Before Tax Cash Flow Projection

Investment and Sale

($1,565,500)

$1,995,213

$429,713

Effective Income

$190,380

$199,899

$209,894

$220,389

$231,408

$242,978

$255,127

$267,884

$281,278

$295,342

$2,394,579

Operating Expense

($55,469)

($57,780)

($60,203)

($62,743)

($65,405)

($68,197)

($71,126)

($74,198)

($77,421)

($80,803)

($673,344)

Cash Flow Before Debt

($1,565,500)

$134,911

$142,119

$149,691

$157,646

$166,003

$174,781

$184,002

$193,686

$203,857

$214,539

$1,995,213

$2,150,948

Debt Service

$1,221,400

($130,583)

($1,127,631)

($1,212,058)

Cash Flow Before Tax

($344,100)

$4,328

$11,536

$19,108

$27,063

$35,420

$44,199

$53,419

$63,103

$73,275

$83,956

$867,582

$938,890

Taxable Income Projection

Taxable Revenue

$190,380

$199,899

$209,894

$220,389

$231,408

$242,978

$255,127

$267,884

$281,278

$295,342

$2,394,579

Taxable Expense

($55,469)

($57,780)

($60,203)

($62,743)

($65,405)

($68,197)

($71,126)

($74,198)

($77,421)

($80,803)

($673,344)

Interest Expense

($124,310)

($123,588)

($122,791)

($121,910)

($120,937)

($119,862)

($118,674)

($117,362)

($115,913)

($114,312)

($12,400)

($1,212,058)

Depreciation

($44,833)

($46,782)

($44,833)

($463,920)

Ordinary Income

($34,231)

($28,251)

($19,882)

($11,045)

($1,716)

$8,138

$18,546

$29,542

$41,163

$55,394

($12,400)

$45,258

After Tax Cash Flow Projection

Cash Flow Before Tax

($344,100)

$4,328

$11,536

$19,108

$27,063

$35,420

$44,199

$53,419

$63,103

$73,275

$83,956

$867,582

$938,890

Ordinary Income

($34,231)

($28,251)

($19,882)

($11,045)

($1,716)

$8,138

$18,546

$29,542

$41,163

$55,394

($12,400)

$45,258

Capital Gains

$893,632

Taxable Income

$2,263

$55,394

$881,232

$938,890

Taxes

($702)

($17,172)

($198,078)

($215,952)

Cash Flow After Tax

($344,100)

$4,328

$11,536

$19,108

$27,063

$35,420

$44,199

$53,419

$63,103

$72,573

$66,784

$669,503

$722,938


Rate of Return Before Debt (IRR)	12.7%
Rate of Return Before Tax (IRR)	16.7%
Rate of Return After Tax (IRR)	14.6%
Net Present Value Before Debt @12%	58,766
Net Present Value Before Tax @12%	135,848
Net Present Value After Tax @12%	65,965