1	2	3	4	5	6	7	8	9	10
		Yr. 1	Yr. 2	Yr. 3	Yr. 4	Yr. 5	Yr. 6	Yr. 7	Yr. 8	Yr. 9	Yr. 10
		2003	2004	2005	2006	2007	2008	2009	2010	2011	2012
RESALE ANALYSIS
Projected Real Estate Resale Value
	Calculated using Cap Rate of 11%	1,308,327	1,723,182	1,809,336	1,899,818	1,994,791	2,094,545	2,199,273	2,309,236	2,424,691	2,545,918
Original Basis -- Real Estate Purchase		1,800,000	1,800,000	1,800,000	1,800,000	1,800,000	1,800,000	1,800,000	1,800,000	1,800,000	1,800,000
+	Closing Costs	36,000	36,000	36,000	36,000	36,000	36,000	36,000	36,000	36,000	36,000
+	Other Fees	-	-	-	-	-	-	-	-	-	-
+	Capital and Tenant Improvements	200,000	200,000	200,000	200,000	200,000	200,000	200,000	200,000	200,000	200,000
+	Cost of Sale (7% of Resale Value)	91,583	120,623	126,654	132,987	139,635	146,618	153,949	161,647	169,728	178,214
-	Accumulated Depreciation, Building	52,500	112,500	172,500	232,500	292,500	352,500	412,500	472,500	532,500	592,500
-	Accumulated Depreciation, Land Improvement	-	-	-	-	-	-	-	-	-	-
-	Accumulated Depreciation, Capital Improvements	5,152	12,425	19,698	26,971	34,244	41,517	48,790	56,063	63,336	70,609
Adjusted Basis at Sales Date		2,069,931	2,031,698	1,970,456	1,909,516	1,848,891	1,788,601	1,728,659	1,669,084	1,609,892	1,551,105
Gain or (Loss) on Real Estate Transaction		(761,604)	(308,516)	(161,120)	(9,698)	145,900	305,944	470,614	640,152	814,799	994,813
+	Projected Personal Property Resale Value	-	-	-	-	-	-	-	-	-	-
	Original Basis -- Personal Property Purchase	-	-	-	-	-	-	-	-	-	-
	Accumulated Depreciation, Personal Property	-	-	-	-	-	-	-	-	-	-
-	Book Value, Personal Property	-	-	-	-	-	-	-	-	-	-
Gain or (Loss) on Personal Property Transaction		-	-	-	-	-	-	-	-	-	-
	Suspended Losses Utilized on Sale	-	-	-	-	-	-	-	-	-	-
	Unamoritized Fees	-	-	-	-	-	-	-	-	-	-
	Unamoritized Loan Points, Loan 1	27,480	26,040	-	-	-	-	-	-	-	-
	Unamoritized Loan Points, Loan 2	4,087	3,091	-	-	-	-	-	-	-	-
	Unamoritized Loan Points, Loan 3	-	-	39,889	38,557	37,225	35,893	34,561	33,229	31,897	30,565
	Unamoritized Loan Points, Loan 4	-	-	-	-	-	-	-	-	-	-
	Unamoritized Loan Points, Loan 5	-	-	-	-	-	-	-	-	-	-
Total Tax Deductions on Real Estate Transaction		31,567	29,131	39,889	38,557	37,225	35,893	34,561	33,229	31,897	30,565
Calculation of Federal Tax on Resale
	Pers. Prop. Capital Gains at ordinary rate of 21%	-	-	-	-	-	-	-	-	-	-
	Real Estate Capital Gains Tax	-	-	-	-	27,169	67,513	109,013	146,246	182,631	219,982
Total Estimated Federal Tax on Resale		-	-	-	-	27,169	67,513	109,013	146,246	182,631	219,982
Projected Resale Value, Real & Personal Property		1,308,327	1,723,182	1,809,336	1,899,818	1,994,791	2,094,545	2,199,273	2,309,236	2,424,691	2,545,918
-	Cost of Sale	91,583	120,623	126,654	132,987	139,635	146,618	153,949	161,647	169,728	178,214
-	Payoff, Loan 1	1,410,478	1,375,878	1,341,808	-	-	-	-	-	-	-
-	Payoff, Loan 2	250,000	250,000	250,000	-	-	-	-	-	-	-
-	Payoff, Loan 3	-	-	1,998,658	1,981,843	1,963,633	1,943,911	1,922,552	1,899,420	1,874,368	1,847,237
-	Payoff, Loan 4	-	-	-	-	-	-	-	-	-	-
-	Payoff, Loan 5	-	-	-	-	-	-	-	-	-	-
+	Remaining Cash Reserve w/ Interest Earned	74,118	77,824	81,715	85,801	90,091	94,596	99,326	104,292	109,507	114,982
+	Adjust Total Loan Payoff for Refinancing	-	-	1,591,808	-	-	-	-	-	-	-
Resale Proceeds before Taxes		(369,616)	54,505	(234,261)	(129,211)	(18,386)	98,612	222,098	352,461	490,102	635,449
-	Estimated Federal Tax on Resale	-	-	-	-	27,169	67,513	109,013	146,246	182,631	219,982
Resale Proceeds after Taxes		(369,616)	54,505	(234,261)	(129,211)	(45,554)	31,100	113,085	206,216	307,471	415,467
MEASURES OF INVESTMENT PERFORMANCE
	Initial Cash Investment	(454,800)	(454,800)	(454,800)	(454,800)	(454,800)	(454,800)	(454,800)	(454,800)	(454,800)	(454,800)
	PreTax Cash Flow	-	31,544	408,199	36,966	47,617	58,805	70,550	82,882	95,831	109,426
	PreTax Cash Flow + Resale Proceed	(369,616)	86,049	173,938	(92,245)	29,231	157,417	292,648	435,343	585,933	744,875
IRR on PreTax Cash Flow & Resale		#NUM!	#NUM!	-24.23%	-9.74%	3.47%	11.40%	16.06%	18.88%	20.65%	21.78%
MIRR on PreTax Cash Flow & Resale (PV at 5%)		-100.00%	-56.50%	-23.07%	-3.02%	4.05%	8.91%	11.69%	13.33%	14.31%	14.88%
	After Tax Cash Flow	-	31,544	408,199	36,966	47,617	56,721	65,656	75,026	84,853	95,156
	After Tax Cash Flow + Resale Proceed	(369,616)	86,049	173,938	(92,245)	2,063	87,821	178,741	281,242	392,324	510,623
IRR on After Tax Cash Flow & Resale		#NUM!	#NUM!	-24.23%	-9.74%	1.72%	8.76%	13.29%	16.32%	18.34%	19.69%
MIRR on After Tax Cash Flow & Resale (PV at 5%)		-100.00%	-56.50%	-23.07%	-3.02%	3.01%	7.18%	9.71%	11.37%	12.43%	13.11%
INVESTMENT RATIOS
	Debt Coverage	0.97	1.17	1.22	1.19	1.25	1.31	1.37	1.44	1.51	1.59
	Cap Rate %	7.20%	9.44%	9.87%	10.32%	10.79%	11.28%	11.80%	12.34%	12.90%	13.49%
	Cash on Cash %	-0.19%	6.94%	89.75%	8.13%	10.47%	12.93%	15.51%	18.22%	21.07%	24.06%
	Oper. Exp Ratio %	34.62%	31.61%	31.61%	31.61%	31.61%	31.61%	31.61%	31.61%	31.61%	31.61%
SUMMARY INFORMATION
	Projected Total Cash Return	(369,616)	86,049	205,482	347,498	505,940	681,743	875,779	1,089,024	1,322,496	1,577,269
	Total Estimated Taxes	-	-	-	-	27,169	69,597	115,991	161,080	208,443	260,064
	Projected After Tax Return	(369,616)	86,049	205,482	347,498	478,772	612,147	759,788	927,945	1,114,053	1,317,205
	Taxfree Return at 5% (for comparison)	476,085	500,442	526,046	552,959	581,250	610,987	642,247	675,105	709,645	745,952