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Cash Flow With TIFF
<br />A
<br />B
<br />C
<br />D
<br />E
<br />F
<br />G
<br />1
<br />REVISED 911312021
<br />Monthly Rent
<br />Total Monthly
<br />Total Annual
<br />2
<br />Unit Type
<br /># of units
<br />Unit Size
<br />Per Unit
<br />Rent-1 st year
<br />RentA st year
<br />3
<br />Studio income restricted
<br />8
<br />519
<br />$900
<br />$7,200
<br />$86,400
<br />$1.73
<br />4
<br />1 Bedroom 1A
<br />12
<br />715
<br />$1,100
<br />$13,200
<br />$158,400
<br />$1.54
<br />5
<br />1 Bedroom 1B
<br />2
<br />924
<br />$1,175
<br />$2,350
<br />$28,200
<br />$1.27
<br />6
<br />1 Bedroom ADA 1D NC) Income restncted
<br />1
<br />715
<br />$1,000
<br />$1,000
<br />$12,000
<br />$1.40
<br />7
<br />1 Bedroom 1C
<br />4
<br />820
<br />$1,150
<br />$4,600
<br />$55,200
<br />$1.40
<br />8
<br />1 Bedroom 1E
<br />2
<br />924
<br />$1,250
<br />$2,500
<br />$30,000
<br />$1.35
<br />9
<br />2 Bedrooms 1 Bath 2A
<br />9
<br />915
<br />$1,400
<br />$12,600
<br />$151,200
<br />$1.53
<br />10
<br />2 Bedrooms IBath 2B
<br />4
<br />934
<br />$1,600
<br />$6,400
<br />$76,800
<br />$1.71
<br />11
<br />$0
<br />$0
<br />#DIV/0'
<br />12
<br />$0
<br />$0
<br />#DIV/01
<br />3
<br />$0
<br />$0
<br />#DIV/01
<br />14
<br />13 Bedrooms
<br />2
<br />1216
<br />$1,600
<br />$3,2001
<br />$38,400
<br />$1.32
<br />15
<br />9x20
<br />$0
<br />$0
<br />16
<br />Garages
<br />44
<br />9x20
<br />$50
<br />$2,200
<br />$26,400
<br />17
<br />18
<br />Total
<br />44
<br />$55,250
<br />$663,000
<br />19
<br />20
<br />21
<br />% Year
<br />22
<br />Year
<br />2023
<br />2024
<br />2025
<br />2026
<br />2027
<br />2028
<br />23
<br />Gross Income
<br />24
<br />Potential Gross Rent
<br />$198,900
<br />$663,000
<br />$669,630
<br />$676,326
<br />$689,853
<br />$689,853
<br />25
<br />Less: 5%Vacancy
<br />-$9,945
<br />-$33,150
<br />-$33,482
<br />-$33,816
<br />-$34,493
<br />-$34,493
<br />26
<br />Less: Collection Loss
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />27
<br />Net Rent
<br />$188,955
<br />$629,850
<br />$636,149
<br />$642,510
<br />$655,360
<br />$655,360
<br />28
<br />Other Income
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />29
<br />Effective Gross Income
<br />$188,955
<br />$629,850
<br />$636, 149
<br />$642,510
<br />$655,360
<br />$655,360
<br />30
<br />31
<br />Annual Expenses
<br />32
<br />Administrative
<br />33
<br />Management Fee-6%
<br />$9,448
<br />$44,090
<br />$44,530
<br />$44,976
<br />$45,875
<br />$45,875
<br />34
<br />On Site Manager & caretaker
<br />$5,500
<br />$60,000
<br />$61,800
<br />$63,654
<br />$65,564
<br />$67,531
<br />35
<br />Legal/Accounting
<br />$4,000
<br />$4,500
<br />$4,635
<br />$4,774
<br />$4,917
<br />$5,065
<br />36
<br />jAdvertising
<br />$5,500
<br />$6,299
<br />$6,361
<br />$6,425
<br />$6.554
<br />$6,554
<br />37
<br />IMisc Admin
<br />$3,000
<br />$3,000
<br />$3,090
<br />$3,183
<br />$3,278
<br />$3,377
<br />38
<br />Operatina
<br />39
<br />Electric
<br />$6,524
<br />$9,225
<br />$9,502
<br />$9,7871
<br />$10,080
<br />$10,383
<br />40
<br />Heat
<br />$7,650
<br />$12,500
<br />$12,875
<br />$13,261
<br />$13,659
<br />$14,069
<br />41
<br />Insurance
<br />$8,900
<br />$17,500
<br />$18,025
<br />$18,566
<br />$19,123
<br />$19.696
<br />42
<br />Sewer & Water
<br />$4,752
<br />$10,825
<br />$11,150
<br />$11,484
<br />$11,829
<br />$12,184
<br />43
<br />Elevator
<br />$1,000
<br />$2,500
<br />$2,575
<br />$2,652
<br />$2,732
<br />$2,814
<br />7
<br />Fire protection
<br />$500
<br />$1,050
<br />$1,082
<br />$1,114
<br />$1,147
<br />$1,182
<br />45
<br />lGarbage
<br />$7,615
<br />$7,843
<br />$8,079
<br />$8.321
<br />$8,571
<br />46
<br />livaintenance
<br />47
<br />Snow Removal
<br />$5,000
<br />$6,500
<br />$6.695
<br />$6,896
<br />$7,103
<br />$7,316
<br />48
<br />Repair & Maintenance
<br />$3,000
<br />$9,560
<br />$9,847
<br />$10,142
<br />$10,446
<br />$10.760
<br />49
<br />Grounds Maintenance
<br />$5,200
<br />$5,356
<br />$5,517
<br />$5,682
<br />$5,853
<br />$6,028
<br />50
<br />Taxes
<br />51
<br />Real Estate
<br />Less TIF
<br />Total Annual Expenses
<br />$4,500 $88,000 $88,880 $89,769 $90,666 $91,573
<br />-$79,200-$79,200-$79,200-$79,200-$79,200
<br />5T
<br />53
<br />$74,474
<br />$209,319
<br />$215,207
<br />$221,244
<br />$227,948
<br />$233,776
<br />54
<br />55
<br />Expenses Per Unit
<br />$1,862
<br />$5,233
<br />$5,380
<br />$5,531
<br />$5,699
<br />$5,844
<br />56
<br />57
<br />Cash Flow Before Debt Service
<br />$114,481
<br />$420,531
<br />$420,942
<br />$421,266
<br />$427,413
<br />$421,584
<br />58
<br />59
<br />Replacement Reserves -2%ofrent
<br />$3,978
<br />$13,260
<br />$13,393
<br />$13,527
<br />$13,797
<br />$13,797
<br />60
<br />61
<br />Net Operating Income
<br />$110,503
<br />$407,271
<br />$407,549
<br />$407,740
<br />$413,616
<br />$407,787
<br />62
<br />63
<br />Debt Service
<br />(T
<br />Source 1 ($6,000,000 @ 4%, 25 yrs)
<br />$148,523
<br />$380,043
<br />$380,043
<br />$380,043
<br />$380,043
<br />$380,043
<br />65
<br />Source 2
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />66
<br />Total Cash Flow
<br />-$38,020
<br />$27,228
<br />$27,507
<br />$27,697
<br />$33,573
<br />$27,745
<br />67
<br />68
<br />DCR
<br />0.74
<br />1.07
<br />1.07
<br />1.07
<br />1.09
<br />1.07
<br />69
<br />Cash on Cash (down=$1,800,000.00)
<br />-3.24%
<br />2.32%
<br />2.35%
<br />2.36%
<br />2.86%
<br />2.370%
<br />70
<br />The data and calculations presented herein, while not guaranteed, have been obtained from sources we believe to be reliable.
<br />71
<br />72
<br />Income and Expense Growth Rate Assumptions
<br />73
<br />Rental Income
<br />1.0%
<br />74
<br />Expenses
<br />3.0%
<br />Page 4
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