Brian Sealey

850-270-5288

brian@sealeyteam.com

100% Occupied

Devoe St. Portfolio

1552-64 Devoe Street

Tallahassee, FL 32301

Built in 2007

Presented by

Sealey Team: A Real Estate Company1245 Cedar Center Drive

Cash Flowing

Profressional Management in Place

Current Rent Has Room For Growth

Tallahassee, Fl, 32301

Prepared for

Brian Sealey

Gross Scheduled Income 66,720$ Purchase/Asking Price 560,000$ Property Type Single-FamilyTotal Vacancy and Credits (3,336)$ Improvements - No. of Units 7Operating Expenses (18,570)$ Other - Price Per Unit 82,429$ Annual Reserves: $ Closing Costs 17,000 Total Sq Ft 7,931Net Operating Income (NOI) 44,814$ Finance Points - Price Per Sq Ft 72.75$

Income per Unit 9,531$ MIP Payments $ Total Acquisition Cost 577,000$ Expenses per Unit (2,653)$ Annual Reserves: $ Debt Service: (34,302)$

Mortgage (s) 448,000$ Cash Flow Before Taxes 10,512$

(3,288) Down Payment / Investment 129,000$

Cash Flow After Taxes 7,224$

% of Asking % of CostRental Growth Rate: 1.73% Down Payment: 129,000$ 23.04% 22.36%Expense Growth Rate: 1.00% Initial Loan Balance: 448,000$ 80.00% 77.64%Capitalization Rate (Resale): 7.00%Marginal Tax Rate: 33.00% Loan Amount Interest Rate Term PaymentCapital Gain Tax Rate: 15.00% 448,000$ 4.60% 20 $2,859

$ 5.00% 30 $0$ 4.00% 30 $0

Year 1 Year 3 Year 7

Debt Coverage Ratio (DCR) 1.31 1.36 1.50 Loan-to-Value Ratio (LVR) 67.8% 60.6% 45.7%

Capitalization Rate Based on Cost 7.77% 8.09% 8.89%Capitalization Rate Based on Resale Price 7.00% 7.00% 7.00%

Gross Rent Multiplier 8.39 9.65 9.80

13.50% 16,800 40,603 67,540 10.00% 13,133 34,796 66,462

Cash on Cash Return - Before Taxes 8.15% 9.57% 13.17%Cash on Cash Return - After Taxes TBD TBD TBD

Internal Rate of Return - Before Taxes 25.04% 21.81%Internal Rate of Return - After Taxes 19.55% 17.62%

23.57% 18.93%18.68% 15.79%

Loan InformationAssumptions

Income Taxes: Benefit (Expense) @ 33%

Financial Measurements Projected Cash Flow Before Taxes

The information, calculations and data presented in this report are believed to be accurate but are not guaranteed. The information contained in this report shall not be considered as a substitution for legal, accounting or other professional advice. Please seek proper legal and tax advice as appropriate before making investments.

Modified Internal Rate of Return - Before TaxesModified Internal Rate of Return - After Taxes

Net Present Value (NPV) - B/ TaxesNet Present Value (NPV) - A/Taxes

Disclaimer: All information presented is believed to be accurate.

Brian Sealey

Sealey Team: A Real Estate Company

850-270-5288

Property Overview

Devoe St. Portfolio

1552-64 Devoe Street

Tallahassee, FL 32301

Income, Expenses & Cash Flow

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Alternative View of Kitchen and Living View from Kitchen Looking to Living

View of the Laundry Section of the home View of a Bedroom

Devoe St. Portfolio

Fron View of one of the 7 Townhomes Interior Kitchen

View of Portfolio 5 miles from Downtown and 3 Miles to I-10

© 1993 - 2013 Cash Flow Analyzer® RentalSoftware.com

Devoe St. Portfolio

1552-64 Devoe Street

Tallahassee, FL 32301 Brian Sealey

850-270-5288

Time Initial Investment Cash Flow Cash on Cash Income Cash Flow Cash on Cash

Period Adj for Refinance Before Taxes Before Taxes Taxes After Taxes After Taxes

Year 1 129,000$ 10,512$ 8.15% (3,288)$ 7,224$ 5.60%Year 2 129,000 11,422 8.85% (3,003) 8,419 6.53%Year 3 129,000 12,352 9.57% (3,536) 8,815 6.83%Year 4 129,000 13,474 10.45% (4,143) 9,331 7.23%Year 5 129,000 14,621 11.33% (4,770) 9,851 7.64%

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© 1993 - 2013 Cash Flow Analyzer® RentalSoftware.com

Devoe St. Portfolio

1552-64 Devoe Street

Tallahassee, FL 32301 Brian Sealey

850-270-5288

Time Projected Adj Projected Refi Proceeds Mortgage(s) Sale Proceeds Income Taxes Sale Proceeds Property Year / Year

Period Resale Value Increase (if any) Balance Payoff Before Taxes From Sale After Taxes Equity Equity Increase

Year 1 588,984$ 5.18% $ (434,013)$ 154,971$ (5,849)$ 149,122$ 149,122$ 20,122$ Year 2 600,942 2.03% - (419,370) 181,572 (11,870) 169,702 169,702 20,581 Year 3 613,163 2.03% - (404,038) 209,125 (17,930) 191,195 191,195 21,493 Year 4 627,916 2.41% - (387,986) 239,930 (24,370) 215,560 215,560 24,365 Year 5 642,989 2.40% - (371,180) 271,809 (30,859) 240,951 240,951 25,391

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© 1993 - 2013 Cash Flow Analyzer® RentalSoftware.com

Devoe St. Portfolio

1552-64 Devoe Street

Tallahassee, FL 32301 Brian Sealey

850-270-5288

Time Net Operating Mortgage Debt Coverage

Period Income Payments Before Taxes

Year 1 44,814$ (34,302)$ 1.31 Year 2 45,724 (34,302) 1.33 Year 3 46,654 (34,302) 1.36 Year 4 47,776 (34,302) 1.39 Year 5 48,923 (34,302) 1.43

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