








                 =============================================


                             RENTAL INCOME ANALYSIS



                 For:                           Mr. I. M. Rich


                 Property :                        Rich Estate
                 Address :                      888 Golden Way
                 City, State, Zip :      Silver City, NY 00000


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                  Prepared By :                    I. M. Smart




                             RENTAL INCOME ANALYSIS


                         DETAILS FOR CASH FLOW STATEMENT



             Property Information
                Purchase Price ($):                        400,000.00
                Date of Purchase:                          01/30/1991
                Business Use (%):                                 100
                Useful Life (Yrs):                              27.50
                Selling Price ($):                       1,726,280.42
                Date of Sale:                              06/15/2010
                Annual Appreciation (%):                         8.00
                Selling Costs (%):                               4.00



             First Mortgage Details
                Mortgage ($):                              250,000.00
                Interest Rate (%):                              10.50
                Term (Months):                                    360
                Type:                                          Normal
                Points (%):                                      2.00



             Second Mortgage Details
                Mortgage ($):                              100,000.00
                Interest Rate (%):                              10.75
                Term (Months):                                     48
                Type:                                        Int Only
                Points (%):                                      2.50



             Operational Information
                Your Tax Bracket (%):                           28.00
                Allowable Losses ($):                       10,000.00
                Monthly Expenses ($):                        3,000.00
                Monthly Rents ($):                           6,000.00
                Annual Expense Increase (%):                     3.00
                Annual Rent Increase (%):                        4.00
                Initial Fix Up ($):                         10,000.00
                Occupied (%):                                  100.00
                Property Taxes ($):                         16,255.00
                Depreciation Basis ($):                    365,000.00
                Annual Property Tax Increase (%):                3.00
                Tax Effect:                            All Advantages







                             RENTAL INCOME ANALYSIS


                               CASH FLOW STATEMENT



           # of     Actual       Actual     Net Tax    After Tax    Cumulative
    Year   Mos.    Cash In     Cash Out      Effect    Cash Flow     Cash Flow

    __________________________________________________________________________
    1991    12      72,000.     150,692.      2,645.     -76,047.     -76,047.
    1992    12      74,880.      84,542.      2,800.      -6,862.     -82,909.
    1993    12      77,875.      85,933.      2,800.      -5,257.     -88,167.
    1994    12      80,990.     185,078.      2,800.    -101,288.    -189,455.
    1995    12      84,230.      78,090.      1,512.       7,651.    -181,803.
    1996    12      87,599.      79,610.        935.       8,925.    -172,879.
    1997    12      91,103.      81,175.        327.      10,255.    -162,623.
    1998    12      94,747.      82,787.       -314.      11,646.    -150,977.
    1999    12      98,537.      84,447.       -991.      13,099.    -137,877.
    2000    12     102,478.      86,157.     -1,705.      14,617.    -123,261.
    2001    12     106,578.      87,918.     -2,458.      16,201.    -107,060.
    2002    12     110,841.      89,733.     -3,254.      17,854.     -89,205.
    2003    12     115,274.      91,601.     -4,094.      19,579.     -69,626.
    2004    12     119,885.      93,526.     -4,981.      21,378.     -48,248.
    2005    12     124,681.      95,509.     -5,919.      23,253.     -24,996.
    2006    12     129,668.      97,551.     -6,911.      25,207.         211.
    2007    12     134,855.      99,654.     -7,959.      27,241.      27,452.
    2008    12     140,249.     101,820.     -9,069.      29,360.      56,812.
    2009    12     145,859.     104,052.    -10,243.      31,564.      88,376.
    2010     6   1,776,845.     397,483.   -418,794.     960,568.   1,048,944.
