| Line | Amount |
|---|---|
| Gross revenue — 15 homes × 2,600 SF × $385/SF (Cary 2024 sold comp: $387/SF) | $15,015,000 |
| Land acquisition + closing (~2%) | ($2,040,000) |
| Construction — builder cost (15 homes × 2,600 SF × $120/SF, builder grade-plus) | ($4,680,000) |
| Home On builder margin (20% intro rate; standard 30%) | ($1,170,000) |
| Site development / infrastructure — 15 lots × $65k/lot cost (incl. 20% margin) | ($1,218,750) |
| Soft costs (design / permits / survey — at cost, ~5% of construction) | ($234,000) |
| Contingency (10% of construction, AT COST — typically returned if unused) | ($468,000) |
| Construction loan closing + carry (10% APR on draws, 24-mo. build) | ($846,177) |
| Selling costs (~7%) — paid at sale closing, not out-of-pocket | ($1,051,050) |
| NET PROFIT TO INVESTOR | ~$3,307,023 · 22% margin · 100% cash-on-cash |
ARV support: Cary new construction — 2024 sold at $387/SF; 2025 custom home at $477/SF; 2026 downtown Cary condo at $383/SF. Modeled at conservative $385/SF (2,600 SF = $1,001,000/home). Cary median sale 2025: $493k avg / $478k median. At $340/SF (more conservative): margin drops to 12.6% — deal still GOOD at confirmed Cary comps of $383–$387/SF. MAO $2,448,000 — asking $2,000,000 sits $448,000 inside MAO at $385/SF.
At $2M for 6.97 acres in Town of Cary jurisdiction with a drafted 15-lot subdivision plan, the deal pencils at 22% investor margin when modeled at $385/SF — exactly in line with Cary's 2024 new construction sold comp at $387/SF. Net profit +$3,307,023 on $3,298,864 out-of-pocket (100% cash-on-cash). Total project size $10.7M all-in — suitable for a development-experienced investor or partnership. Critical path item: sewer utility easements from adjacent parcels. Engage a civil engineer to confirm the easement route and cost before committing. MAO $2,448,000 — $448,000 of cushion vs. the $2M ask.