hw 3 for Raoul Amezcua's 383

8/10/2019 hw 3 for Raoul Amezcua's 383

http://slidepdf.com/reader/full/hw-3-for-raoul-amezcuas-383 1/96

Mortgage Options:

Mortgage Term Mortgage Option 1 Mortgage option 2 DCF Investment

Rate 4.50% 3.85% Purchase

Amort. 25 20 Rent Growth

LTV 75% 65% Year 2

Balance 7,500,000.00 year 3

Vacancy/Credit 5.00% year 4Acquisition 10,000,000.00 year 5 and on

Cap Rate 9.61% Property Tax Gro

Investment Details: Utilities Growth

70 unit multifamily property Security Growth

40 units 1,850 Insurance Growt

25 units 1,400 All other Operati

5 Units 2,325 Going out Cap Ra

Laundry 2,500 Cost of Sales at D

Holding Period

Revenue 0 1 2

PGI 1,447,500 1,505,400

Vacancy/Credit Loss (72,375) (75,270)

EGI 1,375,125 1,430,130

Laundry Income 30,000 30,000

Expenses

Property Taxes (101,250) (103,275)

Untilities (31,397) (33,281)

Management (68,756) (71,507)

Repairs (64,538) (66,474) Maintenance (56,785) (58,489)

Pest Control (10,750) (11,073)

Security (22,127) (23,012)

Advertising (8,730) (8,992)

Administration & Payroll (46,000) (47,380)

Legal (9,621) (9,910)

Insurance (24,587) (25,406)

Total Operating Expenses (444,541) (458,797)

Year 0 1 2

NOI 960,584 1,001,333

Loan Payment (500,249) (500,249)

Before tax cash flow (BTCF) 460,335 501,084

Levered Cash Fl years 0 1 2

Acq. Equity (2,500,000)



BTCF - 460,334.52 501,084

Disposition - - -

Loan Payoff - - -

Cost of sale - - -

Total Lev CF -2,500,000 460,335 501,084

Levered IRR 52.14%

Loan Payoff (6,589,343) Levered Equity Multiple (1.68)

profit 13,614,190

Unlevered Cash Flows 0 1 2

Acquisition (10,000,000)

NOI - 460,335 501,084

Disposition - - -

Total Unlevered Cash Flows (10,000,000) 460,335 501,084

Unlevered IRR 19.91%

Loan Payoff (6,589,343)

Unlevered Equity Multiple 2.36

profit 13,593,443

Month Monthly Pmt Principal Interest

1 41,687 13,562 28,125

2 41,687 13,613 28,074

3 41,687 13,664 28,023

4 41,687 13,716 27,972

5 41,687 13,767 27,920

6 41,687 13,819 27,869

7 41,687 13,870 27,817 8 41,687 13,922 27,765

9 41,687 13,975 27,713

10 41,687 14,027 27,660

11 41,687 14,080 27,608

12 41,687 14,132 27,555

13 41,687 14,185 27,502

14 41,687 14,239 27,449

15 41,687 14,292 27,395

16 41,687 14,346 27,342

17 41,687 14,399 27,288

18 41,687 14,453 27,234

19 41,687 14,508 27,180

20 41,687 14,562 27,125

21 41,687 14,617 27,071

22 41,687 14,671 27,016

23 41,687 14,727 26,961

24 41,687 14,782 26,906

25 41,687 14,837 26,850



26 41,687 14,893 26,795

27 41,687 14,949 26,739

28 41,687 15,005 26,683

29 41,687 15,061 26,626

30 41,687 15,117 26,570

31 41,687 15,174 26,513

32 41,687 15,231 26,456 33 41,687 15,288 26,399

34 41,687 15,346 26,342

35 41,687 15,403 26,284

36 41,687 15,461 26,227

37 41,687 15,519 26,169

38 41,687 15,577 26,110

39 41,687 15,635 26,052

40 41,687 15,694 25,993

41 41,687 15,753 25,935

42 41,687 15,812 25,875

43 41,687 15,871 25,816

44 41,687 15,931 25,757

45 41,687 15,991 25,697

46 41,687 16,050 25,637

47 41,687 16,111 25,577

48 41,687 16,171 25,516

49 41,687 16,232 25,456

50 41,687 16,293 25,395

51 41,687 16,354 25,334

52 41,687 16,415 25,272

53 41,687 16,477 25,211 54 41,687 16,538 25,149

55 41,687 16,600 25,087

56 41,687 16,663 25,025

57 41,687 16,725 24,962

58 41,687 16,788 24,900

59 41,687 16,851 24,837

60 41,687 16,914 24,773

61 41,687 16,977 24,710

62 41,687 17,041 24,646

63 41,687 17,105 24,582

64 41,687 17,169 24,518

65 41,687 17,233 24,454

66 41,687 17,298 24,389

67 41,687 17,363 24,324

68 41,687 17,428 24,259

69 41,687 17,493 24,194

70 41,687 17,559 24,128

71 41,687 17,625 24,063

72 41,687 17,691 23,996



73 41,687 17,757 23,930

74 41,687 17,824 23,864

75 41,687 17,891 23,797

76 41,687 17,958 23,730

77 41,687 18,025 23,662

78 41,687 18,093 23,595

79 41,687 18,161 23,527 80 41,687 18,229 23,459

81 41,687 18,297 23,390

82 41,687 18,366 23,322

83 41,687 18,435 23,253

84 41,687 18,504 23,184

85 41,687 18,573 23,114

86 41,687 18,643 23,045

87 41,687 18,713 22,975

88 41,687 18,783 22,905

89 41,687 18,853 22,834

90 41,687 18,924 22,763

91 41,687 18,995 22,692

92 41,687 19,066 22,621

93 41,687 19,138 22,550

94 41,687 19,209 22,478

95 41,687 19,281 22,406

96 41,687 19,354 22,334

97 41,687 19,426 22,261

98 41,687 19,499 22,188

99 41,687 19,572 22,115

100 41,687 19,646 22,042 101 41,687 19,719 21,968

102 41,687 19,793 21,894

103 41,687 19,868 21,820

104 41,687 19,942 21,745

105 41,687 20,017 21,671

106 41,687 20,092 21,596

107 41,687 20,167 21,520

108 41,687 20,243 21,445

109 41,687 20,319 21,369

110 41,687 20,395 21,292

111 41,687 20,471 21,216

112 41,687 20,548 21,139

113 41,687 20,625 21,062

114 41,687 20,703 20,985

115 41,687 20,780 20,907

116 41,687 20,858 20,829

117 41,687 20,936 20,751

118 41,687 21,015 20,673

119 41,687 21,094 20,594



120 41,687 21,173 20,515

121 41,687 21,252 20,435

122 41,687 21,332 20,356

123 41,687 21,412 20,276

124 41,687 21,492 20,195

125 41,687 21,573 20,115

126 41,687 21,654 20,034 127 41,687 21,735 19,953

128 41,687 21,816 19,871

129 41,687 21,898 19,789

130 41,687 21,980 19,707

131 41,687 22,063 19,625

132 41,687 22,146 19,542

133 41,687 22,229 19,459

134 41,687 22,312 19,376

135 41,687 22,396 19,292

136 41,687 22,480 19,208

137 41,687 22,564 19,124

138 41,687 22,648 19,039

139 41,687 22,733 18,954

140 41,687 22,819 18,869

141 41,687 22,904 18,783

142 41,687 22,990 18,697

143 41,687 23,076 18,611

144 41,687 23,163 18,525

145 41,687 23,250 18,438

146 41,687 23,337 18,351

147 41,687 23,424 18,263 148 41,687 23,512 18,175

149 41,687 23,600 18,087

150 41,687 23,689 17,998

151 41,687 23,778 17,910

152 41,687 23,867 17,820

153 41,687 23,956 17,731

154 41,687 24,046 17,641

155 41,687 24,136 17,551

156 41,687 24,227 17,460

157 41,687 24,318 17,370

158 41,687 24,409 17,278

159 41,687 24,501 17,187

160 41,687 24,592 17,095

161 41,687 24,685 17,003

162 41,687 24,777 16,910

163 41,687 24,870 16,817

164 41,687 24,963 16,724

165 41,687 25,057 16,630

166 41,687 25,151 16,536



214 41,687 30,101 11,586

215 41,687 30,214 11,474

216 41,687 30,327 11,360

217 41,687 30,441 11,246

218 41,687 30,555 11,132

219 41,687 30,670 11,018

220 41,687 30,785 10,903 221 41,687 30,900 10,787

222 41,687 31,016 10,671

223 41,687 31,132 10,555

224 41,687 31,249 10,438

225 41,687 31,366 10,321

226 41,687 31,484 10,204

227 41,687 31,602 10,085

228 41,687 31,720 9,967

229 41,687 31,839 9,848

230 41,687 31,959 9,729

231 41,687 32,079 9,609

232 41,687 32,199 9,488

233 41,687 32,320 9,368

234 41,687 32,441 9,247

235 41,687 32,563 9,125

236 41,687 32,685 9,003

237 41,687 32,807 8,880

238 41,687 32,930 8,757

239 41,687 33,054 8,634

240 41,687 33,178 8,510



Terms Operating Expenses:

10,000,000.00 Property Taxes 1.35%

Untilities (31,397)

4.00% Management 5% of EGI

3.25% Repairs (64,538)

3.25% Maintenance (56,785) 2.70% Pest Control (10,750)

2.00% Security (22,127)

6.00% Advertising (8,730)

4.00% Administration & (46,000)

3.33% Legal (9,621)

3.00% Insurance (24,587)

5.35%

4.25%

5

3 4 5 6 7

1,554,326 1,604,841 1,648,172 1,692,672 1,738,375

(77,716) (80,242) (82,409) (84,634) (86,919)

1,476,609 1,524,599 1,565,763 1,608,039 1,651,456

30,000 30,000 30,000 30,000 30,000

(105,341) (107,447) (109,596) (111,788) (114,024)

(35,278) (37,394) (39,638) (42,016) (44,537)

(73,830) (76,230) (78,288) (80,402) (82,573)

(68,468) (70,522) (72,638) (74,817) (77,062) (60,243) (62,051) (63,912) (65,829) (67,804)

(11,405) (11,747) (12,099) (12,462) (12,836)

(23,933) (24,890) (25,885) (26,921) (27,998)

(9,262) (9,540) (9,826) (10,120) (10,424)

(48,801) (50,265) (51,773) (53,327) (54,926)

(10,207) (10,513) (10,829) (11,153) (11,488)

(26,252) (27,126) (28,029) (28,963) (29,927)

(473,019) (487,725) (502,514) (517,799) (533,599)

3 4 5 6 7

1,033,590 1,066,874 1,093,249 1,120,240 1,147,857

(500,249) (500,249) (500,249) (500,249) (500,249)

533,341 566,625 593,000 619,990 647,607

3 4 5 6 7



533,341 566,625 593,000 - -

- - 20,939,059 - -

- - (6,589,343) - -

- - (889,910) - -

533,341 566,625 14,052,807 0 0

3 4 5 6 7

533,341 566,625 593,000 - -

- - 20,939,059 - -

533,341 566,625 21,532,059 - -

Starting Ending

7,500,000 7,486,438

7,486,438 7,472,824

7,472,824 7,459,160

7,459,160 7,445,444

7,445,444 7,431,677

7,431,677 7,417,859

7,417,859 7,403,988 7,403,988 7,390,066

7,390,066 7,376,091

7,376,091 7,362,064

7,362,064 7,347,984

7,347,984 7,333,852

7,333,852 7,319,666

7,319,666 7,305,428

7,305,428 7,291,135

7,291,135 7,276,790

7,276,790 7,262,390

7,262,390 7,247,937

7,247,937 7,233,429

7,233,429 7,218,867

7,218,867 7,204,250

7,204,250 7,189,579

7,189,579 7,174,852

7,174,852 7,160,071

7,160,071 7,145,234



7,145,234 7,130,341

7,130,341 7,115,392

7,115,392 7,100,387

7,100,387 7,085,326

7,085,326 7,070,209

7,070,209 7,055,035

7,055,035 7,039,804 7,039,804 7,024,516

7,024,516 7,009,170

7,009,170 6,993,767

6,993,767 6,978,306

6,978,306 6,962,787

6,962,787 6,947,210

6,947,210 6,931,575

6,931,575 6,915,881

6,915,881 6,900,128

6,900,128 6,884,316

6,884,316 6,868,445

6,868,445 6,852,514

6,852,514 6,836,524

6,836,524 6,820,473

6,820,473 6,804,362

6,804,362 6,788,191

6,788,191 6,771,960

6,771,960 6,755,667

6,755,667 6,739,313

6,739,313 6,722,898

6,722,898 6,706,422 6,706,422 6,689,883

6,689,883 6,673,283

6,673,283 6,656,620

6,656,620 6,639,895

6,639,895 6,623,108

6,623,108 6,606,257

6,606,257 6,589,343

6,589,343 6,572,365

6,572,365 6,555,324

6,555,324 6,538,219

6,538,219 6,521,050

6,521,050 6,503,817

6,503,817 6,486,519

6,486,519 6,469,156

6,469,156 6,451,727

6,451,727 6,434,234

6,434,234 6,416,675

6,416,675 6,399,050

6,399,050 6,381,359



6,381,359 6,363,602

6,363,602 6,345,778

6,345,778 6,327,887

6,327,887 6,309,929

6,309,929 6,291,904

6,291,904 6,273,811

6,273,811 6,255,651 6,255,651 6,237,422

6,237,422 6,219,125

6,219,125 6,200,759

6,200,759 6,182,324

6,182,324 6,163,821

6,163,821 6,145,248

6,145,248 6,126,605

6,126,605 6,107,892

6,107,892 6,089,109

6,089,109 6,070,256

6,070,256 6,051,332

6,051,332 6,032,337

6,032,337 6,013,271

6,013,271 5,994,133

5,994,133 5,974,924

5,974,924 5,955,642

5,955,642 5,936,289

5,936,289 5,916,862

5,916,862 5,897,363

5,897,363 5,877,791

5,877,791 5,858,145 5,858,145 5,838,426

5,838,426 5,818,632

5,818,632 5,798,765

5,798,765 5,778,823

5,778,823 5,758,806

5,758,806 5,738,714

5,738,714 5,718,547

5,718,547 5,698,304

5,698,304 5,677,985

5,677,985 5,657,590

5,657,590 5,637,118

5,637,118 5,616,570

5,616,570 5,595,945

5,595,945 5,575,242

5,575,242 5,554,462

5,554,462 5,533,604

5,533,604 5,512,667

5,512,667 5,491,652

5,491,652 5,470,559



5,470,559 5,449,386

5,449,386 5,428,134

5,428,134 5,406,802

5,406,802 5,385,390

5,385,390 5,363,897

5,363,897 5,342,325

5,342,325 5,320,671 5,320,671 5,298,936

5,298,936 5,277,120

5,277,120 5,255,221

5,255,221 5,233,241

5,233,241 5,211,178

5,211,178 5,189,033

5,189,033 5,166,804

5,166,804 5,144,492

5,144,492 5,122,097

5,122,097 5,099,617

5,099,617 5,077,053

5,077,053 5,054,405

5,054,405 5,031,671

5,031,671 5,008,853

5,008,853 4,985,948

4,985,948 4,962,958

4,962,958 4,939,882

4,939,882 4,916,719

4,916,719 4,893,469

4,893,469 4,870,132

4,870,132 4,846,708 4,846,708 4,823,196

4,823,196 4,799,595

4,799,595 4,775,906

4,775,906 4,752,128

4,752,128 4,728,262

4,728,262 4,704,305

4,704,305 4,680,259

4,680,259 4,656,122

4,656,122 4,631,895

4,631,895 4,607,577

4,607,577 4,583,168

4,583,168 4,558,668

4,558,668 4,534,075

4,534,075 4,509,391

4,509,391 4,484,614

4,484,614 4,459,743

4,459,743 4,434,780

4,434,780 4,409,723

4,409,723 4,384,572



4,384,572 4,359,327

4,359,327 4,333,987

4,333,987 4,308,552

4,308,552 4,283,021

4,283,021 4,257,395

4,257,395 4,231,673

4,231,673 4,205,855 4,205,855 4,179,939

4,179,939 4,153,926

4,153,926 4,127,816

4,127,816 4,101,608

4,101,608 4,075,302

4,075,302 4,048,897

4,048,897 4,022,393

4,022,393 3,995,789

3,995,789 3,969,086

3,969,086 3,942,282

3,942,282 3,915,379

3,915,379 3,888,374

3,888,374 3,861,268

3,861,268 3,834,060

3,834,060 3,806,750

3,806,750 3,779,338

3,779,338 3,751,823

3,751,823 3,724,205

3,724,205 3,696,484

3,696,484 3,668,658

3,668,658 3,640,728 3,640,728 3,612,693

3,612,693 3,584,553

3,584,553 3,556,308

3,556,308 3,527,957

3,527,957 3,499,499

3,499,499 3,470,935

3,470,935 3,442,263

3,442,263 3,413,485

3,413,485 3,384,598

3,384,598 3,355,602

3,355,602 3,326,499

3,326,499 3,297,285

3,297,285 3,267,963

3,267,963 3,238,530

3,238,530 3,208,987

3,208,987 3,179,334

3,179,334 3,149,569

3,149,569 3,119,692

3,119,692 3,089,704



3,089,704 3,059,602

3,059,602 3,029,389

3,029,389 2,999,061

2,999,061 2,968,620

2,968,620 2,938,065

2,938,065 2,907,396

2,907,396 2,876,611 2,876,611 2,845,711

2,845,711 2,814,695

2,814,695 2,783,562

2,783,562 2,752,313

2,752,313 2,720,947

2,720,947 2,689,463

2,689,463 2,657,861

2,657,861 2,626,141

2,626,141 2,594,301

2,594,301 2,562,343

2,562,343 2,530,264

2,530,264 2,498,065

2,498,065 2,465,745

2,465,745 2,433,304

2,433,304 2,400,742

2,400,742 2,368,057

2,368,057 2,335,250

2,335,250 2,302,320

2,302,320 2,269,266

2,269,266 2,236,088



8 9 10

1,785,311 1,833,514 1,883,019

(89,266) (91,676) (94,151)

1,696,045 1,741,838 1,788,868

30,000 30,000 30,000

(116,304) (118,631) (121,003)

(47,209) (50,042) (53,045)

(84,802) (87,092) (89,443)

(79,374) (81,755) (84,207) (69,838) (71,934) (74,092)

(13,221) (13,618) (14,026)

(29,118) (30,282) (31,494)

(10,737) (11,059) (11,391)

(56,574) (58,271) (60,020)

(11,833) (12,188) (12,553)

(30,924) (31,953) (33,017)

(549,934) (566,824) (584,291)

8 9 10

1,176,111 1,205,014 1,234,577

(500,249) (500,249) (500,249)

675,862 704,765 734,328

8 9 10



- - -

- - -

- - -

- - -

0 0 0

8 9 10

- - -

- - -

- - -



Mortgage Options:

Mortgage Term Mortgage Option 1 DCF Investment

Rate 3.85% Purchase

Amort. 20 Rent Growth

LTV 65% Year 2










Holding Period

Revenue 0 1 2

PGI 1,447,500 1,505,400


EGI 1,375,125 1,430,130


Expenses

Property Taxes (87,750) (89,505)

Untilities (31,397) (33,281)

Management (68,756) (71,507)


Pest Control (10,750) (11,073)

Security (22,127) (23,012)



Legal (9,621) (9,910)

Insurance (24,587) (25,406)


Year 0 1 2

NOI 974,084 1,015,103

Loan Payment (466,522) (466,522)



Acq. Equity (3,500,000.0)



73 38,877 22,698 16,179

74 38,877 22,770 16,106

75 38,877 22,844 16,033

76 38,877 22,917 15,960

77 38,877 22,990 15,887

78 38,877 23,064 15,813

79 38,877 23,138 15,739 80 38,877 23,212 15,665

81 38,877 23,287 15,590

82 38,877 23,362 15,515

83 38,877 23,436 15,440

84 38,877 23,512 15,365

85 38,877 23,587 15,290

86 38,877 23,663 15,214

87 38,877 23,739 15,138

88 38,877 23,815 15,062

89 38,877 23,891 14,986

90 38,877 23,968 14,909

91 38,877 24,045 14,832

92 38,877 24,122 14,755

93 38,877 24,199 14,678

94 38,877 24,277 14,600

95 38,877 24,355 14,522

96 38,877 24,433 14,444

97 38,877 24,511 14,365

98 38,877 24,590 14,287

99 38,877 24,669 14,208

100 38,877 24,748 14,129 101 38,877 24,827 14,049

102 38,877 24,907 13,970

103 38,877 24,987 13,890

104 38,877 25,067 13,810

105 38,877 25,148 13,729

106 38,877 25,228 13,649

107 38,877 25,309 13,568

108 38,877 25,390 13,486

109 38,877 25,472 13,405

110 38,877 25,554 13,323

111 38,877 25,636 13,241

112 38,877 25,718 13,159

113 38,877 25,800 13,076

114 38,877 25,883 12,994

115 38,877 25,966 12,911

116 38,877 26,050 12,827

117 38,877 26,133 12,744

118 38,877 26,217 12,660

119 38,877 26,301 12,576



120 38,877 26,385 12,491

121 38,877 26,470 12,407

122 38,877 26,555 12,322

123 38,877 26,640 12,237

124 38,877 26,726 12,151

125 38,877 26,811 12,065

126 38,877 26,897 11,979 127 38,877 26,984 11,893

128 38,877 27,070 11,807

129 38,877 27,157 11,720

130 38,877 27,244 11,633

131 38,877 27,332 11,545

132 38,877 27,419 11,457

133 38,877 27,507 11,369

134 38,877 27,596 11,281

135 38,877 27,684 11,193

136 38,877 27,773 11,104

137 38,877 27,862 11,015

138 38,877 27,951 10,925

139 38,877 28,041 10,836

140 38,877 28,131 10,746

141 38,877 28,221 10,655

142 38,877 28,312 10,565

143 38,877 28,403 10,474

144 38,877 28,494 10,383

145 38,877 28,585 10,292

146 38,877 28,677 10,200

147 38,877 28,769 10,108 148 38,877 28,861 10,016

149 38,877 28,954 9,923

150 38,877 29,047 9,830

151 38,877 29,140 9,737

152 38,877 29,233 9,643

153 38,877 29,327 9,550

154 38,877 29,421 9,455

155 38,877 29,516 9,361

156 38,877 29,610 9,266

157 38,877 29,705 9,171

158 38,877 29,801 9,076

159 38,877 29,896 8,980

160 38,877 29,992 8,885

161 38,877 30,089 8,788

162 38,877 30,185 8,692

163 38,877 30,282 8,595

164 38,877 30,379 8,498

165 38,877 30,477 8,400

166 38,877 30,574 8,303



167 38,877 30,672 8,204

168 38,877 30,771 8,106

169 38,877 30,870 8,007

170 38,877 30,969 7,908

171 38,877 31,068 7,809

172 38,877 31,168 7,709

173 38,877 31,268 7,609 174 38,877 31,368 7,509

175 38,877 31,469 7,408

176 38,877 31,569 7,307

177 38,877 31,671 7,206

178 38,877 31,772 7,104

179 38,877 31,874 7,003

180 38,877 31,977 6,900

181 38,877 32,079 6,798

182 38,877 32,182 6,695

183 38,877 32,285 6,592

184 38,877 32,389 6,488

185 38,877 32,493 6,384

186 38,877 32,597 6,280

187 38,877 32,702 6,175

188 38,877 32,807 6,070

189 38,877 32,912 5,965

190 38,877 33,017 5,859

191 38,877 33,123 5,753

192 38,877 33,230 5,647

193 38,877 33,336 5,541

194 38,877 33,443 5,434 195 38,877 33,551 5,326

196 38,877 33,658 5,219

197 38,877 33,766 5,111

198 38,877 33,874 5,002

199 38,877 33,983 4,894

200 38,877 34,092 4,785

201 38,877 34,202 4,675

202 38,877 34,311 4,566

203 38,877 34,421 4,455

204 38,877 34,532 4,345

205 38,877 34,643 4,234

206 38,877 34,754 4,123

207 38,877 34,865 4,012

208 38,877 34,977 3,900

209 38,877 35,089 3,788

210 38,877 35,202 3,675

211 38,877 35,315 3,562

212 38,877 35,428 3,449

213 38,877 35,542 3,335



214 38,877 35,656 3,221

215 38,877 35,770 3,107

216 38,877 35,885 2,992

217 38,877 36,000 2,877

218 38,877 36,116 2,761

219 38,877 36,232 2,645

220 38,877 36,348 2,529 221 38,877 36,464 2,413

222 38,877 36,581 2,296

223 38,877 36,699 2,178

224 38,877 36,816 2,060

225 38,877 36,935 1,942

226 38,877 37,053 1,824

227 38,877 37,172 1,705

228 38,877 37,291 1,586

229 38,877 37,411 1,466

230 38,877 37,531 1,346

231 38,877 37,651 1,226

232 38,877 37,772 1,105

233 38,877 37,893 984

234 38,877 38,015 862

235 38,877 38,137 740

236 38,877 38,259 618

237 38,877 38,382 495

238 38,877 38,505 372

239 38,877 38,629 248

240 38,877 38,753 124




10,000,000.00 Property Taxes 1.35%

Untilities (31,397)


3.25% Repairs (64,538)


2.00% Security (22,127)



3.33% Legal (9,621)

3.00% Insurance (24,587)

5.35%

4.25%

5

3 4 5 6 7

1,554,326 1,604,841 1,648,172 1,692,672 1,738,375

(77,716) (80,242) (82,409) (84,634) (86,919)

1,476,609 1,524,599 1,565,763 1,608,039 1,651,456

30,000 30,000 30,000 30,000 30,000

(91,295) (93,121) (94,983) (96,883) (98,821)

(35,278) (37,394) (39,638) (42,016) (44,537)

(73,830) (76,230) (78,288) (80,402) (82,573)

(68,468) (70,522) (72,638) (74,817) (77,062) (60,243) (62,051) (63,912) (65,829) (67,804)

(11,405) (11,747) (12,099) (12,462) (12,836)

(23,933) (24,890) (25,885) (26,921) (27,998)

(9,262) (9,540) (9,826) (10,120) (10,424)

(48,801) (50,265) (51,773) (53,327) (54,926)

(10,207) (10,513) (10,829) (11,153) (11,488)

(26,252) (27,126) (28,029) (28,963) (29,927)

(458,974) (473,399) (487,901) (502,894) (518,396)

3 4 5 6 7

1,047,635 1,081,200 1,107,862 1,135,145 1,163,060

(466,522) (466,522) (466,522) (466,522) (466,522)

581,113 614,678 641,340 668,622 696,537

3 4 5 6 7



581,113 614,678 641,340 - -

- - 21,217,659 - -

- - (5,309,643) - -

- - (901,751) - -

581,113 614,678 15,647,606 0 0

3 4 5 6 7

581,113 614,678 641,340 - -

- - 21,217,659 - -

581,113 614,678 21,858,999 - -

Starting Ending

6,500,000 6,481,977

6,481,977 6,463,897

6,463,897 6,445,758

6,445,758 6,427,562

6,427,562 6,409,306

6,409,306 6,390,993

6,390,993 6,372,620 6,372,620 6,354,189

6,354,189 6,335,698

6,335,698 6,317,149

6,317,149 6,298,539

6,298,539 6,279,870

6,279,870 6,261,141

6,261,141 6,242,352

6,242,352 6,223,503

6,223,503 6,204,593

6,204,593 6,185,623

6,185,623 6,166,591

6,166,591 6,147,499

6,147,499 6,128,345

6,128,345 6,109,130

6,109,130 6,089,854

6,089,854 6,070,515

6,070,515 6,051,114

6,051,114 6,031,651



6,031,651 6,012,126

6,012,126 5,992,538

5,992,538 5,972,887

5,972,887 5,953,174

5,953,174 5,933,396

5,933,396 5,913,556

5,913,556 5,893,652 5,893,652 5,873,684

5,873,684 5,853,651

5,853,651 5,833,555

5,833,555 5,813,394

5,813,394 5,793,169

5,793,169 5,772,878

5,772,878 5,752,523

5,752,523 5,732,102

5,732,102 5,711,615

5,711,615 5,691,063

5,691,063 5,670,445

5,670,445 5,649,761

5,649,761 5,629,011

5,629,011 5,608,193

5,608,193 5,587,310

5,587,310 5,566,359

5,566,359 5,545,340

5,545,340 5,524,255

5,524,255 5,503,102

5,503,102 5,481,881

5,481,881 5,460,591 5,460,591 5,439,234

5,439,234 5,417,808

5,417,808 5,396,313

5,396,313 5,374,750

5,374,750 5,353,117

5,353,117 5,331,414

5,331,414 5,309,643

5,309,643 5,287,801

5,287,801 5,265,889

5,265,889 5,243,907

5,243,907 5,221,854

5,221,854 5,199,731

5,199,731 5,177,536

5,177,536 5,155,271

5,155,271 5,132,934

5,132,934 5,110,525

5,110,525 5,088,044

5,088,044 5,065,492

5,065,492 5,042,867



5,042,867 5,020,169

5,020,169 4,997,398

4,997,398 4,974,555

4,974,555 4,951,638

4,951,638 4,928,648

4,928,648 4,905,584

4,905,584 4,882,445 4,882,445 4,859,233

4,859,233 4,835,946

4,835,946 4,812,585

4,812,585 4,789,148

4,789,148 4,765,637

4,765,637 4,742,050

4,742,050 4,718,387

4,718,387 4,694,648

4,694,648 4,670,833

4,670,833 4,646,942

4,646,942 4,622,974

4,622,974 4,598,929

4,598,929 4,574,807

4,574,807 4,550,608

4,550,608 4,526,331

4,526,331 4,501,976

4,501,976 4,477,543

4,477,543 4,453,031

4,453,031 4,428,441

4,428,441 4,403,772

4,403,772 4,379,024 4,379,024 4,354,197

4,354,197 4,329,290

4,329,290 4,304,303

4,304,303 4,279,235

4,279,235 4,254,088

4,254,088 4,228,860

4,228,860 4,203,550

4,203,550 4,178,160

4,178,160 4,152,688

4,152,688 4,127,134

4,127,134 4,101,499

4,101,499 4,075,781

4,075,781 4,049,980

4,049,980 4,024,097

4,024,097 3,998,131

3,998,131 3,972,081

3,972,081 3,945,948

3,945,948 3,919,731

3,919,731 3,893,430



3,893,430 3,867,045

3,867,045 3,840,575

3,840,575 3,814,020

3,814,020 3,787,379

3,787,379 3,760,654

3,760,654 3,733,842

3,733,842 3,706,945 3,706,945 3,679,961

3,679,961 3,652,891

3,652,891 3,625,734

3,625,734 3,598,489

3,598,489 3,571,158

3,571,158 3,543,738

3,543,738 3,516,231

3,516,231 3,488,635

3,488,635 3,460,951

3,460,951 3,433,178

3,433,178 3,405,316

3,405,316 3,377,365

3,377,365 3,349,323

3,349,323 3,321,192

3,321,192 3,292,971

3,292,971 3,264,659

3,264,659 3,236,256

3,236,256 3,207,762

3,207,762 3,179,177

3,179,177 3,150,500

3,150,500 3,121,731 3,121,731 3,092,870

3,092,870 3,063,916

3,063,916 3,034,869

3,034,869 3,005,729

3,005,729 2,976,496

2,976,496 2,947,168

2,947,168 2,917,747

2,917,747 2,888,231

2,888,231 2,858,621

2,858,621 2,828,915

2,828,915 2,799,115

2,799,115 2,769,218

2,769,218 2,739,226

2,739,226 2,709,137

2,709,137 2,678,952

2,678,952 2,648,670

2,648,670 2,618,291

2,618,291 2,587,815

2,587,815 2,557,241



2,557,241 2,526,568

2,526,568 2,495,797

2,495,797 2,464,928

2,464,928 2,433,959

2,433,959 2,402,891

2,402,891 2,371,724

2,371,724 2,340,456 2,340,456 2,309,088

2,309,088 2,277,620

2,277,620 2,246,050

2,246,050 2,214,380

2,214,380 2,182,607

2,182,607 2,150,733

2,150,733 2,118,756

2,118,756 2,086,677

2,086,677 2,054,495

2,054,495 2,022,210

2,022,210 1,989,821

1,989,821 1,957,328

1,957,328 1,924,731

1,924,731 1,892,029

1,892,029 1,859,222

1,859,222 1,826,310

1,826,310 1,793,293

1,793,293 1,760,170

1,760,170 1,726,940

1,726,940 1,693,604

1,693,604 1,660,161 1,660,161 1,626,610

1,626,610 1,592,952

1,592,952 1,559,186

1,559,186 1,525,311

1,525,311 1,491,328

1,491,328 1,457,236

1,457,236 1,423,034

1,423,034 1,388,723

1,388,723 1,354,302

1,354,302 1,319,770

1,319,770 1,285,127

1,285,127 1,250,374

1,250,374 1,215,508

1,215,508 1,180,531

1,180,531 1,145,442

1,145,442 1,110,240

1,110,240 1,074,925

1,074,925 1,039,497

1,039,497 1,003,955



1,003,955 968,299

968,299 932,529

932,529 896,644

896,644 860,644

860,644 824,528

824,528 788,297

788,297 751,949 751,949 715,485

715,485 678,903

678,903 642,205

642,205 605,388

605,388 568,454

568,454 531,401

531,401 494,229

494,229 456,937

456,937 419,526

419,526 381,996

381,996 344,344

344,344 306,572

306,572 268,679

268,679 230,664

230,664 192,527

192,527 154,268

154,268 115,886

115,886 77,381

77,381 38,753

38,753 (0)



8 9 10

1,785,311 1,833,514 1,883,019

(89,266) (91,676) (94,151)

1,696,045 1,741,838 1,788,868

30,000 30,000 30,000

(100,797) (102,813) (104,869)

(47,209) (50,042) (53,045)

(84,802) (87,092) (89,443)

(79,374) (81,755) (84,207) (69,838) (71,934) (74,092)

(13,221) (13,618) (14,026)

(29,118) (30,282) (31,494)

(10,737) (11,059) (11,391)

(56,574) (58,271) (60,020)

(11,833) (12,188) (12,553)

(30,924) (31,953) (33,017)

(534,427) (551,007) (568,157)

8 9 10

1,191,618 1,220,832 1,250,711

(466,522) (466,522) (466,522)

725,096 754,309 784,188

8 9 10



- - -

- - -

- - -

- - -

0 0 0

8 9 10

- - -

- - -

- - -



Mortgage Options:


Rate 4.50% Purchase


LTV 75% Year 2

Balance 11,810,855.29 year 3









Holding Period

Revenue 0 1 2

PGI 1,447,500 1,505,400


EGI 1,375,125 1,430,130


Expenses

Property Taxes (159,447) (162,635)

Untilities (31,397) (33,281)

Management (68,756) (71,507)


Pest Control (10,750) (11,073)

Security (22,127) (23,012)



Legal (9,621) (9,910)

Insurance (24,587) (25,406)


Year 0 1 2

NOI 902,387 941,973

Loan Payment (787,783) (787,783)



Acq. Equity (3,936,952)



BTCF - 114,604.37 154,190

Disposition - - -

Loan Payoff - - -

Cost of sale - - -

Total Lev CF -3,936,952 114,604 154,190

Levered IRR 20.00%

Loan Payoff (10,376,770) Levered Equity Multiple 2.40

Profit 5,499,325

Unlevered Cash Years 0 1 2


NOI - 902,387 941,973

Disposition - - -





Profit 8,843,022


1 65,649 21,358 44,291

2 65,649 21,438 44,211

3 65,649 21,518 44,130

4 65,649 21,599 44,050

5 65,649 21,680 43,969

6 65,649 21,761 43,887

7 65,649 21,843 43,806 8 65,649 21,925 43,724

9 65,649 22,007 43,641

10 65,649 22,090 43,559

11 65,649 22,172 43,476

12 65,649 22,256 43,393

13 65,649 22,339 43,310

14 65,649 22,423 43,226

15 65,649 22,507 43,142

16 65,649 22,591 43,057

17 65,649 22,676 42,973

18 65,649 22,761 42,888

19 65,649 22,846 42,802

20 65,649 22,932 42,716

21 65,649 23,018 42,630

22 65,649 23,104 42,544

23 65,649 23,191 42,458

24 65,649 23,278 42,371

25 65,649 23,365 42,283



26 65,649 23,453 42,196

27 65,649 23,541 42,108

28 65,649 23,629 42,019

29 65,649 23,718 41,931

30 65,649 23,807 41,842

31 65,649 23,896 41,753

32 65,649 23,986 41,663 33 65,649 24,076 41,573

34 65,649 24,166 41,483

35 65,649 24,256 41,392

36 65,649 24,347 41,301

37 65,649 24,439 41,210

38 65,649 24,530 41,118

39 65,649 24,622 41,026

40 65,649 24,715 40,934

41 65,649 24,807 40,841

42 65,649 24,900 40,748

43 65,649 24,994 40,655

44 65,649 25,087 40,561

45 65,649 25,182 40,467

46 65,649 25,276 40,373

47 65,649 25,371 40,278

48 65,649 25,466 40,183

49 65,649 25,561 40,087

50 65,649 25,657 39,991

51 65,649 25,753 39,895

52 65,649 25,850 39,799

53 65,649 25,947 39,702 54 65,649 26,044 39,604

55 65,649 26,142 39,507

56 65,649 26,240 39,409

57 65,649 26,338 39,310

58 65,649 26,437 39,211

59 65,649 26,536 39,112

60 65,649 26,636 39,013

61 65,649 26,736 38,913

62 65,649 26,836 38,813

63 65,649 26,937 38,712

64 65,649 27,038 38,611

65 65,649 27,139 38,510

66 65,649 27,241 38,408

67 65,649 27,343 38,306

68 65,649 27,445 38,203

69 65,649 27,548 38,100

70 65,649 27,652 37,997

71 65,649 27,755 37,893

72 65,649 27,859 37,789



73 65,649 27,964 37,685

74 65,649 28,069 37,580

75 65,649 28,174 37,475

76 65,649 28,280 37,369

77 65,649 28,386 37,263

78 65,649 28,492 37,156

79 65,649 28,599 37,050 80 65,649 28,706 36,942

81 65,649 28,814 36,835

82 65,649 28,922 36,727

83 65,649 29,030 36,618

84 65,649 29,139 36,509

85 65,649 29,249 36,400

86 65,649 29,358 36,290

87 65,649 29,468 36,180

88 65,649 29,579 36,070

89 65,649 29,690 35,959

90 65,649 29,801 35,847

91 65,649 29,913 35,736

92 65,649 30,025 35,624

93 65,649 30,138 35,511

94 65,649 30,251 35,398

95 65,649 30,364 35,284

96 65,649 30,478 35,171

97 65,649 30,592 35,056

98 65,649 30,707 34,942

99 65,649 30,822 34,826

100 65,649 30,938 34,711 101 65,649 31,054 34,595

102 65,649 31,170 34,478

103 65,649 31,287 34,362

104 65,649 31,404 34,244

105 65,649 31,522 34,126

106 65,649 31,640 34,008

107 65,649 31,759 33,890

108 65,649 31,878 33,770

109 65,649 31,998 33,651

110 65,649 32,118 33,531

111 65,649 32,238 33,410

112 65,649 32,359 33,290

113 65,649 32,480 33,168

114 65,649 32,602 33,046

115 65,649 32,724 32,924

116 65,649 32,847 32,801

117 65,649 32,970 32,678

118 65,649 33,094 32,555

119 65,649 33,218 32,431



120 65,649 33,343 32,306

121 65,649 33,468 32,181

122 65,649 33,593 32,055

123 65,649 33,719 31,929

124 65,649 33,846 31,803

125 65,649 33,972 31,676

126 65,649 34,100 31,549 127 65,649 34,228 31,421

128 65,649 34,356 31,292

129 65,649 34,485 31,164

130 65,649 34,614 31,034

131 65,649 34,744 30,905

132 65,649 34,874 30,774

133 65,649 35,005 30,643

134 65,649 35,136 30,512

135 65,649 35,268 30,380

136 65,649 35,400 30,248

137 65,649 35,533 30,115

138 65,649 35,666 29,982

139 65,649 35,800 29,848

140 65,649 35,934 29,714

141 65,649 36,069 29,579

142 65,649 36,204 29,444

143 65,649 36,340 29,308

144 65,649 36,476 29,172

145 65,649 36,613 29,035

146 65,649 36,751 28,898

147 65,649 36,888 28,760 148 65,649 37,027 28,622

149 65,649 37,166 28,483

150 65,649 37,305 28,344

151 65,649 37,445 28,204

152 65,649 37,585 28,063

153 65,649 37,726 27,922

154 65,649 37,868 27,781

155 65,649 38,010 27,639

156 65,649 38,152 27,496

157 65,649 38,295 27,353

158 65,649 38,439 27,210

159 65,649 38,583 27,066

160 65,649 38,728 26,921

161 65,649 38,873 26,776

162 65,649 39,019 26,630

163 65,649 39,165 26,484

164 65,649 39,312 26,337

165 65,649 39,459 26,189

166 65,649 39,607 26,041



167 65,649 39,756 25,893

168 65,649 39,905 25,744

169 65,649 40,055 25,594

170 65,649 40,205 25,444

171 65,649 40,355 25,293

172 65,649 40,507 25,142

173 65,649 40,659 24,990 174 65,649 40,811 24,837

175 65,649 40,964 24,684

176 65,649 41,118 24,531

177 65,649 41,272 24,377

178 65,649 41,427 24,222

179 65,649 41,582 24,066

180 65,649 41,738 23,910

181 65,649 41,895 23,754

182 65,649 42,052 23,597

183 65,649 42,209 23,439

184 65,649 42,368 23,281

185 65,649 42,527 23,122

186 65,649 42,686 22,963

187 65,649 42,846 22,802

188 65,649 43,007 22,642

189 65,649 43,168 22,480

190 65,649 43,330 22,319

191 65,649 43,492 22,156

192 65,649 43,656 21,993

193 65,649 43,819 21,829

194 65,649 43,984 21,665 195 65,649 44,149 21,500

196 65,649 44,314 21,334

197 65,649 44,480 21,168

198 65,649 44,647 21,002

199 65,649 44,814 20,834

200 65,649 44,983 20,666

201 65,649 45,151 20,497

202 65,649 45,321 20,328

203 65,649 45,490 20,158

204 65,649 45,661 19,987

205 65,649 45,832 19,816

206 65,649 46,004 19,644

207 65,649 46,177 19,472

208 65,649 46,350 19,299

209 65,649 46,524 19,125

210 65,649 46,698 18,950

211 65,649 46,873 18,775

212 65,649 47,049 18,600

213 65,649 47,225 18,423



214 65,649 47,403 18,246

215 65,649 47,580 18,068

216 65,649 47,759 17,890

217 65,649 47,938 17,711

218 65,649 48,118 17,531

219 65,649 48,298 17,351

220 65,649 48,479 17,169 221 65,649 48,661 16,988

222 65,649 48,843 16,805

223 65,649 49,027 16,622

224 65,649 49,210 16,438

225 65,649 49,395 16,254

226 65,649 49,580 16,068

227 65,649 49,766 15,882

228 65,649 49,953 15,696

229 65,649 50,140 15,508

230 65,649 50,328 15,320

231 65,649 50,517 15,132

232 65,649 50,706 14,942

233 65,649 50,896 14,752

234 65,649 51,087 14,561

235 65,649 51,279 14,370

236 65,649 51,471 14,177

237 65,649 51,664 13,984

238 65,649 51,858 13,791

239 65,649 52,052 13,596

240 65,649 52,248 13,401




15,747,807 Property Taxes 1.35%

Untilities (31,397)


3.25% Repairs (64,538)


2.00% Security (22,127)



3.33% Legal (9,621)

3.00% Insurance (24,587)

5.35%

4.25%

5

3 4 5 6 7

1,554,326 1,604,841 1,648,172 1,692,672 1,738,375

(77,716) (80,242) (82,409) (84,634) (86,919)

1,476,609 1,524,599 1,565,763 1,608,039 1,651,456

30,000 30,000 30,000 30,000 30,000

(165,888) (169,206) (172,590) (176,042) (179,563)

(35,278) (37,394) (39,638) (42,016) (44,537)

(73,830) (76,230) (78,288) (80,402) (82,573)

(68,468) (70,522) (72,638) (74,817) (77,062) (60,243) (62,051) (63,912) (65,829) (67,804)

(11,405) (11,747) (12,099) (12,462) (12,836)

(23,933) (24,890) (25,885) (26,921) (27,998)

(9,262) (9,540) (9,826) (10,120) (10,424)

(48,801) (50,265) (51,773) (53,327) (54,926)

(10,207) (10,513) (10,829) (11,153) (11,488)

(26,252) (27,126) (28,029) (28,963) (29,927)

(533,567) (549,484) (565,508) (582,053) (599,138)

3 4 5 6 7

973,042 1,005,115 1,030,255 1,055,986 1,082,318

(787,783) (787,783) (787,783) (787,783) (787,783)

185,260 217,332 242,473 268,203 294,535

3 4 5 6 7



185,260 217,332 242,473 - -

- - 19,738,056 - -

- - (10,376,770) - -

- - (838,867) - -

185,260 217,332 8,764,891 0 0

3 4 5 6 7

973,042 1,005,115 1,030,255 - -

- - 19,738,056 - -

973,042 1,005,115 20,768,311 - -

Starting Ending

11,810,855 11,789,497

11,789,497 11,768,059

11,768,059 11,746,541

11,746,541 11,724,942

11,724,942 11,703,262

11,703,262 11,681,501

11,681,501 11,659,658 11,659,658 11,637,733

11,637,733 11,615,726

11,615,726 11,593,636

11,593,636 11,571,464

11,571,464 11,549,208

11,549,208 11,526,869

11,526,869 11,504,446

11,504,446 11,481,939

11,481,939 11,459,348

11,459,348 11,436,672

11,436,672 11,413,911

11,413,911 11,391,065

11,391,065 11,368,133

11,368,133 11,345,115

11,345,115 11,322,010

11,322,010 11,298,819

11,298,819 11,275,541

11,275,541 11,252,176



10,049,241 10,021,277

10,021,277 9,993,208

9,993,208 9,965,034

9,965,034 9,936,755

9,936,755 9,908,369

9,908,369 9,879,877

9,879,877 9,851,278 9,851,278 9,822,571

9,822,571 9,793,758

9,793,758 9,764,836

9,764,836 9,735,805

9,735,805 9,706,666

9,706,666 9,677,417

9,677,417 9,648,059

9,648,059 9,618,591

9,618,591 9,589,012

9,589,012 9,559,322

9,559,322 9,529,521

9,529,521 9,499,608

9,499,608 9,469,583

9,469,583 9,439,445

9,439,445 9,409,195

9,409,195 9,378,831

9,378,831 9,348,353

9,348,353 9,317,760

9,317,760 9,287,053

9,287,053 9,256,231

9,256,231 9,225,294 9,225,294 9,194,240

9,194,240 9,163,070

9,163,070 9,131,783

9,131,783 9,100,378

9,100,378 9,068,856

9,068,856 9,037,216

9,037,216 9,005,457

9,005,457 8,973,579

8,973,579 8,941,581

8,941,581 8,909,463

8,909,463 8,877,225

8,877,225 8,844,866

8,844,866 8,812,386

8,812,386 8,779,784

8,779,784 8,747,060

8,747,060 8,714,212

8,714,212 8,681,242

8,681,242 8,648,148

8,648,148 8,614,930



8,614,930 8,581,588

8,581,588 8,548,120

8,548,120 8,514,527

8,514,527 8,480,808

8,480,808 8,446,962

8,446,962 8,412,990

8,412,990 8,378,890 8,378,890 8,344,662

8,344,662 8,310,306

8,310,306 8,275,821

8,275,821 8,241,207

8,241,207 8,206,463

8,206,463 8,171,589

8,171,589 8,136,583

8,136,583 8,101,447

8,101,447 8,066,179

8,066,179 8,030,779

8,030,779 7,995,245

7,995,245 7,959,579

7,959,579 7,923,779

7,923,779 7,887,844

7,887,844 7,851,775

7,851,775 7,815,571

7,815,571 7,779,231

7,779,231 7,742,754

7,742,754 7,706,141

7,706,141 7,669,390

7,669,390 7,632,502 7,632,502 7,595,475

7,595,475 7,558,310

7,558,310 7,521,005

7,521,005 7,483,560

7,483,560 7,445,975

7,445,975 7,408,249

7,408,249 7,370,381

7,370,381 7,332,372

7,332,372 7,294,219

7,294,219 7,255,924

7,255,924 7,217,485

7,217,485 7,178,902

7,178,902 7,140,175

7,140,175 7,101,302

7,101,302 7,062,283

7,062,283 7,023,118

7,023,118 6,983,806

6,983,806 6,944,347

6,944,347 6,904,740



6,904,740 6,864,984

6,864,984 6,825,079

6,825,079 6,785,024

6,785,024 6,744,820

6,744,820 6,704,464

6,704,464 6,663,957

6,663,957 6,623,299 6,623,299 6,582,487

6,582,487 6,541,523

6,541,523 6,500,405

6,500,405 6,459,133

6,459,133 6,417,706

6,417,706 6,376,124

6,376,124 6,334,386

6,334,386 6,292,491

6,292,491 6,250,440

6,250,440 6,208,230

6,208,230 6,165,863

6,165,863 6,123,336

6,123,336 6,080,650

6,080,650 6,037,804

6,037,804 5,994,797

5,994,797 5,951,629

5,951,629 5,908,299

5,908,299 5,864,807

5,864,807 5,821,151

5,821,151 5,777,332

5,777,332 5,733,348 5,733,348 5,689,200

5,689,200 5,644,886

5,644,886 5,600,405

5,600,405 5,555,758

5,555,758 5,510,944

5,510,944 5,465,961

5,465,961 5,420,810

5,420,810 5,375,490

5,375,490 5,329,999

5,329,999 5,284,338

5,284,338 5,238,506

5,238,506 5,192,502

5,192,502 5,146,325

5,146,325 5,099,975

5,099,975 5,053,451

5,053,451 5,006,753

5,006,753 4,959,880

4,959,880 4,912,831

4,912,831 4,865,605



4,865,605 4,818,203

4,818,203 4,770,623

4,770,623 4,722,864

4,722,864 4,674,926

4,674,926 4,626,808

4,626,808 4,578,510

4,578,510 4,530,031 4,530,031 4,481,370

4,481,370 4,432,527

4,432,527 4,383,500

4,383,500 4,334,290

4,334,290 4,284,895

4,284,895 4,235,315

4,235,315 4,185,548

4,185,548 4,135,596

4,135,596 4,085,456

4,085,456 4,035,128

4,035,128 3,984,611

3,984,611 3,933,904

3,933,904 3,883,008

3,883,008 3,831,921

3,831,921 3,780,642

3,780,642 3,729,171

3,729,171 3,677,506

3,677,506 3,625,649

3,625,649 3,573,596

3,573,596 3,521,349



8 9 10

1,785,311 1,833,514 1,883,019

(89,266) (91,676) (94,151)

1,696,045 1,741,838 1,788,868

30,000 30,000 30,000

(183,154) (186,817) (190,553)

(47,209) (50,042) (53,045)

(84,802) (87,092) (89,443)

(79,374) (81,755) (84,207) (69,838) (71,934) (74,092)

(13,221) (13,618) (14,026)

(29,118) (30,282) (31,494)

(10,737) (11,059) (11,391)

(56,574) (58,271) (60,020)

(11,833) (12,188) (12,553)

(30,924) (31,953) (33,017)

(616,784) (635,011) (653,841)

8 9 10

1,109,261 1,136,828 1,165,027

(787,783) (787,783) (787,783)

321,479 349,045 377,244

8 9 10



- - -

- - -

- - -

- - -

0 0 0

8 9 10

- - -

- - -

- - -



Mortgage Options:


Rate 3.85% Purchase


LTV 65% Year 2










Holding Period

Revenue 0 1 2

PGI 1,447,500 1,505,400


EGI 1,375,125 1,430,130


Expenses

Property Taxes (134,088) (136,770)

Untilities (31,397) (33,281)

Management (68,756) (71,507)


Pest Control (10,750) (11,073)

Security (22,127) (23,012)



Legal (9,621) (9,910)

Insurance (24,587) (25,406)


Year 0 1 2

NOI 927,746 967,838

Loan Payment (712,878) (712,878)



Acq. Equity (5,348,239)



BTCF - 214,867.70 254,960

Disposition - - -

Loan Payoff - - -

Cost of sale - - -

Total Lev CF -5,348,239 214,868 254,960

Levered IRR 20.01%


Profit 7,358,885



NOI - 927,746 967,838

Disposition - - -



Loan Payoff (8,113,496.83)


Profit 9,965,437


1 59,407 27,540 31,867

2 59,407 27,628 31,778

3 59,407 27,717 31,690

4 59,407 27,806 31,601

5 59,407 27,895 31,511

6 59,407 27,985 31,422

7 59,407 28,074 31,332 8 59,407 28,164 31,242

9 59,407 28,255 31,152

10 59,407 28,345 31,061

11 59,407 28,436 30,970

12 59,407 28,528 30,879

13 59,407 28,619 30,787

14 59,407 28,711 30,696

15 59,407 28,803 30,603

16 59,407 28,895 30,511

17 59,407 28,988 30,418

18 59,407 29,081 30,325

19 59,407 29,174 30,232

20 59,407 29,268 30,138

21 59,407 29,362 30,045

22 59,407 29,456 29,950

23 59,407 29,551 29,856

24 59,407 29,645 29,761

25 59,407 29,741 29,666



26 59,407 29,836 29,570

27 59,407 29,932 29,475

28 59,407 30,028 29,379

29 59,407 30,124 29,282

30 59,407 30,221 29,186

31 59,407 30,318 29,089

32 59,407 30,415 28,992 33 59,407 30,513 28,894

34 59,407 30,610 28,796

35 59,407 30,709 28,698

36 59,407 30,807 28,599

37 59,407 30,906 28,500

38 59,407 31,005 28,401

39 59,407 31,105 28,302

40 59,407 31,204 28,202

41 59,407 31,305 28,102

42 59,407 31,405 28,001

43 59,407 31,506 27,901

44 59,407 31,607 27,800

45 59,407 31,708 27,698

46 59,407 31,810 27,597

47 59,407 31,912 27,494

48 59,407 32,014 27,392

49 59,407 32,117 27,289

50 59,407 32,220 27,186

51 59,407 32,324 27,083

52 59,407 32,427 26,979

53 59,407 32,531 26,875 54 59,407 32,636 26,771

55 59,407 32,740 26,666

56 59,407 32,845 26,561

57 59,407 32,951 26,456

58 59,407 33,057 26,350

59 59,407 33,163 26,244

60 59,407 33,269 26,138

61 59,407 33,376 26,031

62 59,407 33,483 25,924

63 59,407 33,590 25,816

64 59,407 33,698 25,709

65 59,407 33,806 25,600

66 59,407 33,915 25,492

67 59,407 34,023 25,383

68 59,407 34,133 25,274

69 59,407 34,242 25,164

70 59,407 34,352 25,055

71 59,407 34,462 24,944

72 59,407 34,573 24,834



73 59,407 34,684 24,723

74 59,407 34,795 24,612

75 59,407 34,906 24,500

76 59,407 35,018 24,388

77 59,407 35,131 24,276

78 59,407 35,244 24,163

79 59,407 35,357 24,050 80 59,407 35,470 23,936

81 59,407 35,584 23,823

82 59,407 35,698 23,708

83 59,407 35,813 23,594

84 59,407 35,927 23,479

85 59,407 36,043 23,364

86 59,407 36,158 23,248

87 59,407 36,274 23,132

88 59,407 36,391 23,016

89 59,407 36,507 22,899

90 59,407 36,625 22,782

91 59,407 36,742 22,664

92 59,407 36,860 22,546

93 59,407 36,978 22,428

94 59,407 37,097 22,310

95 59,407 37,216 22,191

96 59,407 37,335 22,071

97 59,407 37,455 21,951

98 59,407 37,575 21,831

99 59,407 37,696 21,711

100 59,407 37,817 21,590 101 59,407 37,938 21,468

102 59,407 38,060 21,347

103 59,407 38,182 21,225

104 59,407 38,304 21,102

105 59,407 38,427 20,979

106 59,407 38,551 20,856

107 59,407 38,674 20,732

108 59,407 38,798 20,608

109 59,407 38,923 20,484

110 59,407 39,048 20,359

111 59,407 39,173 20,233

112 59,407 39,299 20,108

113 59,407 39,425 19,982

114 59,407 39,551 19,855

115 59,407 39,678 19,728

116 59,407 39,805 19,601

117 59,407 39,933 19,473

118 59,407 40,061 19,345

119 59,407 40,190 19,217



120 59,407 40,319 19,088

121 59,407 40,448 18,958

122 59,407 40,578 18,829

123 59,407 40,708 18,698

124 59,407 40,839 18,568

125 59,407 40,970 18,437

126 59,407 41,101 18,305 127 59,407 41,233 18,173

128 59,407 41,365 18,041

129 59,407 41,498 17,908

130 59,407 41,631 17,775

131 59,407 41,765 17,642

132 59,407 41,899 17,508

133 59,407 42,033 17,373

134 59,407 42,168 17,239

135 59,407 42,303 17,103

136 59,407 42,439 16,967

137 59,407 42,575 16,831

138 59,407 42,712 16,695

139 59,407 42,849 16,558

140 59,407 42,986 16,420

141 59,407 43,124 16,282

142 59,407 43,263 16,144

143 59,407 43,401 16,005

144 59,407 43,541 15,866

145 59,407 43,680 15,726

146 59,407 43,820 15,586

147 59,407 43,961 15,445 148 59,407 44,102 15,304

149 59,407 44,244 15,163

150 59,407 44,385 15,021

151 59,407 44,528 14,879

152 59,407 44,671 14,736

153 59,407 44,814 14,592

154 59,407 44,958 14,449

155 59,407 45,102 14,304

156 59,407 45,247 14,160

157 59,407 45,392 14,015

158 59,407 45,538 13,869

159 59,407 45,684 13,723

160 59,407 45,830 13,576

161 59,407 45,977 13,429

162 59,407 46,125 13,282

163 59,407 46,273 13,134

164 59,407 46,421 12,985

165 59,407 46,570 12,836

166 59,407 46,720 12,687



167 59,407 46,869 12,537

168 59,407 47,020 12,387

169 59,407 47,171 12,236

170 59,407 47,322 12,084

171 59,407 47,474 11,933

172 59,407 47,626 11,780

173 59,407 47,779 11,628 174 59,407 47,932 11,474

175 59,407 48,086 11,320

176 59,407 48,240 11,166

177 59,407 48,395 11,011

178 59,407 48,550 10,856

179 59,407 48,706 10,700

180 59,407 48,862 10,544

181 59,407 49,019 10,387

182 59,407 49,176 10,230

183 59,407 49,334 10,072

184 59,407 49,493 9,914

185 59,407 49,651 9,755

186 59,407 49,811 9,596

187 59,407 49,970 9,436

188 59,407 50,131 9,276

189 59,407 50,292 9,115

190 59,407 50,453 8,954

191 59,407 50,615 8,792

192 59,407 50,777 8,629

193 59,407 50,940 8,466

194 59,407 51,104 8,303 195 59,407 51,267 8,139

196 59,407 51,432 7,975

197 59,407 51,597 7,810

198 59,407 51,763 7,644

199 59,407 51,929 7,478

200 59,407 52,095 7,311

201 59,407 52,262 7,144

202 59,407 52,430 6,977

203 59,407 52,598 6,808

204 59,407 52,767 6,640

205 59,407 52,936 6,470

206 59,407 53,106 6,300

207 59,407 53,276 6,130

208 59,407 53,447 5,959

209 59,407 53,619 5,788

210 59,407 53,791 5,616

211 59,407 53,963 5,443

212 59,407 54,137 5,270

213 59,407 54,310 5,096



214 59,407 54,485 4,922

215 59,407 54,659 4,747

216 59,407 54,835 4,572

217 59,407 55,011 4,396

218 59,407 55,187 4,219

219 59,407 55,364 4,042

220 59,407 55,542 3,865 221 59,407 55,720 3,686

222 59,407 55,899 3,508

223 59,407 56,078 3,328

224 59,407 56,258 3,148

225 59,407 56,439 2,968

226 59,407 56,620 2,787

227 59,407 56,801 2,605

228 59,407 56,984 2,423

229 59,407 57,166 2,240

230 59,407 57,350 2,057

231 59,407 57,534 1,873

232 59,407 57,718 1,688

233 59,407 57,904 1,503

234 59,407 58,089 1,317

235 59,407 58,276 1,131

236 59,407 58,463 944

237 59,407 58,650 756

238 59,407 58,838 568

239 59,407 59,027 379

240 59,407 59,217 190





Untilities (31,397)


3.25% Repairs (64,538)


2.00% Security (22,127)



3.33% Legal (9,621)

3.00% Insurance (24,587)

5.35%

4.25%

5

3 4 5 6 7

1,554,326 1,604,841 1,648,172 1,692,672 1,738,375

(77,716) (80,242) (82,409) (84,634) (86,919)

1,476,609 1,524,599 1,565,763 1,608,039 1,651,456

30,000 30,000 30,000 30,000 30,000

(139,505) (142,295) (145,141) (148,044) (151,005)

(35,278) (37,394) (39,638) (42,016) (44,537)

(73,830) (76,230) (78,288) (80,402) (82,573)

(68,468) (70,522) (72,638) (74,817) (77,062) (60,243) (62,051) (63,912) (65,829) (67,804)

(11,405) (11,747) (12,099) (12,462) (12,836)

(23,933) (24,890) (25,885) (26,921) (27,998)

(9,262) (9,540) (9,826) (10,120) (10,424)

(48,801) (50,265) (51,773) (53,327) (54,926)

(10,207) (10,513) (10,829) (11,153) (11,488)

(26,252) (27,126) (28,029) (28,963) (29,927)

(507,184) (522,573) (538,059) (554,055) (570,580)

3 4 5 6 7

999,425 1,032,026 1,057,704 1,083,984 1,110,876

(712,878) (712,878) (712,878) (712,878) (712,878)

286,547 319,148 344,826 371,106 397,998

3 4 5 6 7



286,547 319,148 344,826 - -

- - 20,261,381 - -

- - (8,113,497) - -

- - (861,109) - -

286,547 319,148 11,631,601 0 0

3 4 5 6 7

999,425 1,032,026 1,057,704 - -

- - 20,261,381 - -

999,425 1,032,026 21,319,085 - -

Starting Ending

9,932,444 9,904,904

9,904,904 9,877,276

9,877,276 9,849,559

9,849,559 9,821,753

9,821,753 9,793,858

9,793,858 9,765,874

9,765,874 9,737,800 9,737,800 9,709,635

9,709,635 9,681,380

9,681,380 9,653,035

9,653,035 9,624,599

9,624,599 9,596,071

9,596,071 9,567,452

9,567,452 9,538,741

9,538,741 9,509,938

9,509,938 9,481,043

9,481,043 9,452,054

9,452,054 9,422,973

9,422,973 9,393,799

9,393,799 9,364,531

9,364,531 9,335,169

9,335,169 9,305,713

9,305,713 9,276,162

9,276,162 9,246,516

9,246,516 9,216,776



9,216,776 9,186,940

9,186,940 9,157,008

9,157,008 9,126,980

9,126,980 9,096,856

9,096,856 9,066,635

9,066,635 9,036,318

9,036,318 9,005,903 9,005,903 8,975,390

8,975,390 8,944,780

8,944,780 8,914,071

8,914,071 8,883,264

8,883,264 8,852,358

8,852,358 8,821,353

8,821,353 8,790,248

8,790,248 8,759,043

8,759,043 8,727,739

8,727,739 8,696,334

8,696,334 8,664,828

8,664,828 8,633,221

8,633,221 8,601,513

8,601,513 8,569,703

8,569,703 8,537,791

8,537,791 8,505,777

8,505,777 8,473,659

8,473,659 8,441,439

8,441,439 8,409,116

8,409,116 8,376,688

8,376,688 8,344,157 8,344,157 8,311,521

8,311,521 8,278,781

8,278,781 8,245,936

8,245,936 8,212,985

8,212,985 8,179,928

8,179,928 8,146,766

8,146,766 8,113,497

8,113,497 8,080,121

8,080,121 8,046,638

8,046,638 8,013,048

8,013,048 7,979,350

7,979,350 7,945,544

7,945,544 7,911,630

7,911,630 7,877,606

7,877,606 7,843,474

7,843,474 7,809,232

7,809,232 7,774,880

7,774,880 7,740,418

7,740,418 7,705,845



7,705,845 7,671,161

7,671,161 7,636,367

7,636,367 7,601,460

7,601,460 7,566,442

7,566,442 7,531,311

7,531,311 7,496,067

7,496,067 7,460,711 7,460,711 7,425,240

7,425,240 7,389,657

7,389,657 7,353,959

7,353,959 7,318,146

7,318,146 7,282,219

7,282,219 7,246,176

7,246,176 7,210,018

7,210,018 7,173,743

7,173,743 7,137,352

7,137,352 7,100,845

7,100,845 7,064,220

7,064,220 7,027,478

7,027,478 6,990,618

6,990,618 6,953,640

6,953,640 6,916,543

6,916,543 6,879,327

6,879,327 6,841,992

6,841,992 6,804,537

6,804,537 6,766,961

6,766,961 6,729,265

6,729,265 6,691,449 6,691,449 6,653,511

6,653,511 6,615,451

6,615,451 6,577,269

6,577,269 6,538,964

6,538,964 6,500,537

6,500,537 6,461,986

6,461,986 6,423,312

6,423,312 6,384,514

6,384,514 6,345,591

6,345,591 6,306,543

6,306,543 6,267,370

6,267,370 6,228,071

6,228,071 6,188,647

6,188,647 6,149,095

6,149,095 6,109,417

6,109,417 6,069,612

6,069,612 6,029,679

6,029,679 5,989,617

5,989,617 5,949,428



5,949,428 5,909,109

5,909,109 5,868,661

5,868,661 5,828,083

5,828,083 5,787,375

5,787,375 5,746,536

5,746,536 5,705,566

5,705,566 5,664,465 5,664,465 5,623,232

5,623,232 5,581,867

5,581,867 5,540,369

5,540,369 5,498,738

5,498,738 5,456,973

5,456,973 5,415,074

5,415,074 5,373,041

5,373,041 5,330,873

5,330,873 5,288,570

5,288,570 5,246,131

5,246,131 5,203,556

5,203,556 5,160,844

5,160,844 5,117,995

5,117,995 5,075,009

5,075,009 5,031,885

5,031,885 4,988,622

4,988,622 4,945,221

4,945,221 4,901,680

4,901,680 4,858,000

4,858,000 4,814,179

4,814,179 4,770,218 4,770,218 4,726,116

4,726,116 4,681,873

4,681,873 4,637,487

4,637,487 4,592,959

4,592,959 4,548,289

4,548,289 4,503,475

4,503,475 4,458,517

4,458,517 4,413,415

4,413,415 4,368,168

4,368,168 4,322,776

4,322,776 4,277,238

4,277,238 4,231,555

4,231,555 4,185,724

4,185,724 4,139,747

4,139,747 4,093,622

4,093,622 4,047,349

4,047,349 4,000,928

4,000,928 3,954,358

3,954,358 3,907,638



3,907,638 3,860,769

3,860,769 3,813,749

3,813,749 3,766,578

3,766,578 3,719,256

3,719,256 3,671,782

3,671,782 3,624,156

3,624,156 3,576,377 3,576,377 3,528,445

3,528,445 3,480,359

3,480,359 3,432,118

3,432,118 3,383,723

3,383,723 3,335,173

3,335,173 3,286,467

3,286,467 3,237,604

3,237,604 3,188,585

3,188,585 3,139,409

3,139,409 3,090,074

3,090,074 3,040,582

3,040,582 2,990,931

2,990,931 2,941,120

2,941,120 2,891,150

2,891,150 2,841,019

2,841,019 2,790,727

2,790,727 2,740,274

2,740,274 2,689,660

2,689,660 2,638,882

2,638,882 2,587,942

2,587,942 2,536,839 2,536,839 2,485,571

2,485,571 2,434,139

2,434,139 2,382,542

2,382,542 2,330,780

2,330,780 2,278,851

2,278,851 2,226,756

2,226,756 2,174,494

2,174,494 2,122,064

2,122,064 2,069,466

2,069,466 2,016,699

2,016,699 1,963,762

1,963,762 1,910,656

1,910,656 1,857,380

1,857,380 1,803,932

1,803,932 1,750,313

1,750,313 1,696,523

1,696,523 1,642,559

1,642,559 1,588,422

1,588,422 1,534,112



1,534,112 1,479,628

1,479,628 1,424,968

1,424,968 1,370,133

1,370,133 1,315,123

1,315,123 1,259,936

1,259,936 1,204,571

1,204,571 1,149,030 1,149,030 1,093,310

1,093,310 1,037,411

1,037,411 981,333

981,333 925,075

925,075 868,636

868,636 812,016

812,016 755,215

755,215 698,232

698,232 641,065

641,065 583,715

583,715 526,182

526,182 468,463

468,463 410,560

410,560 352,471

352,471 294,195

294,195 235,732

235,732 177,082

177,082 118,244

118,244 59,217

59,217 0



8 9 10

1,785,311 1,833,514 1,883,019

(89,266) (91,676) (94,151)

1,696,045 1,741,838 1,788,868

30,000 30,000 30,000

(154,025) (157,105) (160,248)

(47,209) (50,042) (53,045)

(84,802) (87,092) (89,443)

(79,374) (81,755) (84,207) (69,838) (71,934) (74,092)

(13,221) (13,618) (14,026)

(29,118) (30,282) (31,494)

(10,737) (11,059) (11,391)

(56,574) (58,271) (60,020)

(11,833) (12,188) (12,553)

(30,924) (31,953) (33,017)

(587,655) (605,299) (623,535)

8 9 10

1,138,390 1,166,539 1,195,333

(712,878) (712,878) (712,878)

425,512 453,661 482,455

8 9 10



- - -

- - -

- - -

- - -

0 0 0

8 9 10

- - -

- - -

- - -



Mortgage Options:


Rate 4.50% Purchase


LTV 75% Year 2

Balance 11,810,855.29 year 3









Holding Period

Revenue 0 1 2

PGI 1,447,500 1,505,400


EGI 1,375,125 1,430,130


Expenses

Property Taxes (159,447) (162,635)

Untilities (31,397) (33,281)

Management (68,756) (71,507)


Pest Control (10,750) (11,073)

Security (22,127) (23,012)



Legal (9,621) (9,910)

Insurance (24,587) (25,406)


Year 0 1 2

NOI 902,387 941,973

Loan Payment (787,783) (787,783)



Acq. Equity (3,936,952)



BTCF - 114,604 154,190

Disposition - - -

Loan Payoff - - -

Cost of sale - - -

Total Lev CF -3,936,952 114,604 154,190

Levered IRR 20.33%


Profit 9,448,027



NOI - 902,387 941,973

Disposition - - -


Unlevered IRR 9.65%



Profit 11,977,129


1 65,649 21,358 44,291

2 65,649 21,438 44,211

3 65,649 21,518 44,130

4 65,649 21,599 44,050

5 65,649 21,680 43,969

6 65,649 21,761 43,887

7 65,649 21,843 43,806 8 65,649 21,925 43,724

9 65,649 22,007 43,641

10 65,649 22,090 43,559

11 65,649 22,172 43,476

12 65,649 22,256 43,393

13 65,649 22,339 43,310

14 65,649 22,423 43,226

15 65,649 22,507 43,142

16 65,649 22,591 43,057

17 65,649 22,676 42,973

18 65,649 22,761 42,888

19 65,649 22,846 42,802

20 65,649 22,932 42,716

21 65,649 23,018 42,630

22 65,649 23,104 42,544

23 65,649 23,191 42,458

24 65,649 23,278 42,371

25 65,649 23,365 42,283



26 65,649 23,453 42,196

27 65,649 23,541 42,108

28 65,649 23,629 42,019

29 65,649 23,718 41,931

30 65,649 23,807 41,842

31 65,649 23,896 41,753

32 65,649 23,986 41,663 33 65,649 24,076 41,573

34 65,649 24,166 41,483

35 65,649 24,256 41,392

36 65,649 24,347 41,301

37 65,649 24,439 41,210

38 65,649 24,530 41,118

39 65,649 24,622 41,026

40 65,649 24,715 40,934

41 65,649 24,807 40,841

42 65,649 24,900 40,748

43 65,649 24,994 40,655

44 65,649 25,087 40,561

45 65,649 25,182 40,467

46 65,649 25,276 40,373

47 65,649 25,371 40,278

48 65,649 25,466 40,183

49 65,649 25,561 40,087

50 65,649 25,657 39,991

51 65,649 25,753 39,895

52 65,649 25,850 39,799

53 65,649 25,947 39,702 54 65,649 26,044 39,604

55 65,649 26,142 39,507

56 65,649 26,240 39,409

57 65,649 26,338 39,310

58 65,649 26,437 39,211

59 65,649 26,536 39,112

60 65,649 26,636 39,013

61 65,649 26,736 38,913

62 65,649 26,836 38,813

63 65,649 26,937 38,712

64 65,649 27,038 38,611

65 65,649 27,139 38,510

66 65,649 27,241 38,408

67 65,649 27,343 38,306

68 65,649 27,445 38,203

69 65,649 27,548 38,100

70 65,649 27,652 37,997

71 65,649 27,755 37,893

72 65,649 27,859 37,789



73 65,649 27,964 37,685

74 65,649 28,069 37,580

75 65,649 28,174 37,475

76 65,649 28,280 37,369

77 65,649 28,386 37,263

78 65,649 28,492 37,156

79 65,649 28,599 37,050 80 65,649 28,706 36,942

81 65,649 28,814 36,835

82 65,649 28,922 36,727

83 65,649 29,030 36,618

84 65,649 29,139 36,509

85 65,649 29,249 36,400

86 65,649 29,358 36,290

87 65,649 29,468 36,180

88 65,649 29,579 36,070

89 65,649 29,690 35,959

90 65,649 29,801 35,847

91 65,649 29,913 35,736

92 65,649 30,025 35,624

93 65,649 30,138 35,511

94 65,649 30,251 35,398

95 65,649 30,364 35,284

96 65,649 30,478 35,171

97 65,649 30,592 35,056

98 65,649 30,707 34,942

99 65,649 30,822 34,826

100 65,649 30,938 34,711 101 65,649 31,054 34,595

102 65,649 31,170 34,478

103 65,649 31,287 34,362

104 65,649 31,404 34,244

105 65,649 31,522 34,126

106 65,649 31,640 34,008

107 65,649 31,759 33,890

108 65,649 31,878 33,770

109 65,649 31,998 33,651

110 65,649 32,118 33,531

111 65,649 32,238 33,410

112 65,649 32,359 33,290

113 65,649 32,480 33,168

114 65,649 32,602 33,046

115 65,649 32,724 32,924

116 65,649 32,847 32,801

117 65,649 32,970 32,678

118 65,649 33,094 32,555

119 65,649 33,218 32,431



120 65,649 33,343 32,306

121 65,649 33,468 32,181

122 65,649 33,593 32,055

123 65,649 33,719 31,929

124 65,649 33,846 31,803

125 65,649 33,972 31,676

126 65,649 34,100 31,549 127 65,649 34,228 31,421

128 65,649 34,356 31,292

129 65,649 34,485 31,164

130 65,649 34,614 31,034

131 65,649 34,744 30,905

132 65,649 34,874 30,774

133 65,649 35,005 30,643

134 65,649 35,136 30,512

135 65,649 35,268 30,380

136 65,649 35,400 30,248

137 65,649 35,533 30,115

138 65,649 35,666 29,982

139 65,649 35,800 29,848

140 65,649 35,934 29,714

141 65,649 36,069 29,579

142 65,649 36,204 29,444

143 65,649 36,340 29,308

144 65,649 36,476 29,172

145 65,649 36,613 29,035

146 65,649 36,751 28,898

147 65,649 36,888 28,760 148 65,649 37,027 28,622

149 65,649 37,166 28,483

150 65,649 37,305 28,344

151 65,649 37,445 28,204

152 65,649 37,585 28,063

153 65,649 37,726 27,922

154 65,649 37,868 27,781

155 65,649 38,010 27,639

156 65,649 38,152 27,496

157 65,649 38,295 27,353

158 65,649 38,439 27,210

159 65,649 38,583 27,066

160 65,649 38,728 26,921

161 65,649 38,873 26,776

162 65,649 39,019 26,630

163 65,649 39,165 26,484

164 65,649 39,312 26,337

165 65,649 39,459 26,189

166 65,649 39,607 26,041



167 65,649 39,756 25,893

168 65,649 39,905 25,744

169 65,649 40,055 25,594

170 65,649 40,205 25,444

171 65,649 40,355 25,293

172 65,649 40,507 25,142

173 65,649 40,659 24,990 174 65,649 40,811 24,837

175 65,649 40,964 24,684

176 65,649 41,118 24,531

177 65,649 41,272 24,377

178 65,649 41,427 24,222

179 65,649 41,582 24,066

180 65,649 41,738 23,910

181 65,649 41,895 23,754

182 65,649 42,052 23,597

183 65,649 42,209 23,439

184 65,649 42,368 23,281

185 65,649 42,527 23,122

186 65,649 42,686 22,963

187 65,649 42,846 22,802

188 65,649 43,007 22,642

189 65,649 43,168 22,480

190 65,649 43,330 22,319

191 65,649 43,492 22,156

192 65,649 43,656 21,993

193 65,649 43,819 21,829

194 65,649 43,984 21,665 195 65,649 44,149 21,500

196 65,649 44,314 21,334

197 65,649 44,480 21,168

198 65,649 44,647 21,002

199 65,649 44,814 20,834

200 65,649 44,983 20,666

201 65,649 45,151 20,497

202 65,649 45,321 20,328

203 65,649 45,490 20,158

204 65,649 45,661 19,987

205 65,649 45,832 19,816

206 65,649 46,004 19,644

207 65,649 46,177 19,472

208 65,649 46,350 19,299

209 65,649 46,524 19,125

210 65,649 46,698 18,950

211 65,649 46,873 18,775

212 65,649 47,049 18,600

213 65,649 47,225 18,423



214 65,649 47,403 18,246

215 65,649 47,580 18,068

216 65,649 47,759 17,890

217 65,649 47,938 17,711

218 65,649 48,118 17,531

219 65,649 48,298 17,351

220 65,649 48,479 17,169 221 65,649 48,661 16,988

222 65,649 48,843 16,805

223 65,649 49,027 16,622

224 65,649 49,210 16,438

225 65,649 49,395 16,254

226 65,649 49,580 16,068

227 65,649 49,766 15,882

228 65,649 49,953 15,696

229 65,649 50,140 15,508

230 65,649 50,328 15,320

231 65,649 50,517 15,132

232 65,649 50,706 14,942

233 65,649 50,896 14,752

234 65,649 51,087 14,561

235 65,649 51,279 14,370

236 65,649 51,471 14,177

237 65,649 51,664 13,984

238 65,649 51,858 13,791

239 65,649 52,052 13,596

240 65,649 52,248 13,401





Untilities (31,397)


3.25% Repairs (64,538)


2.00% Security (22,127)



3.33% Legal (9,621)

3.00% Insurance (24,587)

5.35%

4.25%

7

3 4 5 6 7

1,554,326 1,604,841 1,648,172 1,692,672 1,738,375

(77,716) (80,242) (82,409) (84,634) (86,919)

1,476,609 1,524,599 1,565,763 1,608,039 1,651,456

30,000 30,000 30,000 30,000 30,000

(165,888) (169,206) (172,590) (176,042) (179,563)

(35,278) (37,394) (39,638) (42,016) (44,537)

(73,830) (76,230) (78,288) (80,402) (82,573)

(68,468) (70,522) (72,638) (74,817) (77,062) (60,243) (62,051) (63,912) (65,829) (67,804)

(11,405) (11,747) (12,099) (12,462) (12,836)

(23,933) (24,890) (25,885) (26,921) (27,998)

(9,262) (9,540) (9,826) (10,120) (10,424)

(48,801) (50,265) (51,773) (53,327) (54,926)

(10,207) (10,513) (10,829) (11,153) (11,488)

(26,252) (27,126) (28,029) (28,963) (29,927)

(533,567) (549,484) (565,508) (582,053) (599,138)

3 4 5 6 7

973,042 1,005,115 1,030,255 1,055,986 1,082,318

(787,783) (787,783) (787,783) (787,783) (787,783)

185,260 217,332 242,473 268,203 294,535

3 4 5 6 7



185,260 217,332 242,473 268,203 294,535

- - - - 20,733,859.04

- - - - (9,706,665.843)

- - - - 881,189

185,260 217,332 242,473 268,203 12,202,917

3 4 5 6 7

973,042 1,005,115 1,030,255 1,055,986 1,082,318

- - - - 20,733,859

973,042 1,005,115 1,030,255 1,055,986 21,816,177

Starting Ending

11,810,855 11,789,497

11,789,497 11,768,059

11,768,059 11,746,541

11,746,541 11,724,942

11,724,942 11,703,262

11,703,262 11,681,501

11,681,501 11,659,658 11,659,658 11,637,733

11,637,733 11,615,726

11,615,726 11,593,636

11,593,636 11,571,464

11,571,464 11,549,208

11,549,208 11,526,869

11,526,869 11,504,446

11,504,446 11,481,939

11,481,939 11,459,348

11,459,348 11,436,672

11,436,672 11,413,911

11,413,911 11,391,065

11,391,065 11,368,133

11,368,133 11,345,115

11,345,115 11,322,010

11,322,010 11,298,819

11,298,819 11,275,541

11,275,541 11,252,176



11,252,176 11,228,723

11,228,723 11,205,182

11,205,182 11,181,553

11,181,553 11,157,835

11,157,835 11,134,029

11,134,029 11,110,133

11,110,133 11,086,147 11,086,147 11,062,071

11,062,071 11,037,906

11,037,906 11,013,649

11,013,649 10,989,302

10,989,302 10,964,863

10,964,863 10,940,333

10,940,333 10,915,711

10,915,711 10,890,996

10,890,996 10,866,189

10,866,189 10,841,288

10,841,288 10,816,294

10,816,294 10,791,207

10,791,207 10,766,025

10,766,025 10,740,749

10,740,749 10,715,379

10,715,379 10,689,913

10,689,913 10,664,351

10,664,351 10,638,694

10,638,694 10,612,941

10,612,941 10,587,091

10,587,091 10,561,144 10,561,144 10,535,099

10,535,099 10,508,957

10,508,957 10,482,717

10,482,717 10,456,379

10,456,379 10,429,942

10,429,942 10,403,406

10,403,406 10,376,770

10,376,770 10,350,034

10,350,034 10,323,198

10,323,198 10,296,262

10,296,262 10,269,224

10,269,224 10,242,085

10,242,085 10,214,844

10,214,844 10,187,501

10,187,501 10,160,056

10,160,056 10,132,508

10,132,508 10,104,856

10,104,856 10,077,101

10,077,101 10,049,241



10,049,241 10,021,277

10,021,277 9,993,208

9,993,208 9,965,034

9,965,034 9,936,755

9,936,755 9,908,369

9,908,369 9,879,877

9,879,877 9,851,278 9,851,278 9,822,571

9,822,571 9,793,758

9,793,758 9,764,836

9,764,836 9,735,805

9,735,805 9,706,666

9,706,666 9,677,417

9,677,417 9,648,059

9,648,059 9,618,591

9,618,591 9,589,012

9,589,012 9,559,322

9,559,322 9,529,521

9,529,521 9,499,608

9,499,608 9,469,583

9,469,583 9,439,445

9,439,445 9,409,195

9,409,195 9,378,831

9,378,831 9,348,353

9,348,353 9,317,760

9,317,760 9,287,053

9,287,053 9,256,231

9,256,231 9,225,294 9,225,294 9,194,240

9,194,240 9,163,070

9,163,070 9,131,783

9,131,783 9,100,378

9,100,378 9,068,856

9,068,856 9,037,216

9,037,216 9,005,457

9,005,457 8,973,579

8,973,579 8,941,581

8,941,581 8,909,463

8,909,463 8,877,225

8,877,225 8,844,866

8,844,866 8,812,386

8,812,386 8,779,784

8,779,784 8,747,060

8,747,060 8,714,212

8,714,212 8,681,242

8,681,242 8,648,148

8,648,148 8,614,930



8,614,930 8,581,588

8,581,588 8,548,120

8,548,120 8,514,527

8,514,527 8,480,808

8,480,808 8,446,962

8,446,962 8,412,990

8,412,990 8,378,890 8,378,890 8,344,662

8,344,662 8,310,306

8,310,306 8,275,821

8,275,821 8,241,207

8,241,207 8,206,463

8,206,463 8,171,589

8,171,589 8,136,583

8,136,583 8,101,447

8,101,447 8,066,179

8,066,179 8,030,779

8,030,779 7,995,245

7,995,245 7,959,579

7,959,579 7,923,779

7,923,779 7,887,844

7,887,844 7,851,775

7,851,775 7,815,571

7,815,571 7,779,231

7,779,231 7,742,754

7,742,754 7,706,141

7,706,141 7,669,390

7,669,390 7,632,502 7,632,502 7,595,475

7,595,475 7,558,310

7,558,310 7,521,005

7,521,005 7,483,560

7,483,560 7,445,975

7,445,975 7,408,249

7,408,249 7,370,381

7,370,381 7,332,372

7,332,372 7,294,219

7,294,219 7,255,924

7,255,924 7,217,485

7,217,485 7,178,902

7,178,902 7,140,175

7,140,175 7,101,302

7,101,302 7,062,283

7,062,283 7,023,118

7,023,118 6,983,806

6,983,806 6,944,347

6,944,347 6,904,740



6,904,740 6,864,984

6,864,984 6,825,079

6,825,079 6,785,024

6,785,024 6,744,820

6,744,820 6,704,464

6,704,464 6,663,957

6,663,957 6,623,299 6,623,299 6,582,487

6,582,487 6,541,523

6,541,523 6,500,405

6,500,405 6,459,133

6,459,133 6,417,706

6,417,706 6,376,124

6,376,124 6,334,386

6,334,386 6,292,491

6,292,491 6,250,440

6,250,440 6,208,230

6,208,230 6,165,863

6,165,863 6,123,336

6,123,336 6,080,650

6,080,650 6,037,804

6,037,804 5,994,797

5,994,797 5,951,629

5,951,629 5,908,299

5,908,299 5,864,807

5,864,807 5,821,151

5,821,151 5,777,332

5,777,332 5,733,348 5,733,348 5,689,200

5,689,200 5,644,886

5,644,886 5,600,405

5,600,405 5,555,758

5,555,758 5,510,944

5,510,944 5,465,961

5,465,961 5,420,810

5,420,810 5,375,490

5,375,490 5,329,999

5,329,999 5,284,338

5,284,338 5,238,506

5,238,506 5,192,502

5,192,502 5,146,325

5,146,325 5,099,975

5,099,975 5,053,451

5,053,451 5,006,753

5,006,753 4,959,880

4,959,880 4,912,831

4,912,831 4,865,605



4,865,605 4,818,203

4,818,203 4,770,623

4,770,623 4,722,864

4,722,864 4,674,926

4,674,926 4,626,808

4,626,808 4,578,510

4,578,510 4,530,031 4,530,031 4,481,370

4,481,370 4,432,527

4,432,527 4,383,500

4,383,500 4,334,290

4,334,290 4,284,895

4,284,895 4,235,315

4,235,315 4,185,548

4,185,548 4,135,596

4,135,596 4,085,456

4,085,456 4,035,128

4,035,128 3,984,611

3,984,611 3,933,904

3,933,904 3,883,008

3,883,008 3,831,921

3,831,921 3,780,642

3,780,642 3,729,171

3,729,171 3,677,506

3,677,506 3,625,649

3,625,649 3,573,596

3,573,596 3,521,349



8 9 10

1,785,311 1,833,514 1,883,019

(89,266) (91,676) (94,151)

1,696,045 1,741,838 1,788,868

30,000 30,000 30,000

(183,154) (186,817) (190,553)

(47,209) (50,042) (53,045)

(84,802) (87,092) (89,443)

(79,374) (81,755) (84,207) (69,838) (71,934) (74,092)

(13,221) (13,618) (14,026)

(29,118) (30,282) (31,494)

(10,737) (11,059) (11,391)

(56,574) (58,271) (60,020)

(11,833) (12,188) (12,553)

(30,924) (31,953) (33,017)

(616,784) (635,011) (653,841)

8 9 10

1,109,261 1,136,828 1,165,027

(787,783) (787,783) (787,783)

321,479 349,045 377,244

8 9 10



- - -

- - -

- - -

- - -

0 0 0

8 9 10

- - -

- - -

- - -



Mortgage Options:


Rate 3.85% Purchase


LTV 65% Year 2










Holding Period

Revenue 0 1 2

PGI 1,447,500 1,505,400


EGI 1,375,125 1,430,130


Expenses

Property Taxes (134,088) (136,770)

Untilities (31,397) (33,281)

Management (68,756) (71,507)


Pest Control (10,750) (11,073)

Security (22,127) (23,012)



Legal (9,621) (9,910)

Insurance (24,587) (25,406)


Year 0 1 2

NOI 927,746 967,838

Loan Payment (712,878) (712,878)



Acq. Equity (5,348,239)



BTCF - 214,868 254,960

Disposition - - -

Loan Payoff - - -

Cost of sale - - -

Total Lev CF (5,348,239) 214,868 254,960

Levered IRR 19.50%


Profit 11,741,650



NOI - 927,746 967,838

Disposition - - -





Profit 13,177,242


1 59,407 27,540 31,867

2 59,407 27,628 31,778

3 59,407 27,717 31,690

4 59,407 27,806 31,601

5 59,407 27,895 31,511

6 59,407 27,985 31,422

7 59,407 28,074 31,332 8 59,407 28,164 31,242

9 59,407 28,255 31,152

10 59,407 28,345 31,061

11 59,407 28,436 30,970

12 59,407 28,528 30,879

13 59,407 28,619 30,787

14 59,407 28,711 30,696

15 59,407 28,803 30,603

16 59,407 28,895 30,511

17 59,407 28,988 30,418

18 59,407 29,081 30,325

19 59,407 29,174 30,232

20 59,407 29,268 30,138

21 59,407 29,362 30,045

22 59,407 29,456 29,950

23 59,407 29,551 29,856

24 59,407 29,645 29,761

25 59,407 29,741 29,666



26 59,407 29,836 29,570

27 59,407 29,932 29,475

28 59,407 30,028 29,379

29 59,407 30,124 29,282

30 59,407 30,221 29,186

31 59,407 30,318 29,089

32 59,407 30,415 28,992 33 59,407 30,513 28,894

34 59,407 30,610 28,796

35 59,407 30,709 28,698

36 59,407 30,807 28,599

37 59,407 30,906 28,500

38 59,407 31,005 28,401

39 59,407 31,105 28,302

40 59,407 31,204 28,202

41 59,407 31,305 28,102

42 59,407 31,405 28,001

43 59,407 31,506 27,901

44 59,407 31,607 27,800

45 59,407 31,708 27,698

46 59,407 31,810 27,597

47 59,407 31,912 27,494

48 59,407 32,014 27,392

49 59,407 32,117 27,289

50 59,407 32,220 27,186

51 59,407 32,324 27,083

52 59,407 32,427 26,979

53 59,407 32,531 26,875 54 59,407 32,636 26,771

55 59,407 32,740 26,666

56 59,407 32,845 26,561

57 59,407 32,951 26,456

58 59,407 33,057 26,350

59 59,407 33,163 26,244

60 59,407 33,269 26,138

61 59,407 33,376 26,031

62 59,407 33,483 25,924

63 59,407 33,590 25,816

64 59,407 33,698 25,709

65 59,407 33,806 25,600

66 59,407 33,915 25,492

67 59,407 34,023 25,383

68 59,407 34,133 25,274

69 59,407 34,242 25,164

70 59,407 34,352 25,055

71 59,407 34,462 24,944

72 59,407 34,573 24,834



73 59,407 34,684 24,723

74 59,407 34,795 24,612

75 59,407 34,906 24,500

76 59,407 35,018 24,388

77 59,407 35,131 24,276

78 59,407 35,244 24,163

79 59,407 35,357 24,050 80 59,407 35,470 23,936

81 59,407 35,584 23,823

82 59,407 35,698 23,708

83 59,407 35,813 23,594

84 59,407 35,927 23,479

85 59,407 36,043 23,364

86 59,407 36,158 23,248

87 59,407 36,274 23,132

88 59,407 36,391 23,016

89 59,407 36,507 22,899

90 59,407 36,625 22,782

91 59,407 36,742 22,664

92 59,407 36,860 22,546

93 59,407 36,978 22,428

94 59,407 37,097 22,310

95 59,407 37,216 22,191

96 59,407 37,335 22,071

97 59,407 37,455 21,951

98 59,407 37,575 21,831

99 59,407 37,696 21,711

100 59,407 37,817 21,590 101 59,407 37,938 21,468

102 59,407 38,060 21,347

103 59,407 38,182 21,225

104 59,407 38,304 21,102

105 59,407 38,427 20,979

106 59,407 38,551 20,856

107 59,407 38,674 20,732

108 59,407 38,798 20,608

109 59,407 38,923 20,484

110 59,407 39,048 20,359

111 59,407 39,173 20,233

112 59,407 39,299 20,108

113 59,407 39,425 19,982

114 59,407 39,551 19,855

115 59,407 39,678 19,728

116 59,407 39,805 19,601

117 59,407 39,933 19,473

118 59,407 40,061 19,345

119 59,407 40,190 19,217



120 59,407 40,319 19,088

121 59,407 40,448 18,958

122 59,407 40,578 18,829

123 59,407 40,708 18,698

124 59,407 40,839 18,568

125 59,407 40,970 18,437

126 59,407 41,101 18,305 127 59,407 41,233 18,173

128 59,407 41,365 18,041

129 59,407 41,498 17,908

130 59,407 41,631 17,775

131 59,407 41,765 17,642

132 59,407 41,899 17,508

133 59,407 42,033 17,373

134 59,407 42,168 17,239

135 59,407 42,303 17,103

136 59,407 42,439 16,967

137 59,407 42,575 16,831

138 59,407 42,712 16,695

139 59,407 42,849 16,558

140 59,407 42,986 16,420

141 59,407 43,124 16,282

142 59,407 43,263 16,144

143 59,407 43,401 16,005

144 59,407 43,541 15,866

145 59,407 43,680 15,726

146 59,407 43,820 15,586

147 59,407 43,961 15,445 148 59,407 44,102 15,304

149 59,407 44,244 15,163

150 59,407 44,385 15,021

151 59,407 44,528 14,879

152 59,407 44,671 14,736

153 59,407 44,814 14,592

154 59,407 44,958 14,449

155 59,407 45,102 14,304

156 59,407 45,247 14,160

157 59,407 45,392 14,015

158 59,407 45,538 13,869

159 59,407 45,684 13,723

160 59,407 45,830 13,576

161 59,407 45,977 13,429

162 59,407 46,125 13,282

163 59,407 46,273 13,134

164 59,407 46,421 12,985

165 59,407 46,570 12,836

166 59,407 46,720 12,687



167 59,407 46,869 12,537

168 59,407 47,020 12,387

169 59,407 47,171 12,236

170 59,407 47,322 12,084

171 59,407 47,474 11,933

172 59,407 47,626 11,780

173 59,407 47,779 11,628 174 59,407 47,932 11,474

175 59,407 48,086 11,320

176 59,407 48,240 11,166

177 59,407 48,395 11,011

178 59,407 48,550 10,856

179 59,407 48,706 10,700

180 59,407 48,862 10,544

181 59,407 49,019 10,387

182 59,407 49,176 10,230

183 59,407 49,334 10,072

184 59,407 49,493 9,914

185 59,407 49,651 9,755

186 59,407 49,811 9,596

187 59,407 49,970 9,436

188 59,407 50,131 9,276

189 59,407 50,292 9,115

190 59,407 50,453 8,954

191 59,407 50,615 8,792

192 59,407 50,777 8,629

193 59,407 50,940 8,466

194 59,407 51,104 8,303 195 59,407 51,267 8,139

196 59,407 51,432 7,975

197 59,407 51,597 7,810

198 59,407 51,763 7,644

199 59,407 51,929 7,478

200 59,407 52,095 7,311

201 59,407 52,262 7,144

202 59,407 52,430 6,977

203 59,407 52,598 6,808

204 59,407 52,767 6,640

205 59,407 52,936 6,470

206 59,407 53,106 6,300

207 59,407 53,276 6,130

208 59,407 53,447 5,959

209 59,407 53,619 5,788

210 59,407 53,791 5,616

211 59,407 53,963 5,443

212 59,407 54,137 5,270

213 59,407 54,310 5,096



214 59,407 54,485 4,922

215 59,407 54,659 4,747

216 59,407 54,835 4,572

217 59,407 55,011 4,396

218 59,407 55,187 4,219

219 59,407 55,364 4,042

220 59,407 55,542 3,865 221 59,407 55,720 3,686

222 59,407 55,899 3,508

223 59,407 56,078 3,328

224 59,407 56,258 3,148

225 59,407 56,439 2,968

226 59,407 56,620 2,787

227 59,407 56,801 2,605

228 59,407 56,984 2,423

229 59,407 57,166 2,240

230 59,407 57,350 2,057

231 59,407 57,534 1,873

232 59,407 57,718 1,688

233 59,407 57,904 1,503

234 59,407 58,089 1,317

235 59,407 58,276 1,131

236 59,407 58,463 944

237 59,407 58,650 756

238 59,407 58,838 568

239 59,407 59,027 379

240 59,407 59,217 190





Untilities (31,397)


3.25% Repairs (64,538)


2.00% Security (22,127)



3.33% Legal (9,621)

3.00% Insurance (24,587)

5.35%

4.25%

7

3 4 5 6 7

1,554,326 1,604,841 1,648,172 1,692,672 1,738,375

(77,716) (80,242) (82,409) (84,634) (86,919)

1,476,609 1,524,599 1,565,763 1,608,039 1,651,456

30,000 30,000 30,000 30,000 30,000

(139,505) (142,295) (145,141) (148,044) (151,005)

(35,278) (37,394) (39,638) (42,016) (44,537)

(73,830) (76,230) (78,288) (80,402) (82,573)

(68,468) (70,522) (72,638) (74,817) (77,062) (60,243) (62,051) (63,912) (65,829) (67,804)

(11,405) (11,747) (12,099) (12,462) (12,836)

(23,933) (24,890) (25,885) (26,921) (27,998)

(9,262) (9,540) (9,826) (10,120) (10,424)

(48,801) (50,265) (51,773) (53,327) (54,926)

(10,207) (10,513) (10,829) (11,153) (11,488)

(26,252) (27,126) (28,029) (28,963) (29,927)

(507,184) (522,573) (538,059) (554,055) (570,580)

3 4 5 6 7

999,425 1,032,026 1,057,704 1,083,984 1,110,876

(712,878) (712,878) (712,878) (712,878) (712,878)

286,547 319,148 344,826 371,106 397,998

3 4 5 6 7



286,547 319,148 344,826 371,106 397,998

- - - - 21,278,326

- - - - (7,282,219)

- - - - 904,329

286,547 319,148 344,826 371,106 15,298,434

3 4 5 6 7

999,425 1,032,026 1,057,704 1,083,984 1,110,876

- - - - 21,278,326

999,425 1,032,026 1,057,704 1,083,984 22,389,202

Starting Ending

9,932,444 9,904,904

9,904,904 9,877,276

9,877,276 9,849,559

9,849,559 9,821,753

9,821,753 9,793,858

9,793,858 9,765,874

9,765,874 9,737,800 9,737,800 9,709,635

9,709,635 9,681,380

9,681,380 9,653,035

9,653,035 9,624,599

9,624,599 9,596,071

9,596,071 9,567,452

9,567,452 9,538,741

9,538,741 9,509,938

9,509,938 9,481,043

9,481,043 9,452,054

9,452,054 9,422,973

9,422,973 9,393,799

9,393,799 9,364,531

9,364,531 9,335,169

9,335,169 9,305,713

9,305,713 9,276,162

9,276,162 9,246,516

9,246,516 9,216,776



9,216,776 9,186,940

9,186,940 9,157,008

9,157,008 9,126,980

9,126,980 9,096,856

9,096,856 9,066,635

9,066,635 9,036,318

9,036,318 9,005,903 9,005,903 8,975,390

8,975,390 8,944,780

8,944,780 8,914,071

8,914,071 8,883,264

8,883,264 8,852,358

8,852,358 8,821,353

8,821,353 8,790,248

8,790,248 8,759,043

8,759,043 8,727,739

8,727,739 8,696,334

8,696,334 8,664,828

8,664,828 8,633,221

8,633,221 8,601,513

8,601,513 8,569,703

8,569,703 8,537,791

8,537,791 8,505,777

8,505,777 8,473,659

8,473,659 8,441,439

8,441,439 8,409,116

8,409,116 8,376,688

8,376,688 8,344,157 8,344,157 8,311,521

8,311,521 8,278,781

8,278,781 8,245,936

8,245,936 8,212,985

8,212,985 8,179,928

8,179,928 8,146,766

8,146,766 8,113,497

8,113,497 8,080,121

8,080,121 8,046,638

8,046,638 8,013,048

8,013,048 7,979,350

7,979,350 7,945,544

7,945,544 7,911,630

7,911,630 7,877,606

7,877,606 7,843,474

7,843,474 7,809,232

7,809,232 7,774,880

7,774,880 7,740,418

7,740,418 7,705,845



7,705,845 7,671,161

7,671,161 7,636,367

7,636,367 7,601,460

7,601,460 7,566,442

7,566,442 7,531,311

7,531,311 7,496,067

7,496,067 7,460,711 7,460,711 7,425,240

7,425,240 7,389,657

7,389,657 7,353,959

7,353,959 7,318,146

7,318,146 7,282,219

7,282,219 7,246,176

7,246,176 7,210,018

7,210,018 7,173,743

7,173,743 7,137,352

7,137,352 7,100,845

7,100,845 7,064,220

7,064,220 7,027,478

7,027,478 6,990,618

6,990,618 6,953,640

6,953,640 6,916,543

6,916,543 6,879,327

6,879,327 6,841,992

6,841,992 6,804,537

6,804,537 6,766,961

6,766,961 6,729,265

6,729,265 6,691,449 6,691,449 6,653,511

6,653,511 6,615,451

6,615,451 6,577,269

6,577,269 6,538,964

6,538,964 6,500,537

6,500,537 6,461,986

6,461,986 6,423,312

6,423,312 6,384,514

6,384,514 6,345,591

6,345,591 6,306,543

6,306,543 6,267,370

6,267,370 6,228,071

6,228,071 6,188,647

6,188,647 6,149,095

6,149,095 6,109,417

6,109,417 6,069,612

6,069,612 6,029,679

6,029,679 5,989,617

5,989,617 5,949,428



5,949,428 5,909,109

5,909,109 5,868,661

5,868,661 5,828,083

5,828,083 5,787,375

5,787,375 5,746,536

5,746,536 5,705,566

5,705,566 5,664,465 5,664,465 5,623,232

5,623,232 5,581,867

5,581,867 5,540,369

5,540,369 5,498,738

5,498,738 5,456,973

5,456,973 5,415,074

5,415,074 5,373,041

5,373,041 5,330,873

5,330,873 5,288,570

5,288,570 5,246,131

5,246,131 5,203,556

5,203,556 5,160,844

5,160,844 5,117,995

5,117,995 5,075,009

5,075,009 5,031,885

5,031,885 4,988,622

4,988,622 4,945,221

4,945,221 4,901,680

4,901,680 4,858,000

4,858,000 4,814,179

4,814,179 4,770,218 4,770,218 4,726,116

4,726,116 4,681,873

4,681,873 4,637,487

4,637,487 4,592,959

4,592,959 4,548,289

4,548,289 4,503,475

4,503,475 4,458,517

4,458,517 4,413,415

4,413,415 4,368,168

4,368,168 4,322,776

4,322,776 4,277,238

4,277,238 4,231,555

4,231,555 4,185,724

4,185,724 4,139,747

4,139,747 4,093,622

4,093,622 4,047,349

4,047,349 4,000,928

4,000,928 3,954,358

3,954,358 3,907,638



3,907,638 3,860,769

3,860,769 3,813,749

3,813,749 3,766,578

3,766,578 3,719,256

3,719,256 3,671,782

3,671,782 3,624,156

3,624,156 3,576,377 3,576,377 3,528,445

3,528,445 3,480,359

3,480,359 3,432,118

3,432,118 3,383,723

3,383,723 3,335,173

3,335,173 3,286,467

3,286,467 3,237,604

3,237,604 3,188,585

3,188,585 3,139,409

3,139,409 3,090,074

3,090,074 3,040,582

3,040,582 2,990,931

2,990,931 2,941,120

2,941,120 2,891,150

2,891,150 2,841,019

2,841,019 2,790,727

2,790,727 2,740,274

2,740,274 2,689,660

2,689,660 2,638,882

2,638,882 2,587,942

2,587,942 2,536,839 2,536,839 2,485,571

2,485,571 2,434,139

2,434,139 2,382,542

2,382,542 2,330,780

2,330,780 2,278,851

2,278,851 2,226,756

2,226,756 2,174,494

2,174,494 2,122,064

2,122,064 2,069,466

2,069,466 2,016,699

2,016,699 1,963,762

1,963,762 1,910,656

1,910,656 1,857,380

1,857,380 1,803,932

1,803,932 1,750,313

1,750,313 1,696,523

1,696,523 1,642,559

1,642,559 1,588,422

1,588,422 1,534,112



1,534,112 1,479,628

1,479,628 1,424,968

1,424,968 1,370,133

1,370,133 1,315,123

1,315,123 1,259,936

1,259,936 1,204,571

1,204,571 1,149,030 1,149,030 1,093,310

1,093,310 1,037,411

1,037,411 981,333

981,333 925,075

925,075 868,636

868,636 812,016

812,016 755,215

755,215 698,232

698,232 641,065

641,065 583,715

583,715 526,182

526,182 468,463

468,463 410,560

410,560 352,471

352,471 294,195

294,195 235,732

235,732 177,082

177,082 118,244

118,244 59,217

59,217 0



8 9 10

1,785,311 1,833,514 1,883,019

(89,266) (91,676) (94,151)

1,696,045 1,741,838 1,788,868

30,000 30,000 30,000

(154,025) (157,105) (160,248)

(47,209) (50,042) (53,045)

(84,802) (87,092) (89,443)

(79,374) (81,755) (84,207) (69,838) (71,934) (74,092)

(13,221) (13,618) (14,026)

(29,118) (30,282) (31,494)

(10,737) (11,059) (11,391)

(56,574) (58,271) (60,020)

(11,833) (12,188) (12,553)

(30,924) (31,953) (33,017)

(587,655) (605,299) (623,535)

8 9 10

1,138,390 1,166,539 1,195,333

(712,878) (712,878) (712,878)

425,512 453,661 482,455

8 9 10



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- - -

- - -

- - -

0 0 0

8 9 10

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hw 3 for Raoul Amezcua's 383

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Transcript of hw 3 for Raoul Amezcua's 383