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Summary

Property Details Acquisition Loan Information Summary Details Sources (at Close) Income Tax Information
Year Built 2010 Loan Amount $23,237,500 Purchase Price $35,750,000 Equity
brant: brant: The amount of at-risk capital the investor is putting into the project from their own funds.		 $13,888,000 Financing Costs Amortization 360 months
Number of Units 110 LTV 65% Going-In Cap Rate 5.39% Acquisition Loan Proceeds
brant: brant: The amount of capital borrowed by the investors in the project.		 $23,237,500 Land as % of Purchase Price 10.00%
Number of Buildings 10 Going-In DSCR
brant: brant: 1st Year's NOI divided by the first year of P&I payments		 1.09x Purchase Price/Unit $325,000 Total Sources $37,125,500 Land Value 3,575,000
Net Rentable SF 140,000 Going-In Debt Yield
brant: brant: 1st Year's NOI divided by the loan amount		 8.29% Purchase Price/SF $255 Depreciable Basis 32,175,000
Average Unit Size 1,273 Interest Rate 6.50% Total Cost of Project
brant: brant: Total costs to acquire, renovate, and finance the project.		 $38,214,000 Uses (at Close) Recovery Period 27.5 years
Net Acres 5.00 Interest-Only Period 36 months Total Cost/Unit $347,400 Purchase Price $35,750,000 1st Year Rate 3.48%
Units Per Acre 22.00 Loan Fee (%)
brant: brant: Also sometimes referred to as "points" on the loan.		 1.00% Closing Costs $268,125 Remaining Years Rate 3.64%
Street Address 555 Main Street Amortization 360 months Renovation Details Up-Front Working Capital $875,000 Ordinary Tax Rate 30.00%
City/State/Zip San Francisco, CA Term 120 months Total Construction Costs $1,963,500 Acquisition Loan Fees $232,375 Capital Gain Tax Rate 15.00%
Total Construction Costs/Unit $17,850 Total Uses $37,125,500 Depreciation Recapture Tax Rate 25.00%
Parking Information Refinance Information Exterior Renovation Costs $1,298,000
Uncovered Spaces 100 Refinance Month
brant: brant: If the acquisition loan term is the same as the hold period there will not be a refinance. When that is the case, the refinance month will be the same as the acquisition loan term.		 Month 120 Exterior Renovation Costs/Unit $11,800 Additional Equity Requirements (Post-Close) Net Present Value Information
Carport Spaces 40 Loan Amount $31,178,235 Interior Renovation Costs $665,500 Additional Equity Required
brant: brant: Based on the projections, are additional capital calls going to be needed in the future or if investors need to raise additional up-front working capital to pay for the renovation and any other sort of cash shortfalls. If this is large, changing the amount of up-front working capital raised, cell B23, may be necessary to prevent future cash flow issues or unexpected capital calls to investors.		 $349,140 Equity Risk Premium 5.68%
Garage Spaces 25 Cap Rate Used For Valuation
brant: brant: Cap rate used by the appraiser when the refinance is completed.		 6.00% Interior Renovation Costs/Unit $6,050 US Treasury Yield 0.59%
Total Spaces 165 LTV 65% Return on Cost
brant: brant: The rate of return that we will earn on every dollar spent on renovations. This is the rent premiums charged per year after renovation as a % of the total construction budget. 		6.72% Sale Information Market Discount Rate 6.27%
Total Spaces Per/Unit 1.50 Going-In DSCR
brant: brant: NOI for 1st year after refinance divided by the first year of payments after refinance		 1.28x Closing Costs (%) 3.00%
Going-In Debt Yield
brant: brant: NOI for 1st year after refinance divided by the refinanced loan amount		 9.23% Sale Details Exit Cap Rate 6.00% Return Metrics After Tax
Acquisition Information Interest Rate 6.00% Exit Cap Rate 6.00% Hold Period 120 months Internal Rate of Return (IRR)
brant: brant: after-tax		 9.03%
Purchase Price $35,750,000 Interest-Only Period 0 months Cap Rate Expansion/Year
brant: brant: Typically real estate investors build in an assumption that cap rates will increase during their investment holding period. This is especially true with interest rates hovering near historic lows. This is usually between .05% to .10% per year.		 0.06% Net Present Value
brant: brant: after-tax		 $3,307,766
Purchase Price/Unit $325,000 Loan Fee (%) 1.00% Sale Price $47,966,515 Return Metrics Before Tax
Closing Costs (%)
brant: brant: Costs of sale paid by the buyer at the purchase of the property. Often this can be 0% but it is usually between 0.5% and 2%.		 0.75% Amortization 360 months Sale Price/Unit $436,059 Internal Rate of Return (IRR)
brant: brant: pre-tax		 9.49%
Closing Costs
brant: brant: Estimated costs of sale for the buyer when the property is purchased.		 $268,125 Costs of Sale
brant: brant: All selling expenses that are paid by the seller, including commission, staging, marketing, etc...		 $1,438,995 Equity Multiple
brant: brant: pre-tax		 2.26x
Up-Front Working Capital $875,000 Value CAGR
brant: brant: This tells us at what % did the value of the property grow per year throughout the investment hold period.		 2.98% Average Cash-on-Cash
brant: brant: pre-tax
brant: brant: 1st Year's NOI divided by the first year of P&I payments
brant: brant: 1st Year's NOI divided by the loan amount
brant: brant: The amount of at-risk capital the investor is putting into the project from their own funds.
brant: brant: Also sometimes referred to as "points" on the loan.
brant: brant: The amount of capital borrowed by the investors in the project.
brant: brant: Total costs to acquire, renovate, and finance the project.
brant: brant: If the acquisition loan term is the same as the hold period there will not be a refinance. When that is the case, the refinance month will be the same as the acquisition loan term.
brant: brant: Cap rate used by the appraiser when the refinance is completed.
brant: brant: NOI for 1st year after refinance divided by the first year of payments after refinance
brant: brant: NOI for 1st year after refinance divided by the refinanced loan amount
brant: brant: The rate of return that we will earn on every dollar spent on renovations. This is the rent premiums charged per year after renovation as a % of the total construction budget.
brant: brant: Costs of sale paid by the buyer at the purchase of the property. Often this can be 0% but it is usually between 0.5% and 2%.
brant: brant: Based on the projections, are additional capital calls going to be needed in the future or if investors need to raise additional up-front working capital to pay for the renovation and any other sort of cash shortfalls. If this is large, changing the amount of up-front working capital raised, cell B23, may be necessary to prevent future cash flow issues or unexpected capital calls to investors.
brant: brant: Estimated costs of sale for the buyer when the property is purchased.		 4.45%
Going-In Cap Rate
brant: brant: Net Operating Income Yield as a % of the property's purchase price
brant: brant: Typically real estate investors build in an assumption that cap rates will increase during their investment holding period. This is especially true with interest rates hovering near historic lows. This is usually between .05% to .10% per year.
brant: brant: All selling expenses that are paid by the seller, including commission, staging, marketing, etc...
brant: brant: This tells us at what % did the value of the property grow per year throughout the investment hold period.
brant: brant: after-tax
brant: brant: pre-tax
brant: brant: after-tax
brant: brant: pre-tax		 5.39% Levered IRR 9.49%
Property Closing Date 1/31/21 Levered Equity Multiple 2.26x
Levered Average Cash-on-Cash 4.45%

Revenue

Current In-Place Rents Stabilized Rents Renovation Premium Other Income/Unit/Month Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Month 13 Month 14 Month 15 Month 16 Month 17 Month 18 Month 19 Month 20 Month 21 Month 22 Month 23 Month 24 Month 25 Month 26 Month 27 Month 28 Month 29 Month 30 Month 31 Month 32 Month 33 Month 34 Month 35 Month 36 Month 37 Month 38 Month 39 Month 40 Month 41 Month 42 Month 43 Month 44 Month 45 Month 46 Month 47 Month 48 Month 49 Month 50 Month 51 Month 52 Month 53 Month 54 Month 55 Month 56 Month 57 Month 58 Month 59 Month 60 Month 61 Month 62 Month 63 Month 64 Month 65 Month 66 Month 67 Month 68 Month 69 Month 70 Month 71 Month 72 Month 73 Month 74 Month 75 Month 76 Month 77 Month 78 Month 79 Month 80 Month 81 Month 82 Month 83 Month 84 Month 85 Month 86 Month 87 Month 88 Month 89 Month 90 Month 91 Month 92 Month 93 Month 94 Month 95 Month 96 Month 97 Month 98 Month 99 Month 100 Month 101 Month 102 Month 103 Month 104 Month 105 Month 106 Month 107 Month 108 Month 109 Month 110 Month 111 Month 112 Month 113 Month 114 Month 115 Month 116 Month 117 Month 118 Month 119 Month 120 Month 121 Month 122 Month 123 Month 124 Month 125 Month 126 Month 127 Month 128 Month 129 Month 130 Month 131 Month 132 Month 133
# of Units Unit Type SF Rent/Month $/SF # of Units Unit Type SF Rent/Month $/SF Premium Laundry Income $10 Physical Vacancy 6.00% 5.50% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% In-Place Rents $245,000 $245,998 $247,000 $248,007 $249,017 $250,032 $251,050 $252,073 $253,100 $254,131 $255,167 $256,206 $257,250 $258,092 $258,937 $259,785 $260,635 $261,489 $262,345 $263,203 $264,065 $264,930 $265,797 $266,667 $267,540 $268,200 $268,861 $269,524 $270,189 $270,855 $271,523 $272,193 $272,864 $273,537 $274,212 $274,888 $275,566 $276,246 $276,927 $277,610 $278,295 $278,981 $279,669 $280,359 $281,050 $281,743 $282,438 $283,135 $283,833 $284,533 $285,235 $285,938 $286,644 $287,351 $288,059 $288,770 $289,482 $290,196 $290,911 $291,629 $292,348 $293,069 $293,792 $294,517 $295,243 $295,971 $296,701 $297,433 $298,166 $298,902 $299,639 $300,378 $301,119 $301,861 $302,606 $303,352 $304,100 $304,850 $305,602 $306,356 $307,111 $307,869 $308,628 $309,389 $310,152 $310,917 $311,684 $312,453 $313,223 $313,996 $314,770 $315,546 $316,325 $317,105 $317,887 $318,671 $319,457 $320,245 $321,034 $321,826 $322,620 $323,416 $324,213 $325,013 $325,814 $326,618 $327,423 $328,231 $329,040 $329,852 $330,665 $331,481 $332,298 $333,118 $333,940 $334,763 $335,589 $336,416 $337,246 $338,078 $338,912 $339,748 $340,585 $341,425 $342,267 $343,112 $343,958 $344,806 $345,656 $346,509 $347,364 $348,220 $349,079
50 1BR - 1BA 1,000 $1,900 $1.90 50 1BR - 1BA 1,000 $2,000 $2.00 $100 Late Fees $10 Bad Debt 1.00% 0.75% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% Stabalized Rents $256,000 $257,043 $258,090 $259,142 $260,197 $261,258 $262,322 $263,391 $264,464 $265,541 $266,623 $267,709 $268,800 $269,680 $270,563 $271,449 $272,337 $273,229 $274,123 $275,021 $275,921 $276,824 $277,731 $278,640 $279,552 $280,241 $280,933 $281,625 $282,320 $283,016 $283,714 $284,414 $285,115 $285,819 $286,524 $287,230 $287,939 $288,649 $289,361 $290,074 $290,790 $291,507 $292,226 $292,946 $293,669 $294,393 $295,119 $295,847 $296,577 $297,308 $298,041 $298,776 $299,513 $300,252 $300,992 $301,735 $302,479 $303,225 $303,973 $304,722 $305,474 $306,227 $306,983 $307,740 $308,499 $309,260 $310,022 $310,787 $311,553 $312,322 $313,092 $313,864 $314,638 $315,414 $316,192 $316,972 $317,754 $318,537 $319,323 $320,110 $320,900 $321,691 $322,485 $323,280 $324,077 $324,877 $325,678 $326,481 $327,286 $328,093 $328,903 $329,714 $330,527 $331,342 $332,159 $332,978 $333,800 $334,623 $335,448 $336,276 $337,105 $337,936 $338,770 $339,605 $340,443 $341,282 $342,124 $342,968 $343,814 $344,662 $345,512 $346,364 $347,218 $348,074 $348,933 $349,793 $350,656 $351,521 $352,388 $353,257 $354,128 $355,001 $355,877 $356,755 $357,635 $358,517 $359,401 $360,287 $361,176 $362,066 $362,959 $363,855 $364,752
60 2BR - 2BA 1,500 $2,500 $1.67 60 2BR - 2BA 1,500 $2,600 $1.73 $100 Pet Rent $25 Concessions 1.00% 0.50% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % of Stabilized Units 0% 0% 0% 0% 9% 18% 27% 36% 45% 55% 64% 73% 82% 91% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
0 2BR - 2BA - 0 $0 $0.00 0 2BR - 2BA - 0 $0 $0.00 $0 Pet Fees $5 Other Loss 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Total Potential Rental Revenue $245,000 $245,998 $247,000 $248,007 $250,034 $252,073 $254,124 $256,189 $258,265 $260,355 $262,457 $264,572 $266,700 $268,627 $270,563 $271,449 $272,337 $273,229 $274,123 $275,021 $275,921 $276,824 $277,731 $278,640 $279,552 $280,241 $280,933 $281,625 $282,320 $283,016 $283,714 $284,414 $285,115 $285,819 $286,524 $287,230 $287,939 $288,649 $289,361 $290,074 $290,790 $291,507 $292,226 $292,946 $293,669 $294,393 $295,119 $295,847 $296,577 $297,308 $298,041 $298,776 $299,513 $300,252 $300,992 $301,735 $302,479 $303,225 $303,973 $304,722 $305,474 $306,227 $306,983 $307,740 $308,499 $309,260 $310,022 $310,787 $311,553 $312,322 $313,092 $313,864 $314,638 $315,414 $316,192 $316,972 $317,754 $318,537 $319,323 $320,110 $320,900 $321,691 $322,485 $323,280 $324,077 $324,877 $325,678 $326,481 $327,286 $328,093 $328,903 $329,714 $330,527 $331,342 $332,159 $332,978 $333,800 $334,623 $335,448 $336,276 $337,105 $337,936 $338,770 $339,605 $340,443 $341,282 $342,124 $342,968 $343,814 $344,662 $345,512 $346,364 $347,218 $348,074 $348,933 $349,793 $350,656 $351,521 $352,388 $353,257 $354,128 $355,001 $355,877 $356,755 $357,635 $358,517 $359,401 $360,287 $361,176 $362,066 $362,959 $363,855 $364,752
0 2BR - 2BA - 0 $0 $0.00 0 2BR - 2BA - 0 $0 $0.00 $0 Garage Income $0 Economic Vacancy 8.00% 6.75% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
0 2BR - 2BA - 0 $0 $0.00 0 2BR - 2BA - 0 $0 $0.00 $0 Storage Income $0
0 2BR - 2BA - 0 $0 $0.00 0 2BR - 2BA - 0 $0 $0.00 $0 Forfeited Deposits $5 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11
0 2BR - 2BA - 0 $0 $0.00 0 2BR - 2BA - 0 $0 $0.00 $0 Other Charges $0 Market Rent Growth 5.00% 4.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
0 2BR - 2BA - 0 $0 $0.00 0 2BR - 2BA - 0 $0 $0.00 $0 Other Charges $0 Other Income Growth 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
0 2BR - 2BA - 0 $0 $0.00 0 2BR - 2BA - 0 $0 $0.00 $0 Other Charges $0
0 2BR - 2BA - 0 $0 $0.00 0 2BR - 2BA - 0 $0 $0.00 $0 Total $55
0 2BR - 2BA - 0 $0 $0.00 0 2BR - 2BA - 0 $0 $0.00 $0
0 2BR - 2BA - 0 $0 $0.00 0 2BR - 2BA - 0 $0 $0.00 $0 Rent Increase Timing
0 2BR - 2BA - 0 $0 $0.00 0 2BR - 2BA - 0 $0 $0.00 $0 Month Start Month 5
0 2BR - 2BA - 0 $0 $0.00 0 2BR - 2BA - 0 $0 $0.00 $0 Month End Month 15
0 2BR - 2BA - 0 $0 $0.00 0 2BR - 2BA - 0 $0 $0.00 $0 Rent Increase Period 11 Months
0 2BR - 2BA - 0 $0 $0.00 0 2BR - 2BA - 0 $0 $0.00 $0
0 2BR - 2BA - 0 $0 $0.00 0 2BR - 2BA - 0 $0 $0.00 $0
0 2BR - 2BA - 0 $0 $0.00 0 2BR - 2BA - 0 $0 $0.00 $0
0 2BR - 2BA - 0 $0 $0.00 0 2BR - 2BA - 0 $0 $0.00 $0
0 2BR - 2BA - 0 $0 $0.00 0 2BR - 2BA - 0 $0 $0.00 $0
110 1,273 $2,227 $1.75 110 1,273 $2,327 $1.83 $100

Expenses

Trailing-12 Month Operating Expenses Hold Period Operating Expenses Property Tax Growth Rates
Item Total $/Unit/Year Item Total $/Unit/Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11
Payroll $190,000 $1,727 Payroll $198,000 $1,800 10.00% 5.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
General & Administrative $30,000 $273 General & Administrative $30,250 $275
Marketing $25,000 $227 Marketing $24,750 $225 Hold Period Property Taxes
Repairs & Maintenance $60,000 $545 Repairs & Maintenance $60,500 $550 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11
Turnover Costs $40,000 $364 Turnover Costs $41,250 $375 Assessed Property Value $38,500,000 $40,425,000 $41,637,750 $42,886,883 $44,173,489 $45,498,694 $46,863,654 $48,269,564 $49,717,651 $51,209,181 $52,745,456
Contract Services $25,000 $227 Contract Services $24,750 $225 Property Taxes $385,000 $404,250 $416,378 $428,869 $441,735 $454,987 $468,637 $482,696 $497,177 $512,092 $527,455
Utilities $60,000 $545 Utilities $60,500 $550 Fixed Charge Assessments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Utility Bill-Back
brant: brant: This represents what amount of utilities are ultimately paid by the tenants if the property owner pays the utilities and then bills the tenants for a certain percentage of the bill.		 ($50,000) ($455) Utility Bill-Back ($52,250) ($475) Total Property Taxes $385,000 $404,250 $416,378 $428,869 $441,735 $454,987 $468,637 $482,696 $497,177 $512,092 $527,455
Property Management Fee $120,000 $1,091 Property Management Fee $86,224 $784
Property Taxes $275,000 $2,500 Property Taxes $385,000 $3,500
Insurance $50,000 $455 Insurance $49,500 $450
Total $825,000 $7,500 Total $908,474 $8,259
Property Tax Information Other Expense Assumptions
Millage Rate 1.00% Annual Expense Growth 3.00%
Reassessed Upon Sale
brant: brant: Is the property value reassessed upon sale? If yes, change this dropdown menu to reflect that.		 No Capital Expense Reserves/Unit $300
% of Value Assessed 100% Property Management Fee 3.00%
Current Assessed Value
brant: brant: Based on looking up the current assessed value of the property with the county assessor's office. If property will be reassessed upon your purchase this should be adjusted to reflect that estimated assessment value. Unless told otherwise, you can calculate the current assessed value by dividing the trailing 12 months property taxes by the Millage Rate		 $35,000,000
Fixed Charge Assessments
brant: brant: Does the local property tax system have a fixed charge amount that is paid every year? Some jurisdictions have this and some do not. It could depend on the type of property (is it a hotel or an industrial property, etc..?).
brant: brant: This represents what amount of utilities are ultimately paid by the tenants if the property owner pays the utilities and then bills the tenants for a certain percentage of the bill.		 $0

Construction Budget

Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Month 13 Month 14 Month 15 Month 16 Month 17 Month 18 Month 19 Month 20 Month 21 Month 22 Month 23 Month 24 Month 25 Month 26 Month 27 Month 28 Month 29 Month 30 Month 31 Month 32 Month 33 Month 34 Month 35 Month 36 Month 37 Month 38 Month 39 Month 40 Month 41 Month 42 Month 43 Month 44 Month 45 Month 46 Month 47 Month 48 Month 49 Month 50 Month 51 Month 52 Month 53 Month 54 Month 55 Month 56 Month 57 Month 58 Month 59 Month 60 Month 61 Month 62 Month 63 Month 64 Month 65 Month 66 Month 67 Month 68 Month 69 Month 70 Month 71 Month 72 Month 73 Month 74 Month 75 Month 76 Month 77 Month 78 Month 79 Month 80 Month 81 Month 82 Month 83 Month 84 Month 85 Month 86 Month 87 Month 88 Month 89 Month 90 Month 91 Month 92 Month 93 Month 94 Month 95 Month 96 Month 97 Month 98 Month 99 Month 100 Month 101 Month 102 Month 103 Month 104 Month 105 Month 106 Month 107 Month 108 Month 109 Month 110 Month 111 Month 112 Month 113 Month 114 Month 115 Month 116 Month 117 Month 118 Month 119 Month 120 Month 121 Month 122 Month 123 Month 124 Month 125 Month 126 Month 127 Month 128 Month 129 Month 130 Month 131 Month 132
Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 2 Year 2 Year 2 Year 2 Year 2 Year 2 Year 2 Year 2 Year 2 Year 2 Year 2 Year 2 Year 3 Year 3 Year 3 Year 3 Year 3 Year 3 Year 3 Year 3 Year 3 Year 3 Year 3 Year 3 Year 4 Year 4 Year 4 Year 4 Year 4 Year 4 Year 4 Year 4 Year 4 Year 4 Year 4 Year 4 Year 5 Year 5 Year 5 Year 5 Year 5 Year 5 Year 5 Year 5 Year 5 Year 5 Year 5 Year 5 Year 6 Year 6 Year 6 Year 6 Year 6 Year 6 Year 6 Year 6 Year 6 Year 6 Year 6 Year 6 Year 7 Year 7 Year 7 Year 7 Year 7 Year 7 Year 7 Year 7 Year 7 Year 7 Year 7 Year 7 Year 8 Year 8 Year 8 Year 8 Year 8 Year 8 Year 8 Year 8 Year 8 Year 8 Year 8 Year 8 Year 9 Year 9 Year 9 Year 9 Year 9 Year 9 Year 9 Year 9 Year 9 Year 9 Year 9 Year 9 Year 10 Year 10 Year 10 Year 10 Year 10 Year 10 Year 10 Year 10 Year 10 Year 10 Year 10 Year 10 Year 11 Year 11 Year 11 Year 11 Year 11 Year 11 Year 11 Year 11 Year 11 Year 11 Year 11 Year 11
Exterior Renovation Budget
Check Item Total Per Unit Month Start Month End Total Months
OK Exterior Painting $500,000 $4,545 Month 2 Month 5 4 Months $0 $125,000 $125,000 $125,000 $125,000 $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 $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 $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 $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 $0 $0 $0
OK Fitness Center Renovation $250,000 $2,273 Month 3 Month 7 5 Months $0 $0 $50,000 $50,000 $50,000 $50,000 $50,000 $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 $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 $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 $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 $0
OK Leasing Center Renovation $400,000 $3,636 Month 6 Month 9 4 Months $0 $0 $0 $0 $0 $100,000 $100,000 $100,000 $100,000 $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 $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 $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 $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
OK Dog Park $30,000 $273 Month 10 Month 12 3 Months $0 $0 $0 $0 $0 $0 $0 $0 $0 $10,000 $10,000 $10,000 $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 $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 $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 $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
OK Other $0 $0 Month 1 Month 1 1 Months $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
OK Other $0 $0 Month 1 Month 1 1 Months $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
OK Other $0 $0 Month 1 Month 1 1 Months $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
OK Other $0 $0 Month 1 Month 1 1 Months $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
OK Other $0 $0 Month 1 Month 1 1 Months $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
OK Other $0 $0 Month 1 Month 1 1 Months $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
OK Other $0 $0 Month 1 Month 1 1 Months $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
OK Other $0 $0 Month 1 Month 1 1 Months $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
OK Other $0 $0 Month 1 Month 1 1 Months $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
OK Other $0 $0 Month 1 Month 1 1 Months $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
OK Other $0 $0 Month 1 Month 1 1 Months $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
OK Other $0 $0 Month 1 Month 1 1 Months $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
OK Subtotal $1,180,000 $10,727 Month 2 Month 12 11 Months $0 $125,000 $175,000 $175,000 $175,000 $150,000 $150,000 $100,000 $100,000 $10,000 $10,000 $10,000 $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 $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 $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 $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
Interior Renovation Budget
Check Item Total Per Unit Month Start Month End Total Months
OK Counter Tops $220,000 $2,000 Month 2 Month 25 24 Months $0 $9,167 $9,167 $9,167 $9,167 $9,167 $9,167 $9,167 $9,167 $9,167 $9,167 $9,167 $9,167 $9,167 $9,167 $9,167 $9,167 $9,167 $9,167 $9,167 $9,167 $9,167 $9,167 $9,167 $9,167 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
OK Flooring $165,000 $1,500 Month 2 Month 25 24 Months $0 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
OK Cabinets $165,000 $1,500 Month 2 Month 25 24 Months $0 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $6,875 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
OK Fixtures $55,000 $500 Month 2 Month 25 24 Months $0 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $2,292 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
OK Other $0 $0 Month 1 Month 1 1 Months $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
OK Other $0 $0 Month 1 Month 1 1 Months $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
OK Other $0 $0 Month 1 Month 1 1 Months $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
OK Other $0 $0 Month 1 Month 1 1 Months $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
OK Other $0 $0 Month 1 Month 1 1 Months $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
OK Other $0 $0 Month 1 Month 1 1 Months $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
OK Other $0 $0 Month 1 Month 1 1 Months $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
OK Other $0 $0 Month 1 Month 1 1 Months $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
OK Other $0 $0 Month 1 Month 1 1 Months $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
OK Other $0 $0 Month 1 Month 1 1 Months $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
OK Other $0 $0 Month 1 Month 1 1 Months $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
OK Other $0 $0 Month 1 Month 1 1 Months $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
OK Subtotal $605,000 $5,500 Month 2 Month 25 24 Months $0 $25,208 $25,208 $25,208 $25,208 $25,208 $25,208 $25,208 $25,208 $25,208 $25,208 $25,208 $25,208 $25,208 $25,208 $25,208 $25,208 $25,208 $25,208 $25,208 $25,208 $25,208 $25,208 $25,208 $25,208 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Contingency
Check Percentage Total Per Unit Month Start Month End Total Months
OK 10.0% $178,500 $1,623 Month 2 Month 25 24 Months $0 $15,021 $20,021 $20,021 $20,021 $17,521 $17,521 $12,521 $12,521 $3,521 $3,521 $3,521 $2,521 $2,521 $2,521 $2,521 $2,521 $2,521 $2,521 $2,521 $2,521 $2,521 $2,521 $2,521 $2,521 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Overall Construction Budget
Check Item Total Per Unit Month Start Month End Total Months
OK Total Construction Budget $1,963,500 $17,850 Month 2 Month 25 24 Months $0 $165,229 $220,229 $220,229 $220,229 $192,729 $192,729 $137,729 $137,729 $38,729 $38,729 $38,729 $27,729 $27,729 $27,729 $27,729 $27,729 $27,729 $27,729 $27,729 $27,729 $27,729 $27,729 $27,729 $27,729 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Financing

Check Acquisition Financing
OK Month 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 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 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132
Date 2/28/21 3/31/21 4/30/21 5/31/21 6/30/21 7/31/21 8/31/21 9/30/21 10/31/21 11/30/21 12/31/21 1/31/22 2/28/22 3/31/22 4/30/22 5/31/22 6/30/22 7/31/22 8/31/22 9/30/22 10/31/22 11/30/22 12/31/22 1/31/23 2/28/23 3/31/23 4/30/23 5/31/23 6/30/23 7/31/23 8/31/23 9/30/23 10/31/23 11/30/23 12/31/23 1/31/24 2/29/24 3/31/24 4/30/24 5/31/24 6/30/24 7/31/24 8/31/24 9/30/24 10/31/24 11/30/24 12/31/24 1/31/25 2/28/25 3/31/25 4/30/25 5/31/25 6/30/25 7/31/25 8/31/25 9/30/25 10/31/25 11/30/25 12/31/25 1/31/26 2/28/26 3/31/26 4/30/26 5/31/26 6/30/26 7/31/26 8/31/26 9/30/26 10/31/26 11/30/26 12/31/26 1/31/27 2/28/27 3/31/27 4/30/27 5/31/27 6/30/27 7/31/27 8/31/27 9/30/27 10/31/27 11/30/27 12/31/27 1/31/28 2/29/28 3/31/28 4/30/28 5/31/28 6/30/28 7/31/28 8/31/28 9/30/28 10/31/28 11/30/28 12/31/28 1/31/29 2/28/29 3/31/29 4/30/29 5/31/29 6/30/29 7/31/29 8/31/29 9/30/29 10/31/29 11/30/29 12/31/29 1/31/30 2/28/30 3/31/30 4/30/30 5/31/30 6/30/30 7/31/30 8/31/30 9/30/30 10/31/30 11/30/30 12/31/30 1/31/31 2/28/31 3/31/31 4/30/31 5/31/31 6/30/31 7/31/31 8/31/31 9/30/31 10/31/31 11/30/31 12/31/31 1/31/32
$23,237,500 Starting Balance $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,216,493 $23,195,372 $23,174,137 $23,152,787 $23,131,321 $23,109,739 $23,088,040 $23,066,223 $23,044,288 $23,022,235 $23,000,062 $22,977,769 $22,955,355 $22,932,819 $22,910,162 $22,887,382 $22,864,478 $22,841,451 $22,818,299 $22,795,021 $22,771,617 $22,748,087 $22,724,429 $22,700,642 $22,676,727 $22,652,683 $22,628,508 $22,604,202 $22,579,765 $22,555,195 $22,530,492 $22,505,656 $22,480,685 $22,455,578 $22,430,336 $22,404,957 $22,379,440 $22,353,785 $22,327,991 $22,302,058 $22,275,984 $22,249,769 $22,223,411 $22,196,911 $22,170,268 $22,143,480 $22,116,547 $22,089,468 $22,062,243 $22,034,870 $22,007,348 $21,979,678 $21,951,858 $21,923,887 $21,895,764 $21,867,490 $21,839,062 $21,810,480 $21,781,743 $21,752,851 $21,723,802 $21,694,596 $21,665,231 $21,635,708 $21,606,025 $21,576,180 $21,546,175 $21,516,006 $21,485,674 $21,455,178 $21,424,517 $21,393,690 $21,362,695 $21,331,533 $21,300,202 $21,268,701 $21,237,030 $21,205,187 $21,173,172 $21,140,983 $21,108,620 $21,076,081 $21,043,367 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$16,868,964 Total Loan Payment $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $146,877 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$2,227,025 Principal Payment $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 $0 $0 $0 $0 $0 $21,007 $21,121 $21,235 $21,350 $21,466 $21,582 $21,699 $21,817 $21,935 $22,054 $22,173 $22,293 $22,414 $22,535 $22,657 $22,780 $22,903 $23,028 $23,152 $23,278 $23,404 $23,531 $23,658 $23,786 $23,915 $24,045 $24,175 $24,306 $24,437 $24,570 $24,703 $24,837 $24,971 $25,106 $25,242 $25,379 $25,517 $25,655 $25,794 $25,934 $26,074 $26,215 $26,357 $26,500 $26,644 $26,788 $26,933 $27,079 $27,226 $27,373 $27,521 $27,670 $27,820 $27,971 $28,122 $28,275 $28,428 $28,582 $28,737 $28,892 $29,049 $29,206 $29,364 $29,523 $29,683 $29,844 $30,006 $30,168 $30,332 $30,496 $30,661 $30,827 $30,994 $31,162 $31,331 $31,501 $31,671 $31,843 $32,015 $32,189 $32,363 $32,538 $32,715 $32,892 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$14,641,939 Interest Payment $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,756 $125,642 $125,527 $125,411 $125,295 $125,178 $125,060 $124,942 $124,823 $124,704 $124,584 $124,463 $124,342 $124,219 $124,097 $123,973 $123,849 $123,725 $123,599 $123,473 $123,346 $123,219 $123,091 $122,962 $122,832 $122,702 $122,571 $122,439 $122,307 $122,174 $122,040 $121,906 $121,770 $121,634 $121,498 $121,360 $121,222 $121,083 $120,943 $120,803 $120,662 $120,520 $120,377 $120,233 $120,089 $119,944 $119,798 $119,651 $119,504 $119,356 $119,206 $119,057 $118,906 $118,754 $118,602 $118,449 $118,295 $118,140 $117,984 $117,828 $117,671 $117,512 $117,353 $117,193 $117,033 $116,871 $116,708 $116,545 $116,381 $116,216 $116,049 $115,882 $115,715 $115,546 $115,376 $115,205 $115,034 $114,861 $114,688 $114,514 $114,338 $114,162 $113,985 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
($21,010,475) Loan Payoff $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 $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 $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 $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 ($21,010,475) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Ending Balance $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,237,500 $23,216,493 $23,195,372 $23,174,137 $23,152,787 $23,131,321 $23,109,739 $23,088,040 $23,066,223 $23,044,288 $23,022,235 $23,000,062 $22,977,769 $22,955,355 $22,932,819 $22,910,162 $22,887,382 $22,864,478 $22,841,451 $22,818,299 $22,795,021 $22,771,617 $22,748,087 $22,724,429 $22,700,642 $22,676,727 $22,652,683 $22,628,508 $22,604,202 $22,579,765 $22,555,195 $22,530,492 $22,505,656 $22,480,685 $22,455,578 $22,430,336 $22,404,957 $22,379,440 $22,353,785 $22,327,991 $22,302,058 $22,275,984 $22,249,769 $22,223,411 $22,196,911 $22,170,268 $22,143,480 $22,116,547 $22,089,468 $22,062,243 $22,034,870 $22,007,348 $21,979,678 $21,951,858 $21,923,887 $21,895,764 $21,867,490 $21,839,062 $21,810,480 $21,781,743 $21,752,851 $21,723,802 $21,694,596 $21,665,231 $21,635,708 $21,606,025 $21,576,180 $21,546,175 $21,516,006 $21,485,674 $21,455,178 $21,424,517 $21,393,690 $21,362,695 $21,331,533 $21,300,202 $21,268,701 $21,237,030 $21,205,187 $21,173,172 $21,140,983 $21,108,620 $21,076,081 $21,043,367 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Check Refinancing
OK Month 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 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 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132
Date 2/28/21 3/31/21 4/30/21 5/31/21 6/30/21 7/31/21 8/31/21 9/30/21 10/31/21 11/30/21 12/31/21 1/31/22 2/28/22 3/31/22 4/30/22 5/31/22 6/30/22 7/31/22 8/31/22 9/30/22 10/31/22 11/30/22 12/31/22 1/31/23 2/28/23 3/31/23 4/30/23 5/31/23 6/30/23 7/31/23 8/31/23 9/30/23 10/31/23 11/30/23 12/31/23 1/31/24 2/29/24 3/31/24 4/30/24 5/31/24 6/30/24 7/31/24 8/31/24 9/30/24 10/31/24 11/30/24 12/31/24 1/31/25 2/28/25 3/31/25 4/30/25 5/31/25 6/30/25 7/31/25 8/31/25 9/30/25 10/31/25 11/30/25 12/31/25 1/31/26 2/28/26 3/31/26 4/30/26 5/31/26 6/30/26 7/31/26 8/31/26 9/30/26 10/31/26 11/30/26 12/31/26 1/31/27 2/28/27 3/31/27 4/30/27 5/31/27 6/30/27 7/31/27 8/31/27 9/30/27 10/31/27 11/30/27 12/31/27 1/31/28 2/29/28 3/31/28 4/30/28 5/31/28 6/30/28 7/31/28 8/31/28 9/30/28 10/31/28 11/30/28 12/31/28 1/31/29 2/28/29 3/31/29 4/30/29 5/31/29 6/30/29 7/31/29 8/31/29 9/30/29 10/31/29 11/30/29 12/31/29 1/31/30 2/28/30 3/31/30 4/30/30 5/31/30 6/30/30 7/31/30 8/31/30 9/30/30 10/31/30 11/30/30 12/31/30 1/31/31 2/28/31 3/31/31 4/30/31 5/31/31 6/30/31 7/31/31 8/31/31 9/30/31 10/31/31 11/30/31 12/31/31 1/31/32
$0 Starting Balance $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
$0 Total Loan Payment $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
$0 Principal Payment $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
$0 Interest Payment $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
$0 Loan Payoff $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0
Ending Balance $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 $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 $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 $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 $0 $0 $0 $0 $0 $0 $0 $0

Monthly CF

Month 0.0 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 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 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132
Year 0.0 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 4 4 4 4 5 5 5 5 5 5 5 5 5 5 5 5 6 6 6 6 6 6 6 6 6 6 6 6 7 7 7 7 7 7 7 7 7 7 7 7 8 8 8 8 8 8 8 8 8 8 8 8 9 9 9 9 9 9 9 9 9 9 9 9 10 10 10 10 10 10 10 10 10 10 10 10 11 11 11 11 11 11 11 11 11 11 11 11
Month Ending 1/31/21 2/28/21 3/31/21 4/30/21 5/31/21 6/30/21 7/31/21 8/31/21 9/30/21 10/31/21 11/30/21 12/31/21 1/31/22 2/28/22 3/31/22 4/30/22 5/31/22 6/30/22 7/31/22 8/31/22 9/30/22 10/31/22 11/30/22 12/31/22 1/31/23 2/28/23 3/31/23 4/30/23 5/31/23 6/30/23 7/31/23 8/31/23 9/30/23 10/31/23 11/30/23 12/31/23 1/31/24 2/29/24 3/31/24 4/30/24 5/31/24 6/30/24 7/31/24 8/31/24 9/30/24 10/31/24 11/30/24 12/31/24 1/31/25 2/28/25 3/31/25 4/30/25 5/31/25 6/30/25 7/31/25 8/31/25 9/30/25 10/31/25 11/30/25 12/31/25 1/31/26 2/28/26 3/31/26 4/30/26 5/31/26 6/30/26 7/31/26 8/31/26 9/30/26 10/31/26 11/30/26 12/31/26 1/31/27 2/28/27 3/31/27 4/30/27 5/31/27 6/30/27 7/31/27 8/31/27 9/30/27 10/31/27 11/30/27 12/31/27 1/31/28 2/29/28 3/31/28 4/30/28 5/31/28 6/30/28 7/31/28 8/31/28 9/30/28 10/31/28 11/30/28 12/31/28 1/31/29 2/28/29 3/31/29 4/30/29 5/31/29 6/30/29 7/31/29 8/31/29 9/30/29 10/31/29 11/30/29 12/31/29 1/31/30 2/28/30 3/31/30 4/30/30 5/31/30 6/30/30 7/31/30 8/31/30 9/30/30 10/31/30 11/30/30 12/31/30 1/31/31 2/28/31 3/31/31 4/30/31 5/31/31 6/30/31 7/31/31 8/31/31 9/30/31 10/31/31 11/30/31 12/31/31 1/31/32
Revenue
36,563,661 Gross Potential Rental Revenues 245,000 245,998 247,000 248,007 250,034 252,073 254,124 256,189 258,265 260,355 262,457 264,572 266,700 268,627 270,563 271,449 272,337 273,229 274,123 275,021 275,921 276,824 277,731 278,640 279,552 280,241 280,933 281,625 282,320 283,016 283,714 284,414 285,115 285,819 286,524 287,230 287,939 288,649 289,361 290,074 290,790 291,507 292,226 292,946 293,669 294,393 295,119 295,847 296,577 297,308 298,041 298,776 299,513 300,252 300,992 301,735 302,479 303,225 303,973 304,722 305,474 306,227 306,983 307,740 308,499 309,260 310,022 310,787 311,553 312,322 313,092 313,864 314,638 315,414 316,192 316,972 317,754 318,537 319,323 320,110 320,900 321,691 322,485 323,280 324,077 324,877 325,678 326,481 327,286 328,093 328,903 329,714 330,527 331,342 332,159 332,978 333,800 334,623 335,448 336,276 337,105 337,936 338,770 339,605 340,443 341,282 342,124 342,968 343,814 344,662 345,512 346,364 347,218 348,074 348,933 349,793 350,656 351,521 352,388 353,257 354,128 355,001 355,877 356,755 357,635 358,517 359,401 360,287 361,176 362,066 362,959 363,855
(1,875,030) Physical Vacancy (14,700) (14,760) (14,820) (14,880) (15,002) (15,124) (15,247) (15,371) (15,496) (15,621) (15,747) (15,874) (14,669) (14,774) (14,881) (14,930) (14,979) (15,028) (15,077) (15,126) (15,176) (15,225) (15,275) (15,325) (13,978) (14,012) (14,047) (14,081) (14,116) (14,151) (14,186) (14,221) (14,256) (14,291) (14,326) (14,362) (14,397) (14,432) (14,468) (14,504) (14,539) (14,575) (14,611) (14,647) (14,683) (14,720) (14,756) (14,792) (14,829) (14,865) (14,902) (14,939) (14,976) (15,013) (15,050) (15,087) (15,124) (15,161) (15,199) (15,236) (15,274) (15,311) (15,349) (15,387) (15,425) (15,463) (15,501) (15,539) (15,578) (15,616) (15,655) (15,693) (15,732) (15,771) (15,810) (15,849) (15,888) (15,927) (15,966) (16,006) (16,045) (16,085) (16,124) (16,164) (16,204) (16,244) (16,284) (16,324) (16,364) (16,405) (16,445) (16,486) (16,526) (16,567) (16,608) (16,649) (16,690) (16,731) (16,772) (16,814) (16,855) (16,897) (16,938) (16,980) (17,022) (17,064) (17,106) (17,148) (17,191) (17,233) (17,276) (17,318) (17,361) (17,404) (17,447) (17,490) (17,533) (17,576) (17,619) (17,663) (17,706) (17,750) (17,794) (17,838) (17,882) (17,926) (17,970) (18,014) (18,059) (18,103) (18,148) (18,193)
(206,242) Bad Debt (2,450) (2,460) (2,470) (2,480) (2,500) (2,521) (2,541) (2,562) (2,583) (2,604) (2,625) (2,646) (2,000) (2,015) (2,029) (2,036) (2,043) (2,049) (2,056) (2,063) (2,069) (2,076) (2,083) (2,090) (1,398) (1,401) (1,405) (1,408) (1,412) (1,415) (1,419) (1,422) (1,426) (1,429) (1,433) (1,436) (1,440) (1,443) (1,447) (1,450) (1,454) (1,458) (1,461) (1,465) (1,468) (1,472) (1,476) (1,479) (1,483) (1,487) (1,490) (1,494) (1,498) (1,501) (1,505) (1,509) (1,512) (1,516) (1,520) (1,524) (1,527) (1,531) (1,535) (1,539) (1,542) (1,546) (1,550) (1,554) (1,558) (1,562) (1,565) (1,569) (1,573) (1,577) (1,581) (1,585) (1,589) (1,593) (1,597) (1,601) (1,604) (1,608) (1,612) (1,616) (1,620) (1,624) (1,628) (1,632) (1,636) (1,640) (1,645) (1,649) (1,653) (1,657) (1,661) (1,665) (1,669) (1,673) (1,677) (1,681) (1,686) (1,690) (1,694) (1,698) (1,702) (1,706) (1,711) (1,715) (1,719) (1,723) (1,728) (1,732) (1,736) (1,740) (1,745) (1,749) (1,753) (1,758) (1,762) (1,766) (1,771) (1,775) (1,779) (1,784) (1,788) (1,793) (1,797) (1,801) (1,806) (1,810) (1,815) (1,819)
(46,847) Concessions (2,450) (2,460) (2,470) (2,480) (2,500) (2,521) (2,541) (2,562) (2,583) (2,604) (2,625) (2,646) (1,334) (1,343) (1,353) (1,357) (1,362) (1,366) (1,371) (1,375) (1,380) (1,384) (1,389) (1,393) 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 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 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 Other Loss 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 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 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 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 0 0 0 0 0 0 0 0
34,435,543 Net Rental Income 225,400 226,318 227,240 228,166 230,031 231,907 233,794 235,693 237,604 239,526 241,461 243,406 248,698 250,494 252,300 253,126 253,954 254,786 255,620 256,457 257,296 258,139 258,984 259,832 264,177 264,828 265,481 266,136 266,792 267,450 268,110 268,771 269,434 270,099 270,765 271,433 272,102 272,773 273,446 274,120 274,796 275,474 276,153 276,834 277,517 278,202 278,888 279,575 280,265 280,956 281,649 282,344 283,040 283,738 284,438 285,139 285,843 286,548 287,254 287,963 288,673 289,385 290,099 290,814 291,531 292,250 292,971 293,694 294,418 295,144 295,872 296,602 297,333 298,066 298,802 299,538 300,277 301,018 301,760 302,504 303,250 303,998 304,748 305,500 306,253 307,008 307,766 308,525 309,286 310,048 310,813 311,580 312,348 313,118 313,891 314,665 315,441 316,219 316,999 317,780 318,564 319,350 320,137 320,927 321,718 322,512 323,307 324,105 324,904 325,705 326,509 327,314 328,121 328,930 329,741 330,555 331,370 332,187 333,006 333,828 334,651 335,476 336,304 337,133 337,965 338,798 339,634 340,471 341,311 342,153 342,997 343,843
Other Income
153,393 Laundry Income 1,100 1,103 1,105 1,108 1,111 1,114 1,116 1,119 1,122 1,125 1,127 1,130 1,133 1,136 1,139 1,141 1,144 1,147 1,150 1,153 1,156 1,158 1,161 1,164 1,167 1,170 1,173 1,176 1,179 1,181 1,184 1,187 1,190 1,193 1,196 1,199 1,202 1,205 1,208 1,211 1,214 1,217 1,220 1,223 1,226 1,229 1,232 1,235 1,238 1,241 1,244 1,247 1,250 1,253 1,256 1,260 1,263 1,266 1,269 1,272 1,275 1,278 1,281 1,285 1,288 1,291 1,294 1,297 1,301 1,304 1,307 1,310 1,313 1,317 1,320 1,323 1,326 1,330 1,333 1,336 1,340 1,343 1,346 1,350 1,353 1,356 1,360 1,363 1,366 1,370 1,373 1,376 1,380 1,383 1,387 1,390 1,393 1,397 1,400 1,404 1,407 1,411 1,414 1,418 1,421 1,425 1,428 1,432 1,435 1,439 1,442 1,446 1,449 1,453 1,457 1,460 1,464 1,467 1,471 1,475 1,478 1,482 1,486 1,489 1,493 1,497 1,500 1,504 1,508 1,511 1,515 1,519
153,393 Late Fees 1,100 1,103 1,105 1,108 1,111 1,114 1,116 1,119 1,122 1,125 1,127 1,130 1,133 1,136 1,139 1,141 1,144 1,147 1,150 1,153 1,156 1,158 1,161 1,164 1,167 1,170 1,173 1,176 1,179 1,181 1,184 1,187 1,190 1,193 1,196 1,199 1,202 1,205 1,208 1,211 1,214 1,217 1,220 1,223 1,226 1,229 1,232 1,235 1,238 1,241 1,244 1,247 1,250 1,253 1,256 1,260 1,263 1,266 1,269 1,272 1,275 1,278 1,281 1,285 1,288 1,291 1,294 1,297 1,301 1,304 1,307 1,310 1,313 1,317 1,320 1,323 1,326 1,330 1,333 1,336 1,340 1,343 1,346 1,350 1,353 1,356 1,360 1,363 1,366 1,370 1,373 1,376 1,380 1,383 1,387 1,390 1,393 1,397 1,400 1,404 1,407 1,411 1,414 1,418 1,421 1,425 1,428 1,432 1,435 1,439 1,442 1,446 1,449 1,453 1,457 1,460 1,464 1,467 1,471 1,475 1,478 1,482 1,486 1,489 1,493 1,497 1,500 1,504 1,508 1,511 1,515 1,519
383,482 Pet Rent 2,750 2,757 2,764 2,770 2,777 2,784 2,791 2,798 2,805 2,812 2,819 2,826 2,833 2,839 2,846 2,854 2,861 2,868 2,875 2,882 2,889 2,896 2,903 2,910 2,917 2,925 2,932 2,939 2,946 2,954 2,961 2,968 2,976 2,983 2,990 2,998 3,005 3,012 3,020 3,027 3,035 3,042 3,050 3,057 3,065 3,072 3,080 3,088 3,095 3,103 3,110 3,118 3,126 3,134 3,141 3,149 3,157 3,165 3,172 3,180 3,188 3,196 3,204 3,212 3,220 3,228 3,235 3,243 3,251 3,259 3,268 3,276 3,284 3,292 3,300 3,308 3,316 3,324 3,333 3,341 3,349 3,357 3,366 3,374 3,382 3,390 3,399 3,407 3,416 3,424 3,433 3,441 3,449 3,458 3,466 3,475 3,484 3,492 3,501 3,509 3,518 3,527 3,535 3,544 3,553 3,562 3,570 3,579 3,588 3,597 3,606 3,615 3,624 3,633 3,642 3,651 3,660 3,669 3,678 3,687 3,696 3,705 3,714 3,723 3,732 3,742 3,751 3,760 3,769 3,779 3,788 3,797
76,696 Pet Fees 550 551 553 554 555 557 558 560 561 562 564 565 567 568 569 571 572 574 575 576 578 579 581 582 583 585 586 588 589 591 592 594 595 597 598 600 601 602 604 605 607 608 610 611 613 614 616 618 619 621 622 624 625 627 628 630 631 633 634 636 638 639 641 642 644 646 647 649 650 652 654 655 657 658 660 662 663 665 667 668 670 671 673 675 676 678 680 681 683 685 687 688 690 692 693 695 697 698 700 702 704 705 707 709 711 712 714 716 718 719 721 723 725 727 728 730 732 734 736 737 739 741 743 745 746 748 750 752 754 756 758 759
0 Garage Income 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 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 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 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 0 0 0 0 0 0 0 0
0 Storage Income 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 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 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 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 0 0 0 0 0 0 0 0
76,696 Forfeited Deposits 550 551 553 554 555 557 558 560 561 562 564 565 567 568 569 571 572 574 575 576 578 579 581 582 583 585 586 588 589 591 592 594 595 597 598 600 601 602 604 605 607 608 610 611 613 614 616 618 619 621 622 624 625 627 628 630 631 633 634 636 638 639 641 642 644 646 647 649 650 652 654 655 657 658 660 662 663 665 667 668 670 671 673 675 676 678 680 681 683 685 687 688 690 692 693 695 697 698 700 702 704 705 707 709 711 712 714 716 718 719 721 723 725 727 728 730 732 734 736 737 739 741 743 745 746 748 750 752 754 756 758 759
0 Other Charges 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 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 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 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 0 0 0 0 0 0 0 0
0 Other Charges 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 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 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 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 0 0 0 0 0 0 0 0
0 Other Charges 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 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 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 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 0 0 0 0 0 0 0 0
843,660 Total Other Income 6,050 6,065 6,080 6,095 6,110 6,125 6,140 6,155 6,170 6,186 6,201 6,216 6,232 6,247 6,262 6,278 6,293 6,309 6,324 6,340 6,356 6,371 6,387 6,403 6,418 6,434 6,450 6,466 6,482 6,498 6,514 6,530 6,546 6,562 6,579 6,595 6,611 6,627 6,644 6,660 6,676 6,693 6,709 6,726 6,743 6,759 6,776 6,793 6,809 6,826 6,843 6,860 6,877 6,894 6,911 6,928 6,945 6,962 6,979 6,996 7,014 7,031 7,048 7,066 7,083 7,101 7,118 7,136 7,153 7,171 7,189 7,206 7,224 7,242 7,260 7,278 7,296 7,314 7,332 7,350 7,368 7,386 7,404 7,422 7,441 7,459 7,477 7,496 7,514 7,533 7,552 7,570 7,589 7,608 7,626 7,645 7,664 7,683 7,702 7,721 7,740 7,759 7,778 7,797 7,816 7,836 7,855 7,874 7,894 7,913 7,933 7,952 7,972 7,992 8,011 8,031 8,051 8,071 8,091 8,111 8,131 8,151 8,171 8,191 8,211 8,231 8,252 8,272 8,293 8,313 8,333 8,354
35,279,204 Effective Gross Revenue 231,450 232,383 233,320 234,261 236,141 238,032 239,935 241,849 243,775 245,712 247,661 249,623 254,929 256,741 258,562 259,404 260,248 261,095 261,944 262,797 263,652 264,510 265,371 266,234 270,595 271,262 271,931 272,602 273,274 273,948 274,624 275,301 275,980 276,661 277,343 278,027 278,713 279,400 280,089 280,780 281,473 282,167 282,863 283,560 284,260 284,961 285,664 286,368 287,074 287,782 288,492 289,204 289,917 290,632 291,349 292,067 292,787 293,510 294,233 294,959 295,687 296,416 297,147 297,880 298,614 299,351 300,089 300,829 301,571 302,315 303,060 303,808 304,557 305,308 306,061 306,816 307,573 308,331 309,092 309,854 310,618 311,384 312,152 312,922 313,694 314,468 315,243 316,021 316,800 317,581 318,365 319,150 319,937 320,726 321,517 322,310 323,105 323,902 324,700 325,501 326,304 327,109 327,915 328,724 329,535 330,348 331,162 331,979 332,798 333,619 334,441 335,266 336,093 336,922 337,753 338,586 339,421 340,258 341,097 341,938 342,782 343,627 344,475 345,324 346,176 347,030 347,885 348,743 349,604 350,466 351,330 352,197
Expenses
(2,300,892) Payroll (16,500) (16,541) (16,581) (16,622) (16,663) (16,704) (16,746) (16,787) (16,828) (16,870) (16,911) (16,953) (16,995) (17,037) (17,079) (17,121) (17,163) (17,206) (17,248) (17,291) (17,333) (17,376) (17,419) (17,462) (17,505) (17,548) (17,591) (17,635) (17,678) (17,722) (17,765) (17,809) (17,853) (17,897) (17,941) (17,986) (18,030) (18,074) (18,119) (18,164) (18,209) (18,253) (18,298) (18,344) (18,389) (18,434) (18,480) (18,525) (18,571) (18,617) (18,663) (18,709) (18,755) (18,801) (18,847) (18,894) (18,940) (18,987) (19,034) (19,081) (19,128) (19,175) (19,222) (19,270) (19,317) (19,365) (19,413) (19,461) (19,509) (19,557) (19,605) (19,653) (19,702) (19,750) (19,799) (19,848) (19,897) (19,946) (19,995) (20,045) (20,094) (20,144) (20,193) (20,243) (20,293) (20,343) (20,393) (20,443) (20,494) (20,544) (20,595) (20,646) (20,697) (20,748) (20,799) (20,850) (20,902) (20,953) (21,005) (21,057) (21,109) (21,161) (21,213) (21,265) (21,318) (21,370) (21,423) (21,476) (21,529) (21,582) (21,635) (21,688) (21,742) (21,796) (21,849) (21,903) (21,957) (22,011) (22,066) (22,120) (22,175) (22,229) (22,284) (22,339) (22,394) (22,449) (22,505) (22,560) (22,616) (22,672) (22,728) (22,784)
(351,525) General & Administrative (2,521) (2,527) (2,533) (2,540) (2,546) (2,552) (2,558) (2,565) (2,571) (2,577) (2,584) (2,590) (2,596) (2,603) (2,609) (2,616) (2,622) (2,629) (2,635) (2,642) (2,648) (2,655) (2,661) (2,668) (2,674) (2,681) (2,688) (2,694) (2,701) (2,707) (2,714) (2,721) (2,728) (2,734) (2,741) (2,748) (2,755) (2,761) (2,768) (2,775) (2,782) (2,789) (2,796) (2,802) (2,809) (2,816) (2,823) (2,830) (2,837) (2,844) (2,851) (2,858) (2,865) (2,872) (2,879) (2,887) (2,894) (2,901) (2,908) (2,915) (2,922) (2,930) (2,937) (2,944) (2,951) (2,959) (2,966) (2,973) (2,980) (2,988) (2,995) (3,003) (3,010) (3,017) (3,025) (3,032) (3,040) (3,047) (3,055) (3,062) (3,070) (3,077) (3,085) (3,093) (3,100) (3,108) (3,116) (3,123) (3,131) (3,139) (3,146) (3,154) (3,162) (3,170) (3,178) (3,185) (3,193) (3,201) (3,209) (3,217) (3,225) (3,233) (3,241) (3,249) (3,257) (3,265) (3,273) (3,281) (3,289) (3,297) (3,305) (3,314) (3,322) (3,330) (3,338) (3,346) (3,355) (3,363) (3,371) (3,379) (3,388) (3,396) (3,405) (3,413) (3,421) (3,430) (3,438) (3,447) (3,455) (3,464) (3,472) (3,481)
(287,611) Marketing (2,063) (2,068) (2,073) (2,078) (2,083) (2,088) (2,093) (2,098) (2,104) (2,109) (2,114) (2,119) (2,124) (2,130) (2,135) (2,140) (2,145) (2,151) (2,156) (2,161) (2,167) (2,172) (2,177) (2,183) (2,188) (2,194) (2,199) (2,204) (2,210) (2,215) (2,221) (2,226) (2,232) (2,237) (2,243) (2,248) (2,254) (2,259) (2,265) (2,270) (2,276) (2,282) (2,287) (2,293) (2,299) (2,304) (2,310) (2,316) (2,321) (2,327) (2,333) (2,339) (2,344) (2,350) (2,356) (2,362) (2,368) (2,373) (2,379) (2,385) (2,391) (2,397) (2,403) (2,409) (2,415) (2,421) (2,427) (2,433) (2,439) (2,445) (2,451) (2,457) (2,463) (2,469) (2,475) (2,481) (2,487) (2,493) (2,499) (2,506) (2,512) (2,518) (2,524) (2,530) (2,537) (2,543) (2,549) (2,555) (2,562) (2,568) (2,574) (2,581) (2,587) (2,593) (2,600) (2,606) (2,613) (2,619) (2,626) (2,632) (2,639) (2,645) (2,652) (2,658) (2,665) (2,671) (2,678) (2,684) (2,691) (2,698) (2,704) (2,711) (2,718) (2,724) (2,731) (2,738) (2,745) (2,751) (2,758) (2,765) (2,772) (2,779) (2,786) (2,792) (2,799) (2,806) (2,813) (2,820) (2,827) (2,834) (2,841) (2,848)
(703,050) Repairs & Maintenance (5,042) (5,054) (5,067) (5,079) (5,092) (5,104) (5,117) (5,129) (5,142) (5,155) (5,167) (5,180) (5,193) (5,206) (5,219) (5,231) (5,244) (5,257) (5,270) (5,283) (5,296) (5,309) (5,322) (5,336) (5,349) (5,362) (5,375) (5,388) (5,402) (5,415) (5,428) (5,442) (5,455) (5,469) (5,482) (5,496) (5,509) (5,523) (5,536) (5,550) (5,564) (5,577) (5,591) (5,605) (5,619) (5,633) (5,647) (5,660) (5,674) (5,688) (5,702) (5,717) (5,731) (5,745) (5,759) (5,773) (5,787) (5,802) (5,816) (5,830) (5,845) (5,859) (5,874) (5,888) (5,903) (5,917) (5,932) (5,946) (5,961) (5,976) (5,990) (6,005) (6,020) (6,035) (6,050) (6,065) (6,080) (6,095) (6,110) (6,125) (6,140) (6,155) (6,170) (6,185) (6,201) (6,216) (6,231) (6,247) (6,262) (6,277) (6,293) (6,308) (6,324) (6,340) (6,355) (6,371) (6,387) (6,402) (6,418) (6,434) (6,450) (6,466) (6,482) (6,498) (6,514) (6,530) (6,546) (6,562) (6,578) (6,594) (6,611) (6,627) (6,643) (6,660) (6,676) (6,693) (6,709) (6,726) (6,742) (6,759) (6,776) (6,792) (6,809) (6,826) (6,843) (6,860) (6,876) (6,893) (6,910) (6,927) (6,945) (6,962)
(479,352) Turnover Costs (3,438) (3,446) (3,454) (3,463) (3,472) (3,480) (3,489) (3,497) (3,506) (3,515) (3,523) (3,532) (3,541) (3,549) (3,558) (3,567) (3,576) (3,585) (3,593) (3,602) (3,611) (3,620) (3,629) (3,638) (3,647) (3,656) (3,665) (3,674) (3,683) (3,692) (3,701) (3,710) (3,719) (3,729) (3,738) (3,747) (3,756) (3,766) (3,775) (3,784) (3,793) (3,803) (3,812) (3,822) (3,831) (3,840) (3,850) (3,859) (3,869) (3,878) (3,888) (3,898) (3,907) (3,917) (3,927) (3,936) (3,946) (3,956) (3,965) (3,975) (3,985) (3,995) (4,005) (4,015) (4,024) (4,034) (4,044) (4,054) (4,064) (4,074) (4,084) (4,094) (4,105) (4,115) (4,125) (4,135) (4,145) (4,155) (4,166) (4,176) (4,186) (4,197) (4,207) (4,217) (4,228) (4,238) (4,249) (4,259) (4,270) (4,280) (4,291) (4,301) (4,312) (4,322) (4,333) (4,344) (4,355) (4,365) (4,376) (4,387) (4,398) (4,408) (4,419) (4,430) (4,441) (4,452) (4,463) (4,474) (4,485) (4,496) (4,507) (4,518) (4,530) (4,541) (4,552) (4,563) (4,574) (4,586) (4,597) (4,608) (4,620) (4,631) (4,643) (4,654) (4,665) (4,677) (4,688) (4,700) (4,712) (4,723) (4,735) (4,747)
(287,611) Contract Services (2,063) (2,068) (2,073) (2,078) (2,083) (2,088) (2,093) (2,098) (2,104) (2,109) (2,114) (2,119) (2,124) (2,130) (2,135) (2,140) (2,145) (2,151) (2,156) (2,161) (2,167) (2,172) (2,177) (2,183) (2,188) (2,194) (2,199) (2,204) (2,210) (2,215) (2,221) (2,226) (2,232) (2,237) (2,243) (2,248) (2,254) (2,259) (2,265) (2,270) (2,276) (2,282) (2,287) (2,293) (2,299) (2,304) (2,310) (2,316) (2,321) (2,327) (2,333) (2,339) (2,344) (2,350) (2,356) (2,362) (2,368) (2,373) (2,379) (2,385) (2,391) (2,397) (2,403) (2,409) (2,415) (2,421) (2,427) (2,433) (2,439) (2,445) (2,451) (2,457) (2,463) (2,469) (2,475) (2,481) (2,487) (2,493) (2,499) (2,506) (2,512) (2,518) (2,524) (2,530) (2,537) (2,543) (2,549) (2,555) (2,562) (2,568) (2,574) (2,581) (2,587) (2,593) (2,600) (2,606) (2,613) (2,619) (2,626) (2,632) (2,639) (2,645) (2,652) (2,658) (2,665) (2,671) (2,678) (2,684) (2,691) (2,698) (2,704) (2,711) (2,718) (2,724) (2,731) (2,738) (2,745) (2,751) (2,758) (2,765) (2,772) (2,779) (2,786) (2,792) (2,799) (2,806) (2,813) (2,820) (2,827) (2,834) (2,841) (2,848)
(703,050) Utilities (5,042) (5,054) (5,067) (5,079) (5,092) (5,104) (5,117) (5,129) (5,142) (5,155) (5,167) (5,180) (5,193) (5,206) (5,219) (5,231) (5,244) (5,257) (5,270) (5,283) (5,296) (5,309) (5,322) (5,336) (5,349) (5,362) (5,375) (5,388) (5,402) (5,415) (5,428) (5,442) (5,455) (5,469) (5,482) (5,496) (5,509) (5,523) (5,536) (5,550) (5,564) (5,577) (5,591) (5,605) (5,619) (5,633) (5,647) (5,660) (5,674) (5,688) (5,702) (5,717) (5,731) (5,745) (5,759) (5,773) (5,787) (5,802) (5,816) (5,830) (5,845) (5,859) (5,874) (5,888) (5,903) (5,917) (5,932) (5,946) (5,961) (5,976) (5,990) (6,005) (6,020) (6,035) (6,050) (6,065) (6,080) (6,095) (6,110) (6,125) (6,140) (6,155) (6,170) (6,185) (6,201) (6,216) (6,231) (6,247) (6,262) (6,277) (6,293) (6,308) (6,324) (6,340) (6,355) (6,371) (6,387) (6,402) (6,418) (6,434) (6,450) (6,466) (6,482) (6,498) (6,514) (6,530) (6,546) (6,562) (6,578) (6,594) (6,611) (6,627) (6,643) (6,660) (6,676) (6,693) (6,709) (6,726) (6,742) (6,759) (6,776) (6,792) (6,809) (6,826) (6,843) (6,860) (6,876) (6,893) (6,910) (6,927) (6,945) (6,962)
607,180 Utility Bill-Back 4,354 4,365 4,376 4,386 4,397 4,408 4,419 4,430 4,441 4,452 4,463 4,474 4,485 4,496 4,507 4,518 4,529 4,540 4,552 4,563 4,574 4,585 4,597 4,608 4,619 4,631 4,642 4,654 4,665 4,677 4,688 4,700 4,711 4,723 4,735 4,746 4,758 4,770 4,781 4,793 4,805 4,817 4,829 4,841 4,853 4,865 4,877 4,889 4,901 4,913 4,925 4,937 4,949 4,961 4,974 4,986 4,998 5,011 5,023 5,035 5,048 5,060 5,073 5,085 5,098 5,110 5,123 5,135 5,148 5,161 5,174 5,186 5,199 5,212 5,225 5,238 5,251 5,264 5,277 5,290 5,303 5,316 5,329 5,342 5,355 5,368 5,382 5,395 5,408 5,421 5,435 5,448 5,462 5,475 5,489 5,502 5,516 5,529 5,543 5,557 5,570 5,584 5,598 5,612 5,625 5,639 5,653 5,667 5,681 5,695 5,709 5,723 5,737 5,752 5,766 5,780 5,794 5,809 5,823 5,837 5,852 5,866 5,881 5,895 5,910 5,924 5,939 5,953 5,968 5,983 5,998 6,012
(1,058,376) Property Management Fee (6,944) (6,971) (7,000) (7,028) (7,084) (7,141) (7,198) (7,255) (7,313) (7,371) (7,430) (7,489) (7,648) (7,702) (7,757) (7,782) (7,807) (7,833) (7,858) (7,884) (7,910) (7,935) (7,961) (7,987) (8,118) (8,138) (8,158) (8,178) (8,198) (8,218) (8,239) (8,259) (8,279) (8,300) (8,320) (8,341) (8,361) (8,382) (8,403) (8,423) (8,444) (8,465) (8,486) (8,507) (8,528) (8,549) (8,570) (8,591) (8,612) (8,633) (8,655) (8,676) (8,698) (8,719) (8,740) (8,762) (8,784) (8,805) (8,827) (8,849) (8,871) (8,892) (8,914) (8,936) (8,958) (8,981) (9,003) (9,025) (9,047) (9,069) (9,092) (9,114) (9,137) (9,159) (9,182) (9,204) (9,227) (9,250) (9,273) (9,296) (9,319) (9,342) (9,365) (9,388) (9,411) (9,434) (9,457) (9,481) (9,504) (9,527) (9,551) (9,574) (9,598) (9,622) (9,646) (9,669) (9,693) (9,717) (9,741) (9,765) (9,789) (9,813) (9,837) (9,862) (9,886) (9,910) (9,935) (9,959) (9,984) (10,009) (10,033) (10,058) (10,083) (10,108) (10,133) (10,158) (10,183) (10,208) (10,233) (10,258) (10,283) (10,309) (10,334) (10,360) (10,385) (10,411) (10,437) (10,462) (10,488) (10,514) (10,540) (10,566)
(4,491,819) Property Taxes (32,083) (32,083) (32,083) (32,083) (32,083) (32,083) (32,083) (32,083) (32,083) (32,083) (32,083) (32,083) (33,688) (33,688) (33,688) (33,688) (33,688) (33,688) (33,688) (33,688) (33,688) (33,688) (33,688) (33,688) (34,698) (34,698) (34,698) (34,698) (34,698) (34,698) (34,698) (34,698) (34,698) (34,698) (34,698) (34,698) (35,739) (35,739) (35,739) (35,739) (35,739) (35,739) (35,739) (35,739) (35,739) (35,739) (35,739) (35,739) (36,811) (36,811) (36,811) (36,811) (36,811) (36,811) (36,811) (36,811) (36,811) (36,811) (36,811) (36,811) (37,916) (37,916) (37,916) (37,916) (37,916) (37,916) (37,916) (37,916) (37,916) (37,916) (37,916) (37,916) (39,053) (39,053) (39,053) (39,053) (39,053) (39,053) (39,053) (39,053) (39,053) (39,053) (39,053) (39,053) (40,225) (40,225) (40,225) (40,225) (40,225) (40,225) (40,225) (40,225) (40,225) (40,225) (40,225) (40,225) (41,431) (41,431) (41,431) (41,431) (41,431) (41,431) (41,431) (41,431) (41,431) (41,431) (41,431) (41,431) (42,674) (42,674) (42,674) (42,674) (42,674) (42,674) (42,674) (42,674) (42,674) (42,674) (42,674) (42,674) (43,955) (43,955) (43,955) (43,955) (43,955) (43,955) (43,955) (43,955) (43,955) (43,955) (43,955) (43,955)
(567,462) Insurance (4,125) (4,125) (4,125) (4,125) (4,125) (4,125) (4,125) (4,125) (4,125) (4,125) (4,125) (4,125) (4,249) (4,249) (4,249) (4,249) (4,249) (4,249) (4,249) (4,249) (4,249) (4,249) (4,249) (4,249) (4,376) (4,376) (4,376) (4,376) (4,376) (4,376) (4,376) (4,376) (4,376) (4,376) (4,376) (4,376) (4,507) (4,507) (4,507) (4,507) (4,507) (4,507) (4,507) (4,507) (4,507) (4,507) (4,507) (4,507) (4,643) (4,643) (4,643) (4,643) (4,643) (4,643) (4,643) (4,643) (4,643) (4,643) (4,643) (4,643) (4,782) (4,782) (4,782) (4,782) (4,782) (4,782) (4,782) (4,782) (4,782) (4,782) (4,782) (4,782) (4,925) (4,925) (4,925) (4,925) (4,925) (4,925) (4,925) (4,925) (4,925) (4,925) (4,925) (4,925) (5,073) (5,073) (5,073) (5,073) (5,073) (5,073) (5,073) (5,073) (5,073) (5,073) (5,073) (5,073) (5,225) (5,225) (5,225) (5,225) (5,225) (5,225) (5,225) (5,225) (5,225) (5,225) (5,225) (5,225) (5,382) (5,382) (5,382) (5,382) (5,382) (5,382) (5,382) (5,382) (5,382) (5,382) (5,382) (5,382) (5,544) (5,544) (5,544) (5,544) (5,544) (5,544) (5,544) (5,544) (5,544) (5,544) (5,544) (5,544)
(378,308) Capital Expense Reserves
brant: brant: Capital Expenditures (CAPEX)		 (2,750) (2,750) (2,750) (2,750) (2,750) (2,750) (2,750) (2,750) (2,750) (2,750) (2,750) (2,750) (2,833) (2,833) (2,833) (2,833) (2,833) (2,833) (2,833) (2,833) (2,833) (2,833) (2,833) (2,833) (2,917) (2,917) (2,917) (2,917) (2,917) (2,917) (2,917) (2,917) (2,917) (2,917) (2,917) (2,917) (3,005) (3,005) (3,005) (3,005) (3,005) (3,005) (3,005) (3,005) (3,005) (3,005) (3,005) (3,005) (3,095) (3,095) (3,095) (3,095) (3,095) (3,095) (3,095) (3,095) (3,095) (3,095) (3,095) (3,095) (3,188) (3,188) (3,188) (3,188) (3,188) (3,188) (3,188) (3,188) (3,188) (3,188) (3,188) (3,188) (3,284) (3,284) (3,284) (3,284) (3,284) (3,284) (3,284) (3,284) (3,284) (3,284) (3,284) (3,284) (3,382) (3,382) (3,382) (3,382) (3,382) (3,382) (3,382) (3,382) (3,382) (3,382) (3,382) (3,382) (3,484) (3,484) (3,484) (3,484) (3,484) (3,484) (3,484) (3,484) (3,484) (3,484) (3,484) (3,484) (3,588) (3,588) (3,588) (3,588) (3,588) (3,588) (3,588) (3,588) (3,588) (3,588) (3,588) (3,588) (3,696) (3,696) (3,696) (3,696) (3,696) (3,696) (3,696) (3,696) (3,696) (3,696) (3,696) (3,696)
(11,001,878) Total Operating Expenses (78,214) (78,322) (78,430) (78,538) (78,675) (78,812) (78,950) (79,088) (79,227) (79,367) (79,506) (79,647) (81,699) (81,835) (81,972) (82,080) (82,188) (82,296) (82,404) (82,513) (82,623) (82,732) (82,842) (82,952) (84,390) (84,495) (84,599) (84,704) (84,810) (84,915) (85,021) (85,127) (85,234) (85,340) (85,447) (85,555) (86,922) (87,029) (87,137) (87,246) (87,354) (87,463) (87,572) (87,681) (87,791) (87,901) (88,011) (88,121) (89,529) (89,640) (89,751) (89,863) (89,975) (90,087) (90,199) (90,312) (90,425) (90,538) (90,651) (90,765) (92,215) (92,329) (92,444) (92,559) (92,674) (92,789) (92,905) (93,021) (93,137) (93,254) (93,371) (93,488) (94,982) (95,099) (95,217) (95,336) (95,454) (95,573) (95,692) (95,812) (95,931) (96,051) (96,172) (96,292) (97,831) (97,952) (98,074) (98,196) (98,318) (98,440) (98,563) (98,686) (98,809) (98,933) (99,057) (99,181) (100,766) (100,891) (101,016) (101,142) (101,267) (101,393) (101,520) (101,647) (101,774) (101,901) (102,029) (102,157) (103,789) (103,918) (104,047) (104,176) (104,305) (104,435) (104,565) (104,696) (104,827) (104,958) (105,089) (105,221) (106,903) (107,035) (107,168) (107,301) (107,435) (107,568) (107,702) (107,837) (107,972) (108,107) (108,242) (108,378)
0
24,277,326 Net Operating Income 153,236 154,061 154,890 155,723 157,466 159,220 160,985 162,760 164,547 166,346 168,155 169,975 173,231 174,906 176,590 177,324 178,060 178,799 179,540 180,283 181,029 181,778 182,529 183,283 186,205 186,768 187,332 187,898 188,465 189,033 189,603 190,174 190,747 191,321 191,896 192,473 191,791 192,371 192,952 193,535 194,119 194,704 195,291 195,879 196,469 197,060 197,653 198,247 197,545 198,142 198,741 199,341 199,942 200,545 201,150 201,756 202,363 202,972 203,582 204,194 203,471 204,086 204,703 205,321 205,940 206,561 207,184 207,808 208,434 209,061 209,690 210,320 209,575 210,209 210,844 211,480 212,119 212,758 213,400 214,042 214,687 215,333 215,981 216,630 215,863 216,515 217,169 217,825 218,482 219,141 219,802 220,464 221,127 221,793 222,460 223,129 222,339 223,011 223,684 224,360 225,037 225,715 226,396 227,078 227,761 228,447 229,134 229,823 229,009 229,701 230,395 231,090 231,788 232,487 233,187 233,890 234,594 235,300 236,008 236,717 235,879 236,592 237,307 238,023 238,741 239,461 240,183 240,907 241,632 242,359 243,088 243,819
(1,963,500) Construction Expenses 0 (165,229) (220,229) (220,229) (220,229) (192,729) (192,729) (137,729) (137,729) (38,729) (38,729) (38,729) (27,729) (27,729) (27,729) (27,729) (27,729) (27,729) (27,729) (27,729) (27,729) (27,729) (27,729) (27,729) (27,729) 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 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 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0
22,313,826 Cash Flow Before Debt Service 153,236 (11,168) (65,339) (64,506) (62,763) (33,510) (31,745) 25,031 26,818 127,616 129,426 131,246 145,502 147,177 148,861 149,595 150,331 151,070 151,811 152,554 153,300 154,049 154,800 155,553 158,476 186,768 187,332 187,898 188,465 189,033 189,603 190,174 190,747 191,321 191,896 192,473 191,791 192,371 192,952 193,535 194,119 194,704 195,291 195,879 196,469 197,060 197,653 198,247 197,545 198,142 198,741 199,341 199,942 200,545 201,150 201,756 202,363 202,972 203,582 204,194 203,471 204,086 204,703 205,321 205,940 206,561 207,184 207,808 208,434 209,061 209,690 210,320 209,575 210,209 210,844 211,480 212,119 212,758 213,400 214,042 214,687 215,333 215,981 216,630 215,863 216,515 217,169 217,825 218,482 219,141 219,802 220,464 221,127 221,793 222,460 223,129 222,339 223,011 223,684 224,360 225,037 225,715 226,396 227,078 227,761 228,447 229,134 229,823 229,009 229,701 230,395 231,090 231,788 232,487 233,187 233,890 234,594 235,300 236,008 236,717 0 0 0 0 0 0 0 0 0 0 0 0
0
Loan Information 0
23,237,500 Loan Funding 23,237,500 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 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 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 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 0 0 0 0 0 0 0 0
(16,868,964) Total Payment (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (125,870) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) (146,877) 0 0 0 0 0 0 0 0 0 0 0 0
(21,010,475) Loan Payoff 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 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 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 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 (21,010,475) 0 0 0 0 0 0 0 0 0 0 0 0
(232,375) Loan Fees (232,375) 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 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 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 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 0 0 0 0 0 0 0 0
0
5,444,861 Cash Flow After Debt Service 27,366 (137,038) (191,209) (190,376) (188,633) (159,379) (157,614) (100,839) (99,052) 1,747 3,556 5,377 19,632 21,307 22,991 23,725 24,461 25,200 25,941 26,684 27,430 28,179 28,930 29,684 32,606 60,898 61,462 62,028 62,595 63,163 63,733 64,304 64,877 65,451 66,026 66,603 44,914 45,494 46,075 46,658 47,242 47,827 48,414 49,002 49,592 50,183 50,776 51,370 50,668 51,265 51,864 52,464 53,065 53,668 54,273 54,879 55,486 56,095 56,706 57,318 56,595 57,210 57,826 58,444 59,064 59,685 60,307 60,931 61,557 62,184 62,813 63,443 62,699 63,332 63,967 64,604 65,242 65,881 66,523 67,166 67,810 68,456 69,104 69,753 68,986 69,638 70,292 70,948 71,605 72,264 72,925 73,587 74,251 74,916 75,583 76,252 75,462 76,134 76,807 77,483 78,160 78,838 79,519 80,201 80,884 81,570 82,257 82,946 82,132 82,824 83,518 84,214 84,911 85,610 86,311 87,013 87,717 88,423 89,131 89,840 0 0 0 0 0 0 0 0 0 0 0 0
0
Working Capital Funding 0
(875,000) Working Capital Contributed (875,000) 0
875,000 Working Capital Distributed 0 137,038 191,209 190,376 188,633 159,379 8,365 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 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 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 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 0
0
Acquisition & Sale Information 0
(35,750,000) Purchase Price (35,750,000) 0
(268,125) Closing Costs (268,125) 0
47,966,515
brant: brant: Sale price using the exit cap rate and the future 12 months (post-sale) projected NOI 		Sale Price 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 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 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 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 47,966,515 0 0 0 0 0 0 0 0 0 0 0 0
(1,438,995) Costs of Sale 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 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 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 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 (1,438,995) 0 0 0 0 0 0 0 0 0 0 0 0
0
17,948,906 Net Levered Cash Flow
brant: brant: Cash flows before income tax to equity investors
brant: brant: Capital Expenditures (CAPEX)
brant: brant: Sale price using the exit cap rate and the future 12 months (post-sale) projected NOI 		(13,888,000) 27,366 0 0 0 0 0 (149,250) (100,839) (99,052) 1,747 3,556 5,377 19,632 21,307 22,991 23,725 24,461 25,200 25,941 26,684 27,430 28,179 28,930 29,684 32,606 60,898 61,462 62,028 62,595 63,163 63,733 64,304 64,877 65,451 66,026 66,603 44,914 45,494 46,075 46,658 47,242 47,827 48,414 49,002 49,592 50,183 50,776 51,370 50,668 51,265 51,864 52,464 53,065 53,668 54,273 54,879 55,486 56,095 56,706 57,318 56,595 57,210 57,826 58,444 59,064 59,685 60,307 60,931 61,557 62,184 62,813 63,443 62,699 63,332 63,967 64,604 65,242 65,881 66,523 67,166 67,810 68,456 69,104 69,753 68,986 69,638 70,292 70,948 71,605 72,264 72,925 73,587 74,251 74,916 75,583 76,252 75,462 76,134 76,807 77,483 78,160 78,838 79,519 80,201 80,884 81,570 82,257 82,946 82,132 82,824 83,518 84,214 84,911 85,610 86,311 87,013 87,717 88,423 89,131 25,606,885 0 0 0 0 0 0 0 0 0 0 0 0
Beginning Working Capital Balance 0 875,000 875,000 737,962 546,754 356,377 167,744 8,365 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 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 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 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 0
Ending Working Capital Balance 875,000 875,000 737,962 546,754 356,377 167,744 8,365 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 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 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 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 0 0
Total Interest $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,870 $125,756 $125,642 $125,527 $125,411 $125,295 $125,178 $125,060 $124,942 $124,823 $124,704 $124,584 $124,463 $124,342 $124,219 $124,097 $123,973 $123,849 $123,725 $123,599 $123,473 $123,346 $123,219 $123,091 $122,962 $122,832 $122,702 $122,571 $122,439 $122,307 $122,174 $122,040 $121,906 $121,770 $121,634 $121,498 $121,360 $121,222 $121,083 $120,943 $120,803 $120,662 $120,520 $120,377 $120,233 $120,089 $119,944 $119,798 $119,651 $119,504 $119,356 $119,206 $119,057 $118,906 $118,754 $118,602 $118,449 $118,295 $118,140 $117,984 $117,828 $117,671 $117,512 $117,353 $117,193 $117,033 $116,871 $116,708 $116,545 $116,381 $116,216 $116,049 $115,882 $115,715 $115,546 $115,376 $115,205 $115,034 $114,861 $114,688 $114,514 $114,338 $114,162 $113,985 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Annual CF

Year 0.0 1 2 3 4 5 6 7 8 9 10
Year Ending 1/31/21 1/31/22 1/31/23 1/31/24 1/31/25 1/31/26 1/31/27 1/31/28 1/31/29 1/31/30 1/31/31
Revenue
36,563,661 Gross Potential Rental Revenues 3,044,074 3,281,164 3,400,504 3,502,519 3,607,595 3,715,822 3,827,297 3,942,116 4,060,380 4,182,191
(1,875,030) Physical Vacancy (182,644) (180,464) (170,025) (175,126) (180,380) (185,791) (191,365) (197,106) (203,019) (209,110)
(206,242) Bad Debt (30,441) (24,609) (17,003) (17,513) (18,038) (18,579) (19,136) (19,711) (20,302) (20,911)
(46,847) Concessions (30,441) (16,406) 0 0 0 0 0 0 0 0
0 Other Loss 0 0 0 0 0 0 0 0 0 0
34,435,543 Net Rental Income 2,800,548 3,059,685 3,213,476 3,309,880 3,409,177 3,511,452 3,616,796 3,725,300 3,837,059 3,952,170
Other Income
153,393 Laundry Income 13,381 13,782 14,195 14,621 15,060 15,512 15,977 16,456 16,950 17,459
153,393 Late Fees 13,381 13,782 14,195 14,621 15,060 15,512 15,977 16,456 16,950 17,459
383,482 Pet Rent 33,451 34,455 35,489 36,553 37,650 38,779 39,943 41,141 42,375 43,646
76,696 Pet Fees 6,690 6,891 7,098 7,311 7,530 7,756 7,989 8,228 8,475 8,729
0 Garage Income 0 0 0 0 0 0 0 0 0 0
0 Storage Income 0 0 0 0 0 0 0 0 0 0
76,696 Forfeited Deposits 6,690 6,891 7,098 7,311 7,530 7,756 7,989 8,228 8,475 8,729
0 Other Charges 0 0 0 0 0 0 0 0 0 0
0 Other Charges 0 0 0 0 0 0 0 0 0 0
0 Other Charges 0 0 0 0 0 0 0 0 0 0
843,660 Total Other Income 73,593 75,801 78,075 80,417 82,829 85,314 87,874 90,510 93,225 96,022
35,279,204 Effective Gross Revenue 2,874,141 3,135,486 3,291,551 3,390,297 3,492,006 3,596,767 3,704,670 3,815,810 3,930,284 4,048,192
Expenses
(2,300,892) Payroll (200,708) (206,729) (212,931) (219,319) (225,899) (232,676) (239,656) (246,845) (254,251) (261,878)
(351,525) General & Administrative (30,664) (31,584) (32,531) (33,507) (34,512) (35,548) (36,614) (37,713) (38,844) (40,009)
(287,611) Marketing (25,088) (25,841) (26,616) (27,415) (28,237) (29,084) (29,957) (30,856) (31,781) (32,735)
(703,050) Repairs & Maintenance (61,327) (63,167) (65,062) (67,014) (69,025) (71,095) (73,228) (75,425) (77,688) (80,018)
(479,352) Turnover Costs (41,814) (43,069) (44,361) (45,691) (47,062) (48,474) (49,928) (51,426) (52,969) (54,558)
(287,611) Contract Services (25,088) (25,841) (26,616) (27,415) (28,237) (29,084) (29,957) (30,856) (31,781) (32,735)
(703,050) Utilities (61,327) (63,167) (65,062) (67,014) (69,025) (71,095) (73,228) (75,425) (77,688) (80,018)
607,180 Utility Bill-Back 52,965 54,554 56,190 57,876 59,612 61,400 63,243 65,140 67,094 69,107
(1,058,376) Property Management Fee (86,224) (94,065) (98,747) (101,709) (104,760) (107,903) (111,140) (114,474) (117,909) (121,446)
(4,491,819) Property Taxes (385,000) (404,250) (416,378) (428,869) (441,735) (454,987) (468,637) (482,696) (497,177) (512,092)
(567,462) Insurance (49,500) (50,985) (52,515) (54,090) (55,713) (57,384) (59,106) (60,879) (62,705) (64,586)
(378,308) Capital Expense Reserves
brant: brant: Capital Expenditures (CAPEX)		 (33,000) (33,990) (35,010) (36,060) (37,142) (38,256) (39,404) (40,586) (41,803) (43,058)
(11,001,878) Total Operating Expenses (946,777) (988,134) (1,019,638) (1,050,227) (1,081,734) (1,114,186) (1,147,612) (1,182,040) (1,217,501) (1,254,027)
24,277,326 Net Operating Income 1,927,364 2,147,352 2,271,913 2,340,070 2,410,272 2,482,580 2,557,058 2,633,769 2,712,782 2,794,166
(1,963,500) Construction Expenses (1,603,021) (332,750) (27,729) 0 0 0 0 0 0 0
22,313,826 Cash Flow Before Debt Service 324,343 1,814,602 2,244,183 2,340,070 2,410,272 2,482,580 2,557,058 2,633,769 2,712,782 2,794,166
Loan Information
23,237,500 Loan Funding 23,237,500 0 0 0 0 0 0 0 0 0 0
(16,868,964) Total Payment (1,510,438) (1,510,438) (1,510,438) (1,762,522) (1,762,522) (1,762,522) (1,762,522) (1,762,522) (1,762,522) (1,762,522)
(21,010,475) Loan Payoff 0 0 0 0 0 0 0 0 0 (21,010,475)
(232,375) Loan Fees (232,375) 0 0 0 0 0 0 0 0 0 0
5,444,861 Cash Flow After Debt Service (1,186,095) 304,164 733,746 577,548 647,750 720,059 794,536 871,248 950,261 1,031,644
Working Capital Funding
(875,000) Working Capital Contributed (875,000)
875,000 Working Capital Distributed 875,000 0 0 0 0 0 0 0 0 0
Acquisition & Sale Information
(35,750,000) Purchase Price (35,750,000)
(268,125) Closing Costs (268,125)
47,966,515
brant: brant: Sale price using the exit cap rate and the future 12 months (post-sale) projected NOI 		Sale Price 0 0 0 0 0 0 0 0 0 47,966,515
(1,438,995) Costs of Sale 0 0 0 0 0 0 0 0 0 (1,438,995)
17,948,906 Net Levered Cash Flow
brant: brant: Cash flows before income tax to equity investors		 (13,888,000) (311,095) 304,164 733,746 577,548 647,750 720,059 794,536 871,248 950,261 26,548,689
Cash-on-Cash Return
brant: brant: Investors can think of this as like an annual dividend yield from owning a share of stock
brant: brant: Capital Expenditures (CAPEX)
brant: brant: Sale price using the exit cap rate and the future 12 months (post-sale) projected NOI 		-2.24% 2.14% 5.17% 4.07% 4.56% 5.07% 5.60% 6.14% 6.69% 7.27%
Total Interest 1,510,438 1,510,438 1,510,438 1,502,790 1,485,396 1,466,836 1,447,033 1,425,904 1,403,361 1,379,307

Annual After Tax CF

Year 0.0 1 2 3 4 5 6 7 8 9 10
Year Ending 1/31/21 1/31/22 1/31/23 1/31/24 1/31/25 1/31/26 1/31/27 1/31/28 1/31/29 1/31/30 1/31/31
Net Operating Income 1,927,364 2,147,352 2,271,913 2,340,070 2,410,272 2,482,580 2,557,058 2,633,769 2,712,782 2,794,166
Debt Service (1,510,438) (1,510,438) (1,510,438) (1,762,522) (1,762,522) (1,762,522) (1,762,522) (1,762,522) (1,762,522) (1,762,522)
Before-Tax Cash Flow 416,926 636,914 761,475 577,548 647,750 720,059 794,536 871,248 950,261 1,031,644
Tax Liability (201,591) (149,922) (112,248) (91,486) (70,101) (48,074) (25,386) (2,018) 22,051 46,842
After-Tax Cash Flow 618,517 786,837 873,723 669,034 717,851 768,133 819,922 873,266 928,210 984,802
Year 0.0 1 2 3 4 5 6 7 8 9 10
Year Ending 1/31/21 1/31/22 1/31/23 1/31/24 1/31/25 1/31/26 1/31/27 1/31/28 1/31/29 1/31/30 1/31/31
Net Operating Income 1,927,364 2,147,352 2,271,913 2,340,070 2,410,272 2,482,580 2,557,058 2,633,769 2,712,782 2,794,166
Capital Expenditures 33,000 33,990 35,010 36,060 37,142 38,256 39,404 40,586 41,803 43,058
Depreciation (1,121,250) (1,170,000) (1,170,000) (1,170,000) (1,170,000) (1,170,000) (1,170,000) (1,170,000) (1,170,000) (1,170,000)
Interest Expense (1,510,438) (1,510,438) (1,510,438) (1,510,438) (1,510,438) (1,510,438) (1,510,438) (1,510,438) (1,510,438) (1,510,438)
Amortized Financing Costs (645) (645) (645) (645) (645) (645) (645) (645) (645) (645)
Taxable Income (671,969) (499,741) (374,161) (304,953) (233,669) (160,247) (84,622) (6,728) 73,503 156,140
Ordinary Tax Rate 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
Tax Liability (201,591) (149,922) (112,248) (91,486) (70,101) (48,074) (25,386) (2,018) 22,051 46,842
Cash Flow From Sale of Property
Selling Price $47,966,515
Selling Expenses $1,438,995
Net Sale Proceeds $46,527,520
Remaining Mortgage Balance $21,010,475
Before-Tax Equity Reversion $25,517,045
Taxes Due on Sale $4,472,694
After-Tax Equity Reversion $21,044,351
Adjusted Basis
Cost of Land $3,575,000
Cost of Building $32,175,000
Acquisition Expenses $0
Original Cost Basis $35,750,000
Additional Capital Expenditures $378,308
Depreciation Recapture $11,651,250
Adjusted Basis $24,477,058
Taxes Due on Sale
Net Sale Proceeds $46,527,520
Adjusted Basis $24,477,058
Taxable Gain $22,050,462
Depreciation Recapture $11,651,250
Capital Gain $10,399,212
Capital Gain Tax $1,559,882
Depreciation Recapture Tax $2,912,813
Taxes Due on Sale $4,472,694
After-Tax Equity Reversion
Net Sale Proceeds $46,527,520
Remaining Mortgage Balance $21,010,475
Before-Tax Equity Reversion $25,517,045
Taxes Due on Sale $4,472,694
After-Tax Equity Reversion $21,044,351
Year 0.0 1 2 3 4 5 6 7 8 9 10
Year Ending 1/31/21 1/31/22 1/31/23 1/31/24 1/31/25 1/31/26 1/31/27 1/31/28 1/31/29 1/31/30 1/31/31
After-Tax Cash Flows (13,888,000) 618,517 786,837 873,723 669,034 717,851 768,133 819,922 873,266 928,210 984,802
After Tax Equity Reversion 0 0 0 0 0 0 0 0 0 21,044,351
Total After-Tax Cash Flows (13,888,000) 618,517 786,837 873,723 669,034 717,851 768,133 819,922 873,266 928,210 22,029,153
Present Value of Cash Flows (13,888,000) 582,024 696,728 728,018 524,573 529,640 533,301 535,671 536,860 536,970 11,991,983
Net Present Value 3,307,766
Internal Rate of Return 9.03%

Checks

Checks
Acquisition Financing - Loan Payoff & Amortization = Beginning Balance OK
Refinancing - Loan Payoff & Amortization = Beginning Balance OK
Monthly Cash Flow = Annual Cash Flow OK
All Construction Capital Funded OK
Total Equity Investment = Sum of Negative Cash Flows OK