Property Summary SITE DESCRIPTION & SALES HISTORY

Property Summary SITE DESCRIPTION & SALES HISTORY Site Information Sale History Last 10 Years Property Type Multifamily Most Recent Sale in Last 10 yrs 2/5/2006 Street Address 123 Main Street Sale Price $7,500,000 City, State Van Nuys, CA Document # 4651268 Zip Code 91406 County Los Angeles 2nd Most Recent Sale in Last 10 yrs 2/1/2002 Sale Price $6,250,000 Assessor's Parcel Number (APN) 111-222-333 Document # 4632685 Zoning C-1.5 Thomas Guide Map Page 123-A1 Regulatory Influences Rent Control No Lot Size (Square Feet) 17,622 HAP Contract No Lot Size (Acres) 0.40 Low Income Housing Tax Credits (LIHTC) No Shape of Lot Rectangular Environmental Influences Parking Flood Zone No # of On-site Parking Spaces 106 Earthquake Zone Yes Parking Ratio 5.58 Fire High Risk Area No DESCRIPTION OF THE IMPROVEMENTS Basic Building Characteristics Capital Expenditure History Last 10 Years Date of Construction 1985 Description of Item #1 New Roof Physical Age (years) 26 Capital Expenditure Date #1 Sep. 2008 Effective Age (years) 10 Capital Expenditure Item #1 $250,000 Date of Major Rehabilitation N/A Number of Stories 4 Description of Item #2 Individually Metered (gas) Capital Expenditure Date #2 Jun. 2005 Number of Buildings 1 Capital Expenditure Item #2 $100,000 Number of Units 54 Number of Non-Income Units 1 Description of Item #3 New Hardscape Number of Revenue-Producing Units 53 Capital Expenditure Date #3 Mar. 2003 Capital Expenditure Item #3 $50,000 Total Building Square feet 19,000 Living/Useable Square Feet 18,071 Total Capital Expenditure Last 10 yrs $400,000 Load Factor 5.14% Total Capital Expenditure/Sq. Ft. $21.05 Additional Building Characteristics Rehab Needed At Acquisition Construction Material Wood Frame & Stucco Description of Item #1 Rehab 10 Units Roof Type Composition Shingle Est. Rehab Cost Item #1 $100,000 Individually Metered for Gas Yes. Individually Metered for Electricity Yes Description of Item #2 High Speed Cable Individually Metered for Water Yes Est. Rehab Cost Item #2 $7,500 Handicap Access Yes Description of Item #3 Retaining Brick Wall Est. Rehab Item #3 $15,000 Total Capital Expenditure at Acquisition $122,500 Total Capital Expenditure/Sq. Ft. $6.45

Price & Acquisition Reserves Pro Forma Real Estate Taxes Acquisition Price $ 4,250,000 Year Ending 2012 Assessed Value 4,250,000 Acquisition Closing Costs & Due Dilligence $ 10,000 Assessment Ratio 25.00% Rehab at Acquisition $ 122,500 Taxable Value 1,062,500 Total Acqusition Reserves $ 132,500 Millage Rate 0.050568 Total Acquisition Cost (TAC) $ 4,382,500 Basic Metric Summary ASSUMPTIONS Estimated RE Tax 53,729 Pro Forma Payroll # of employees Hourly Wage Hours/ Month Monthly Salary Year 1 Operating Assumptions (Annual) Annual Salary Percentage of Gross Potential Rent Loss to Lease 5.00% $ (35,040) Vacancy 7.50% $ (49,932) $ $ Concessions 0.75% $ (4,993) $ $ Damages/Cleaning/Deposits 1.50% $ 9,986 $ Late Fees 5.00% $ 33,288 Reimbursements 0.00% $ - $ $ $ Maintenance Bad Debt 0.50% (3,329) Grounds/Custodial 2 $ 12.50 160 $ 4,000 48,000 Maint. Supervisor 1 $ 10.00 160 $ 1,600 19,200 Maint. Assistant 1 $ 8.00 160 $ 1,280 15,360 Total 4 N/A N/A $ 6,880 82,560 Administrative Misc. Items 0.25% 1,664 Manager 1 $ 17.50 160 $ 2,800 33,600 Assistant Manager 1 $ 15.00 80 $ 1,200 14,400 Leasing Commission N/A N/A N/A N/A N/A Percentage of Effective Gross Income Total 2 N/A 240 $ 4,000 $ 48,000 Management Fees % 5.00% $ 32,622 Total Employees 6 Replacement Reserves $200 PUPY $ 10,800 Total Wages $ 10,880 $ 130,560 Year of Initial Deposit 2011 Benefits & Insurance 7.50% $ 816 $ 9,792 Total Payroll $ 11,696 $ 140,352 METRICS Year 1 Operating Statistics Year 1 OperatingStatistics (continued) Annual Monthly Annual Monthly Market Rent $ 700,800 $ 58,400 Net Operating Income $ 336,357 $ 28,030 Market Rent/Unit $ 12,978 $ 1,081 Net Operating Income/Unit $ 6,229 $ 519 Market Rent/Sq. Ft. $ 36.88 $ 3.07 Net Operating Income/Sq. Ft. $ 17.70 $ 1.48 Gross Potential Rent (GPR) $ 665,760 $ 55,480 Total Debt Service $ 193,454 $ 16,121 GPR/Unit $ 12,329 $ 1,027 Total Debt Service/Unit $ 3,582 $ 299 GPR/Sq. Ft. $ 35.04 $ 2.92 Total Debt Service/Sq. Ft. $ 10.18 $ 0.85 Total Rent Loss $ (58,254) $ (4,855) Before Tax Cash Flow (BTCF) $ 142,902 $ 11,909 Total Rent Loss/Unit $ (1,079) $ (90) BTCF/Unit $ 2,646 $ 221 Total Rent Loss/Sq. Ft. $ (3.07) $ (0.26) BTCF/Sq. Ft. $ 7.52 $ 0.63 Total Other Income $ 44,939 $ 3,745 After Tax Cash Flow (ATCF) $ 122,830 $ 10,236 Total Other Income/Unit $ 832 $ 69 ATCF/Unit $ 2,275 $ 190 Total Other Income/Sq. Ft. $ 2.37 $ 0.20 ATCF/Sq. Ft. $ 6.46 $ 0.54 Effective Gross Income $ 652,445 $ 54,370 First Year Metrics Effective Gross Income/Unit $ 12,082 $ 1,007 Acquisition Price / Square Foot (Total Square Feet) $ 224 Effective Gross Income/Sq. Ft. $ 34.34 $ 2.86 Acquisition Price / Unit (Total Units) $ 78,704 Pro Forma Capitalization Rate (Year 1 CAP) 7.91% Operating Expneses (Op Ex) $ 316,088 $ 26,341 In-Place Capitalization Rate (Year 0 CAP) 6.62% Op Ex/Unit $ 5,853 $ 488 Gross Rent Multiplier (GRM) 6.38 Op Ex/Sq. Ft. $ 16.64 $ 1.39 Gross Income Multiplier (GIM) 6.51 Payback Period (Based on Acquisition Cost) 13 years Op Ex Ratio 48.45% Break Even Ratio 78.10% Equity Dividend Rate (Based on BTCF) 8.53% Cash-On-Cash (Based on Effective Equity & ATCF) 7.33%

Advanced Metric Summary ASSUMPTIONS Timing Depreciation Analysis Acquisition Date Apr. 2011 Improvements as % of Property Value 75.00% Disposition Date Mar. 2021 Investment Hold Period (years) 10 Acquisition Price $ 4,250,000 Total Capital Expenditures $ 122,500 Financing Decpreciable Amount $ 3,279,375 Loan #1 Senior Loan Fixed or Variable interest rate? Fixed Years of Depreciation Straight Line 27.5 yrs Loan-to-Value (LTV) 65.00% Annual Depreciation $ 119,250 Loan Amount $ 2,762,500 Loan Points/Origination Fee 2.000% Total Recpature at Time of Disposition $ - Total Amount Funded $ 2,707,250 Total Recpature Tax at Time of Disposition $ 1,192,500 Interest Rate 5.75% Term - Months 360 months Tax Rates Prepayment Penalties 10.00% Include? Rate End of Yield Maintenance Mar. 2026 Federal Income Tax Rate Yes 35.00% Start Date Apr. 2011 Federal Capital Gains Tax Rate Yes 15.00% Maturity Date Mar. 2041 Federal Recapture Tax Rate Yes 25.00% Loan #2 Junior Loan State Tax Rate (CA) Yes 9.33% Fixed or Variable interest rate? Fixed Loan-to-Value (LTV) 0.00% Discount Rate & Reinvestment Rate Loan Amount $ - 10 Year Treasury Note 3.62% Loan Points/Origination Fee 2.000% Risk Premium* 6.83% Total Amount Funded $ - Discount Rate (Used for NPV & MIRR) 10.45% Interest Rate 5.00% Term - Months 360 months * Based on Vanguard's REIT Index Fund, 10 year performance Prepayment Penalties 10.00% End of Yield Maintenance Mar. 2026 Reinvestment/Savings Rate** (Used for MIRR) 1.35% Start Date Apr. 2011 Maturity Date N/A ** Based on 1 year CD as quoted by BankRate.com METRICS Debt Summary (Includes All Junior Financing) Performance Analysis Debt $ 2,762,500 Acquisition Price $ 4,250,000 Equity Invested $ 1,487,500 Estimated Acquisition Price $ 4,250,000 Acquisition Closing Costs & Due Dilligence $ 10,000 Rehab at Acquisition $ 122,500 LTV % 65.00% Total Acqusition Reserves $ 132,500 Debt $ 2,762,500 Total Acquisition Cost (TAC) $ 4,382,500 Loan Points/Origination Fee $ (55,250) Effective Debt (Includes Points) $ 2,707,250 Net Present Value (NPV) $ 415,506 Equity $ 1,487,500 Internal Rates of Return Loan Points/Origination Fee $ 55,250 IRR MIRR Acquisition Reserves (Includes Closing & Rehab Costs) $ 132,500 10 Year (Unleveraged) 12.20% 9.51% Effective Equity $ 1,675,250 10 Year (Leveraged) 18.22% 14.14% 10 Year After-Tax (Leveraged) 14.16% 11.23% Total Annual Debt Service Payment $ 193,454 Consolidated Loan Constant 7.003% Consolidated Debt Service Coverage (Year 1) 1.74 Partition of Cash Flows (Unleveraged) Amount % Effective Cost of Debt (Includes Points & PPP) PV of Pre-Sale Cash Flows $ 2,335,126 48.67% Loan #1 6.45% PV of Net Sale Proceeds $ 2,462,880 51.33% Loan #2 N/A Total PV of Cash Flows $ 4,798,006 100.00% Loan #3 N/A (After-Tax, Leveraged) Amount % Residual Value & Disposition PV of Pre-Sale Cash Flows $ 921,467 43.95% Mar. 2021 PV of Net Sale Proceeds $ 1,175,247 56.05% Terminal Cap Rate (year 10 ) 6.50% Total PV of Cash Flows $ 2,096,714 100.00% Estimated Sales Price $ 7,041,557 Effective Duration (Macaulay Duration) Transaction Costs (% of Sales Price) 5.50% Actual Duration of Cash Flows 10 yrs Other Closing Costs ($) $ - Effective Duration 7.54 yrs

Financing Loan #1 Loan #2 Loan Amount 2,762,500 Start Apr. '11 Loan Amount 0 Start Apr. '11 Rate 5.75% Maturity Mar. '41 Rate 5.00% Maturity N/A Amortization 360 mos. Amortization 360 mos. Annual Summary - Loan #1 Annual Summary - Loan #2 Payments $ 193,454 Payments - Loan Constant 7.00% Loan Constant 0.00% Interest Only? No Interest Only? No If yes, when does interest-only period end? N/A If yes, when does interest-only period end? N/A Fixed or Variable interest rate? Fixed Fixed or Variable interest rate? Fixed If variable, what is applicable variable rate? N/A If variable, what is applicable variable rate? N/A Amortization - Loan #1 Amortization - Loan #2 Pmt. # Month Pmt. Interest Principal Balance Pmt. # Month Pmt. Interest Principal Balance 001 Apr. '11 $ 16,121 $ 13,237 $ 2,884 $ 2,759,616 001 Apr. '11 $ - $ - $ - $ - 002 May. '11 16,121 $ 13,223 $ 2,898 $ 2,756,718 002 May. '11 $ - $ - $ - $ - 003 Jun. '11 16,121 $ 13,209 $ 2,912 $ 2,753,806 003 Jun. '11 $ - $ - $ - $ - 004 Jul. '11 16,121 $ 13,195 $ 2,926 $ 2,750,880 004 Jul. '11 $ - $ - $ - $ - 005 Aug. '11 16,121 $ 13,181 $ 2,940 $ 2,747,940 005 Aug. '11 $ - $ - $ - $ - 006 Sep. '11 16,121 $ 13,167 $ 2,954 $ 2,744,986 006 Sep. '11 $ - $ - $ - $ - 007 Oct. '11 16,121 $ 13,153 $ 2,968 $ 2,742,018 007 Oct. '11 $ - $ - $ - $ - 008 Nov. '11 16,121 $ 13,139 $ 2,982 $ 2,739,036 008 Nov. '11 $ - $ - $ - $ - 009 Dec. '11 16,121 $ 13,125 $ 2,997 $ 2,736,039 009 Dec. '11 $ - $ - $ - $ - 010 Jan. '12 16,121 $ 13,110 $ 3,011 $ 2,733,028 010 Jan. '12 $ - $ - $ - $ - 011 Feb. '12 16,121 $ 13,096 $ 3,025 $ 2,730,002 011 Feb. '12 $ - $ - $ - $ - 012 Mar. '12 16,121 $ 13,081 $ 3,040 $ 2,726,962 012 Mar. '12 $ - $ - $ - $ - 013 Apr. '12 16,121 $ 13,067 $ 3,055 $ 2,723,908 013 Apr. '12 $ - $ - $ - $ - 014 May. '12 16,121 $ 13,052 $ 3,069 $ 2,720,839 014 May. '12 $ - $ - $ - $ - 015 Jun. '12 16,121 $ 13,037 $ 3,084 $ 2,717,755 015 Jun. '12 $ - $ - $ - $ - 016 Jul. '12 16,121 $ 13,023 $ 3,099 $ 2,714,656 016 Jul. '12 $ - $ - $ - $ - 017 Aug. '12 16,121 $ 13,008 $ 3,113 $ 2,711,543 017 Aug. '12 $ - $ - $ - $ - 018 Sep. '12 16,121 $ 12,993 $ 3,128 $ 2,708,415 018 Sep. '12 $ - $ - $ - $ - 019 Oct. '12 16,121 $ 12,978 $ 3,143 $ 2,705,271 019 Oct. '12 $ - $ - $ - $ - 020 Nov. '12 16,121 $ 12,963 $ 3,158 $ 2,702,113 020 Nov. '12 $ - $ - $ - $ - 021 Dec. '12 16,121 $ 12,948 $ 3,174 $ 2,698,939 021 Dec. '12 $ - $ - $ - $ - 022 Jan. '13 16,121 $ 12,932 $ 3,189 $ 2,695,750 022 Jan. '13 $ - $ - $ - $ - 023 Feb. '13 16,121 $ 12,917 $ 3,204 $ 2,692,546 023 Feb. '13 $ - $ - $ - $ - 024 Mar. '13 16,121 $ 12,902 $ 3,219 $ 2,689,327 024 Mar. '13 $ - $ - $ - $ - 025 Apr. '13 16,121 $ 12,886 $ 3,235 $ 2,686,092 025 Apr. '13 $ - $ - $ - $ - 026 May. '13 16,121 $ 12,871 $ 3,250 $ 2,682,842 026 May. '13 $ - $ - $ - $ - 027 Jun. '13 16,121 $ 12,855 $ 3,266 $ 2,679,576 027 Jun. '13 $ - $ - $ - $ - 028 Jul. '13 16,121 $ 12,840 $ 3,282 $ 2,676,294 028 Jul. '13 $ - $ - $ - $ - 029 Aug. '13 16,121 $ 12,824 $ 3,297 $ 2,672,997 029 Aug. '13 $ - $ - $ - $ - 030 Sep. '13 16,121 $ 12,808 $ 3,313 $ 2,669,684 030 Sep. '13 $ - $ - $ - $ - 031 Oct. '13 16,121 $ 12,792 $ 3,329 $ 2,666,355 031 Oct. '13 $ - $ - $ - $ - 032 Nov. '13 16,121 $ 12,776 $ 3,345 $ 2,663,010 032 Nov. '13 $ - $ - $ - $ - 033 Dec. '13 16,121 $ 12,760 $ 3,361 $ 2,659,649 033 Dec. '13 $ - $ - $ - $ - 034 Jan. '14 16,121 $ 12,744 $ 3,377 $ 2,656,272 034 Jan. '14 $ - $ - $ - $ - 035 Feb. '14 16,121 $ 12,728 $ 3,393 $ 2,652,879 035 Feb. '14 $ - $ - $ - $ - 036 Mar. '14 16,121 $ 12,712 $ 3,409 $ 2,649,469 036 Mar. '14 $ - $ - $ - $ - 037 Apr. '14 16,121 $ 12,695 $ 3,426 $ 2,646,043 037 Apr. '14 $ - $ - $ - $ - 038 May. '14 16,121 $ 12,679 $ 3,442 $ 2,642,601 038 May. '14 $ - $ - $ - $ - 039 Jun. '14 16,121 $ 12,662 $ 3,459 $ 2,639,142 039 Jun. '14 $ - $ - $ - $ - 040 Jul. '14 16,121 $ 12,646 $ 3,475 $ 2,635,667 040 Jul. '14 $ - $ - $ - $ - 041 Aug. '14 16,121 $ 12,629 $ 3,492 $ 2,632,175 041 Aug. '14 $ - $ - $ - $ - 042 Sep. '14 16,121 $ 12,613 $ 3,509 $ 2,628,666 042 Sep. '14 $ - $ - $ - $ - 043 Oct. '14 16,121 $ 12,596 $ 3,526 $ 2,625,141 043 Oct. '14 $ - $ - $ - $ - 044 Nov. '14 16,121 $ 12,579 $ 3,542 $ 2,621,599 044 Nov. '14 $ - $ - $ - $ - 045 Dec. '14 16,121 $ 12,562 $ 3,559 $ 2,618,039 045 Dec. '14 $ - $ - $ - $ - 046 Jan. '15 16,121 $ 12,545 $ 3,576 $ 2,614,463 046 Jan. '15 $ - $ - $ - $ - 047 Feb. '15 16,121 $ 12,528 $ 3,594 $ 2,610,869 047 Feb. '15 $ - $ - $ - $ - 048 Mar. '15 16,121 $ 12,510 $ 3,611 $ 2,607,258 048 Mar. '15 $ - $ - $ - $ - 049 Apr. '15 16,121 $ 12,493 $ 3,628 $ 2,603,630 049 Apr. '15 $ - $ - $ - $ - 050 May. '15 16,121 $ 12,476 $ 3,645 $ 2,599,985 050 May. '15 $ - $ - $ - $ -

Rent Roll Unit Breakdown Unit # Floor Bedroom Bathroom Sq.Ft Lease Begin Lease End Previous Year Rents Current Rents Proforma Turnovers Rents Turnover % $/Turnover Turnover $/yr 121 3rd 2 1 405 1/1/2011 12/31/2011 $ 950 $ 1,150 $ 1,250 15% $ 750 $ 113 122 3rd 2 1 405 1/1/2011 12/31/2011 $ 950 $ 1,150 $ 1,250 15% $ 750 $ 113 123 3rd 2 1 405 1/1/2011 12/31/2011 $ 950 $ 1,150 $ 1,250 15% $ 750 $ 113 124 3rd 2 1 405 1/1/2011 12/31/2011 $ 950 $ 1,150 $ 1,250 15% $ 750 $ 113 125 3rd 2 1 405 1/1/2011 12/31/2011 $ 950 $ 1,150 $ 1,250 15% $ 750 $ 113 126 3rd 2 1 405 1/1/2011 12/31/2011 $ 950 $ 1,150 $ 1,250 15% $ 750 $ 113 127 3rd 2 1 405 1/1/2011 12/31/2011 $ 950 $ 1,150 $ 1,250 15% $ 750 $ 113 128 3rd 2 1 405 1/1/2011 12/31/2011 $ 950 $ 1,150 $ 1,250 15% $ 750 $ 113 129 3rd 2 1 405 1/1/2011 12/31/2011 $ 950 $ 1,150 $ 1,250 15% $ 750 $ 113 131 4th 2 1 338 1/1/2011 12/31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ 113 132 4th 2 1 338 1/1/2011 12/31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ 113 133 4th 2 1 338 1/1/2011 12/31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ 113 134 4th 2 1 338 1/1/2011 12/31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ 113 135 4th 2 1 338 1/1/2011 12/31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ 113 136 4th 2 1 338 1/1/2011 12/31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ 113 137 4th 2 1 338 1/1/2011 12/31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ 113 138 4th 2 1 338 1/1/2011 12/31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ 113 139 4th 2 1 338 1/1/2011 12/31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ 113 140 4th 2 1 348 1/1/2011 12/31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ 113 201 1st 2 1 342 1/1/2011 12/31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ 113 202 1st 2 1 356 1/1/2011 12/31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ 113 203 1st 2 1 356 1/1/2011 12/31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ 113 204 1st 2 1 356 1/1/2011 12/31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ 113 205 1st 2 1 356 1/1/2011 12/31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ 113 206 1st 2 1 356 1/1/2011 12/31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ 113 207 1st 2 1 351 1/1/2011 12/31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ 113 221 2nd 2 1 290 1/1/2011 12/31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ 113 222 2nd 2 1 302 1/1/2011 12/31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ 113 223 2nd 2 1 302 1/1/2011 12/31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ 113 224 2nd 2 1 302 1/1/2011 12/31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ 113 225 2nd 2 1 302 1/1/2011 12/31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ 113 226 2nd 2 1 302 1/1/2011 12/31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ 113 227 2nd 2 1 302 1/1/2011 12/31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ 113 301 1st 2 1 454 1/1/2011 12/31/2011 $ 950 $ 1,050 $ 1,150 15% $ 750 $ 113 302 1st 2 1 354 1/1/2011 12/31/2011 $ 950 $ 1,050 $ 1,150 15% $ 750 $ 113 303 1st 2 1 354 1/1/2011 12/31/2011 $ 950 $ 1,050 $ 1,150 15% $ 750 $ 113 304 1st 2 1 354 1/1/2011 12/31/2011 $ 950 $ 1,050 $ 1,150 15% $ 750 $ 113 305 1st 2 1 354 1/1/2011 12/31/2011 $ 950 $ 1,050 $ 1,150 15% $ 750 $ 113 306 1st 2 1 349 1/1/2011 12/31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ 113 321 2nd 2 1 269 1/1/2011 12/31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ 113 322 2nd 2 1 269 1/1/2011 12/31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ 113 323 2nd 2 1 269 1/1/2011 12/31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ 113 324 2nd 2 1 269 1/1/2011 12/31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ 113 325 2nd 2 1 269 1/1/2011 12/31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ 113 326 2nd 2 1 269 1/1/2011 12/31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ 113 327 2nd 2 1 269 1/1/2011 12/31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ 113 328 2nd 2 1 301 1/1/2011 12/31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ 113 421 3rd 2 1 341 1/1/2011 12/31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ 113 422 3rd 2 1 341 1/1/2011 12/31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ 113 423 3rd 2 1 341 1/1/2011 12/31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ 113 424 3rd 2 1 341 1/1/2011 12/31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ 113 425 3rd 2 1 341 1/1/2011 12/31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ 113 426 3rd 2 1 353 1/1/2011 12/31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ 113 Type # of Units Bedroom Bathroom Sq.Ft Lease Begin Lease End Previous Year Rents Current Rents Proforma Rents Turnover % $/Turnover Turnover $/yr Total 53 54 55 18,071 N/A N/A $ 49,600 $ 53,850 $ 58,400 N/A $ 132,500 $ 5,963 Minimum N/A N/A N/A 269 N/A N/A $ 900 $ 950 $ 1,000 15% $ 750 $ 113 Maximum N/A N/A N/A 454 N/A N/A $ 950 $ 1,150 $ 1,250 15% $ 750 $ 113 Average/Unit N/A N/A N/A 341 N/A N/A $ 936 $ 1,016 $ 1,102 15% $ 2,500 $ 113 Average/Sq.Ft. N/A N/A N/A N/A N/A N/A $ 0 $ 0 $ 3.23 0% $ 7.33 $ 0.33

Acquisition Date: Apr. 2011 Sale Date: Mar. 2021 Number of Units: 54 Income & Expenses Previous Year Current Year* Pro Forma (Yr 1) * Figures Annualized Results from Operations 2010 Per Unit Note 2011 Per Unit Note Pro Forma % 2012 Per Unit Note Market Rent $ 595,200 11,022 1 $ 646,200 11,967 2 $ 700,800 12,978 3 Loss to Lease % 4.0% 0 5.3% 0 5.0% 0 Loss to Lease $ (23,850) (442) $ (34,000) (630) 5.00% $ (35,040) (649) Gross Potential Rent $ 571,350 10,581 $ 612,200 11,337 $ 665,760 12,329 Vacancy Loss % 10.5% 6.3% 7.5% Vacancy $ (60,000) (1,111) $ (38,324) (710) 7.50% $ (49,932) (925) Other Rental Loss % 1.6% 0.4% 1.25% Bad Debt $ (2,758) (51) $ (2,332) (43) 0.50% $ (3,329) (62) Concessions $ (6,500) (120) $ - - 0.75% $ (4,993) (92) Total Rent Loss $ (69,258) (1,283) $ (40,656) (753) 1.25% $ (58,254) (1,079) Damages/Cleaning/Forfeited Deposits $ 7,586 $ 5,000 93 1.50% $ 9,986 185 Late Fees $ 31,528 584 $ 6,000 111 5.00% $ 33,288 616 Reimbursements $ - - $ 4,000 74 0.00% $ - - Misc. Items $ 1,265 23 $ 10,000 185 0.25% $ 1,664 31 Total Other Income $ 40,379 748 $ 25,000 463 6.75% $ 44,939 832 EGI $ 542,471 10,046 $ 596,544 11,047 $ 652,445 12,082 VARIABLE COSTS Mgt. Fee $ 27,500 509 $ 22,000 407 5.00% $ 32,622 604 Payroll $ 115,098 2,131 $ 140,000 2,593 $ 130,560 2,418 Payroll Taxes & Benefits $ 8,654 160 $ 8,000 148 7.50% $ 9,792 181 Bookkeeping & Accounting $ 18,500 343 $ 23,592 437 $ 20,000 370 Legal & Professional $ 3,675 68 $ - - $ 2,500 46 Office Supplies & Other $ 968 18 $ 1,032 19 $ 850 16 Total Administrative $ 23,143 429 $ 24,624 456 $ 23,350 432 Turnover $ 4,580 85 $ 3,472 64 $ 5,963 110 Plumbing / HVAC $ 2,245 42 $ 5,600 104 $ 2,523 47 Janitorial $ 3,157 58 $ 4,800 89 $ 3,800 70 Landscaping $ - - $ - - $ - - Pest Control $ 1,985 37 $ 2,000 37 $ 2,500 46 Fire & Safety $ 1,786 33 $ 2,000 37 $ 2,000 37 Security $ 4,589 85 $ 3,000 56 $ 5,000 93 Total Repairs & Maintenance $ 18,342 340 $ 20,872 387 $ 21,786 403 - - - Promotional & Advertising $ 526 10 $ 4,000 74 $ 5,000 93 FIXED COSTS Electricity (vacant and/or common) $ 1,658 31 $ 3,400 63 $ 1,250 23 Gas (vacant and/or common) $ - - $ - - $ - - Water $ 2,586 48 $ 3,000 56 $ 3,500 65 Sewer $ 3,487 65 $ 3,400 63 $ 4,200 78 Cable $ - - $ - - $ - - Garbage Collection $ 6,215 115.09 $ 6,000 111.11 $ 7,500 138.89 Total Utilities $ 13,946 258 $ 15,800 293 $ 16,450 305 Real Estate Taxes $ 65,328 1,210 $ 60,000 1,111 $ 53,729 995 Property Insurance $ 11,538 214 $ 20,000 370 $ 12,000 222 Operating Expenses $ 284,075 5,261 $ 315,296 5,839 $ 305,288 5,653 Replacement Reserves $ - - $ - - $200 PU/PY $ 10,800 200 Total Expenses $ 284,075 5,261 $ 315,296 5,839 $ 316,088 5,853 Total Expenses as % of EGI 52.4% 0 52.9% 0 48.4% 0 NOI 258,396 4,785 281,248 5,208 336,357 6,229

Growth Rates Market Rent Forecast Annual Growth Rates Pro Forma = Yr 1 N/A 1.50% 2.00% 2.50% 3.00% 3.00% 3.50% 3.50% 4.00% 4.50% "Pro Forma" Market Rent 700,800 700,800 711,312 725,538 743,677 765,987 788,967 816,580 845,161 878,967 918,521 Vacancies, Concessions & Write-Offs Percentage (%) of Market Rent "Pro Forma" Loss To Lease 5.00% 5.00% 5.00% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% Percentage (%) of Gross Potential Rent Vacancy 7.50% 7.50% 6.50% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% Bad Debt 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% Concessions 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% Other Income Forecast Annual Growth Rates N/A 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% "Pro Forma" Damages/Cleaning/Deposits 9,986 9,986 10,186 10,390 10,598 10,810 11,026 11,246 11,471 11,701 11,935 Late Fees 33,288 33,288 33,954 34,633 35,325 36,032 36,753 37,488 38,237 39,002 39,782 Reimbursements - - - - - - - - - - - Misc. Items 1,664 1,664 1,698 1,732 1,766 1,802 1,838 1,874 1,912 1,950 1,989 Other Income 44,939 44,939 45,838 46,754 47,689 48,643 49,616 50,608 51,621 52,653 53,706 Operating Expenses Forecast Annual Growth Rates Management Fee 5.00% of EGI 32,622 32,622 33,461 35,497 36,373 37,440 38,539 39,851 41,208 42,804 44,665 Payroll Tax & Benefits 7.50% of Payroll 9,792 9,792 10,037 10,288 10,596 10,967 11,378 11,834 12,337 12,892 13,504 N/A 2.50% 2.50% 3.00% 3.50% 3.75% 4.00% 4.25% 4.50% 4.75% "Pro Forma" Payroll 130,560 130,560 133,824 137,170 141,285 146,230 151,713 157,782 164,488 171,889 180,054 Bookkeeping & Accounting 20,000 20,000 20,500 21,013 21,643 22,400 23,240 24,170 25,197 26,331 27,582 Legal & Professional 2,500 2,500 2,563 2,627 2,705 2,800 2,905 3,021 3,150 3,291 3,448 Office Supplies & Other 850 850 871 893 920 952 988 1,027 1,071 1,119 1,172 Turnover 5,963 5,963 6,112 6,264 6,452 6,678 6,929 7,206 7,512 7,850 8,223 Plumbing / HVAC 2,523 2,523 2,586 2,651 2,730 2,826 2,932 3,049 3,179 3,322 3,479 Janitorial 3,800 3,800 3,895 3,992 4,112 4,256 4,416 4,592 4,787 5,003 5,241 Landscaping - - - - - - - - - - - Pest Control 2,500 2,500 2,563 2,627 2,705 2,800 2,905 3,021 3,150 3,291 3,448 Fire & Safety 2,000 2,000 2,050 2,101 2,164 2,240 2,324 2,417 2,520 2,633 2,758 Security 5,000 5,000 5,125 5,253 5,411 5,600 5,810 6,043 6,299 6,583 6,895 Promotional & Advertising 5,000 5,000 5,125 5,253 5,411 5,600 5,810 6,043 6,299 6,583 6,895 Electricity 1,250 1,250 1,281 1,313 1,353 1,400 1,453 1,511 1,575 1,646 1,724 Gas - - - - - - - - - - - Water 3,500 3,500 3,588 3,677 3,788 3,920 4,067 4,230 4,410 4,608 4,827 Sewer 4,200 4,200 4,305 4,413 4,545 4,704 4,880 5,076 5,291 5,530 5,792 Cable - - - - - - - - - - - Garbage Collection 7,500 7,500 7,688 7,880 8,116 8,400 8,715 9,064 9,449 9,874 10,343 Real Estate Taxes 53,729 53,729 55,072 56,449 58,142 60,177 62,434 64,931 67,690 70,737 74,097 Property Insurance 12,000 12,000 12,300 12,608 12,986 13,440 13,944 14,502 15,118 15,799 16,549 Replacement Reserves 10,800 10,800 11,070 11,347 11,687 12,096 12,550 13,052 13,607 14,219 14,894 Total Operating Expenses 316,088 316,088 324,013 333,314 343,124 354,927 367,932 382,419 398,335 416,003 435,590 Terminal Capitalization Rate yr. 0 Terminal CAP Rate* 7.91% 7.77% 7.63% 7.49% 7.35% 7.21% 7.07% 6.92% 6.78% 6.64% 6.50% Note: Year 1 is the base year for purposes of calculating Annual Growth Rates - the value will always be zero. * Terminal CAP in Year 0 is equal to the Pro Forma (purchase) CAP Rate

10-Year Cash Flow Acquisition Date: Apr. 2011 Sale Date: Mar. 2021 12 mos. 12 mos. 12 mos. 12 mos. 12 mos. 12 mos. 12 mos. 12 mos. 12 mos. 12 mos. Year Begins Apr. '11 Apr. '12 Apr. '13 Apr. '14 Apr. '15 Apr. '16 Apr. '17 Apr. '18 Apr. '19 Apr. '20 Number of Units: 54 Results from Operations Pro Forma (Yr 1) Per Unit Market Rent 700,800 12,978 700,800 711,312 725,538 743,677 765,987 788,967 816,580 845,161 878,967 918,521 Loss to Lease % 5.0% 5.0% 5.0% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% Loss to Lease 5.00% (35,040) (649) (35,040) (35,566) (18,138) (18,592) (19,150) (19,724) (20,415) (21,129) (21,974) (22,963) Gross Potential Rent 665,760 12,329 665,760 675,746 707,400 725,085 746,837 769,242 796,166 824,032 856,993 895,558 Vacancy Loss % 7.5% 7.5% 6.5% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% Vacancy (blended) 7.50% (49,932) (925) (49,932) (43,924) (35,370) (36,254) (37,342) (38,462) (39,808) (41,202) (42,850) (44,778) Other Rental Loss % 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% Bad Debt 0.50% (3,329) (62) (3,329) (3,379) (3,537) (3,625) (3,734) (3,846) (3,981) (4,120) (4,285) (4,478) Concessions 0.75% (4,993) (92) (4,993) (5,068) (5,305) (5,438) (5,601) (5,769) (5,971) (6,180) (6,427) (6,717) Total Rent Loss (58,254) (1,079) (58,254) (52,370) (44,212) (45,318) (46,677) (48,078) (49,760) (51,502) (53,562) (55,972) Damages/Cleaning/Deposits 1.50% 9,986 185 9,986 10,186 10,390 10,598 10,810 11,026 11,246 11,471 11,701 11,935 Late Fees 5.00% 33,288 616 33,288 33,954 34,633 35,325 36,032 36,753 37,488 38,237 39,002 39,782 Reimbursements 0.00% - - - - - - - - - - - - Misc. Items 0.25% 1,664 31 1,664 1,698 1,732 1,766 1,802 1,838 1,874 1,912 1,950 1,989 Total Other Income 6.75% 44,939 832 44,939 45,838 46,754 47,689 48,643 49,616 50,608 51,621 52,653 53,706 EGI 652,445 12,082 652,445 669,214 709,942 727,456 748,803 770,781 797,014 824,150 856,084 893,291 VARIABLE COSTS Mgt. Fee 5.00% 32,622 604 32,622 33,461 35,497 36,373 37,440 38,539 39,851 41,208 42,804 44,665 Payroll 130,560 2,418 130,560 133,824 137,170 141,285 146,230 151,713 157,782 164,488 171,889 180,054 Payroll Taxes & Benefits 7.50% 9,792 181 9,792 10,037 10,288 10,596 10,967 11,378 11,834 12,337 12,892 13,504 Bookkeeping & Accounting 20,000 20,000 20,500 21,013 21,643 22,400 23,240 24,170 25,197 26,331 27,582 Legal & Professional 2,500 2,500 2,563 2,627 2,705 2,800 2,905 3,021 3,150 3,291 3,448 Office Supplies & Other 850 850 871 893 920 952 988 1,027 1,071 1,119 1,172 Total Administrative 23,350 432 23,350 23,934 24,532 25,268 26,152 27,133 28,218 29,418 30,742 32,202 Turnover 5,963 5,963 6,112 6,264 6,452 6,678 6,929 7,206 7,512 7,850 8,223 Plumbing / HVAC 2,523 2,523 2,586 2,651 2,730 2,826 2,932 3,049 3,179 3,322 3,479 Janitorial 3,800 3,800 3,895 3,992 4,112 4,256 4,416 4,592 4,787 5,003 5,241 Landscaping - - - - - - - - - - - Pest Control 2,500 2,500 2,563 2,627 2,705 2,800 2,905 3,021 3,150 3,291 3,448 Fire & Safety 2,000 2,000 2,050 2,101 2,164 2,240 2,324 2,417 2,520 2,633 2,758 Security 5,000 5,000 5,125 5,253 5,411 5,600 5,810 6,043 6,299 6,583 6,895 Total Repairs & Maintenance 21,786 403 21,786 22,330 22,888 23,575 24,400 25,315 26,328 27,447 28,682 30,044 - Promotional & Advertising 5,000 93 5,000 5,125 5,253 5,411 5,600 5,810 6,043 6,299 6,583 6,895 FIXED COSTS Electricity (vacant and/or common) 1,250 23 1,250 1,281 1,313 1,353 1,400 1,453 1,511 1,575 1,646 1,724 Gas (vacant and/or common) - - - - - - - - - - - - Water 3,500 65 3,500 3,588 3,677 3,788 3,920 4,067 4,230 4,410 4,608 4,827 Sewer 4,200 78 4,200 4,305 4,413 4,545 4,704 4,880 5,076 5,291 5,530 5,792 Cable - - - - - - - - - - - - Garbage Collection 7,500 139 7,500 7,688 7,880 8,116 8,400 8,715 9,064 9,449 9,874 10,343 Total Utilities 16,450 305 16,450 16,861 17,283 17,801 18,424 19,115 19,880 20,725 21,657 22,686 Real Estate Taxes 53,729 995 53,729 55,072 56,449 58,142 60,177 62,434 64,931 67,690 70,737 74,097 Property Insurance 12,000 222 12,000 12,300 12,608 12,986 13,440 13,944 14,502 15,118 15,799 16,549 Operating Expenses 3.64% 305,288 5,653 305,288 312,943 321,967 331,437 342,831 355,382 369,368 384,729 401,784 420,696 Replacement Reserves $200 PU/PY 10,800 200 10,800 11,070 11,347 11,687 12,096 12,550 13,052 13,607 14,219 14,894 Total Operating Expenses 316,088 5,853 316,088 324,013 333,314 343,124 354,927 367,932 382,419 398,335 416,003 435,590 Total Expenses as % of EGI 48.4% 48.4% 48.4% 46.9% 47.2% 47.4% 47.7% 48.0% 48.3% 48.6% 48.8% NOI 336,357 6,229 336,357 345,200 376,628 384,333 393,876 402,849 414,595 425,815 440,081 457,701 Debt Service Loan #1 Total Debt Service 193,454 193,454 193,454 193,454 193,454 193,454 193,454 193,454 193,454 193,454 Beginning Balance 2,762,500 2,726,962 2,689,327 2,649,469 2,607,258 2,562,555 2,515,213 2,465,076 2,411,979 2,355,746 Principal 35,538 37,636 39,858 42,211 44,703 47,342 50,137 53,097 56,232 59,552 Ending Balance 2,726,962 2,689,327 2,649,469 2,607,258 2,562,555 2,515,213 2,465,076 2,411,979 2,355,746 2,296,194 Debt Service Coverage Ratio (DSCR) Loan #1 1.74 1.78 1.95 1.99 2.04 2.08 2.14 2.20 2.27 2.37 Loan #2 Interest - - - - - - - - - - Principal - - - - - - - - - - Total Debt Service - - - - - - - - - - Beginning Balance - - - - - - - - - - Principal - - - - - - - - - - Ending Balance - - - - - - - - - - Debt Service Coverage Ratio (DSCR) Loan #1 + #2 1.74 1.78 1.95 1.99 2.04 2.08 2.14 2.20 2.27 2.37 Loan #3 Interest - - - - - - - - - - Principal - - - - - - - - - - Total Debt Service - - - - - - - - - - Beginning Balance - - - - - - - - - - Principal - - - - - - - - - - Ending Balance - - - - - - - - - - Debt Service Coverage Ratio (DSCR) Loan #1 + #2 + #3 1.74 1.78 1.95 1.99 2.04 2.08 2.14 2.20 2.27 2.37 Before Tax Cash Flow (BTCF) 142,902 151,746 183,174 190,878 200,421 209,394 221,140 232,360 246,627 264,247 Residual Analysis Cap Rate 6.50% Gross Sale Proceeds - - - - - - - - - 7,041,557 Less: Transaction Costs 5.50% - - - - - - - - - (387,286) Less: Other Costs - - - - - - - - - - - Net Sale Proceeds - - - - - - - - - 6,654,271 Balance PPP Loan #1 2,296,194 229,619 - - - - - - - - - 2,525,814 Loan #2 - - - - - - - - - - - - Loan #3 - - - - - - - - - - - - Total 2,296,194 229,619 - - - - - - - - - 2,525,814 Net Sale Proceeds After Debt - - - - - - - - - $ 4,128,458

Equity Invested = 4,382,500 Total Debt = - Pre-Tax IRR UNLEVERAGED ("ALL CASH") INTERNAL RATE OF RETURN POTENTIAL RETURN FROM INVESTMENT AT END OF EACH YEAR Year Begins Apr. '11 Apr. '12 Apr. '13 Apr. '14 Apr. '15 Apr. '16 Apr. '17 Apr. '18 Apr. '19 Apr. '20 (A) NOI 336,357 345,200 376,628 384,333 393,876 402,849 414,595 425,815 440,081 457,701 Terminal Cap Rate 7.77% 7.63% 7.49% 7.35% 7.21% 7.07% 6.92% 6.78% 6.64% 6.50% Gross Sale Proceeds 4,327,329 4,523,410 5,028,419 5,230,038 5,465,081 5,701,463 5,987,545 6,277,813 6,626,302 7,041,557 Total Cost of Sale (238,003) (248,788) (276,563) (287,652) (300,579) (313,580) (329,315) (345,280) (364,447) (387,286) (B) Net Sale Proceeds 4,089,326 4,274,622 4,751,856 4,942,385 5,164,501 5,387,883 5,658,230 5,932,533 6,261,856 6,654,271 Total Distributable (A+B) 4,425,682 4,619,823 5,128,484 5,326,718 5,558,377 5,790,732 6,072,825 6,358,348 6,701,937 7,111,972 POTENTIAL RETURN ON INVESTMENT AT END OF EACH YEAR All Cash yr. 0 Year of Sale IRR Mar. '11 Apr. '11 Apr. '12 Apr. '13 Apr. '14 Apr. '15 Apr. '16 Apr. '17 Apr. '18 Apr. '19 Apr. '20 yr. 1 1.02% (4,382,500) 4,425,682 - - - - - - - - - yr. 2 6.81% (4,382,500) 336,357 4,619,823 - - - - - - - - yr. 3 10.92% (4,382,500) 336,357 345,200 5,128,484 - - - - - - - yr. 4 11.28% (4,382,500) 336,357 345,200 376,628 5,326,718 - - - - - - yr. 5 11.55% (4,382,500) 336,357 345,200 376,628 384,333 5,558,377 - - - - - yr. 6 11.69% (4,382,500) 336,357 345,200 376,628 384,333 393,876 5,790,732 - - - - yr. 7 11.86% (4,382,500) 336,357 345,200 376,628 384,333 393,876 402,849 6,072,825 - - - yr. 8 11.94% (4,382,500) 336,357 345,200 376,628 384,333 393,876 402,849 414,595 6,358,348 - - yr. 9 12.06% (4,382,500) 336,357 345,200 376,628 384,333 393,876 402,849 414,595 425,815 6,701,937 - yr. 10 12.20% (4,382,500) 336,357 345,200 376,628 384,333 393,876 402,849 414,595 425,815 440,081 7,111,972 Equity Invested = 1,675,250 Total Debt = 2,707,250 LEVERAGED INTERNAL RATE OF RETURN POTENTIAL RETURN FROM INVESTMENT AT END OF EACH YEAR Year Begins Apr. '11 Apr. '12 Apr. '13 Apr. '14 Apr. '15 Apr. '16 Apr. '17 Apr. '18 Apr. '19 Apr. '20 NOI 336,357 345,200 376,628 384,333 393,876 402,849 414,595 425,815 440,081 457,701 Total Debt Service (193,454) (193,454) (193,454) (193,454) (193,454) (193,454) (193,454) (193,454) (193,454) (193,454) (C) Before Tax Cash Flow (BTCF) 142,902 151,746 183,174 190,878 200,421 209,394 221,140 232,360 246,627 264,247 Gross Sale Proceeds 4,327,329 4,523,410 5,028,419 5,230,038 5,465,081 5,701,463 5,987,545 6,277,813 6,626,302 7,041,557 Total Cost of Sale (238,003) (248,788) (276,563) (287,652) (300,579) (313,580) (329,315) (345,280) (364,447) (387,286) Total Balance Outstanding (2,726,962) (2,689,327) (2,649,469) (2,607,258) (2,562,555) (2,515,213) (2,465,076) (2,411,979) (2,355,746) (2,296,194) Total Prepayment Penalties (272,696) (268,933) (264,947) (260,726) (256,256) (251,521) (246,508) (241,198) (235,575) (229,619) (D) Net Sale Proceeds 1,089,667 1,316,363 1,837,440 2,074,401 2,345,690 2,621,148 2,946,647 3,279,356 3,670,535 4,128,458 Total Before-Tax Distributable (C+D) 1,232,569 1,468,109 2,020,613 2,265,279 2,546,112 2,830,543 3,167,787 3,511,717 3,917,161 4,392,704 POTENTIAL RETURN ON INVESTMENT AT END OF EACH YEAR Leveraged yr. 0 Year of Sale IRR Mar. '11 Apr. '11 Apr. '12 Apr. '13 Apr. '14 Apr. '15 Apr. '16 Apr. '17 Apr. '18 Apr. '19 Apr. '20 yr. 1-27.50% (1,675,250) 1,232,569 - - - - - - - - - yr. 2-2.11% (1,675,250) 142,902 1,468,109 - - - - - - - - yr. 3 12.79% (1,675,250) 142,902 151,746 2,020,613 - - - - - - - yr. 4 15.20% (1,675,250) 142,902 151,746 183,174 2,265,279 - - - - - - yr. 5 16.57% (1,675,250) 142,902 151,746 183,174 190,878 2,546,112 - - - - - yr. 6 17.22% (1,675,250) 142,902 151,746 183,174 190,878 200,421 2,830,543 - - - - yr. 7 17.69% (1,675,250) 142,902 151,746 183,174 190,878 200,421 209,394 3,167,787 - - - yr. 8 17.89% (1,675,250) 142,902 151,746 183,174 190,878 200,421 209,394 221,140 3,511,717 - - yr. 9 18.07% (1,675,250) 142,902 151,746 183,174 190,878 200,421 209,394 221,140 232,360 3,917,161 - yr. 10 18.22% (1,675,250) 142,902 151,746 183,174 190,878 200,421 209,394 221,140 232,360 246,627 4,392,704 * Calculation of taxes is for estimation purposes only and is only meant to serve as a rough approximation - Coldwell Banker has no expertise in tax matters and actual tax amounts may vary from those communicated herein.

Amortization of Loan Points Loan #1 Loan #2 Loan #3 Amortization Period (yrs) 30.0 yrs 30.0 yrs 30.0 yrs After-Tax IRR * Total Amortized Loan Points Total Unamortized Loan Points Total Amortizable Loan Points $18,417 $0 $0 $36,833 $0 $0 $55,250 $0 $0 INCOME TAXES FROM OPERATIONS Income Tax Calculations Apr. '11 Apr. '12 Apr. '13 Apr. '14 Apr. '15 Apr. '16 Apr. '17 Apr. '18 Apr. '19 Apr. '20 NOI 336,357 345,200 376,628 384,333 393,876 402,849 414,595 425,815 440,081 457,701 Less: Interest Expenses (157,917) (155,819) (153,597) (151,244) (148,751) (146,112) (143,317) (140,357) (137,222) (133,902) Less: Amortized Loan Points (1,842) (1,842) (1,842) (1,842) (1,842) (1,842) (1,842) (1,842) (1,842) (1,842) Less: Depreciation (119,250) (119,250) (119,250) (119,250) (119,250) (119,250) (119,250) (119,250) (119,250) (119,250) Taxable Base (Before Carryforward) 57,348 68,290 101,940 111,997 124,033 135,645 150,186 164,366 181,767 202,707 Cumulative Carryforward Loss - - - - - - - - - - Taxable Base (After Carryforward) 57,348 68,290 101,940 111,997 124,033 135,645 150,186 164,366 181,767 202,707 Income Taxes @ 35.0% 20,072 23,901 35,679 39,199 43,411 47,476 52,565 57,528 63,619 70,948 NOI 336,357 345,200 376,628 384,333 393,876 402,849 414,595 425,815 440,081 457,701 Less: Debt Service (193,454) (193,454) (193,454) (193,454) (193,454) (193,454) (193,454) (193,454) (193,454) (193,454) Before Tax Cash Flow (BTCF) 142,902 151,746 183,174 190,878 200,421 209,394 221,140 232,360 246,627 264,247 Less: Income Taxes (20,072) (23,901) (35,679) (39,199) (43,411) (47,476) (52,565) (57,528) (63,619) (70,948) After Tax Cash Flow (ATCF) 122,830 127,844 147,495 151,679 157,010 161,919 168,575 174,832 183,008 193,299 CAPITAL GAINS FROM DISPOSITION & RECAPUTRE OF DEPRECIATION Apr. '11 Apr. '12 Apr. '13 Apr. '14 Apr. '15 Apr. '16 Apr. '17 Apr. '18 Apr. '19 Apr. '20 Cummulative Depreciation / Recapture 119,250 238,500 357,750 477,000 596,250 715,500 834,750 954,000 1,073,250 1,192,500 (A) Recapture Taxes @ 25.0% - - 89,438 119,250 149,063 178,875 208,688 238,500 268,313 298,125 Acquisition Price 4,250,000 4,250,000 4,250,000 4,250,000 4,250,000 4,250,000 4,250,000 4,250,000 4,250,000 4,250,000 Plus: Acquisition Cost 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 Plus: Capital Expenditures 122,500 122,500 122,500 122,500 122,500 122,500 122,500 122,500 122,500 122,500 Basis 4,382,500 4,382,500 4,382,500 4,382,500 4,382,500 4,382,500 4,382,500 4,382,500 4,382,500 4,382,500 Less: Cummulative Depreciation (119,250) (238,500) (357,750) (477,000) (596,250) (715,500) (834,750) (954,000) (1,073,250) (1,192,500) Adjusted Basis 4,263,250 4,144,000 4,024,750 3,905,500 3,786,250 3,667,000 3,547,750 3,428,500 3,309,250 3,190,000 Sales Value 4,327,329 4,523,410 5,028,419 5,230,038 5,465,081 5,701,463 5,987,545 6,277,813 6,626,302 7,041,557 Less: Total Cost of Sale (238,003) (248,788) (276,563) (287,652) (300,579) (313,580) (329,315) (345,280) (364,447) (387,286) Less: Unamortized Loan Points (53,408) (51,567) (49,725) (47,883) (46,042) (44,200) (42,358) (40,517) (38,675) (36,833) Less: Accumulated Loss - - - - - - - - - - Less: Adjusted Basis (4,263,250) (4,144,000) (4,024,750) (3,905,500) (3,786,250) (3,667,000) (3,547,750) (3,428,500) (3,309,250) (3,190,000) Taxable Gain/ (Loss) (227,333) 79,056 677,381 989,002 1,332,209 1,676,683 2,068,122 2,463,516 2,913,931 3,427,438 (B) State Capital Gains Taxes @ 9.3% - 7,376 63,200 92,274 124,295 156,435 192,956 229,846 271,870 319,780 Taxable Gain/ (Loss) (227,333) 79,056 677,381 989,002 1,332,209 1,676,683 2,068,122 2,463,516 2,913,931 3,427,438 Less: Recapture (119,250) (238,500) (357,750) (477,000) (596,250) (715,500) (834,750) (954,000) (1,073,250) (1,192,500) Capital Gain/ (Loss) (346,583) (159,444) 319,631 512,002 735,959 961,183 1,233,372 1,509,516 1,840,681 2,234,938 (C) Fed. Capital Gains Taxes @ 15.0% - - 47,945 76,800 110,394 144,177 185,006 226,427 276,102 335,241 Total Taxes Due at Sale (A+B+C) - 7,376 200,582 288,324 383,752 479,487 586,649 694,773 816,284 953,146 Equity Invested = 1,675,250 Total Debt = 2,707,250 AFTER-TAX INTERNAL RATE OF RETURN (ATIRR) POTENTIAL RETURN FROM INVESTMENT AT END OF EACH YEAR Year Begins Apr. '11 Apr. '12 Apr. '13 Apr. '14 Apr. '15 Apr. '16 Apr. '17 Apr. '18 Apr. '19 Apr. '20 (D) After-Tax Cash Flow (ATCF) 122,830 127,844 147,495 151,679 157,010 161,919 168,575 174,832 183,008 193,299 Gross Sale Proceeds 4,327,329 4,523,410 5,028,419 5,230,038 5,465,081 5,701,463 5,987,545 6,277,813 6,626,302 7,041,557 Total Cost of Sale (238,003) (248,788) (276,563) (287,652) (300,579) (313,580) (329,315) (345,280) (364,447) (387,286) Net Sale Proceeds 4,089,326 4,274,622 4,751,856 4,942,385 5,164,501 5,387,883 5,658,230 5,932,533 6,261,856 6,654,271 Total Balance Outstanding (2,726,962) (2,689,327) (2,649,469) (2,607,258) (2,562,555) (2,515,213) (2,465,076) (2,411,979) (2,355,746) (2,296,194) Total Prepayment Penalties (272,696) (268,933) (264,947) (260,726) (256,256) (251,521) (246,508) (241,198) (235,575) (229,619) State Capital Gains Tax - (7,376) (63,200) (92,274) (124,295) (156,435) (192,956) (229,846) (271,870) (319,780) Federal Recapture Tax - - (89,438) (119,250) (149,063) (178,875) (208,688) (238,500) (268,313) (298,125) Federal Capital Gains Taxes - - (47,945) (76,800) (110,394) (144,177) (185,006) (226,427) (276,102) (335,241) (E) After-Tax Sale Proceeds 1,089,667 1,308,987 1,636,858 1,786,077 1,961,939 2,141,661 2,359,998 2,584,583 2,854,250 3,175,312 Total After-Tax Distributable (D+E) 1,212,497 1,436,831 1,784,353 1,937,756 2,118,949 2,303,580 2,528,573 2,759,415 3,037,259 3,368,611 POTENTIAL RETURN ON INVESTMENT AT END OF EACH YEAR Leveraged yr. 0 Year of Sale ATIRR Mar. '11 Apr. '11 Apr. '12 Apr. '13 Apr. '14 Apr. '15 Apr. '16 Apr. '17 Apr. '18 Apr. '19 Apr. '20 yr. 1-28.58% (1,675,250) 1,212,497 - - - - - - - - - yr. 2-3.78% (1,675,250) 122,830 1,436,831 - - - - - - - - yr. 3 7.44% (1,675,250) 122,830 127,844 1,784,353 - - - - - - - yr. 4 9.91% (1,675,250) 122,830 127,844 147,495 1,937,756 - - - - - - yr. 5 11.46% (1,675,250) 122,830 127,844 147,495 151,679 2,118,949 - - - - - yr. 6 12.33% (1,675,250) 122,830 127,844 147,495 151,679 157,010 2,303,580 - - - - yr. 7 13.03% (1,675,250) 122,830 127,844 147,495 151,679 157,010 161,919 2,528,573 - - - yr. 8 13.45% (1,675,250) 122,830 127,844 147,495 151,679 157,010 161,919 168,575 2,759,415 - - yr. 9 13.82% (1,675,250) 122,830 127,844 147,495 151,679 157,010 161,919 168,575 174,832 3,037,259 - yr. 10 14.16% (1,675,250) 122,830 127,844 147,495 151,679 157,010 161,919 168,575 174,832 183,008 3,368,611 * Calculation of taxes is for estimation purposes only and is only meant to serve as a rough approximation - Coldwell Banker has no expertise in tax matters and actual tax amounts may vary from those communicated herein.

Graphic Representation (1 of 4) After-Tax IRR 20.0% Internal Rates of Return 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% IRR 1.02% 6.81% 10.92% 11.28% 11.55% 11.69% 11.86% 11.94% 12.06% 12.20% Lev. IRR -27.50% -2.11% 12.79% 15.20% 16.57% 17.22% 17.69% 17.89% 18.07% 18.22% ATIRR -28.58% -3.78% 7.44% 9.91% 11.46% 12.33% 13.03% 13.45% 13.82% 14.16% Holding Period $950,000 Income vs. Expenses $850,000 $750,000 $650,000 $550,000 $450,000 Effectove Gross Income Expenses + Debt Service Net Operating Income $350,000 $250,000

Graphic Representation (2 of 4) Partition of Cash Flows (All Cash) $2,462,880 $2,335,126 PV of Pre-Sale Cash Flows PV of Net Sale Proceeds Partition of Cash Flows (After-Tax, Leveraged) $921,467 $1,175,247 PV of Pre-Sale Cash Flows PV of Net Sale Proceeds

Graphic Representation (3 of 4) $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 Net Operating Income & Rent Loss 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% Net Operating Income Vacancy % Total Rent Loss % $- 0.00% $3,000,000 Equity vs Debt Debt Coverage Ratio 2.50 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 2.00 1.50 1.00 0.50 Total Equity Principal Balance Debt Coverage (DCR) $- 0.00

Graphic Representation (4 of 4) $8,000,000 Drivers of Value & Gross Sale Projections 9.00% $7,000,000 $6,000,000 $5,000,000 $4,000,000 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% Gross Sale Proceeds Rent Growth % Expense Growth % $3,000,000 2.00% 1.00% Terminal CAP % $2,000,000 0.00% $700,000 Historic vs Projected 65.00% $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 60.00% 55.00% 50.00% 45.00% 40.00% 35.00% 30.00% 25.00% Effective Gross Income Total Expenses Net Operating Income Expense Ratio (% of EGI) $- 2010 2011 Pro Forma (Yr 1) 20.00%