PROPERTY PURCHASE DATA SHEET for 61 E. Parker St. right across the street from the Parsonage.

Brief description: Double up and down (both quite spacious one bedrooms)! - unfinished basement.! - generally in nice condition (see notes below)

Asking Price: $59,900

It has been proposed by more than one person in the congregation that we purchase this house. Some of the reasons proposed are as follows:

- It could be a good investment that might benefit our church’s bottom line if we rent it.- We could rent both units to people in the congregation in need of affordable housing.

Currently both Marilyn Wright and Judy Herie are very interested in living there.- There might be other ministry uses for the building (other than as rental units) that we

might be able to benefit from in the future. (maybe a real church office, counseling center, food bank space, etc.)

- Right now the church has money sitting in a bank account that is doing nothing except being something of a reserve fund. Investing it for Kingdom work is very important according to the Bible. Purchasing this property would be one way that we could put this money to work for God without seeing it “disappear”. If need be we could sell the property, or use it to secure a line of credit.

- One other benefit is that we have a bit of control over who lives right across the street from us. We are fearful of non-resident and irresponsible landlords.

THE CON: The idea might be good, but the main problem that everyone is afraid of: It is going to be a heavy responsibility - and sometimes it will be a headache. Is our small church prepared for all of that? Determining how we will handle the responsibility and headache is what we need to tackle. Any ideas are welcome on this! If we there is someone in the congregation who is willing to take this project on - we need to hear from you!

SOMETHING OF A BUSINESS PLAN:

INITIAL CAPITAL INVESTMENT:(estimated) Purchase: $55,000 (cash) - hopefully we can get it for less...Taxes and Fees: $5000 (est.)Generally the house is in pretty good shape with relatively new heating units and electricity that is up to code. It is actually habitable as it is. However we would want to tackle the following items to make things really nice. There are probably 8 old-style windows that should be replaced as it is possible ($200 each).Initial Capital Investment (high estimates):

- $3,000 for lower level bathroom handicap renovation (necessary for Marilyn)- $1,000 for lower level kitchen floor replacement- $1,000 for lower level new carpets- $2,000 for upper level kitchen cabinets (optional)- $1,000 for odds and ends (painting, putting a shower over the upstairs bath, etc)- $500 for two used refrigerators- $500 for fortifying the roof a bit with some taring around the chimney, etc.

- $9,000 total for improvements

- $64,000 move in price

ONGOING BUSINESS PLAN: With the rent that both Marilyn and Judy can (currently) afford... obviously we can get a much higher rent if we rent according to market.

YEARLY EXPENSES:• $2500 in taxes (currently they are $1900, but in case they go up)• $1200 for caretaker fees at $100/month (someone to take care of “whatever”)• $600 for insurance• $1000 in general maintenance• $3000 in savings for new roof, windows, etc.• $8300 total yearly expenses

YEARLY INCOME:• $400 from Judy Herie and $300 from Marilyn per month• $8400 total yearly income

NET GAIN: $100