The Opportunity Evaluator 7-Move Quick Check

Acquisition What If What If

1 Purchase Price 2 Gross Potential Rental Income 3 Vacancy/Credit Loss 4 Gross Operating Income 5 Total Operating Expenses 6 Net Operating Income (NOI) 7 Cap Rate Desired VALUE
(based on

$ $ % = $ Or %. =

10.0% Actual % 10.0% Cap) =

The Opportunity Evaluator 7-Move Quick Check

Acquisition What If What If

1 Purchase Price 2 Gross Potential Rental Income 3 Vacancy/Credit Loss 4 Gross Operating Income 5 Total Operating Expenses 6 Net Operating Income (NOI) 7 Cap Rate Desired VALUE
(based on

$ $ % = $ Or %. =

10.0% Actual % 10.0% Cap) =

CONFIDENTIAL The Opportunity Evaluator Apartment Evaluator << MASTER - DO NOT ENTER DATA ON THIS SHEET >> Physical Property Information P1 Type of Property P2 Property Name P3 Address City, State, Zip P4 Property Size (Rentable Sq.Ft.) P5 Year Built Actual Age P6 Property Condition Parking Lot Cond. P7 Who pays utilities? P8 How is it heated? P9 Age of roof(s) PA Age of windows PB Garages ? PC Misc. Income / Expense Analysis ALL FIGURES ANNUAL

MASTER

Acquisition Information *7-Step Quick-Check Numbers A1 Purchase Price* A6 Price Per Square Foot A2 - Mortgages (enter info below) A3 + Loan Points ( ) + A7 Price Per Unit A4 + Acquisition Costs + A5 = Initial Investment = (Units) Financing Information / Assumptions F4 F5 F6 F7 F8 F9 FA Effective Age Int. Only Initial Loan Periodic Pymt Pymts/Yr Interest Rate Am.Pd. (Yrs) Term (Yrs) F1 1st ## F2 2nd ## F3 3rd ## (I1 If GPRI already known, enter here: Income Calculator ) I6 Apt. Mix I7 # Units I8 Rent/Mo. I9 Ann. Rent I2 Calculated GPRI Raise/Lower By % I3 1/1 I4 or By $/Unit 2/1 I5 = Adjusted GPRI 2/2 3/1 Enter $ Total $ / Sq.Ft. $ / Unit 3/2

1 GROSS POTENTIAL RENTAL INCOME* 2 - Vacancy&Credit Loss* ( %) 3 - Other Income (affected by vacancy) 4 = EFFECTIVE RENTAL INCOME 5 + Other Income (NOT affected by vacancy) 6 = GROSS OPERATING INCOME* OPERATING EXPENSES (verifiable / unverifiable ) Real Estate Taxes Personal Property Taxes Property Insurance Management Payroll Expenses / Benefits ( %) Taxes / Worker's Comp ( %) Repairs and Maintenance: Materials Labor Utilities: Phone Gas Electric Water Sewer Accounting and Legal Licenses / Permits Advertising Supplies Contract Services: Trash Lawn care Landscaping Snow removal Other/Misc: Other/Misc: Other/Misc: Other/Misc: Other/Misc: Other/Misc: TOTAL OPERATING EXPENSES* NET OPERATING INCOME* - Annual Debt Service - Funded Reserves - Leasing Commissions - Capital Additions = CASH FLOW BEFORE TAXES

Total Units: % GOI % Op Exp

GPRI: Comments

7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41

"What If..." W1 Cap Rate* is:

10.0%
W2 Value is: W3 Sale Cash Out (pre-tax) 42 DCR-BANK 43 DCR-INV 44 CAP Rate W4 Re-Fi % W5 Re-Fi Proceeds W6 Re-Fi Cash Out

2004 by Scheel Publishing LLC (SPL). All rights reserved. Reproduction in any form without the express written consent of SPL is prohibited. Visit us on the web at www.CreativeCommercialRealEstate.com Update LEAD DATE LEAD SOURCE NOTES

Master

99209588.xls.ms_office MASTER - DO NOT DELETE

The Opportunity Evaluator Apartment Evaluator

Physical Property Information P1 Type of Property P2 Property Name P3 Address City, State, Zip P4 Property Size (Rentable Sq.Ft.) P5 Year Built Actual Age P6 Property Condition Parking Lot Cond. P7 Who pays utilities? P8 How is it heated? P9 Age of roof(s) PA Age of windows PB Garages ? PC Misc. Income / Expense Analysis ALL FIGURES ANNUAL

CONFIDENTIAL

Current Situation

(Units) Effective Age

Acquisition Information *7-Step Quick-Check Numbers A1 Purchase Price* A6 Price Per Square Foot A2 - Mortgages (enter info below) A3 + Loan Points ( ) + A7 Price Per Unit A4 + Acquisition Costs + A5 = Initial Investment = Financing Information / Assumptions F4 F5 F6 F7 F8 F9 FA Int. Only Initial Loan Periodic Pymt Pymts/Yr Interest Rate Am.Pd. (Yrs) Term (Yrs) F1 1st ## F2 2nd ## F3 3rd ## (I1 If GPRI already known, enter here: Income Calculator ) I6 Apt. Mix I7 # Units I8 Rent/Mo. I9 Ann. Rent I2 Calculated GPRI Raise/Lower By % I3 I4 or By $/Unit I5 = Adjusted GPRI Enter $ Total $ / Sq.Ft. $ / Unit

1 GROSS POTENTIAL RENTAL INCOME* 2 - Vacancy&Credit Loss* ( 5% %) 3 - Other Income (affected by vacancy) 4 = EFFECTIVE RENTAL INCOME 5 + Other Income (NOT affected by vacancy) 6 = GROSS OPERATING INCOME* OPERATING EXPENSES (verifiable / unverifiable ) Real Estate Taxes Personal Property Taxes Property Insurance Management Payroll Expenses / Benefits ( %) Taxes / Worker's Comp ( %) Repairs and Maintenance: Materials Labor Utilities: Phone Gas Electric Water Sewer Accounting and Legal Licenses / Permits Advertising Supplies Contract Services: Trash Lawn care Landscaping Snow removal Other/Misc: Other/Misc: Other/Misc: Other/Misc: Other/Misc: Other/Misc: TOTAL OPERATING EXPENSES* NET OPERATING INCOME* - Annual Debt Service - Funded Reserves - Leasing Commissions - Capital Additions = CASH FLOW BEFORE TAXES

Total Units: % GOI % Op Exp

GPRI: Comments

7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41

"What If..." W1 Cap Rate* is:

10.0%
W2 Value is: W3 Sale Cash Out (pre-tax) 42 DCR-BANK 43 DCR-INV 44 CAP Rate W4 Re-Fi % W5 Re-Fi Proceeds W6 Re-Fi Cash Out

2004 by Scheel Publishing LLC (SPL). All rights reserved. Reproduction in any form without the express written consent of SPL is prohibited. Visit us on the web at www.CreativeCommercialRealEstate.com LEAD DATE LEAD SOURCE NOTES

Update Master

99209588.xls.ms_office

The Opportunity Evaluator Income Evaluator

Physical Property Information P1 Type of Property P2 Property Name P3 Address City, State, Zip P4 Property Size (Rentable Sq.Ft.) P5 Year Built Actual Age P6 Property Condition

CONFIDENTIAL

Income Evaluator

Acquisition Information A1 Purchase Price* A2 - Mortgages A3 + Loan Points ( ) A4 + Acquisition Costs A5 = Initial Investment Financing Information / Assumptions F4 F5 F6 Int. Only Initial Loan Periodic Pymt F1 1st ### F2 2nd ### F3 3rd ### Average/Year Year: 1 2 A6 Price Per Square Foot + + = F7 Pymts/Yr F8 Interest Rate A7 Price Per Unit

(Units) Effective Age

F9 Am.Pd. (Yrs)

FA Term (Yrs)

Projections for Annual Change (%) 3 4 5 6 C1 GROSS POTENTIAL RENTAL INCOME C2 - Vacancy&Credit Loss C3 - Other Income (affected by vacancy) C4 + Other Income (NOT affected by vacancy) C5 TOTAL OPERATING EXPENSES Income Projections ALL FIGURES ANNUAL

MASTER

End of Year:

1 GROSS POTENTIAL RENTAL INCOME 2 - Vacancy&Credit Loss 3 - Other Income (affected by vacancy) 4 = EFFECTIVE RENTAL INCOME 5 + Other Income (NOT affected by vacancy) 6 = GROSS OPERATING INCOME 7 TOTAL OPERATING EXPENSES 8 9 10 11 12 13 NET OPERATING INCOME - Annual Debt Service - Funded Reserves - Leasing Commissions - Capital Additions = CASH FLOW BEFORE TAXES

14 Mortgage Balance (BOY) 15 - Principal Reduction 16 = Mortgage Balance (EOY) 17 CASH FLOW BEFORE TAXES (line 13) 18 + Principal Reduction (line 15) 19 = ANNUAL GAIN (not including depreciation) 20 CUMULATIVE CASH FLOW BEFORE TAXES 21 + CUMULATIVE PRINCIPAL REDUCTION 22 = CUMULATIVE GAIN BEFORE TAXES 23 24 25 26 27 28 29 NET OPERATING INCOME (line 8) / Cap Rate Desired By Investor 10.0% = VALUE AFTER FORCED APPRECIATION - Purchase Price (line A1) = EQUITY BUILDUP FROM FORCED APPRECIATION + CUMULATIVE GAIN BEFORE TAXES (line 22) = TOTAL GAIN BEFORE TAXES AND COST OF SALES

10.0%

10.0%

10.0%

10.0%

10.0%

10.0%

2004 by Scheel Publishing LLC (SPL). All rights reserved. Reproduction in any form without the express written consent of SPL is prohibited. Visit us on the web at www.CreativeCommercialRealEstate.com NOTES

99209588.xls.ms_office