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← All worked examplesWorked example · Duplex

A 2-dwelling duplex, in 16 months.

The smallest residential project Popurise handles end to end. One site, two dwellings, a thin profit ratio that the short program turns into a strong IRR.

  • Scale2 × 4-bed dwellings
  • Program16 months
  • Equity IRR26.0%

02 / Sample assumptions

The market context behind the numbers.

Pricing benchmarks, build rates and finance terms used in this duplex example. Every one is editable in Popurise.

Assumption sheet06 lines
01
Pricing benchmark
Comparable new builds within 1 km radius
02
Sale price per dwelling
$1,800,000
03
Demolition allowance
$50,000
04
Construction rate
$2,725 / m² built area
05
Selling cost
2.5% plus marketing
06
Senior debt
65% LVR, 8.0% all-in

03 / Key inputs

The inputs that drive the deal.

Grouped the way Popurise groups them. Change a category, watch the duplex output set respond.

0104 items

Site and scheme

Site area
650 m²
Built area
440 m² total
Dwellings
2
Setbacks
Standard R2 envelope
0206 items

Cost stack

Land and acquisition
$1.20M
Demolition and site
$0.05M
Construction
$1.20M
Professional fees
$0.10M
Contributions
$0.08M
Finance and selling
$0.22M
0303 items

Revenue and timing

Gross realisation
$3.60M
Settlement
Month 14 to 16
Selling cost
$0.09M

04 / Base case outputs

The output set, in full.

Every number a developer wants on the screen for a duplex deal, in one place.

Hero outputEquity IRR
26.0%
Secondary metrics08 lines

  • Gross realisation value

    $3.60M

  • Net realisation

    $3.32M

  • Total development cost

    $2.85M

  • Profit

    $470k

  • Profit on cost

    16.5%

  • Development margin

    14.2%

  • Peak debt

    $1.85M

  • Peak equity

    $0.85M

05 / Scenarios

Base, downside, stretch. Side by side.

Three scenarios on the same duplex project. No copied files. The decision is which one to take to investment committee.

Base case

base

Comparable pricing, current build rate.

  • Profit on cost16.5%
  • Equity IRR26.0%
  • Profit$470k
  • Peak debt$1.85M
Verdict

Margin is thin in dollars but the short program turns it into a high IRR.

Downside

downside

Avg sale price slips $50k per dwelling, build cost lifts 5%.

  • Profit on cost8.7%
  • Equity IRR13.4%
  • Profit$245k
  • Peak debt$1.92M
Verdict

Profit still positive but the deal becomes a wage. Walk unless land moves.

Stretch

stretch

Sale price lifts $80k per dwelling on standout finishes.

  • Profit on cost22.1%
  • Equity IRR34.2%
  • Profit$630k
  • Peak debt$1.85M
Verdict

Strong outcome but assumes a finish premium that needs comparable evidence.

06 / Decision takeaway

On a duplex, the program length controls the IRR. A 5% miss on pricing or build rate cuts profit in half but does not put capital at risk. Knowing this lets a small developer hold pricing firm rather than discount to clear.

Start modelling free Open this example in Popurise. Change any assumption. Watch the output set respond.
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