Instructions
1) The user should fill in the requested information in the blocks highlighted in yellow.
2) Property Information requires user input.
3) Expected Expenses requires user input.
4) Debt Assumptions requires user input.
5) 60 month occupancy table requires user input.
6) Economic Assumptions require user input.
7) Capitalization table requires user input.
8) 5 Year improvements budget requires user input.
9) Opening balance sheet requires user input.
10) Return tables are self calculating
11)Key metrics is self calculating
12) Sources and Uses requires user input.
13) Average rent requires user input
14) Fin & Prop is for verification purposes only.
15) Pro Forma is self calculating.
Property Factors
Address:
Street
City
Phone Number
Manager/Principal
Property Information:
Year Constructed
Type of Roofs
Acreage
Buildings
Units
Unit Mix Information
Bedrooms Efficiency Studio 1 bedroom 2 bedroom 3 bedroom 4 bedroom 5 bedroom Total
Qty 0 0 10 20 10 0 0 40
Bathrooms Qty Qty Qty Qty Qty Qty Qty
1 bathroom 10 20
2 bathroom 10
3 bathroom
1/2 bathroom 20
Amenities (Yes / No)
Swimming Pool No
Fitness Center Yes
Playgrounds Yes
Picnic Facilities Yes
Laundry Yes
Business Center No
Tanning Beds No
Clubhouse No
Other No
10
10
40
1 Main Street
Anytown
111-222-3333
John Doe
1985
Pitched
Expenses
ADMINISTRATIVE EXPENSES Monthly Estimate
Advertising & Promotion 100
Marketing 25
Bank & Finance Charges 15
Finance Charges 10
Credit Verifications 50
Office Supplies 10
Postage 5
Printing & Stationary 5
Dues & Subscriptions 15
Office Expense -
Management Fee 1,200
Office Salaries 2,000
Leasing Salaries -
Leasing Commission 120
Legal Fees 50
Audit Fees 50
Telephone 100
Miscellaneous Expense 25
Vehicles -
Washer Dryer Rental -
Resident Releations -
Education -
Meals / Entertainment -
Travel and Lodging -
Renovations -
Points Paid on Loans -
Surveying -
Initial Set Up -
Consulting -
TOTAL ADMINISTRATIVE EXPENSES 3,780
UTILITIES
Electricity 450
Gas -
Water & Sewer 200
TOTAL UTILITIES 650
OPERATING & MAINTENANCE EXPENSES
Maintenance Salary 1,600
Cleaning Supplies 25
Contract Cleaning/Janitorial 200
Contract Labor -
Locks & Keys -
Exterminating 50
Trash Disposal 200
Security Services -
Landscaping & Grounds 500
Hardware Repair Materials 100
Appliance Parts 100
Paint & Wallpaper Supplies 150
Contract Maintenance -
Plumbing Repairs - Contract -
Electrical & Mechanical 25
Contract Painting -
Roof Repairs -
Fire Protection -
HVAC (Heat, Ventilation, A/C) 125
Swimming Pool -
Misc. Maintenance -
TOTAL OPERATING & MAINTENANCE EXPENSES 3,075
TAXES & INSURANCE (Recommend discussing and establishing estimates with your accountant)
Property Tax 1,000
Insurance 850
Group Insurance - Medical Plans -
Other Taxes & Licenses -
Federal Payroll Tax 450
State Payroll Tax 125
Social Security and Medicaid 100
State Sales Tax on Services (NC) -
County Occupany Tax -
TOTAL TAXES & INSURANCE 2,525
TOTAL OPERATING EXPENSES 10,030
Capital Reserve Rate / Unit (Stated as an Annual Number) 2,200
Note: A normal capital reserve rate is between 1,800 and 4,200 per unit per year.
Income
RENT FACTORS
Less: Bad Debt 3.00% Enter the Assumed %
Less: Concessions 200 Enter the Assumed Amount
OTHER INCOME ENTER ASSUMED AMOUNTS
Laundry & Vending Income 100
Washer/Dryer Rental -
Cable TV -
Late Fees 40
NSF Charge 25
Deposit Forfeit -
Cleaning & Damages 200
Termination Fee -
Application Fees 160
Utilities -
Pet Fees 35
Interest Income -
Miscellaneous Income 100
Storage Income -
Furniture -
Lock Out or Replacement -
TOTAL OTHER INCOME 660
Debt Factors
Rate 7.0000%
Term (in months) 60
Amortization 360
Loan Amount 1,500,000
Interest Only (Y/N) N
Loan Payment 9,980
Executed Date Monday, January 01, 2001
Due Date Monday, January 01, 2001
Application Fees 5,000
Legal Expense 12,000
Bank Origination Fee (Points) 20,000
Broker's Origination Fee (Points) 20,000
Bank
Bank Address 2 Main Street, Anytown,AS 11111
Loan Officer John Doe
Loan Officer Email [email protected]
Loan Officer Phone Number xxx-yyy-zzzz
Loan Officer Cell Phone aaa-bbb-cccc
Loan Officer Fax Number ddd-eee-ffff
Brokerage
Broker 3 Main Street, Anytown, AS 11111
Broker Email Jane Doe
Broker Phone Number [email protected]
Broker Cell Phone ggg-hhh-iiii
Broker Fax Number jjj-kkk-llll
Occupancy Assumptions
1 2 3 4 5 6 7 8 9 10 11 12 Total
Occupancy % 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90%
Year 1
1 2 3 4 5 6 7 8 9 10 11 12 Total
Occupancy % 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90%
Year 2
1 2 3 4 5 6 7 8 9 10 11 12 Total
Occupancy % 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90%
Year 3
1 2 3 4 5 6 7 8 9 10 11 12 Total
Occupancy % 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90%
Year 4
1 2 3 4 5 6 7 8 9 10 11 12 Total
Occupancy % 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90%
Year 5
Economic Assumptions
Annual Rent Increase 4.00% Enter annual % increase or decrease expected. A decrease would be a negative percentage
Annual Expense Increase 2.50% Enter annual % increase or decrease expected. A decrease would be a negative percentage
Capitalization Table
# Name Business Name Address Phone Cell Phone Fax Email Investment Units %
1 John Anybody ACME 4 Main Street, Anytown, AS 11111 111-222-3334 111-222-3335 111-222-3336 [email protected] 750,000 15 80%
2 0 0%
3 0 0%
4 0 0%
5 0 0%
6 0 0%
7 0 0%
8 0 0%
9 0 0%
10 0 0%
11 0 0%
12 0 0%
13 0 0%
14 0 0%
15 0 0%
16 0 0%
17 0 0%
18 0 0%
19 0 0%
20 0 0%
21 0 0%
22 0 0%
23 0 0%
24 0 0%
25 0 0%
26 0 0%
27 0 0%
28 0 0%
29 0 0%
30 0 0%
31 0 0%
32 0 0%
33 0 0%
34 0 0%
35 Principal 0 0%
Management 20%
Total 750,000 15
Unit Price 50000
Investor Information
Improvement Budget
Category 1 2 3 4 5 6 7 8 9 10 11 12 Total
Landscaping -
Paving -
Drainage -
Lights -
Appliances 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000
Doors -
Windows -
Drywall and Painting -
HVAC -
Flooring -
Cabinets -
Hardware -
Fixtures -
Swimming Pool -
Miscellaneous -
Club House -
Laundry -
Business Center -
Total 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000
Total Improvements 60,000
Year 1
Category 1 2 3 4 5 6 7 8 9 10 11 12 Total
Landscaping -
Paving -
Drainage -
Lights -
Appliances 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000
Doors -
Windows -
Drywall and Painting -
HVAC -
Flooring -
Cabinets -
Hardware -
Fixtures -
Swimming Pool -
Miscellaneous -
Club House -
Laundry -
Business Center -
Total 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000
Year 2
Category 1 2 3 4 5 6 7 8 9 10 11 12 Total
Landscaping -
Paving -
Drainage -
Lights -
Appliances 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000
Doors -
Windows -
Drywall and Painting -
HVAC -
Flooring -
Cabinets -
Hardware -
Fixtures -
Swimming Pool -
Miscellaneous -
Club House -
Laundry -
Business Center -
Total 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000
Year 3
Category 1 2 3 4 5 6 7 8 9 10 11 12 Total
Landscaping -
Paving -
Drainage -
Lights -
Appliances 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000
Doors -
Windows -
Drywall and Painting -
HVAC -
Flooring -
Cabinets -
Hardware -
Fixtures -
Swimming Pool -
Miscellaneous -
Club House -
Laundry -
Business Center -
Total 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000
Year 4
Category 1 2 3 4 5 6 7 8 9 10 11 12 Total
Landscaping -
Paving -
Drainage -
Lights -
Appliances 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000
Doors -
Windows -
Drywall and Painting -
HVAC -
Flooring -
Cabinets -
Hardware -
Fixtures -
Swimming Pool -
Miscellaneous -
Club House -
Laundry -
Business Center -
Total 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000
Year 5
Balance Sheet
Assets Amount
Opening Operating Reserve / Cash 133,000 Operating Cash
Opening Improvement Reserve / Cash 60,000 Purchase Price 2000000
Land 200,000 Debt 1500000
Buildings 1,857,000 Cash Needed 500000
Other Equipment -
Total Assets 2,250,000
Liabilities
Mortgage 1,500,000
Other Liabilities -
Total Liabilities 1,500,000
Owner Equity 750,000
Total Liabilities + Equity 2,250,000
Check Sum -
Note: Buildings should come from the appraiser (the appraiser should be instructed to provide a
value for buildings and a value for land).
Note: Land should come from the appraisal (the appraiser should be instructed to provide a value
for buildings and a value for the land).
Note: Assets must equal total liabilities + equity (if they do not seek an accountant's support for this
table.
Sources and Uses
Sources:
Debt 1,500,000
Equity 750,000
Other
Total Sources 2,250,000
Uses:
Purchase Price 2,000,000
Fees 57,000
Operating Reserve 133,000
Improvement Reserve 60,000 Check Sum (should be 0)
Total Uses 2,250,000 -
Note: Uses must equal sources
Note: Operating reserve should be equal to negative cash flow from the portfolio plus a
reasonable balance for the size the property.
Average Rent Table
Qty Initial Rent
Efficiency Units 0
Studio Units 0
1 Bedroom Units 10 550
2 Bedroom Units 20 625
3 Bedroom Units 10 715
4 Bedroom Units 0
5 Bedroom Units 0
Average Rent 629
Return Tables
Internal Rate of Return
IRR Year 1 Year 2 Year 3 Cash on Cash
18% (750,000) - 1,049,610 299,610
IRR Year 1 Year 2 Year 3 Year 4 Year 5 Cash on Cash
21% (750,000) - - - 1,589,824 839,824
Annual Cash Return on Investment as a Percentage
Year 1 Year 2 Year 3
1.27% 19.25% 20.30%
Year 1 Year 2 Year 3 Year 4 Year 5
1.27% 19.25% 20.30% 21.40% 22.55%
Note 2: The final year cash is the value plus the operating and improvement reserve at the "sale" less the debt.
Note 3: The cash at sale does not account for paid principal if any.
Note 1: IRR Calculation is Based on An Assumed Sale at 8% cap rate in the Final Year and Improves if any cash is returned to investors early.
Key Metrics and Valuation6% Cap Rate 7% Cap Rate 8% Cap Rate 9% Cap Rate
Year 1 Value 2,477,190 2,123,306 1,857,893 1,651,460
Year 2 Value 2,602,688 2,230,875 1,952,016 1,735,125
Year 3 Value 2,733,957 2,343,392 2,050,468 1,822,638
Year 4 Value 2,871,249 2,461,071 2,153,437 1,914,166
Year 5 Value 3,014,823 2,584,134 2,261,117 2,009,882
NOI LTV DSCR
Year 1 Value 151,328 80.74% 1.26
Year 2 Value 166,642 76.84% 1.39
Year 3 Value 174,775 73.15% 1.46
Year 4 Value 183,276 69.66% 1.53
Year 5 Value 192,161 66.34% 1.60
Pro Forma
1 2 3 4 5 6 7 8 9 10 11 12 Total
Rents
Occupancy 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90%
Rent 22,635 22,635 22,635 22,635 22,635 22,635 22,635 22,635 22,635 22,635 22,635 22,635 271,620
Bad Debt 679 679 679 679 679 679 679 679 679 679 679 679 8,149
Concessions 200 200 200 200 200 200 200 200 200 200 200 200 2,400
Net Rent 21,756 21,756 21,756 21,756 21,756 21,756 21,756 21,756 21,756 21,756 21,756 21,756 261,071
Average Rent Per Unit 544 544 544 544 544 544 544 544 544 544 544 544
OTHER INCOME
Laundry & Vending Income 100 100 100 100 100 100 100 100 100 100 100 100 1,200
Washer/Dryer Rental - - - - - - - - - - - - -
Cable TV - - - - - - - - - - - - -
Late Fees 40 40 40 40 40 40 40 40 40 40 40 40 480
NSF Charge 25 25 25 25 25 25 25 25 25 25 25 25 300
Deposit Forfeit - - - - - - - - - - - - -
Cleaning & Damages 200 200 200 200 200 200 200 200 200 200 200 200 2,400
Termination Fee - - - - - - - - - - - - -
Application Fees 160 160 160 160 160 160 160 160 160 160 160 160 1,920
Utilities - - - - - - - - - - - - -
Pet Fees 35 35 35 35 35 35 35 35 35 35 35 35 420
Interest Income - - - - - - - - - - - - -
Miscellaneous Income 100 100 100 100 100 100 100 100 100 100 100 100 1,200
Storage Income - - - - - - - - - - - - -
Furniture - - - - - - - - - - - - -
Lock Out or Replacement - - - - - - - - - - - - -
TOTAL OTHER INCOME 660 660 660 660 660 660 660 660 660 660 660 660 7,920
Total Income 22,416 22,416 22,416 22,416 22,416 22,416 22,416 22,416 22,416 22,416 22,416 22,416 268,991
EXPENSES
ADMINISTRATIVE EXPENSES
Advertising & Promotion 100 100 100 100 100 100 100 100 100 100 100 100 1,100
Marketing 25 25 25 25 25 25 25 25 25 25 25 25 275
Bank & Finance Charges 15 15 15 15 15 15 15 15 15 15 15 15 165
Finance Charges 10 10 10 10 10 10 10 10 10 10 10 10 110
Credit Verifications 50 50 50 50 50 50 50 50 50 50 50 50 550
Office Supplies 10 10 10 10 10 10 10 10 10 10 10 10 110
Postage 5 5 5 5 5 5 5 5 5 5 5 5 55
Printing & Stationary 5 5 5 5 5 5 5 5 5 5 5 5 55
Dues & Subscriptions 15 15 15 15 15 15 15 15 15 15 15 15 165
Office Expense - - - - - - - - - - - - -
Management Fee 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 13,200
Office Salaries 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 22,000
Leasing Salaries - - - - - - - - - - - - -
Leasing Commission 120 120 120 120 120 120 120 120 120 120 120 120 1,320
Legal Fees 50 50 50 50 50 50 50 50 50 50 50 50 550
Audit Fees 50 50 50 50 50 50 50 50 50 50 50 50 550
Telephone 100 100 100 100 100 100 100 100 100 100 100 100 1,100
Miscellaneous Expense 25 25 25 25 25 25 25 25 25 25 25 25 275
Vehicles - - - - - - - - - - - - -
Washer Dryer Rental - - - - - - - - - - - - -
Resident Releations - - - - - - - - - - - - -
Education - - - - - - - - - - - - -
Meals / Entertainment - - - - - - - - - - - - -
Travel and Lodging - - - - - - - - - - - - -
Renovations - - - - - - - - - - - - -
Points Paid on Loans - - - - - - - - - - - - -
Surveying - - - - - - - - - - - - -
Initial Set Up - - - - - - - - - - - - -
Consulting - - - - - - - - - - - - -
TOTAL ADMINISTRATIVE EXPENSES 3,780 3,780 3,780 3,780 3,780 3,780 3,780 3,780 3,780 3,780 3,780 3,780 41,580
Year 1
1 2 3 4 5 6 7 8 9 10 11 12 Total
UTILITIES
Electricity 450 450 450 450 450 450 450 450 450 450 450 450 4,950
Gas - - - - - - - - - - - - -
Water & Sewer 200 200 200 200 200 200 200 200 200 200 200 200 2,200
TOTAL UTILITIES 650 650 650 650 650 650 650 650 650 650 650 650 7,150
OPERATING & MAINTENANCE EXPENSES
Maintenance Salary 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 17,600
Cleaning Supplies 25 25 25 25 25 25 25 25 25 25 25 25 275
Contract Cleaning/Janitorial 200 200 200 200 200 200 200 200 200 200 200 200 2,200
Contract Labor - - - - - - - - - - - - -
Locks & Keys - - - - - - - - - - - - -
Exterminating 50 50 50 50 50 50 50 50 50 50 50 50 550
Trash Disposal 200 200 200 200 200 200 200 200 200 200 200 200 2,200
Security Services - - - - - - - - - - - - -
Landscaping & Grounds 500 500 500 500 500 500 500 500 500 500 500 500 5,500
Hardware Repair Materials 100 100 100 100 100 100 100 100 100 100 100 100 1,100
Appliance Parts 100 100 100 100 100 100 100 100 100 100 100 100 1,100
Paint & Wallpaper Supplies 150 150 150 150 150 150 150 150 150 150 150 150 1,650
Contract Maintenance - - - - - - - - - - - - -
Plumbing Repairs - Contract - - - - - - - - - - - - -
Electrical & Mechanical 25 25 25 25 25 25 25 25 25 25 25 25 275
Contract Painting - - - - - - - - - - - - -
Roof Repairs - - - - - - - - - - - - -
Fire Protection - - - - - - - - - - - - -
HVAC (Heat, Ventilation, A/C) 125 125 125 125 125 125 125 125 125 125 125 125 1,375
Swimming Pool - - - - - - - - - - - - -
Misc. Maintenance - - - - - - - - - - - - -
TOTAL OPERATING & MAINTENANCE EXPENSES 3,075 3,075 3,075 3,075 3,075 3,075 3,075 3,075 3,075 3,075 3,075 3,075 33,825
TAXES & INSURANCE
Property Tax 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 11,000
Insurance 850 850 850 850 850 850 850 850 850 850 850 850 9,350
Group Insurance - Medical Plans - - - - - - - - - - - - -
Other Taxes & Licenses - - - - - - - - - - - - -
Federal Payroll Tax 450 450 450 450 450 450 450 450 450 450 450 450 4,950
State Payroll Tax 125 125 125 125 125 125 125 125 125 125 125 125 1,375
Social Security and Medicaid 100 100 100 100 100 100 100 100 100 100 100 100 1,100
State Sales Tax on Services (NC) - - - - - - - - - - - - -
County Occupany Tax - - - - - - - - - - - - -
TOTAL TAXES & INSURANCE 2,525 2,525 2,525 2,525 2,525 2,525 2,525 2,525 2,525 2,525 2,525 2,525 27,775
TOTAL OPERATING EXPENSES 10,030 10,030 10,030 10,030 10,030 10,030 10,030 10,030 10,030 10,030 10,030 10,030 110,330
Operating Reserve 7,333 - - - - - - - - - - - 7,333
NET OPERATING INCOME 5,053 12,386 12,386 12,386 12,386 12,386 12,386 12,386 12,386 12,386 12,386 12,386 151,328
Debt Service 9,980 9,980 9,980 9,980 9,980 9,980 9,980 9,980 9,980 9,980 9,980 9,980 9,980
Capital Improvements 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000
Net Cash Flow (5,927) 1,406 1,406 1,406 1,406 1,406 1,406 1,406 1,406 1,406 1,406 1,406
Operating and Improvement Reserve 187,073 188,479 189,886 191,292 192,699 194,105 195,512 196,918 198,324 199,731 201,137 202,544
Year 1
Pro Forma
1 2 3 4 5 6 7 8 9 10 11 12 Total
Rents
Occupancy 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90%
Rent 23,540 23,540 23,540 23,540 23,540 23,540 23,540 23,540 23,540 23,540 23,540 23,540 282,485
Bad Debt 706 706 706 706 706 706 706 706 706 706 706 706 8,475
Concessions 200 200 200 200 200 200 200 200 200 200 200 2,200
Net Rent 22,834 22,634 22,634 22,634 22,634 22,634 22,634 22,634 22,634 22,634 22,634 22,634 271,810
Average Rent Per Unit 544 544 544 544 544 544 544 544 544 544 544 544
OTHER INCOME
Laundry & Vending Income 100 100 100 100 100 100 100 100 100 100 100 100 1,200
Washer/Dryer Rental - - - - - - - - - - - - -
Cable TV - - - - - - - - - - - - -
Late Fees 40 40 40 40 40 40 40 40 40 40 40 40 480
NSF Charge 25 25 25 25 25 25 25 25 25 25 25 25 300
Deposit Forfeit - - - - - - - - - - - - -
Cleaning & Damages 200 200 200 200 200 200 200 200 200 200 200 200 2,400
Termination Fee - - - - - - - - - - - - -
Application Fees 160 160 160 160 160 160 160 160 160 160 160 160 1,920
Utilities - - - - - - - - - - - - -
Pet Fees 35 35 35 35 35 35 35 35 35 35 35 35 420
Interest Income - - - - - - - - - - - - -
Miscellaneous Income 100 100 100 100 100 100 100 100 100 100 100 100 1,200
Storage Income - - - - - - - - - - - - -
Furniture - - - - - - - - - - - - -
Lock Out or Replacement - - - - - - - - - - - - -
TOTAL OTHER INCOME 660 660 660 660 660 660 660 660 660 660 660 660 7,920
Total Income 23,494 23,294 23,294 23,294 23,294 23,294 23,294 23,294 23,294 23,294 23,294 23,294 279,730
EXPENSES
ADMINISTRATIVE EXPENSES
Advertising & Promotion 103 103 103 103 103 103 103 103 103 103 103 103 1,128
Marketing 26 26 26 26 26 26 26 26 26 26 26 26 282
Bank & Finance Charges 15 15 15 15 15 15 15 15 15 15 15 15 169
Finance Charges 10 10 10 10 10 10 10 10 10 10 10 10 113
Credit Verifications 51 51 51 51 51 51 51 51 51 51 51 51 564
Office Supplies 10 10 10 10 10 10 10 10 10 10 10 10 113
Postage 5 5 5 5 5 5 5 5 5 5 5 5 56
Printing & Stationary 5 5 5 5 5 5 5 5 5 5 5 5 56
Dues & Subscriptions 15 15 15 15 15 15 15 15 15 15 15 15 169
Office Expense - - - - - - - - - - - - -
Management Fee 1,230 1,230 1,230 1,230 1,230 1,230 1,230 1,230 1,230 1,230 1,230 1,230 13,530
Office Salaries 2,050 2,050 2,050 2,050 2,050 2,050 2,050 2,050 2,050 2,050 2,050 2,050 22,550
Leasing Salaries - - - - - - - - - - - - -
Leasing Commission 123 123 123 123 123 123 123 123 123 123 123 123 1,353
Legal Fees 51 51 51 51 51 51 51 51 51 51 51 51 564
Audit Fees 51 51 51 51 51 51 51 51 51 51 51 51 564
Telephone 103 103 103 103 103 103 103 103 103 103 103 103 1,128
Miscellaneous Expense 26 26 26 26 26 26 26 26 26 26 26 26 282
Vehicles - - - - - - - - - - - - -
Washer Dryer Rental - - - - - - - - - - - - -
Resident Releations - - - - - - - - - - - - -
Education - - - - - - - - - - - - -
Meals / Entertainment - - - - - - - - - - - - -
Travel and Lodging - - - - - - - - - - - - -
Renovations - - - - - - - - - - - - -
Points Paid on Loans - - - - - - - - - - - - -
Surveying - - - - - - - - - - - - -
Initial Set Up - - - - - - - - - - - - -
Consulting - - - - - - - - - - - - -
TOTAL ADMINISTRATIVE EXPENSES 3,875 3,875 3,875 3,875 3,875 3,875 3,875 3,875 3,875 3,875 3,875 3,875 42,620
Year 2
1 2 3 4 5 6 7 8 9 10 11 12 Total
UTILITIES
Electricity 461 461 461 461 461 461 461 461 461 461 461 461 5,074
Gas - - - - - - - - - - - - -
Water & Sewer 205 205 205 205 205 205 205 205 205 205 205 205 2,255
TOTAL UTILITIES 666 666 666 666 666 666 666 666 666 666 666 666 7,329
OPERATING & MAINTENANCE EXPENSES
Maintenance Salary 1,640 1,640 1,640 1,640 1,640 1,640 1,640 1,640 1,640 1,640 1,640 1,640 18,040
Cleaning Supplies 26 26 26 26 26 26 26 26 26 26 26 26 282
Contract Cleaning/Janitorial 205 205 205 205 205 205 205 205 205 205 205 205 2,255
Contract Labor - - - - - - - - - - - - -
Locks & Keys - - - - - - - - - - - - -
Exterminating 51 51 51 51 51 51 51 51 51 51 51 51 564
Trash Disposal 205 205 205 205 205 205 205 205 205 205 205 205 2,255
Security Services - - - - - - - - - - - - -
Landscaping & Grounds 513 513 513 513 513 513 513 513 513 513 513 513 5,638
Hardware Repair Materials 103 103 103 103 103 103 103 103 103 103 103 103 1,128
Appliance Parts 103 103 103 103 103 103 103 103 103 103 103 103 1,128
Paint & Wallpaper Supplies 154 154 154 154 154 154 154 154 154 154 154 154 1,691
Contract Maintenance - - - - - - - - - - - - -
Plumbing Repairs - Contract - - - - - - - - - - - - -
Electrical & Mechanical 26 26 26 26 26 26 26 26 26 26 26 26 282
Contract Painting - - - - - - - - - - - - -
Roof Repairs - - - - - - - - - - - - -
Fire Protection - - - - - - - - - - - - -
HVAC (Heat, Ventilation, A/C) 128 128 128 128 128 128 128 128 128 128 128 128 1,409
Swimming Pool - - - - - - - - - - - - -
Misc. Maintenance - - - - - - - - - - - - -
TOTAL OPERATING & MAINTENANCE EXPENSES 3,152 3,152 3,152 3,152 3,152 3,152 3,152 3,152 3,152 3,152 3,152 3,152 34,671
TAXES & INSURANCE
Property Tax 1,025 1,025 1,025 1,025 1,025 1,025 1,025 1,025 1,025 1,025 1,025 1,025 11,275
Insurance 871 871 871 871 871 871 871 871 871 871 871 871 9,584
Group Insurance - Medical Plans - - - - - - - - - - - - -
Other Taxes & Licenses - - - - - - - - - - - - -
Federal Payroll Tax 461 461 461 461 461 461 461 461 461 461 461 461 5,074
State Payroll Tax 128 128 128 128 128 128 128 128 128 128 128 128 1,409
Social Security and Medicaid 103 103 103 103 103 103 103 103 103 103 103 103 1,128
State Sales Tax on Services (NC) - - - - - - - - - - - - -
County Occupany Tax - - - - - - - - - - - - -
TOTAL TAXES & INSURANCE 2,588 2,588 2,588 2,588 2,588 2,588 2,588 2,588 2,588 2,588 2,588 2,588 28,469
TOTAL OPERATING EXPENSES 10,281 10,281 10,281 10,281 10,281 10,281 10,281 10,281 10,281 10,281 10,281 10,281 113,088
Operating Reserve - - - - - - - - - - - - -
NET OPERATING INCOME 13,213 13,013 13,013 13,013 13,013 13,013 13,013 13,013 13,013 13,013 13,013 13,013 166,642
Debt Service - - - - - - - - - - - - -
Capital Improvements 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000
Net Cash Flow 12,213 12,013 12,013 12,013 12,013 12,013 12,013 12,013 12,013 12,013 12,013 12,013
Operating and Improvement Reserve 214,757 226,770 238,784 250,797 262,811 274,824 286,838 298,851 310,865 322,878 334,891 346,905
Year 2
Pro Forma
1 2 3 4 5 6 7 8 9 10 11 12 Total
Rents
Occupancy 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90%
Rent 24,482 24,482 24,482 24,482 24,482 24,482 24,482 24,482 24,482 24,482 24,482 24,482 293,784
Bad Debt 734 734 734 734 734 734 734 734 734 734 734 734 8,814
Concessions 200 200 200 200 200 200 200 200 200 200 200 2,200
Net Rent 23,748 23,548 23,548 23,548 23,548 23,548 23,548 23,548 23,548 23,548 23,548 23,548 282,771
Average Rent Per Unit 544 544 544 544 544 544 544 544 544 544 544 544
OTHER INCOME
Laundry & Vending Income 100 100 100 100 100 100 100 100 100 100 100 100 1,200
Washer/Dryer Rental - - - - - - - - - - - - -
Cable TV - - - - - - - - - - - - -
Late Fees 40 40 40 40 40 40 40 40 40 40 40 40 480
NSF Charge 25 25 25 25 25 25 25 25 25 25 25 25 300
Deposit Forfeit - - - - - - - - - - - - -
Cleaning & Damages 200 200 200 200 200 200 200 200 200 200 200 200 2,400
Termination Fee - - - - - - - - - - - - -
Application Fees 160 160 160 160 160 160 160 160 160 160 160 160 1,920
Utilities - - - - - - - - - - - - -
Pet Fees 35 35 35 35 35 35 35 35 35 35 35 35 420
Interest Income - - - - - - - - - - - - -
Miscellaneous Income 100 100 100 100 100 100 100 100 100 100 100 100 1,200
Storage Income - - - - - - - - - - - - -
Furniture - - - - - - - - - - - - -
Lock Out or Replacement - - - - - - - - - - - - -
TOTAL OTHER INCOME 660 660 660 660 660 660 660 660 660 660 660 660 7,920
Total Income 24,408 24,208 24,208 24,208 24,208 24,208 24,208 24,208 24,208 24,208 24,208 24,208 290,691
EXPENSES
ADMINISTRATIVE EXPENSES
Advertising & Promotion 105 105 105 105 105 105 105 105 105 105 105 105 1,156
Marketing 26 26 26 26 26 26 26 26 26 26 26 26 289
Bank & Finance Charges 16 16 16 16 16 16 16 16 16 16 16 16 173
Finance Charges 11 11 11 11 11 11 11 11 11 11 11 11 116
Credit Verifications 53 53 53 53 53 53 53 53 53 53 53 53 578
Office Supplies 11 11 11 11 11 11 11 11 11 11 11 11 116
Postage 5 5 5 5 5 5 5 5 5 5 5 5 58
Printing & Stationary 5 5 5 5 5 5 5 5 5 5 5 5 58
Dues & Subscriptions 16 16 16 16 16 16 16 16 16 16 16 16 173
Office Expense - - - - - - - - - - - - -
Management Fee 1,261 1,261 1,261 1,261 1,261 1,261 1,261 1,261 1,261 1,261 1,261 1,261 13,868
Office Salaries 2,101 2,101 2,101 2,101 2,101 2,101 2,101 2,101 2,101 2,101 2,101 2,101 23,114
Leasing Salaries - - - - - - - - - - - - -
Leasing Commission 126 126 126 126 126 126 126 126 126 126 126 126 1,387
Legal Fees 53 53 53 53 53 53 53 53 53 53 53 53 578
Audit Fees 53 53 53 53 53 53 53 53 53 53 53 53 578
Telephone 105 105 105 105 105 105 105 105 105 105 105 105 1,156
Miscellaneous Expense 26 26 26 26 26 26 26 26 26 26 26 26 289
Vehicles - - - - - - - - - - - - -
Washer Dryer Rental - - - - - - - - - - - - -
Resident Releations - - - - - - - - - - - - -
Education - - - - - - - - - - - - -
Meals / Entertainment - - - - - - - - - - - - -
Travel and Lodging - - - - - - - - - - - - -
Renovations - - - - - - - - - - - - -
Points Paid on Loans - - - - - - - - - - - - -
Surveying - - - - - - - - - - - - -
Initial Set Up - - - - - - - - - - - - -
Consulting - - - - - - - - - - - - -
TOTAL ADMINISTRATIVE EXPENSES 3,971 3,971 3,971 3,971 3,971 3,971 3,971 3,971 3,971 3,971 3,971 3,971 43,685
Year 3
1 2 3 4 5 6 7 8 9 10 11 12 Total
UTILITIES
Electricity 473 473 473 473 473 473 473 473 473 473 473 473 5,201
Gas - - - - - - - - - - - - -
Water & Sewer 210 210 210 210 210 210 210 210 210 210 210 210 2,311
TOTAL UTILITIES 683 683 683 683 683 683 683 683 683 683 683 683 7,512
OPERATING & MAINTENANCE EXPENSES
Maintenance Salary 1,681 1,681 1,681 1,681 1,681 1,681 1,681 1,681 1,681 1,681 1,681 1,681 18,491
Cleaning Supplies 26 26 26 26 26 26 26 26 26 26 26 26 289
Contract Cleaning/Janitorial 210 210 210 210 210 210 210 210 210 210 210 210 2,311
Contract Labor - - - - - - - - - - - - -
Locks & Keys - - - - - - - - - - - - -
Exterminating 53 53 53 53 53 53 53 53 53 53 53 53 578
Trash Disposal 210 210 210 210 210 210 210 210 210 210 210 210 2,311
Security Services - - - - - - - - - - - - -
Landscaping & Grounds 525 525 525 525 525 525 525 525 525 525 525 525 5,778
Hardware Repair Materials 105 105 105 105 105 105 105 105 105 105 105 105 1,156
Appliance Parts 105 105 105 105 105 105 105 105 105 105 105 105 1,156
Paint & Wallpaper Supplies 158 158 158 158 158 158 158 158 158 158 158 158 1,734
Contract Maintenance - - - - - - - - - - - - -
Plumbing Repairs - Contract - - - - - - - - - - - - -
Electrical & Mechanical 26 26 26 26 26 26 26 26 26 26 26 26 289
Contract Painting - - - - - - - - - - - - -
Roof Repairs - - - - - - - - - - - - -
Fire Protection - - - - - - - - - - - - -
HVAC (Heat, Ventilation, A/C) 131 131 131 131 131 131 131 131 131 131 131 131 1,445
Swimming Pool - - - - - - - - - - - - -
Misc. Maintenance - - - - - - - - - - - - -
TOTAL OPERATING & MAINTENANCE EXPENSES 3,231 3,231 3,231 3,231 3,231 3,231 3,231 3,231 3,231 3,231 3,231 3,231 35,537
TAXES & INSURANCE
Property Tax 1,051 1,051 1,051 1,051 1,051 1,051 1,051 1,051 1,051 1,051 1,051 1,051 11,557
Insurance 893 893 893 893 893 893 893 893 893 893 893 893 9,823
Group Insurance - Medical Plans - - - - - - - - - - - - -
Other Taxes & Licenses - - - - - - - - - - - - -
Federal Payroll Tax 473 473 473 473 473 473 473 473 473 473 473 473 5,201
State Payroll Tax 131 131 131 131 131 131 131 131 131 131 131 131 1,445
Social Security and Medicaid 105 105 105 105 105 105 105 105 105 105 105 105 1,156
State Sales Tax on Services (NC) - - - - - - - - - - - - -
County Occupany Tax - - - - - - - - - - - - -
TOTAL TAXES & INSURANCE 2,653 2,653 2,653 2,653 2,653 2,653 2,653 2,653 2,653 2,653 2,653 2,653 29,181
TOTAL OPERATING EXPENSES 10,538 10,538 10,538 10,538 10,538 10,538 10,538 10,538 10,538 10,538 10,538 10,538 115,915
Operating Reserve - - - - - - - - - - - - -
NET OPERATING INCOME 13,870 13,670 13,670 13,670 13,670 13,670 13,670 13,670 13,670 13,670 13,670 13,670 174,775
Debt Service - - - - - - - - - - - - -
Capital Improvements 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000
Net Cash Flow 12,870 12,670 12,670 12,670 12,670 12,670 12,670 12,670 12,670 12,670 12,670 12,670
Operating and Improvement Reserve 359,775 372,444 385,114 397,784 410,454 423,124 435,793 448,463 461,133 473,803 486,473 499,142
Year 3
Pro Forma
1 2 3 4 5 6 7 8 9 10 11 12 Total
Rents
Occupancy 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90%
Rent 25,461 25,461 25,461 25,461 25,461 25,461 25,461 25,461 25,461 25,461 25,461 25,461 305,536
Bad Debt 764 764 764 764 764 764 764 764 764 764 764 764 9,166
Concessions 200 200 200 200 200 200 200 200 200 200 200 2,200
Net Rent 24,697 24,497 24,497 24,497 24,497 24,497 24,497 24,497 24,497 24,497 24,497 24,497 294,169
Average Rent Per Unit 544 544 544 544 544 544 544 544 544 544 544 544
OTHER INCOME
Laundry & Vending Income 100 100 100 100 100 100 100 100 100 100 100 100 1,200
Washer/Dryer Rental - - - - - - - - - - - - -
Cable TV - - - - - - - - - - - - -
Late Fees 40 40 40 40 40 40 40 40 40 40 40 40 480
NSF Charge 25 25 25 25 25 25 25 25 25 25 25 25 300
Deposit Forfeit - - - - - - - - - - - - -
Cleaning & Damages 200 200 200 200 200 200 200 200 200 200 200 200 2,400
Termination Fee - - - - - - - - - - - - -
Application Fees 160 160 160 160 160 160 160 160 160 160 160 160 1,920
Utilities - - - - - - - - - - - - -
Pet Fees 35 35 35 35 35 35 35 35 35 35 35 35 420
Interest Income - - - - - - - - - - - - -
Miscellaneous Income 100 100 100 100 100 100 100 100 100 100 100 100 1,200
Storage Income - - - - - - - - - - - - -
Furniture - - - - - - - - - - - - -
Lock Out or Replacement - - - - - - - - - - - - -
TOTAL OTHER INCOME 660 660 660 660 660 660 660 660 660 660 660 660 7,920
Total Income 25,357 25,157 25,157 25,157 25,157 25,157 25,157 25,157 25,157 25,157 25,157 25,157 302,089
EXPENSES
ADMINISTRATIVE EXPENSES
Advertising & Promotion 108 108 108 108 108 108 108 108 108 108 108 108 1,185
Marketing 27 27 27 27 27 27 27 27 27 27 27 27 296
Bank & Finance Charges 16 16 16 16 16 16 16 16 16 16 16 16 178
Finance Charges 11 11 11 11 11 11 11 11 11 11 11 11 118
Credit Verifications 54 54 54 54 54 54 54 54 54 54 54 54 592
Office Supplies 11 11 11 11 11 11 11 11 11 11 11 11 118
Postage 5 5 5 5 5 5 5 5 5 5 5 5 59
Printing & Stationary 5 5 5 5 5 5 5 5 5 5 5 5 59
Dues & Subscriptions 16 16 16 16 16 16 16 16 16 16 16 16 178
Office Expense - - - - - - - - - - - - -
Management Fee 1,292 1,292 1,292 1,292 1,292 1,292 1,292 1,292 1,292 1,292 1,292 1,292 14,215
Office Salaries 2,154 2,154 2,154 2,154 2,154 2,154 2,154 2,154 2,154 2,154 2,154 2,154 23,692
Leasing Salaries - - - - - - - - - - - - -
Leasing Commission 129 129 129 129 129 129 129 129 129 129 129 129 1,421
Legal Fees 54 54 54 54 54 54 54 54 54 54 54 54 592
Audit Fees 54 54 54 54 54 54 54 54 54 54 54 54 592
Telephone 108 108 108 108 108 108 108 108 108 108 108 108 1,185
Miscellaneous Expense 27 27 27 27 27 27 27 27 27 27 27 27 296
Vehicles - - - - - - - - - - - - -
Washer Dryer Rental - - - - - - - - - - - - -
Resident Releations - - - - - - - - - - - - -
Education - - - - - - - - - - - - -
Meals / Entertainment - - - - - - - - - - - - -
Travel and Lodging - - - - - - - - - - - - -
Renovations - - - - - - - - - - - - -
Points Paid on Loans - - - - - - - - - - - - -
Surveying - - - - - - - - - - - - -
Initial Set Up - - - - - - - - - - - - -
Consulting - - - - - - - - - - - - -
TOTAL ADMINISTRATIVE EXPENSES 4,071 4,071 4,071 4,071 4,071 4,071 4,071 4,071 4,071 4,071 4,071 4,071 44,777
Year 4
1 2 3 4 5 6 7 8 9 10 11 12 Total
UTILITIES
Electricity 485 485 485 485 485 485 485 485 485 485 485 485 5,331
Gas - - - - - - - - - - - - -
Water & Sewer 215 215 215 215 215 215 215 215 215 215 215 215 2,369
TOTAL UTILITIES 700 700 700 700 700 700 700 700 700 700 700 700 7,700
OPERATING & MAINTENANCE EXPENSES
Maintenance Salary 1,723 1,723 1,723 1,723 1,723 1,723 1,723 1,723 1,723 1,723 1,723 1,723 18,953
Cleaning Supplies 27 27 27 27 27 27 27 27 27 27 27 27 296
Contract Cleaning/Janitorial 215 215 215 215 215 215 215 215 215 215 215 215 2,369
Contract Labor - - - - - - - - - - - - -
Locks & Keys - - - - - - - - - - - - -
Exterminating 54 54 54 54 54 54 54 54 54 54 54 54 592
Trash Disposal 215 215 215 215 215 215 215 215 215 215 215 215 2,369
Security Services - - - - - - - - - - - - -
Landscaping & Grounds 538 538 538 538 538 538 538 538 538 538 538 538 5,923
Hardware Repair Materials 108 108 108 108 108 108 108 108 108 108 108 108 1,185
Appliance Parts 108 108 108 108 108 108 108 108 108 108 108 108 1,185
Paint & Wallpaper Supplies 162 162 162 162 162 162 162 162 162 162 162 162 1,777
Contract Maintenance - - - - - - - - - - - - -
Plumbing Repairs - Contract - - - - - - - - - - - - -
Electrical & Mechanical 27 27 27 27 27 27 27 27 27 27 27 27 296
Contract Painting - - - - - - - - - - - - -
Roof Repairs - - - - - - - - - - - - -
Fire Protection - - - - - - - - - - - - -
HVAC (Heat, Ventilation, A/C) 135 135 135 135 135 135 135 135 135 135 135 135 1,481
Swimming Pool - - - - - - - - - - - - -
Misc. Maintenance - - - - - - - - - - - - -
TOTAL OPERATING & MAINTENANCE EXPENSES 3,311 3,311 3,311 3,311 3,311 3,311 3,311 3,311 3,311 3,311 3,311 3,311 36,426
TAXES & INSURANCE
Property Tax 1,077 1,077 1,077 1,077 1,077 1,077 1,077 1,077 1,077 1,077 1,077 1,077 11,846
Insurance 915 915 915 915 915 915 915 915 915 915 915 915 10,069
Group Insurance - Medical Plans - - - - - - - - - - - - -
Other Taxes & Licenses - - - - - - - - - - - - -
Federal Payroll Tax 485 485 485 485 485 485 485 485 485 485 485 485 5,331
State Payroll Tax 135 135 135 135 135 135 135 135 135 135 135 135 1,481
Social Security and Medicaid 108 108 108 108 108 108 108 108 108 108 108 108 1,185
State Sales Tax on Services (NC) - - - - - - - - - - - - -
County Occupany Tax - - - - - - - - - - - - -
TOTAL TAXES & INSURANCE 2,719 2,719 2,719 2,719 2,719 2,719 2,719 2,719 2,719 2,719 2,719 2,719 29,911
TOTAL OPERATING EXPENSES 10,801 10,801 10,801 10,801 10,801 10,801 10,801 10,801 10,801 10,801 10,801 10,801 118,813
Operating Reserve - - - - - - - - - - - - -
NET OPERATING INCOME 14,556 14,356 14,356 14,356 14,356 14,356 14,356 14,356 14,356 14,356 14,356 14,356 183,276
Debt Service - - - - - - - - - - - - -
Capital Improvements 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000
Net Cash Flow 13,556 13,356 13,356 13,356 13,356 13,356 13,356 13,356 13,356 13,356 13,356 13,356
Operating and Improvement Reserve 512,699 526,055 539,411 552,767 566,124 579,480 592,836 606,192 619,549 632,905 646,261 659,617
Year 4
Pro Forma
1 2 3 4 5 6 7 8 9 10 11 12 Total
Rents
Occupancy 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90%
Rent 26,480 26,480 26,480 26,480 26,480 26,480 26,480 26,480 26,480 26,480 26,480 26,480 317,757
Bad Debt 794 794 794 794 794 794 794 794 794 794 794 794 9,533
Concessions 200 200 200 200 200 200 200 200 200 200 200 2,200
Net Rent 25,685 25,485 25,485 25,485 25,485 25,485 25,485 25,485 25,485 25,485 25,485 25,485 306,024
Average Rent Per Unit 544 544 544 544 544 544 544 544 544 544 544 544
OTHER INCOME
Laundry & Vending Income 100 100 100 100 100 100 100 100 100 100 100 100 1,200
Washer/Dryer Rental - - - - - - - - - - - - -
Cable TV - - - - - - - - - - - - -
Late Fees 40 40 40 40 40 40 40 40 40 40 40 40 480
NSF Charge 25 25 25 25 25 25 25 25 25 25 25 25 300
Deposit Forfeit - - - - - - - - - - - - -
Cleaning & Damages 200 200 200 200 200 200 200 200 200 200 200 200 2,400
Termination Fee - - - - - - - - - - - - -
Application Fees 160 160 160 160 160 160 160 160 160 160 160 160 1,920
Utilities - - - - - - - - - - - - -
Pet Fees 35 35 35 35 35 35 35 35 35 35 35 35 420
Interest Income - - - - - - - - - - - - -
Miscellaneous Income 100 100 100 100 100 100 100 100 100 100 100 100 1,200
Storage Income - - - - - - - - - - - - -
Furniture - - - - - - - - - - - - -
Lock Out or Replacement - - - - - - - - - - - - -
TOTAL OTHER INCOME 660 660 660 660 660 660 660 660 660 660 660 660 7,920
Total Income 26,345 26,145 26,145 26,145 26,145 26,145 26,145 26,145 26,145 26,145 26,145 26,145 313,944
EXPENSES
ADMINISTRATIVE EXPENSES
Advertising & Promotion 110 110 110 110 110 110 110 110 110 110 110 110 1,214
Marketing 28 28 28 28 28 28 28 28 28 28 28 28 304
Bank & Finance Charges 17 17 17 17 17 17 17 17 17 17 17 17 182
Finance Charges 11 11 11 11 11 11 11 11 11 11 11 11 121
Credit Verifications 55 55 55 55 55 55 55 55 55 55 55 55 607
Office Supplies 11 11 11 11 11 11 11 11 11 11 11 11 121
Postage 6 6 6 6 6 6 6 6 6 6 6 6 61
Printing & Stationary 6 6 6 6 6 6 6 6 6 6 6 6 61
Dues & Subscriptions 17 17 17 17 17 17 17 17 17 17 17 17 182
Office Expense - - - - - - - - - - - - -
Management Fee 1,325 1,325 1,325 1,325 1,325 1,325 1,325 1,325 1,325 1,325 1,325 1,325 14,570
Office Salaries 2,208 2,208 2,208 2,208 2,208 2,208 2,208 2,208 2,208 2,208 2,208 2,208 24,284
Leasing Salaries - - - - - - - - - - - - -
Leasing Commission 132 132 132 132 132 132 132 132 132 132 132 132 1,457
Legal Fees 55 55 55 55 55 55 55 55 55 55 55 55 607
Audit Fees 55 55 55 55 55 55 55 55 55 55 55 55 607
Telephone 110 110 110 110 110 110 110 110 110 110 110 110 1,214
Miscellaneous Expense 28 28 28 28 28 28 28 28 28 28 28 28 304
Vehicles - - - - - - - - - - - - -
Washer Dryer Rental - - - - - - - - - - - - -
Resident Releations - - - - - - - - - - - - -
Education - - - - - - - - - - - - -
Meals / Entertainment - - - - - - - - - - - - -
Travel and Lodging - - - - - - - - - - - - -
Renovations - - - - - - - - - - - - -
Points Paid on Loans - - - - - - - - - - - - -
Surveying - - - - - - - - - - - - -
Initial Set Up - - - - - - - - - - - - -
Consulting - - - - - - - - - - - - -
TOTAL ADMINISTRATIVE EXPENSES 4,172 4,172 4,172 4,172 4,172 4,172 4,172 4,172 4,172 4,172 4,172 4,172 45,897
Year 5
1 2 3 4 5 6 7 8 9 10 11 12 Total
UTILITIES
Electricity 497 497 497 497 497 497 497 497 497 497 497 497 5,464
Gas - - - - - - - - - - - - -
Water & Sewer 221 221 221 221 221 221 221 221 221 221 221 221 2,428
TOTAL UTILITIES 717 717 717 717 717 717 717 717 717 717 717 717 7,892
OPERATING & MAINTENANCE EXPENSES
Maintenance Salary 1,766 1,766 1,766 1,766 1,766 1,766 1,766 1,766 1,766 1,766 1,766 1,766 19,427
Cleaning Supplies 28 28 28 28 28 28 28 28 28 28 28 28 304
Contract Cleaning/Janitorial 221 221 221 221 221 221 221 221 221 221 221 221 2,428
Contract Labor - - - - - - - - - - - - -
Locks & Keys - - - - - - - - - - - - -
Exterminating 55 55 55 55 55 55 55 55 55 55 55 55 607
Trash Disposal 221 221 221 221 221 221 221 221 221 221 221 221 2,428
Security Services - - - - - - - - - - - - -
Landscaping & Grounds 552 552 552 552 552 552 552 552 552 552 552 552 6,071
Hardware Repair Materials 110 110 110 110 110 110 110 110 110 110 110 110 1,214
Appliance Parts 110 110 110 110 110 110 110 110 110 110 110 110 1,214
Paint & Wallpaper Supplies 166 166 166 166 166 166 166 166 166 166 166 166 1,821
Contract Maintenance - - - - - - - - - - - - -
Plumbing Repairs - Contract - - - - - - - - - - - - -
Electrical & Mechanical 28 28 28 28 28 28 28 28 28 28 28 28 304
Contract Painting - - - - - - - - - - - - -
Roof Repairs - - - - - - - - - - - - -
Fire Protection - - - - - - - - - - - - -
HVAC (Heat, Ventilation, A/C) 138 138 138 138 138 138 138 138 138 138 138 138 1,518
Swimming Pool - - - - - - - - - - - - -
Misc. Maintenance - - - - - - - - - - - - -
TOTAL OPERATING & MAINTENANCE EXPENSES 3,394 3,394 3,394 3,394 3,394 3,394 3,394 3,394 3,394 3,394 3,394 3,394 37,336
TAXES & INSURANCE
Property Tax 1,104 1,104 1,104 1,104 1,104 1,104 1,104 1,104 1,104 1,104 1,104 1,104 12,142
Insurance 938 938 938 938 938 938 938 938 938 938 938 938 10,321
Group Insurance - Medical Plans - - - - - - - - - - - - -
Other Taxes & Licenses - - - - - - - - - - - - -
Federal Payroll Tax 497 497 497 497 497 497 497 497 497 497 497 497 5,464
State Payroll Tax 138 138 138 138 138 138 138 138 138 138 138 138 1,518
Social Security and Medicaid 110 110 110 110 110 110 110 110 110 110 110 110 1,214
State Sales Tax on Services (NC) - - - - - - - - - - - - -
County Occupany Tax - - - - - - - - - - - - -
TOTAL TAXES & INSURANCE 2,787 2,787 2,787 2,787 2,787 2,787 2,787 2,787 2,787 2,787 2,787 2,787 30,658
TOTAL OPERATING EXPENSES 11,071 11,071 11,071 11,071 11,071 11,071 11,071 11,071 11,071 11,071 11,071 11,071 121,784
Operating Reserve - - - - - - - - - - - - -
NET OPERATING INCOME 15,274 15,074 15,074 15,074 15,074 15,074 15,074 15,074 15,074 15,074 15,074 15,074 192,161
Debt Service - - - - - - - - - - - - -
Capital Improvements 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000
Net Cash Flow 14,274 14,074 14,074 14,074 14,074 14,074 14,074 14,074 14,074 14,074 14,074 14,074
Operating and Improvement Reserve 673,891 687,965 702,040 716,114 730,188 744,262 758,336 772,410 786,484 800,558 814,632 828,707
Year 5