Bermuda · model transparency
Every rival, run through the legacy workbook.
The peer dashboard's numbers are not a black box. This page prints every input behind them line by line — statutory duty, the non-Bermudian licence fee, the rent basis, Astra's vacancy and management deductions, the carrying-cost stack — and marks whether each figure comes from the earlier Astra workbook, the public listing, Bermuda statute, or the model itself. The newer report’s five-year subject verdict is not being attributed to these rivals.
Set the four assumptions everything else follows from
Growth case
Astra's own three cases. Not probabilities.
The full model ledger
Read down a column to see one property's entire model. Read across a row to see how a single assumption changes by property. Only the ask and the licence category actually differ — everything else is held to the earlier workbook, not the latest report.
| Line item | Origin | Bacardi on the Rocks (subject) | Walsingham | Glebe House | Caper Collis | Te Koko | Shoreby House | Inverurie Executive Suites |
|---|---|---|---|---|---|---|---|---|
| Asking price The advertised ask. Bermuda has no public sold-price register, so this is a price sought, not paid. | Public listing | $5.85M | $4.95M | $7.50M | $6.90M | $8.75M | $3.25M | $5.00M |
| Licence category Land-holding-charge category under the published non-Bermudian rules. | Bermuda statute | residential valuation unit | residential valuation unit | residential valuation unit | residential valuation unit | residential valuation unit | residential valuation unit | Hotel residence placed on hotel inventory |
| Licence rate 12.5% for a residential valuation unit, 8% for a condominium, after the statutory period. | Bermuda statute | 12.5% | 12.5% | 12.5% | 12.5% | 12.5% | 12.5% | 0.0% |
| Licence fee Asking price times the statutory licence rate. | Model output | $731,250 | $618,750 | $937,500 | $862,500 | $1,093,750 | $406,250 | $0 |
| Full conveyance duty Progressive bands 2.1% / 3.15% / 4.2% / 6.3% / 7.35%, exactly as in the workbook. | Bermuda statute | $386,925 | $320,775 | $508,200 | $464,100 | $600,075 | $195,825 | $324,450 |
| Buyer duty share Astra assumes a negotiated 50/50 split of the duty. It is an assumption, not a rule. | Astra workbook | $193,463 · 50% | $160,388 · 50% | $254,100 · 50% | $232,050 · 50% | $300,038 · 50% | $97,913 · 50% | $162,225 · 50% |
| Legal, survey and acquisition Astra's flat allowance, applied identically to every property. No quotes obtained. | Astra workbook | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 |
| Initial works Zero is Astra's placeholder, not evidence that no repairs are needed. | Astra workbook | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| All-in entry cash Price plus licence fee, buyer duty share, legal allowance and initial works. | Model output | $6.82M | $5.78M | $8.74M | $8.04M | $10.19M | $3.80M | $5.21M |
| Rent basis One rent applied to every property so price is the only variable. Astra's own figure is $18,000. | Astra workbook | $18,000/mo | $18,000/mo | $18,000/mo | $18,000/mo | $18,000/mo | $18,000/mo | $18,000/mo |
| Vacancy allowance Astra's 10% vacancy assumption on gross rent. | Astra workbook | $21,600 · 10% | $21,600 · 10% | $21,600 · 10% | $21,600 · 10% | $21,600 · 10% | $21,600 · 10% | $21,600 · 10% |
| Management share Astra's 8% management share of collected rent. | Astra workbook | $15,552 · 8% | $15,552 · 8% | $15,552 · 8% | $15,552 · 8% | $15,552 · 8% | $15,552 · 8% | $15,552 · 8% |
| First-year ownership costs Astra's land tax, insurance, repairs, garden and capital reserve stack, built for the subject cottage. | Astra workbook | $139,756 | $139,756 | $139,756 | $139,756 | $139,756 | $139,756 | $139,756 |
| Astra net income Summary!B17: effective rent less the first-year cost stack. | Model output | $39,092 | $39,092 | $39,092 | $39,092 | $39,092 | $39,092 | $39,092 |
| Astra cap rate on ask Net income over asking price — the number the peer dashboard and forecast band both read. | Model output | 0.67% | 0.79% | 0.52% | 0.57% | 0.45% | 1.20% | 0.78% |
| Cap rate on entry cash Same net income measured against all-in cash including duty and licence fee. | Model output | 0.57% | 0.68% | 0.45% | 0.49% | 0.38% | 1.03% | 0.75% |
| Gross ask division Rent over price with no deductions. Shown for continuity only; nothing on the site uses it. | Model output | 3.69% | 4.36% | 2.88% | 3.13% | 2.47% | 6.65% | 4.32% |
| Gross value at exit · Sep 2036 Asking price compounded at the selected Astra growth case. | Model output | $7.13M | $6.03M | $9.14M | $8.41M | $10.67M | $3.96M | $6.09M |
| Net sale proceeds After 5% commission, 0.5% selling legal and Astra's 50% seller duty share. | Model output | $6.50M | $5.50M | $8.33M | $7.66M | $9.71M | $3.62M | $5.56M |
| Buy versus rent NPV Negative means renting and investing wins at the selected hurdle rate. | Model output | $-2.18M | $-1.75M | $-2.98M | $-2.69M | $-3.58M | $-0.93M | $-1.15M |
| Economic IRR Includes the rent avoided as an imputed benefit, exactly as Astra's workbook does. | Model output | 0.79% | 1.02% | 0.51% | 0.60% | 0.37% | 1.79% | 2.23% |
| Required appreciation The annual growth needed to match renting and investing at the selected hurdle. | Model output | +6.56% | +6.36% | +6.80% | +6.73% | +6.92% | +5.64% | +5.01% |
| Verdict Owner wealth against renter wealth at the end of the holding period. | Model output | NO BUY | NO BUY | NO BUY | NO BUY | NO BUY | NO BUY | NO BUY |
One property, end to end
Cash into the deal
- Asking price
- $5,850,000
- Licence fee at 12.5%
- $731,250
- Buyer share of conveyance duty
- $193,463
- Legal, survey and acquisition
- $50,000
- Initial works
- $0
- All-in entry cash
- $6.82M
Income and cap rate
- Gross rent a year
- $216,000
- Less vacancy at 10%
- −$21,600
- Less management at 8%
- −$15,552
- Less first-year ownership costs
- −$139,756
- Astra net income
- $39,092
- Astra cap rate on ask
- 0.67%
- Cap rate on entry cash
- 0.57%
Verdict at 5.0% · Sep 2026 → Sep 2036
NO BUY
Owner wealth $4.55M against renter wealth $8.10M — a gap of $-3.55M.
Exit
- Gross value
- $7.13M
- Net proceeds
- $6.50M
- NPV
- $-2.18M
- IRR
- 0.79%
- Required appreciation
- +6.56%
Asking price on the listing sheet supplied by the vendor's agent.
ARV $138,000, above the $126,000 restricted-person floor, so a non-Bermudian may apply for a licence to acquire. 12.5% land-holding charge. Letting the cottage needs Ministerial permission.
Vendor listing sheet (PDF, supplied) ↗Where the model itself comes from
Source workbook
Astra 6 purchase model · 11 September 2026
Inputs, Forecast and Summary sheets. Cap rates come from Summary!B17 · Illustrative rental net after reserve.
Subject cost stack
$139,756
Land tax, insurance, routine repairs, garden and pool, and a capital reserve — measured for the cottage, substituted for peers.
Duty on the subject ask
$386,925
Full progressive conveyance duty before Astra's assumed 50% buyer share.
What this model does not know
- Astra assessed the subject cottage only. Running a rival through the same sheet is a controlled comparison, not an appraisal of that rival.
- No peer publishes its land tax, insurance or upkeep, so every property carries Astra's subject cost stack unchanged.
- No mortgage, personal tax, employer subsidy or letting permission is modelled anywhere.
- Every cap rate here comes from Astra's own purchase model (Summary!B17): annual rent less a 10% vacancy allowance, less an 8% management share, less the workbook's $139,756 first-year ownership costs, divided by the asking price. Peers use that identical formula with only the public ask and statutory licence category substituted.
- Astra's cost stack was built for the subject cottage. Applied to a peer it is a controlled substitution, not a survey of that property's real land tax, insurance or upkeep.
- Bermuda publishes no official residential cap-rate series, so the workbook cap rate is a model output on published asking inputs — not an official printed cap rate or an audited NOI.
- Most sale peers are not simultaneously offered for rent. Their cap rates therefore apply one selected published rent benchmark to each asking price for a controlled comparison.