The Willows - New Bedford

FINANCIAL ANALYSIS TheWillows INCOME & EXPENSES CASH FLOW LINE ITEM CURRENT PROJECTIONS INCOME $/YEAR $/YEAR

Rental Income (see Rent Roll)

$989,700

$1,297,800

EFFECTIVE GROSS INCOME:

$989,700

$1,297,800

Vacancy Rate (% of EGI)

0%

0

5%

(64,890)

EFFECTIVE GROSS REVENUE (EGR)

$989,700

$1,232,910

OPERATING EXPENSES

$/UNIT

$/YEAR

$/UNIT

$/YEAR

Trash Removal

$39

$3,510

$40

$3,615

Real Estate Taxes

$838

75,400

$863

77,662

Water & Sewer (estimate)

$156

14,000

$160

14,420

Insurance

$311

28,000

$320

28,840

Ground Work / Snow Removal

$26

2,300

$26

2,369

Common Utilities

$97

8,740

$100

9,002

Management & Payroll

$1,111

100,000

$1,144

103,000

Maintenance & Repairs (5% of EGR)

$550

49,485

$685

61,646

Capital Reserve ($300/unit)

$300

27,000

$300

27,000

TOTAL OPERATING EXPENSES

$3,427

$308,435

$3,639

$327,554

NET OPERATING INCOME

$681,265

$905,356

18