Before Tax Cash Flow Projection

Investment and Sale

($3,015,000)

($18,301)

($112,299)

($3,292)

($3,309)

($85,551)

($3,606)

($134,130)

($1,899)

$3,818,679

$441,291

Effective Income

$339,989

$371,173

$354,055

$367,727

$381,745

$360,258

$421,164

$417,404

$446,080

$458,406

$3,918,000

Operating Expense

($66,400)

($68,184)

($70,020)

($71,910)

($73,855)

($75,858)

($77,920)

($80,043)

($82,229)

($84,481)

($750,901)

Cash Flow Before Debt

($3,015,000)

$255,288

$302,989

$171,736

$292,524

$304,581

$198,848

$339,637

$203,230

$361,952

$373,926

$3,818,679

$3,608,390

Debt Service

$2,248,728

($227,991)

($1,565,946)

($1,597,129)

Cash Flow Before Tax

($766,272)

$27,297

$74,998

($56,255)

$64,533

$76,590

($29,143)

$111,646

($24,761)

$133,960

$145,934

$2,252,733

$2,011,261

Taxable Income Projection

Taxable Revenue

$339,989

$371,173

$354,055

$367,727

$381,745

$360,258

$421,164

$417,404

$446,080

$458,406

$3,918,000

Taxable Expense

($66,400)

($68,184)

($70,020)

($71,910)

($73,855)

($75,858)

($77,920)

($80,043)

($82,229)

($84,481)

($750,901)

Interest Expense

($181,116)

($177,131)

($172,816)

($168,142)

($163,080)

($157,598)

($151,661)

($145,232)

($138,269)

($130,727)

($11,357)

($1,597,129)

Depreciation

($51,956)

($56,672)

($61,166)

($65,493)

($64,405)

($69,050)

($73,475)

($77,880)

($82,079)

($66,338)

($668,513)

Ordinary Income

$40,517

$69,186

$50,053

$62,182

$80,405

$57,751

$118,107

$114,248

$143,503

$176,861

($11,357)

$901,456

After Tax Cash Flow Projection

Cash Flow Before Tax

($766,272)

$27,297

$74,998

($56,255)

$64,533

$76,590

($29,143)

$111,646

($24,761)

$133,960

$145,934

$2,252,733

$2,011,261

Ordinary Income

$40,517

$69,186

$50,053

$62,182

$80,405

$57,751

$118,107

$114,248

$143,503

$176,861

($11,357)

$901,456

Capital Gains

$1,109,805

Taxable Income

$40,517

$69,186

$50,053

$62,182

$80,405

$57,751

$118,107

$114,248

$143,503

$176,861

$1,098,448

$2,011,261

Taxes

($16,815)

($28,712)

($20,772)

($25,806)

($33,368)

($23,967)

($49,015)

($47,413)

($59,554)

($73,397)

($228,609)

($607,426)

Cash Flow After Tax

($766,272)

$10,483

$46,286

($77,027)

$38,728

$43,222

($53,110)

$62,631

($72,174)

$74,407

$72,537

$2,024,124

$1,403,835


Rate of Return Before Debt (IRR)	11.2%
Rate of Return Before Tax (IRR)	15.3%
Rate of Return After Tax (IRR)	11.2%
Net Present Value Before Debt @10%	212,846
Net Present Value Before Tax @10%	387,998
Net Present Value After Tax @10%	83,061