Income Section Unit Mix Studio 1 BD/1 BA #/Units 50 100 2 BD/2 BA 150 3 BD/2 BA 100 4 BD/4 BA Total 25 425 Other Income Parking Revenue Model Units 2.50% of Potential Gross Revenue 5.00% 150 of Potential Gross Revenue per unit 5.00% Vacancy Collection Loss OPERATING EXPENSES Property Insurance Utilities Repairs & Maintenance Management Fees Payroll & Benefits Advertising & Marketing General & Administrative Turnover 1.00% $1,350 per unit $1,200 total $620 total 5.00% of Effective Gross Revenue $1,625 per unit $250 per unit $475 total $200 total $250 total Replacement Reserves Real Estate Taxes Millage Rate 18.1275 County Capitalization Rate 7.25% County Applied Discount 15.00% Early Payment Discount 4.00% Band of Investment Equity Cap Rate Mortgage Term (Years) 0.00% Grant Cardone Special Market Rate $1,525 $1,725 $2,075 $2,375 $2,700 30 Mortgage Ratio LTV 63% 10 Year Treasury 4.00% Load 2.00% Discounted Cashflow Analysis Rent Inflation 4.00% Expense Inflation 3.00% Cap Rate ? Based on rounded Band of Investment Approach Terminal Rate ? 50 basis points over cap rate Discount Rate ? 200 basis points over cap rate