Use the spreadsheet provided to determine the approximate property value using Year 3 NOI. Assume a 5.50% cap rate. Round NOI to nearest dollar.

\begin{tabular}{|c|c|c|c|c|c|c|c|} \hline 6629900 & TOTAL FIXED EXPEHSES & 194.942 .67 & 204.689 .80 & 214.924 .29 & 225.670 .51 & 236.954 .03 & 248.801 .74 \\ \hline 6889900 & TOTAL OPERATIHG EXPEHSES & 678.824 .96 & 712.766 .21 & 748.404 .52 & 785.824 .74 & 825.115 .98 & 866.371 .78 \\ \hline 68999-00 & HET OPERATIHG IHCOHE & 561,427.48 & 620.505 .17 & 684.862 .21 & 754.936.99 & 831,202.88 & 914.170.99 \\ \hline 6900000 & HOH-OPERATIHG EXPENSES & & & & & & \\ \hline 6900300 & DEBT SERYICE & & & & & & \\ \hline 6902000 & Interest Expense - Senior Debt & 261,603.42 & 298,232.49 & 292,606.33 & 286,765.51 & 280,701.86 & 274,406.88 \\ \hline 69999-00 & TOTAL DEBT SERYICE & 261,603.42 & 298.232 .49 & 292.606 .33 & 286.765 .51 & 280.701 .86 & 274.406 .88 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline & & Historical & Year 1 & Year 2 & Year 3 & Year 4 & Year 5 \\ \hline 4000000 & INCOME & & & & & & \\ \hline 4000100 & OPERATING INCOME & & & & & & \\ \hline 4000200 & REVENUE & & & & & & \\ \hline 4000205 & EFFECTIVE GROSS INCOME & & & & & & \\ \hline 4000300 & GPR INCOME & & & & & & \\ \hline 4000500 & GROSS RENT & & & & & & \\ \hline 4001000 & Market Rent & 1,062,669.05 & 1,142,369.23 & 1,228,046.92 & 1,320,150.44 & 1,419,161.72 & 1,525,598.85 \\ \hline 4003500 & HAP Section 8 - Subsidy Rent & 375,890.95 & 404,082.77 & 434,388.98 & 466,968.15 & 501,990.76 & 539,640.07 \\ \hline 4004900 & TOTAL GROSS RENT & 1,438.560.00 & 1.546 .452 .00 & 1.662 .435 .90 & 1.787 .118 .59 & 1.921 .152 .49 & 2.065 .238 .92 \\ \hline 4005500 & Loss t Gain to Lease & 77,060.85 & 82,840.41 & 89,053.44 & 95,732.45 & 102,912.39 & 110,630.82 \\ \hline 4009900 & TOTAL GROSS POTENTIAL RENT & 1.361 .499 .15 & 1.463 .611 .59 & 1.573 .382 .46 & 1.691 .386 .14 & 1.818 .240 .10 & 1.954 .608 .11 \\ \hline 4100000 & RENT ADJUSTMENTS & & & & & & \\ \hline 4100500 & Bad Debt & 8,684.11 & 9,335.42 & 10,035.57 & 10,788.24 & 11,597.36 & 12,467.16 \\ \hline 4101500 & Resident Concessions & 3,463.00 & 3,722.73 & 4,001.93 & 4,302.07 & 4,624.73 & 4,971.58 \\ \hline 4102000 & One-time Concessions & 18,500.00 & 19,887.50 & 21,379.06 & 22,982.49 & 24,706.18 & 26,559.14 \\ \hline 4103000 & Renewal Concessions & -300.00 & -322.50 & -346.69 & -372.69 & -400.64 & -430.69 \\ \hline 4104000 & Exempt Unit - LIHTC & 12,712.80 & 13,666.26 & 14,691.23 & 15,793.07 & 16,977.55 & 18,250.87 \\ \hline 4106500 & Resident Referrals & -300.00 & -322.50 & -346.69 & -372.69 & -400.64 & -430.69 \\ \hline 4107500 & Vacancies & 114,345.73 & 122,921.66 & 132,140.78 & 142,051.34 & 152,705.19 & 164,158.08 \\ \hline 4109800 & TOTAL RENT ADJUSTMENTS & -157.637 .40 & -169.460 .21 & -182.169 .72 & -195.832 .45 & -210.519 .88 & -226.308 .87 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline 6000300 & PAYROLL EXPENSE & & & & & & \\ \hline 6000500 & PAYROLL - ADMINISTRATIYE EXPENSE & & & & & & \\ \hline 6004500 & Leasing Salary & 21,085.97 & 22,140.27 & 23,247.28 & 24,409.65 & 25,630.13 & 26,911.63 \\ \hline 6005000 & Manager Salary & 41,509.53 & 43,585.01 & 45,764.26 & 48,052.47 & 50,455.09 & 52,977.85 \\ \hline 6006200 & Contract Labor & 2,365.22 & 2,483.48 & 2,607.66 & 2,738.04 & 2,874.94 & 3,018.69 \\ \hline 6007000 & Other Bonuses & 1,601.08 & 1,681.13 & 1,765.19 & 1,853.45 & 1,946.12 & 2,043.43 \\ \hline 6007500 & Leasing \& Renewal Bonuses & 15,838.47 & 16,630.39 & 17,461.91 & 18,335.01 & 19,251.76 & 20,214.35 \\ \hline 6008000 & Health Insurance & 2,123.94 & 2,230.14 & 2,341.64 & 2,458.73 & 2,581.66 & 2,710.75 \\ \hline 6009000 & Payroll Taxes & 2,819.79 & 2,960.78 & 3,108.82 & 3,264.26 & 3,427.47 & 3,598.85 \\ \hline 6009500 & Worker's Compensation & 921.03 & 967.08 & 1,015.44 & 1,066.21 & 1,119.52 & 1,175.49 \\ \hline 6009900 & TOTAL PAYROLL - ADMINISTRATIYE EXP & 88.265 .03 & 92.678 .28 & 97.312 .20 & 102.177 .81 & 107.286 .70 & 112.651 .03 \\ \hline 6010500 & PAYROLL - MAINTENANCE EXPENSE & & & & & & \\ \hline 6011000 & Assistant & 232.00 & 243.60 & 255.78 & 268.57 & 282.00 & 296.10 \\ \hline 6012500 & Supervisor & 33,001.48 & 34,651.55 & 36,384.13 & 38,203.34 & 40,113.51 & 42,119.18 \\ \hline 6017500 & Leasing \& Renewal Bonuses & 678.30 & 712.22 & 747.83 & 785.22 & 824.48 & 865.70 \\ \hline 6018000 & Health Insurance & 7,590.25 & 7,969.76 & 8,368.25 & 8,786.66 & 9,226.00 & 9,687.30 \\ \hline 6019000 & Payroll Taxes & 8,034.65 & 8,436.38 & 8,858.20 & 9,301.11 & 9,766.17 & 10,254.48 \\ \hline 6019500 & Worker's Compensation & 3,879.12 & 4,073.08 & 4,276.73 & 4,490.57 & 4,715.09 & 4,950.85 \\ \hline 6019900 & TOTAL PAYROLL - MAINTENANCE EXPEI & 53.415 .80 & 56.086 .59 & 58.890 .92 & 61.835 .47 & 64.927 .24 & 68.173 .60 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline 6100000 & ADMINISTRATIYE EXPENSE & & & & & & \\ \hline 6101000 & Answering Service & 1,017.84 & 1,068.73 & 1,122.17 & 1,178.28 & 1,237.19 & 1,299.05 \\ \hline 6102000 & Bank Charges & 2,025.46 & 2,126.73 & 2,233.07 & 2,344.72 & 2,461.96 & 2,585.06 \\ \hline 6102500 & Common Area Cleaning & 660.00 & 693.00 & 727.65 & 764.03 & 802.23 & 842.35 \\ \hline 6103000 & Computer Software \& Support & 4,590.09 & 4,819.59 & 5,060.57 & 5,313.60 & 5,579.28 & 5,858.25 \\ \hline 6104000 & Copier Service I Supplies & 1,988.87 & 2,088.31 & 2,192.73 & 2,302.37 & 2,417.48 & 2,538.36 \\ \hline 6104500 & Credit Report Expense & 2,732.58 & 2,869.21 & 3,012.67 & 3,163.30 & 3,321.47 & 3,487.54 \\ \hline 6105500 & Employee Costs'Trainingl'Seminars & 2,314.60 & 2,430.33 & 2,551.85 & 2,679.44 & 2,813.41 & 2,954.08 \\ \hline 6106000 & Equipment - Lease i Rental & 97.38 & 102.25 & 107.36 & 112.73 & 118.37 & 124.28 \\ \hline 6109500 & Fees-Payroll & 864.00 & 907.20 & 952.56 & 1,000.19 & 1,050.20 & 1,102.71 \\ \hline 6111000 & Internet t Cable Television & 1,625.79 & 1,707.08 & 1,792.43 & 1,882.06 & 1,976.16 & 2,074.97 \\ \hline 6111500 & Legal-Evictions & 159.00 & 166.95 & 175.30 & 184.06 & 193.27 & 202.93 \\ \hline 6112500 & LicensesDues'Subscriptions & 1,870.47 & 1,963.99 & 2,062.19 & 2,165.30 & 2,273.57 & 2,387.25 \\ \hline 6113000 & Meals & 415.32 & 436.09 & 457.89 & 480.78 & 504.82 & 530.07 \\ \hline 6115000 & Office Supplies & 1,587.92 & 1,667.32 & 1,750.68 & 1,838.22 & 1,930.13 & 2,026.63 \\ \hline 6118000 & Postage & 246.57 & 258.90 & 271.84 & 285.44 & 299.71 & 314.69 \\ \hline 6118500 & Recruiting & 331.53 & 348.11 & 365.51 & 383.79 & 402.98 & 423.13 \\ \hline 6119500 & Resident Service - Contracts & 3,531.54 & 3,708.12 & 3,893.52 & 4,088.20 & 4,292.61 & 4,507.24 \\ \hline 6120500 & Resident Service - Supplies & 49.01 & 51.46 & 54.03 & 56.74 & 59.57 & 62.55 \\ \hline 6123500 & Telephone & 1,740.21 & 1,827.22 & 1,918.58 & 2,014.51 & 2,115.24 & 2,221.00 \\ \hline 6124000 & Travel Reimbursements & 527.13 & 553.49 & 581.16 & 610.22 & 640.73 & 672.77 \\ \hline 6199900 & TOTAL ADMINISTRATIYE EXPENSE & 32.516 .39 & 34.142 .21 & 35.849 .32 & 37.641 .79 & 39.523 .88 & 41.500 .07 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline & MAIHTEHAHCE ETPEHSE & & & & & & \\ \hline 6301000 & Applianes Supplior & 702.44 & 737.56 & 774.44 & $13.16 & 853.82 & 846.51 \\ \hline 6301700 & Cloanina Supplior & 673.68 & 707.36 & 742.73 & 779.87 & 818.86 & $54.81 \\ \hline 63030000 & Elostrieal Supplior & 3,545.54 & 3,775.32 & 3,464.08 & 4,162.24 & 4,370.40 & 4,588.42 \\ \hline 6303500 & Equipmont Supplior & 222.91 & 234.06 & 245.76 & 258.05 & 270.45 & 284.50 \\ \hline 63050000 & Firot Alarm Supplior & 46.76 & 49.10 & 51.55 & 54.13 & 56.84 & 54.68 \\ \hline 63065000 & Harduaro Supplior & 2,644.92 & 2,829.67 & 2,471.15 & 3,119.71 & 3,275.64 & 3,434.48 \\ \hline 6307500 & HWAC Supplior & 3,500.10 & 3,675.11 & 3,858.86 & 4,051.80 & 4,254.34 & 4,467.11 \\ \hline 63085000 & Light Bulbr & 214.08 & 224.78 & 236.02 & 247.82 & 260.22 & 273.23 \\ \hline 6310000 & Plumbing Supplior & 4,344.02 & 4,566.47 & 4,794.74 & 5,034.53 & 5,286.26 & 5,550.57 \\ \hline 6311000 & Ropairs * Maintenanes Supplior & 254.55 & 267.28 & 280.64 & 244.67 & 304.41 & 324.88 \\ \hline 6321000 & Koy \& Lack Sorviear & 82.48^ & 86.60 & 40.43 & 95.48 & 100.25 & 105.27 \\ \hline 6321500 & Mircollaneaur Sorviess & 6,721.46 & 7,057.53 & 7,410.41 & 7,7$0.43 & 8,164.98 & 8,578.48 \\ \hline 63220000 & Ropair \& Maintenanco Sorvicor & 287.94 & 302.34 & 317.45 & 333.33 & 349.49 & 367.49 \\ \hline 6323500 & Applianso Ropair Sorvieor & 4,524.91 & 4,751.16 & 4,988.71 & 5,238.15 & 5,5000.06 & 5,775.06 \\ \hline 63270000 & Cloaning Sorvicor & 3,501.96 & 3,677.06 & 3,860.91 & 4,053.96 & 4,256,65 & 4,464.49 \\ \hline 63305000 & DrapordMiniElind Ropair & 1,722.98 & 1,809.13 & 1.849 .54 & 1,494.56 & 2,094.24 & 2,194.01 \\ \hline 63340000 & Fonco Ropair Sorvieo & 1,025.00 & 1,076.25 & 1,130.06 & 1,186.57 & 1,245.84 & 1,308.19 \\ \hline 63355000 & Glars $ Seroon Sorviesr & 435.25 & 457.01 & 479.86 & 503.86 & 529.05 & 555.50 \\ \hline 63340000 & Fort Cantral Sorvicar & 2,241.000 & 2,353.05 & 2,470.70 & 2,544.24 & 2,723.45 & 2,860.15 \\ \hline 63500000 & Baskflau Irupostian i Ropair & 453.49 & 1,001.64 & 1,051.77 & 1,104.36 & 1,154.58 & 1,217.56 \\ \hline 63525000 & Firs Syrkom Inspostian & 5.492 .42 & 5,767.57 & 6,055.94 & 6,358.74 & 6,676.68 & 7,010.51 \\ \hline 63530000 & Firs Syrkem Manikaring & 2,544.54 & 2,671.77 & 2,805.36 & 2,445.62 & 3,042.40 & 3,247.55 \\ \hline 63535000 & Firo Syrtom Ropair t Fartr & 1,052.85 & 1,105.49 & 1,160.77 & 1,218.$1 & 1,274.75 & 1,343.73 \\ \hline 63550000 & Sosurity Syrkom Manitaring & 2,603.14 & 2,733.30 & 2,864.96 & 3,013.46 & 3,164.13 & 3,322.34 \\ \hline 63700000 & Landreapo - Annual Cantract & 18,490.75 & 19,940.29 & 20,937.30 & 21,484.17 & 23,083.38 & 24,237.54 \\ \hline 63800000 & Paal-CantraetMaintenanes & 1,273.65 & 1,337.33 & 1,404.20 & 1,474.41 & 1,548.13 & 1,625.54 \\ \hline 63825000 & Pagl-Supplias & 456.83 & 1,004.67 & 1,054.91 & 1,107.65 & 1,163.03 & 1,221.18 \\ \hline 634454 & TOTAL HAIHTHAHCE EgPEHSE & 74.645 .65 & 74.14.$3 & 77.94.4% & $1,$44.32 & $5.$4.54 & $4.1$.27 \\ \hline \end{tabular} \begin{tabular}{|c|c|r|r|r|r|r|r|r|} \hline 6050500 & PAYROLL - FOOD SERYICE EXPENSE & & & & \\ \hline 60562-00 & Contract Labor & 2,293.21 & 2,407.87 & 2,528.26 & 2,654.68 & 2,787.41 & 2,926.78 \\ \hline 6059900 & TOTAL PAYROLL - FOOD SERYICE EXPEh & 2.293.21 & 2.407.87 & 2.528.26 & 2.654.68 & 2.787.41 & 2.926.78 \\ \hline & & & & \\ \hline 6099900 & TOTAL PAYROLL EXPENSE & 143.974.04 & 151.172.74 & 158.731.38 & 166.667.95 & 175.001.35 & 183.751.41 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline 4109900 & NET EFFECTIYE RENT & 1.203 .861 .75 & 1.294 .151 .38 & 1.391 .212 .73 & 1.495 .553 .69 & 1.607 .720 .22 & 1.728 .299 .23 \\ \hline 4300000 & OTHER INCONE & & & & & & \\ \hline 4303500 & Damages \& Cleaning & 11,553.41 & 12,419.92 & 13,351.41 & 14,352.77 & 15,429.22 & 16,586.41 \\ \hline 4304000 & Electric & 194.89 & 209.51 & 225.22 & 242.11 & 260.27 & 279.79 \\ \hline 4304500 & Forfeited Holding Fee & 3,494.00 & 3,756.05 & 4,037.75 & 4,340.59 & 4,666.13 & 5,016.09 \\ \hline 4310500 & Late & 11,700.16 & 12,577.67 & 13,521.00 & 14,535.07 & 15,625.20 & 16,797.09 \\ \hline 4312000 & Lease Insufficient Notice & 250.00 & 268.75 & 288.91 & 310.57 & 333.87 & 358.91 \\ \hline 4312500 & Lease Termination & 3,868.99 & 4,159.16 & 4,471.10 & 4,806.43 & 5,166.92 & 5,554.44 \\ \hline 4314000 & Lock Change & 195.00 & 209.63 & 225.35 & 242.25 & 260.42 & 279.95 \\ \hline 4315500 & NSF & 200.00 & 215.00 & 231.13 & 248.46 & 267.09 & 287.13 \\ \hline 4316000 & Dther & 3,086.24 & 3,317.71 & 3,566.54 & 3,834.03 & 4,121.58 & 4,430.70 \\ \hline 4319000 & Renters'Liability Insurance & 20.00 & 21.50 & 23.11 & 24.85 & 26.71 & 28.71 \\ \hline 5999900 & TOTAL REYENUE & 1,240.252.44 & 1.333 .271 .37 & 1.433 .266 .73 & 1.540 .761 .73 & 1,656.318.86 & 1.780 .542 .77 \\ \hline 6000000 & OPERATING EXPENSES & & & & & & \\ \hline 6000100 & VARIABLE EXPENSE & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline 6200000 & MARKETING EXPENSE & & & & & & \\ \hline 6200500 & Activities & 11,347.03 & 11,914.38 & 12,510.10 & 13,135.61 & 13,792.39 & 14,482.01 \\ \hline 6201000 & Ad A.gency Fees & 671.56 & 705.14 & 740.39 & 777.41 & 816.29 & 857.10 \\ \hline 6203000 & Internet/On-Line Advertising & 11,654.83 & 12,237.57 & 12,849.45 & 13,491.92 & 14,166.52 & 14,874.84 \\ \hline 6204000 & Marketing - Miscellaneous & 912.76 & 958.40 & 1,006.32 & 1,056.63 & 1,109.47 & 1,164.94 \\ \hline 6204500 & Model-Accessories & 639.11 & 671.07 & 704.62 & 739.85 & 776.84 & 815.68 \\ \hline 6208000 & Printing & 269.52 & 283.00 & 297.15 & 312.00 & 327.60 & 343.98 \\ \hline 6211500 & Sign and Banners & 1,213.25 & 1,273.91 & 1,337.61 & 1,404.49 & 1,474.71 & 1,548.45 \\ \hline 6214000 & Internet & 165.21 & 173.47 & 182.14 & 191.25 & 200.81 & 210.85 \\ \hline 6215000 & Marketing Supplies & 570.80 & 599.34 & 629.31 & 660.77 & 693.81 & 728.50 \\ \hline 6219900 & TOTAL MARKETING EXPENSE & 27.444 .07 & 28.816 .27 & 30.257 .09 & 31.769 .94 & 33.358 .44 & 35.026 .36 \\ \hline 6290000 & MANAGEMENT FEES & & & & & & \\ \hline 6291000 & Management Fee & 49,161.57 & 51,619.65 & 54,200.63 & 56,910.66 & 59,756.20 & 62,744.01 \\ \hline 6295000 & TOTAL MANAGEMENT FEES & 49.161 .57 & 51.619 .65 & 54.200 .63 & 56.910 .66 & 59.756 .20 & 62.744 .01 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline 9000000 & PARTHERSHIP ADHINISTRATION & & & & & & \\ \hline 9003500 & AuditToxiOuteide Accounting & 13,675.00 & 15,000.00 & 15,000.00 & 15,000.00 & 15,000.00 & 15,000.00 \\ \hline 9004000 & Complisnce Monitoring Fec & 5,040.00 & 0.00 & 0.00 & 0.00 & 0.00 & 0.00 \\ \hline 9007500 & LP A Aset Monagement Fee & 10,954.00 & 0.00 & 0.00 & 0.00 & 0.00 & 0.00 \\ \hline 9009000 & Other Portnership Adminiztrative Fees & 0.00 & & & & & \\ \hline 9029900 & TOTAL PARTHERSHIP ADHIHISTRATIOH & 29.669 .00 & 15.000 .00 & 15.000 .00 & 15.000 .00 & 15.000 .00 & 15.000 .00 \\ \hline 9030000 & DEPRECIATION AHD AMORTIZATIOH & & & & & & \\ \hline 9030500 & Deprecistion & 460,505.94 & 408,327.27 & 408,327.27 & 408,327.27 & 408,327.27 & 408,327.27 \\ \hline 9031000 & Amortisotion - Lesechold Improvemente & 2,476.26 & 0.00 & 0.00 & 0.00 & 0.00 & 0.00 \\ \hline 9032500 & Amortistion-Deferred Losn Coste & 7,428.78 & 32,080.00 & 32,080.00 & 32,080.00 & 32,080.00 & 32,080.00 \\ \hline 9039900 & TOTAL DEPRECIATIOH AHD AMORTIZATI & 470.410 .98 & 440.407 .27 & 440.407 .27 & 440.407 .27 & 440.407 .27 & 440.407 .27 \\ \hline 9049900 & TOTAL HOH-OPERATING EXPEHSES & 921.801 .75 & 810.931 .23 & 805.305 .06 & 799,464.24 & 793,400.59 & 787.105 .61 \\ \hline \multirow[t]{2}{*}{9089900} & HET INCOHE & -360.374 .27 & -190.426 .06 & -120.442 .85 & -44.527 .26 & 37.802 .28 & 127.065 .39 \\ \hline & & - & & & & & \\ \hline & & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline 6629900 & TOTAL FIXED EXPEHSES & 194.942 .67 & 204.689 .80 & 214.924 .29 & 225.670 .51 & 236.954 .03 & 248.801 .74 \\ \hline 6889900 & TOTAL OPERATIHG EXPEHSES & 678.824 .96 & 712.766 .21 & 748.404 .52 & 785.824 .74 & 825.115 .98 & 866.371 .78 \\ \hline 68999-00 & HET OPERATIHG IHCOHE & 561,427.48 & 620.505 .17 & 684.862 .21 & 754.936.99 & 831,202.88 & 914.170.99 \\ \hline 6900000 & HOH-OPERATIHG EXPENSES & & & & & & \\ \hline 6900300 & DEBT SERYICE & & & & & & \\ \hline 6902000 & Interest Expense - Senior Debt & 261,603.42 & 298,232.49 & 292,606.33 & 286,765.51 & 280,701.86 & 274,406.88 \\ \hline 69999-00 & TOTAL DEBT SERYICE & 261,603.42 & 298.232 .49 & 292.606 .33 & 286.765 .51 & 280.701 .86 & 274.406 .88 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline & & Historical & Year 1 & Year 2 & Year 3 & Year 4 & Year 5 \\ \hline 4000000 & INCOME & & & & & & \\ \hline 4000100 & OPERATING INCOME & & & & & & \\ \hline 4000200 & REVENUE & & & & & & \\ \hline 4000205 & EFFECTIVE GROSS INCOME & & & & & & \\ \hline 4000300 & GPR INCOME & & & & & & \\ \hline 4000500 & GROSS RENT & & & & & & \\ \hline 4001000 & Market Rent & 1,062,669.05 & 1,142,369.23 & 1,228,046.92 & 1,320,150.44 & 1,419,161.72 & 1,525,598.85 \\ \hline 4003500 & HAP Section 8 - Subsidy Rent & 375,890.95 & 404,082.77 & 434,388.98 & 466,968.15 & 501,990.76 & 539,640.07 \\ \hline 4004900 & TOTAL GROSS RENT & 1,438.560.00 & 1.546 .452 .00 & 1.662 .435 .90 & 1.787 .118 .59 & 1.921 .152 .49 & 2.065 .238 .92 \\ \hline 4005500 & Loss t Gain to Lease & 77,060.85 & 82,840.41 & 89,053.44 & 95,732.45 & 102,912.39 & 110,630.82 \\ \hline 4009900 & TOTAL GROSS POTENTIAL RENT & 1.361 .499 .15 & 1.463 .611 .59 & 1.573 .382 .46 & 1.691 .386 .14 & 1.818 .240 .10 & 1.954 .608 .11 \\ \hline 4100000 & RENT ADJUSTMENTS & & & & & & \\ \hline 4100500 & Bad Debt & 8,684.11 & 9,335.42 & 10,035.57 & 10,788.24 & 11,597.36 & 12,467.16 \\ \hline 4101500 & Resident Concessions & 3,463.00 & 3,722.73 & 4,001.93 & 4,302.07 & 4,624.73 & 4,971.58 \\ \hline 4102000 & One-time Concessions & 18,500.00 & 19,887.50 & 21,379.06 & 22,982.49 & 24,706.18 & 26,559.14 \\ \hline 4103000 & Renewal Concessions & -300.00 & -322.50 & -346.69 & -372.69 & -400.64 & -430.69 \\ \hline 4104000 & Exempt Unit - LIHTC & 12,712.80 & 13,666.26 & 14,691.23 & 15,793.07 & 16,977.55 & 18,250.87 \\ \hline 4106500 & Resident Referrals & -300.00 & -322.50 & -346.69 & -372.69 & -400.64 & -430.69 \\ \hline 4107500 & Vacancies & 114,345.73 & 122,921.66 & 132,140.78 & 142,051.34 & 152,705.19 & 164,158.08 \\ \hline 4109800 & TOTAL RENT ADJUSTMENTS & -157.637 .40 & -169.460 .21 & -182.169 .72 & -195.832 .45 & -210.519 .88 & -226.308 .87 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline 6000300 & PAYROLL EXPENSE & & & & & & \\ \hline 6000500 & PAYROLL - ADMINISTRATIYE EXPENSE & & & & & & \\ \hline 6004500 & Leasing Salary & 21,085.97 & 22,140.27 & 23,247.28 & 24,409.65 & 25,630.13 & 26,911.63 \\ \hline 6005000 & Manager Salary & 41,509.53 & 43,585.01 & 45,764.26 & 48,052.47 & 50,455.09 & 52,977.85 \\ \hline 6006200 & Contract Labor & 2,365.22 & 2,483.48 & 2,607.66 & 2,738.04 & 2,874.94 & 3,018.69 \\ \hline 6007000 & Other Bonuses & 1,601.08 & 1,681.13 & 1,765.19 & 1,853.45 & 1,946.12 & 2,043.43 \\ \hline 6007500 & Leasing \& Renewal Bonuses & 15,838.47 & 16,630.39 & 17,461.91 & 18,335.01 & 19,251.76 & 20,214.35 \\ \hline 6008000 & Health Insurance & 2,123.94 & 2,230.14 & 2,341.64 & 2,458.73 & 2,581.66 & 2,710.75 \\ \hline 6009000 & Payroll Taxes & 2,819.79 & 2,960.78 & 3,108.82 & 3,264.26 & 3,427.47 & 3,598.85 \\ \hline 6009500 & Worker's Compensation & 921.03 & 967.08 & 1,015.44 & 1,066.21 & 1,119.52 & 1,175.49 \\ \hline 6009900 & TOTAL PAYROLL - ADMINISTRATIYE EXP & 88.265 .03 & 92.678 .28 & 97.312 .20 & 102.177 .81 & 107.286 .70 & 112.651 .03 \\ \hline 6010500 & PAYROLL - MAINTENANCE EXPENSE & & & & & & \\ \hline 6011000 & Assistant & 232.00 & 243.60 & 255.78 & 268.57 & 282.00 & 296.10 \\ \hline 6012500 & Supervisor & 33,001.48 & 34,651.55 & 36,384.13 & 38,203.34 & 40,113.51 & 42,119.18 \\ \hline 6017500 & Leasing \& Renewal Bonuses & 678.30 & 712.22 & 747.83 & 785.22 & 824.48 & 865.70 \\ \hline 6018000 & Health Insurance & 7,590.25 & 7,969.76 & 8,368.25 & 8,786.66 & 9,226.00 & 9,687.30 \\ \hline 6019000 & Payroll Taxes & 8,034.65 & 8,436.38 & 8,858.20 & 9,301.11 & 9,766.17 & 10,254.48 \\ \hline 6019500 & Worker's Compensation & 3,879.12 & 4,073.08 & 4,276.73 & 4,490.57 & 4,715.09 & 4,950.85 \\ \hline 6019900 & TOTAL PAYROLL - MAINTENANCE EXPEI & 53.415 .80 & 56.086 .59 & 58.890 .92 & 61.835 .47 & 64.927 .24 & 68.173 .60 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline 6100000 & ADMINISTRATIYE EXPENSE & & & & & & \\ \hline 6101000 & Answering Service & 1,017.84 & 1,068.73 & 1,122.17 & 1,178.28 & 1,237.19 & 1,299.05 \\ \hline 6102000 & Bank Charges & 2,025.46 & 2,126.73 & 2,233.07 & 2,344.72 & 2,461.96 & 2,585.06 \\ \hline 6102500 & Common Area Cleaning & 660.00 & 693.00 & 727.65 & 764.03 & 802.23 & 842.35 \\ \hline 6103000 & Computer Software \& Support & 4,590.09 & 4,819.59 & 5,060.57 & 5,313.60 & 5,579.28 & 5,858.25 \\ \hline 6104000 & Copier Service I Supplies & 1,988.87 & 2,088.31 & 2,192.73 & 2,302.37 & 2,417.48 & 2,538.36 \\ \hline 6104500 & Credit Report Expense & 2,732.58 & 2,869.21 & 3,012.67 & 3,163.30 & 3,321.47 & 3,487.54 \\ \hline 6105500 & Employee Costs'Trainingl'Seminars & 2,314.60 & 2,430.33 & 2,551.85 & 2,679.44 & 2,813.41 & 2,954.08 \\ \hline 6106000 & Equipment - Lease i Rental & 97.38 & 102.25 & 107.36 & 112.73 & 118.37 & 124.28 \\ \hline 6109500 & Fees-Payroll & 864.00 & 907.20 & 952.56 & 1,000.19 & 1,050.20 & 1,102.71 \\ \hline 6111000 & Internet t Cable Television & 1,625.79 & 1,707.08 & 1,792.43 & 1,882.06 & 1,976.16 & 2,074.97 \\ \hline 6111500 & Legal-Evictions & 159.00 & 166.95 & 175.30 & 184.06 & 193.27 & 202.93 \\ \hline 6112500 & LicensesDues'Subscriptions & 1,870.47 & 1,963.99 & 2,062.19 & 2,165.30 & 2,273.57 & 2,387.25 \\ \hline 6113000 & Meals & 415.32 & 436.09 & 457.89 & 480.78 & 504.82 & 530.07 \\ \hline 6115000 & Office Supplies & 1,587.92 & 1,667.32 & 1,750.68 & 1,838.22 & 1,930.13 & 2,026.63 \\ \hline 6118000 & Postage & 246.57 & 258.90 & 271.84 & 285.44 & 299.71 & 314.69 \\ \hline 6118500 & Recruiting & 331.53 & 348.11 & 365.51 & 383.79 & 402.98 & 423.13 \\ \hline 6119500 & Resident Service - Contracts & 3,531.54 & 3,708.12 & 3,893.52 & 4,088.20 & 4,292.61 & 4,507.24 \\ \hline 6120500 & Resident Service - Supplies & 49.01 & 51.46 & 54.03 & 56.74 & 59.57 & 62.55 \\ \hline 6123500 & Telephone & 1,740.21 & 1,827.22 & 1,918.58 & 2,014.51 & 2,115.24 & 2,221.00 \\ \hline 6124000 & Travel Reimbursements & 527.13 & 553.49 & 581.16 & 610.22 & 640.73 & 672.77 \\ \hline 6199900 & TOTAL ADMINISTRATIYE EXPENSE & 32.516 .39 & 34.142 .21 & 35.849 .32 & 37.641 .79 & 39.523 .88 & 41.500 .07 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline & MAIHTEHAHCE ETPEHSE & & & & & & \\ \hline 6301000 & Applianes Supplior & 702.44 & 737.56 & 774.44 & $13.16 & 853.82 & 846.51 \\ \hline 6301700 & Cloanina Supplior & 673.68 & 707.36 & 742.73 & 779.87 & 818.86 & $54.81 \\ \hline 63030000 & Elostrieal Supplior & 3,545.54 & 3,775.32 & 3,464.08 & 4,162.24 & 4,370.40 & 4,588.42 \\ \hline 6303500 & Equipmont Supplior & 222.91 & 234.06 & 245.76 & 258.05 & 270.45 & 284.50 \\ \hline 63050000 & Firot Alarm Supplior & 46.76 & 49.10 & 51.55 & 54.13 & 56.84 & 54.68 \\ \hline 63065000 & Harduaro Supplior & 2,644.92 & 2,829.67 & 2,471.15 & 3,119.71 & 3,275.64 & 3,434.48 \\ \hline 6307500 & HWAC Supplior & 3,500.10 & 3,675.11 & 3,858.86 & 4,051.80 & 4,254.34 & 4,467.11 \\ \hline 63085000 & Light Bulbr & 214.08 & 224.78 & 236.02 & 247.82 & 260.22 & 273.23 \\ \hline 6310000 & Plumbing Supplior & 4,344.02 & 4,566.47 & 4,794.74 & 5,034.53 & 5,286.26 & 5,550.57 \\ \hline 6311000 & Ropairs * Maintenanes Supplior & 254.55 & 267.28 & 280.64 & 244.67 & 304.41 & 324.88 \\ \hline 6321000 & Koy \& Lack Sorviear & 82.48^ & 86.60 & 40.43 & 95.48 & 100.25 & 105.27 \\ \hline 6321500 & Mircollaneaur Sorviess & 6,721.46 & 7,057.53 & 7,410.41 & 7,7$0.43 & 8,164.98 & 8,578.48 \\ \hline 63220000 & Ropair \& Maintenanco Sorvicor & 287.94 & 302.34 & 317.45 & 333.33 & 349.49 & 367.49 \\ \hline 6323500 & Applianso Ropair Sorvieor & 4,524.91 & 4,751.16 & 4,988.71 & 5,238.15 & 5,5000.06 & 5,775.06 \\ \hline 63270000 & Cloaning Sorvicor & 3,501.96 & 3,677.06 & 3,860.91 & 4,053.96 & 4,256,65 & 4,464.49 \\ \hline 63305000 & DrapordMiniElind Ropair & 1,722.98 & 1,809.13 & 1.849 .54 & 1,494.56 & 2,094.24 & 2,194.01 \\ \hline 63340000 & Fonco Ropair Sorvieo & 1,025.00 & 1,076.25 & 1,130.06 & 1,186.57 & 1,245.84 & 1,308.19 \\ \hline 63355000 & Glars $ Seroon Sorviesr & 435.25 & 457.01 & 479.86 & 503.86 & 529.05 & 555.50 \\ \hline 63340000 & Fort Cantral Sorvicar & 2,241.000 & 2,353.05 & 2,470.70 & 2,544.24 & 2,723.45 & 2,860.15 \\ \hline 63500000 & Baskflau Irupostian i Ropair & 453.49 & 1,001.64 & 1,051.77 & 1,104.36 & 1,154.58 & 1,217.56 \\ \hline 63525000 & Firs Syrkom Inspostian & 5.492 .42 & 5,767.57 & 6,055.94 & 6,358.74 & 6,676.68 & 7,010.51 \\ \hline 63530000 & Firs Syrkem Manikaring & 2,544.54 & 2,671.77 & 2,805.36 & 2,445.62 & 3,042.40 & 3,247.55 \\ \hline 63535000 & Firo Syrtom Ropair t Fartr & 1,052.85 & 1,105.49 & 1,160.77 & 1,218.$1 & 1,274.75 & 1,343.73 \\ \hline 63550000 & Sosurity Syrkom Manitaring & 2,603.14 & 2,733.30 & 2,864.96 & 3,013.46 & 3,164.13 & 3,322.34 \\ \hline 63700000 & Landreapo - Annual Cantract & 18,490.75 & 19,940.29 & 20,937.30 & 21,484.17 & 23,083.38 & 24,237.54 \\ \hline 63800000 & Paal-CantraetMaintenanes & 1,273.65 & 1,337.33 & 1,404.20 & 1,474.41 & 1,548.13 & 1,625.54 \\ \hline 63825000 & Pagl-Supplias & 456.83 & 1,004.67 & 1,054.91 & 1,107.65 & 1,163.03 & 1,221.18 \\ \hline 634454 & TOTAL HAIHTHAHCE EgPEHSE & 74.645 .65 & 74.14.$3 & 77.94.4% & $1,$44.32 & $5.$4.54 & $4.1$.27 \\ \hline \end{tabular} \begin{tabular}{|c|c|r|r|r|r|r|r|r|} \hline 6050500 & PAYROLL - FOOD SERYICE EXPENSE & & & & \\ \hline 60562-00 & Contract Labor & 2,293.21 & 2,407.87 & 2,528.26 & 2,654.68 & 2,787.41 & 2,926.78 \\ \hline 6059900 & TOTAL PAYROLL - FOOD SERYICE EXPEh & 2.293.21 & 2.407.87 & 2.528.26 & 2.654.68 & 2.787.41 & 2.926.78 \\ \hline & & & & \\ \hline 6099900 & TOTAL PAYROLL EXPENSE & 143.974.04 & 151.172.74 & 158.731.38 & 166.667.95 & 175.001.35 & 183.751.41 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline 4109900 & NET EFFECTIYE RENT & 1.203 .861 .75 & 1.294 .151 .38 & 1.391 .212 .73 & 1.495 .553 .69 & 1.607 .720 .22 & 1.728 .299 .23 \\ \hline 4300000 & OTHER INCONE & & & & & & \\ \hline 4303500 & Damages \& Cleaning & 11,553.41 & 12,419.92 & 13,351.41 & 14,352.77 & 15,429.22 & 16,586.41 \\ \hline 4304000 & Electric & 194.89 & 209.51 & 225.22 & 242.11 & 260.27 & 279.79 \\ \hline 4304500 & Forfeited Holding Fee & 3,494.00 & 3,756.05 & 4,037.75 & 4,340.59 & 4,666.13 & 5,016.09 \\ \hline 4310500 & Late & 11,700.16 & 12,577.67 & 13,521.00 & 14,535.07 & 15,625.20 & 16,797.09 \\ \hline 4312000 & Lease Insufficient Notice & 250.00 & 268.75 & 288.91 & 310.57 & 333.87 & 358.91 \\ \hline 4312500 & Lease Termination & 3,868.99 & 4,159.16 & 4,471.10 & 4,806.43 & 5,166.92 & 5,554.44 \\ \hline 4314000 & Lock Change & 195.00 & 209.63 & 225.35 & 242.25 & 260.42 & 279.95 \\ \hline 4315500 & NSF & 200.00 & 215.00 & 231.13 & 248.46 & 267.09 & 287.13 \\ \hline 4316000 & Dther & 3,086.24 & 3,317.71 & 3,566.54 & 3,834.03 & 4,121.58 & 4,430.70 \\ \hline 4319000 & Renters'Liability Insurance & 20.00 & 21.50 & 23.11 & 24.85 & 26.71 & 28.71 \\ \hline 5999900 & TOTAL REYENUE & 1,240.252.44 & 1.333 .271 .37 & 1.433 .266 .73 & 1.540 .761 .73 & 1,656.318.86 & 1.780 .542 .77 \\ \hline 6000000 & OPERATING EXPENSES & & & & & & \\ \hline 6000100 & VARIABLE EXPENSE & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline 6200000 & MARKETING EXPENSE & & & & & & \\ \hline 6200500 & Activities & 11,347.03 & 11,914.38 & 12,510.10 & 13,135.61 & 13,792.39 & 14,482.01 \\ \hline 6201000 & Ad A.gency Fees & 671.56 & 705.14 & 740.39 & 777.41 & 816.29 & 857.10 \\ \hline 6203000 & Internet/On-Line Advertising & 11,654.83 & 12,237.57 & 12,849.45 & 13,491.92 & 14,166.52 & 14,874.84 \\ \hline 6204000 & Marketing - Miscellaneous & 912.76 & 958.40 & 1,006.32 & 1,056.63 & 1,109.47 & 1,164.94 \\ \hline 6204500 & Model-Accessories & 639.11 & 671.07 & 704.62 & 739.85 & 776.84 & 815.68 \\ \hline 6208000 & Printing & 269.52 & 283.00 & 297.15 & 312.00 & 327.60 & 343.98 \\ \hline 6211500 & Sign and Banners & 1,213.25 & 1,273.91 & 1,337.61 & 1,404.49 & 1,474.71 & 1,548.45 \\ \hline 6214000 & Internet & 165.21 & 173.47 & 182.14 & 191.25 & 200.81 & 210.85 \\ \hline 6215000 & Marketing Supplies & 570.80 & 599.34 & 629.31 & 660.77 & 693.81 & 728.50 \\ \hline 6219900 & TOTAL MARKETING EXPENSE & 27.444 .07 & 28.816 .27 & 30.257 .09 & 31.769 .94 & 33.358 .44 & 35.026 .36 \\ \hline 6290000 & MANAGEMENT FEES & & & & & & \\ \hline 6291000 & Management Fee & 49,161.57 & 51,619.65 & 54,200.63 & 56,910.66 & 59,756.20 & 62,744.01 \\ \hline 6295000 & TOTAL MANAGEMENT FEES & 49.161 .57 & 51.619 .65 & 54.200 .63 & 56.910 .66 & 59.756 .20 & 62.744 .01 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline 9000000 & PARTHERSHIP ADHINISTRATION & & & & & & \\ \hline 9003500 & AuditToxiOuteide Accounting & 13,675.00 & 15,000.00 & 15,000.00 & 15,000.00 & 15,000.00 & 15,000.00 \\ \hline 9004000 & Complisnce Monitoring Fec & 5,040.00 & 0.00 & 0.00 & 0.00 & 0.00 & 0.00 \\ \hline 9007500 & LP A Aset Monagement Fee & 10,954.00 & 0.00 & 0.00 & 0.00 & 0.00 & 0.00 \\ \hline 9009000 & Other Portnership Adminiztrative Fees & 0.00 & & & & & \\ \hline 9029900 & TOTAL PARTHERSHIP ADHIHISTRATIOH & 29.669 .00 & 15.000 .00 & 15.000 .00 & 15.000 .00 & 15.000 .00 & 15.000 .00 \\ \hline 9030000 & DEPRECIATION AHD AMORTIZATIOH & & & & & & \\ \hline 9030500 & Deprecistion & 460,505.94 & 408,327.27 & 408,327.27 & 408,327.27 & 408,327.27 & 408,327.27 \\ \hline 9031000 & Amortisotion - Lesechold Improvemente & 2,476.26 & 0.00 & 0.00 & 0.00 & 0.00 & 0.00 \\ \hline 9032500 & Amortistion-Deferred Losn Coste & 7,428.78 & 32,080.00 & 32,080.00 & 32,080.00 & 32,080.00 & 32,080.00 \\ \hline 9039900 & TOTAL DEPRECIATIOH AHD AMORTIZATI & 470.410 .98 & 440.407 .27 & 440.407 .27 & 440.407 .27 & 440.407 .27 & 440.407 .27 \\ \hline 9049900 & TOTAL HOH-OPERATING EXPEHSES & 921.801 .75 & 810.931 .23 & 805.305 .06 & 799,464.24 & 793,400.59 & 787.105 .61 \\ \hline \multirow[t]{2}{*}{9089900} & HET INCOHE & -360.374 .27 & -190.426 .06 & -120.442 .85 & -44.527 .26 & 37.802 .28 & 127.065 .39 \\ \hline & & - & & & & & \\ \hline & & & & & & & \\ \hline \end{tabular}