10-year Financial Statement
	Years 1-10
	Sample Property
			Year
			1	2	3	4	5	6	7	8	9	10
	Scheduled Gross Income		100,800	104,832	109,025	113,386	117,922	122,639	127,544	132,646	137,952	143,470
	Vacancy		-15,120	-15,725	-16,354	-17,008	-17,688	-18,396	-19,132	-19,897	-20,693	-21,520
	Operating Expenses		-17,500	-17,850	-18,207	-18,571	-18,943	-19,321	-19,708	-20,102	-20,504	-20,914
	NET OPERATING INCOME		68,180	71,257	74,464	77,807	81,291	84,921	88,705	92,647	96,755	101,035
	Depreciation		-11,160	-11,160	-11,160	-11,160	-11,160	-11,160	-11,160	-11,160	-11,160	-11,160
	Mortgage Interest		-15,399	-15,136	-14,854	-14,553	-14,233	-13,891	-13,526	-13,136	-12,721	-12,277
	TAXABLE INCOME		41,621	44,962	48,451	52,094	55,898	59,871	64,019	68,351	72,874	77,598
	Net Operating Income		68,180	71,257	74,464	77,807	81,291	84,921	88,705	92,647	96,755	101,035
	Debt Service		-19,341	-19,341	-19,341	-19,341	-19,341	-19,341	-19,341	-19,341	-19,341	-19,341
	Income Taxes		-12,486	-13,489	-14,535	-15,628	-16,769	-17,961	-19,206	-20,505	-21,862	-23,279
	NET CASH FLOW		36,353	38,428	40,589	42,838	45,181	47,620	50,158	52,801	55,552	58,415
	Net Cash Flow per Unit		2,597	2,745	2,899	3,060	3,227	3,401	3,583	3,772	3,968	4,173
	Net Cash Flow		36,353	38,428	40,589	42,838	45,181	47,620	50,158	52,801	55,552	58,415
	Equity Buildup		3,941	4,205	4,487	4,787	5,108	5,450	5,815	6,204	6,620	7,063
	Appreciation		10,230	10,537	10,853	11,179	11,514	11,859	12,215	12,582	12,959	13,348
	Tax Savings		0	0	0	0	0	0	0	0	0	0
	Total Annual Return		50,524	53,170	55,928	58,804	61,803	64,929	68,188	71,587	75,131	78,826
	Return on Cash Investment		47.53%	50.02%	52.61%	55.32%	58.14%	61.08%	64.15%	67.34%	70.68%	74.15%
	10-year Investment Analysis
	Years 1-10
	Sample Property