Bermuda · legacy ten-year workbook
The earlier Astra workbook, kept separate.
This page rebuilds the earlier ten-year spreadsheet: the entry stack, the statutory duty bands, the licence fee, the rent avoided, the escalating carrying costs, the exit deductions, and the year-by-year discounting that produces the NPV and IRR. It does not represent the newer five-year report, which supersedes it for the current investment verdict and uses $125,000—not $139,756—of first-year carrying cost.
Inputs sheet
Licence fee $731,250.
| Input | Value | Basis |
|---|---|---|
| Asking price | $5,850,000 | Listing sheet supplied by the vendor's agent. |
| Non-Bermudian licence rate | 12.5% | Statutory land-holding charge: 12.5% on a residential valuation unit, 8% on a condominium. |
| Licence fee | $731,250 | Price times licence rate. |
| Full conveyance duty | $386,925 | Progressive bands. Effective 6.61%. |
| Buyer duty share | $193,463 · 50% | Astra assumes a negotiated 50/50 split. An assumption, not a rule. |
| Legal, survey and acquisition | $50,000 | Flat workbook allowance. |
| Initial works | $0 | Workbook placeholder of zero. |
| Annual land tax | $29,756 | At the property's $138,000 ARV. |
| Annual insurance | $25,000 | Workbook estimate for a coastal estate. |
| Annual routine repairs | $35,000 | Workbook estimate. |
| Annual garden and pool | $20,000 | Workbook estimate. |
| Annual capital reserve | $30,000 | Roof, tanks and plant sinking fund. |
| First-year ownership cost | $139,756 | Sum of the five carrying lines above. |
| Rent avoided | $18,000/mo | The luxury rental the buyer would otherwise pay. |
| Cost and rent escalation | 2.5% | Applied from year two onward. |
| Opportunity cost / hurdle | 5.0% | The return the same cash earns if invested. |
| Selling commission | 5% | On gross exit value. |
| Selling legal | 0.5% | On gross exit value. |
| Seller duty share | 50% | Astra's assumed split on the exit. |
| Completion / entry date | 11 September 2026 | Astra's valuation date; year one runs from here. |
| Assumed exit date | 11 September 2036 | Entry plus the 10-year hold. Astra's own exit is 11 September 2036. |
| Holding period | 10 years | Workbook horizon is 10 years: Entry 11 September 2026 · exit 11 September 2036. |
| Nominal growth | +2.00% | Bear −1%, base +2%, bull +4% in Astra's own cases. |
Entry: cash into the deal
- Purchase price
- $5,850,000
- Licence fee at 12.5%
- $731,250
- Buyer duty (50% of $386,925)
- $193,463
- Legal, survey and acquisition
- $50,000
- Initial works
- $0
- All-in entry cash
- $6.82M
Entry friction is 16.66% on top of the price — the licence fee alone is 12.5%.
| Band | Rate | Slice | Duty |
|---|---|---|---|
| $0 – $100,000 | 2.10% | $100,000 | $2,100 |
| $100,000 – $500,000 | 3.15% | $400,000 | $12,600 |
| $500,000 – $1,000,000 | 4.20% | $500,000 | $21,000 |
| $1,000,000 – $1,500,000 | 6.30% | $500,000 | $31,500 |
| over $1,500,000 | 7.35% | $4,350,000 | $319,725 |
| Total | 6.61% | $5,850,000 | $386,925 |
Statutory schedule: 5 bands rising to 7.35%.
Forecast sheet: year by year
Rent avoided is a benefit, carrying cost is a charge, both escalate at 2.5%, and the net sale lands in the final year. Each row is then discounted at 5.0%. Each row is an anniversary of Astra's 11 September 2026 completion date, so year 10 settles on 11 September 2036.
| Year | Period ends | Gross value | Rent avoided | Ownership cost | Net sale | Cash flow | Discount | Cumulative NPV |
|---|---|---|---|---|---|---|---|---|
| 1 | 11 September 2027 | $5,967,000 | $216,000 | −$139,756 | — | $76,244 | 0.952 | $-6.75M |
| 2 | 11 September 2028 | $6,086,340 | $221,400 | −$143,250 | — | $78,150 | 0.907 | $-6.68M |
| 3 | 11 September 2029 | $6,208,067 | $226,935 | −$146,831 | — | $80,104 | 0.864 | $-6.61M |
| 4 | 11 September 2030 | $6,332,228 | $232,608 | −$150,502 | — | $82,106 | 0.823 | $-6.54M |
| 5 | 11 September 2031 | $6,458,873 | $238,424 | −$154,264 | — | $84,159 | 0.784 | $-6.48M |
| 6 | 11 September 2032 | $6,588,050 | $244,384 | −$158,121 | — | $86,263 | 0.746 | $-6.41M |
| 7 | 11 September 2033 | $6,719,811 | $250,494 | −$162,074 | — | $88,420 | 0.711 | $-6.35M |
| 8 | 11 September 2034 | $6,854,207 | $256,756 | −$166,126 | — | $90,630 | 0.677 | $-6.29M |
| 9 | 11 September 2035 | $6,991,292 | $263,175 | −$170,279 | — | $92,896 | 0.645 | $-6.23M |
| 10 | 11 September 2036 | $7,131,117 | $269,754 | −$174,536 | $6,498,362 | $6,593,581 | 0.614 | $-2.18M |
Exit and Summary sheet
- Gross value after 10 years at +2.00%
- $7.13M
- Less commission at 5%
- −$356,556
- Less selling legal at 0.5%
- −$35,656
- Less seller duty share (50%)
- −$240,544
- Net sale proceeds
- $6.50M
- Carrying costs compounded at the hurdle
- −$1.95M
- Owner wealth at exit
- $4.55M
- Rent avoided compounded at the hurdle
- $3.01M
- Renter wealth at exit (cash invested, rent paid)
- $8.10M
- Owner minus renter
- $-3.55M
Purely financial. It says nothing about wanting to live there.
- NPV
- $-2.18M
- Economic IRR
- 0.79%
- Required exit value
- $11.04M
- Required appreciation
- +6.56%
- Astra net income
- $39,092
- Astra cap rate on ask
- 0.67%
- Cap rate on entry cash
- 0.57%
Cap rate uses Summary!B17 · Illustrative rental net after reserve: rent less 10% vacancy and 8% management, less the first-year cost stack.
Astra's three cases at the current inputs
- Net proceeds
- $4.83M
- NPV
- $-3.21M
- IRR
- -1.93%
- Verdict
- NO BUY
- Net proceeds
- $6.50M
- NPV
- $-2.18M
- IRR
- 0.79%
- Verdict
- NO BUY
- Net proceeds
- $7.89M
- NPV
- $-1.33M
- IRR
- 2.63%
- Verdict
- NO BUY
These are unweighted stress cases, not probabilities. Astra attaches no likelihood to any of them.
What the workbook does not model
- No mortgage. Everything is all-cash, so leverage, rates and amortisation are absent.
- No personal or corporate tax, employer housing subsidy, or letting permission.
- Insurance, repairs, garden and reserve are estimates for a coastal estate, not quotes.
- Duty splits on entry and exit are assumed 50/50; the statute makes the buyer liable.
- No verified closed-sale comparable exists for the subject or its neighbours.
- Growth is a single constant per case — no cycles, shocks or hurricane years.
Source: Astra 6 purchase model · 11 September 2026.