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Advanced Property Analysis Worksheet

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This highly advanced and fully formulated worksheet helps investors evaluate and report on financial scenarios for almost any type of real estate investment. By inserting some basic assumption variables, the user can generate a wide array of presentation ready reports, graphs, charts, forecasts, and budgets. This worksheet can be utilized for apartment buildings, retail centers, office buildings, condominium rentals, industrial warehouses, self storage facilities, or even raw land. It provides a printable Executive Summary as well as a pool of available reports, fully ready for presentation or insertion into a research report. This advanced template also assesses tax benefits, partnership splits, and also provides for an invaluable goal seek function that allows investors to determine the appropriate price to pay give a specifically required rate of return. If you are serious real estate investor, this worksheet will prove to be an invaluable tool.

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  • pg 1
									                                               Input Data Screen

           Property Name:
         Case Description:
                 Address:
                 Address:

I     Rental Income & Expenses
      Rental Income / Rent Roll:                                                                                  $        3,632,040
      Operating Expenses:                                                                                         $        1,631,412
      Enter Average Vacancy Rate:                                                                                                7.00%
      Annual Rental Income Growth Rate (%)                            Apply This Rate Every Year =>
                                                                                                  $0.00                          3.00%
      Annual Operating Expense Increase (%):                                                                                     3.00%
                                                                                                                  $                -

II    Property Costs & Characteristics
                                                                                                              Apartments
      Select Residential, Commercial Property or Raw Land
      Number of Units / Total Square Footage of Property                                         484                        468,692

      Purchase Price of Rental Property:     Contract Purchase Price                   $ 12,850,000
                                             Initial Improvements                      $        4,300,000
                                             Closing Costs                             $          270,000
                                             Other Initial Costs                                          -
                                             Other Initial Costs                                          -
                                             Enter 5-Year Personal Property =>         $                  -
                                             % of Cost Allocated to Land                                0.00% $         17,420,000
                                                                                                              $                -
      Current Fair Market Value (FMV) of Rental Property:                                                         $     25,815,782
      Annual Appreciation Rate (%):                         Use as Cap Rate to Value Property ==>                                8.00%
      Future Selling Expenses (as a % of Selling Price):                                                                         2.00%
                                                                                                                  $                -
                                                                                                                        Will the
                                                                                         Select Year                improvement
                                                                                       Improvement to                increase the
                                         Description                   Amount             be Made                  property's FMV?
                                                                                       2                           No
      Future Property                                            $               -                 1
      Improvements                                               $               -     2           1               No

                                                                 $               -     2           1               No

                                                                 $               -     2           1               No

                                                                 $               -     2           1               No

                                                                 $               -     2           1               No

                                                                 $               -     2           1              No

                                             Total               $               -



III   Financing
                                                                   Mortgage #1             Mortgage #2              Mortgage #3
                   Amount Borrowed or Assumed:                   $ 15,678,000          $                  -       $               -
                                        Interest Rate:                     6.250%
                                        Interest Only?           No                    No         n/a             No

                        Enter Start Month of the Loan:                 Month 1                 Month 1                  Month 1

                         Enter Start Year of the Loan:                  Year 1                 Year 1                   Year 1

      Term / Remaining Term of Loan (In Months):                                 360                     360                      360
              Is this to Refinance Mortgage #1 or #2                     n/a           No - New Loan156           No - New Loan

              Additional Monthly Principal Payments                           -                           -                       -
             Monthly Mortgage Payment: (Formula)                  $     96,532.14          $              -        $              -
                              Loan Origination Points                            -                        -
                 Loan Origination Points (In Dollars)            $               -     $                  -       $               -
                                                                 $               -     $                  -       $               -
                  Negative Amortization Option                   $               -     $                  -       $               -
      Negative Amortization Payment                              $               -     $                  -
      Override Payment Calculated Above?                     No
                                                             $           -    No
                                                                              $                           -              $0.00
                                                             $           -    $                           -       $              -
      Initial Investment or Down Payment (Cost less Debt - Automatically Calculated)                              $        1,742,000
      Down Payment as a Percent of Fair Market Value                                                    $0.00                   6.7%
      Down Payment as a Percent of Cost                                                                 $0.00                  10.0%
                                                                                                        $0.00

IV    Income Taxes
                                           Federal Marginal Income Tax Rate:                                     0.0%

                                       Federal Long-Term Capital Gains Rate:                                     0%

                                             State Marginal Income Tax Rate:                                     0%

                          Are Your Losses Limited by the Passive Loss Rules?                                     Yes

                                           Like-Kind Exchange on Disposition?                                    No




                                                                                                                                         3/9/2010
      Cash Flow Analysis
                                   -

                                   -
                                                       Year 1      Year 2      Year 3       Year 4       Year 5       Year 6       Year 7        Year 8       Year 9      Year 10
         Rental Activity Analysis
Gross Rental Income                                $ 3,632,040 $ 3,741,001 $ 3,853,231 $ 3,968,828 $ 4,087,893 $ 4,210,530 $ 4,336,846 $ 4,466,951 $ 4,600,960 $ 4,738,988
Other Income                                            268,020     268,020     268,020     268,020     268,020     268,020     268,020     268,020     268,020     268,020
Vacancy & Credits                                      (273,004)   (280,631)   (288,488)   (296,579)   (304,914)   (313,498)   (322,341)   (331,448)   (340,829)   (350,491)
Management Fees (if any)                               (108,812)   (111,852)   (114,983)   (118,208)   (121,530)   (124,952)   (128,476)   (132,106)   (135,845)   (139,696)
Operating Expenses                                   (1,631,412) (1,680,354) (1,730,765) (1,782,688) (1,836,169) (1,891,254) (1,947,991) (2,006,431) (2,066,624) (2,128,623)
      Net Operating Income (NOI)                   $ 1,886,832 $ 1,936,184 $ 1,987,016 $ 2,039,373 $ 2,093,301 $ 2,148,846 $ 2,206,058 $ 2,264,986 $ 2,325,683 $ 2,388,200

Total Mortgage Payments                              (1,061,854)  (1,158,386)  (1,158,386)  (1,158,386)  (1,158,386)  (1,158,386)  (1,158,386) (1,158,386) (1,158,386) (1,158,386)
Capital Improvements                                        -            -            -            -            -            -            -           -           -           -
Operating Income Taxes                                      -            -            -            -            -            -            -           -           -           -
      Net CASH FLOW from Rent Activity             $    824,979 $    777,798 $    828,630 $    880,987 $    934,915 $    990,460 $ 1,047,672 $ 1,106,601 $ 1,167,297 $ 1,229,814



         Property Sale Analysis
Projected Sales Price - Original Cost              $ 23,585,402 $ 24,202,296 $ 24,837,697 $ 25,492,160 $ 26,166,257 $ 26,860,577 $ 27,575,726 $ 28,312,330 $ 29,071,032 $ 29,852,495
Projected Sales Price - Improvements                        -            -            -            -            -            -            -            -            -            -
Selling Expenses                                       (471,708)    (484,046)    (496,754)    (509,843)    (523,325)    (537,212)    (551,515)    (566,247)    (581,421)    (597,050)
       Adjusted Projected Sales Price                23,113,694   23,718,250   24,340,943   24,982,317   25,642,932   26,323,365   27,024,212   27,746,084   28,489,612   29,255,446

Mortgage #1 Balance Payoff                          (15,510,037) (15,315,519) (15,108,489) (14,888,143) (14,653,624) (14,404,020) (14,138,361) (13,855,615) (13,554,681) (13,234,392)
Mortgage #2 Balance Payoff                                  -            -            -            -            -            -            -            -            -            -
Mortgage #3 Balance Payoff                                  -            -            -            -            -            -            -            -            -            -
Tax Benefit - Suspended Losses (if any)                     -            -            -            -            -            -            -            -            -            -
Income Taxes From Sale                                      -            -            -            -            -            -            -            -            -            -
      Net CASH FLOW from Property Sale             $ 7,603,657 $ 8,402,731 $ 9,232,454 $ 10,094,174 $ 10,989,308 $ 11,919,345 $ 12,885,851 $ 13,890,469 $ 14,934,930 $ 16,021,054


               Cash Position
Net Cash Generated This Year                       $    824,979 $    777,798 $    828,630 $    880,987 $    934,915 $    990,460 $ 1,047,672 $ 1,106,601 $ 1,167,297 $ 1,229,814
Net Cumulative Cash Generated Previous Years            n/a          824,979    1,602,777    2,431,407    3,312,394    4,247,308    5,237,769   6,285,441   7,392,042   8,559,339
Net Cash Generated - Property Sale                    7,603,657    8,402,731    9,232,454   10,094,174   10,989,308   11,919,345  12,885,851   13,890,469  14,934,930  16,021,054
Cash Inflow (Outflow) From Refinancing                      -            -            -            -            -            -            -           -           -           -
Original Initial Investment                          (1,742,000)  (1,742,000)  (1,742,000)  (1,742,000)  (1,742,000)  (1,742,000)  (1,742,000) (1,742,000) (1,742,000) (1,742,000)
Total Net CUMULATIVE CASH Generated                $ 6,686,636 $ 8,263,508 $ 9,921,860 $ 11,664,567 $ 13,494,616 $ 15,415,114 $ 17,429,292 $ 19,540,511 $ 21,752,269 $ 24,068,207



              Financial Ratios
Debt Coverage Ratio (DCR)                                  1.78        1.67         1.72         1.76          1.81         1.86         1.90         1.96         2.01         2.06
Loan to Value Ratio (LVR)                                 65.8%       63.3%        60.8%        58.4%         56.0%        53.6%        51.3%        48.9%        46.6%        44.3%

Capitalization Rate Based on Cost                        10.83%      11.11%       11.41%       11.71%       12.02%        12.34%       12.66%       13.00%       13.35%       13.71%
Capitalization Rate Based on FMV                          8.00%       8.00%        8.00%        8.00%        8.00%         8.00%        8.00%        8.00%        8.00%        8.00%
Value of Property Using This Cap Rate      0.00%            -           -            -            -            -             -            -            -            -            -

Gross Rent Monthly Multiplier (GRM)                       77.92       77.63        77.35        77.08         76.81        76.55        76.30        76.06        75.82        75.59
Gross Rent Yearly Multiplier (GRM)                         6.49        6.47         6.45         6.42          6.40         6.38         6.36         6.34         6.32         6.30
Value of Property Using Your GRM            -               -           -            -            -             -            -            -            -            -            -

Net Present Value (NPV)                 0.00%          6,686,636   8,263,508    9,921,860   11,664,567   13,494,616   15,415,114   17,429,292   19,540,511   21,752,269    24,068,207
Cash on Cash Return with Equity BuildUp                   79.33%      15.76%       14.22%       13.00%       12.01%       11.19%       10.51%        9.92%        9.41%         8.97%
Cash on Cash Return before Taxes                          47.36%      44.65%       47.57%       50.57%       53.67%       56.86%       60.14%       63.52%       67.01%        70.60%
Cash on Cash Return after Taxes                           47.36%      44.65%       47.57%       50.57%       53.67%       56.86%       60.14%       63.52%       67.01%        70.60%
Cumulative Internal Rate of Return (IRR)                 383.85%     154.46%      105.64%       84.96%       73.69%       66.70%       62.02%       58.74%       56.38%        54.64%
Modified Internal Rate of Return (MIRR)                  383.85%     139.66%       88.48%       66.56%       54.30%       46.41%       40.86%       36.73%       33.52%        30.94%


                                                                                                                                                                                        3/9/2010
Cash Flow Analysis

                                                    Year 11      Year 12      Year 13       Year 14      Year 15      Year 16      Year 17      Year 18      Year 19      Year 20
         Rental Activity Analysis
Gross Rental Income                                $ 4,881,158 $ 5,027,593 $ 5,178,421 $ 5,333,773 $ 5,493,786 $ 5,658,600 $ 5,828,358 $ 6,003,209 $ 6,183,305 $ 6,368,804
Other Income                                            268,020     268,020     268,020     268,020     268,020     268,020     268,020     268,020     268,020     268,020
Vacancy & Credits                                      (360,442)   (370,693)   (381,251)   (392,126)   (403,326)   (414,863)   (426,746)   (438,986)   (451,593)   (464,578)
Management Fees (if any)                               (143,662)   (147,748)   (151,956)   (156,290)   (160,754)   (165,353)   (170,089)   (174,967)   (179,992)   (185,167)
Operating Expenses                                   (2,192,481) (2,258,256) (2,326,003) (2,395,784) (2,467,657) (2,541,687) (2,617,937) (2,696,475) (2,777,370) (2,860,691)
         Net Operating Income (NOI)                $ 2,452,592 $ 2,518,917 $ 2,587,231 $ 2,657,594 $ 2,730,069 $ 2,804,717 $ 2,881,605 $ 2,960,800 $ 3,042,371 $ 3,126,388

Total Mortgage Payments                              (1,158,386) (1,158,386) (1,158,386) (1,158,386) (1,158,386) (1,158,386) (1,158,386) (1,158,386) (1,158,386) (1,158,386)
Capital Improvements                                        -           -           -           -           -           -           -           -           -           -
Operating Income Taxes                                      -           -           -           -           -           -           -           -           -           -
         Net CASH FLOW from Rent Activity          $ 1,294,206 $ 1,360,531 $ 1,428,845 $ 1,499,208 $ 1,571,683 $ 1,646,331 $ 1,723,220 $ 1,802,414 $ 1,883,985 $ 1,968,003



         Property Sale Analysis
Projected Sales Price - Original Cost              $ 30,657,403 $ 31,486,457 $ 32,340,383 $ 33,219,926 $ 34,125,856 $ 35,058,964 $ 36,020,065 $ 37,009,999 $ 38,029,632 $ 39,079,853
Projected Sales Price - Improvements                        -            -            -            -            -            -            -            -            -            -
Selling Expenses                                       (613,148)    (629,729)    (646,808)    (664,399)    (682,517)    (701,179)    (720,401)    (740,200)    (760,593)    (781,597)
         Adjusted Projected Sales Price              30,044,255   30,856,728   31,693,575   32,555,528   33,443,339   34,357,785   35,299,664   36,269,799   37,269,039   38,298,256

Mortgage #1 Balance Payoff                          (12,893,500) (12,530,682) (12,144,527) (11,733,533) (11,296,104) (10,830,538) (10,335,026)  (9,807,642)  (9,246,336)  (8,648,926)
Mortgage #2 Balance Payoff                                  -            -            -            -            -            -            -            -            -            -
Mortgage #3 Balance Payoff                                  -            -            -            -            -            -            -            -            -            -
Tax Benefit - Suspended Losses (if any)                     -            -            -            -            -            -            -            -            -            -
Income Taxes From Sale                                      -            -            -            -            -            -            -            -            -            -
        Net CASH FLOW from Property Sale           $ 17,150,754 $ 18,326,046 $ 19,549,048 $ 20,821,995 $ 22,147,236 $ 23,527,247 $ 24,964,638 $ 26,462,157 $ 28,022,703 $ 29,649,330


               Cash Position
Net Cash Generated This Year                       $ 1,294,206 $ 1,360,531 $ 1,428,845 $ 1,499,208 $ 1,571,683 $ 1,646,331 $ 1,723,220 $ 1,802,414 $ 1,883,985 $ 1,968,003
Net Cumulative Cash Generated Previous Years          9,789,153   11,083,359   12,443,890   13,872,735   15,371,943   16,943,626   18,589,958   20,313,177   22,115,591   23,999,576
Net Cash Generated - Property Sale                   17,150,754   18,326,046   19,549,048   20,821,995   22,147,236   23,527,247   24,964,638   26,462,157   28,022,703   29,649,330
Cash Inflow (Outflow) From Refinancing                      -            -            -            -            -            -            -            -            -            -
Original Initial Investment                          (1,742,000)  (1,742,000)  (1,742,000)  (1,742,000)  (1,742,000)  (1,742,000)  (1,742,000)  (1,742,000)  (1,742,000)  (1,742,000)
Total Net CUMULATIVE CASH Generated                $ 26,492,114 $ 29,027,936 $ 31,679,783 $ 34,451,938 $ 37,348,862 $ 40,375,205 $ 43,535,815 $ 46,835,748 $ 50,280,279 $ 53,874,909



             Financial Ratios
Debt Coverage Ratio (DCR)                                 2.12         2.17         2.23         2.29          2.36         2.42         2.49         2.56         2.63         2.70
Loan to Value Ratio (LVR)                                42.1%        39.8%        37.6%        35.3%         33.1%        30.9%        28.7%        26.5%        24.3%        22.1%

Capitalization Rate Based on Cost                       14.08%       14.46%       14.85%       15.26%       15.67%        16.10%       16.54%       17.00%       17.46%       17.95%
Capitalization Rate Based on FMV                         8.00%        8.00%        8.00%        8.00%        8.00%         8.00%        8.00%        8.00%        8.00%        8.00%
Value of Property Using This Cap Rate      0.00%           -            -            -            -            -             -            -            -            -            -

Gross Rent Monthly Multiplier (GRM)                      75.37        75.15        74.94        74.74         74.54        74.35        74.16        73.98        73.80        73.63
Gross Rent Yearly Multiplier (GRM)                        6.28         6.26         6.25         6.23          6.21         6.20         6.18         6.17         6.15         6.14
Value of Property Using Your GRM            -              -            -            -            -             -            -            -            -            -            -

Net Present Value (NPV)                             26,492,114   29,027,936    31,679,783   34,451,938   37,348,862   40,375,205   43,535,815   46,835,748   50,280,279    53,874,909
Cash on Cash Return with Equity BuildUp                  8.59%        8.24%         7.93%        7.66%        7.45%        7.14%        6.98%        6.79%        6.62%         6.46%
Cash on Cash Return before Taxes                        74.29%       78.10%        82.02%       86.06%       90.22%       94.51%       98.92%      103.47%      108.15%       112.97%
Cash on Cash Return after Taxes                         74.29%       78.10%        82.02%       86.06%       90.22%       94.51%       98.92%      103.47%      108.15%       112.97%
Cumulative Internal Rate of Return (IRR)                53.35%       52.40%        51.68%       51.15%       50.76%       50.47%       50.26%       50.11%       50.00%        49.92%
Modified Internal Rate of Return (MIRR)                 28.82%       27.03%        25.51%       24.20%       23.05%       22.03%       21.12%       20.31%       19.57%        18.91%


                                                                                                                                                                           3/9/2010
                                      Property Projected Analysis Summary
                                           {INSERT PROPERTY OR PORTFOLIO NAME}
                                              {INSERT PROPERTY PHOTO OR LOGO}
                                                                              -



                                                             Prepared for

                                            {INSERT INVESTOR OR FIRM NAME HERE}

                                                        Date of Report Here




                                                                 by


                                                    {INSERT PREPARER'S NAME}
                                                 {INSERT PREPARER'S ADDRESS}
                                               {INSERT PREPARER'S TELEPHONE}
                                                   {INSERT PREPARER'S E-MAIL}




                                Disclaimer: All Information Presented is Believed to be Accurate.



  The information, calculations & data presented in this report are believed to be accurate but are not guaranteed or warranted.
   The information contained in this report shall not be considered as a substitution for legal, accounting or other professional
           advice. Please seek proper legal and tax advice as appropriate before making any purchases of real estate.




{INSERT FIRM NAME HERE}                                                                                                        3/9/2010
                                    PROJECTED FINANCIAL ANALYSIS SUMMARY




                                                                   Insert Property Picture Here




   Property Information:                                            Financial Information
                                                                                                                                           %of Cost         % of FMV
   Type:              -             Apartments                     Projected Down Payment/ Investment:                     $ 1,742,000        10.00%             6.75%
   Total Cost:                  $       17,420,000                                                                                            90.00%           60.73%
   Fair Market Value:           $       25,815,782
   Number of Units:                      484                                               Amount              Rate        Term (Years)   Payment
   Sq. Footage                             468,692                     Loan #1            15,678,000          6.25%           30.00     $ 96,532.14
   Appreciation Rate                         8.00%                     Loan #2                   -            0.00%           30.00     $       -
                                                                       Loan #3                   -            0.00%           30.00     $       -




   Rental Income & Expenses:                                        Property 20-year Projected Cash Flow

   Monthly Rents:           $    302,670                           2,500,000
   Annual Rents             $ 3,632,040
   Other Annual Income      $    268,020                           2,000,000
   Annual Vacancy           $ (273,004)
   Annual Expenses          $ (1,740,224)
   Annual Mortgage Payments $ (1,158,386)                          1,500,000


   Assumptions:                                                    1,000,000

   Rental Growth Rate                       3.00%                   500,000
   Expense Growth Rate                      3.00%
   Property Growth Rate                     8.00%
   Marginal Tax Rate                        0.00%                          -
   Capital Gain Tax Rate                    0.00%                                     1     2     3   4   5    6   7   8     9 10 11 12 13 14 15 16 17 18 19 20
                                                                                                                                Year



                                                                        Financial Ratios:

                                         Year 1       Year 5          Year 10                                                              Year 1            Year 5           Year 10
Debt Coverage Ratio (DCR)                     1.78         1.81                2.06             Gross Rent Yearly Multiplier (GRM)               6.49             6.40             6.30
Capitalization Rate Based on Cost           10.83%       12.02%           13.71%                Value of Property Using Your GRM       $            -   $             -   $         -
Capitalization Rate Based on FMV             8.00%        8.00%            8.00%                Loan to Value Ratio (LVR)                     65.76%            56.00%           44.33%
Value of Property Using This Cap Rate             -            -                -               Net Present Value (NPV)                $    6,686,636   $ 13,494,616      $ 24,068,207
Cash on Cash Return before Taxes            47.36%       53.67%           70.60%                Net Present Value Unleveraged (NPV) $       7,580,526   $ 18,165,637      $ 33,111,923
Cash on Cash Return after Taxes             47.36%       53.67%           70.60%                Cumulative Internal Rate of Return (IRR)     383.85%            73.69%           54.64%
Gross Rent Monthly Multiplier (GRM)          77.92        76.81            75.59                Cumulative Unleveraged IRR                    43.52%            17.93%           15.17%




  {INSERT FIRM NAME HERE}                                                                                                                                         3/9/2010
                                                                   Rental Income / Rent Roll
                                                                                                                                    Total Gross Monthly Income                   $    325,005


                                      Vacant / Incentive                                                       Vacant / Incentive
       Enter Lease         Monthly      Months in the                       Enter Lease              Monthly     Months in the            Estimated Annual Income                    3,900,060
       Description          Rent           First Year                       Description               Rent          First Year           Estimated Annual Vacancy: $                  273,004
           Unit 1      $    302,670    0       1                                Unit 51          $        -     0       1
           Unit 2      $        -      0       1                                Unit 52          $        -     0       1
           Unit 3      $        -      0       1                                Unit 53          $        -     0       1
           Unit 4      $        -      0       1                                Unit 54          $        -     0       1
           Unit 5      $        -      0       1                                Unit 55          $        -     0       1
           Unit 6      $        -      0       1                                Unit 56          $        -     0       1
           Unit 7      $        -      0       1                                Unit 57          $        -     0       1                         Other Monthly Income:
           Unit 8      $        -      0       1                                Unit 58          $        -     0       1                  Description               Amount      Growth Rate
           Unit 9      $        -      0       1                                Unit 59          $        -     0       1                       Laundry          $      2,000           0.00%
           Unit 10     $        -      0       1                                Unit 60          $        -     0       1                       Late Fees $             3,800           0.00%
           Unit 11     $        -      0       1                                Unit 61          $        -     0       1                       Parking          $           -          0.00%
           Unit 12     $        -      0       1                                Unit 62          $        -     0       1                       Water            $     16,535           0.00%
           Unit 13     $        -      0       1                                Unit 63          $        -     0       1                       Other            $           -          0.00%
           Unit 14     $        -      0       1                                Unit 64          $        -     0       1                       Total                  22,335
           Unit 15     $        -      0       1                                Unit 65          $        -     0       1
           Unit 16     $        -      0       1                                Unit 66          $        -     0       1
           Unit 17     $        -      0       1                                Unit 67          $        -     0       1                  One-Time Income Additions
           Unit 18     $        -      0       1                                Unit 68          $        -     0       1                       Amount                Year
                                       0                                                                        0                                                1
           Unit 19     $        -              1                                Unit 69          $        -             1                   $           -
           Unit 20     $        -      0       1                                Unit 70          $        -     0       1                   $           -        1

           Unit 21     $        -      0       1                                Unit 71          $        -     0       1                   $           -        1

           Unit 22     $        -      0       1                                Unit 72          $        -     0       1
           Unit 23     $        -      0       1                                Unit 73          $        -     0       1
           Unit 24     $        -      0       1                                Unit 74          $        -     0       1
           Unit 25     $        -      0       1                                Unit 75          $        -     0       1                        Alternative Income Input
           Unit 26     $        -      0       1                                Unit 76          $        -     0       1
           Unit 27     $        -      0       1                                Unit 77          $        -     0       1                       Use the input below instead?
           Unit 28     $        -      0       1                                Unit 78          $        -     0       1
                                                                                                                                                            No
           Unit 29     $        -      0       1                                Unit 79          $        -     0       1
           Unit 30     $        -      0       1                                Unit 80          $        -     0       1
           Unit 31     $        -      0       1                                Unit 81          $        -     0       1                       Year 1           $           -
           Unit 32     $        -      0       1                                Unit 82          $        -     0       1                       Year 2           $           -
           Unit 33     $        -      0       1                                Unit 83          $        -     0       1                       Year 3           $           -
           Unit 34     $        -      0       1                                Unit 84          $        -     0       1                       Year 4           $           -
           Unit 35     $        -      0       1                                Unit 85          $        -     0       1                       Year 5           $           -
           Unit 36     $        -      0       1                                Unit 86          $        -     0       1                       Year 6           $           -
           Unit 37     $        -      0       1                                Unit 87          $        -     0       1                       Year 7           $           -
           Unit 38     $        -      0       1                                Unit 88          $        -     0       1                       Year 8           $           -
           Unit 39     $        -      0       1                                Unit 89          $        -     0       1                       Year 9           $           -
           Unit 40     $        -      0       1                                Unit 90          $        -     0       1                       Year 10          $           -
           Unit 41     $        -      0       1                                Unit 91          $        -     0       1                       Year 11          $           -
           Unit 42     $        -      0       1                                Unit 92          $        -     0       1                       Year 12          $           -
           Unit 43     $        -      0       1                                Unit 93          $        -     0       1                       Year 13          $           -
           Unit 44     $        -      0       1                                Unit 94          $        -     0       1                       Year 14          $           -
           Unit 45     $        -      0       1                                Unit 95          $        -     0       1                       Year 15          $           -
           Unit 46     $        -      0       1                                Unit 96          $        -     0       1                       Year 16          $           -
           Unit 47     $        -      0       1                                Unit 97          $        -     0       1                       Year 17          $           -
           Unit 48     $        -      0       1                                Unit 98          $        -     0       1                       Year 18          $           -
           Unit 49     $        -      0       1                                Unit 99          $        -     0       1                       Year 19          $           -
           Unit 50     $        -      0       1                               Unit 100          $        -     0       1                       Year 20          $           -


Subtotal 1- 50 Units   $    302,670                                    Subtotal 51 - 100 Units   $        -
                       $        -
                       Grand Total                         $ 302,670
                            Annual Rental Expense Input Screen


  Total Annual Expenses:   $ 1,631,412 (from below)
  Annual Increase                3.00% (from Input Screen)
  Monthly Expenses         $   135,951 $              -

                               Annual       Percentage           One-Time Expenses
 Expense Description
                               Amount        of Total             Amount        Year Incurred
  Accounting               $         -          0.00%        $              -   1

  Advertising              $      24,000        1.47%        $              -   1

  Association Fees         $         -          0.00%        $              -   1

  Auto & Travel            $         -          0.00%
  Cleaning                 $         -          0.00%        Management Fee (if any)
  Commissions              $         -          0.00%                  3.00%
  Insurance                $      85,000        5.21%
  Lawn Maintenance         $         -          0.00%
  Legal                    $         -          0.00%              Alternative Expense Input
  Maintenance              $         -          0.00%
                                                                 Use the input below instead?
  Admin                    $      65,000        3.98%
                                                                        No
  Payroll                  $     254,100       15.58%
  Professional Fees        $         -          0.00%             Year 1
  Repairs                  $     200,760       12.31%             Year 2
  Supplies                 $         -          0.00%             Year 3
Taxes:                                                            Year 4
       Property Taxes      $     187,792       11.51%             Year 5
       Personal Property   $         -          0.00%             Year 6
       Payroll             $         -          0.00%             Year 7
       Other               $         -          0.00%             Year 8
  Trash Removal            $      38,400        2.35%             Year 9
Utilities:                                                        Year 10
       Electricity         $     180,000       11.03%             Year 11
       Water               $     261,360       16.02%             Year 12
       Gas                 $       1,500        0.09%             Year 13
       Telephone           $         -          0.00%             Year 14
       Other Utilities     $         -          0.00%             Year 15
  capital exp              $     121,000        7.42%             Year 16
  concessions              $      72,500        4.44%             Year 17
  bad debt                 $     140,000        8.58%             Year 18
  Miscellaneous            $         -          0.00%             Year 19
  Miscellaneous            $         -          0.00%             Year 20


Total Annual Expenses      $ 1,631,412
Taxable Income Analysis - Operations

                                            Year 1          Year 2          Year 3          Year 4          Year 5          Year 6          Year 7          Year 8          Year 9           Year 10

Net Operating Income from Report        $   1,886,832 $     1,936,184 $     1,987,016 $     2,039,373 $     2,093,301 $     2,148,846 $     2,206,058 $     2,264,986 $     2,325,683 $      2,388,200
Tax Depreciation                             (607,061)       (633,455)       (633,455)       (633,455)       (633,455)       (633,455)       (633,455)       (633,455)       (633,455)        (633,455)
Points Amortization                               -               -               -               -               -               -               -               -               -                -
Interest Expense - Mortgage #1               (893,890)       (963,868)       (951,356)       (938,040)       (923,867)       (908,782)       (892,727)       (875,639)       (857,452)        (838,096)
Interest Expense - Mortgage #2                    -               -               -               -               -               -               -               -               -                -
Interest Expense - Mortgage #3                    -               -               -               -               -               -               -               -               -                -

Operating Taxable Income (Loss)         $    385,881    $    338,861    $    402,205    $    467,879    $    535,979    $    606,610    $    679,877    $    755,893    $    834,776     $       916,649

Fed & State Tax Rate on Rental Income          0.00%           0.00%           0.00%           0.00%           0.00%           0.00%           0.00%           0.00%           0.00%               0.00%

Tax (Expense) Benefit from Operations $            -    $         -     $         -     $         -     $         -     $         -     $         -     $         -     $         -      $           -

Subject to Suspended Loss Rules?             Yes




Taxable Income Analysis - Property Sale

                                            Year 1          Year 2          Year 3          Year 4          Year 5          Year 6          Year 7          Year 8          Year 9           Year 10

Adjusted Projected Sales Price          $ 23,113,694 $ 23,718,250 $ 24,340,943 $ 24,982,317 $ 25,642,932 $ 26,323,365 $ 27,024,212 $ 27,746,084 $ 28,489,612 $ 29,255,446
Original Cost of Property                (17,420,000) (17,420,000) (17,420,000) (17,420,000) (17,420,000) (17,420,000) (17,420,000) (17,420,000) (17,420,000) (17,420,000)
Improvements Made                                -            -            -            -            -            -            -            -            -            -
Amortization Points Paid                         -            -            -            -            -            -            -            -            -            -
Gain or (Loss) on Property                 5,693,694    6,298,250    6,920,943    7,562,317    8,222,932    8,903,365    9,604,212   10,326,084   11,069,612   11,835,446

Accumulated Depreciation/Amortization        607,061        1,240,515       1,873,970       2,507,424       3,140,879       3,774,333       4,407,788       5,041,242       5,674,697        6,308,152

Taxable Gain (Loss) on Property Sale    $   6,300,754   $   7,538,765   $   8,794,913   $ 10,069,741    $ 11,363,811    $ 12,677,699    $ 14,012,000    $ 15,367,326    $ 16,744,309     $ 18,143,597

Capital Gain & State Rate on Sale              0.00%           0.00%           0.00%           0.00%           0.00%           0.00%           0.00%           0.00%           0.00%               0.00%

Income Tax (Expense) Benefit                       -              -               -               -               -               -               -               -               -                  -
Recapture Tax (if any)                             -              -               -               -               -               -               -               -               -                  -

Total Tax (Expense) Benefit from Sale   $          -    $         -     $         -     $         -     $         -     $         -     $         -     $         -     $         -      $           -




                                                                                                                                                                                      3/9/2010
Taxable Income Analysis - Operations

                                            Year 11          Year 12          Year 13          Year 14          Year 15          Year 16           Year 17           Year 18           Year 19           Year 20

Net Operating Income from Report            2,452,592        2,518,917        2,587,231        2,657,594        2,730,069         2,804,717         2,881,605         2,960,800         3,042,371         3,126,388
Tax Depreciation                             (633,455)        (633,455)        (633,455)        (633,455)        (633,455)         (633,455)         (633,455)         (633,455)         (633,455)         (633,455)
Points Amortization                               -                -    
								
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