Given the information in the financial statements, calculate the following:

Present value of the Before Tax Cash flows. Use the following interest rate: 7%

TEN YEAR PRO FORMA SALE Year 9 10 11 Residential Rental Revenues $9,884,087 $10.180,610 $10,486,028 $10,800,609 $11,124,627 $11,458,366 $11,802,117 $12,156,181 $12,520,856 $12,896,492 $13,283,387 Gross Rest per SF / Mo $2.90 $3 7 Garage/Carport/Storage Income $473,705 $487,916 $502,553 $517,630 $533,159 $549,153 $565,628 $582,597 $600,075 $618,077 $636,619 Other Income 5602,536 $620.612 $639,230 $658,407 $678,159 $698,504 $719,459 $741,043 $763,274 $786,17 $509,757 Bad Debts Expense $(98,841) $(101 806) $(104,860) $(108,006) $(111,246 $(114,584] $(118,021) [121,562) $(125,209) $(128,965 $(132 834) Vacancy $(494,204) $(509 031) $(524 301) $(540 030] $(556,231] $(572.918] $(590 106] $1607,809) $(626 043] $(644 8251 $(664, 169) Effective Residential Income $10,367,282 $10,678,301 $10,998,650 $11,328,609 $11,668,468 $12,018,522 $12,379,077 $12,750,450 $13,132,963 $13,526,952 $13,932,760 Effective Rent per SF / Me Commercial Retail Income [NNN) $810,000 $818,100 $826,281 $834,544 $842,889 $851,318 $859,831 $868,430 $877,114 $885.885 $894,744 Gross Rent per SF / V $45.00 $45.45 $45 90 $47.29 $48.25 $48.73 $49.27 $49.71 Vacancy 5(81,0001 $(81 810) 5(82 628) $[83 454] 5(84 2891 $(85,132] $185 983) $(86 843) S(87,711) $(88 589) $189.474) Effect. Commercial Retail Income $729,000 $736 290 $743,653 $751,089 $758,600 $766.186 $773,848 $781,587 $789 403 $797,297 $805,270 Total Rental Income (EGI) $11,096,282 $11,414,591 $11,742,303 $12,079,699 $12,427,068 $12,784,708 $13,152,925 $13,532,036 $13,922,366 $14,324,248 $14,738,030 Expenses: Administration Expense $103,793 $106,907 $110,114 $113,417 $116,820 $120,325 $123,934 $127,652 $131,482 $135,426 $139,489 Advertising and Promotion $98,048 $100.989 $104,019 $107,140 $110,354 $113,665 $117,074 $120.587 $124,204 $127,930 $131,768 Repairs & Maintenance $114,900 $118,347 $121,897 $125,554 $129,321 $133,201 $137,197 $141,313 $145,552 $149,918 $154,416 Personnel $719,274 $740,852 $763,07 $785,970 1809,549 $833,836 $858,851 $884,616 $911,155 $938,489 5966,644 $202,224 $208,291 $214,539 $220.976 $227,605 $234,433 $241,466 $248,710 $256,171 $263,856 $271,772 Ad Valorem Taxes $1,399,399 $1,441,381 $1,484,622 $1,529,161 $1,575,036 $1,622,287 $1,670,956 $1,721,084 $1,772,717 $1,825,898 $1,880,675 Insurance $114,900 $118,347 $121,897 $125,554 $129,321 $133,201 $137,197 $141,31 $145,552 $149,918 $154,416 Management Fee 5414,691 $456,584 $469,692 $483,188 $497,083 $511,388 $526,117 $541,281 $556,895 $572,970 $589,521 CAM Recovery $[108,000) $(111,240) $(114,577) S(118,015) $[121,555) $(125,202) S(128,958) $[132,826) $(136,811) S(140.916] $[145,143) Ground Lease Payment $ Replacement Reserves $95,750 $98 623 $101,581 $104 629 $107,767 $111,000 $114 331 $117,760 $121,293 $124 932 $128,680 Operating Expenses 53,154,979 $3,279,080 $3,376 864 $3,477,575 $3,581, 301 $3.688 133 $3,798,164 $3,911,490 $4 028 210 $4,148 424 $4,272,239 Operating Cost per Unit $2.917 $10.215 Net Operating Income $7,941,303 $8.135,510 $8,365,439 $8,602,124 $8,845,767 $9,096,575 $9.354,761 $9,620,546 $9,894,156 $10.175,824 $10,465,791 Debt Service: Interest Expense $(3,353,179) $(3,298,215) $(3,240,778) $(3,180,756] $(3,118,033) $(3,052,488] $(2,983,993) $[2,912,416) $(2,837,618) $(2,759,454) $(2,677,772) Principal Payment S(1,221,417) 5(1 276 381) S(1 333,818) 5(1,393,840) S(1 456 563) $[1,522,108] $(1 590 603) $[1,662,180) $(1,736,978) $[1,815,142) $(1 896 823) Total Debt Service $(4 574 596) 514 574 596) 5(4 574 596) 514,574,596) 5(4 574 596) $14,574 596] S(4 574 596) $[4,574,596) 514,574,596) 514,574,596) 5(4 574 596) DSCH 1.74 1.78 1.83 1.8 1.95 1.99 2.04 2.10 2.16 2.27 2.29 DSCA fon Residential NOI Only 1.55 1.59 1.64 1.69 1.74 1.79 1.85 1.90 1.96 2.02 2.08 Net Cash Flow From Operations $3.366.707 $3.560.915 $3.790.843 $4.027 528 $4.271.171 $4.521.979 $4.780.165 $5.045.950 $5.319.560 $5.601 228 $5.891.195 Cash Flow Summary Net Operating Income $7,941,303 $8,135,510 $8,365,439 $8,602,124 $8,845,767 $9,096.575 $9,354,761 $9,620,546 $9,894,156 $10,175,824 $10,465,791 Debt Service $(4,574,596) $(4,574,596] $(4,574,596) 5(4.574.596] S(4,574,596) $(4,574,596] $(4,574,596) $(4,574,596) $(4,574,596) $(4,574,596) S(4,574,596 Asset Management Fee $(286,596) $(286,596) $(286.596) $(286,596) $(286.596) $(286,596) $(286.596) $(286,596) $(286,596] $(286,596] $(286.596) S- Before Tax Cash Flow Available $3.080.111 $3.274.318 $3.504.247 $3 740 932 53.984.575 $4.235.382 $4.493.569 54.759.354 $5.032.954 $5.314.632 $5.604.595