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Cash Flow With TIFF
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<br />A B C D E F G
<br />REVISED 9/13/2021 Monthly Rent Total Monthly Total Annual
<br />Unit Type # of units Unit Size Per Unit Rent-1st year Rent-1st year
<br />Studio income restricted 8 519 $900 $7,200 $86,400 $1.73
<br />1 Bedroom 1A 12 715 $1,100 $13,200 $158,400 $1.54
<br />1 Bedroom 1B 2 924 $1,175 $2,350 $28,200 $1.27
<br />1 Bedroom ADA 1D (HC) Income restricted 1 715 $1,000 $1,000 $12,000 $1.40
<br />1 Bedroom 1C 4 820 $1,150 $4,600 $55,200 $1.40
<br />1 Bedroom 1E 2 924 $1,250 $2,500 $30,000 $1.35
<br />2 Bedrooms 1Bath 2A 9 915 $1,400 $12,600 $151,200 $1.53
<br />2 Bedrooms 1Bath 2B 4 934 $1,600 $6,400 $76,800 $1.71
<br />$0 $0 #DIV/0!
<br />$0 $0 #DIV/0!
<br />$0 $0 #DIV/0!
<br />3 Bedrooms 2 1216 $1,600 $3,200 $38,400 $1.32
<br />9x20 $0 $0
<br />Garages 44 9x20 $50 $2,200 $26,400
<br />Total 44 $55,250 $663,000
<br />½ Year
<br />Year 2023 2024 2025 2026 2027 2028
<br />Gross Income
<br />Potential Gross Rent $198,900 $663,000 $669,630 $676,326 $689,853 $689,853
<br />Less: 5% Vacancy -$9,945 -$33,150 -$33,482 -$33,816 -$34,493 -$34,493
<br />Less: Collection Loss $0 $0 $0 $0 $0 $0
<br />Net Rent $188,955 $629,850 $636,149 $642,510 $655,360 $655,360
<br />Other Income $0 $0 $0 $0 $0 $0
<br />Effective Gross Income $188,955 $629,850 $636,149 $642,510 $655,360 $655,360
<br />Annual Expenses
<br />Administrative
<br />Management Fee –6%$9,448 $44,090 $44,530 $44,976 $45,875 $45,875
<br />On Site Manager & caretaker $5,500 $60,000 $61,800 $63,654 $65,564 $67,531
<br />Legal/Accounting $4,000 $4,500 $4,635 $4,774 $4,917 $5,065
<br />Advertising $5,500 $6,299 $6,361 $6,425 $6,554 $6,554
<br />Misc Admin $3,000 $3,000 $3,090 $3,183 $3,278 $3,377
<br />Operating
<br />Electric $6,524 $9,225 $9,502 $9,787 $10,080 $10,383
<br />Heat $7,650 $12,500 $12,875 $13,261 $13,659 $14,069
<br />Insurance $8,900 $17,500 $18,025 $18,566 $19,123 $19,696
<br />Sewer & Water $4,752 $10,825 $11,150 $11,484 $11,829 $12,184
<br />Elevator $1,000 $2,500 $2,575 $2,652 $2,732 $2,814
<br />Fire protection $500 $1,050 $1,082 $1,114 $1,147 $1,182
<br />Garbage .$7,615 $7,843 $8,079 $8,321 $8,571
<br />Maintenance
<br />Snow Removal $5,000 $6,500 $6,695 $6,896 $7,103 $7,316
<br />Repair & Maintenance $3,000 $9,560 $9,847 $10,142 $10,446 $10,760
<br />Grounds Maintenance $5,200 $5,356 $5,517 $5,682 $5,853 $6,028
<br />Taxes
<br />Real Estate $4,500 $88,000 $88,880 $89,769 $90,666 $91,573
<br />Less TIF -$79,200 -$79,200 -$79,200 -$79,200 -$79,200
<br />Total Annual Expenses $74,474 $209,319 $215,207 $221,244 $227,948 $233,776
<br />Expenses Per Unit $1,862 $5,233 $5,380 $5,531 $5,699 $5,844
<br />Cash Flow Before Debt Service $114,481 $420,531 $420,942 $421,266 $427,413 $421,584
<br />Replacement Reserves - 2% of rent $3,978 $13,260 $13,393 $13,527 $13,797 $13,797
<br />Net Operating Income $110,503 $407,271 $407,549 $407,740 $413,616 $407,787
<br />Debt Service
<br />Source 1 ($6,000,000 @ 4%, 25 yrs)$148,523 $380,043 $380,043 $380,043 $380,043 $380,043
<br />Source 2 $0 $0 $0 $0 $0 $0
<br />Total Cash Flow -$38,020 $27,228 $27,507 $27,697 $33,573 $27,745
<br />DCR 0.74 1.07 1.07 1.07 1.09 1.07
<br />Cash on Cash (down = $1,800,000.00)-3.24%2.32%2.35%2.36%2.86%2.37%
<br />The data and calculations presented herein, while not guaranteed, have been obtained from sources we believe to be reliable.
<br />Income and Expense Growth Rate Assumptions
<br />Rental Income 1.0%
<br />Expenses 3.0%
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