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Ten year Project 120 unit Apartment Complex Purchase Price: $3,056,600 Holding Period: 10 Years Depreciation in years: 30 Land Value % of Price: 25% Loan to Value: 70% Term of Loan: 20 years Points to close: 2% Interest Rate: 6.5% Prepayment Penalty 1% of the loan before 15 years Investor Tax Rate 34% Growth rate in rents: 4.5% Vacancy Rate: 13% Cap rate for resale: 12% Going out Cap rate Selling Costs: 7% of selling price Capital gain s Tax Rate: 15% Target Equity IRR after Tax: 12% AVERAGE RENT Per Type Average Rent # of Units Studio Apartments: $400 40 One bedroom Apartments: $600 Two bedroom Apartments: $800 Annual Operating Expenses: Management % of effective gross income: 8% including Manager Other Annual Income: Property Taxes: $136,329 Property Tax Growth rate: 2% year Property Insurance: $35,000 Property insurance growth rate: 2% Maintenance and repair: $200,000 includes replacement reserves Other Expenses $12,000 4% Other Expenses Growth rate: Summary Information: Purchase Price: $3,056,600 Acquisition Costs: $0 Acquisition Going in Cap rate: Initial Equity Investment Including Points: Cost Recovery Value of Improvements (Depreciation) Useful Life in Years 11.5 Month year Cost Recovery Deduction (IRS Rule) Full xr depreciation based on 27.5 yrs (IRS rule) Disposition Cap Rate based on 11th yr NOI 10% Projected Sale price (end of 10yrs) Projected Cost of Sale (end of 10 yrs) (based on 7% of price) Acquisition Financing Information Loan amount: Interest Rate: 6.5% Payments per yr: 12 Periodic Payment: Annual Debt Service: Amortization Period: 20 years Term: 20 years Loan cost at 2% of Loan: Effective cost of Borrowed Funds: (with prepay ment at end of 10 yrs) Other Information Lease Term information (units): Month to Month 1 year + 2 year+ Studio Apartments: 30 One bedroom Apartments: 30 15 10 Two bedroom Apartments: (Remember if on lease other than month to month cannot increase rent until lease is up. Assume lease term ends at period (ie. 1 Year leases end in 1 year and 2 year in 2 years. Also assume similar rotation for each year). Property Valuation: Assume Property increases in value at rate if inflation. Ten year Project 120 unit Apartment Complex Purchase Price: $3,056,600 Holding Period: 10 Years Depreciation in years: 30 Land Value % of Price: 25% Loan to Value: 70% Term of Loan: 20 years Points to close: 2% Interest Rate: 6.5% Prepayment Penalty 1% of the loan before 15 years Investor Tax Rate 34% Growth rate in rents: 4.5% Vacancy Rate: 13% Cap rate for resale: 12% Going out Cap rate Selling Costs: 7% of selling price Capital gain s Tax Rate: 15% Target Equity IRR after Tax: 12% AVERAGE RENT Per Type Average Rent # of Units Studio Apartments: $400 40 One bedroom Apartments: $600 Two bedroom Apartments: $800 Annual Operating Expenses: Management % of effective gross income: 8% including Manager Other Annual Income: Property Taxes: $136,329 Property Tax Growth rate: 2% year Property Insurance: $35,000 Property insurance growth rate: 2% Maintenance and repair: $200,000 includes replacement reserves Other Expenses $12,000 4% Other Expenses Growth rate: Summary Information: Purchase Price: $3,056,600 Acquisition Costs: $0 Acquisition Going in Cap rate: Initial Equity Investment Including Points: Cost Recovery Value of Improvements (Depreciation) Useful Life in Years 11.5 Month year Cost Recovery Deduction (IRS Rule) Full xr depreciation based on 27.5 yrs (IRS rule) Disposition Cap Rate based on 11th yr NOI 10% Projected Sale price (end of 10yrs) Projected Cost of Sale (end of 10 yrs) (based on 7% of price) Acquisition Financing Information Loan amount: Interest Rate: 6.5% Payments per yr: 12 Periodic Payment: Annual Debt Service: Amortization Period: 20 years Term: 20 years Loan cost at 2% of Loan: Effective cost of Borrowed Funds: (with prepay ment at end of 10 yrs) Other Information Lease Term information (units): Month to Month 1 year + 2 year+ Studio Apartments: 30 One bedroom Apartments: 30 15 10 Two bedroom Apartments: (Remember if on lease other than month to month cannot increase rent until lease is up. Assume lease term ends at period (ie. 1 Year leases end in 1 year and 2 year in 2 years. Also assume similar rotation for each year). Property Valuation: Assume Property increases in value at rate if inflation