2003	2004	2005	2006	2007	2008	2009	2010	2011	2012
Gross Incomehide
Studio	$3,572	$77,878	$108,810	$112,074	$115,437	$118,900	$122,467	$126,141	$129,925	$133,823
One Bedroom	$7,305	$162,070	$226,688	$233,488	$240,493	$247,708	$255,139	$262,793	$270,677	$278,797
2 Bedroom 1 Bath	$11,588	$270,600	$450,000	$463,500	$477,405	$491,727	$506,479	$521,673	$537,324	$553,443
2 Bedroom 2 Bath	$8,033	$184,280	$306,000	$312,120	$318,362	$324,730	$331,224	$337,849	$344,606	$351,498
Laundry	$127	$2,198	$3,023	$3,113	$3,207	$3,303	$3,402	$3,504	$3,609	$3,717
Total Gross Income	$30,623	$697,027	$1,094,520	$1,124,296	$1,154,903	$1,186,367	$1,218,710	$1,251,960	$1,286,140	$1,321,278
Less: Vacancy & Credit Loss	$1,620	$40,065	$109,452	$112,430	$115,490	$118,637	$121,871	$125,196	$128,614	$132,128
Effective Income	$29,003	$656,962	$985,068	$1,011,866	$1,039,413	$1,067,730	$1,096,839	$1,126,764	$1,157,526	$1,189,150
Less: Expenseshide
Management	$1,450	$32,848	$49,253	$50,593	$51,971	$53,387	$54,842	$56,338	$57,876	$59,458
Utilities	$870	$19,709	$29,552	$30,356	$31,182	$32,032	$32,905	$33,803	$34,726	$35,675
Property Tax	$35,284	$35,990	$36,709	$37,444	$38,193	$38,956	$39,736	$40,530	$41,341	$42,168
Gardner	$1,000	$1,030	$1,061	$1,093	$1,126	$1,159	$1,194	$1,230	$1,267	$1,305
Insurance	$3,000	$3,090	$3,183	$3,278	$3,377	$3,478	$3,582	$3,690	$3,800	$3,914
Pool	$1,000	$1,030	$1,061	$1,093	$1,126	$1,159	$1,194	$1,230	$1,267	$1,305
Reserve	$290	$6,570	$9,851	$10,119	$10,394	$10,677	$10,968	$11,268	$11,575	$11,892
Total Operating Expenses	$42,894	$100,266	$130,670	$133,975	$137,367	$140,848	$144,421	$148,088	$151,852	$155,715
Net Operating Income	($13,891)	$556,695	$854,398	$877,891	$902,046	$926,882	$952,418	$978,675	$1,005,674	$1,033,435
Less: Debt Servicehide
Construction Draw	$293,919	$0	$0	$0	$0	$0	$0	$0	$0	$0
Permanent	$0	$426,504	$426,504	$426,504	$426,504	$426,504	$426,504	$426,504	$426,504	$426,504
Total Debt Service	$293,919	$426,504	$426,504	$426,504	$426,504	$426,504	$426,504	$426,504	$426,504	$426,504
Less: Debt Servicehide
Construction Draw	$4,263,200	($4,263,200)	$0	$0	$0	$0	$0	$0	$0	$0
Permanent	$0	$4,050,040	$0	$0	$0	$0	$0	$0	$0	$0
Total Debt Draw & Repay	$4,263,200	($213,160)	$0	$0	$0	$0	$0	$0	$0	$0
Net Operating Cash Flow	($307,810)	$130,191	$427,894	$451,387	$475,542	$500,378	$525,914	$552,171	$579,170	$606,931
Less: Capital Spendinghide
Land	$2,850,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Sitework	$855,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Foundations & Floor Slab	$389,200	$0	$0	$0	$0	$0	$0	$0	$0	$0
Structure	$266,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Building Skin	$461,600	$0	$0	$0	$0	$0	$0	$0	$0	$0
Doors, Balconies	$258,800	$0	$0	$0	$0	$0	$0	$0	$0	$0
Roof Systems	$206,400	$0	$0	$0	$0	$0	$0	$0	$0	$0
Electrical	$33,600	$0	$0	$0	$0	$0	$0	$0	$0	$0
Exterior Contingency	$79,200	$0	$0	$0	$0	$0	$0	$0	$0	$0
Pool	$150,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Landscaping	$110,400	$0	$0	$0	$0	$0	$0	$0	$0	$0
Permits	$10,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Legal & Title	$18,000	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Capital Spending	$5,688,200	$0	$0	$0	$0	$0	$0	$0	$0	$0
Cash Flow Before Tax	($1,732,810)	($82,969)	$427,894	$451,387	$475,542	$500,378	$525,914	$552,171	$579,170	$606,931
Ratio Analysis:
Profitability Ratios
Current RoR Before Tax		369.89%	19.89%	19.51%	19.17%	18.85%	18.55%	18.28%	18.03%
Risk Ratios
Debt Coverage Ratio	-0.047	1.305	2.003	2.058	2.115	2.173	2.233	2.295	2.358	2.423
Breakeven Occupancy	1,099.90%	75.60%	50.90%	49.90%	48.80%	47.80%	46.80%	45.90%	45.00%	44.10%
Loan Balance/Property Value	-3,376.00%	79.60%	51.50%	49.80%	48.10%	46.40%	44.70%	43.10%	41.40%	39.80%
Assumption Ratios
NOI/Property Value		11.00%	11.00%	11.00%	11.00%	11.00%	11.00%	11.00%	11.00%	11.00%
Gross Income Multiple	-4.12	7.26	7.1	7.1	7.1	7.1	7.1	7.11	7.11	7.11
Operating Expense Ratio	140.10%	14.40%	11.90%	11.90%	11.90%	11.90%	11.90%	11.80%	11.80%	11.80%
Analysis Measures:
IRR Before Debt			17.8%	17.3%	17.0%	16.9%	16.8%	16.7%	16.6%	16.6%
IRR Before Tax			30.7%	28.7%	27.4%	26.6%	26.0%	25.6%	25.2%	24.9%