Risk is managed through discipline. • Buying right • Managing tightly • Avoiding speculation • Maintaining liquidity We are not chasing appreciation cycles. We are building durable assets that perform across time.

Is Property Management Handled In-House?

Investors Managing for Investors. In Tampa’s competitive real estate market, discipline and transparency matter. Before any property is approved for investment, it undergoes an independent third-party inspection to evaluate major systems, overall condition, and potential repair exposure. The findings are documented in a detailed report and uploaded to our Diligence Vault, giving investors access to the same information we review internally. Whether you are acquiring your first property or expanding a seasoned portfolio, our process is designed to provide clear data, realistic expectations, and protection of investor capital.

How Are Returns Calculated?

Projected returns are based on current market rent data, real operating expense benchmarks, and conservative vacancy assumptions. We do not rely on appreciation to justify an investment. Appreciation is treated as upside — not a requirement. Our focus is on stable cash flow, equity growth through disciplined purchasing, and long-term asset performance.

How Do We Underwrite and Stress-Test Deals?

Every opportunity goes through a structured underwriting process that evaluates: • Sustainable market rent • Operating expense ratios • Vacancy assumptions • Repair exposure • Neighborhood trends • Comparable resale values We run conservative scenarios before presenting a property. If the numbers only work under optimistic assumptions, we do not move forward. Cash flow must stand on its own. Provision of Crucial Information: Before an investor finalizes a purchase, Graystone ensures they are fully informed. They provide comprehensive data on each property, which includes financial performance, condition assessments, and market analysis specific to Tampa. Streamlining the Investment Process: Their approach aims to simplify the traditional investment process. By giving investors all the necessary information upfront, Graystone makes it easier for them to make informed decisions without navigating the usual complexities of real estate investment.

Why Are We Different From Traditional Agents?

Traditional agents focus on transactions. We focus on performance. Every property is evaluated from the perspective of long-term ownership — not short-term commission. Because we manage properties in-house, we work with real operating numbers daily. That gives investors visibility beyond spreadsheets and projections. Our goal is not just to help you buy a property — it’s to help you build a durable portfolio.

Graystone Investment Group is led by Jorge Vazquez, a 20+ year real estate investor who has been involved in over 3,500 transactions across multiple market cycles. Our team manages 300+ rental doors and operates across acquisitions, underwriting, financing coordination, and property management. We are not a traditional brokerage. We are an investment-focused firm built around long-term ownership and disciplined execution.

1816 E 18th Avenue Tampa – BRRRR - Graystone Investment Group

Multifamily

Investment strategy: Rental Property

The main home is a 2 bed 1 bath (1107 sq ft) and the mother-in-law suite is a 1 bed 1 bath (527 sq ft). The house can qualify for conventional financing.

Year built – Main home: 1925, Mother-in-law suite: 1980

Photos link: https://www.dropbox.com/sh/f4ns5ebwhn8b74b/AACW2zpeNao-3KNETbIyqhfOa?dl=0

Off Market Properties

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Purchase Price $ 170,000

Rent $ 2.000/mo

Monthly Cash Flow $ 754

Cash on Cash Return 25.84 %

Financial Analysis

Cash on Cash Return	12.45 %
Internal Rate of Return (IRR)	39.79 %
Capitalization Rate	6.95 %
Gross Rent Multiplier (GRM)	9.40
Debt-coverage Ratio (DCR)	1.22
Operating Expense Ratio (OER)	32.69 %
After Repair Value	$ 141,000
Profit/Equity From Rehab	$ 20,910

Operating Analysis

Rent	$ 1,250/mo
Gross Operating Income (GOI)	$ 14,550
Total Expenses	$ 4,756
Net Operating Income (NOI)	$ 9,794
Annual Debt Service	$ 8,040
Cash Flow Before Taxes (CFBT)	$ 1,754
Income Tax Liability	$ 29
Cash Flow After Taxes (CFAT)	$ 1,725

Financial Breakdown

Purchase Price	$ 97,000
Purchase Costs	$ 3,090
Repair/Construction Costs	$ 20,000
Total Capital Needed	$ 120,090
Financing	$ 106,000
Total Cash Needed	$ 14,090
Cash at Closing	$ 1,590
Cash During Rehab	$ 12,500

Purchase Price	$ 97,000
Address	3102 E Shadowlawn Ave , Tampa, 33610, FL
Year Built	1971
Type	Singlefamily
Size	1012 SF
Bedrooms	3
Bathrooms	1

Annual Property Operating Data

Incomes		% of GOI
Gross Scheduled Income	$ 15,000
Total Gross Income	$ 15,000
Vacancy loss	$ 450
Gross Operating Income	$ 14,550	100.00 %
Expenses
Property manager	$ 1,455	10.00 %
Insurance	$ 1,000	6.87 %
Repairs	$ 1,000	6.87 %
Property tax	$ 1,301	8.94 %
Total Expenses	$ 4,756	32.69 %
Net Operating Income	$ 9,794	67.31 %

Cash Flow (Year 1)

Net Operating Income	$ 9,794	67.31 %
Annual Debt Service	$ 8,040	55.26 %
Cash Flow Before Taxes (CFBT)	$ 1,754	12.06 %
Income Tax Liability	$ 29	0.20
Cash Flow After Taxes (CFAT)	$ 1,725	11.85 %

Operating Ratios

Operating Expense Ratio	32.69 %
Break-Even Ratio	87.94 %

Financial Measures

Net Present Value	$ 37,079
Internal Rate of Return	39.79 %
Profitability Index	3.63
Annual Depreciation	$ 2,822

Holding period of 5 years and discount rate of 5.00% were used for calculation of NPV and IRR. The rest of the financial measures are for the 1st year only and therefore don’t provide such an exact information.

Investment Return Ratios

Cash on Cash Return	12.45 %
Return on Investment	33.10 %
Capitalization Rate	6.95 %
Gross Rental Yield	15.46 %
Gross Rent Multiplier	9.40

Financing		% of ARV
Down Payment	$ 0	0.00 %
BRRRR @ 75% LTV of ARV 141k	$ 106,000	75.18 %
Loan to Value Ratio		109.28 %
Loan to Cost Ratio		90.60 %
Debt Coverage Ratio		1.22

Type	Amortized
Loan Amount	$ 106,000
Down payment (0%)	$ 0
Amortization	30 years
Interest Rate	6.50 %
Monthly Payment	$ 669.99

BRRRR @ 75% LTV of ARV 141k
Financing of: Specific amount ($ 106,000)

Year	0	1	2	3	4	5
Operational Analysis
Gross Scheduled Income	0	15,000	15,300	15,606	15,918	16,236
Vacancy Loss	0	450	459	468	478	487
Gross Operating Income	0	14,550	14,841	15,138	15,441	15,749
Expenses	0	4,756	4,851	4,948	5,047	5,148
Net Operating Income	0	9,794	9,990	10,190	10,393	10,601
Loan Payment	0	8,040	8,040	8,040	8,040	8,040
Payment Interest Part	0	6,855	6,776	6,691	6,601	6,504
Payment Principal Part	0	1,185	1,264	1,349	1,439	1,536
Cash Flow
Repairs/Construction	20,000	0	0	0	0	0
Cash Flow Before Taxes	-14,090	1,754	1,950	2,150	2,354	2,561
Depreciation	0	2,822	2,822	2,822	2,822	2,822
Taxes	0	29	98	169	243	319
Cash Flow After Taxes	-14,090	1,725	1,852	1,981	2,111	2,243

Note: All amounts in the table above are in $

Resale Price Evaluation Methods

The property is sold after 5 years.

Appreciation (3.00%)	$ 163,458
Cap Rate (6.95%) & NOI	$ 152,537
Gross Rent Multiplier	$ 152,623

Sale Proceeds

Projected Selling Price	$ 163,458
Costs of Sale (6.00%)	$ 9,807
1. Loan Balance Payoff	$ 99,228
Net Sale Proceeds Before Tax	$ 54,423

In the resale analysis we do not include any calculation for taxes that might be owed on sale of the property. The tax laws for the resale are rather complex and subjected to frequent changes, and are different in every country.

Net Assets and Yield

Net Assets
Sale Proceeds Before Tax	$ 54,423
Investor Cash Outlay	$ 14,090
Net Assets	$ 40,333
Average Yield
Annual Net Assets	$ 8,067
Average Cash Flow (After Taxes)	$ 1,534
Average Annual Gain (After Taxes)	$ 9,600
Average Annual Yield (After Taxes)	9.90 %

GraystoneIG