROM MICHIGAN LAND BANK AUTHORITY FOR NEIGHBORHOOD GARDEN PROJECT

01-2014

DRAFT BUSINESS PLAN EXECUTED W/ PS & DISTRIBUTED TO NETWORK

02-2014

PUBLIC REVIEW OF BUSINESS PLAN AT PS

03-2014

JOINT APPLICATION W/ SUMMER IN THE CITY (SITC) FOR GRANT FUNDING FOR COMMUNITY GARDEN PROJECT

04-2014

FUNDING APPLICATION FOR 2XHOUSE

05-2014

WRAP UP 2XHOUSE PRE-DEVELOPMENT PHASE; BEGIN GARDEN IMPROVEMENTS

07-2014 START 2XHOUSE CONSTRUCTION; SEEK MEDIA PARTNERS FOR PRODUCT VIGNETTE OPPORTUNITIES 08-2014 SCOUT & PURCHASE FOLLOW-UP PROJECT FOR PRE-DEVELOPMENT PLANNING BY END OF SUMMER 09-2014 EXTERIOR 2XHOUSE IMPROVEMENTS COMPLETE, DRAW 2 12-2014 ROUGH PLUMBING, ELECTRIC, HVAC COMPLETE, DRAW 3 01-2015

DRAFT BUSINESS PLAN FOR NEXT PROJECT(S)

02-2015 PUBLIC REVIEW OF NEXT BUSINESS PLAN, HOUSE 1 COMPLETE FOR TENANTS, DRAW 4 03-2015 PROMOTE & MARKET ONCOMING UNITS FOR RENT 04-2015

HOUSE 2 COMPLETE FOR TENANTS, BLOCK PARTY CELEBRATION, FUNDING APPLICATIONS FOR NEXT PROJECT(S)

Next Page, left to right: • The Nest woven from found landscaping waste from Belle Isle • Dining by Design 2013 sponsored by Interface; wall constructed from a salvaged dock, lantern woven from industrial paper scrap; total budget $250 • Perkins + Will Chicago office renovation, LEED CI Platinum

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“Everything can have a second, third, and even infinite life if we are open to the creative possibilities embedded in materials.” — AMY NICOLE SWIFT INTERVIEW FOR WALLS & CEILINGS MAGAZINE VOL.2 2013

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Building Hugger is acting in the role of developer, design-build contractor, and ultimately property manager for the 2xHouse project. Amy is the lead consultant for all phases.

Amy Nicole Swift BUILDING HUGGER PRINCIPAL & FOUNDER

Having previously worked with the corporate architectural offices of Perkins+Will in Chicago, New York, and San Francisco, Amy has experience in the design, management, and construction of multi-million dollar projects in a variety of market sectors. Most notably, Amy held the role of project designer for the Perkins+Will Chicago office renovation — a 2.5 yr, $4.3 million 7 phase renovation of occupied offices in a historic Mies Van Der Rohe building that earned LEED CI Platinum Certification. Amy also held the role of LEED Facilitator on over a dozen similar projects, managing the LEED implementation and documentation processes through certification. Notable clients include: KPMG, United Nations, NYU, Deloitte, Bank of America, and Haworth. Amy honed her knowledge of materials and adaptive reuse design at Columbia University’s Graduate School of Architecture, Planning, & Preservation before returning to her native Detroit. Now with 8 years of professional experience both in the office and on site, Building Hugger is a natural application of Amy’s sustainability and preservation agendas. LICENSES | CERTIFICATES • Licensed Michigan Residential Builder • EPA-Certified Lead Renovator • LEED AP BC+C PREVIOUS PROFESSIONAL EXPERIENCE • Perkins + Will Designer II & Firmwide Sustainability Leader (June 2006 — August 2011) Chicago, New York, San Francisco • EDUCATION • Columbia University Master of Science in Historic Preservation (2011) • Lawrence Technological University Bachelor of Science in Interior Architecture, Magna Cum Laude (2006) • Kent State University Architectural Studies (2001-03

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TEACHING EXPERIENCE • Lawrence Technological University Adjunct Professor (Spring 2013 — present) • University of Detroit Mercy Adjunct Professor (Fall 2012) LOCAL WRITING EXPERIENCE • We Are Mode Shift Staff Writer (October 2012 — present) • Curbed Detroit Contributor (August 2012 — May 2013) LOCAL LEADERSHIP • Preservation Detroit Advisory Council (2013 — present) • Architectural Salvage Warehouse Detroit Advisory Panel (2013) PUBLICATIONS | EXHIBITIONS | INSTALLATIONS • Dichotomy No. 20 OLD April 2014, Contributing Author, “The Age of Obsolescence: A Loss of Meaning in the Pursuit of ‘Newness’” • DIFFA Dining by Design 2013 Table Designer, Sponsored by Interface • Detroit Design Festival Eastern Market After Dark September 2013, Sponsored Artist, “Waste Paper Lanterns” installed at Inner State Gallery • Detroit Artist Market EDGE Exhibition July 2013, Artist “Time Specter” and “Static Movement Studies” • The Nest November 2012, Human-scale bird nest, Design Consultant & Installer • DIFFA Dining by Design 2012 Table Designer • CLOG Dataspace May 2012, Contributing Author, “The Future of History: Translating Virtual Design into Virtual Artifact” • Docomomo International Journal No. 44 August 2011, Contributing Author, “Inherited Toxicity: An Expanded Concept of Sustainability for Preservation” CONFERENCE PAPERS | PRESENTATIONS • Detroit Design Festival Preservation Detroit Design Happening September 2013, “Development in Historic Districts: Why Appropriateness Matters” • Association for Preservation Technology (APT) Victoria October 2011, “The Toxicology of Copper and Its Implications for Preservation”

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Practice Space has been instrumental in outling the 2xHouse project’s Development Plan and Operational Budget, as well as in the ongoing procurement of project financing. Donald has focused his career on the intersection of business and development, exploring solutions to commercial and socioeconomic challenges at the ground level.

Donald Hart PRACTICE SPACE BUSINESS DEVELOPMENT DIRECTOR

As a senior manager with Accenture, he spent nine years working with multinational clients to enable business change through software implementations. An interest in applying these consulting services to help address economic development challenges - and a strong desire to get out from behind a desk - led him to Ethiopia, Mozambique, Indonesia, and Bangladesh to work with Save the Children on a supply chain improvement project through the non-profit business unit, Accenture Development Partnerships. He has further explored the connection of people and resources to spur economic growth, serving as a Kiva Fellow in Tajikistan with the microfinance website Kiva.org. He is now channeling his experience as an agent for economic change to his home state of Michigan as a Practice Space partner. Donald has a B.A. in Economics from Hope College. PROFESSIONAL EXPERIENCE • Practice Space Detroit Founding Partner (2013 — present) »» Business Development Director »» Financial Director • Accenture Senior Manager (2004-13) »» Applied Industrial Technologies ›› Procure to Pay & Supply Chain Team Lead »» Kellogg Company ›› Interim Process Architect »» Wolseley, Plc. ›› Deployment Solutions Architect ›› Purchasing & Master Data Process Design Consultant »» Johnson Controls Inc. (JCI) ›› North American Deployment Specialist »» Caterpillar Inc. ›› SAP Project Systems Analyst

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• Kiva Microfunds Tajikistan Kiva Fellow (2010) »» MicroLending Organization ›› Humo & Partners • Accenture Development Partnerships Consultant (2008-09) »» Save the Children ›› Supply Chain Consultant EDUCATION • Hope College Bachelor of Arts in Economics & Business Management, Minor Spanish, Summa Cum Laude (2004) • Universidad de Chile & Pontifica Universidad Catolica de Chile Semester Abroad, Spanish Fluency (2003) VOLUNTEERISM • Hurricane Katrina Response Volunteer (2005-07) • Hope College Spring Break International Service Trip Dominican Republic (2004) .

During the summer of 2013, BH partnered with Detroit Training Center (DTC) to clean, gut, and secure the 2xHouse property. The project served as a training location for DTC’s Introduction to Construction course. BH is working with DTC to facilitate future training opportunies during the proposed rehabilitation efforts. Marcus is a graduate of the University of Michigan with a Master of Science – Environmental Policy and Masters of Urban Planning degrees. His previous experience is in real estate and green building, with 6+ years of experience in both residential and commercial real estate, serving as a real estate and green building consultant. He also holds a LEED Green Associates Certification, demonstrating his knowledge of sustainable construction. He currently serves on the board for the Green Schools Committee for the Detroit Regional Chapter at the U.S. Green Building Council. His previous position was with the Center for Green Schools at the U.S. Green Building Council.

Marcus Jones DETROIT TRAINING CENTER DIRECTOR

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Other Partners & Collaborators BH is openly seeking other organizations with aligned efforts interested in collaborating on this project or others. Companies and organizations that have had an impact on the predevelopment phase are listed below: SUMMER IN THE CITY Summer in the City (SITC) is a neighboring organization in SW Detroit with aligning community improvement goals. Currently BH and SITC are working collaboratively with Keep Growing Detroit on a community garden collective on McKinstry and Porter Streets near the 2xHouse project site. BH has already purchased the MI Land Bank property at 4616 Porter St and has plans for purchase the remaining city owned lots with 20

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SITC. Improvements will start Spring 2014, including but not limited to fence construction and soil improvements. Summer in the City strives to improve and expand community service in Metro Detroit. By bringing a diverse group of young people together to invest their energy in Detroit, Summer in the City programs address the immediate needs of city neighborhoods and foster a regional mindset. SOUTHWEST SOLUTIONS DETROITERS WORKING FOR ENVIRONMENTAL JUSTICE Matt Hubbard, formerly the Chief Estimator for the DeMattia Group and currently the Crew Manager for DWEJ, visited the site and provided a 2nd opinion for the construction estimates provided in the development plan. DWEJ leadership has also been very supportive of the project. MICHIGAN SOLAR WORKS 2xHouse has been accepted for a PV program that is operated by Michigan Solar Works that will aid in the implementation of PVs on the site. MERIT HALL CONSTRUCTION STAFFING PRESERVATION DETROIT MICHIGAN HISTORIC PRESERVATION NETWORK LAWRENCE TECHNOLOGICAL UNIVERSITY COAD CITY OF DETROIT HISTORIC DISTRICTS COUNCIL SEVONTY RESTORATIONS LLC

Neighborhood Analysis • • • • •

Development Strategy Rental Demand & Viability Bikeability Walkability Opportunities for Future Projects

Neighborhood Analysis

DFC’s Greater Downtown Zone

BH Development Focus

Southwest Solutions Development Focus

2xHouse DFC’s Moderate Vacancy 1 Zone

Development Strategy With the understanding that community development is an incredibly large undertaking, BH sought to locate its development activities in one of DFC’s Moderate Vacancy 1 zones adjacent to an area where other development activities were already taking place. By focusing just outside these areas, acquisition costs remain low while nearby neighborhood stabilization efforts benefit the project. This approach BH calls Focusing on the Fringes, and while there are many benefits to this approach there are also challenges, such as securing funding support. The development zone in Mexicantown that BH has identified as its focus piggybacks off Southwest Solution’s decades worth of planning and investment in the SW Detroit neighborhoods along the Vernor Commercial Corridor. Their development zone – comprising the Hubbard Farms Historic District, Above: • Building Hugger’s initial development target zone and it’s proximity to Southwest Solution’s focus area, overlaid with pertinant DFC info.

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Mexican Village, the Vernor-Bagley viaduct area, and Clark Park – stops at the western edge of Clark Park. As an initial effort BH plans to focus on the residential neighborhood that is bounded by Clark St, Junction St, Vernor Hwy, and the I-75 Service Drive. This was a natural selection as the bounding streets chosen are larger commercial or institutional corridors, and the residential zone created by those streets is the next wave of neighborhood just beyond Southwest Solution’s development target zone.

Rental Demand & Viability With the influx of new and returning Detroit residents in recent years, and the revitalization efforts strongly underway in the city’s core neighborhoods of Downtown, Midtown, and Corktown, the rental markets are very strong and approaching $2/sf in some areas. As rents have been increasing in the city’s most popular neighborhoods, the middle class is slowly being pushed out because demand is high, quality supply is low, and rents are skyrocketing. There is currently a 98% occupancy rate in Downtown and waiting lists in Midtown, Corktown and Hubbard Farms (Detroit Free Press, Jan. 2014). Instead of losing the priced-out middle class to suburban areas, there must be a way to capture this demand with suitable housing in adjacent neighborhoods. According to the recent Bike Share Feasibility Study for Greater Downtown Detroit, Mexicantown is the second most densely populated neighborhood studied, behind Lafayette Park (see map on next page for included neighborhoods). It also has the lowest building vacancy rate of any of its nearby neighborhoods. • • • •

Mexicantown: Midtown: Downtown: Corktown:

7,048 ppl/sqmi 6,961 ppl/sqmi 3,653 ppl/sqmi 1,285 ppl/sqmi

_20% vac. _25% vac. _27% vac. _25% vac.

These are important numbers when considering current stability and future growth potential. With a high density and lower building vacancy rate, Mexicantown is an incredibly viable neighborhood to invest in because, while it still has room for growth in its vacancies, it has the make up of a stable, walkable community, which is what renters desire. 24

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“Demand has now exceeded the supply of livable housing in Corktown, Mexicantown, and Hubbard Farms, with almost no vacant rental units.” — ULI STUDY ON SW DETROIT 2013

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Previous Page: • Community art has a rich history in SW Detroit. Examples of public benches located near the Vernor Hwy Commercial Corridor. • “Existing and Proposed NonMotorized facilities in Greater Downtown Detroit” in Bike Share Feasibility Study For Greater Downtown Detroit, prepared by ALTA Planning & Design and LivingLab for the Detroit Bike Share Partnership. Study area shown was chosen as the most likely area to support bike sharing because of the relative density and mixed uses in the neighborhoods.

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This Page: • “Proposed: 50-year Land Use Scenario,” Detroit Future City 2012 Strategic Framework Plan

Neighborhood Analysis

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This Page: • “Proposed: Commercial Corridors in 2030,” Detroit Future City 2012 Strategic Framework Plan

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Neighborhood Analysis

Bikability There is a high degree of bikability in the Mexicantown neighborhood. The traditional, tree and parking lined urban street grid slows traffic for safe riding, and a number of existing bike corridors easily connect Mexicantown to nearby neighborhoods for an easy commute. There are also a number of proposed future bikelanes and greenways that will be soon implemented in the region.

Walkability Mexicantown is a traditional medium-density neighborhood, which, by design, fosters a high degree of walkability. Residential streets have a pleasant density that promotes safety and visual interest, and are within a few minutes walk from the central commercial corridor, Vernor Hwy. The area is home to a walkable school district from pre-K thru grade 12, with public, charter, and private school options at most levels.

Opportunities for Future Projects The Mexicantown neighborhood west of Clark Street is an ideal place for a case study because there is a high potential for similar projects in the future. BH has been working with the Detroit Land Bank Authority, the City of Detroit PDD, and members of Detroit Blight Task Force to establish BHâ&#x20AC;&#x2122;s practice as a well-regarded privately-owned community development entity working towards rehabilitation in Detroit neighborhoods. There is much need for these efforts in light of the vast number of publicly held blighted properties, and if a development model is established at the 2xHouse there will be many more viable properties these methods can be applied to.

Project Overview • • • • • •

Site Selection Overview of Existing Structures Site Cleanup & Demolition Hazardous Materials Assessments Progress to Date: Before & After Project Goals

Project Overview

Site Selection BH sought to obtain a case study property in which development challenges could be tested in order to create a roadmap for future projects. The goal was to target the kind of blighted project that did not structurally meet demolition criteria, yet was too much work for a private developer or CDC to typically take on. In 2012 BH was hired to do on-the-ground research for a handful of developers looking for properties in the 2012 Wayne County Tax Auction. BH saw the potential in the 2xHouse property and its neighborhood, but no developer bit. Too much work. Project was too big. Didn’t fit any of their quick-fix models. Afraid the property would fall into the hands of speculators, and knowing there would need to be a development model outlined for similarly fated properties, BH purchased the property for $1350. 1433 McKinstry was an ideal property to focus on initially. The property itself is historic, with 2 extant structures 100 and 120 years old. The massing, scale, and architectural features are in keeping with the neighborhood’s history. It also is a central property in a mostly in tact block and sits across the street from three high-traffic educational, civic, and religious properties. Thus a solid case can be made to save it. Its location on McKinstry sits at a critical edge delineating the residential district of Moderate Vacancy 1 to the west and Greater Downtown (as defined by Detroit Future City) to the east. If density in the neighborhood is to increase to a Low-Density characterization, which is the most sustainable model for delivering city services, then success on McKinstry is crucial. Above: • McKinstry Street elevation; the white house is also vacant.

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Overview of Existing Structures The name 2xHouse is derived from the fact that there are 2 houses constructed on one city lot.

01_Front House According to city records and Sanborn maps, the front structure was built in the mid-1890s. It is a typical wood-framed Victorian workerâ&#x20AC;&#x2122;s cottage, and many of the original details remain. There is evidence that this building had previously been converted into a duplex as a rental, however, neighbors report that the structure has been boarded for more than 10 years.

02_Rear House A building permit was pulled in 1914 for the rear structure, which was executed in a similar construction method and style as the front structure. This structure was only ever a single downstairs 2-bedroom unit, but the structure lends itself to an added studio apartment in the attic. The height of the attic knee-wall and existing additional kitchen entrance from the yard make it an easy conversion with no exterior alteration or reduction in function to the downstairs unit. 34

Project Overview

Opposite Page: • 1921 Sanborn map showing the rear house already on the property. Research shows a 1914 building permit was filed for this structure. This Page, left and right: • Front house as viewed from McKinstry Street. • Rear house as viewed from the shared yard.

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Site Cleanup & Demolition BH gained access to the property in late May 2013. Over the summer and fall BH led an effort to clean, assess, survey, and selectively demo the property in preparation for a 2014 renovation. The property had been left with several decades worth of old possessions, so the first phase was to clear out the debris, which was accomplished with a small volunteer effort. For the demolition phase BH partnered with the Detroit Training Center (DTC), offering the site as a job training location for students in their Introduction to Construction course. BH plans to continue working with DTC and other construction training groups in the city as the project develops to potentially cut costs while also providing necessary job skills to trainees.

Hazardous Materials Assessments Asbestos testing has been performed on all suspect materials on the property, and was only found in the pipe-wrap of the disconnected ductwork. Plans for the renovation will include hiring an abatement contractor to clear the site prior to work. A lead assessment has been performed at every demolition day on all effected surfaces, and lead was not detected once. 36

Project Overview

Training and construction crews still dressed in appropriate protective gear though a full lead-safe work environment has not yet been found necessary. Testing will continue still throughout demolition and construction to be safe, as there are many layers and years of materials resurfacing.

Project Goals BH hopes to keep this property off the city demolition list by rehabilitating it into a viable 4-unit rental. This will help ensure a mostly in-tact street in a solid community remains so. BH Principal Amy Swift also plans on occupying Unit A after construction is complete. Unit A is the closest to the street and carries the most presence in the neighborhood, which was an important consideration when choosing a unit. Ms. Swift plans on fulfilling a property management role on the grounds, maintaining structures and the yard on a daily basis. She is very eager to be a more integrated part of this vibrant community!

Opposite Page, left & right: â&#x20AC;˘ DTC training crew on site for a field work day â&#x20AC;˘ Existing original architectural details on the front house; front porch of Unit A

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Before Images taken at acquisition...

• • • •

Bedroom in Unit A Kitchen in Unit A Living room in Unit C Main living space in Unit B

Project Overview

After Images taken after interior cleanup and demolition...

• • • •

Bedroom in Unit A Kitchen in Unit A Living room in Unit C Main living space in Unit B

Architectural Vision • • • • •

Site Plan Floor Plans Strategy for Reuse & Preservation Green Strategy Catering to the Gen Y Renters

Architectural Vision

alley

security gate

Rear House

Site Plan 1433 McKinstry St. Detroit, MI 48209

lawn, typ

patio, reclaimed brick paving brick firepit

entrance to shared basement laundry

private porch, typ

Front House

concrete walk

flower garden, typ sidewalk

privacy gate 41

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Unit A FL 01_Front House 1Bdrm 1Bth w/ den Walk-in Closet Dressing Room Clawfoot Tub 2 Private Entrances Historic Entry Porch Restored Historic Elements High Cove Ceilings Large Eat-In Kitchen New Cabinetry & Appliances Gas Range Walk-In Pantry Access to Shared Laundry Shared Yard & Garden All Updated Utilities

712sf $575

Architectural Vision

Unit B FL 02_Front House 2Bdrm 1Bth Unique Gabled Ceilings Skylights Clawfoot Tub Private Entrance Private Stair 1st Flr Cloak Room Restored Historic Elements Wood Detailing Throughout Eat-In Kitchen New Cabinetry & Appliances Gas Range Access to Shared Laundry Shared Yard & Garden All Updated Utilities

756sf $725

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Unit C FL 01_Rear House 2Bdrm 1Bth Quiet Set-Back Unit Clawfoot Tub Private Entrance Large Entry Porch Restored Historic Elements Large Entertaining Dining Rm Sunny Living Room Private Access to Basement High Ceilings Eat-In Kitchen New Cabinetry & Appliances Gas Range Access to Shared Laundry Shared Yard & Garden All Updated Utilities Free WiFi

801sf $725

Architectural Vision

Unit D FL 02_Front House Loft Studio 1Bth Open Lofted Unit High Cathedral Ceilings Great View Skylights Clawfoot Tub Private Entrance Private Open Stair Spacious Landing New Cabinetry & Appliances Gas Range Access to Shared Laundry Shared Yard & Garden All Updated Utilities Free WiFi

868sf $625

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Architectural Vision

Green Strategies Though the project will not seek certification due to associated costs, sustainable design principles will drive the design decisions on the project using these strategies: • • • • • •

rainwater collection efficient appliances and HVAC increased insulation low-VOC/ natural coatings & finishes building & material reuse strategies sustainable landscaping strategies

Strategy for Reuse & Preservation Preservation work often has the stigma of requiring a higher budget than traditional construction methods. But that doesn’t have to be true. Preservation is about focusing on reuse — of architectural elements, finishes, and built-ins. Often labor costs for specialists are what drive up the budget, but since BH’s preservation trade skills are in-house this saves a considerable amount of money. Although the structures are not considered historic — meaning they do not belong to a designated historic district protected by the city, state, or federal governments — given their age and remaining original architectural features BH plans to follow the Secretary of Interiors Standards for Rehabilitation as strictly as possible. Generally these measurements outline the sensible reuse and rehabilitation of extant building components, which in many ways can help save on costs and avoid adverse environmental impacts associated with construction. Not only can reuse actually save money, but it retains the character-rich elements of the building that makes it desirable to renters and buyers. Organic modernism is trending in design. This focuses on natural and reclaimed materials, textured surfaces, and original flooring or architectural elements. Opposite Page, left and right: • Before and after images of a test window restoration at the 2xHouse. With cost and conditions restraints, not all windows will be able to be saved. Higher priced restored and wood replacement windows will be used on major facades while a lower cost option will be used elsewhere.

2xHouse

Building Hugger L3C

Above, left and right: â&#x20AC;˘ Before and After images from a Rehab Addict project, a popular DIY tv show that features Nicole Curtis rennovating blighted homes in Minneapolis.

Architectural Vision

Catering to Gen Y Renters Gen Y currently makes up the largest portion of the rental market in most major US cities, and Detroit is no exception. With rents having risen drastically in the Downtown, Midtown, and Corktown neighborhoods in recent years, there is a growing demand for suitable housing for this demographic in periphery neighborhoods like New Center, North End, and SW Detroit. Here is an outline of what these renters will be looking for: MICROLIVING There is an increasing number of transplants to Detroit from other urban areas, some from as far away as Brooklyn or Seattle, who do not require large apartments when they arrive. SHARED SPACE Communal areas are a sought after rental amenity for this demographic. By offering a fire pit, grill, and seating area in a manicured garden setting in the shared yard, a social semiprivate environment is created for residents and their friends to enjoy. SOCIAL CONNECTIVITY Renters want to be close to urban amenities, like cafes, restaurants, and recreation. Proximity to Clark Park, the Vernor commercial corridor, and Mexicantown make this location ideal for renters to feel connected to their community amenities. It is also still a close commute to work downtown or social activities in Midtown or Corktown. GREEN LIVING Living sustainably is increasingly important to a growing number of renters. Sustainable design strategies will be executed in the architectural design. Additionally, residents will be able to take advantage of the Porter Street Community Garden by growing their own garden plot or participating in community growing activities. *Information gathered from Multifamiliy Executive on trends in the rental market. 49

Development Plan • • •

Development Budget Construction Estimating & Budgeting Construction & Draw Schedule

Development Plan

Development Budget Project Name: 2xHouse Project Address: 1433 McKinstry (McKinstry & Porter), SW Detroit

Green Cells are Total Project User Input Blue Cells are BH Equity Input White Cells are Calculated

Uses

TOTAL PROJECT BUDGET $0 $1,585 $290 $1,875

Acquisition Costs:

Acquisition: Land Acquisition: Buildings Inspection Total Acquisition:

Construction:

Contract with GC (incl profit, OH, gen conditions) Site Prep Utility Install Excavation & Earthwork Foundation & Structure Roofing, Exterior & Windows Plumbing Electrical HVAC Insulation & Air Sealing Interior Appliances Construction Contingency Total Construction:

Sources

Total Development: Supportable Debt (see Operating Budget) Additional Sources of Funds: Alternative Funding Sources Additional Owner/Investor Equity Other

Total Development Sources: Gap/(Or Excess Sources):

CASH NEED $0 $0 $0 $0

$36,889 $23,475 $2,000 $2,700 $18,700 $48,320 $8,000 $11,150 $15,000 $6,800 $41,600 $6,700 8% $17,706.72 $239,041

$0 $1,350 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,350

$21,079 $12,625 $0 $700 $1,200 $7,320 $0 $2,950 $0 $1,800 $9,500 $0 $0 $57,174

$21,079 $13,975 $0 $700 $1,200 $7,320 $0 $2,950 $0 $1,800 $9,500 $0 $0 $58,524

$15,810 $9,500 $2,000 $2,000 $17,500 $41,000 $8,000 $8,200 $15,000 $5,000 $32,100 $6,700 $17,707 $180,516

$800 $1,200 $4,000 $2,000 $0 $350 $650 $500 $400 $700 $2,800 $3,800 $2,200 $0 $1,940 $2,623 $2,623 $26,585

$0 $0 $4,000 $0 $0 $0 $0 $0 $0 $0 $1,000 $2,500 $740 $0 $0 $0 $0 $8,240

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $4,000 $0 $0 $0 $0 $0 $0 $0 $1,000 $2,500 $740 $0 $0 $0 $0 $8,240

$800 $1,200 $0 $2,000 $0 $350 $650 $500 $400 $700 $1,800 $1,300 $1,460 $0 $1,940 $2,623 $2,623 $18,345

$267,501

$11,465

$57,174

$68,639

$198,861

Soft Costs:

Building Permit, License & Fees Zoning - Conditinal Use Hearing Architect or Rehab Specialist - Specs/Estimates Engineering Environmental: Site-Specific Review Closing - Legal and Recording Fees Title Search & Title Insurance Loan Draw Fee Survey Appraisal & Analysis of Rent Comparables Builder's Risk and/or Casualty Insurance Carrying Costs - Real Estate Taxes Carrying Costs - Utilities Carrying Costs - Debt Servicing (number of months) Soft Cost Contingency Developer Fee Finance Consultant Fee Total Soft Costs:

BH BH EQUITY BH EQUITY EXPECTED CONTRIBUTION TO-DATE LABOR TOTAL $0 $0 $0 $1,585 $0 $1,585 $290 $0 $290 $1,875 $0 $1,875

10% 1% 1%

$198,709 $0 $68,639 $0

$267,348 $153

2xHouse

Building Hugger L3C

ESTIMATING & BUDGETING WORKSHEET DESCRIPTION

GENERAL REQUIRMENTS Acquisition Costs BH 2012 Taxes BH 2013 Taxes BH Home Inspection BH Builder's Risk Insurance (project specific) BH Plans and Specifications BH Plan Review na Zoning-‐ Conditional Use Hearing BH / BSEED Permits: Building, Other BH / BSEED Legal Fees R. KASAK Engineering Fees J. KOLLER Other Subtotal SITE PREP Demolition (Remodel) BH / DTC Jacking & Shoring (Remodel) BH Dust control, Surface Protection (Remodel) BH Job-‐Site Access na Job-‐Site Security BH Dumpster & Removal BH Clear Lot BH / Volunteers Storage On Site BH Jobsite Toilet BH Temporary Power BH Temporary Heat BH Scaffolding Rental TBD Tool/Equipment Rental TBD Other Subtotal UTILITIES Town Water: Tap Fees & Hookup CITY OF DETROIT WATER DEPT Town Sewer: Tap Fees & Hookup CITY OF DETROIT WATER DEPT ElectriCal: Permit, Connection Fee, Install DTE Gas: Permit, Connection Fee, Hookup DTE Telecom Hookup TBD Other Subtotal EXCAVATION & EARTHWORK Removal Of Overgrowth/Debris BH Retaining Walls -‐-‐ Basement Stairs BH Other Site Drainage BH Seeding/Sod BH Landscaping -‐-‐ flora BH Other Subtotal FOUNDATION Foundation wall repair -‐-‐ patch mortar BH repair brick piers under porch TBD replace rotted grade beam TBD Foundation Windows BH Other Subtotal OTHER MASONRY/PAVING Exterior basement Stairs BH / MH Masonry Chimneys na Landscaping -‐-‐ hardscape BH Walkways (powerwash) BH Other Subtotal ROUGH FRAMING Steel/Wood Carrying Beam, Lolly columns BH Floor Framing BH Exterior & Interior Walls, Rough Stairs BH Sheathing, Subflooring BH Roof Framing/Trusses BH Subfascia BH Steel Framing Connectors BH Nails, Screws, Fasteners BH Prep for Plaster, Drywall BH Rough Framing -‐ Labor Only BH / MH Other Subtotal ROOFING Underlayment na Membrane na Flashing: Chimney, Vent Pipes, Sidewalls, Other Penetrations na Drip Edge na Roofing Installation na Gutters & Downspouts na Skylights na Ridge and roof vents na Other ROOFING SUB

ESTIMATED COST MATERIALS

ACTUAL COST TOTAL $ -‐ $1,585.00 $ -‐ $1,200.00 $ -‐ $1,300.00 $ -‐ $290.00 $ -‐ $1,800.00 $ -‐ $4,000.00 $ -‐ $ -‐ $ 1,200.00 $ 800.00 $ 500.00 $ 2,000.00 $ -‐ $10,175.00 $ -‐ $ -‐ $ 4,500.00 $ -‐

$ -‐ $ -‐

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐

$ -‐ $ -‐ $ 800.00 $ 400.00 $ 1,200.00 $250.00 $ -‐ $ 350.00 $ 350.00 $ -‐ $ -‐ $ 50.00 $ 50.00 $ -‐ $ 900.00 $ 900.00 $ -‐ $ -‐ $600.00 $ -‐ $600.00 $ -‐ $ -‐ $ -‐ $ 1,000.00 $ 1,000.00 $ -‐ $ 1,500.00 $ 1,500.00 $ -‐ $2,450.00 $ 800.00 $ 4,200.00 $ 5,000.00 $ -‐

$ -‐ $ -‐

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐

$ -‐ $ 300.00 $ 300.00 $ 600.00 $ 400.00 $ 400.00 $ -‐ $0.00 $ -‐ $ -‐ $ 2,000.00 $ -‐

$ -‐ $ -‐

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐

$ 600.00 $ 500.00 $200.00 $ 100.00 $ 300.00 $100.00 $300.00 $ 500.00

$ -‐ $ -‐ $ 1,100.00 $ 400.00 $ -‐ $ 500.00 $ -‐ $700.00 $ 700.00 $ 1,300.00 $ 2,000.00 $ -‐

$ -‐ $ -‐

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐

$ -‐ $ 500.00 $ 500.00 $ 2,500.00 $ 2,500.00 $ 200.00 $ 300.00 $ 500.00 $ -‐ $400.00 $ 200.00 $ 800.00 $ 6,000.00 $ -‐

$ -‐ $ -‐

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐

$ -‐ $ 600.00 $ 500.00 $ 1,100.00 $ -‐ $400.00 $ 400.00 $ 400.00 $200.00 $ -‐ $ -‐ $600.00 $ 600.00 $ 900.00 $ 1,500.00 $ -‐

$ -‐ $ -‐

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐

$ -‐ $ 400.00 $ 300.00 $ 700.00 $ 600.00 $ 400.00 $ 1,500.00 $ 200.00 $ 400.00 $ 1,000.00 $ 200.00 $ 700.00 $ 1,500.00 $ 1,700.00 $ 1,500.00 $ 2,200.00 $ 200.00 $ 200.00 $ -‐ $ 300.00 $ 300.00 $200.00 $ 200.00 $ 200.00 $ 1,500.00 $ 1,500.00 $ -‐ $200.00 $ 2,700.00 $ 5,000.00 $ 10,000.00 $ -‐

$ -‐ $ -‐

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐

$ -‐ $ -‐ $ -‐

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ 10,000.00

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐

SUBCONTRACTOR/CONTRACTOR BH EQUITY

LABOR

$1,000.00

$100.00

$400.00

VARIANCE

CURRENT PAID

AMOUNT DUE

Development Plan

ESTIMATING & BUDGETING WORKSHEET DESCRIPTION

Subtotal EXTERIOR Exterior Foam Sheathing Weather Barrier (Tyvek, etc.) Membrane & Flashing BH Wood Siding -‐-‐ salvaged BH Fascia, Soffit, Frieze, Corner Boards, Water Table BH Soffit/Gable vents BH Window/Door Trim BH Other Exterior Trim BH Exterior Stairs, Landing TOM Exterior Paint, Stain, Caulk BH Exterior, labor-‐only Other Subtotal WINDOWS/EXTERIOR DOORS Membrane & Flashing na Exterior doors, prehung na Exterior door -‐-‐ refinished existing BH Exterior door frames, sills BH Sidelights, transoms A. SEVONTY Locksets, knobs, door hardware BH Windows -‐-‐ restoration BH Windows -‐-‐ restoration A. SEVONTY Windows -‐-‐ wood replacements KELLY Windows -‐-‐ vinyl replacements tbd Other Subtotal PLUMBING Drain/Waste/Vent tbd Water Supply Piping BH Gas Piping BH Water Heaters CM Fixtures: Toilets,Tubs, Sinks, Showers BH Faucets, Mixing Valves, Shower Heads BH Disposal BH Other Subtotal ELECTRICAL Service Panel, Sub-‐Panels Rough Wiring BH Phone, Cable, Internet Wiring tbd Lighting Fixtures BH Low-‐Voltage Fixtures/transformers na Exterior Lighting BH Devices: outlets, switches, dimmers BH Lighting control system na Doorbell System na Smoke, CO2 Alarms Intercom system na Security system na Other Subtotal HVAC Furnace/Heat Pump Central AC Air Handler Ductwork, Grilles, Registers Air Filter Boiler, Piping Radiators Whole-‐House Ventilation (HRV, ERV, Exhaust Only, Other) HVAC Controls Solar hot water Other

HVAC SUB Subtotal

INSULATION & AIR SEALING Roof/Attic Insulation BH Roof/Eave Baffles BH Wall Cavity Insulation tbd Foam Board Insulation BH Spray Foam Insulation na Basement Insulation Iinterior) na Crawlspace Insulation na Air Sealing BH Energy Diagnostics (Blower Door, Infrared) Other Subtotal DRYWALL/PLASTER Walls -‐-‐ drywall Walls -‐-‐ plaster patch/skim

ESTIMATED COST ACTUAL VARIANCE CURRENT PAID AMOUNT DUE COST LABOR MATERIALS TOTAL $0.00 $ -‐ $ -‐ $ 10,000.00 $ -‐ $ -‐ $ -‐ $ -‐

SUBCONTRACTOR/CONTRACTOR BH EQUITY

BH / MH BH

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐

$ 1,400.00 $ 1,400.00 $ 700.00 $ 700.00 $ 700.00 $ 700.00 $ 500.00 $ 500.00 $ 2,500.00 $750.00 $ 500.00 $ 900.00 $ 1,400.00 $ 1,400.00 $ 1,400.00 $ -‐ $1,500.00 $ 1,900.00 $ 5,100.00 $ 9,500.00 $ -‐

$ -‐ $ -‐

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐

$ -‐ $ -‐ $ -‐ $1,500.00 $ 800.00 $ 800.00 $ 400.00 $ 400.00 $ 900.00 $ -‐ $4,320.00 $ 3,000.00 $ 3,000.00 $ 4,800.00 $ 6,000.00 $ 5,600.00 $ -‐ $5,820.00 $ -‐ $ 4,200.00 $ 21,500.00 $ -‐

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐

$750.00

$ 400.00 $ 200.00 $ 300.00 $ -‐

$ -‐ $ 400.00 $ 200.00 $ 300.00 $ -‐

$ -‐ $ -‐ $ -‐

$ -‐ $ 900.00 $ 200.00 $ 350.00 $ 550.00 $ 200.00 $ 400.00 $ 600.00 $ 300.00 $ 500.00 $ 800.00 $ 700.00 $ 2,500.00 $ 3,200.00 $ 200.00 $ 1,350.00 $ 1,550.00 $ 400.00 $ 400.00 $ -‐ $0.00 $ 1,600.00 $ 5,500.00 $ 8,000.00 $ -‐

$ -‐ $ -‐

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐

$ -‐ $ 300.00 $ 600.00 $ 900.00 $1,500.00 $ 500.00 $ 500.00 $ 600.00 $500.00 $ 4,000.00 $ 4,000.00 $ -‐ $350.00 $ 400.00 $ 400.00 $400.00 $ 800.00 $ 800.00 $ -‐ $ -‐ $200.00 $ 1,000.00 $ 1,000.00 $ -‐ $ -‐ $ -‐ $2,950.00 $ 300.00 $ 7,300.00 $ 8,200.00 $ -‐

$ -‐ $ -‐

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐

$ -‐ $ -‐ $ -‐ $ 15,000.00 $0.00 $ -‐ $ -‐ $ 15,000.00 $ -‐

$ -‐ $ -‐

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐

$ -‐ $ 700.00 $ 700.00 $ 1,200.00 $ 1,200.00 $ 2,250.00 $600.00 $ 600.00 $ 600.00 $ -‐ $ -‐ $ -‐ $200.00 $ 250.00 $ 250.00 $ -‐ $ -‐ $1,800.00 $ -‐ $ 2,750.00 $ 5,000.00 $ -‐

$ -‐ $ -‐

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐

$ -‐ $ -‐ $ -‐

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐

$500.00 $500.00

$ -‐ $400.00 $ 600.00 $ 1,300.00 $ 1,900.00 $600.00 $ 400.00 $ 400.00

2xHouse

Building Hugger L3C

ESTIMATING & BUDGETING WORKSHEET DESCRIPTION

SUBCONTRACTOR/CONTRACTOR BH EQUITY

Walls -‐-‐ refinish wainscotting Ceilings, Soffits Decorative Plaster Other

BH BH / MH BH Subtotal

INTERIOR FINISH Interior Doors -‐-‐ NEW Interor Doors -‐-‐ REFINISHED Interior Door frames, thresholds Door knobs, hardware

BH / MH BH na BH

Interior Trim: Baseboard, Casings, Crown, Chair Rail, Other BH Wainscotting, Paneling BH Built-‐In Shelving, Cabinets TJ Closet Shelving, Hardware BH Stairs, Railings, Newels BH / MH Interior Painting, Staining BH Wood Flooring -‐-‐ patching BH Carpeting na Resilient/Vinyl Flooring na Ceramic Tile/Stone (& Underlayment, Surface Prep) BH Other Flooring na Acoustical, Metal, Decorative Ceilings na Interior Carpentry Labor Only Other Subtotal Kitchen & Bath Kitchen Cabinets BH Bath Cabinets BH Cabinet Pulls, Hardware BH Countertops, Backsplash BH Ceramic Tile, Stone BH Raised Tub Platform na Shower enclosure/doors na Medicine Cabinets BH Mirrors

Towel hangers, toilet paper holders, accessories K&B Labor Only Other

BH BH / MH Subtotal

Porches & Decks Wood or Composite Deck Fencing (GATES) Other Outdoor Structures -‐-‐ FIREPIT Other

TOM BH BH Subtotal

Appliances Refrigerator Range, Cooktop Microwave Range Hood Dishwasher Washer/Dryer Other

BH BH na BH BH BH Subtotal

TOTAL CONSTRUCTION COSTS

LABOR

ESTIMATED COST MATERIALS

TOTAL

$850.00

VARIANCE

CURRENT PAID

AMOUNT DUE

$ 1,000.00 $ 1,000.00 $ 300.00 $ 400.00 $ 700.00 $ -‐ $ -‐ $1,850.00 $ 900.00 $ 3,100.00 $ 4,000.00 $ -‐

$ -‐ $ -‐

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐

$ -‐ $ 500.00 $ 600.00 $ 1,100.00 $1,200.00 $ 1,600.00 $ 1,600.00 $ -‐ $ -‐ $ -‐ $ -‐ $ 700.00 $ 700.00

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐

$ 1,200.00 $ 1,200.00 $ -‐ $ -‐ $ 900.00 $ 1,000.00 $ 1,000.00 $ 1,600.00 $ 1,600.00 $ 1,000.00 $ 1,000.00 $ 800.00 $ 800.00 $ -‐ $ -‐

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐

$ -‐ $ -‐

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐

$ -‐ $600.00 $ 200.00 $ 5,200.00 $ 5,400.00 $200.00 $ 200.00 $ 900.00 $ 1,100.00 $150.00 $ 400.00 $ 400.00 $300.00 $ 300.00 $ 2,500.00 $ 2,800.00 $500.00 $ 1,200.00 $ 1,200.00 $ -‐ $ -‐ $100.00 $ 200.00 $ 200.00

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐

$ -‐

$ 800.00 $ 800.00 $ -‐ $ -‐ $1,600.00 $ 800.00 $ 800.00 $ -‐ $2,800.00 $ 1,300.00 $ 9,300.00 $ 11,500.00 $ -‐

$ -‐

$100.00 $ 300.00 $ 300.00 $2,500.00 $ 1,200.00 $ 1,200.00 $ -‐ $4,450.00 $ 1,900.00 $ 10,700.00 $ 12,600.00 $ -‐

$ -‐ $ -‐

$ -‐ $ -‐ $ -‐ $ -‐

$ -‐ $ 3,500.00 $ 200.00 $ 200.00 $ 300.00 $ 300.00 $ -‐ $400.00 $ -‐ $ 500.00 $ 4,000.00 $ -‐

$ -‐ $ -‐

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐

$ -‐ $ 2,400.00 $ 2,400.00 $ 2,000.00 $ 2,000.00 $ -‐ $ 400.00 $ 400.00 $ 1,200.00 $ 1,200.00 $ 700.00 $ 700.00 $ -‐ $0.00 $ -‐ $ 6,700.00 $ 6,700.00 $ -‐

$ -‐ $ -‐

$ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐ $ -‐

$100.00 $300.00

$36,095.00 $ 12,900.00 $ 67,350.00 $ 147,000.00

ACTUAL COST

#REF!

Chapter Title

Draw 1: $119,239 Target Date: July 01. 2014 Description: Exterior work for both houses • • • • • • • • • • • •

Soft Costs General Requirements Site Prep Utilities Earthwork/Excavation Foundation Other Masonry/Paving Rough Framing (roof/exterior) Roofing Exterior Windows/Exterior Doors Porches

Draw 2: $38,200 Target Date: October 01, 2014 Description: Rough interior work for both houses • • • • •

Interior Rough Framing Plumbing Electrical HVAC Insulation/Air Sealing

Draw 3: $19,400 Target Date: December 01, 2014 Description: Interior finish work for House 1 • • • •

1/2 Drywall 1/2 Interior Finish 1/2 Kitchen/Bath 1/2 Appliances

Draw 4: $19,400 Target Date: February 01, 2015 Interior finish work for House 2 • • • •

1/2 Drywall 1/2 Interior Finish 1/2 Kitchen/Bath 1/2 Appliances

Target Finish Date: April 06, 2015

Operating Pro Forma • • • •

Operating Pro Forma Rental Income 20 Year Cash Flow Projection Loan Repayment

Chapter Title

Operating Pro Forma Project Name: 2xHouse Project Address: 1433 McKinstry, SW Detroit

Income

Rent: Loft Studio One Bedroom Two Bedroom Three Bedroom Total Units Gross Rent Less: Vacancy

Green Cells are User Input White Cells are Calculated # Units Monthly Rent Annual Rent 1 $650 $7,800 1 $575 $6,900 2 $725 $17,400 0 $0 4 $32,100 5.00%

Gross Effective Income:

Expenses

Administrative Advertising & Marketing Mgmt Fee (% of collections) Legal Accounting Credit Checks Leasing Fees Other Total Administrative: Payroll Administrative Payroll Maintenance Payroll Fringe Payroll Taxes Total Payroll: Maintenance Repairs Security Grounds (landscaping, snow removal) Building supplies Service contracts (HVAC) Other Total Maintenance: Operational Fuel (heating & hot water) Electric Water/Sewer Trash removal Janitorial Exterminating Wi-Fi Total Operational Costs: Taxes & Insurance: Real Estate Taxes Insurance Total Taxes & Insurance:

$30,495 Annual 5.00%

15.00% 7.65%

Supportable Debt Service Calculation: Required Debt Service Coverage (Ratio): Loan Amortization Period (in years) Interest Rate

Supportable Debt on Terms Above:

$0 $0 $0 $0 $0

$0 $0 $300 $0 $0 $100 $240 $640 $1,800 $2,000 $3,800 $7,595

NOI Before Reserves & Debt Svc:

Replacement Reserve Operating Reserve Cashflow Before Debt Service: Debt Service (See Terms Below) Cashflow After Debt Service

$0 $1,525 $500 $200 $0 $0 $0 $2,225

$500 $0 $200 $80 $150 $0 $930

Total Annual Operating Expenses:

Reserves

($1,605)

$22,900 Per Unit $500 $100

Annual $2,000 $400 $20,500 $17,083 $3,417 1.2 20 6%

$198,709

2xHouse

Building Hugger L3C

Rental Income

Rent: Loft Studio One Bedroom Two Bedroom Three Bedroom Total Units Gross Rent

# Units

Avg. Square Feet 1 868 1 712 2 778.5 0 4

Base Estimate Monthly Rent Monthly Annual Rent / Sq Ft Rent $650 $0.75 $7,800 $575 $0.81 $6,900 $725 $0.93 $17,400 $0

Conservative source: www.rentometer.com Monthly Rent Monthly Annual Rent / Sq Ft Rent $480 $0.55 $5,760 $480 $0.67 $5,760 $543 $0.70 $13,032 $0

Fair Market source: 2014 Wayne Co FMR Monthly Rent Monthly Annual Rent / Sq Ft Rent $646 $0.74 $7,752 $646 $0.91 $7,752 $843 $1.08 $20,232 $0

$32,100

$24,552

$35,736

20-Year Cash Flow Projection Project Name: Project Address:

Income:

Gross Effective Income

Expenses:

Administrative Payroll Maintenance Operating Taxes & Insurance Total Expense:

NOI (w/o Res & Debt Svc)

2xHouse Project 1433 McKinstry, SW Detroit 1

Year 1

$30,495 $2,225 $0 $930 $640 $3,800 $7,595

Income Adjuster: Expense Adjuster: 2

Year 2

$31,181 $2,292 $0 $958 $659 $3,914 $7,823

Year 3

$31,883 $2,361 $0 $987 $679 $4,031 $8,058

2.25% 3.00% 4

Year 4

$32,600 $2,432 $0 $1,017 $699 $4,152 $8,300

Year 5

$33,334 $2,505 $0 $1,048 $720 $4,277 $8,550

Year 6

$34,084 $2,580 $0 $1,079 $742 $4,405 $8,806

Year 7

$34,851 $2,657 $0 $1,111 $764 $4,537 $9,069

Year 8

$35,635 $2,737 $0 $1,144 $787 $4,673 $9,341

Year 9

$36,437 $2,819 $0 $1,178 $811 $4,813 $9,621

Year 10

$37,257 $2,904 $0 $1,213 $835 $4,957 $9,909

$22,900 $23,358 $23,825 $24,300 $24,784 $25,278 $25,782 $26,294 $26,816 $27,348

Replacement & Op Reserves Debt Service

$2,400 $17,083

Cashflow After Debt Svc:

$3,417

$3,875

$4,342

$4,817

$5,301

$5,795

$6,299

$6,811

$7,333

$7,865

Income:

Gross Effective Income

Expenses:

Administrative Payroll Maintenance Operating Taxes & Insurance Total Expense:

NOI (w/o Res & Debt Svc)

Year 11

$38,095 $2,991 $0 $1,249 $860 $5,106 $10,206

Year 12

$38,952 $3,081 $0 $1,286 $886 $5,259 $10,512

Year 13

$39,828 $3,173 $0 $1,325 $913 $5,417 $10,828

Year 14

$40,724 $3,268 $0 $1,365 $940 $5,580 $11,153

Year 15

$41,640 $3,366 $0 $1,406 $968 $5,747 $11,487

Year 16

$42,577 $3,467 $0 $1,448 $997 $5,919 $11,831

Year 17

$43,535 $3,571 $0 $1,491 $1,027 $6,097 $12,186

Year 18

$44,515 $3,678 $0 $1,536 $1,058 $6,280 $12,552

Year 19

$45,517 $3,788 $0 $1,582 $1,090 $6,468 $12,928

Year 20

$46,541 $3,902 $0 $1,629 $1,123 $6,662 $13,316

$27,889 $28,440 $29,000 $29,571 $30,153 $30,746 $31,349 $31,963 $32,589 $33,225

Replacement & Op Reserves Debt Service

$2,400 $17,083

Cashflow After Debt Svc:

$8,406

$8,957

$9,517 $10,088 $10,670 $11,263 $11,866 $12,480 $13,106 $13,742

$2,400 $17,083

Chapter Title

Loan Repayment Repayment schedule Year 1

Year 2

Year 3

Year 4

Period J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

Cumulative Cumulative Ending Principle Interest Balance Beg Balance Payment Principal Interest $198,709 $1,424 $430 $994 $198,279 $198,279 $1,424 $432 $991 $862 $1,985 $197,846 $197,846 $1,424 $434 $989 $1,297 $2,974 $197,412 $197,412 $1,424 $437 $987 $1,733 $3,961 $196,976 $196,976 $1,424 $439 $985 $2,172 $4,946 $196,537 $196,537 $1,424 $441 $983 $2,613 $5,929 $196,096 $196,096 $1,424 $443 $980 $3,056 $6,909 $195,653 $195,653 $1,424 $445 $978 $3,501 $7,888 $195,207 $195,207 $1,424 $448 $976 $3,949 $8,864 $194,760 $194,760 $1,424 $450 $974 $4,399 $9,837 $194,310 $194,310 $1,424 $452 $972 $4,851 $10,809 $193,858 $193,858 $1,424 $454 $969 $5,305 $11,778 $193,404 $193,404 $1,424 $457 $967 $5,762 $12,745 $192,947 $192,947 $1,424 $459 $965 $6,221 $13,710 $192,488 $192,488 $1,424 $461 $962 $6,682 $14,672 $192,027 $192,027 $1,424 $463 $960 $7,145 $15,633 $191,563 $191,563 $1,424 $466 $958 $7,611 $16,590 $191,098 $191,098 $1,424 $468 $955 $8,079 $17,546 $190,630 $190,630 $1,424 $470 $953 $8,550 $18,499 $190,159 $190,159 $1,424 $473 $951 $9,022 $19,450 $189,686 $189,686 $1,424 $475 $948 $9,498 $20,398 $189,211 $189,211 $1,424 $478 $946 $9,975 $21,344 $188,734 $188,734 $1,424 $480 $944 $10,455 $22,288 $188,254 $188,254 $1,424 $482 $941 $10,937 $23,229 $187,771 $187,771 $1,424 $485 $939 $11,422 $24,168 $187,287 $187,287 $1,424 $487 $936 $11,909 $25,105 $186,799 $186,799 $1,424 $490 $934 $12,399 $26,038 $186,310 $186,310 $1,424 $492 $932 $12,891 $26,970 $185,818 $185,818 $1,424 $495 $929 $13,386 $27,899 $185,323 $185,323 $1,424 $497 $927 $13,883 $28,826 $184,826 $184,826 $1,424 $499 $924 $14,382 $29,750 $184,327 $184,327 $1,424 $502 $922 $14,884 $30,672 $183,825 $183,825 $1,424 $504 $919 $15,389 $31,591 $183,320 $183,320 $1,424 $507 $917 $15,896 $32,507 $182,813 $182,813 $1,424 $510 $914 $16,405 $33,421 $182,304 $182,304 $1,424 $512 $912 $16,917 $34,333 $181,792 $181,792 $1,424 $515 $909 $17,432 $35,242 $181,277 $181,277 $1,424 $517 $906 $17,949 $36,148 $180,760 $180,760 $1,424 $520 $904 $18,469 $37,052 $180,240 $180,240 $1,424 $522 $901 $18,991 $37,953 $179,717 $179,717 $1,424 $525 $899 $19,516 $38,852 $179,192 $179,192 $1,424 $528 $896 $20,044 $39,748 $178,665 $178,665 $1,424 $530 $893 $20,574 $40,641 $178,134 $178,134 $1,424 $533 $891 $21,107 $41,532 $177,602 $177,602 $1,424 $536 $888 $21,643 $42,420 $177,066 $177,066 $1,424 $538 $885 $22,181 $43,305 $176,528 $176,528 $1,424 $541 $883 $22,722 $44,188 $175,987 $175,987 $1,424 $544 $880 $23,266 $45,068 $175,443

2xHouse

Building Hugger L3C

Year 5

Year 6

Year 7

Year 8

Year 9

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J

$175,443 $174,897 $174,347 $173,796 $173,241 $172,684 $172,123 $171,560 $170,995 $170,426 $169,854 $169,280 $168,703 $168,123 $167,540 $166,954 $166,365 $165,773 $165,179 $164,581 $163,980 $163,376 $162,770 $162,160 $161,547 $160,931 $160,312 $159,690 $159,065 $158,437 $157,805 $157,171 $156,533 $155,892 $155,248 $154,601 $153,950 $153,296 $152,639 $151,979 $151,315 $150,648 $149,977 $149,304 $148,627 $147,946 $147,262 $146,575 $145,884 $145,190 $144,492 $143,791 $143,087 $142,378

$1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424 $1,424

$546 $549 $552 $555 $557 $560 $563 $566 $569 $571 $574 $577 $580 $583 $586 $589 $592 $595 $598 $601 $604 $607 $610 $613 $616 $619 $622 $625 $628 $631 $635 $638 $641 $644 $647 $651 $654 $657 $660 $664 $667 $670 $674 $677 $680 $684 $687 $691 $694 $698 $701 $705 $708 $712

$877 $874 $872 $869 $866 $863 $861 $858 $855 $852 $849 $846 $844 $841 $838 $835 $832 $829 $826 $823 $820 $817 $814 $811 $808 $805 $802 $798 $795 $792 $789 $786 $783 $779 $776 $773 $770 $766 $763 $760 $757 $753 $750 $747 $743 $740 $736 $733 $729 $726 $722 $719 $715 $712

$23,812 $24,361 $24,913 $25,468 $26,025 $26,585 $27,148 $27,714 $28,283 $28,854 $29,429 $30,006 $30,586 $31,169 $31,755 $32,344 $32,935 $33,530 $34,128 $34,729 $35,332 $35,939 $36,549 $37,162 $37,778 $38,396 $39,019 $39,644 $40,272 $40,903 $41,538 $42,176 $42,817 $43,461 $44,108 $44,759 $45,413 $46,070 $46,730 $47,394 $48,061 $48,731 $49,405 $50,082 $50,763 $51,447 $52,134 $52,825 $53,519 $54,216 $54,918 $55,622 $56,330 $57,042

$45,945 $46,819 $47,691 $48,560 $49,426 $50,290 $51,150 $52,008 $52,863 $53,715 $54,564 $55,411 $56,254 $57,095 $57,933 $58,767 $59,599 $60,428 $61,254 $62,077 $62,897 $63,714 $64,528 $65,338 $66,146 $66,951 $67,752 $68,551 $69,346 $70,138 $70,927 $71,713 $72,496 $73,275 $74,052 $74,825 $75,594 $76,361 $77,124 $77,884 $78,640 $79,394 $80,144 $80,890 $81,633 $82,373 $83,109 $83,842 $84,572 $85,297 $86,020 $86,739 $87,454 $88,166

$174,897 $174,347 $173,796 $173,241 $172,684 $172,123 $171,560 $170,995 $170,426 $169,854 $169,280 $168,703 $168,123 $167,540 $166,954 $166,365 $165,773 $165,179 $164,581 $163,980 $163,376 $162,770 $162,160 $161,547 $160,931 $160,312 $159,690 $159,065 $158,437 $157,805 $157,171 $156,533 $155,892 $155,248 $154,601 $153,950 $153,296 $152,639 $151,979 $151,315 $150,648 $149,977 $149,304 $148,627 $147,946 $147,262 $146,575 $145,884 $145,190 $144,492 $143,791 $143,087 $142,378 $141,667

Chapter Title

Year 10

Year 11

Year 12

Year 13

J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

$141,667 $140,951 $140,232 $139,510 $138,784 $138,054 $137,321 $136,584 $135,843 $135,099 $134,351 $133,599 $132,843 $132,084 $131,321 $130,554 $129,783 $129,008 $128,230 $127,447 $126,661 $125,870 $125,076 $124,278 $123,476 $122,669 $121,859 $121,045 $120,227 $119,404 $118,577 $117,747 $116,912 $116,073 $115,230 $114,382 $113,530 $112,674 $111,814 $110,950 $110,081 $109,208 $108,330 $107,448 $106,562 $105,671 $104,776 $103,876 $102,972 $102,063 $101,150 $100,232 $99,309 $98,382

$715 $719 $722 $726 $730 $733 $737 $741 $744 $748 $752 $756 $759 $763 $767 $771 $775 $779 $782 $786 $790 $794 $798 $802 $806 $810 $814 $818 $822 $827 $831 $835 $839 $843 $847 $852 $856 $860 $865 $869 $873 $878 $882 $886 $891 $895 $900 $904 $909 $913 $918 $922 $927 $932

$708 $705 $701 $698 $694 $690 $687 $683 $679 $675 $672 $668 $664 $660 $657 $653 $649 $645 $641 $637 $633 $629 $625 $621 $617 $613 $609 $605 $601 $597 $593 $589 $585 $580 $576 $572 $568 $563 $559 $555 $550 $546 $542 $537 $533 $528 $524 $519 $515 $510 $506 $501 $497 $492

$57,757 $58,476 $59,199 $59,925 $60,654 $61,388 $62,125 $62,865 $63,610 $64,358 $65,110 $65,865 $66,625 $67,388 $68,155 $68,926 $69,701 $70,479 $71,262 $72,048 $72,838 $73,633 $74,431 $75,233 $76,039 $76,850 $77,664 $78,482 $79,305 $80,131 $80,962 $81,797 $82,636 $83,479 $84,327 $85,178 $86,034 $86,895 $87,759 $88,628 $89,501 $90,379 $91,261 $92,147 $93,038 $93,933 $94,833 $95,737 $96,646 $97,559 $98,477 $99,399 $100,327 $101,258

$88,875 $89,579 $90,280 $90,978 $91,672 $92,362 $93,049 $93,732 $94,411 $95,086 $95,758 $96,426 $97,090 $97,751 $98,407 $99,060 $99,709 $100,354 $100,995 $101,633 $102,266 $102,895 $103,521 $104,142 $104,759 $105,373 $105,982 $106,587 $107,188 $107,785 $108,378 $108,967 $109,552 $110,132 $110,708 $111,280 $111,848 $112,411 $112,970 $113,525 $114,075 $114,621 $115,163 $115,700 $116,233 $116,761 $117,285 $117,805 $118,319 $118,830 $119,335 $119,837 $120,333 $120,825

$140,951 $140,232 $139,510 $138,784 $138,054 $137,321 $136,584 $135,843 $135,099 $134,351 $133,599 $132,843 $132,084 $131,321 $130,554 $129,783 $129,008 $128,230 $127,447 $126,661 $125,870 $125,076 $124,278 $123,476 $122,669 $121,859 $121,045 $120,227 $119,404 $118,577 $117,747 $116,912 $116,073 $115,230 $114,382 $113,530 $112,674 $111,814 $110,950 $110,081 $109,208 $108,330 $107,448 $106,562 $105,671 $104,776 $103,876 $102,972 $102,063 $101,150 $100,232 $99,309 $98,382 $97,451

2xHouse

Building Hugger L3C

Year 14

Year 15

Year 16

Year 17

Year 18

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J

$97,451 $96,514 $95,573 $94,627 $93,677 $92,722 $91,762 $90,797 $89,827 $88,853 $87,873 $86,889 $85,900 $84,906 $83,907 $82,903 $81,894 $80,879 $79,860 $78,836 $77,807 $76,772 $75,732 $74,687 $73,637 $72,582 $71,521 $70,455 $69,384 $68,307 $67,225 $66,137 $65,044 $63,946 $62,842 $61,733 $60,618 $59,497 $58,371 $57,239 $56,102 $54,959 $53,810 $52,656 $51,495 $50,329 $49,157 $47,979 $46,796 $45,606 $44,410 $43,209 $42,001 $40,788

$936 $941 $946 $950 $955 $960 $965 $970 $974 $979 $984 $989 $994 $999 $1,004 $1,009 $1,014 $1,019 $1,024 $1,029 $1,035 $1,040 $1,045 $1,050 $1,055 $1,061 $1,066 $1,071 $1,077 $1,082 $1,087 $1,093 $1,098 $1,104 $1,109 $1,115 $1,121 $1,126 $1,132 $1,137 $1,143 $1,149 $1,155 $1,160 $1,166 $1,172 $1,178 $1,184 $1,190 $1,196 $1,202 $1,208 $1,214 $1,220

$487 $483 $478 $473 $468 $464 $459 $454 $449 $444 $439 $434 $430 $425 $420 $415 $409 $404 $399 $394 $389 $384 $379 $373 $368 $363 $358 $352 $347 $342 $336 $331 $325 $320 $314 $309 $303 $297 $292 $286 $281 $275 $269 $263 $257 $252 $246 $240 $234 $228 $222 $216 $210 $204

$102,195 $103,136 $104,081 $105,032 $105,987 $106,947 $107,912 $108,882 $109,856 $110,835 $111,820 $112,809 $113,803 $114,802 $115,806 $116,815 $117,829 $118,848 $119,873 $120,902 $121,937 $122,977 $124,021 $125,072 $126,127 $127,188 $128,254 $129,325 $130,402 $131,484 $132,571 $133,664 $134,763 $135,867 $136,976 $138,091 $139,211 $140,338 $141,469 $142,607 $143,750 $144,899 $146,053 $147,214 $148,380 $149,552 $150,729 $151,913 $153,103 $154,298 $155,500 $156,708 $157,921 $159,141

$121,312 $121,795 $122,273 $122,746 $123,214 $123,678 $124,137 $124,591 $125,040 $125,484 $125,923 $126,358 $126,787 $127,212 $127,631 $128,046 $128,455 $128,860 $129,259 $129,653 $130,042 $130,426 $130,805 $131,178 $131,547 $131,909 $132,267 $132,619 $132,966 $133,308 $133,644 $133,975 $134,300 $134,620 $134,934 $135,242 $135,545 $135,843 $136,135 $136,421 $136,702 $136,976 $137,245 $137,509 $137,766 $138,018 $138,264 $138,503 $138,737 $138,965 $139,188 $139,404 $139,614 $139,818

$96,514 $95,573 $94,627 $93,677 $92,722 $91,762 $90,797 $89,827 $88,853 $87,873 $86,889 $85,900 $84,906 $83,907 $82,903 $81,894 $80,879 $79,860 $78,836 $77,807 $76,772 $75,732 $74,687 $73,637 $72,582 $71,521 $70,455 $69,384 $68,307 $67,225 $66,137 $65,044 $63,946 $62,842 $61,733 $60,618 $59,497 $58,371 $57,239 $56,102 $54,959 $53,810 $52,656 $51,495 $50,329 $49,157 $47,979 $46,796 $45,606 $44,410 $43,209 $42,001 $40,788 $39,568

Chapter Title

Year 19

Year 20

J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

$39,568 $38,342 $37,110 $35,872 $34,628 $33,377 $32,121 $30,858 $29,588 $28,313 $27,031 $25,742 $24,447 $23,146 $21,838 $20,524 $19,203 $17,875 $16,541 $15,200 $13,852 $12,498 $11,137 $9,769 $8,394 $7,013 $5,624 $4,228 $2,826 $1,417

$1,226 $1,232 $1,238 $1,244 $1,250 $1,257 $1,263 $1,269 $1,276 $1,282 $1,288 $1,295 $1,301 $1,308 $1,314 $1,321 $1,328 $1,334 $1,341 $1,348 $1,354 $1,361 $1,368 $1,375 $1,382 $1,389 $1,395 $1,402 $1,409 $1,417

$198 $192 $186 $179 $173 $167 $161 $154 $148 $142 $135 $129 $122 $116 $109 $103 $96 $89 $83 $76 $69 $62 $56 $49 $42 $35 $28 $21 $14 $7

$160,367 $161,598 $162,837 $164,081 $165,331 $166,588 $167,851 $169,120 $170,396 $171,678 $172,966 $174,261 $175,563 $176,871 $178,185 $179,506 $180,834 $182,168 $183,509 $184,856 $186,211 $187,572 $188,940 $190,315 $191,696 $193,085 $194,480 $195,883 $197,292 $198,709

$140,015 $140,207 $140,393 $140,572 $140,745 $140,912 $141,073 $141,227 $141,375 $141,516 $141,652 $141,780 $141,903 $142,018 $142,127 $142,230 $142,326 $142,415 $142,498 $142,574 $142,643 $142,706 $142,762 $142,810 $142,852 $142,887 $142,916 $142,937 $142,951 $142,958

$38,342 $37,110 $35,872 $34,628 $33,377 $32,121 $30,858 $29,588 $28,313 $27,031 $25,742 $24,447 $23,146 $21,838 $20,524 $19,203 $17,875 $16,541 $15,200 $13,852 $12,498 $11,137 $9,769 $8,394 $7,013 $5,624 $4,228 $2,826 $1,417 ($0)