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JUL -23 -91 TUE 9:41 .IRK DEVELOPMENT INC. <br />6124349:34 P.03 <br />Fund Raising: $250,000- $500,000 <br />We intend to seek foundation, corporate and individual <br />philanthopic contributions to further enable this housing <br />program to provide the most cost - effective rents as <br />possible. <br />Apartments <br />Income <br />Units <br />Monthly rent <br />Rent Income <br />Vacancy <br />Gross Income <br />Costs <br />Insurance <br />License <br />Gas <br />Electric <br />Water /Sewer <br />Trash _ __ <br />E=eC5- �i7ifr�I — - <br />Repairs <br />Interior /dec. <br />Cleaning <br />Supplies <br />Elevators <br />Pool <br />Snow <br />Garden <br />N. R. Manager <br />Res. Manager <br />Mgmt /Maint. <br />SPREADSHEET <br />92 <br />618 <br />683,548 <br />34,116 <br />649,432 <br />Loan <br />Cost $5,447,090 <br />Prin (5,177,09 '0- i,FJ <br />Term 20 years <br />Interest .08% <br />Equity:CDBG 120,000 <br />PHM 150,000 <br />City* 750,000 <br />*(PAYG)present value <br />Equity tot:1,020,000 <br />$11,150 NOI <br />480 Debt Sery <br />18,300 Cash Flow <br />25,300 <br />14,400 ROE <br />. 7, 200 . _ _ROT. . ... _ .... <br />700- -- GAF Rate' <br />10,000 <br />4,100 <br />2,800 <br />4,000 <br />720 <br />0 <br />4,000 <br />450 <br />23,384 <br />7,200 <br />35,623 <br />476,145 <br />456,000 <br />62,140 <br />X0632 <br />Sale Price NO INTEREST* <br />Enter Data <br />Construct: 3, 496, 000 <br />Land 325,000 <br />Unit Cost 38,000 <br />* Presbyterian Homes since its inception over 36 <br />years ago, has never sold any of its facilities. <br />Page 3 <br />