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Market Studies

Market Studies for HUD 223(f) Loans: Everything you need to know about market studies for HUD 223(f) financing.

In this article:
  1. HUD 223(f) Market Studies
  2. HUD VALUATION ANALYSIS 
  3. HUD MARKET CONDITION ANALYSIS 
  4. Get Financing
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HUD 223(f) Market Studies

If you're an investor looking to use HUD 223(f) financing in order to purchase or refinance a multifamily property, a Market Study is one of the most important third-party reports that you'll need to have complete before submitting your application to HUD. Market Studies take a close look at many components of a multifamily development in order to estimate its current and future profitability.

In most cases, a Market Study must be no more than 120 days old when submitting to HUD at loan application. Market Studies have two major components:

  • HUD Valuation Analysis: This looks specifically at the target property in order to determine current and potential profitability.

  • HUD Market Condition Analysis: This examines the general condition of the multifamily real estate market in the target property's area. 

  • HUD VALUATION ANALYSIS 

    A HUD Valuation Analysis carefully examines a property in order to:  

    • Estimate the project's market value

    • Assess the property's viability as mortgage collateral

    • Analyze market needs

    • Project potential expenses/estimated income

    • Record current rents (both residential and commercial)

    • Determine whether rents are sufficient to cover:

      • Mortgage payments, including MIP

      • Monthly escrows/replacement reserves

      • Other expenses (including management, maintenance, and utilities)

    • HUD MARKET CONDITION ANALYSIS 

      The other major segment of the Market Study, a Market Condition Analysis, looks more at the general health of the multifamily real estate market in the project's area. This helps HUD determine the property's short and long-term economic viability. The Market Condition Analysis looks at factors including: 

      • Specific market conditions that could affect the project's profitability

      • Geographic boundaries/characteristics of the market area

      • Estimated absorption time for the project's units

      • Supply and demand for multifamily real estate units in the area

    In this article:
    1. HUD 223(f) Market Studies
    2. HUD VALUATION ANALYSIS 
    3. HUD MARKET CONDITION ANALYSIS 
    4. Get Financing

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