Land-dev snapshot & full waterfall
All-in $/sf = hard (+10% conting.) + soft + pool + GC profit + 5% developer fee + bank interest + tax + orig + investor pref + PG kicker — per home sf. Land separate below.
All-in to build (total $)
All-in with land $/sf
Sale price
Land — of value
Hard construction (ex GC)
GC profit ( of hard)
Developer fee ( of land+soft+pool+con)
Total project cost (TPC, accounting)
Bank loan / investor equity
Waterfall (full deal structure)
1 · Tide — GC fee ( of hard)
1b · Tide — developer fee ()
2 · Investor — preferred return (/yr on drawn equity)
3 · Investor — PG kicker (/yr on drawn equity)
4 · Residual after pref + kicker → 50 / 50 split
Tide total = GC + developer fee + ½ residual
Investor total = pref + PG kicker + ½ residual ( ROE · /yr)
Any profit left after GC, developer fee, investor pref, and PG kicker is split 50/50 between Tide and the investor.
Returns — Investor & Tide
Hold period = full cycle from purchase through sale (— mo / — yr). Investor capital = equity stack; Tide has no modeled cash equity (GC is earned on construction).
Investor
Profit / home–
Equity invested–
Return on equity (total, over hold)–
Annualized ROE / IRR–
Simple annualized (profit ÷ equity ÷ years)–
Equity multiple (MOIC)–
Profit as % of sale (job)–
Profit % of sale / year–
of which: pref · PG kicker · ½ residual–
Tide Homes
Profit / home (GC + dev fee + ½ residual)–
GC fee only–
Developer fee–
½ residual–
Profit as % of sale (job)–
Profit % of sale / year–
Profit as % of TPC–
Profit $ / year (over hold)–
GC fee as % of vertical base–
Share of Tide take from GC vs residual–
Deal-level
Combined Tide + investor profit / home–
Combined profit as % of sale–
Enterprise gross margin (incl GC)–
Back-Solve — What Makes This Deal Work
Max land @ gross goal (the real buy box)
Max land for Tide ≥ $225K / home
Max construction $/sf at this land
Break-even exit $/sf at this land
Exit $/sf needed for goal at this land