Before Tax Cash Flow Projection

Investment and Sale

($3,106,800)

$4,758,769

$1,651,969

Effective Income

$120,000

$363,600

$374,508

$385,743

$397,316

$409,235

$421,512

$434,157

$447,182

$460,598

$3,813,851

Operating Expense

($3,600)

($10,908)

($11,235)

($11,572)

($11,919)

($12,277)

($12,645)

($13,025)

($13,415)

($13,818)

($114,416)

Cash Flow Before Debt

($2,990,400)

$352,692

$363,273

$374,171

$385,396

$396,958

$408,867

$421,133

$433,767

$446,780

$4,758,769

$5,351,404

Debt Service

$1,837,644

($207,468)

($1,809,751)

($1,839,319)

Cash Flow Before Tax

($1,152,756)

$145,224

$155,805

$166,703

$177,928

$189,490

$201,399

$213,665

$226,299

$239,312

$2,949,018

$3,512,086

Taxable Income Projection

Taxable Revenue

$120,000

$363,600

$374,508

$385,743

$397,316

$409,235

$421,512

$434,157

$447,182

$460,598

$3,813,851

Taxable Expense

($3,600)

($10,908)

($11,235)

($11,572)

($11,919)

($12,277)

($12,645)

($13,025)

($13,415)

($13,818)

($114,416)

Interest Expense

($65,626)

($196,147)

($194,962)

($193,652)

($192,205)

($190,607)

($188,841)

($186,891)

($184,736)

($182,356)

($1,776,023)

Depreciation

($14,734)

($50,515)

($48,410)

($467,266)

Ordinary Income

$36,040

$106,030

$117,796

$130,004

$142,676

$155,836

$169,510

$183,726

$198,515

$216,013

$1,456,146

After Tax Cash Flow Projection

Cash Flow Before Tax

($1,152,756)

$145,224

$155,805

$166,703

$177,928

$189,490

$201,399

$213,665

$226,299

$239,312

$2,949,018

$3,512,086

Ordinary Income

$36,040

$106,030

$117,796

$130,004

$142,676

$155,836

$169,510

$183,726

$198,515

$216,013

$1,456,146

Capital Gains

$2,055,940

Taxable Income

$36,040

$106,030

$117,796

$130,004

$142,676

$155,836

$169,510

$183,726

$198,515

$216,013

$2,055,940

$3,512,086

Taxes

($14,272)

($41,988)

($46,647)

($51,481)

($56,500)

($61,711)

($67,126)

($72,756)

($78,612)

($85,541)

($434,551)

($1,011,185)

Cash Flow After Tax

($1,167,028)

$103,236

$109,158

$115,221

$121,429

$127,779

$134,273

$140,909

$147,687

$153,770

$2,514,467

$2,500,901


Rate of Return Before Debt (IRR)	15.2%
Rate of Return Before Tax (IRR)	20.2%
Rate of Return After Tax (IRR)	15.5%
Net Present Value Before Debt @10%	1,066,366
Net Present Value Before Tax @10%	1,010,395
Net Present Value After Tax @10%	505,205