The attached spreadsheet model is for a golf course in Ohio. This model includes a pro forma income statement and balance sheet for the golf course based on market assumptions in the area and an analysis of the costs of capital and internal rate of return. The model allows variables to be changed for all major inputs of the computations and includes citations for assumed values in the models.
In the model with the input values chosen, the firm would have a weighted average cost of capital equal .6%, but it only has an internal rate of return equal to 6.3%. Projected growth would be consistent and slow. Holding on to the property after purchasing would provide a return on investment.