APOD	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
Gross Incomehide
1 Bedroom Units (10 units)	$39,360	$41,328	$43,394	$45,564	$47,842	$50,234	$52,746	$55,383	$58,153	$61,060
2 Bedroom Units (32 units)	$157,440	$165,312	$173,578	$182,256	$191,369	$200,938	$210,985	$221,534	$232,611	$244,241
Laundry	$3,600	$3,780	$3,969	$4,167	$4,376	$4,595	$4,824	$5,066	$5,319	$5,585
Total Gross Income	$200,400	$210,420	$220,941	$231,988	$243,587	$255,767	$268,555	$281,983	$296,082	$310,886
Less: Vacancy & Credit Loss	$10,020	$10,521	$11,047	$11,599	$12,179	$12,788	$13,428	$14,099	$14,804	$15,544
Effective Income	$190,380	$199,899	$209,894	$220,389	$231,408	$242,978	$255,127	$267,884	$281,278	$295,342
Less: Expenseshide
Property Taxes	$18,600	$18,972	$19,351	$19,738	$20,133	$20,536	$20,947	$21,366	$21,793	$22,229
Insurance	$3,000	$3,150	$3,308	$3,473	$3,647	$3,829	$4,020	$4,221	$4,432	$4,654
Pool	$1,200	$1,260	$1,323	$1,389	$1,459	$1,532	$1,608	$1,689	$1,773	$1,862
Gardener	$750	$788	$827	$868	$912	$957	$1,005	$1,055	$1,108	$1,163
Utilities	$4,800	$5,136	$5,496	$5,880	$6,292	$6,732	$7,204	$7,708	$8,247	$8,825
Resident Manager	$10,000	$10,500	$11,025	$11,576	$12,155	$12,763	$13,401	$14,071	$14,775	$15,513
Maintenance	$3,200	$3,360	$3,528	$3,704	$3,890	$4,084	$4,288	$4,503	$4,728	$4,964
Reserve	$3,200	$3,360	$3,528	$3,704	$3,890	$4,084	$4,288	$4,503	$4,728	$4,964
Miscellaneous	$1,200	$1,260	$1,323	$1,389	$1,459	$1,532	$1,608	$1,689	$1,773	$1,862
Management Fee	$9,519	$9,995	$10,495	$11,019	$11,570	$12,149	$12,756	$13,394	$14,064	$14,767
Total Operating Expenses	$55,469	$57,780	$60,203	$62,743	$65,405	$68,197	$71,126	$74,198	$77,421	$80,803
Net Operating Income	$134,911	$142,119	$149,691	$157,646	$166,003	$174,781	$184,002	$193,686	$203,857	$214,539
Less: Debt Service	$130,583	$130,583	$130,583	$130,583	$130,583	$130,583	$130,583	$130,583	$130,583	$130,583
Net Operating Cash Flow	$4,328	$11,536	$19,108	$27,063	$35,420	$44,199	$53,419	$63,103	$73,275	$83,956
Taxable Income and Taxes
(Losses Carried Forward)
Taxable Revenues	$190,380	$199,899	$209,894	$220,389	$231,408	$242,978	$255,127	$267,884	$281,278	$295,342
Less: Deducted Expenses	$55,469	$57,780	$60,203	$62,743	$65,405	$68,197	$71,126	$74,198	$77,421	$80,803
Less: Interest Expense	$123,690	$122,968	$122,171	$121,290	$120,317	$119,242	$118,054	$116,742	$115,293	$113,692
Less: Amortized Points	$620	$620	$620	$620	$620	$620	$620	$620	$620	$620
Less: Depreciation	$44,833	$46,782	$46,782	$46,782	$46,782	$46,782	$46,782	$46,782	$46,782	$44,833
Ordinary Income	($34,231)	($28,251)	($19,882)	($11,045)	($1,716)	$8,138	$18,546	$29,542	$41,163	$55,394
Taxable Income	$0	$0	$0	$0	$0	$0	$0	$0	$2,263	$55,394
(Cum Suspended Losses)	$34,231	$62,483	$82,364	$93,410	$95,125	$86,987	$68,442	$38,899	$0	$0
Taxes Due (- = Savings)	$0	$0	$0	$0	$0	$0	$0	$0	$702	$17,172
Cash Flow After Tax	$4,328	$11,536	$19,108	$27,063	$35,420	$44,199	$53,419	$63,103	$72,573	$66,784
Sale Proceeds:
Sale Value	$1,349,110	$1,421,186	$1,496,909	$1,576,461	$1,660,030	$1,747,813	$1,840,018	$1,936,862	$2,038,573	$2,145,390
Sale Value	$1,349,110	$1,421,186	$1,496,909	$1,576,461	$1,660,030	$1,747,813	$1,840,018	$1,936,862	$2,038,573	$2,145,390
Less: Sale Costs (7%)	$94,438	$99,483	$104,784	$110,352	$116,202	$122,347	$128,801	$135,580	$142,700	$150,177
Less: Loan Repayment	$1,233,107	$1,225,492	$1,217,080	$1,207,787	$1,197,521	$1,186,180	$1,173,652	$1,159,811	$1,144,522	$1,127,631
Sale Proceeds Before Tax	$21,565	$96,211	$175,045	$258,321	$346,307	$439,286	$537,565	$641,470	$751,351	$867,582
Less: Taxes due to Sale	($67,739)	($48,315)	($28,658)	($6,522)	$23,986	$58,317	$92,318	$128,127	$166,323	$198,078
Sale Proceeds After Tax	$89,305	$144,525	$203,703	$264,843	$322,321	$380,968	$445,247	$513,343	$585,028	$669,503
Ratio Analysis:
Profitability Ratios
Capitalization Rate	8.70%	9.17%	9.66%	10.17%	10.71%	11.28%	11.87%	12.50%	13.15%	13.84%
Cash on Cash Before Tax	1.26%	3.35%	5.55%	7.86%	10.29%	12.84%	15.52%	18.34%	21.29%	24.40%
Cash on Cash After Tax	1.26%	3.35%	5.55%	7.86%	10.29%	12.84%	15.52%	18.34%	21.09%	19.41%
Accounting RoR Before Tax		27.80%	31.37%	35.13%	39.10%	43.28%	47.69%	52.34%	57.25%
Accounting RoR After Tax		27.80%	31.37%	35.13%	39.10%	43.28%	47.69%	52.34%	57.04%
Current RoR Before Tax		93.93%	58.49%	44.54%	37.08%	32.43%	29.27%	26.97%	25.22%
Current RoR After Tax		48.93%	39.39%	31.92%	29.18%	28.47%	27.29%	26.26%	26.84%
Risk Ratios
Debt Coverage Ratio	1.033	1.088	1.146	1.207	1.271	1.338	1.409	1.483	1.561	1.643
Breakeven Occupancy	92.80%	89.50%	86.40%	83.30%	80.50%	77.70%	75.10%	72.60%	70.30%	68.00%
Loan Balance/Property Value	91.40%	86.20%	81.30%	76.60%	72.10%	67.90%	63.80%	59.90%	56.10%	52.60%
Assumption Ratios
NOI/Property Value	10.00%	10.00%	10.00%	10.00%	10.00%	10.00%	10.00%	10.00%	10.00%	10.00%
Gross Income Multiple	6.73	6.75	6.78	6.8	6.81	6.83	6.85	6.87	6.89	6.9
Operating Expense Ratio	27.70%	27.50%	27.20%	27.00%	26.90%	26.70%	26.50%	26.30%	26.10%	26.00%
Analysis Measures:
IRR Before Debt		1.2%	5.9%	8.3%	9.7%	10.7%	11.4%	11.9%	12.4%	12.7%
IRR Before Tax					5.7%	10.1%	12.9%	14.7%	15.9%	16.7%
IRR After Tax					4.4%	8.1%	10.6%	12.4%	13.7%	14.6%