FINANCING SUMMARY

SUMMARY   Price : $1,200,000       Down Payment : 30% $360,000       Number of Units : 194       Rentable Square Feet : 23,625       Price/Rentable Square Foot : $50.79       Current CAP Rate : 10.34%       Pro Forma CAP Rate : 10.89%       Current Net Cash Flow After Debt Service : 15.12% $54,436       Pro Forma Net Cash Flow After Debt Service : 16.97% $61,087       Year Built : 2006       Lot Size : 3.32 (MOL) Acres       Type of Ownership : Fee Simple

ANNUALIZED OPERATING DATA
INCOME		Current	Pro Forma
Gross Potential Rent		$205,320	$215,586
Other Income		30,316	31,832
Gross Potential Income		$235,636	$247,418
Less: Vacancy/Deductions	20%	41,068	15%	32,338
Effective Gross Income		$194,568	$215,080
Less: Expenses		70,489	84,349
Net Operating Income		$124,079	$130,731
Debt Service
Net Cash Flow After Debt Service		$124,079		$130,731
Principal Reduction
Total Return		$124,079		$130,731

ANNUALIZED EXPENSES
EXPENSES	Current	Pro Forma
Real Estate Taxes	$16,290	$16,290
Insurance	3,878	3,878
Utilities	3,231	3,231
Repairs & Maintenance	3,769	4,725
Marketing & Promotion	3,327	3,327
On-Site Payroll	20,800	20,800
Credit Card/Bank Fees	2,586	2,586
Management Fee	0	12,905
General & Administration	3,766	3,766
Cost of Goods Sold	2,873	2,873
Professional Fees	685	685
Replacements & Reserves	2,363	2,363
Total Other Expenses	2,400	2,400
U-Haul	4,521	4,521
TOTAL EXPENSES	$70,489	$84,350
% of EGI	36.2%	39.2%