Exchange America

INCOME:

44-1BR/1BA	608 Sq.Ft. Units	(Plan1)x	$385/Mo. =	$16,940
45-2BR/1BA	819 Sq.Ft. Units	(Plan2)x	$485/Mo. =	 21,825
03-3BR/2BA	1216 Sq.Ft. Units	(Plan3)x	$625/Mo. =	  1,875
73-1BR/1BA	564 Sq.Ft. Units	(Plan1A)x	$395/Mo. =	 28,835
14-2BR/1BA	717 Sq.Ft. Units	(Plan2A)x	$485/Mo. =	  6,790
08-2BR/2BA	787 Sq.Ft. Units	(Plan2B)x	$510/Mo. =	  4,080
10-3BR/2BA	1128 Sq.Ft. Units	(Plan3A/B)x	$660/Mo. =	  6,600  
Other Income:	197 units			x	$5/Mo.   =	    985
									_______

Gross Monthly Income							$87,930
									x    12		

									_______
Total Gross Annual Income					     $1,055,160
Less 7% Vacancy & Collection Loss				    -   $73,861

									_______
Effective Gross Annual Income                                          $981,299