Single Family Residence Acquisitions

3 Months Ended

Mar. 31, 2016

Banking and Thrift [Abstract]

Single Family Residence Acquisitions

9.Single Family Residence Acquisitions

As of March 31, 2016, the Company owns 45 single family homes. The estimated useful life of the buildings and improvements related to these assets is 27 years. The following table sets forth the metropolitan statistical area, metropolitan division, number of homes, aggregate net investment, and average investment for each home acquired.

MSA / Metro Division	Number of Homes	Aggregate Investment	Average Investment per Home
Arizona	42	$     8,646,903	$         205,877
Texas	3	365,686	121,895
Total and Weighted Average	45	$     9,012,590	$         200,280

The Company computes depreciation using the straight-line method over the estimated useful lives of 27 years for building cost. The Company makes this determination based on subjective assessments as to the useful lives of the Company’s properties for purposes of determining the amount of depreciation to record on an annual basis with respect to our investments in single family real estate.