Before Tax Cash Flow Projection

Investment and Sale

($4,381,800)

($270,694)

($108,346)

($8,809)

($9,065)

($18,149)

$7,312,888

$2,516,025

Effective Income

$109,375

$422,910

$553,185

$566,252

$578,946

$598,143

$594,588

$613,955

$616,797

$655,209

$5,309,361

Operating Expense

($30,721)

($51,490)

($52,878)

($54,304)

($55,772)

($57,281)

($58,833)

($60,431)

($62,074)

($63,764)

($547,547)

Cash Flow Before Debt

($4,303,146)

$100,726

$391,961

$511,948

$523,174

$540,862

$526,945

$544,460

$536,574

$591,445

$7,312,888

$7,277,839

Debt Service

$3,385,475

($329,858)

($2,474,060)

($2,057,306)

Cash Flow Before Tax

($917,671)

($229,132)

$62,103

$182,090

$193,316

$211,004

$197,088

$214,602

$206,716

$261,587

$4,838,829

$5,220,533

Taxable Income Projection

Taxable Revenue

$109,375

$422,910

$553,185

$566,252

$578,946

$598,143

$594,588

$613,955

$616,797

$655,209

$5,309,361

Taxable Expense

($30,721)

($51,490)

($52,878)

($54,304)

($55,772)

($57,281)

($58,833)

($60,431)

($62,074)

($63,764)

($547,547)

Interest Expense

($82,489)

($243,527)

($237,286)

($230,594)

($223,418)

($215,724)

($207,473)

($198,626)

($189,139)

($178,966)

($2,007,243)

Depreciation

($23,383)

($74,395)

($90,927)

($95,419)

($93,784)

($93,729)

($92,316)

($74,303)

($829,095)

Ordinary Income

($27,218)

$53,498

$172,095

$185,935

$204,337

$229,719

$234,497

$261,169

$273,268

$338,176

$1,925,476

After Tax Cash Flow Projection

Cash Flow Before Tax

($917,671)

($229,132)

$62,103

$182,090

$193,316

$211,004

$197,088

$214,602

$206,716

$261,587

$4,838,829

$5,220,533

Ordinary Income

($27,218)

$53,498

$172,095

$185,935

$204,337

$229,719

$234,497

$261,169

$273,268

$338,176

$1,925,476

Capital Gains

$3,295,057

Taxable Income

$3,378

$22,902

$172,095

$185,935

$204,337

$229,719

$234,497

$261,169

$273,268

$338,176

$3,295,057

$5,220,533

Taxes

($1,182)

($8,016)

($60,233)

($65,077)

($71,518)

($80,402)

($82,074)

($91,409)

($95,644)

($118,362)

($577,168)

($1,251,085)

Cash Flow After Tax

($918,853)

($237,148)

$1,870

$117,013

$121,799

$130,603

$115,013

$123,193

$111,072

$143,226

$4,261,661

$3,969,448


Rate of Return Before Debt (IRR)	13.5%
Rate of Return Before Tax (IRR)	21.5%
Rate of Return After Tax (IRR)	17.5%
Net Present Value Before Debt @8%	1,894,843
Net Present Value Before Tax @10%	1,547,792
Net Present Value After Tax @8%	1,339,255