6.If you were able to negotiate alowerpurchase price for the property... say $829,687... and if you took out an 80%LTV, 30 year, monthly payment, 8.0% interest, fully amortizing loan in order to do so... what would be yourmonthly paymentand yourannual debt service?

7.Again, if you purchased the property for$829,687and used this same loan (referenced in # 6 above) to do so; and if this same loan had a3% up front fee("points") to the lender, what would be the amounts of yourequityand your"net loan proceeds"?

10.What is thelender's yieldfor the loan describedin #6 and #7( ie ...with points) if (a.) it runs to maturity ?or(b.) if pre-paid when the property is sold at the end of year 5 ?

1 2 3 4 Potential Gross Income (PCI) $180,000 $185,400 $190.962 $196,691 $202.592 - Vacancy and Collection Loss 18,000 18.540 19.096 19.669 20.259 = Effective Gross Income (CGI) 162,000 166,860 171,866 177,022 182.332 - Operating Expenses (OE) 64,800 66,744 68,746 70,809 72.933 - Capital Expenditures (CAPX) 8,100 8.343 8,593 8,851 9,117 = Net Operating Income (NOI) $89,100 $91,773 $94.527 597,362 $100.282 Debt Service (DS) 58.444 58,444 58.444 58.444 58.444 = Before Tax Cash Flow (BTCF) $30.656 $33,329 $36,082 $38,918 $41,839 - Tax Liability (TAX) 7.645 8.658 9,708 10,798 6.951 = After- Tax Cash Flow (ATCF) 23.011 24,671 26.374 28, 119 34.887 The Reversion Sales Price $1,033,000 Rev. 11/20/15 - Selling Expenses 58,300 =Net Sales Proceeds 974,700 - Remaining Mortgage Balance -631,026 =Before Tax (Equity) Reversion 343,674 - Taxes Due on Sale - 32,032 = After Tax (Equity) Reversion $311,642