PROJECTED STATEMENTS OF FINANCIAL POSITION

Actual results could vary significantly from those projected because any projection of the future is subject to uncertainties.
It is suggested that your accountant be consulted to verify the accuracy of any tax considerations.

Property Name &/or Address:

OA Kirkman

Number of Apartment Units:

Scenario:

1
Purchase with no renovation

ASSUMPTIONS
PURCHASE COSTS:
Price (+)

Legal & Closing Costs (+)

1st Mortgage Amount (-)
Mortgage Points/Fees (+)
Property Upgrades & Operating Loss [*1+]
Sec. Dep. (-)
Reserves (+)
CASH NEEDED TO PURCHASE

128154112.xls.ms_office 2/7/2013 3:59 AM

$43,000

1,000
34,400
344
0
500
0
$9,444

Price / Unit:
Cap rate excluding reserves
Cap rate including reserves
Gross Income Multiple:

$43,000
9.2%
7.1%
6.0

Page 1 of 28 Pages.

INCOME AND EXPENSES:

Annual income increase
Annual expense increase
Vacancy and Delinquency
Variable Expenses / Unit / Year
Asset Management Fee
Reserves / Unit / Year
Property Taxes
Tax district
Mill Rate / $1,000
Assumed Assessment/Price Ratio

Year 1
3.0%
3.0%
3.8%
$1,220
10.00%
$900

Year 3
3.0%
3.0%
3.8%

80%
6.00%
20
1.0%

INCOME TAX CONSIDERATIONS:

Years allowed for Cost Recovery:
Buyer's Income Tax Bracket:

27.5
40.0%

Year 4
3.0%
3.0%
3.8%

Year 5
3.0%
3.0%
3.8%

Year 6
3.0%
3.0%
3.8%

1st Yr Average Monthly Rent:

1st Yr Average Annual Rent:
1st Yr Total Expenses / Unit / Year:
1st Yr Total Expenses as % of PGI:

Madison
24.58
100.00%

MORTGAGE TERMS:
Loan / Value Ratio
Interest Rate:
Amortization Period (years):
Mortg. Closing Pts. & Costs

Re-SALE OF PROPERTY:
Cap Rate To Establish Value

Year 2
3.0%
3.0%
3.8%

Land Allocation:
Building Allocation:

Year 7
3.0%
3.0%
3.8%
$600
$7,200.00
$2,957
41%

$8,600
34,400

10.00%

PROFORMA PROFIT AND LOSS STATEMENT

Year 1

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

INCOME

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Page 2 of 28 Pages.

Rental Income at Full Occupancy

Laundry and Parking (+)
Interest on Reserves (+)
Other: S.D. forfeitures, etc. (+)
Potential Gross Income (PGI or GPI)
Rent Loss: Vac. & Del. (-)
Effective Gross Income (EGI)

$7,200
0
0
0
7,200
277
6,923

$7,416
0
0
0
7,416
285
7,131

$7,638
0
0
0
7,638
294
7,345

$7,868
0
0
0
7,868
303
7,565

$8,104
0
0
0
8,104
312
7,792

$8,347
0
0
0
8,347
321
8,026

$8,597
0
0
0
8,597
331
8,267

EXPENSES
Real Estate Tax
Utilities
Insurance
Asset Management Fee
Variable Expenses
Personnel
Office Expense
Advertising/Marketing
Maintenance and Repairs
Rubbish Removal
Elevator Maintenance
Grounds
Total Variable Expenses
Reserves
TOTAL EXPENSES

594
50
400
692

612
52
412
713

631
53
424
734

649
55
437
757

669
56
450
779

689
58
464
803

710
60
478
827

0
0
20
1,200
0
0
0
1,220
900
3,857

0
0
21
1,236
0
0
0
1,257
927
3,972

0
0
21
1,273
0
0
0
1,294
955
4,091

0
0
22
1,311
0
0
0
1,333
983
4,214

0
0
23
1,351
0
0
0
1,373
1,013
4,341

0
0
23
1,391
0
0
0
1,414
1,043
4,471

0
0
24
1,433
0
0
0
1,457
1,075
4,605

NET OPERATING INCOME

$3,066

$3,158

$3,253

$3,351

$3,451

$3,555

$3,662

Cash Flow, before tax benefit, Excluding Sale of Property

Year 1

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

DEBT SERVICE
Interest
Principal
Total Debt Service

2,039
918
2,957

1,982
975
2,957

1,922
1,035
2,957

1,858
1,099
2,957

1,791
1,167
2,957

1,719
1,239
2,957

1,642
1,315
2,957

CASH FLOW, before tax benefit

$109

$201

$296

$393

$494

$597

$704

128154112.xls.ms_office 2/7/2013 3:59 AM

Page 3 of 28 Pages.

Cash Flow After Tax Benefit, Excluding Sale of Property

Year 1

128154112.xls.ms_office 2/7/2013 3:59 AM

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

Page 4 of 28 Pages.

Depreciations or Cost Recovery

Taxable Income (Loss)
Tax Savings (or Payable)
Cash Flow after tax benefit (expense)
Total Cash & Principal Reduction Benefits
After Taxes

1,251
(223)
89
198

1,251
80
(32)
264

1,251
242
(97)
297

1,251
410
(164)
330

1,251
585
(234)
363

1,251
768
(307)
397

$1,206

$1,299

$1,396

$1,497

$1,602

$1,712

Return including, cash, principal reduction, tax benefits, and Appreciation

Value Of Property (using Cap Rate)
31,585
32,532

33,508

34,513

35,549

36,615

37,714

Total Cash & Principal Reduction Benefits

After Tax Plus Appreciation
(assumes property is retained)

$2,275

$2,401

$2,532

$2,669

$2,810

Percentage Return On
Original Investment

$1,117

1,251
(75)
30
231

($10,299)

$2,154

-109.0%

22.8%

24.1%

25.4%

26.8%

28.3%

29.8%

Year 0

Year 1

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

($9,444)

$109

$201

$296

$393

$494

$597

1.2%

2.1%

3.1%

4.2%

5.2%

6.3%

Internal Rate of Return Calculation

Cash on Cash Return on Investment

Internal Rate of Return

$11,766

6.0%

FOOTNOTES

128154112.xls.ms_office 2/7/2013 3:59 AM

Page 5 of 28 Pages.

** Appreciation on the property would further enhance the return.

In the event Internal Revenue Code section 1031 is not taken advantage of, then recapture tax will be due.
[*1] Upgrades:
Flat Roof
Exterior Paint
Front of Building
Renovation to Units
Hallway
Landscaping
Parking Lot
Swimming Pool
Club House/Weight Room
Laundry Room
Underground Parking, lighting
Underground Parking/dumpster/sprinkler
Contingency
Allowance to protect against underbudgeting
TOTAL
Renovations Per Unit
Monthly rent increase above 3% inflation
Total Increase above inflation
Return on Upgrades Budget

128154112.xls.ms_office 2/7/2013 3:59 AM

1
1
1
113
1
1
1
1
1
1
1
1
1
1
0

$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0

$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$
$
$
$

#DIV/0!

Page 6 of 28 Pages.

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128154112.xls.ms_office 2/7/2013 3:59 AM

Page 20 of 28 Pages.

Interest Rate
Amort.

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47

6.00%
20

Balance
Payment
Interest
Principal
$34,400
$246.45
$172.00
$74.45
$34,326
$246.45
$171.63
$74.82
$34,251
$246.45
$171.25
$75.20
$34,176
$246.45
$170.88
$75.57
$34,100
$246.45
$170.50
$75.95
$34,024
$246.45
$170.12
$76.33
$33,948
$246.45
$169.74
$76.71
$33,871
$246.45
$169.35
$77.10
$33,794
$246.45
$168.97
$77.48
$33,716
$246.45
$168.58
$77.87
$33,639
$246.45
$168.19
$78.26
$33,560
$246.45
$167.80
$78.65
$33,482
$246.45
$167.41
$79.04
$33,403
$246.45
$167.01
$79.44
$33,323
$246.45
$166.62
$79.84
$33,243
$246.45
$166.22
$80.24
$33,163
$246.45
$165.82
$80.64
$33,082
$246.45
$165.41
$81.04
$33,001
$246.45
$165.01
$81.45
$32,920
$246.45
$164.60
$81.85
$32,838
$246.45
$164.19
$82.26
$32,756
$246.45
$163.78
$82.67
$32,673
$246.45
$163.37
$83.09
$32,590
$246.45
$162.95
$83.50
$32,507
$246.45
$162.53
$83.92
$32,423
$246.45
$162.11
$84.34
$32,338
$246.45
$161.69
$84.76
$32,254
$246.45
$161.27
$85.18
$32,168
$246.45
$160.84
$85.61
$32,083
$246.45
$160.41
$86.04
$31,997
$246.45
$159.98
$86.47
$31,910
$246.45
$159.55
$86.90
$31,823
$246.45
$159.12
$87.34
$31,736
$246.45
$158.68
$87.77
$31,648
$246.45
$158.24
$88.21
$31,560
$246.45
$157.80
$88.65
$31,471
$246.45
$157.36
$89.10
$31,382
$246.45
$156.91
$89.54
$31,293
$246.45
$156.46
$89.99
$31,203
$246.45
$156.01
$90.44
$31,112
$246.45
$155.56
$90.89
$31,021
$246.45
$155.11
$91.35
$30,930
$246.45
$154.65
$91.80
$30,838
$246.45
$154.19
$92.26
$30,746
$246.45
$153.73
$92.72
$30,653
$246.45
$153.27
$93.19
$30,560
$246.45
$152.80
$93.65

Annual Int
$34,325.55
$34,250.72
$34,175.52
$34,099.95
$34,024.00
$33,947.67
$33,870.95
$33,793.85
$33,716.37
$33,638.50
$33,560.24
$33,481.59
$33,402.54
$33,323.11
$33,243.27
$33,163.03
$33,082.40
$33,001.36
$32,919.91
$32,838.06
$32,755.79
$32,673.12
$32,590.03
$32,506.53
$32,422.61
$32,338.27
$32,253.51
$32,168.33
$32,082.72
$31,996.68
$31,910.21
$31,823.31
$31,735.97
$31,648.20
$31,559.99
$31,471.34
$31,382.24
$31,292.70
$31,202.71
$31,112.27
$31,021.38
$30,930.04
$30,838.23
$30,745.97
$30,653.25
$30,560.07
$30,466.41

Annual Pr. Reduction

$2,039.02

$918.41

$1,982.37

$975.06

$1,922.23

$1,035.20

48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99

$30,466
$30,372
$30,278
$30,183
$30,087
$29,991
$29,895
$29,798
$29,700
$29,602
$29,504
$29,405
$29,305
$29,205
$29,105
$29,004
$28,903
$28,801
$28,698
$28,595
$28,492
$28,388
$28,283
$28,178
$28,073
$27,967
$27,860
$27,753
$27,645
$27,537
$27,428
$27,319
$27,209
$27,099
$26,988
$26,876
$26,764
$26,651
$26,538
$26,425
$26,310
$26,195
$26,080
$25,964
$25,847
$25,730
$25,612
$25,494
$25,375
$25,255
$25,135
$25,014

$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45

$152.33
$151.86
$151.39
$150.91
$150.44
$149.96
$149.47
$148.99
$148.50
$148.01
$147.52
$147.02
$146.53
$146.03
$145.53
$145.02
$144.51
$144.00
$143.49
$142.98
$142.46
$141.94
$141.42
$140.89
$140.36
$139.83
$139.30
$138.76
$138.23
$137.68
$137.14
$136.59
$136.05
$135.49
$134.94
$134.38
$133.82
$133.26
$132.69
$132.12
$131.55
$130.98
$130.40
$129.82
$129.24
$128.65
$128.06
$127.47
$126.87
$126.28
$125.67
$125.07

$94.12
$94.59
$95.06
$95.54
$96.02
$96.50
$96.98
$97.46
$97.95
$98.44
$98.93
$99.43
$99.93
$100.42
$100.93
$101.43
$101.94
$102.45
$102.96
$103.48
$103.99
$104.51
$105.04
$105.56
$106.09
$106.62
$107.15
$107.69
$108.23
$108.77
$109.31
$109.86
$110.41
$110.96
$111.51
$112.07
$112.63
$113.19
$113.76
$114.33
$114.90
$115.48
$116.05
$116.63
$117.22
$117.80
$118.39
$118.98
$119.58
$120.18
$120.78
$121.38

$30,372.29
$30,277.70
$30,182.64
$30,087.10
$29,991.08
$29,894.59
$29,797.61
$29,700.14
$29,602.19
$29,503.75
$29,404.82
$29,305.39
$29,205.46
$29,105.04
$29,004.11
$28,902.68
$28,800.74
$28,698.29
$28,595.33
$28,491.85
$28,387.86
$28,283.35
$28,178.31
$28,072.75
$27,966.66
$27,860.04
$27,752.89
$27,645.20
$27,536.98
$27,428.21
$27,318.90
$27,209.04
$27,098.63
$26,987.68
$26,876.16
$26,764.09
$26,651.46
$26,538.26
$26,424.50
$26,310.17
$26,195.27
$26,079.80
$25,963.74
$25,847.11
$25,729.89
$25,612.09
$25,493.70
$25,374.71
$25,255.13
$25,134.96
$25,014.18
$24,892.80

$1,858.38

$1,099.04

$1,790.60

$1,166.83

$1,718.63

$1,238.80

$1,642.22

$1,315.20

$1,561.10

$1,396.32

100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151

$24,893
$24,771
$24,648
$24,525
$24,401
$24,277
$24,152
$24,026
$23,900
$23,773
$23,645
$23,517
$23,388
$23,258
$23,128
$22,998
$22,866
$22,734
$22,601
$22,468
$22,334
$22,199
$22,063
$21,927
$21,790
$21,653
$21,515
$21,376
$21,236
$21,096
$20,955
$20,813
$20,671
$20,528
$20,384
$20,240
$20,094
$19,948
$19,802
$19,654
$19,506
$19,357
$19,207
$19,057
$18,906
$18,754
$18,601
$18,448
$18,293
$18,139
$17,983
$17,826

$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45

$124.46
$123.85
$123.24
$122.63
$122.01
$121.38
$120.76
$120.13
$119.50
$118.86
$118.23
$117.58
$116.94
$116.29
$115.64
$114.99
$114.33
$113.67
$113.01
$112.34
$111.67
$110.99
$110.32
$109.64
$108.95
$108.26
$107.57
$106.88
$106.18
$105.48
$104.78
$104.07
$103.35
$102.64
$101.92
$101.20
$100.47
$99.74
$99.01
$98.27
$97.53
$96.79
$96.04
$95.28
$94.53
$93.77
$93.01
$92.24
$91.47
$90.69
$89.91
$89.13

$121.99
$122.60
$123.21
$123.83
$124.45
$125.07
$125.69
$126.32
$126.95
$127.59
$128.23
$128.87
$129.51
$130.16
$130.81
$131.46
$132.12
$132.78
$133.45
$134.11
$134.78
$135.46
$136.14
$136.82
$137.50
$138.19
$138.88
$139.57
$140.27
$140.97
$141.68
$142.39
$143.10
$143.81
$144.53
$145.25
$145.98
$146.71
$147.44
$148.18
$148.92
$149.67
$150.42
$151.17
$151.92
$152.68
$153.45
$154.21
$154.98
$155.76
$156.54
$157.32

$24,770.81
$24,648.21
$24,525.00
$24,401.17
$24,276.73
$24,151.66
$24,025.96
$23,899.64
$23,772.69
$23,645.10
$23,516.87
$23,388.00
$23,258.49
$23,128.33
$22,997.52
$22,866.06
$22,733.94
$22,601.15
$22,467.71
$22,333.59
$22,198.81
$22,063.35
$21,927.21
$21,790.40
$21,652.90
$21,514.71
$21,375.83
$21,236.26
$21,095.99
$20,955.02
$20,813.34
$20,670.95
$20,527.85
$20,384.04
$20,239.51
$20,094.25
$19,948.27
$19,801.56
$19,654.12
$19,505.94
$19,357.01
$19,207.35
$19,056.93
$18,905.76
$18,753.84
$18,601.16
$18,447.71
$18,293.50
$18,138.51
$17,982.75
$17,826.21
$17,668.89

$1,474.98

$1,482.45

$1,383.55

$1,573.88

152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203

$17,669
$17,511
$17,352
$17,192
$17,032
$16,870
$16,708
$16,545
$16,382
$16,217
$16,052
$15,886
$15,719
$15,551
$15,382
$15,212
$15,042
$14,871
$14,699
$14,526
$14,352
$14,177
$14,002
$13,825
$13,648
$13,470
$13,291
$13,111
$12,930
$12,748
$12,565
$12,382
$12,197
$12,012
$11,825
$11,638
$11,450
$11,260
$11,070
$10,879
$10,687
$10,494
$10,300
$10,105
$9,909
$9,712
$9,514
$9,315
$9,116
$8,915
$8,713
$8,510

$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45

$88.34
$87.55
$86.76
$85.96
$85.16
$84.35
$83.54
$82.73
$81.91
$81.09
$80.26
$79.43
$78.59
$77.75
$76.91
$76.06
$75.21
$74.35
$73.49
$72.63
$71.76
$70.89
$70.01
$69.13
$68.24
$67.35
$66.45
$65.55
$64.65
$63.74
$62.83
$61.91
$60.98
$60.06
$59.13
$58.19
$57.25
$56.30
$55.35
$54.40
$53.44
$52.47
$51.50
$50.53
$49.55
$48.56
$47.57
$46.58
$45.58
$44.57
$43.56
$42.55

$158.11
$158.90
$159.69
$160.49
$161.29
$162.10
$162.91
$163.73
$164.54
$165.37
$166.19
$167.02
$167.86
$168.70
$169.54
$170.39
$171.24
$172.10
$172.96
$173.82
$174.69
$175.57
$176.44
$177.33
$178.21
$179.10
$180.00
$180.90
$181.80
$182.71
$183.63
$184.54
$185.47
$186.39
$187.33
$188.26
$189.20
$190.15
$191.10
$192.06
$193.02
$193.98
$194.95
$195.93
$196.91
$197.89
$198.88
$199.87
$200.87
$201.88
$202.89
$203.90

$17,510.78
$17,351.89
$17,192.19
$17,031.70
$16,870.41
$16,708.31
$16,545.40
$16,381.67
$16,217.13
$16,051.76
$15,885.57
$15,718.54
$15,550.68
$15,381.99
$15,212.44
$15,042.05
$14,870.81
$14,698.71
$14,525.75
$14,351.93
$14,177.24
$14,001.67
$13,825.23
$13,647.90
$13,469.69
$13,290.59
$13,110.59
$12,929.69
$12,747.88
$12,565.17
$12,381.54
$12,197.00
$12,011.53
$11,825.14
$11,637.81
$11,449.55
$11,260.34
$11,070.19
$10,879.09
$10,687.03
$10,494.02
$10,300.03
$10,105.08
$9,909.16
$9,712.25
$9,514.36
$9,315.48
$9,115.60
$8,914.73
$8,712.85
$8,509.96
$8,306.06

204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255

$8,306
$8,101
$7,895
$7,688
$7,480
$7,271
$7,061
$6,850
$6,638
$6,424
$6,210
$5,995
$5,778
$5,561
$5,342
$5,122
$4,901
$4,679
$4,456
$4,232
$4,007
$3,781
$3,553
$3,324
$3,094
$2,864
$2,631
$2,398
$2,164
$1,928
$1,691
$1,453
$1,214
$974
$732
$489
$245
$0
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!

$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45

$41.53
$40.51
$39.48
$38.44
$37.40
$36.36
$35.31
$34.25
$33.19
$32.12
$31.05
$29.97
$28.89
$27.80
$26.71
$25.61
$24.51
$23.40
$22.28
$21.16
$20.03
$18.90
$17.77
$16.62
$15.47
$14.32
$13.16
$11.99
$10.82
$9.64
$8.46
$7.27
$6.07
$4.87
$3.66
$2.45
$1.23
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!

$204.92
$205.95
$206.98
$208.01
$209.05
$210.10
$211.15
$212.20
$213.26
$214.33
$215.40
$216.48
$217.56
$218.65
$219.74
$220.84
$221.95
$223.05
$224.17
$225.29
$226.42
$227.55
$228.69
$229.83
$230.98
$232.13
$233.30
$234.46
$235.63
$236.81
$238.00
$239.19
$240.38
$241.58
$242.79
$244.01
$245.23
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!

$8,101.14
$7,895.19
$7,688.21
$7,480.20
$7,271.15
$7,061.06
$6,849.91
$6,637.71
$6,424.44
$6,210.11
$5,994.71
$5,778.23
$5,560.67
$5,342.02
$5,122.28
$4,901.44
$4,679.49
$4,456.44
$4,232.27
$4,006.98
$3,780.56
$3,553.01
$3,324.32
$3,094.49
$2,863.51
$2,631.38
$2,398.08
$2,163.62
$1,927.99
$1,691.17
$1,453.18
$1,213.99
$973.61
$732.02
$489.23
$245.23
$0.00
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!

256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301

#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!

$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45
$246.45

#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
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#NUM!
#NUM!
#NUM!
#NUM!
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#NUM!
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#NUM!
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#NUM!
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#NUM!
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#NUM!
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nnual Pr. Reduction

var exp as a % of Total Site Rent

Var exp as a % of Pot. Rent

17.62%
16.94%

Total. Exp as a % of Total Site Rent

Total Exp as a % of Pot. Rent

55.71%
53.56%

Rents-- rent rates, provided by Dave Waterman, manager, on 7/15/02

2002 Standard Rental Rates

#units
1A
1B
1C
2A
2B
2C
Office

Months
Annual

15
40
16
19
18
5
1

rent rates
$
640
$
625
$
610
$
785
$
765
$
745
$
475

$
$
$
$
$
$
$
$

9,600
25,000
9,760
14,915
13,770
3,725
475
77,245

3% infl
$
$
$
$
$
$
$
$

12
926,940 $

9,888
25,750
10,053
15,362
14,183
3,837
489
79,562
12
954,748

increase
per unit
from
renovation
$
10
$
10
$
10
$
10
$
10
$
10
$
10

$
$
$
$
$
$
$
$

10,038
26,150
10,213
15,552
14,363
3,887
499
80,702

12
$
968,428
Year 2 Rent

Therefore,
rent in
2003
$
669
$
654
$
638
$
819
$
798
$
777
$
499