For Sale: Development Site with Approved Plans Site is ......Potential Bicycle Storage Income‐ 16 Spaces $2,880 $15 Total Income $ ... 3% of Hard Costs [email protected]

Congratulations for being the first of my buyers to have access to this Off Market Confidential

For Sale: Development Site with Approved Plans Site is ‘Shovel Ready’ Asking Price: $1,800,000 =$74PBSF 1306 Findlay Avenue Bronx NY 10456 Block: 2782 Lot: 8 (Formally lots 8, 9 & 10) Zoning: R7-1 Lot Size: 6,000 Square Foot Site is Shovel Ready and Architectural plans are fully Approved 24,000+/- Square Foot Buildable Residential Apartment Building 7 Story High Elevator Building 30 Residential Apartment Units Layout: 7 Studios, 11 One Bedrooms and 12 Two Bedroom Apartments 2 Recreational Rooms, 16 Bicycle Storage & 9 Outside Rear Yard Parking Spaces.

Page 1 of 11

1306 Findlay Avenue – RENTAL INCOME & EXPENSE PROFORMA

INCOME PROFORMA Per Unit Per Month

Potential Residential Gross Income $627,072 $1,742

Potential Parking Income ‐9 Spaces $21,600 $2,000

Potential Bicycle Storage Income‐ 16 Spaces $2,880 $15

Total Income $651,552

Less Vacancy & Collection Loss 5% ‐$32,578

Total Effective Gross Income $618,974

EXPENSES Per Unit Per Year % / EGI

EXPENSES $149,444 $4,981 24%

Net Operating Income $469,530

Total Residential Units 30

Page 2 of 11

Contact Broker ONLY: Andrew Lichtenstein (800)242-9888 [email protected] This listing is proprietary and confidential.

Andrew Lichtenstein President Andrew Lichtenstein, Inc. [email protected] 5770 Palisade Avenue Riverdale, New York 10471 Phone: (800) 242-9888 (718) 549-5999 Fax:(866) 591-1138 ANDREWLICHTENSTEIN, INC. (Licensed Real Estate Broker) Commercial Real Estate Sales and Financing Legal Disclaimer & Confidentiality Notice: All information furnished and contained herein has been derived from sources that are deemed reliable, but no representation or warranty is made as to the accuracy thereof and is submitted subject to approval, closing, errors, omissions, change of price, terms, prior rental, sale, lease, financing, occupancy, constantly changing market rates, or other terms, conditions, or withdrawal all without notice. As with any real estate transaction, the principle of caveat emptor applies, and anyone considering this opportunity should undertake its own due diligence investigation. This is the product of confidential proprietary information from Andrew Lichtenstein, Inc. whom you must pay, or protect that and same is paid and not circumvented. This is not an offering, we are not licensed to solicit or sell securities. Any investments are only for accredited investors or institutions that are advised to be represented by counsel.

Page 3 of 11

FOR SALE: ASKING PRICE Submit all offers!Seller will Accept all Cash: $1,800,000

Subject Property Address Being Sold, Location and Description:Property Address: 1306, 1308 & 1310 Findlay AvenueNeighborhood: Mott Haven Neighborhood Section of City, State, Zipcode: Bronx, New York 10456

Block & Lot # Block: 2782 Lot: 8 (Formally Lots: 8, 9, 10)

*Seller Makes no Representationn as to the accuracy herein and all is submitted subject to errors, omissions, change of price, terms, sale, lease, financing, withdrawal or other conditions all without notice.

Property and Land Lot Size, Square Footage, Zoning, etc.Zoning District: R7-1 E-Designation: None Historic District: None Landmark: None

Maximum Allowed Residential FAR: 3.44 http://www.nyc.gov/html/dcp/html/zone/zh_resdistricts.shtml

Feet Wide Width Feet Deep Depth Address of Each Property Parcel Lot of Assemblage R.E. Tax Now

Maximum Buildable FAR Sq Ft

Lot Size Land Square Footage & Land Dimensions: 2,000 20 100 1306 Findlay Avenue: Block: 2782 Lot: 8 $1,461 6,880



6,000 60 100 $5,171 20,640

Maximum Potential Buildable Above Grade RESIDENTIAL ONLY Rentable Floor Area Square Feet Buildable FAR Air Rights:

20,64086%

Projected Usable Residential Square Footage: 18,425

TOTAL EXISTING USABLE BUILDING Square Footage NOW: 0Residential Square Footage 21,424 Buildable according to the architectural plans.1st & 2nd Floor Recreation Areas 679 Buildable according to the architectural plans.

Other (Cellar, Roof) 2,378 Buildableaccording to the architectural plans.

TOTAL PROJECTED BUILDABLE Square Footage: 24,481 Or, 5.0 FAR 30,000

PROPOSED ASSEMBLAGE LOT SIZE LAND SQUARE FOOTAGE & LAND DIMENSIONS:

NOT INCLUDING BONUSES FOR MECHANICAL SPACES, CELLAR/BASEMENT ROOMS, STORAGE PLUS COMMUNITY FACILITY AND PARKING.

Square Feet MAXIMUM buildable as 100% community facility

DESCRIPTION: Property is 6,000 Square foot Vacant 3 Lot Parcel Land Assemblage available for Development with approved plans to build a 7 Story Elevator Apartment Building with 30 Residential Apartments, with 2 Recreation Areas on the First & Second Floors. Outside Rear Parking area for 9 Parking Spaces, Plus 16 interior Bicycle parking, for a Total 24,481+/- Possible Gross Buildable Square Feet including 20,640 Buildable Residential Square Feet.

FOR SALE: 30 FAMILY RESIDENTIAL DEVELOPMENT OPPORTUNITY SHOVEL READY assemblage of 3 contiguous lots into 1, WITH APPROVED PLANS, MOTT HAVEN BRONX NEW YORK

Page 4 of 11

Proposed Layout of Apartment Units and Estimated Comparable Rentals of Different Unit Sizes:

30 Total Apartments Containing 95 Rooms# of Each APARTMENT LAYOUTS: Projected Construction Rooms Baths Total # of Rooms

7 Studio 1 Bathroom 2.0 1.00 14 350 2,450 $46.00 $2,600 $18,200

11 1 Bedroom 1 Bathroom 3.0 1.0033 513 5,643 $46.00 $2,600 $28,600

12 2 Bedroom 1 Bathroom 4.0 2.00 48 1,040 12,480 $46.00 $2,600 $31,200

30 TOTAL Apartments Projected With 95 Rooms 95 20,570 Monthly $78,000

95 TOTAL NUMBER OF ROOMS 20,573 Annually $936,000

Average Rate Monthly Rent Master Leased: $2,600

Average Usable Apartment Square

footage

Total Usable Net Residential

Apartment Square Footage

Projected Rent Per Sq. Ft. Per

Year

Value Each Apartment if

Master Leased to a Single Operater

Total Monthly Market Value Of Each Apartment

Unit Layout

12 Two Bedroom Units, 11 One Bedroom Units, and 7 Studios with 95 Total Residential Rooms.Layout Summary: 7(2's- Studios), 11(3's- 1 Bedrooms), 12(4's- 2 Bedrooms).

Page 5 of 11

A) Financial Overview Rental Income Property:

# of Units INCOME % of Total Sq. Ft. Square Feet

PROJECTED INCOME (Rental)

30 Rental Apartments

30RESIDENTIAL APARTMENT TOTAL GROSS ANNUAL RENTAL INCOME PROJECTED: 88% 21,424 $936,000 $627,072

Average Rent Per Month Per Apartment Projected $2,600 $1,742

Rent Per Square Foot Per Year $46 $30

9 Parking Spaces in Rear(Included in Master Lease) 10% 2,378 $0 $21,600 $200 Per Month Per Space

16 Bicycle Storage Space In Basement $0 $2,880 $15 Per Month Per Space

2 Recreation Rooms 3% 679 $0 $0 PSF/Year

57 TOTAL PROJECTED GROSS ANNUAL RENTAL INCOME: 24,481 $936,000 $651,552E1) Vacancy & Collection Allowance: 5% $0 ($32,578)

EGIPROJECTED EFFECTIVE GROSS INCOME (EGI) After Vacancy & Collection Allowance: $936,000 $618,974

Projected Ordinary Operating Expenses: Real Estate Taxes (* Opting Out of real estate tax abatement to retain free market ability to master lease at maximum negotiated rent) 15% $140,400 $25,763Water & Sewer $21,000 $21,000Insurance $10,500 $10,500Fuel: Gas $27,862 $27,862

Electricity Lighting Hallways, Exterior & Common Areas and Gas Heat Common Areas Hallways & Entrance Only $4,500 $4,500

Repairs, Maintenance, Supplies, Miscellaneous $550.00 Per unit $16,500 $16,500

Labor Payroll $15,000 $15,000

G&A and Marketing $3,750 $3,750E3) Management Fee 3% EGI $28,080 $18,569E4) Replacement Reserves $200 Unit/Year $6,000 $6,000

$273,592 $149,444Expenses Per Unit Per Year $9,120 $4,981Expenses Per Square Foot Per Year 24,481 $11.18 $6.10Expenses As Percentage of EGI 29% 24%

A) NOI BDS $662,408 $469,530

PROJECTED INCOME (Master Leased)

TOTAL PROJECTED ORDINARY OPERATING EXPENSES:

NET INCOME PROJECTED Before Debt Service Annually: NOI BDS (Based On The Above Information Before Capital Improvements, and prepayment penalty if applicable etc.) Page 6 of 11

A1) PRICING METRICS AS A RENTAL PROPERTY UPON COMPLETION:

$14,720,178

4.50%GRM = Gross Rent Multiplier 15.73Price Per Unit $490,673

Price Per Buildable Square Foot Projected 20,640 $713 Gross SF: 18,425 Usable SFA2) PROJECTED UNLEVERAGED ALL CASH POSSIBLE POTENTIAL FUTURE RESALE PROFITABILITY:

B1) ‐$8,716,138

$6,004,040

169%A3) PROJECTED LEVERAGED POSSIBLE POTENTIAL FUTURE RESALE PROFITABILITY:

C2)

($1,283,862)Over 100% Cash Out No Equity remaining invested or at risk!!!

468% ∞

Projected Resale Profit: (Projected Estimate Based On Above Information Before Closing

Costs, Capital Improvements, Vacancy, Collection Loss, etc.)

Projected Possible Potential Future Resale Profit Markup and Unleveraged All Cash Resale Profitability, Cash On Cash Return On Investment: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, Vacancy, Collection Loss, etc.)

Cash Equity Required to Buy Over And Above Proposed New Financing Herein: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable, etc. Subject to Change & Error)

Projected LEVERAGED Cash On Cash Return on Equity Investment:(Projected Resale Profit Divided by Cash Equity Required Over Proposed Financing Based On Above

Information Before Closing Costs, Capital Improvements, Vacancy, Collection Loss, etc.)

Infinite return on investment if all cash equity cashed out already.

Projected Resale Cap Rate Upon Completion: (All Cash Purchase Cash On Cash

Return On Investment): (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable etc.)

TOTAL PROJECTED COST BASIS TO ACQUIRE THE LAND AND

CONSTRUCT THE BUILDING:

Projected Valuation Or Resale Value Upon Completion As a Rental Property:

Page 7 of 11

B) Projected Construction Cost Breakdown:



PROJECTED INCOME

(Rental)

Seller estimates Cost of Construction between $150 & $250PBSF depending on desired quality of construction $/SQ.FT $150 $250Land Acquisition Cost Square Feet $1,800,000 $1,800,000Hard Cost of Construction 24,481 $3,672,153 $6,120,255

Optional Construction Completion Bond 1% to 3% of Hard Costs [email protected] 3% $110,165 $183,608Soft Costs Estimated Percent of Hard Costs 10% $367,215 $612,026

B1) $5,949,683 $8,716,138 $5,949,683 $8,716,138

B2) PRICING METRICS AS A RENTAL PROPERTY UPON COMPLETION:

A) NOI BDS $662,408 $662,408 $469,530 $469,530Cap Rate Projected 11.13% 7.60% 5.39% 7.89%GRM = Gross Rent Multiplier Projected 6.36 9.31 13.38 9.13Price Per Unit Projected $198,323 $290,538 $198,323 $290,538

Price Per Square Foot Projected Gross SF: 24,481 $243 $356 $243 $356Price Per Square Foot Projected Useable SF: 20,570 $289 $424 $289 $424



NET INCOME PROJECTED Before Debt Service Annually: NOI BDS (Based On The Above Information Before Capital Improvements, and prepayment penalty if applicable etc.)

Page 8 of 11

C)Optional Possible Future ReFinancing After Completion of Property via 1% MORTGAGE BROKER FEE to ANDREW LICHTENSTEIN, INC. at closing.5 Year US Treasury Index Yield 0.36% As of Date: 5/5/2020 Subject to change & final approval until rate locked.Spread 3.00% (Alternatively, construction financing to qualified buyer/developer may be available by itself at different terms not shown herein)

FIXED INTEREST RATE: 3.36%Amortization Schedule in Years 30 Proposed Permanent Takeout Financing. Rate reflects what it would have been if it had closed at date specified herein.

$10,000,000 $10,000,000

B1) $5,949,683 $8,716,138Estimated LTC Loan to Cost Basis of Buyer/Builder/Developer: 168% 115%

68% 68%

NOI BDS:$662,408 $662,408

C1) DS:($529,520) ($529,520)

5.30% 5.30%

1.25 1.25

Debt Yield: [Formula: NABDS/Lender's Proposed First Mortgage] 6.62% 6.62%LTV (Estimated Based on Cap Rate PROJECTED RESALE VALUE, & I&E Above): 68% 68%

NOI ADS:

$132,888 $132,888

C)

$10,000,000 $10,000,000

B1) $5,949,683 $8,716,138

C1)

($4,050,317) ($1,283,862)

RETURN ANALYSIS PROJECTED AFTER CLOSING OF PURCHASE, PROPOSED FINANCING FOR LAND, ACQUISITION, CONSTRUCTION, DEVELOPMENT & COMBINED TAKEOUT PERMANENT MORTGAGE FINANCING AS A RENTAL INCOME PROPERTY:

Debt Service Principal & Interest Payments Annually: (Projected Estimate Subject to Rate Lock, Changing Rates, Terms, Withdrawal & Error)Rate Constant: [Formula: Annual Debt Service P & I Divided By Mortgage Amount Borrowed]

DSCR = Debt Service Coverage Ratio [Formula: NABDS/Annual Debt Service]

NET INCOME AFTER DEBT SERVICE From Proposed New Financing: NOI ADS: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable etc. Subject to Rate Lock, Changing Rates, Terms, Withdrawal & Error)

Cash Equity Required to Remain Invested Over And Above Proposed New Financing Herein: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable, etc. Subject to Change & Error)

Maximum Estimated Proposed Takeout Permanent First Mortgage Financing AFTER Buyer Buys, Closes, Constructs & Rents Up The Property, that may be available to qualified principal developer including via commercial mortgage broker Andrew Lichtenstein, Inc..



Over 100% Cash Out. No Equity remaining invested or at risk!!!

FIXED FOR 5 YEARS Plus 5 Year Renewal Term at the Rollover Rate: 300 BPS over the future then current 5 Year FHLBNY with 30 YEAR AMORTIZATION SCHEDULE

AFTER CLOSING OF PURCHASE, PROPOSED FINANCING FOR LAND, ACQUISITION, CONSTRUCTION, DEVELOPMENT & COMBINED TAKEOUT PERMANENT MORTGAGE FINANCING AS A RENTAL INCOME PROPERTY:

Maximum Estimated Proposed Takeout Permanent First Mortgage Financing AFTER Buyer Buys, Closes, Constructs & Rents Up The Property, that may be available to qualified principal developer including via commercial mortgage broker Andrew Lichtenstein, Inc..

Estimated As Completed Loan To Future Value As a Master Leased Rental Property:

NET INCOME Before Debt Service Annually: NOI BDS(Based On The Above Information Before Capital Improvements, and prepayment penalty if applicable etc.)



Page 9 of 11

NOI ADS:

$132,889 $132,889

C2) ROI:

3% 10% ∞C3)Amort. $196,528 $196,528

C4)

$329,416 $329,416

C5) ROE:

8% 26% ∞

Add Back Principal Reduction Amortization Equity Buildup:

TRUE INITIAL TOTAL RETURN: NOIADS PLUS AMORTIZATION PRINCIPAL REDUCTION From DEBT SERVICE: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and Prepayment Penalty If Applicable, etc. Subject to Rate Lock, Changing Rates, Terms, Withdrawal & Error)

True Initial Cash On Cash Return on Equity Investment Including Net Income PLUS Amortization Principal Reduction: (NOIADS Plus Amortization Principal Reduction) Divided by Investment) (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and Prepayment Penalty, If Applicable, etc. Subject to Change & Error)


ROI: Initial Cash On Cash Return on Investment With Proposed New Financing:(Cash Flow Divided by Equity Investment) (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and Prepayment Penalty If Applicable etc. Subject to Change & Error)



Page 10 of 11

D)

NOI ADS:

$132,888 $132,888

E1,E2,E3& E4

$34,080 $34,080

D1)Amort. $196,528 $196,528

D2)

$363,496 $363,496

C1)

($4,050,317) ($1,283,862)

D3) ROE:

9.0% 28.3% ∞Seller's Required Terms and Conditions of Sale and Seller Representations: All Cash. Unconditional agreement of sale to be signed by buyer upon completion of buyer’s due diligence with 10% non-refundable deposit, closing in “As Is” condition, subject to any and all violations, without any contingencies except good marketable insured title at closing. Seller is selling the land, fee simple title with all developable rights. Seller makes no representations as to the accuracy of any architetural building plans, zoning or building calculations, square footage, size, costs, expenses, projections herein, etc. Building plans are in the process of submission; however, buyer must assume all costs, expense and time to continue to apply for approval alone AFTER close of purchase of this property. Buyer must sign Broker ALI's Buyer Registration NCCFA Non-Circumvention and Optionable Financing Conditional Andrew Lichtenstein, Inc. 1% Financing brokerage Agreement.

Contact Seller's Exclusive Broker ONLY: Andrew Lichtenstein (800)242-9888 [email protected] Do Not circumvent Broker. No site access without Broker appointment.Cooperating Buyer's Broker will be paid 25% of the fee received from Seller by Broker ALI. (Fee Currently Set at 5%)

This opportunity is limited and restricted to a single Institution or Accredited Investor. The statements, figures and information including financial analysis regarding this opportunity, business, affiliates, or affiliated matters or any of the numbers or of any economic value attributable to the subject investment et al etc. herein or provided hereafter at all times are received from sources believed to be reliable and authoritative, but no representation, warranty, or guarantee is made, express or implied or is to be relied upon, as to its accuracy, correctness or completeness and all is subject to errors, inaccuracies, omissions, withdrawal, cancellation, modification, constantly changing conditions, price, terms, rate, availability, prior sale, lease, rental, occupancy, vacancy, collection, arrears, approval, closing, financing, placement or other conditions, etc. all without notice and we hereby disclaim any duty or obligation to update such information. As with any real estate or business transaction, the principle of caveat emptor applies, and anyone considering this opportunity must perform their own independent due diligence investigation and personally vet anything related to herein verify all information and bear all risk for any inaccuracies, error, omission etc. Independent estimates of business, financial, investment or economic attributes should be developed with due diligence of and are advised to be represented by legal counsel and independent professionals before any decision is made regarding this. References to Size, square footage, or age are approximate, or estimated, zoning, calculations, and projections are made on best efforts basis and should not be relied upon and must be verified independently. This summary is for information only and does not constitute all or any part of an offer or contract. The materials and information shall not constitute an offer or a solicitation of an offer for the purchase or sale of any securities whatsoever or in any business affiliated herein, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. This is not an offering, we are not licensed to solicit or sell securities. An offering may only be made by means of a prospectus supplement and accompanying base prospectus or confidential Private Placement Memorandum. To the extent that any information is deemed to be a 'forward looking statement' as defined in the rules and regulations of the Securities Act of 1933 or of the United States Private Securities Litigation Reform Act of 1995, as amended, such information is intended to fit within the 'safe harbor' provisions for forward looking information and is subject to material risk factors which may or may not be disclosed herein. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. We, and any business affiliated with us, do not intend to make any investment representations about opportunities and should not be viewed as such. This message is for the named person's use only. This is the product of confidential proprietary information from Andrew Lichtenstein, Inc. whom you must pay, and protect that same is paid and not circumvented. It may contain sensitive and private proprietary or legally privileged information. No confidentiality or privilege is waived or lost by any erroneous transmission. If you are not the intended recipient, please immediately delete it and all copies of it from your system, destroy any hard copies of it and notify the sender. You must not, directly or indirectly, use, disclose, distribute, print, or copy any part of this message if you are not the intended recipient. Unless otherwise stated, any pricing information given i thi i i di ti l d d t tit t ff t d l t i t d A f t th t f t d t ti h ld b t t d li i l d bj t t f l itt fi ti Thi t b id d l i l d th t b d P h ( )( ) f S

TRUE INITIAL TOTAL RETURN: NOIADS PLUS ADD BACK VACANCY, COLLECTION LOSS, REPLACEMENT RESERVES, Optional Doorman Service, MANAGEMENT FEE PLUS AMORTIZATION PRINCIPAL REDUCTION From

DEBT SERVICE: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and Prepayment Penalty If Applicable, etc. Subject to Rate Lock, Changing Rates, Terms, Withdrawal & Error)

Cash Equity Required to Buy Over And Above Proposed New Financing Herein: (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and prepayment penalty if applicable, etc. Subject to Change & Error)

True Initial Cash On Cash Return on Equity Investment Including Net Income After Debt Service PLUS Add Back Vacancy Allowance, Collection Loss, Replacement Reserves, TILC, 5% Management Fee Plus Amortization Principal Reduction From Debt Service: (NOIADS Plus Amortization Principal Reduction) Divided by Investment) (Projected Estimate Based On Above Information Before Closing Costs, Capital Improvements, and Prepayment Penalty, If Applicable, etc. Subject to Change & Error)


Over 100% Cash Out. No Equity remaining invested or at risk!!!

True Value as a Rental Income Property To Efficient, Hands On, Self-Managed Buyer, Owner/Operator, but All Lenders, Appraisers will not value it based on the following:

Add Back Principal Reduction Amortization Equity Buildup:


Add Back Vacancy & Collection Loss, Replacement Reserves, TILC,Completely Optional Doorman, and Optional Management Fee for Buyer Self Management

Page 11 of 11

LichtensteinREPREPARED FOR

1306 Findlay AvenueBronx, New York 10456

Introducing LichtensteinRE’s New Exclusive Development Site with Approved Plans for Sale

• Property Located at 1306 Findlay Avenue in theMount Eden Section of the Bronx

Located on a Nice and Quiet Residential Tree Lined B;pcl

Map Location of the Property

Aerial View of the Property (Currently 3 contiguous 20 foot wide lots

combined into 60 x 100 foot 6,000 sq ft lot)

The Property is Located Near Shopping and Transportation on Grand Concourse

and Morris Avenue

Only 0.275 Miles to the Subway Station on Grand Concourse Serving the B and D Trains

PublicTransportation Near the Property

Numerous Schools Near the Property

Schools Around the Property

Near Hospitals like the New BronxCare Hospital Center on

Grand Concourse

• Near the Fire Station for low insurance rates

• Near Grant, Claremont and Crotona Parks

Documents

For Sale: Development Site with Approved Plans Site is ......Potential Bicycle Storage Income‐ 16 Spaces $2,880 $15 Total Income $ ... 3% of Hard Costs [email protected]