1

1,000,000
200,000
800,000
240,000
560,000
417,283
142,717
27,549
115,168

PGI
VA
EGI
Op Exp
NOI
ADS
BTCF
Taxes
ATCF
Taxes
NOI
Interest
Depreciation
TI
Tax

560,000
342016
126,154
91,830
27,549

2
1,010,000
202,000
808,000
242,400
565,600
417,283
148,317
30,861
117,456

3
1,020,100
204,020
816,080
244,824
571,256
417,283
153,973
34,309
119,664

4
1,030,301
206,060
824,241
247,272
576,969
417,283
159,686
37,899
121,787

565,600
571,256
576,969
582,738
336,575
330740
324,485
317,776
### $ 126,154 $ 126,154 $ 126,154
102,871
114,362
126,330
138,808
30,861
34,309
37,899
41,642

LOAN
Amount (PV)
Interest Rate
N
PMT
Year
0
1
2
3
4
5

4,920,000 Monthly
7% 0.5833333333
25
300
$34,773.54
Balance
4,920,000
4,844,733
4,764,025
4,433,285
4,108,800
4,485,178

5
1,040,604
208,121
832,483
249,745
582,738
417,283
165,455
41,642
123,813

ADS
417,283
417,283
417,283
417,283
417,283

Interest
342,016
336,575
330,740
324,485
317,776

Principal
75,267
80,708
86,543
92,798
99,507

6
1,051,010
210,202
840,808
252,242
588,566
417,283
171,283

Break Even Vacancy

34%
Taxes on Sale
Gross SP
Selling Expense
Net SP
Basis
Taxable Gain
Acc. Dep.
Capital Gain
Taxes on Sale

7,357,070
662,136
6,694,934
5,519,231
1,175,703
$ 630,770.00
544,933

ATER
Net SP
Mortgage Bal.
BTER
Taxes
ATER
0
1
2
3
4
5

25%
15%

157,693
81,740
239,432

6,694,934
4,485,178
2,209,756
239,432
1,970,324

Cash Flows
-

1,230,000
115,168
117,456
119,664
121,787
2,094,136

NPV
$97,543
IRR
18%

Used Cash Flow operation on financial calculator

PGI
VA
EGI
Op Exp
NOI
ADS
BTCF
Taxes
ATCF

1
###
200,000
800,000
240,000
560,000
417,283
142,717
22,818
119,899

2
###
202,000
808,000
242,400
565,600
417,283
148,317
26,131
122,186

3
###
204,020
816,080
244,824
571,256
417,283
153,973
29,578
124,395

4
###
206,060
824,241
247,272
576,969
417,283
159,686
33,168
126,517

5
###
208,121
832,483
249,745
582,738
417,283
165,455
36,912
128,543

Taxes
NOI
560,000 565,600 571,256 576,969 582,738
Interest
342016 336,575
330740 324,485 317,776
Depreciat
###
###
###
###
###
TI
76,061
87,102
98,593 110,560 123,039
Tax
22,818
26,131
29,578
33,168
36,912
LOAN
Amount (
### Monthly
Interest
7% 0.583333
N
25
300
PMT
###
Year
0
1
2
3
4
5

Balance
###
###
###
###
###
###

ADS
417,283
417,283
417,283
417,283
417,283

Interest Principal
342,016
75,267
336,575
80,708
330,740
86,543
324,485
92,798
317,776
99,507

6
###
###
###
###
###
###
###

Break Even Vacancy

34%
Taxes on Sale
Gross SP
###
Selling E 662,136
Net SP
###
Basis
###
Taxable G
###
Acc. Dep.
###
Capital G 544,934
Taxes on Sale

25% 177,404
15%
81,740
259,144

ATER
Net SP
###
Mortgage
###
BTER
###
Taxes
259,144
ATER
###
Cash
0
1
2
3
4
5

Flows
###
119,899
122,186
124,395
126,517
###

NPV
$103,648
IRR
18%

Used Cash Flow operation on financial calcu