MULTI - FAMILY STAT / PROFORMA SHEET          
Property Address: 4009-4015 Charlotte Reece & Nichols Realtors
City: Kansas City State: Mo Zip:   BRICE BRADSHAW
Date: 6/1/2005   Listing Price: $399,000 Phone: 913-219-7074
MLS No.     Fax:                913-901-6450
Directions:   BILL HARGIS 913-901-6352
www.kccommercial.net
Unit Description    Current Rental Data        Market Rental Data
# of Units # Bed # Bath Unit Rent Mo. Rent Yearly Rent Unit Rent Mo. Rent Yearly Rent
6 2 1 $475 $2,850 $34,200 525 $3,150 $37,800
6 2 1    $475 $2,850 $34,200 525 $3,150 $37,800
        $0 $0 0 $0 $0
        $0 $0 0 $0 $0
        $0 $0 0 $0 $0
        $0 $0 0 $0 $0
TOTALS $5,700 $68,400 TOTALS $6,300 $75,600
 PROFORMA ß         ß
6          GROSS SCHEDULED INCOME: $68,400   % GSI % GSI   $75,600
7        Less Vacancy and Credit Losses: $3,420 ¬ 5.0% 5.0% ® $3,780
8 Other Income $360 ¬ 0.5% 0.5% ® $360
9 ADJUSTED GROSS INCOME (L6-(L7+L8)): $65,340   % AGI % AGI   $72,180
10 Less Accounting and Legal $300 ¬ 0.5% 0.4% ® $300
11                                      Less Advertising: $437 ¬ 0.7% 0.6% ® $437
12           Less Repair and Maintenance: $4,800 ¬ 7.3% 6.7% ® $4,800
13                                         Less Insurance: $3,400 ¬ 5.2% 4.7% ® $3,400
14                                 Less Management: $5,198 ¬ 8.0% 8.0% ® $5,746
15                                                Less Taxes: $2,050 ¬ 3.1% 2.8% ® $2,050
16 Trash & Pest Control $700 ¬ 1.1% 1.0% ® $700
17 Utilities $10,900 ¬ 16.7% 15.1% ® $10,900
18     ¬ 0.0% 0.0% ®  
19     ¬ 0.0% 0.0% ®  
20 Less Other:     ¬ 0.0% 0.0% ® $0
21 Total Expenses(sum L10 - L20): $27,785 ¬ 42.5% 39.3% ® $28,333
22 Net Operating Income(L9 minus L21): $37,555         $43,847
23 Less Annual Debt Service:  $      27,997 ¬ 42.8% 38.8% ®  $   27,997
24 Net Income (Cash Flow) L22-L23): 9,557 15,850
25 CAP RATE (NOI ¸ PURCHASE PRICE): 9.41% 10.99%
26 RETURN ON INVESTMENT (NI ¸ DOWN): 11.98% 19.86%
           Estimated Financing              
Purchase Price: $399,000 6.25% :Interest      
20%  Down:  $       79,800 20 :Years Amortized    
Amount Financed:  $     319,200  $       2,333.12 :P&I Monthly Payment          
Description: 2 SIX UNIT 3-STORY APARTMENT BUILDINGS IN MIDTOWN KANSAS CITY, MO.  ALL APARTMENTS ARE 2-BEDROOMS AND 1-BATH.  BOTH BUILDINGS HAVE NEW ROOFS AND REAR WOOD DECKS.  MAJOR PLUMBING AND ELECTRICAL UPGRADES WERE DONE IN 2004.  ONE BUILDING HAS NEW FORCED AIR GAS FURNACES AND CENTRAL AIR. THERE HAS BEEN MAJOR REHAB TO THE INTERIOR. BOTH BUILDINGS HAVE SECURED ENTRIES.  LOCATED ON A QUIET WOODED MIDTOWN STREET.
 
 
 
 
 
 
 
 
    Information deemed reliable but not guaranteed