Investment Analysis for Real Estate Decisions, Volume 1

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Dearborn Real Estate, 2003 - Business & Economics - 489 pages
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Investment Analysis is an investment text geared toward the university-level student. With a focus on finance and economics, this text teaches students the fundamental ideas and concepts in real estate investment to aid in the decision-making process. With a new interior layout, updated material, and a brand-new CD-ROM Student Study Guide, this book is focused on giving the student the tools they need to succeed in their course.
 

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Contents

Basic Issues in Real Estate Investment Analysis
1
Real Estate Investment Performance
7
Summary
18
Market Efficiency and Profit Opportunities
31
Land Utilization and the Rental Value of Real Estate
42
Market Structure and the Need for Market Research
51
Market Research and CashFlow Forecasting
57
A Design for Market Research
62
Investment Goals and Decision Criteria
232
Applying the Discounted CashFlow Technique
239
Summary
245
The Risk Element
251
Controlling Risk
258
Recommended Reading
265
The CertaintyEquivalent Technique
272
Summary
279

Geographic Information Systems
71
Review Questions
77
Overview of the Operating Statement
83
Estimating Operating Expenses
89
Recommended Reading
95
Using Borrowed Money
113
How Much Is Enough Financial Leverage?
119
Note
126
Alternative Financing Arrangements
135
CHAPTER 9
142
Comparing Financing Alternatives
149
Income Tax Considerations
163
Other Adjustments to the Tax Basis
171
Limitations on the Deductibility of Losses
179
CHAPTER 11
185
Estimating Cash Flow from Selling Maegens Magic Manor
191
Giving Property Away
199
Measuring Investment Performance
205
Toward More Rational Analysis
214
Net Present Value
220
Comparison of Net Present Value and Internal Rate of Return
226
Risk Management in a Portfolio Context
306
Real Estate Diversification Strategies
312
CHAPTER 19
318
Steps in the Feasibility Analysis Process
322
Format for a Feasibility Report
329
Overview of the Subdivision Process
335
Summary
345
A Development Case Study
352
Recommended Reading
363
An Industrial Building Case Study
369
Real Estate as a Security
393
REIT Mutual Funds
402
How Money Placed on Deposit Will Grow
408
Present Value of an Annuity
414
Extending the Usefulness of Financial Tables
421
APPENDIX
428
Recommended Reading
434
APPENDIX D
436
Effect of Losses in Section 1031 Exchanges
454
INDEX
483
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