priced appoximately CAP 4, negative CoC

Potential Gross Income			Monthly	Yearly	Proforma
2B1B (900 sq ft)	4	$       1,350.00	$            5,400.00	$         64,800.00	$          71,280.00
Laundry Rental	1	$                 -	$                     -	$                    -	$                     -
Total Gross Income	4		$            5,400.00	$         64,800.00	$          71,280.00
Vacancy
Vacancy Rate @ 5%				$           3,240.00	$            3,564.00
Operating Expenses
Fixed
Property taxes				$         11,850.00	$          14,220.00
Insurance				$           3,000.00	$            3,000.00
				$                    -
Variable				$                    -
Property management				$           6,480.00	$            7,128.00
Maintenance				$           4,800.00	$            5,280.00
Legal Fees				$             500.00	$              500.00
Accounting fees				$           1,000.00	$            1,000.00
Advertising				$           1,500.00	$            1,500.00
Administrative expenses				$           1,200.00	$            1,200.00
Repairs				$                    -	$                     -
Landscaping				$           1,000.00	$            1,000.00
Trash Removal				$             800.00	$              800.00
Pool/ Recreational area maintenance				$                    -	$                     -
Utilities				$                    -	$                     -
- Sewer				$           1,000.00	$            1,000.00
- Gas (propane, oil, natural)				$                    -	$                     -
- Water				$             500.00	$              500.00
- Phone				$                    -	$                     -
- Cable				$                    -	$                     -
- Electric				$             500.00	$              500.00
					$                     -
Total Expenses			$                     -	$         37,370.00	$          41,192.00
Net Operating Income			$            5,400.00	$         27,430.00	$          30,088.00
Mortgage		4% Amortized 30 Years
- First Mortgage	4%	$   562,500.00	$            2,685.46	$         32,225.53	$          32,225.53
- Second Mortgage
Profit or Lost				$    (4,795.53)	$     (2,137.53)
Total Reserve				$           3,000.00	3000
Net Proit or Lost				$    (7,795.53)	$     (5,137.53)
Ratios
Debt Coverage Ratio				0.85	0.93
Cap Rate @		$   750,000.00		3.66%	4.01%
Cash on Cash Return		$   187,500.00		-2.56%	-1.14%
Break Even Point On Units				4.10	3.92