4/29/2008 Kevin Albertsen 3620 Walnut Street, Unit C Lafayette, California 94549 Mr. Albertsen: I am pleased to present my proposal for your review. Although the solutions outlined in this proposal may not be what either of us expected at the onset of this project, I believe that they will effectively and efficiently remedy your real estate investment problem. As you know, I started my research with the goal of increasing your profits. Unfortunately, this research led me to recognize that your property was already losing money. After coming to this realization, I determined that immediate action was necessary, and I focused on finding solutions that could be implemented as soon as possible to minimize any future losses. While working on this project, I have isolated a few limitations that you should be aware of. These limitations may hinder the implementations of my solutions, but I believe that these solutions will eliminate future losses and recover some past losses, as long as they are implemented in a time-sensitive manor. The most significant limitation to my research was my lack of proximity to the property being studied. I believe that I have done my absolute best to understand your property and the market that it is apart of, but I also feel that my research might have been a little more thorough had I been closer to the property. Another limitation to my research is the potential for future market fluctuations. Currently, the housing market is going through some very tough times. No one knows how all of the recent interest rate adjustments are going to affect the market in the long run. I cannot predict the future market, but the future market can have a huge impact on the implementation of my suggested solutions. Finally, I would be remiss if I did not express my concerns about your current property manager. I feel that he is better suited to manage an established profit-making property. I believe that his complacency towards your property is a key reason for its low rental income. Furthermore, I believe that your property would benefit from a manager who was more motivated to advance your property in the local market. However, in our previous conversations, you indicated that you were not interested in changing property managers. Therefore, I focused on developing remedies that would meet the least amount of opposition from Mr. Creel. In conclusion, I hope you find my solutions worthwhile and effective. I look forward to discussing these solutions further with you, and I am more than willing to help you implement whichever resolution you choose. Respectfully,

Proposal to Eliminate Financial Losses Due to Submarket Rents at 1492 and 1496 John Carroll Drive Pensacola, Florida

Table of Contents

I. Executive Summary…………………………………………………………….......................2

II. Problem………………………………………………………………………………………5 a) Financial Analysis…………………………………………………………………………5 b) Improvements……………………………………………………………………………..6

iv) Exterior Improvements………………………………………………………………..6 v) Interior improvements……………...………………………………………………….7

III. Solutions……………………………………………………………………………………..8 a) Solution A…………………………………………………………………………………8 b) Solution B…………………………………………………………………………………9

iv) Exterior Improvements………………………………………………………………..9 v) Interior improvements………………………………………………………………10

IV. Personnel……………………………………………………………………………………11 a) Solution A………………………………………………………………………………..11 b) Solution B………………………………………………………………………………..11

V. Budget………………………………………………………………………………………11 a) Solution A………………………………………………………………………………..11 b) Solution B………………………………………………………………………………..12

VI. Appendix……………………………………………………………………………………14 A: Current Comparable Properties…………………………………………………………...14 B: Future Comparable Properties…………………………………………………………….38 C: Pictures of 1492 & 1496 John Carroll Drive……………………………………………..43 D: Escambia County Appraisal……………………………………………………………....46 E: Improvement Budget Summary…………………………………………………………..48

VII. References……………………………………………………………..................................49

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Executive Summary: Proposal to Eliminate Financial Losses Due to Submarket Rents at 1492 and 1496 John

Carroll Drive Pensacola, Florida

Following our phone conversation in February, I have researched the root causes for the below-market rents you are currently receiving from your property. This research has resulted in two reasonable yet different solutions. I am confident that either solution will result in an overall profit regardless of which route you decide to pursue.

Problem The investment properties located at 1492 and 1496 John Carroll Drive in Pensacola,

Florida, are currently losing money due to below-market rents. As the owner of the property, you must find a way to eliminate this ongoing financial loss or you will continue to lose money and the investment will not be successful.

Financial Analysis

The financial analysis of this property proves that this investment is currently costing you a significant sum of money out-of-pocket. This is caused by the low rents the property commands. Bringing your rents up to market value would reverse your current loses and earn a substantial profit.

Improvements

The improvement problem can be divided in to two sections: exterior improvements and

interior improvements.

Exterior Improvements The two major causes of the exterior issues with the property are as follows;

1. The mistreatment of the property by the current tenants has resulted in a poor curbside appearance. Poor appearance severely limits the number and quality of potential renters and the amount of rent that the market will bear.

2. Necessary maintenance and repairs have not been made to the property and broken fixtures limit the number and quality of potential renters as well as the amount of rent that can be demanded.

Interior Improvements

The major causes of the interior issues with the property are as follows; 1. Outdated flooring and paint deter potential renters as much as a poorly kept exterior. 2. In addition old appliances and outdated and/or chipped countertops will also deter

potential renters. 3. Lack of popular and widespread amenities will also decrease the number of potential

renters and the price at which the units can be successfully marketed.

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Solutions After extensive research, conversations with various real estate professionals, and an analysis of the rental market in Pensacola, Florida, I have determined two reasonable solutions that should result in a profit. Solution A:

1. I do not believe this property is well suited for an absentee owner such as yourself. Considering your demanding naval career, I think it is doubtful that you would be able to take enough time off of work to make improvements cost-effective.

2. For this reason I highly recommend that you sell this property as soon as possible to minimize further loss.

3. Your property has appreciated significantly in the last five years. According to the Escambia County Appraiser’s website, your property value is $48,420 more than your purchase price.

4. Although this does not take into account selling expenses and agent commission, you would still stand to make a gross profit of $42,983 after considering your current losses.

5. Consideration of a 1031 Tax Deferred Exchange may enable you to avoid capital gains taxes while still building real estate equity, and you could purchase a property closer to where you are now.

Solution B: Exterior improvements

1. Due to the market climate in Pensacola right now I believe that it will be difficult to obtain more than $100 per month per unit increases in rent. I believe that getting $875 to $900 per unit is a goal that should be put off until the market evens out again.

2. Currently the property’s exterior could use some minor repairs. I recommend power washing the walkways, driveways, and the brick facing of the buildings. Since the property needs a more manicured appearance, I advise planting a hedge along the front face of the buildings. Both improvements will increase curb appeal and attract more prospective tenants.

3. In order to maintain a well kept exterior, establishing a lawn will be necessary and a new rule prohibiting tenants from parking in the front yard must be implemented and enforced.

4. Leaving lawn and landscaping maintenance to the tenant’s discretion will negate any effort at improving the exterior of the property. Therefore I recommend hiring a landscape and lawn servicing company.

5. Privacy fencing should remain in place as it is desirable to new renters, but I recommend repairing the existing fencing by replacing the broken and missing boards.

Interior improvements

1. Your property manager believes that installing washers and dryers would justify up to a

$50 increase in rents when combined with other improvements. I recommend installing washer and dryer units in all the town homes.

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2. In order to minimize recurring cleaning and replacement costs on carpet, your property manager recommended replacing all flooring with tile. This could justify an increase of $50 in rents per unit when combined with other improvements.

3. Ceiling fans with attached light fixtures should be installed in all rooms lacking a fan. This is a particularly popular feature in rental units in the South.

4. Limiting tenants from painting the interior of the units is a cost-effective measure, but pure or off-white wall color tends to leave the property with an institutionalized feel. I would suggest painting the interior a slightly darker, warmer shade of beige.

5. Implementing all of these improvements should enable you to increase monthly rents to $800 per unit.

Personnel Solution A: The only additional personnel needed would be a reliable real estate agent. If you choose to pursue a 1031 Tax Deferred Exchange, you may also need to hire a lawyer to oversee this complicated transaction. Solution B: It is imperative that you do the work yourself to ensure that the improvements remain cost-effective. Hiring contractors could increase your costs two-fold or more. The only new personnel would be a permanent lawn and landscaping servicing company. Budget Solution A:

No additional monetary investment will be required as all selling costs will be extracted from the sales transaction. However, executing a 1031 exchange may require between $500 and $1000 for legal services prior to the sale as the process is quite complicated. The costs will be recouped after the transaction is complete. Solution B:

Materials are the primary cost for implementing this solution. In total the exterior improvements should total $665 excluding the monthly cost of the lawn service, which should not cost more than $60 per month. Interior improvements should cost a maximum of $9,200. I believe that you should be able to increase all rents to $800 once these improvements are complete. The total monthly increases in rent will be $525, and the recovery time of this investment will be twenty months.

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As you know, during the past several months I have taken a very close look into your investment property in Pensacola, Florida, in an attempt to find a way to increase your submarket rents and your profits. The following proposal includes my analysis of the problem and the solutions that I recommend.

Problem

At the start of this endeavor we both thought that I was looking for a way to increase your profits and prevent the possibility of future loses by raising your monthly rents, but after a closer review of your financial information, I discovered that your property was, in fact, currently losing money. I have spent the recent months researching why your property is losing money and how you can solve this problem. The main components to this problem are the financial state of the property and the need for both exterior and interior improvements to justify an increase in rent.

Financial Analysis

Your two duplexes located in Pensacola, Florida, are suffering from below-market rents, and they have suffered further from a particularly expensive year in 2006. Cost-effective improvements are absolutely necessary to justify a significant increase in rents. As mentioned above, this study was prompted by the concern that the duplexes would begin to lose money unless changes were made. However, the financial data for the last three calendar years, shown in table 1, proves an overall net loss. Therefore, an increase in rents is now a necessity to protect the duplexes from further losses. Year

Income (Rents)

Expenses Management Fees

Mortgage Total Expenses

Profit/ (Loss)

2005 $27,423.40 $3,669.08 $3,054.73 $19,951.36 $26,332.38 $1,091.02

2006 25,498.33 8,103.48 2,492.84 22,170.00 32,766.32 (7,267.99)

2007 30,473.02 4,058.05 2,711.94 22,620.00 29,732.78 740.24

Net Profit/ Loss

(5436.73)

Table 1 Bringing your rents up to market value would reverse your current loses and provide a

regular cash buffer and substantial profit. Table 2 displays the effects of increasing the monthly rents to $800 per month given the same events that occurred in 2005 through 2007. The table shows that your property would be able to provide a significant profit even in years when it faces substantial sudden or unforeseen expenses.

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Year

Income (Rents)

Expenses Management Fees

Mortgage Total Expenses

Profit/ Loss

2005 $38,400 $3,669.08 $3,054.73 $19,951.36 $26,332.38 $12,067.62

2006 38,400 8,103.48 2,492.84 22,170.00 32,766.32 5,633.68

2007 38,400 4,058.05 2,711.94 22,620.00 29,732.78 8,667.22

Net Profit/ Loss

26,368.52

Table 2

In order to keep from losing potential profits, I have identified two problem areas which are limiting market-level rents for your properties: exterior improvements, and interior improvements.

Improvements

While trying to determine necessary and cost-effective exterior and interior improvements, I searched online for comparable properties in the general Pensacola area that currently compete with your property in the local rental market. I divided these properties into two groups. The first group of properties (Appendix A) includes properties that I felt are comparable to your property in its current condition. The second group (Appendix B) consists of properties, loosely comparable, that are receiving a higher monthly rent.

When searching for rental units that are comparable to your property as it is, my main criteria were number of bedrooms, number of bathrooms, and rental price. I included only three-bedroom rental units that had between 1.5 and 2.5 bathrooms. I also narrowed the search by looking at properties whose square footage fell between 1250 and 1320 and whose monthly rent fell between $625 and $725.

In searching for comparable properties for the second group, I was forced to widen my relevant range with regard to the search criteria. I maintained the bedroom and bathroom criteria, but I was forced to include properties that ranged in square footage from 1150 to 1554. Even with the larger square footage differential I was only able to find two properties similar to yours that are asking between $800 and $850 in monthly rent.

Admittedly, this is a small glimpse at the Pensacola rental market at one moment in time, but further market research would require more time than we have at our disposal. Within this limitation, my research leads me to believe that a significant increase in rent will be a difficult goal to achieve and may require undesired sacrifices.

Exterior Improvements

Exterior improvements are necessary as curb appeal brings potential renters to look at the

property. Unkempt yards may deter potential renters due to the perception that if one part of the property is not kept in shape, then the rest of the property could be the same way. This

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perception also holds true for peeling, cracking, and stained paint, torn or outdated siding, and a worn roof among other things. Exterior improvements alone cannot justify a rental increase but will increase the value of the property. However, when coupled with appropriate interior improvements, a rental increase is inevitable. The problem is determining which exterior improvements are necessary and cost-effective. Your Florida property has nearly non-existent landscaping, and what it does have is aged in appearance. Older, overgrown or sparse landscaping tends to make the structure itself appear older, and in the eyes of potential renters, old equals undesirable. This effect is magnified by the other well kept yards on your street. Furthermore, the large trees on the property create a dark exterior which makes the buildings look dingy and dirty.

The lack of grass in both the front and back yards is surely a deterrent to prospective renters especially when compared to the green lawns of the neighbors that are visible in the pictures (Appendix C). Currently, you leave the yard maintenance up to your tenants, but this practice does not seem to facilitating desirable outcomes. Allowing your tenants to park in the front yard also makes establishing a lawn futile. Another problem plaguing the exterior impression of this property is the dilapidated fencing in the back yard. Missing and broken boards in the privacy fence in the back yard leave a prospective renter with the impression that the property as a whole is neglected and mismanaged. They will wonder what kind of response they can expect if they have to call for a repair. The front of the buildings also gives the impression that the property is neglected, because there are mismatched and missing screen doors and sheets hanging in the window in lieu of window treatments.

Interior improvements My analysis of the interior of the property is severely hindered by the fact that I could not gain access to the property to have pictures taken. Therefore, I am working solely off of the descriptions that I have received from you and your property manager, Mr. Jack Creel. I have done my best to assess the situation within these limitations, but in the interest of full disclosure, I feel that you need to be aware that this portion of the analysis may not be fully accurate and may need further research. Please keep this in mind while reading the interior improvements sections.

Old, torn and/or foul smelling carpet, old appliances, chipped countertops and interior peeling paint will deter potential renters as much as a poorly kept exterior. Though granite countertops, high-end appliances, hardwood floors, and a renovated master bathroom will justify an increase in rents, these improvements will take ten years or more to recover financially. Determining the right combination of improvements, that will justify the most rental increase, while simultaneously keeping initial costs at a minimum, is another problem. It is easy to go overboard and recommend a complete overhaul of the property, but that is not what we are looking for in your investment. We are looking for minor, inexpensive ways to make your property appear more welcoming to potential renters. An off-white wall color, such as the one in the Florida rental property, is neither warm nor inviting and has an institutional feeling to renters. Dated, chipped, and damaged Formica countertops in the kitchens and bathrooms of the units also make renters question how well the property is maintained.

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As mentioned in the exterior improvements section above, some window treatments have been damaged while others have been replaced by bed sheets, which is apparent from the outside. Again, this raises the issue of property maintenance in the minds of potential renters.

Carpet is also very difficult to maintain as it requires expensive cleaning between tenants. Even diligent cleaning cannot keep a carpet looking new, and since a renter will never maintain a property like an owner, carpet can become a huge expense as its useful life is greatly diminished. Mr. Creel has told me that some of the units in your property have carpet that is in excess of ten years old.

In the second part of the following solution section you will find a focus on new amenities in addition to necessary repairs and maintenance. If you choose to pursue solution B, I believe that combining these new amenities with repairs and improvements should result in a relatively substantial increase in rent. Solutions As a result of the market research that I have conducted, I believe there are two solutions to this problem that could be pursued. I highly recommend choosing the first solution, but should this solution be unfeasible, I believe that the second solution will remedy the problem but at a much higher cost.

Solution A:

This property would be a good investment for a knowledgeable local owner who could manage the property and do most of the repairs and maintenance on his/her own, but I do not believe that this property is well suited for an absentee owner such as yourself. The property is currently losing money, and the repairs and improvements necessary to increase the rent would have to be done by the owner him/herself in order to maintain cost effectiveness.

I know that you have a demanding naval career, and property investment is something that you do on the side. I think it is doubtful that you would be able to take enough time off of work to do the necessary repairs and improvements yourself. As a result, I highly recommend that you sell this property as soon as possible to minimize any further loss.

I worry that you may have trouble finding a buyer who is willing to take on a property that is already losing money, but finding the right real estate agent and the right local investor can go along way toward resolving that problem.

You appear to have bought the property for significantly less than its appraised value according to the Escambia County Property Appraiser’s website (Appendix D). In addition, your property has appreciated significantly in the last five years. The county appraisal value is not always a good indicator of what a property will sell for. In some instances they are high and in others they are low, but if you did sell this property for the appraisal value, you would stand to make a gross profit of $48,420. Granted this doesn’t account for selling expenses or agent commissions, but after considering your current losses (assuming that you broke even in 2003 and 2004), you would still see a gross profit of $42,983 before selling fees and agent commission.

Completing a 1031 Tax Deferred Exchange is another option that could be considered during the sale of the property. You could effectively trade the property for another property of equal or greater value. Pursuing a 1031 Tax Deferred Exchange would give you the option of finding another Florida property that is better suited for an absentee owner or purchasing a

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property closer to where you are now. As the title states, this method would eliminate paying taxes on the sale of the property that you currently own.

Solution B:

Due to the market climate in Pensacola right now I believe that it will be difficult to

obtain more than a $100 per month per unit increase in rent. As you know, the market is severely flooded and many properties are having a hard time filling vacancies. However, I believe that since you have experienced near 100% occupancy, achieving a higher rent in the future is not out of the question. With that said, I believe that getting $875 to $900 per unit is a goal that should be put off until the market evens out again.

I have focused on a solution that I believe will enable you to raise rents by $100 now. Unfortunately, making the necessary improvements to this property will require a substantial investment that will tie you to this property for many years in the future. Since rental markets fluctuate vastly in relatively short periods of time, this solution presents somewhat of a gamble and should only be pursued if selling the property is not an option.

Furthermore, this solution would require a lot of time from you, since you would have to complete all of the improvements yourself to ensure that they remain cost-effective. You should be absolutely certain that you can spend a minimum of two months making these improvements before you choose to pursue this avenue.

On the bright side, your property manager believes that the market will bear a $25 increase in monthly rents without improvements to the property due to rising insurance and property tax rates over recent years. In the following section you will find my recommended solutions for improving your investment property.

Exterior improvements

Currently, the property’s exterior could use some relatively minor repairs and updating. I recommend power washing the walkways, driveways, and the brick facing of the buildings. Power washing will give the structures and the sidewalk a clean new look. The trees on the property are very large and are somewhat over grown. Trimming the trees, which you have already planned for, will give the property a more youthful appearance. I would also recommend adding a little landscaping to the front of the property. I advise planting a hedge along the front face of the buildings. Hedges will give the property a more manicured appearance, but will require very little maintenance, especially if you choose plants that are native to Florida and are drought resistant. Along the same line, the fact that your property has no grass in the yard due to mistreatment by your tenants greatly diminishes your curb appeal. Establishing a lawn will be necessary to attract new renters that will be willing to pay higher rents. This improvement to the property will require several changes to current rental policy. First, a new rule prohibiting tenants from parking in the front yard must be implemented and enforced. Enforcing this rule will pose a problem, since monetary punishments such as fines cannot be executed without amending your current leases. For legal reasons lease amendments will have to wait until the individual leases expire. After all leases have expired and new leases enacted, I recommend that a lawn be established.

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Leaving lawn and landscaping maintenance to the tenants’ discretion will negate any effort at improving the exterior of the property. Therefore, I recommend hiring a landscape and lawn servicing company. They are relatively inexpensive but will still constitute an increase to your regular expenses. I think that this improvement is crucial to getting potential renters in the door to look at the property, but I don’t believe that it will justify an increase in rent. The privacy fencing in the backyard also requires repairs. This fencing is used to partition the backyard between the four units. Tearing it down might be tempting, but the partition will be desirable to new renters. Therefore, I recommend keeping the established fencing and replacing the broken and missing boards.

You appear to have two matching screen doors, but unfortunately, they are not on the same building. I would recommend moving the matching screen doors to the same building and buying one more screen door that matches the third door to replace the missing one.

Interior improvements

After speaking to several experts including Mr. Creel, I notice several similarities among their suggestions. First and most significantly, all of the experts agreed that adding washer and dryer units in your properties would allow a substantial increase in rents. Your property manager believes that installing washers and dryers would justify up to a $50 increase in rents in combination with other improvements. Therefore, I recommend installing washer and dryer units in all of the town homes.

Mr. Creel expressed a concern that installing these appliances would result in higher maintenance costs when they need repair, but I don’t believe that this will be a problem. By increasing the rent $50, the cost of the washer and dryer units should be recovered within ten months. New washers and dryers can be expected to have at least a five-year useful life. I recommend selling the washer and dryer units in the newspaper when they begin to require repairs. This method allows you to recover some of the initial investment, and I am positive that the washer and dryer units will last longer than ten months. However, I advise against purchasing combined washer/dryer units, because these units tend to require more maintenance and have a shorter useful life.

The experts also suggest that the linoleum in the kitchen and bathrooms be replaced with ceramic tile. Furthermore, they believe that ceramic tile could be used to create a foyer/ entryway area that would give the units a more sophisticated appearance. Your property manager, Mr. Creel, recommended removing all of the flooring in the units and replacing it all with tile. His very convincing argument included both a small increase in rent and a substantial decrease in cleaning expenses needed after tenants move out. Tile happens to be attractive to renters in the South and specifically in the Florida market.

Your property manager indicated that he has replaced carpet with tile in other properties, and that the installation of tile instead of carpet in combination with other improvements could warrant an increase of up to $50 in monthly rents. Mr. Creel also explained that carpet needs expensive cleaning and it never quite looks clean after the first tenant, but tile looks brand new after a quick sweep and mop. Therefore, installing tile throughout the units would also decrease regular expenses required to clean the town homes after tenants vacate.

Another universal suggestion was adding ceiling fans with attached light fixtures in every room. I recommend that you follow this suggestion and install ceiling fans in the rooms

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that don’t currently have them. This is a particularly popular feature in rental units in the South. While I doubt that they can justify a rent increase alone, they will contribute to the overall impact of your property on prospective tenants. I know that your property has ceiling fans in some rooms, so you would only need to purchase and install a few more. Wall color in a rental unit can greatly effect a potential renter’s first impression of the property. Allowing your renters to paint their walls any color they like would probably make them happy, but it could become a costly accommodation once you had to paint over lime green or burnt orange after they left the property. Nonetheless, there are reasonable solutions to this problem. I would suggest painting the interior a slightly darker, warmer shade of beige. This color will make your units appear different and unique relative to other comparable properties (see Appendix A and B). Lighter shades, specifically off-white can make a rental property feel institutionalized. Another subtle, but effective change would be painting bedrooms a darker shade of the same color that you choose for the rest of the unit. Lastly, I would recommend replacing the missing and damaged window treatments. Implementing all of these improvements and repairs should enable you to increase monthly rents to $800 per unit. Personnel Personnel expenses will, of course, depend on which solution you choose to pursue.

Solution A:

If you choose Solution A, the only additional personnel needed would be a reliable real

estate agent and possibly a lawyer. Solution B:

Should you choose to pursue Solution B, you must do the work yourself to ensure that the improvements remain cost-effective. Hiring subcontractors or a general contractor could increase your expenses two fold or more. This would completely negate the benefits of the improvements themselves, because the recovery time of the cost of improvements would surely exceed ten years. The only new personnel required for Solution B would be the permanent hiring of a lawn and landscape servicing company.

Budget The budget will also depend on the solution that you choose to pursue.

Solution A:

If you choose to sell the property, no additional monetary investment should be required.

All selling costs and agent commissions will be extracted from the sales transaction. It would be impossible to predict state of the market at sale, final selling price, time of year of the sale, and many other factors that would contribute to selling expenses, but I feel confident that all expenses would be covered by the final price.

You would also need $500 to $1000 to cover legal fees if you choose to complete a 1031 Tax Deferred Exchange, but these fees would be more than recouped by your tax savings.

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Solution B: If Solution B better suits for your goals, you must consider the cost of all materials needed for the improvements. I have not included the cost of tree trimming, because you indicated to me that you have already planned for this. I also excluded the cost of new paint, because paint is currently a regular expense for your property. Repainting the units would occur after the current tenants have moved out, just as it does now, and would require only changing the color.

I have also focused on the consumable materials needed to implement these improvements. I know you are knowledgeable in this area, and you are experienced at improving properties at a hands-on level. Therefore, I won’t speculate about which tools you have and which ones you will need. I will focus the budget on the cost of primary materials, but I have constructed this budget with retail costs in mind. Therefore, this budget should be considered a maximum rather than a minimum.

Power washing the walkways, driveways, and brick facings of the buildings will require renting a pressure washer. Power washing both buildings should not take more than a day and rentals usually run about $55 per day for a 3000 psi machine.

Since most of the acreage at the back of your lot is wooded, you would only need to establish a lawn around the buildings themselves. I estimate that you will need to seed roughly 2500 square feet. This will require a 25lb bag of seed which will cost roughly $45. You will also need to rent a soil aerator. A self propelled 18” aerator will cost $75 per day. It may take two days to complete both yards, so you should expect a total cost of $150. You will also need a broadcast spreader which can be found at Lowe’s or Home Depot for $35.

For the hedges in front of the buildings you will need to find drought resistant shrubs that are native to Florida. The Florida Native Plant Society website offers many choices, but I will use Scarlet Savory as an example for the budget, because it is highly drought resistant and produces flowers. You will probably need at least 12 plants. At $20 per bush they will cost $240 in total.

Fixing the privacy fencing in the yard will be a minimal expense. The lumber to repair the fence should cost no more than $100. A new screen door should be no more than $40. In total the exterior improvements should total no more than $700 excluding the monthly cost of the lawn service, which should not cost more than $60 per month for both buildings. Since the washer and dryer combination will bring the greatest increase in rent, this expense should be the first considered. Most base models of washers cost roughly $250, but many times you can get significant discounts for buying several units at once. Another option is to purchase refurbished models which usually cost around $175-$200, but they also have a shorter life expectancy. In any event, I would not recommend spending anything more than $250 a piece. Base-level dryers can be purchased for $240 and again you can negotiate discounts for larger purchases or choose to buy refurbished models for less.

The ceramic tile will offer the next highest net increase. Assuming a 5% waste on materials, you will need 1375 sq. ft. of tile. Using 12” X 12” tiles will be most cost-effective. There are many different styles and colors available for less than $.80 per tile. At $.80 per tile, you should expect to spend $1100 per unit. For the upstairs portions of your units you will need to install cement board before putting down tile. Including the same 5% waste assumption, you will need 50 3’ X 5’ boards. At $10.79 a piece this would cost $540 per unit.

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Ceiling fans with light fixtures will be the next on the list. There are many great options, but I would recommend trying to keep cost under $50 per fan. This is crucial since you will need 2-3 fans per unit. At most, the fans should cost a total of no more $600. Replacing the Venetian blinds should cost no more than $24. In total, the interior improvements should cost a maximum of $9,200.

In total all exterior and interior improvements should total no more than $10,000. By implementing all of these improvements and repairs to all four of the units, I believe that you should be able to increase all rents to $800. This constitutes a $100 increase for unit one, a $125 increase for unit four, and a $150 increase for units two and three. The total monthly increase in rent will be $525, and the recovery time of this investment will be twenty months. A summary of the improvements and their individual costs is included in Appendix E.

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Appendix A: Currently Comparable Properties Search Criteria: Bedrooms: 3 Bathrooms: 1.5-2.5 Square Footage: 1250-1320 Monthly Rent: $625-$725 Rental Home Summary

4171 Ciudad Dr. Pensacola FL 32504 Type: Townhouse Monthly Rent: $ 725 Bedrooms: 3 Bathrooms: 1.5

Managed/Leased by: Dawn Smith

Re/Max Horizons Property Management Photos & Virtual Tours

Location

Address: 4171 Ciudad Dr. Pensacola FL 32504

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Subdivision: Spanish Trace

Lo cation: Creighton Rd turn R on Spanish Trail turn R on Ciudad

Property Details

Bedrooms: 3 Bathrooms: 1.5

Kitchen Description: Separate oven and rangeRefrigerator Built in dishwasher Sink disposal Closet pantry

Laundry Description: Washer/dryer hookup Approx Square Feet: 1300

Dwelling Type: Townhouse Floor Coverings: Carpet

Ceramic tile

Amenities

Pets: No Pets Parking: Driveway parking

Pool: No Pool Fireplace: No fireplace

Heat: Electric heat Cooling: Central air

Rent & Terms

Monthly Rent: $ 725 Application Fee (Stan onth

Management-broker

dard): $ 45 Lease InfoDate Available: 4/3/08

: 12 m s

Other Information

Remarks: Updated home with new paint, new fixtures, new ceramic tile in kitchen, dining room and bathrooms. Fully equipped kitchen, formal dining & eat-in kitchen. New bathtub and surround in master bath. Privacy fenced yard. Inside laundry & much more!

15

Rental Home Summary

3145 Cedarwood Village Pl. Pensacola FL 32504 Type: Townhouse Monthly Rent: $ 675 Bedrooms: 3 Bathrooms: 2

Managed/Leased by: Dawn Smith

Re/Max Horizons Property Management Photos & Virtual Tours

Location

Address: 3145 Cedarwood Village Pl. Pensacola FL 32504

16

Property Details

Bedrooms: 3 Bathrooms: 2

Kitchen Description: Oven/range Refrigerator Built in dishwasher

Dwelling Type: Townhouse Floor Coverings: Carpet

Vinyl

Amenities

Pool: No Pool Fireplace: One fireplace

Rent & Terms

Monthly Rent: $ 675 Sec Deposit (Refundable): $

Date 400

Available: 3/18/08

Other Information

Remarks: Fully equipped kitchen, washer and dryer provided - storage shed in backyard, privacy fence, vaulted ceilings - shows great

17

Rental Home Summary

702 N Fairfield Dr Pensacola FL 32503 Type: Townhouse Monthly Rent: $ 675 Bedrooms: 3 Bathrooms: 1.5

Managed/Leased by: Amy Lister

Realty Masters of Florida

Move in special!! Spacious & affordable 3 bedroom 1.5 bath all electric townhouse. HUD accepted. Photos & Virtual Tours

Location

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Address: 702 N Fairfield Dr Pensacola FL 32503

Complex/Community: Royal Pines County/Parish: Escambia

ElementarySchool Zone:

Myrtle Grove

Jr. HighSchool Zone:

Bellview

High SchoolSchool Zone:

Escambia

Nearby College/University: UWF, PJC

Location: Corner of Fairfield and Lillian Driving Directions: West on Fairfield to Lillian

Property Details

Bedrooms: 3 Bathrooms: 1.5 Bedroom 1

Dimensions: 12x15'6

Bedroom 2 Dimensions:

11x13

Bedroom 3 Dimensions:

9'6x10'6

Living Room Dimensions:

15'6x12

Dining Room Dimensions:

11'6x12'6

Kitchen Dimensions: 10'6x8 Bathroom Description: Master bath upstairs, master bath 12'x5', half

bath 4'6'x5' Master Bath Description:

Full master bath

Kitchen Description: Oven/range Refrigerator

Approx Square Feet: 1300 Year Built: 1974

Dwelling Type: Townhouse Dwelling Construction: Wood frame

Dwelling Finish Construction:

Wood Brick trim

Unit Style: On two levels Two common walls

Fence Construction: Wood Floor Coverings: Carpet

Vinyl Window Coverings: Mini-blinds

Amenities

Pets: Possible, with approval Parking: Parking slab

Assigned parking Pool: No Pool

Fireplace: No fireplace Heat: Electric heat

Cooling: Central air

Internal Features: Cable/satellite TV ready High-speed internet ready

External Features: Private yard / courtyard Energy Features: Ceiling fans

Utility Service: Public electric

Rent & Terms

19

Monthly Rent: Application FeSec Deposit

AvailableLease Info: 12nt

Included in ReDeposit Payme

Certified fundDeposit held b

$ 675 e (Standard): $ 25 (Refundable): $ 575 Ren

Date : 3/6/2008 months

t Payme Details: Pay to property managernt: No additional items

nt Details: Leasing broker s only y broker

Other Information

Remarks: Just REDUCED! Owner is offering $100 off second months rent for qualified applicant! Intersections of Lillian Highway and Fairfield Drive. Close to NAS and Perdido. Three bedrooms are upstairs, kitchen, living room and dining area are downstairs. Privacy fenced backyard. Pets are on owner approval and a $250 non refundable pet fee. Please call office for easy, same day viewing instructions.

Policies: THE FOLLOWING POLICIES HAVE BEEN ESTABLISHED TO ENSURE THAT ALL PROSPECTIVE APPLICANTS FOR A PROPERTY ARE PROCESSED BY OUR PROPERTY MANAGEMENT GROUP AND WILL BE TREATED EQUALLY. Please read the following policies. If you feel you meet the guidelines for qualifying, we encourage you to submit an application. Only one (1) application will be processed at a time and applications will be processed in the order received. An incomplete application will not be considered APPLICANTS •Each person 18 years of age or older must complete and sign an application and only the applicants may reside in the property. •If a co-signer is necessary, the co-signer must also complete and sign an application. The acceptance of a co-signer is not normal policy and is subject to individual approval or denial by owner/Property Manager. •The applications will not be processed and considered with missing or false information Applicants must provide proof of identity with photo identification PROCESSING FEES •$35.00 non-refundable processing fee per applicant •Property will not be taken off the market without receipt of deposit •Approved applicants must sign lease agreement within 72 hours and starting date no later than two weeks from receipt of deposit CREDIT/INCOME CRITERIA •Credit history must not contain judgments, eviction filing, collections, liens or bankruptcy within the past year •Previous rental history reports from landlords must reflect timely payment, sufficient notice of intent to vacate, no complaints regarding noise or illegal activities, no unpaid NSF checks, and no damage to the unit upon move out •Applicants gross monthly income must be three (3) times the amount of the monthly rent •A minimum of one (1) year residential history is required •Income will be verified from copies of the prior month’s pay stubs provided with the application •Self employed applicants must provide their most recent tax return and three (3) months bank statements CONDITION OF MOVE IN •Hours for lease signing are Monday through Friday between 9am and 4pm., and Saturday by appointment only •All utility and garbage accounts, where applicable, must be transferred into the residents name as of the date of possession •Security Deposit and first (1st) full month’s rent are to be paid in cashier’s check or money order before keys are provided Any exceptions to our policy will need to be submitted in writing to the agent for presentation to the owner

20

for consideration. If approval is then given for such exceptions, additional security, co-signers, and/or additional advance rental payments may be required. Our company policy is to report all non-compliance with terms of your rental agreement or failure to pay rent, or any amounts owed to the credit bureau. Realty Masters of FL

1719 N 9th Ave Pensacola, FL 32503 850-473-3983

Photos & Virtual Tours

21

22

Rental Home Summary

827 Massachusetts Ave Pensacola FL 32505 Type: Townhouse Monthly Rent: $ 625 Bedrooms: 3 Bathrooms: 1.5 Managed/Leased by:

Amy Lister Realty Masters of Florida

Move in Special!! Spacious 3 bdrm 1.5 bath home w/great floor plan. Hud accepted. Photos & Virtual Tours

Location

Address: 827 Massachusetts Ave Pensacola FL 32505

ElementarySchool Zone:

Montclair

23

Subdivision: Carriage Hills County/Parish: Escambia

Location: Carriage Hills

Jr. HighSchool Zone:

Bellview

High SchoolSchool Zone:

Escambia

Nearby College/University: UWF, PJC Property Details

Bedrooms: 3 Bathrooms: 1.5

Master Bath Description: Full master bath Kitchen Description: Oven/range

Refrigerator Built in dishwasher

Approx Square Feet: 1320 Year Built: 1971

Dwelling Type: Townhouse Dwelling Construction: Brick

Wood frame Dwelling Finish Construction: Brick trim

Unit Style: On two levels Fence Construction: Wood

Floor Coverings: Carpet Vinyl

Window Coverings: Mini-blinds Amenities

Pets: Possible, with approval Parking: Parking slab

Driveway parking Pool: No Pool

Fireplace: No fireplace Heat: Electric heat

Cooling: Refrigeration (Air conditioning) Central air

External Features: Private yard / courtyard Utility Service: Public electric

Rent & Terms

Monthly RenApplication FSec Deposit

Pet Deposit

te AvailabLease Info: 1en

ded in RDeposit Paym

Certified fundDeposit held

t: $ 625 ee (Standard): $ 25 (Refundable): $ 525 Re

(Non-refundable): $ 250

Da le: 4/4/08 2 months

nt Paym t Details: Pay to property manager Inclu ent: No additional items

ent Details: Leasing broker s only

by broker

Other Information

Remarks: Just REDUCED! Owner is offering $100 off second months rent for a qualified applicant. Great floor plan in the spacious 3 bedroom 1.5 bath town-home. All three bedrooms are upstairs along with the master bathroom. Kitchen and living room are downstairs. Please call for an appointment to view property.

Policies:

24

THE FOLLOWING POLICIES HAVE BEEN ESTABLISHED TO ENSURE THAT ALL PROSPECTIVE APPLICANTS FOR A PROPERTY ARE PROCESSED BY OUR PROPERTY MANAGEMENT GROUP AND WILL BE TREATED EQUALLY. Please read the following policies. If you feel you meet the guidelines for qualifying, we encourage you to submit an application. Only one (1) application will be processed at a time and applications will be processed in the order received. An incomplete application will not be considered APPLICANTS •Each person 18 years of age or older must complete and sign an application and only the applicants may reside in the property. •If a co-signer is necessary, the co-signer must also complete and sign an application. The acceptance of a co-signer is not normal policy and is subject to individual approval or denial by owner/Property Manager. •The applications will not be processed and considered with missing or false information Applicants must provide proof of identity with photo identification PROCESSING FEES •$35.00 non-refundable processing fee per applicant •Property will not be taken off the market without receipt of deposit •Approved applicants must sign lease agreement within 72 hours and starting date no later than two weeks from receipt of deposit CREDIT/INCOME CRITERIA •Credit history must not contain judgments, eviction filing, collections, liens or bankruptcy within the past year •Previous rental history reports from landlords must reflect timely payment, sufficient notice of intent to vacate, no complaints regarding noise or illegal activities, no unpaid NSF checks, and no damage to the unit upon move out •Applicants gross monthly income must be three (3) times the amount of the monthly rent •A minimum of one (1) year residential history is required •Income will be verified from copies of the prior month’s pay stubs provided with the application •Self employed applicants must provide their most recent tax return and three (3) months bank statements CONDITION OF MOVE IN •Hours for lease signing are Monday through Friday between 9am and 4pm., and Saturday by appointment only •All utility and garbage accounts, where applicable, must be transferred into the residents name as of the date of possession •Security Deposit and first (1st) full month’s rent are to be paid in cashier’s check or money order before keys are provided Any exceptions to our policy will need to be submitted in writing to the agent for presentation to the owner for consideration. If approval is then given for such exceptions, additional security, co-signers, and/or additional advance rental payments may be required. Our company policy is to report all non-compliance with terms of your rental agreement or failure to pay rent, or any amounts owed to the credit bureau. Realty Masters of FL

1719 N 9th Ave Pensacola, FL 32503 850-473-3983

25

26

27

28

Rental Home Summary

720 N Fairfield Dr Pensacola FL 32503 Type: Townhouse Other / see remarks Monthly Rent: $ 675 Bedrooms: 3 Bathrooms: 1.5

Managed/Leased by:

Amy Lister Realty Masters of Florida

Move in special!! Spacious & affordable 3 bedroom 1.5 bath all electric townhouse. HUD accepted. Photos & Virtual Tours

Location

29

Address: 720 N Fairfield Dr Pensacola FL 32503

Complex/Community: Royal Pines Location: Corner of Fairfield and Lillian

Elementary School Zone:

Myrtle Grove

Jr. High School Zone:

Bellview

High School School Zone:

Escambia

Nearby College/University: UWF, PJC Property Details

Bedrooms: 3 Bathrooms: 1.5 Bedroom 1

Dimensions: 12x15'6

Bedroom 2 Dimensions:

11x13

Bedroom 3 Dimensions:

9'6x10'6

Living Room Dimensions:

15'6x12

Dining Room Dimensions:

11'6x12'6

Kitchen Dimensions: 10'6x8 Bathroom Description: master bath upstairs, master bath 12x5, half

bath 4'6x5 Master Bath Description:

Full master bath

Kitchen Description: Oven/range Refrigerator

Approx Square Feet: 1300 Year Built: 1974

Dwelling Type: Townhouse Other / see remarks

Dwelling Construction: Wood frame Dwelling Finish

Construction: Wood Brick trim Siding

Unit Style: On two levels Two common walls

Fence Construction: Wood Floor Coverings: Carpet

Vinyl Window Coverings: Mini-blinds

Amenities

Pets: Possible, with approval Parking: Parking slab

Pool: No Pool Fireplace: No fireplace

Heat: Electric heat Cooling: Central air

Internal Features: Cable/satellite TV ready External Features: Private yard / courtyard Energy Features: Ceiling fans

Utility Service: Public electric

Rent & Terms

Monthly RenApplication FSec Deposit

te AvailabLease Info: 1en

Included in R

t: $ 675 ee (Standard): $ 25 (Refundable): $ 575 Re

Da le: 4/4/2008 2 months

nt Paym t Details: Pay to property manager ent: No additional items

30

Pet Deposit Certified fund

(Non-refundable): $ 250 Deposit Payment Details: Leasing broker s only

Other Information

Remarks: Just REDUCED! Owner is offering $100 off second months rent for qualified applicant. Intersections of Lillian Highway and Fairfield Drive. Close to NAS and Perdido. Three bedrooms are upstairs, kitchen, living room and dining area are downstairs. Privacy fenced backyard. Pets are on owner approval and a $250 non refundable pet fee. Please call office for easy, same day viewing instructions.

Policies: THE FOLLOWING POLICIES HAVE BEEN ESTABLISHED TO ENSURE THAT ALL PROSPECTIVE APPLICANTS FOR A PROPERTY ARE PROCESSED BY OUR PROPERTY MANAGEMENT GROUP AND WILL BE TREATED EQUALLY. Please read the following policies. If you feel you meet the guidelines for qualifying, we encourage you to submit an application. Only one (1) application will be processed at a time and applications will be processed in the order received. An incomplete application will not be considered APPLICANTS •Each person 18 years of age or older must complete and sign an application and only the applicants may reside in the property. •If a co-signer is necessary, the co-signer must also complete and sign an application. The acceptance of a co-signer is not normal policy and is subject to individual approval or denial by owner/Property Manager. •The applications will not be processed and considered with missing or false information Applicants must provide proof of identity with photo identification PROCESSING FEES •$35.00 non-refundable processing fee per applicant •Property will not be taken off the market without receipt of deposit •Approved applicants must sign lease agreement within 72 hours and starting date no later than two weeks from receipt of deposit CREDIT/INCOME CRITERIA •Credit history must not contain judgments, eviction filing, collections, liens or bankruptcy within the past year •Previous rental history reports from landlords must reflect timely payment, sufficient notice of intent to vacate, no complaints regarding noise or illegal activities, no unpaid NSF checks, and no damage to the unit upon move out •Applicants gross monthly income must be three (3) times the amount of the monthly rent •A minimum of one (1) year residential history is required •Income will be verified from copies of the prior month’s pay stubs provided with the application •Self employed applicants must provide their most recent tax return and three (3) months bank statements CONDITION OF MOVE IN •Hours for lease signing are Monday through Friday between 9am and 4pm., and Saturday by appointment only •All utility and garbage accounts, where applicable, must be transferred into the residents name as of the date of possession •Security Deposit and first (1st) full month’s rent are to be paid in cashier’s check or money order before keys are provided Any exceptions to our policy will need to be submitted in writing to the agent for presentation to the owner for consideration. If approval is then given for such exceptions, additional security, co-signers, and/or additional advance rental payments may be required. Our company policy is to report all non-compliance with terms of your rental agreement or failure to pay rent, or any amounts owed to the credit bureau.

31

Realty Masters of FL

1719 N 9th Ave Pensacola, FL 32503 850-473-3983

32

33

34

35

Rental Home Summary

837 Esconditas Pl Pensacola FL 32506 Type: Townhouse Monthly Rent: $ 695 Bedrooms: 3 Bathrooms: 2.5

Managed/Leased by: Beverly Nicholson

ERA Old South Properties, Inc.

Photos & Virtual Tours

Location

Address: 837 Esconditas Pl Pensacola FL 32506

Subdivision: Esconditas Place Co unty/Parish: Escambia

Geo Latitude: 30.421591 Geo Longitude: -87.318227

36

Lo cation: 98 West - right on Fairfield - left on Lillian - right on Esconditas

Property Details

Bedrooms: 3 Bathrooms: 2.5

Approx Square Feet: 1250

Dwelling Type: Townhouse

Amenities

Pets: No Pets Parking: 1 car garage

Pool: No Pool Furnished: Unfurnished Fireplace: No fireplace

Heat: Electric heat Cooling: Central air

Rent & Terms

Monthly Rent: $ 695 Application Fee (Standar

Application Fee (IndividuSec Deposit (Refundable

Sec Deposit (Non-refundPet Deposit (Non-refund

Datd): $ 45 Lease Info: 12

al): $ 45 ): $ 550

able): $ 200 able): $ 200

te Available: 3/17/06 mon hs

Other Information

Rem: He

arks: Nice townhouse with back courtyard & 1-car garage. Fully equipped kitchen. No pets. No smokers.at/Cooling: Access: By Appointment Lease Term:

37

Appendix B: Future Comparable Properties Search Criteria: Bedrooms: 3 Bathrooms: 1.5-2.5 Square Footage: 1150-1554 Monthly Rent: $800-$850 Rental Home Summary

6130 Alicia Dr Pensacola FL 32504 Type: Townhouse Monthly Rent: $ 850 Bedrooms: 3 Bathrooms: 1.5

Managed/Leased by: Beverly Nicholson

ERA Old South Properties, Inc.

Photos & Virtual Tours

Location

Address: 6130 Alicia Dr Pensacola FL 32504

Subdivision: The Gant Co unty/Parish: Escambia

Geo Latitude: 30.485729 Geo Longitude: -87.185864

38

Lo cation: North on 9th Ave - right on Langley Ave - right on Kirsten - left on Alicia

Property Details

Bedrooms: 3 Bathrooms: 1.5

Dwelling Type:

Approx Square Feet: 1554

Townhouse

Amenities

Pets: No Pets Parking: 1 car garage

Pool: No Pool Fireplace: One fireplace

Heat: Electric heat Cooling: Central air

Rent & Terms

Monthly Rent: $ 850 Application Fee (Standard

Application Fee (IndividuaApplication Fee (Couple):

Sec Deposit (Refundab )

Dah ): $ 45 Lease Info: 12

l): $ 45 $ 45

le : $ 700

te Available: 04/18/2008 mont s

Other Information

Remarks: Great townhome in NE Pensacola. Living room w/fireplace. Living/dining combination. Fully equipped kitchen 14X19 sun room. Large privacy fenced backyard. One car garage. Convenient to schools, hospitals and shopping. No pets no smokers.

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Rental Home Summary

9563 Sunnehanna Pensacola FL 32514 Type: Duplex Monthly Rent: $ 800 Bedrooms: 3 Bathrooms: 2

Managed/Leased by: Property Management Department

Coldwell Banker United, Realtors Photos & Virtual Tours

Location

Address: 9563 Sunnehanna Pensacola FL 32514

Subdivision: Woodlands

ElementarySchool Zone:

Mcarthur

Jr. HighSchool Zone:

Ferry Pass

High SchoolSchool Zone:

Tate

40

Property Details

Bedrooms: 3 Bathrooms: 2

Bedroom 1 Dimensions: 12x12 Bedroom 2 Dimensions: 10x10 Bedroom 3 Dimensions: 10x13

Living Room Dimensions: 16x16 Dining Room Dimensions: 12x14

Kitchen Description: Oven/range Refrigerator Built in dishwasherSink disposal

Approx Square Feet: 1150 Year Built: 1981

Dwelling Type: Duplex Floor Coverings: Carpet

Vinyl

Amenities

Pets: No Pets Fireplace: One fireplace

Heat: Electric heat Cooling: Central air

Internal Features: Cable/satellite TV readyUtility Service: Public electric

Rent & Terms

Monthly Rent: $ 800 Application Fee (StandardSec Deposit (Refundable

Dat ): $ 40 ): $ 750

e Available: 03/11/2008

Other Information

Remarks: Nice home with new paint, new tile. Near UWF

41

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Appendix C: Pictures of 1492 & 1496 John Carroll Drive The following pictures were taken at the time of purchase in 2003.

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The following pictures were taken April 27, 2008.

44

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Appendix D: Escambia County Appraisal

RECORD DETAIL Previous Next

General Information

Name: ALBERTSON KEVIN J 1492 JOHN CARROLL RD PENSACOLA FL 32504

Account: 032716000

Reference: 311S301901050005

Section Map: S-056-2

Use Code: 08 - Multi-family <=9 Legend Window

Tax Inquiry: Open Tax Inquiry Window

Tax Inquiry link courtesy of Janet Holley, Escambia County Tax Collector

Sales Data

Mo/Yr Book Page Value Type Deed Search (new window)

05/2003 5139 1123 $189,900.00 WD Click Here

09/2000 4614 1710 $100.00 WD Click Here

02/1980 1415 998 $67,200.00 WD Click Here

02/1980 1436 229 $67,200.00 WD Click Here

Deed Search courtesy of Ernie Lee Magaha, Escambia County Clerk of the Court

Assessment

Improvements: $196,050.00

Land: $42,270.00

Total: $238,320.00

Save Our Homes: $0.00

Legal Description

BEG AT SW COR OF LT E OF LT 5 ABB S/D PB 1 P 82 N 0 DEG 7 MIN 46 SEC W ALG W LI OF LT E 287 08/100 FT TO NW COR OF LT E ALSO BEING SW COR OF LT ... Full Description

Card 1 Data

46

Location Address 1492 John Carroll Dr

Exemptions

No Exemptions Taxable: Open Tax Inquiry Window

Areas

1,305 Base Area 198 Open Porch Fin 140 Utility Fin

1,305 Upper Story Fin 150 Wood Deck Fin

Structural Elements Slab On Grade Brick-Face Gable Composition Shg Drywall-Plaster Carpet Central H/AC Plumbing Fixtures: 010 Actual Year Built: 1976

Card 2 Data

Location Address 1496 John Carroll Rd

Exemptions

No Exemptions Taxable: Open Tax Inquiry Window

Areas

1,305 Base Area 126 Utility Fin 95 Open Porch Fin

1,305 Upper Story Fin

Structural Elements Slab On Grade Brick-Face Gable Composition Shg Drywall-Plaster Carpet Central H/AC Plumbing Fixtures: 010 Actual Year Built: 1979

Extra Features

PATIO 7X13 PATIO 7X14

The primary use of the assessment data is for the preparation of the current year tax roll. No responsibility or liability is assumed for inaccuracies or errors.

CHRIS JONES ECPA RECORD SEARCH GENERAL INFORMATION DIRECTORY OF GOVERNMENT AGENCIES

MAPS CONTACT US HOME DISCLAIMER

Powered by ESCPA.ORG

47

Appendix E: Improvement Budget Summary

Item Cost Pressure Washer $55 25lb bag of grass seed 45 Self propelled 18” aerator 150 Broadcast spreader 35 Drought resistant shrubs 240 Washers 1000 Dryers 960 Tile 4400 Cement Board 2160 Ceiling Fans 600 Screen Door 40 Lumber 100 Window Blinds 24

Total 9809

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References: Experts: 1. Mr. Jack Creel: Real Estate Professional/Property Manager, Better Homes Realty 2. Mr. Chuck Allen: Real Estate Professional/Property Manager, Online Real Estate 3. Mr. James Daves-Petterson: Real Estate Professional/Property Manager, Online Real Estate 4. Mr. Regan Hanson: Multi-Family Property Specialist, Rental Property Investor Text Resources: 5. Huber, W., & Pivar W. (2002) Property management. Covina, CA: Education Textbook

Company. 6. Eldred, W. (2003) Make money with small income properties. Hoboken, NJ: Wiley. Internet Resources: 7. http://floridapropertymanager.com 8. http://pensacolarealtymasters.com 9. http://pensacola rentals.com 10. http://cburpm.com 11. http://www.escpa.org 12. http://www.eastcoastlumber.net 13. http://www.lowes.com 14. http://www.homedepot.com 15. http://www.rental-world.us 16. http://www.fnps.org/

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