Investment Assumptions
Price of PropertyNone
Closing CostsNone
Date of Acquisition1 January 2002
Holding Period3 Years
Inflation Rate4% per Year
Sale Price MethodNo Sale Price Computed
Sale Price ParameterNo Sale Price Computed
Selling Costs6% of Sale Price
Investor's Assumptions
General Vacancy & Credit LossZero
Tax Rate - First Year39.6%
Tax Rate - Following Years39.6%
Capital Gain Rate20%
Cost Recovery Recapture Rate25% - Losses Taken Currently
Present Value Discount Rate Before Debt10% per Year
Present Value Discount Rate Before Tax10% per Year
Present Value Discount Rate After Tax10% per Year
Members Assumptions
Total Initial Investment$1,100,000.00
Working Capital Minimum$20,000.00
Working Capital Maximum$20,000.00
Working Capital Interest RateZero
Managing Member Loan Interest Rate0% per Year
Managing Member Tax RateZero
Number of Units Issued11
Cash Distribution PatternQuarterly in Jan, etc
Distribution Assumptions
Cash Distribution Start Date1 July 2002
Preferred Return to Members5% Cumulative
Cash to Members50%
Net Taxable Income to Members50%
Investment Return to Members100% of Investment
Fee to Managing Member on SaleNone
Sale Proceeds to MembersZero
Capital Gain to MembersZero
Investment Tax Credit to MembersZero
Depreciation Assumptions
Depreciable AmountNone
Depreciable Life39 Years
Depreciation MethodStraight Line
Depreciation Start Dateat Acquisition
Unit Sales Draw Unit Sales Draw Loan Assumptions
Draw Percent100%
Draw Rate10% Annually
Draw Period1 Month
Draw Interest PaymentAccrued
Draw LimitNone
Draw PointsNone
Draw Discharge Rate85%
Loan Assumptions
Loan AmountNone
Loan Interest Rate0% Annually
Original Loan Period30 Years
Loan Origination Dateat Acquisition
Loan TypeMonthly Payments, Amortizing
Balloon Payment DueNone
Amortize Points for TaxAmortized over Loan Life
Loan Points ChargedNone
Revenue Assumptions
Annual RevenueNone
Revenue Start Dateat Acquisition
Revenue PeriodUntil Projected Sale
Revenue Growth MethodNo Growth
Unit Sales Unit Sales Parameter Assumptions
Price Multiplier100%
Cost Multiplier100%
Sale Cost/UnitZero
Inflate Unit PricesYes
Price Growth Rate10% Over Inflation
Inflate CostsYes
Cost Growth Rate10% Over Inflation
Executive Lots - Interior Unit Sales Absorption Assumptions
Unit Price$21,000.00
Total Units to be Sold77
Unit Sale Start Date1 July 2002
Unit Sale Growth RateNo Growth is projected
Units Sold per Month5.15
Unit Standard Cost$21,000.00
Unit Sale Cost6% of Unit Sales
Executive Lots - Golf/Lake Unit Sales Absorption Assumptions
Unit Price$33,000.00
Total Units to be Sold17
Unit Sale Start Date1 October 2002
Unit Sale Growth RateNo Growth is projected
Units Sold per Month1
Unit Standard Cost$33,000.00
Unit Sale Cost6% of Unit Sales
Prestige Lots - Interior Unit Sales Absorption Assumptions
Unit Price$37,000.00
Total Units to be Sold26
Unit Sale Start Date1 October 2002
Unit Sale Growth RateNo Growth is projected
Units Sold per Month1.5
Unit Standard Cost$37,000.00
Unit Sale Cost6% of Unit Sales
Expense Assumptions
Annual ExpenseNone
Expense Start Dateat Acquisition
Expense PeriodUntil Projected Sale
Expense Growth MethodNo Growth
Land Unit Sales Spending Assumptions
Unit Sales Cost$1,050,000.00
Expenditure Start1 February 2002
Expenditure Months1 Month
Include in DrawsZero
Site Development Unit Sales Spending Assumptions
Unit Sales CostNone
Expenditure StartNone
Expenditure Months0 Months
Include in DrawsZero
Clearing & Grading Unit Sales Spending Assumptions
Unit Sales Cost$59,429.00
Expenditure Start1 February 2002
Expenditure Months2 Months
Include in Draws100%
Paving Unit Sales Spending Assumptions
Unit Sales Cost$114,549.00
Expenditure Start1 July 2002
Expenditure Months2 Months
Include in Draws100%
Curb & Gutter Unit Sales Spending Assumptions
Unit Sales Cost$64,232.00
Expenditure Start1 July 2002
Expenditure Months2 Months
Include in Draws100%
Sanitary Sewer Unit Sales Spending Assumptions
Unit Sales Cost$158,810.00
Expenditure Start1 April 2002
Expenditure Months3 Months
Include in Draws100%
Storm Sewer Unit Sales Spending Assumptions
Unit Sales Cost$61,277.00
Expenditure Start1 April 2002
Expenditure Months3 Months
Include in Draws100%
Water Unit Sales Spending Assumptions
Unit Sales Cost$63,602.00
Expenditure Start1 May 2002
Expenditure Months1 Month
Include in Draws100%
Entrance Unit Sales Spending Assumptions
Unit Sales Cost$36,000.00
Expenditure Start1 August 2002
Expenditure Months2 Months
Include in Draws100%
Power & Street Lighting Unit Sales Spending Assumptions
Unit Sales Cost$9,300.00
Expenditure Start1 April 2002
Expenditure Months1 Month
Include in Draws100%
Amenity Unit Sales Spending Assumptions
Unit Sales Cost$270,000.00
Expenditure Start1 August 2002
Expenditure Months5 Months
Include in Draws100%
Contingency Unit Sales Spending Assumptions
Unit Sales Cost$35,000.00
Expenditure Start1 February 2002
Expenditure Months1 Month
Include in Draws100%
Engineering Unit Sales Spending Assumptions
Unit Sales CostNone
Expenditure StartNone
Expenditure Months0 Months
Include in DrawsZero
Design Unit Sales Spending Assumptions
Unit Sales Cost$37,500.00
Expenditure Start1 February 2002
Expenditure Months3 Months
Include in Draws100%
Layout Unit Sales Spending Assumptions
Unit Sales Cost$25,000.00
Expenditure Start1 May 2002
Expenditure Months3 Months
Include in Draws100%
Other Costs Unit Sales Spending Assumptions
Unit Sales CostNone
Expenditure StartNone
Expenditure Months0 Months
Include in DrawsZero
Taxes & Insurance Unit Sales Spending Assumptions
Unit Sales Cost$12,000.00
Expenditure Start1 February 2002
Expenditure Months12 Months
Include in Draws100%
Legal & Closing Unit Sales Spending Assumptions
Unit Sales Cost$13,000.00
Expenditure Start1 February 2002
Expenditure Months1 Month
Include in Draws100%
Appraisal Unit Sales Spending Assumptions
Unit Sales Cost$5,000.00
Expenditure Start1 February 2002
Expenditure Months1 Month
Include in Draws100%
Marketing & Advertising Unit Sales Spending Assumptions
Unit Sales Cost$61,250.00
Expenditure Start1 July 2002
Expenditure Months15 Months
Include in Draws100%
County Fees Unit Sales Spending Assumptions
Unit Sales Cost$2,000.00
Expenditure Start1 February 2002
Expenditure Months1 Month
Include in Draws100%
Development Fees Unit Sales Spending Assumptions
Unit Sales Cost$60,000.00
Expenditure Start1 February 2002
Expenditure Months12 Months
Include in Draws100%