5-year Financial Statement
	Years 1-5
	Sample Property
			Year
			1	2	3	4	5
	Scheduled Gross Income		100,800	104,832	109,025	113,386	117,922
	Vacancy		-15,120	-15,725	-16,354	-17,008	-17,688
	Operating Expenses		-17,500	-17,850	-18,207	-18,571	-18,943
	NET OPERATING INCOME		68,180	71,257	74,464	77,807	81,291
	Depreciation		-11,160	-11,160	-11,160	-11,160	-11,160
	Mortgage Interest		-15,399	-15,136	-14,854	-14,553	-14,233
	TAXABLE INCOME		41,621	44,962	48,451	52,094	55,898
	Net Operating Income		68,180	71,257	74,464	77,807	81,291
	Debt Service		-19,341	-19,341	-19,341	-19,341	-19,341
	Income Taxes		-12,486	-13,489	-14,535	-15,628	-16,769
	NET CASH FLOW		36,353	38,428	40,589	42,838	45,181
	Net Cash Flow per Unit		2,597	2,745	2,899	3,060	3,227
	After-Tax Cash-on-cash Return		34.20%	36.15%	38.18%	40.30%	42.50%
	Net Cash Flow		36,353	38,428	40,589	42,838	45,181
	Equity Buildup		3,941	4,205	4,487	4,787	5,108
	Appreciation		10,230	10,537	10,853	11,179	11,514
	Tax Savings		0	0	0	0	0
	After-Tax Total Annual Return		50,524	53,170	55,928	58,804	61,803
	After-Tax Return on Cash		47.53%	50.02%	52.61%	55.32%	58.14%