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[null,null,"Property Name","Scenario 2",null,null,null,null,null,{"$f":"TODAY()","v":"2004-10-21"},null,null,null,"Property Acquisition Cost",null,null,null,null,"Percent"]
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[null,null,null,"              Acquisition Breakout",null,null,null,null,null,null,null,null,null,"Value at Acquisition",null,null,null,null,"Percent"]
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[null," "," EFFECTIVE RENTAL INCOME",null,null,null,null,null,null,null,null,{"$f":"+PRI_APOD+Other_Inc_with_vac-L21","v":18156.599999999999}]
[null," "," Business Income ",null,null,0,null,{"$f":"IF(F23>0,F23/GOI,\" \")","v":" "},null,null,null,{"$f":"F23*12","v":0}]
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[null,null," PROPERTY OPERATING EXPENSES"]
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[null," "," Personal Property  Taxes",null,null,0,null,{"$f":"IF(F27>0,J27/GOI,\" \")","v":" "},null,{"$f":"IF(F27>0,F27*12,\" \")","v":" "}]
[null," "," Property Management",null,null,0,null,{"$f":"IF(F28>0,J28/GOI,\" \")","v":" "},null,{"$f":"IF(F28>0,F28*12,\" \")","v":" "}]
[null," "," HOA Dues",null,null,193,null,{"$f":"IF(F29>0,J29/GOI,\" \")","v":0.12755692145005124},null,{"$f":"IF(F29>0,F29*12,\" \")","v":2316}]
[null," "," Association Expenses",null,null,0,null,{"$f":"IF(F30>0,J30/GOI,\" \")","v":" "},null,{"$f":"IF(F30>0,F30*12,\" \")","v":" "}]
[null," "," Property Insurance",null,null,40,null,{"$f":"IF(F31>0,J31/GOI,\" \")","v":2.6436667658041705E-2},null,{"$f":"IF(F31>0,F31*12,\" \")","v":480}]
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[null," "," Repairs and Maintenance",null,null,60,null,3.9655001487062559E-2,null,720,null,null,null," "]
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[null," "," Payroll",null,null,0,null," ",null," "]
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[null," "," Misc 4",null,null,0,null," ",null," "]
[null," "," Misc 5",null,null,0,null," ",null," ",null,null,null," "]
[]
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[null," "," TOTAL OPERATING EXPENSES",null,null,{"$f":"SUM(F26:F48)","v":504.5},null,{"$f":"SUM(H26:H48)","v":0.33343247083705108},null,{"$f":"SUM(J26:J48)","v":6054},null,{"$f":"SUM(J26:J48)","v":6054},null," "]
[null," "," NET OPERATING INCOME",null,null,null,null,null,null,null,null,{"$f":"L24-L51","v":12102.599999999999},null," "]
[null," ","             Annual Debt Service",null,null,{"$f":"Fnc_ADS_Mtg_1+Fnc_ADS_Mtg_2","v":21396.287230638427},null,null,null,null,null,{"$f":"Fnc_ADS_Mtg_1+Fnc_ADS_Mtg_2","v":21396.287230638427}]
[null," ","             Funded Reserves",null,null,{"$f":"SUM(fnc_reserves_imp+fnc_reserves_pers)","v":0},null,null,null,null,null,{"$f":"SUM(fnc_reserves_imp+fnc_reserves_pers)","v":0},null," "]
[null," ","             Leasing Commissions",null,null,0,null,{"$f":"IF(F55>0,J55/GOI,\" \")","v":" "},null,{"$f":"IF(F55>0,F55*12,\" \")","v":" "},null,{"$f":"SUM(J55)","v":0}]
[null," ","             Capital Additions",null,null,0,null,{"$f":"IF(F56>0,J56/GOI,\" \")","v":" "},null,{"$f":"IF(F56>0,F56*12,\" \")","v":" "},null,{"$f":"SUM(J56)","v":0}]
[null," "," CASH FLOW BEFORE TAXES",null,null,null,null,null,null,null,null,{"$f":"+L52-L53-L54-L55-L56","v":-9293.6872306384284}]
[]
[null," "]
[null,null,"                    Note:"]
[null," "]
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[" ",null,null,null,null,"Mortgage Information"]
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[" "," ",null,null,"    Cash Flow Analysis "]
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[null," ",null,null,null,null," Loan Points",null,{"$f":"+Points_Mtg_1+Points_Mtg_2","v":0},null,{"$f":"SUM(I5/I3)","v":0}]
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[]
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[null,null,null,null,null,null,"Income Before Taxes"]
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[null,null," "]
[null,"ESTIMATED RENTAL INCOME",null,null,{"$f":"PRI_APOD*((13-Month_Placed_in_Svc)/12)","v":19800},null,{"$f":"PRI_APOD*(1+Fnc_IncEscal_2)","v":20889},null,{"$f":"+G20*(1+Fnc_IncEscal_3)","v":22037.895},null,{"$f":"+I20*(1+Fnc_IncEscal_4)","v":23249.979224999999},null,{"$f":"+K20*(1+Fnc_IncEscal_5)","v":24528.728082374997}]
[null,"+Other Income (vacancy applies)",null,null,{"$f":"Other_Inc_with_vac*((13-Month_Placed_in_Svc)/12)","v":0},null,{"$f":"Other_Inc_with_vac*(1+Variables!F15)","v":0},null,{"$f":"G21*(1+Variables!H15)","v":0},null,{"$f":"I21*(1+Variables!J15)","v":0},null,{"$f":"K21*(1+Variables!L15)","v":0}]
[null,"-Vacancy & Credit Losses",null,null,{"$f":"fnc_Vac_Yr_1*(E20+E21)","v":1643.4},null,{"$f":"fnc_Vac_Yr_2*(G20+G21)","v":1733.787},null,{"$f":"fnc_Vac_Yr_3*(I20+I21)","v":1829.1452850000001},null,{"$f":"fnc_Vac_Yr_4*(K20+K21)","v":1929.7482756750001},null,{"$f":"fnc_Vac_Yr_5*(M20+M21)","v":2035.8844308371249}]
[null,"=Estimated Rental Income",null,null,{"$f":"+E20+E21-E22","v":18156.599999999999},null,{"$f":"+G20+G21-G22","v":19155.213},null,{"$f":"+I20+I21-I22","v":20208.749715000002},null,{"$f":"+K20+K21-K22","v":21320.230949325},null,{"$f":"+M20+M21-M22","v":22492.843651537871}]
[null,"+Business Income",null,null,{"$f":"OTHER_APOD*((13-Month_Placed_in_Svc)/12)","v":0},null,{"$f":"OTHER_APOD*(1+Variables!F16)","v":0},null,{"$f":"G24*(1+Variables!H16)","v":0},null,{"$f":"I24*(1+Variables!J16)","v":0},null,{"$f":"K24*(1+Variables!L16)","v":0}]
[null,"=Gross Operating Income",null,null,{"$f":"+E23+E24","v":18156.599999999999},null,{"$f":"+G23+G24","v":19155.213},null,{"$f":"+I23+I24","v":20208.749715000002},null,{"$f":"+K23+K24","v":21320.230949325},null,{"$f":"+M23+M24","v":22492.843651537871}]
[null,"-Operating Expenses",null,null,{"$f":"OP_EXP_APOD*((13-Month_Placed_in_Svc)/12)","v":6054},null,{"$f":"OP_EXP_APOD*(1+Fnc_ExpEscal_2)","v":6311.2950000000001},null,{"$f":"+G26*(1+Fnc_ExpEscal_3)","v":6579.5250374999996},null,{"$f":"+I26*(1+Fnc_ExpEscal_4)","v":6859.1548515937493},null,{"$f":"+K26*(1+Fnc_ExpEscal_5)","v":7150.6689327864833}]
[null,"=NET OPERATING INCOME",null,null,{"$f":"+E25-E26","v":12102.599999999999},null,{"$f":"+G25-G26","v":12843.918},null,{"$f":"+I25-I26","v":13629.224677500002},null,{"$f":"+K25-K26","v":14461.076097731249},null,{"$f":"+M25-M26","v":15342.174718751387}]
[null,"-First Mortgage Interest",null,null,{"$f":"Variables!F59*Mortgage!J11-(Mortgage!J6-Sales!C5)","v":11585.651099990955},null,{"$f":"(Mortgage!$J$10*Mortgage!$J$11-(Sales!C5-Sales!E5))*(Fnc_Bal_EOY2_Mtg_1>0)","v":11045.142689829798},null,{"$f":"(Mortgage!$J$10*Mortgage!$J$11-(Sales!E5-Sales!G5))*(Fnc_Bal_EOY3_Mtg_1>0)","v":10474.855441929209},null,{"$f":"(Mortgage!$J$10*Mortgage!$J$11-(Sales!G5-Sales!I5))*(Fnc_Bal_EOY4_Mtg_1>0)","v":9873.1487172900415},null,{"$f":"(Mortgage!$J$10*Mortgage!$J$11-(Sales!I5-Sales!K5))*(Fnc_Bal_EOY5_Mtg_1>0)","v":9238.2914873434529}]
[null,"-Second Mortgage Interest",null,null,{"$f":"Variables!H59*Mortgage!L11-(Mortgage!L6-Sales!C6)","v":0},null,{"$f":"(Mortgage!$L$10*Mortgage!$L$11-(Sales!C6-Sales!E6))*(Sales!E7>0)","v":0},null,{"$f":"(Mortgage!$L$10*Mortgage!$L$11-(Sales!E6-Sales!G6))*(Sales!G7>0)","v":0},null,{"$f":"(Mortgage!$L$10*Mortgage!$L$11-(Sales!G6-Sales!I6))*(Sales!I7>0)","v":0},null,{"$f":"(Mortgage!$L$10*Mortgage!$L$11-(Sales!I6-Sales!K6))*(Sales!K7>0)","v":0}]
[null,"-Improvements Cost Recovery",null,null,{"$f":"ROUND(Value_Improvements_Real*ROUND(1/Useful_Life_Real*((12.5-Month_Placed_in_Svc)/12),5),0)","v":8784},null,{"$f":"ROUND(Value_Improvements_Real*ROUND(1/Useful_Life_Real,5),0)","v":9166},null,{"$f":"+G30","v":9166},null,{"$f":"+I30","v":9166},null,{"$f":"ROUND(Value_Improvements_Real*ROUND(1/Useful_Life_Real,5),0)","v":9166}," "]
[null,"-Personal Property Cost Recovery",null,null,{"$f":"ROUND(Value_Personal*ROUND(1/Useful_Life_Real*((12.5-Month_Placed_in_Svc)/12),5),0)","v":0},null,{"$f":"ROUND(Value_Personal*ROUND(1/Useful_Life_Real,5),0)","v":0},null,{"$f":"+G31","v":0},null,{"$f":"+I31","v":0},null,{"$f":"ROUND(Value_Personal*ROUND(1/Useful_Life_Real,5),0)","v":0}]
[null,"-Loan Point Amortization",null,null,{"$f":"IF(fnc_Loan_Term_Mtg_1,Points_Mtg_1/fnc_Loan_Term_Mtg_1,)+IF(fnc_Loan_Term_Mtg_2,Points_Mtg_2/fnc_Loan_Term_Mtg_2,)","v":0},null,{"$f":"IF(fnc_Loan_Term_Mtg_1,Points_Mtg_1/fnc_Loan_Term_Mtg_1,)*(fnc_Loan_Term_Mtg_1>1)+IF(fnc_Loan_Term_Mtg_2,Points_Mtg_2/fnc_Loan_Term_Mtg_2,)*(fnc_Loan_Term_Mtg_2>1)","v":0},null,{"$f":"IF(fnc_Loan_Term_Mtg_1,Points_Mtg_1/fnc_Loan_Term_Mtg_1,)*(fnc_Loan_Term_Mtg_1>2)+IF(fnc_Loan_Term_Mtg_2,Points_Mtg_2/fnc_Loan_Term_Mtg_2,)*(fnc_Loan_Term_Mtg_2>2)","v":0},null,{"$f":"IF(fnc_Loan_Term_Mtg_1,Points_Mtg_1/fnc_Loan_Term_Mtg_1,)*(fnc_Loan_Term_Mtg_1>3)+IF(fnc_Loan_Term_Mtg_2,Points_Mtg_2/fnc_Loan_Term_Mtg_2,)*(fnc_Loan_Term_Mtg_2>3)","v":0},null,{"$f":"IF(fnc_Loan_Term_Mtg_1,Points_Mtg_1/fnc_Loan_Term_Mtg_1,)*(fnc_Loan_Term_Mtg_1>4)+IF(fnc_Loan_Term_Mtg_2,Points_Mtg_2/fnc_Loan_Term_Mtg_2,)*(fnc_Loan_Term_Mtg_2>4)","v":0}]
[null,"-Commissions for Leasing",null,null,{"$f":"+Leasing_Commissions","v":0},null,{"$f":"E33*(1+Fnc_IncEscal_2)","v":0},null,{"$f":"G33*(1+Fnc_IncEscal_3)","v":0},null,{"$f":"I33*(1+Fnc_IncEscal_4)","v":0},null,{"$f":"K33*(1+Fnc_IncEscal_5)","v":0}]
[null,"=REAL ESTATE TAXABLE INCOME",null,null,{"$f":"+E27-E28-E29-E30-E31-E32-E33","v":-8267.0510999909566},null,{"$f":"+G27-G28-G29-G30-G31-G32-G33","v":-7367.2246898297981},null,{"$f":"+I27-I28-I29-I30-I31-I32-I33","v":-6011.6307644292065},null,{"$f":"+K27-K28-K29-K30-K31-K32-K33","v":-4578.0726195587922},null,{"$f":"+M27-M28-M29-M30-M31-M32-M33","v":-3062.1167685920664}]
[null,{"$f":"\"Tax Liability (Credit)   \"&(Ordinary_Income_Tax_Bracket)","v":"Tax Liability (Credit)   0.25"},null,null,{"$f":"+E34*Ordinary_Income_Tax_Bracket","v":-2066.7627749977391},null,{"$f":"+G34*Ordinary_Income_Tax_Bracket","v":-1841.8061724574495},null,{"$f":"+I34*Ordinary_Income_Tax_Bracket","v":-1502.9076911073016},null,{"$f":"+K34*Ordinary_Income_Tax_Bracket","v":-1144.5181548896981},null,{"$f":"+M34*Ordinary_Income_Tax_Bracket","v":-765.52919214801659}]
[null,null," "]
[null,null,null,null,null,null,"Operating Cash Flow"]
[]
[null,"  NET OPERATING INCOME ",null,null,{"$f":"+E27","v":12102.599999999999},null,{"$f":"+G27","v":12843.918},null,{"$f":"+I27","v":13629.224677500002},null,{"$f":"+K27","v":14461.076097731249},null,{"$f":"+M27","v":15342.174718751387}]
[null," -Annual Debt Service",null,null,{"$f":"+E28+E29+(Mortgage!J6+Mortgage!L6-Sales!C7)","v":21396.287230638427},null,{"$f":"+G28+G29+(Sales!C7-Sales!E7)","v":21396.287230638427},null,{"$f":"+I28+I29+(Sales!E7-Sales!G7)","v":21396.287230638427},null,{"$f":"+K28+K29+(Sales!G7-Sales!I7)","v":21396.287230638427},null,{"$f":"+M28+M29+(Sales!I7-Sales!K7)","v":21396.287230638427}]
[null," -Replacement Reserves",null,null,{"$f":"+Mortgage!J29+Mortgage!L29","v":0},null,{"$f":"+Mortgage!J29+Mortgage!L29","v":0},null,{"$f":"+Mortgage!J29+Mortgage!L29","v":0},null,{"$f":"+Mortgage!J29+Mortgage!L29","v":0},null,{"$f":"+Mortgage!J29+Mortgage!L29","v":0}]
[null," ",null,null,0]
[null," =CASH FLOW BEFORE TAXES",null,null,{"$f":"+E39-E40-E41-E42","v":-9293.6872306384284},null,{"$f":"+G39-G40-G41-G42","v":-8552.3692306384273},null,{"$f":"+I39-I40-I41-I42","v":-7767.0625531384248},null,{"$f":"+K39-K40-K41-K42","v":-6935.2111329071777},null,{"$f":"+M39-M40-M41-M42","v":-6054.1125118870405}]
[null," -Tax Liability (Credit)  ",null,null,{"$f":"+E35","v":-2066.7627749977391},null,{"$f":"+G35","v":-1841.8061724574495},null,{"$f":"+I35","v":-1502.9076911073016},null,{"$f":"+K35","v":-1144.5181548896981},null,{"$f":"+M35","v":-765.52919214801659}]
[null," +Investment Tax Credit",null,null,{"$f":"+Mortgage!J30+Mortgage!L30","v":0},null,{"$f":"+Mortgage!J30+Mortgage!L30","v":0},null,{"$f":"+Mortgage!J30+Mortgage!L30","v":0},null,{"$f":"+Mortgage!J30+Mortgage!L30","v":0},null,{"$f":"+Mortgage!J30+Mortgage!L30","v":0}]
[null," =CASH FLOW AFTER TAXES",null,null,{"$f":"+E43-E44+E45","v":-7226.9244556406893},null,{"$f":"+G43-G44+G45","v":-6710.5630581809783},null,{"$f":"+I43-I44+I45","v":-6264.1548620311232},null,{"$f":"+K43-K44+K45","v":-5790.6929780174796},null,{"$f":"+M43-M44+M45","v":-5288.5833197390239}]
[]
[null,"Real Estate Investment Software  CopyR@1997 - 2002"]
[]
[null,null,{"$f":"+M18+1","v":2009}]
[]
[null,null,{"$f":"+M20*(1+Fnc_IncEscal_6)","v":25877.80812690562}]
[null,null,{"$f":"M21*(1+Variables!T15)","v":0}]
[null,null,{"$f":"Vac_Yr_6*(C52+C53)","v":2147.8580745331665}]
[null,null,{"$f":"+C52+C53-C54","v":23729.950052372453}]
[null,null,{"$f":"M24*(1+Variables!T16)","v":0}]
[null,null,{"$f":"+C55+C56","v":23729.950052372453}]
[null,null,{"$f":"+M26*(1+Fnc_ExpEscal_6)","v":7454.5723624299089}]
[null,null,{"$f":"+C57-C58","v":16275.377689942543}]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,"Year 1",null,{"$f":"Fnc_CFAT_1","v":-7226.9244556406893},null,null,null,null,null,"NOI",null,{"$f":"E39","v":12102.599999999999}]
[null,null,"Year 2",null,{"$f":"Fnc_CFAT_2","v":-6710.5630581809783},null,null,null,null,null,"MORT",null,{"$f":"E40","v":21396.287230638427}]
[null,null,"Year 3",null,{"$f":"Fnc_CFAT_3","v":-6264.1548620311232},null,null,null,null,null,"RESR",null,{"$f":"E41","v":0}]
[null,null,"Year 4",null,{"$f":"Fnc_CFAT_4","v":-5790.6929780174796},null,null,null,null,null,"CFBT",null,{"$f":"E43","v":-9293.6872306384284}]
[null,null,"Year 5",null,{"$f":"Fnc_CFAT_5","v":-5288.5833197390239},null,null,null,null,null,"TAXES",null,{"$f":"E44","v":-2066.7627749977391}]
[null,null,null,null,null,null,null,null,null,null,"CREDIT",null,{"$f":"E45","v":0}]
[null,null,null,null,null,null,null,null,null,null,"CFAT",null,{"$f":"E46","v":-7226.9244556406893}]
[null,null,null,null,null,null,null,null,null,null,null,null," "]

{"sheet":"Sales","index":4,"n_rows":56,"n_cols":11,"rows_kept":56,"cut":false,"hidden":false,"merged":[[0,2,0,6]]}
[null," ","       Forecasted Sales "]
[]
[null,null,null,null,"Mortgage Information"]
[null,"Calendar Year",{"$f":"CashFlows!E18","v":2004},null,{"$f":"CashFlows!G18","v":2005},null,{"$f":"CashFlows!I18","v":2006},null,{"$f":"CashFlows!K18","v":2007},null,{"$f":"CashFlows!M18","v":2008}]
[null,"First Mortgage Principal Balance ",{"$f":"FV(Mortgage!J7/Mortgage!J10,Variables!F59,Mortgage!J11,-Mortgage!J6)","v":210189.36386935253},null,{"$f":"FV(Mortgage!$J$7/Mortgage!$J$10,Mortgage!$J$10,Mortgage!$J$11,-C5,0)*(fnc_Loan_Term_Mtg_1>1)","v":199838.2193285439},null,{"$f":"FV(Mortgage!$J$7/Mortgage!$J$10,Mortgage!$J$10,Mortgage!$J$11,-E5,0)*(fnc_Loan_Term_Mtg_1>2)","v":188916.78753983468},null,{"$f":"FV(Mortgage!$J$7/Mortgage!$J$10,Mortgage!$J$10,Mortgage!$J$11,-G5,0)*(fnc_Loan_Term_Mtg_1>3)","v":177393.6490264863},null,{"$f":"FV(Mortgage!$J$7/Mortgage!$J$10,Mortgage!$J$10,Mortgage!$J$11,-I5,0)*(fnc_Loan_Term_Mtg_1>4)","v":165235.65328319132}]
[null,"Second Mortgage Principal Balance",{"$f":"FV(Mortgage!L7/Mortgage!L10,Variables!H59,Mortgage!L11,-Mortgage!L6)","v":0},null,{"$f":"FV(Mortgage!$L$7/Mortgage!$L$10,Mortgage!$L$10,Mortgage!$L$11,-C6,0)*(fnc_Loan_Term_Mtg_2>1)","v":0},null,{"$f":"FV(Mortgage!$L$7/Mortgage!$L$10,Mortgage!$L$10,Mortgage!$L$11,-E6,0)*(fnc_Loan_Term_Mtg_2>2)","v":0},null,{"$f":"FV(Mortgage!$L$7/Mortgage!$L$10,Mortgage!$L$10,Mortgage!$L$11,-G6,0)*(fnc_Loan_Term_Mtg_2>3)","v":0},null,{"$f":"FV(Mortgage!$L$7/Mortgage!$L$10,Mortgage!$L$10,Mortgage!$L$11,-I6,0)*(fnc_Loan_Term_Mtg_2>4)","v":0}]
[null,"Total Mortgage Balances Due ",{"$f":"+C5+C6","v":210189.36386935253},null,{"$f":"+E5+E6","v":199838.2193285439},null,{"$f":"+G5+G6","v":188916.78753983468},null,{"$f":"+I5+I6","v":177393.6490264863},null,{"$f":"+K5+K6","v":165235.65328319132}]
[null,"Total Mortgage Payments  ",{"$f":"SUM(Per_Pmt_Mtg_1+Per_Pmt_Mtg_2)*12","v":21396.287230638427},null,{"$f":"SUM(Per_Pmt_Mtg_1+Per_Pmt_Mtg_2)*12","v":21396.287230638427},null,{"$f":"SUM(Per_Pmt_Mtg_1+Per_Pmt_Mtg_2)*12","v":21396.287230638427},null,{"$f":"SUM(Per_Pmt_Mtg_1+Per_Pmt_Mtg_2)*12","v":21396.287230638427},null,{"$f":"SUM(Per_Pmt_Mtg_1+Per_Pmt_Mtg_2)*12","v":21396.287230638427}]
[null,"Net Operating income  on Sales",{"$f":"+Fnc_NOI_Yr_1","v":12102.599999999999},null,{"$f":"+Fnc_NOI_Yr_2","v":12843.918},null,{"$f":"+Fnc_NOI_Yr_3","v":13629.224677500002},null,{"$f":"+Fnc_NOI_Yr_4","v":14461.076097731249},null,{"$f":"+Fnc_NOI_Yr_5","v":15342.174718751387}]
[]
[null,null,null,null,"Forecasted Sales Analysis"]
[null,{"$f":"\"                     Sales for Calendar Year -  \"&TEXT(CashFlows!M18,\"####\")","v":"                     Sales for Calendar Year -  2008"},"Analysis I",null,"Analysis II",null,"Analysis III",null,"Analysis IIII",null,"Analysis V"]
[null,"FORECASTED SALES PRICE",{"$f":"+Fnc_NOI_Yr_5/Fnc_Cap_Rate_Used_In_Sale_1","v":153421.74718751386},null,{"$f":"+Fnc_NOI_Yr_5/(Fnc_Cap_Rate_Used_In_Sale_1+0.005)","v":146115.94970239414},null,{"$f":"+Fnc_NOI_Yr_5/Fnc_Cap_rate_used_in_sale_2","v":153421.74718751386},null,{"$f":"+Fnc_NOI_Yr_5/(Fnc_Cap_rate_used_in_sale_2+0.005)","v":146115.94970239414},null,{"$f":"+Fnc_NOI_Yr_5/Fnc_cap_rate_used_in_sale_3","v":153421.74718751386}]
[null,"Cap Rate used on income ",{"$f":"\"@ \"&TEXT(Fnc_Cap_Rate_Used_In_Sale_1,\"#.##%\")&\" cap \"","v":"@ 10.% cap "},null,{"$f":"\"@ \"&TEXT(Fnc_Cap_Rate_Used_In_Sale_1+0.005,\"#.##%\")&\" cap \"","v":"@ 10.5% cap "},null,{"$f":"\"@ \"&TEXT(Fnc_Cap_rate_used_in_sale_2,\"#.##%\")&\" cap\"","v":"@ 10.% cap"},null,{"$f":"\"@ \"&TEXT(Fnc_Cap_rate_used_in_sale_2+0.005,\"#.##%\")&\" cap\"","v":"@ 10.5% cap"},null,{"$f":"\"@ \"&TEXT(Fnc_cap_rate_used_in_sale_3,\"#.##%\")&\" cap\"","v":"@ 10.% cap"}]
[null,"Total Mortgage Balances Due ",{"$f":"+K5+K6","v":165235.65328319132},null,{"$f":"+K5+K6","v":165235.65328319132},null,{"$f":"+K5+K6","v":165235.65328319132},null,{"$f":"+K5+K6","v":165235.65328319132},null,{"$f":"+K5+K6","v":165235.65328319132}]
[null,"Cost of Sale",{"$f":"+C29*fnc_expenses_of_sale","v":9205.3048312508308},null,{"$f":"+E29*fnc_expenses_of_sale","v":8766.9569821436471},null,{"$f":"+G29*fnc_expenses_of_sale","v":9205.3048312508308},null,{"$f":"+I29*fnc_expenses_of_sale","v":8766.9569821436471},null,{"$f":"+K29*fnc_expenses_of_sale","v":9205.3048312508308}]
[null,"Return  on Sale of Property",{"$f":"SUM(C13-(C15+C16))","v":-21019.210926928296},null,{"$f":"SUM(E13-(E15+E16))","v":-27886.660562940844},null,{"$f":"SUM(G13-(G15+G16))","v":-21019.210926928296},null,{"$f":"SUM(I13-(I15+I16))","v":-27886.660562940844},null,{"$f":"SUM(K13-(K15+K16))","v":-21019.210926928296}]
[null,"CALCULATION OF ADJUSTED BASIS:","Analysis I",null,"  Increase .005",null,"Analysis II",null,"  Increase .005",null,"Analysis III"]
[" ","       Basis at Acquisition",{"$f":"+fnc_adjusted_basis","v":275000},null,{"$f":"+fnc_adjusted_basis","v":275000},null,{"$f":"+fnc_adjusted_basis","v":275000},null,{"$f":"+fnc_adjusted_basis","v":275000},null,{"$f":"+fnc_adjusted_basis","v":275000}]
[" ","     +Capital Additions"]
[" ","      -Cost Recovery (Depreciation) ",{"$f":"SUM(Fnc_Cost_recovery_5_Years)","v":45448},null,{"$f":"SUM(Fnc_Cost_recovery_5_Years)","v":45448},null,{"$f":"SUM(Fnc_Cost_recovery_5_Years)","v":45448},null,{"$f":"SUM(Fnc_Cost_recovery_5_Years)","v":45448},null,{"$f":"SUM(Fnc_Cost_recovery_5_Years)","v":45448}]
[" ","      -Partial Sales Base"]
[null,"      =Adjusted Basis at Sale",{"$f":"+C19+C20-C21-C22","v":229552},null,{"$f":"+E19+E20-E21-E22","v":229552},null,{"$f":"+G19+G20-G21-G22","v":229552},null,{"$f":"+I19+I20-I21-I22","v":229552},null,{"$f":"+K19+K20-K21-K22","v":229552}]
[null,"CALCULATION OF COST RECOVERY"]
[null,"       Total Cost Recovery ",{"$f":"+C21","v":45448},null,{"$f":"+E21","v":45448},null,{"$f":"+G21","v":45448},null,{"$f":"+I21","v":45448},null,{"$f":"+K21","v":45448}]
[null,"     -Straight Line Cost Recovery",{"$f":"(3)*ROUND(ROUND(1/Useful_Life_Real,5)*Value_Improvements_Real,0)+ROUND(ROUND((12.5-Month_Placed_in_Svc)/12*ROUND(1/Useful_Life_Real,5),5)*Value_Improvements_Real,0)+ROUND(ROUND((MONTH(Date_of_Sale)-0.5)/12*ROUND(1/Useful_Life_Real,5),5)*Value_Improvements_Real,0)","v":43539},null,{"$f":"(3)*ROUND(ROUND(1/Useful_Life_Real,5)*Value_Improvements_Real,0)+ROUND(ROUND((12.5-Month_Placed_in_Svc)/12*ROUND(1/Useful_Life_Real,5),5)*Value_Improvements_Real,0)+ROUND(ROUND((MONTH(Date_of_Sale)-0.5)/12*ROUND(1/Useful_Life_Real,5),5)*Value_Improvements_Real,0)","v":43539},null,{"$f":"+C26","v":43539},null,{"$f":"(3)*ROUND(ROUND(1/Useful_Life_Real,5)*Value_Improvements_Real,0)+ROUND(ROUND((12.5-Month_Placed_in_Svc)/12*ROUND(1/Useful_Life_Real,5),5)*Value_Improvements_Real,0)+ROUND(ROUND((MONTH(Date_of_Sale)-0.5)/12*ROUND(1/Useful_Life_Real,5),5)*Value_Improvements_Real,0)","v":43539},null,{"$f":"+G26","v":43539}]
[null,"      =Excess Cost Recovery",{"$f":"+C25-C26","v":1909},null,{"$f":"+E25-E26","v":1909},null,{"$f":"+G25-G26","v":1909},null,{"$f":"+I25-I26","v":1909},null,{"$f":"+K25-K26","v":1909}]
[null,"CALCULATION OF CAPITAL GAIN ON SALE:"]
[null,"       Sale Price",{"$f":"+C13","v":153421.74718751386},null,{"$f":"+E13","v":146115.94970239414},null,{"$f":"+G13","v":153421.74718751386},null,{"$f":"+I13","v":146115.94970239414},null,{"$f":"+K13","v":153421.74718751386}]
[null,"   -Costs of Sale",{"$f":"+C29*fnc_expenses_of_sale","v":9205.3048312508308},null,{"$f":"+E29*fnc_expenses_of_sale","v":8766.9569821436471},null,{"$f":"+G29*fnc_expenses_of_sale","v":9205.3048312508308},null,{"$f":"+I29*fnc_expenses_of_sale","v":8766.9569821436471},null,{"$f":"+K29*fnc_expenses_of_sale","v":9205.3048312508308}]
[null,"    -Adjusted Basis at Sale",{"$f":"+C23","v":229552},null,{"$f":"+E23","v":229552},null,{"$f":"+G23","v":229552},null,{"$f":"+I23","v":229552},null,{"$f":"+K23","v":229552}]
[null,"   -Participation Payments"]
[null,"   =Total Gain",{"$f":"+C29-C30-C31-C32","v":-85335.557643736975},null,{"$f":"+E29-E30-E31-E32","v":-92203.007279749523},null,{"$f":"+G29-G30-G31-G32","v":-85335.557643736975},null,{"$f":"+I29-I30-I31-I32","v":-92203.007279749523},null,{"$f":"+K29-K30-K31-K32","v":-85335.557643736975}]
[null,"   -Excess Cost Recovery ",{"$f":"+C27","v":1909},null,{"$f":"+E27","v":1909},null,{"$f":"+G27","v":1909},null,{"$f":"+I27","v":1909},null,{"$f":"+K27","v":1909}]
[null,"   -Suspended Losses"]
[null,"   =Gain or Loss",{"$f":"+C33-C34-C35","v":-87244.557643736975},null,{"$f":"+E33-E34-E35","v":-94112.007279749523},null,{"$f":"+G33-G34-G35","v":-87244.557643736975},null,{"$f":"+I33-I34-I35","v":-94112.007279749523},null,{"$f":"+K33-K34-K35","v":-87244.557643736975}]
[null,"   -Straight Line Cost Recovery Gain",{"$f":"IF(C36<0,0,IF(C26>C36,C36,C26))","v":0},null,{"$f":"IF(E36<0,0,IF(E26>E36,E36,E26))","v":0},null,{"$f":"IF(G36<0,0,IF(G26>G36,G36,G26))","v":0},null,{"$f":"IF(I36<0,0,IF(I26>I36,I36,I26))","v":0},null,{"$f":"IF(K36<0,0,IF(K26>K36,K36,K26))","v":0}]
[null,"   =Capital Gain from Appreciation",{"$f":"+C36-C37","v":-87244.557643736975},null,{"$f":"+E36-E37","v":-94112.007279749523},null,{"$f":"+G36-G37","v":-87244.557643736975},null,{"$f":"+I36-I37","v":-94112.007279749523},null,{"$f":"+K36-K37","v":-87244.557643736975}]
[null,"ORDINARY INCOME TAXABLE INCOME:"]
[null,"     Excess Cost Recovery ",{"$f":"+C27","v":1909},null,{"$f":"+E27","v":1909},null,{"$f":"+G27","v":1909},null,{"$f":"+I27","v":1909},null,{"$f":"+K27","v":1909}]
[null,"   -Unamortized Loan Points",{"$f":"Points_Mtg_1+Points_Mtg_2-SUM(CashFlows!E32:M32)","v":0},null,{"$f":"Points_Mtg_1+Points_Mtg_2-SUM(CashFlows!G32:N32)","v":0},null,{"$f":"+C41","v":0},null,{"$f":"Points_Mtg_1+Points_Mtg_2-SUM(CashFlows!K32:P32)","v":0},null,{"$f":"+C41","v":0}]
[null,"   =Ordinary Taxable Income",{"$f":"+C40-C41","v":1909},null,{"$f":"+E40-E41","v":1909},null,{"$f":"+G40-G41","v":1909},null,{"$f":"+I40-I41","v":1909},null,{"$f":"+K40-K41","v":1909}]
[null,"CALCULATION SALES PROCEEDS AFTER TAX:"]
[null,"    Sale Price ",{"$f":"C13","v":153421.74718751386},null,{"$f":"E13","v":146115.94970239414},null,{"$f":"G13","v":153421.74718751386},null,{"$f":"I13","v":146115.94970239414},null,{"$f":"K13","v":153421.74718751386}]
[null,"  -Cost of Sale",{"$f":"C30","v":9205.3048312508308},null,{"$f":"E30","v":8766.9569821436471},null,{"$f":"G30","v":9205.3048312508308},null,{"$f":"I30","v":8766.9569821436471},null,{"$f":"K30","v":9205.3048312508308}]
[null,"  -Participation Payments"]
[null,"  -Mortgage Balances",{"$f":"K7","v":165235.65328319132},null,{"$f":"K7","v":165235.65328319132},null,{"$f":"$K$7","v":165235.65328319132},null,{"$f":"K7","v":165235.65328319132},null,{"$f":"$K$7","v":165235.65328319132}]
[null,"  =Sale Proceeds Before Tax",{"$f":"C44-C45-C46-C47","v":-21019.210926928296},null,{"$f":"E44-E45-E46-E47","v":-27886.660562940844},null,{"$f":"G44-G45-G46-G47","v":-21019.210926928296},null,{"$f":"I44-I45-I46-I47","v":-27886.660562940844},null,{"$f":"K44-K45-K46-K47","v":-21019.210926928296}]
[null,{"$f":"\"  -Tax (Savings) : Ordinary Income at \"&TEXT(Variables!D18,\"00%\")","v":"  -Tax (Savings) : Ordinary Income at 25%"},{"$f":"C42*Ordinary_Income_Tax_Bracket","v":477.25},null,{"$f":"E42*Ordinary_Income_Tax_Bracket","v":477.25},null,{"$f":"G42*Ordinary_Income_Tax_Bracket","v":477.25},null,{"$f":"I42*Ordinary_Income_Tax_Bracket","v":477.25},null,{"$f":"K42*Ordinary_Income_Tax_Bracket","v":477.25}]
[null,{"$f":"\"  -Tax :  Straight  Line  Recapture  at  \"&TEXT(Variables!C4,\"00%\")","v":"  -Tax :  Straight  Line  Recapture  at  Year 1"},{"$f":"C37*Variables!$D$20","v":0},null,{"$f":"E37*Variables!$D$20","v":0},null,{"$f":"G37*Variables!$D$20","v":0},null,{"$f":"I37*Variables!$D$20","v":0},null,{"$f":"K37*Variables!$D$20","v":0}]
[null,{"$f":"\"  -Tax on Capital Gains  at  \"&TEXT(Variables!D19,\"00%\")","v":"  -Tax on Capital Gains  at  20%"},{"$f":"C38*Fnc_Capital_Gain_Max_Tax_Rate","v":-17448.911528747394},null,{"$f":"E38*Fnc_Capital_Gain_Max_Tax_Rate","v":-18822.401455949905},null,{"$f":"G38*Fnc_Capital_Gain_Max_Tax_Rate","v":-17448.911528747394},null,{"$f":"I38*Fnc_Capital_Gain_Max_Tax_Rate","v":-18822.401455949905},null,{"$f":"K38*Fnc_Capital_Gain_Max_Tax_Rate","v":-17448.911528747394}]
[null,"  =SALE PROCEEDS AFTER TAX",{"$f":"Fnc_SPBT_1-C49-C50-C51","v":-4047.5493981809013},null,{"$f":"E48-E49-E50-E51","v":-9541.5091069909395},null,{"$f":"G48-G49-G50-G51","v":-4047.5493981809013},null,{"$f":"I48-I49-I50-I51","v":-9541.5091069909395},null,{"$f":"K48-K49-K50-K51","v":-4047.5493981809013}]
[]
[null," "]
[null," "]
[null,null,"Real Estate Investment Software   CopyR@1997 - 2002"]

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[null,null,null,null,"Proforma Summary  "]
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[]
[null,"Cap Rate for Estimated Sale",null,null,0.06,null,null,null,null,"Purchase Price                          ",null,{"$f":"SUM(purchase_price)","v":275000}]
[null,"NOI Cash Flow ",null,null,{"$f":"SUM(E8)","v":12102.599999999999},null,null,null,null,"Land",null,{"$f":"SUM(fnc_land_value)","v":0}]
[null,"Total Sales Price",null,null,{"$f":"SUM(E8/E10)","v":201709.99999999997},null,null,null,null,"Personal Property",null,{"$f":"SUM(fnc_value_personal)","v":0}]
[]
[null,null,null,null,null,null,"Comparison"]
[]
[null,"Forecasted Sales Price",null,null,{"$f":"SUM(E8/E10)","v":201709.99999999997},null,null,null,null,"Total Acquisition Cost",null,{"$f":"SUM(L10:L13)","v":275000}]
[null,"Price PSF",null,null,{"$f":"SUM(E12/Size_of_Property)","v":102.18338399189462},null,null,null,null,"Price PSF",null,{"$f":"SUM(L16/Size_of_Property)","v":139.31104356636271}]
[null,"Monthly Cash flow",null,null,{"$f":"SUM(E8/12)","v":1008.5499999999998},null,null,null,null,"Monthly Acquistion Cost",null,{"$f":"SUM(N8)","v":1783.0239358865356}]
[]
[null,null,null,null," ",null,"Cash","Annual",null,"Monthly","Percent"]
[null,null," ",null,"Year",null,"Flow","ROI",null,"ROI","ROI"]
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[null,null,null,null,{"$f":"TEXT(CashFlows!K18,\"####\")","v":"2007"},null,null,{"$f":"Fnc_CFBT_4","v":-6935.2111329071777},null,{"$f":"SUM(H25/12)","v":-577.9342610755981},{"$f":"SUM((H25)/(C24))","v":-0.12609474787103958}]
[null,null,null,null,{"$f":"TEXT(CashFlows!M18,\"####\")","v":"2008"},null,null,{"$f":"IF(Fnc_CFBT_5<0,TEXT(-Fnc_CFBT_5,\"($#,###)\"),TEXT(Fnc_CFBT_5,\"$#,###\"))&\" \"","v":"($6,054) "},null,{"$f":"SUM(H26/12)","v":-504.5},{"$f":"SUM((H26)/(C24))","v":-0.11007272727272727}]
[]
[]
[null,null,null,null,"Real Estate Investment Software   CopyR@1997 - 2002"]

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["  "," "," ",null,null,"                      RETURNS"]
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[null,"Return on Investment",null,"ROI",null,"Rate of Return",null,null,null,null,null," "]
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[null,"              Sales Rate & Expenses    "]
[null,null," ","Analysis I",null,"Analysis II",null,"Analysis III",null,"Analysis IIII",null,"Analysis V",null,null,null,null,null,null,null,"Analysis VI"]
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[]
[null,"           Yearly Calculation Variables               ",null,"Year",null,"Year",null,"Year",null,"Year",null,"Year",null,null,null,null,null,null,null,"Year"]
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[null,"Vancany Income escalation",null,null,null,0,null,{"$f":"+F15","v":0},null,{"$f":"+H15","v":0},null,{"$f":"+J15","v":0},null,null,null,null,null,null,null,{"$f":"+L15","v":0}]
[null,"Business Income escalation ",null,null,null,0,null,{"$f":"+F16","v":0},null,{"$f":"+H16","v":0},null,{"$f":"+J16","v":0},null,null,null,null,null,null,null,{"$f":"+L16","v":0}]
[null,"Expense escalation    ",null,null,null,4.2500000000000003E-2,null,{"$f":"+F17","v":4.2500000000000003E-2},null,{"$f":"+H17","v":4.2500000000000003E-2},null,{"$f":"+J17","v":4.2500000000000003E-2},null,null,null,null,null,null,null,{"$f":"+L17","v":4.2500000000000003E-2}]
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[null,"Tax Rate on Straight Line Recapture",null,0.26,null,{"$f":"D20","v":0.26},null,{"$f":"F20","v":0.26},null,{"$f":"H20","v":0.26},null,{"$f":"J20","v":0.26},null,null,null,null,null,null,null,{"$f":"L20","v":0.26}]
[null,"Service Date",null,1,null,{"$f":"Month_Placed_in_Svc","v":1},null,{"$f":"Month_Placed_in_Svc","v":1},null,{"$f":"Month_Placed_in_Svc","v":1},null,{"$f":"Month_Placed_in_Svc","v":1},null,null,null,null,null,null,null,{"$f":"Month_Placed_in_Svc","v":1}]
[]
[null,null,"Real Estate Investment Software   CopyR@1997 - 2002"]
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[]
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[]
[]
[null,null,null,null,null,null,null,"Real Estate Investment Software   CopyR@1997 - 2002"]