| Pro Forma NOI |
| | | | | Year 00 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
| Income: |
| Gross Potential Rent (from Rental Summary) | | | | | $ 1,606,034 | $ 1,626,081 | $ 1,618,283 | $ 1,645,647 | $ 1,687,583 |
| Other Income (from Rental Survey) | | | | | $ 587,938 | $ 612,822 | $ 634,979 | $ 638,176 | $ 661,935 |
| Total Poential Rent: | | | | | $ 2,193,972 | $ 2,238,903 | $ 2,253,262 | $ 2,283,823 | $ 2,349,518 |
| Less: Vacancy | | | | | 91,700 | 47,839 | 48,498 | 93,811 | 49,895 |
| Adjusted Gross Rent | | | | | 2,102,272 | 2,191,064 | 2,204,764 | 2,190,012 | 2,299,623 |
| Total Cash In: | | | | | 2,102,272 | 2,191,064 | 2,204,764 | 2,190,012 | 299,623 |
| Expenses |
| Total Turnover and Operating Expense ($400/month/occupied unit) | | | | | 600,444 | 617,227 | 633,661 | 651,649 | 670,590 |
| Expense Reimbursement from tenants ($100/month/occupied unit) | | | | | 95,574 | 98,441 | 101,394 | 104,436 | 107,569 |
| Recurring Expenses (carpet, paint, repairs, etc.) |
| Commissions Paid to Apartment Locator Services | | | | | 3,611 | 5,700 | 64,854 | 9,620 | 9,360 |
| Total Expenses | | | | | 508,481 | 524,486 | 597,121 | 556,833 | 572,381 |
| Net Operating Income (NOI) | | | | | 1,503,028 | 1,583,607 | 1,593,500 | 1,566,710 | 1,661,334 |