YEAR 0 YEAR 1 YEAR 2 YEAR 3 YEAR 4 54 PROFORMA 55 56 PGI 57 -VCL 58 EGI 59-OE 60 -CAPX 61 NOI 62-DS 63 BTCF 64 -TAXES (given) 65 ATCF 66 67 PURCHASE PRICE 68 69 SP 70-SELLING EXPENSES (6%). 71 NSP 72 -OMB 73 BTER 74 TAXES (given) 75 ATER 76 77 UNLEVERAGED (TOTAL) NPV 78 UNLEVERAGED (TOTAL) IRR 79 80 BEFORE TAX NPV 81 BEFORE TAX IRR 82 83 AFTER TAX NPV 84 AFTER TAX IRR 85 86 GOING IN CAP RATE 87 DEBT COVERAGE RATIO (EACH YEAR) 88 89 NET EQUITY MULTIPLE 90 91 92 DCF APPROACH TO VALUE $ (31,221) 93 APPRAISER HAS ASSUMED A HOLDING PERIOD OF 3 YEARS IS APPROPRIATE 4 APPRAISER HAS ASSUMED A DISCOUNT RATE OF 14.515% IS APPROPRIATE 95 YEAR 0 MARKET VALUE 96 97 DIRECT CAP APPROACH TO VALUE 98 CAP RATE YEAR 2 99 CAP RATE YEAR 3 100 YEAR 2 MARKET VALUE 101 102 103 OTHER MORTGAGE INFO FOR THE HOLDING PERIOD 104 TOTAL PRINCIPAL PAID 105 TOTAL INTEREST PAID 100 LENDERS YIELD HIST 11.00% 10.00% $ (15,000) $ (21,000) $ (27,000)