| Line | Amount |
|---|---|
| Gross revenue — commercial land resale ($270K/ac × 11.12 ac; FV commercial listings avg $291K/ac Sep 2026) | $3,002,400 |
| Land acquisition + closing (~2%) | ($1,428,000) |
| Construction — no build; pure entitlement strategy | $0 |
| Home On builder margin — N/A (entitlement management included in entitlement cost line) | $0 |
| Site development / entitlement costs — survey, planning attorney, engineering, rezoning fees, traffic study (AT COST) | ($175,000) |
| Contingency (10% of construction, AT COST — typically returned if unused) — N/A | $0 |
| Land loan closing + carry (60% LTV $840K land loan; 1.5% closing $12,600 + 10% APR × 24 months $168,000) | ($180,600) |
| Selling costs (~7%) — paid at sale closing, not out-of-pocket | ($210,168) |
| NET PROFIT TO INVESTOR | ~$1,008,632 · 33.6% margin · 107% cash-on-cash over 24 months |
Commercial land comp: Fuquay-Varina commercial listings avg $291,603/ac (LandSearch/Crexi Sep 2026). Modeled at conservative $270K/ac × 11.12 ac = $3,002,400. Upside to $300–$350K/ac ($3.3M–$3.9M) if medical office or retail use materializes adjacent to WakeMed Medical Park. MAO $1,755,224 — at full ask ($1,999,000) margin collapses to ~10.7% (MARGINAL); price discipline essential. 681 DOM makes 30%+ discount realistic.
At MAO ($1,755,224) the investor nets $600,480 at a clean 20% margin — no construction, no permitting labor, just a 24-month entitlement hold. At the modeled acquisition of $1,400,000 the investor nets $1,008,632 on $943,600 cash deployed in 24 months: 33.6% margin and 107% cash-on-cash. The single risk is zoning. The FLU designation and HCO overlay both strongly pre-support approval. Recommended action: sign a contingent term sheet at $1.4–$1.5M with a 90-day DD period, use the first 30 days for a planning pre-app meeting, go hard only after staff confirmation.