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TURN KEY CO-LIVING HOME
Mesa, AZ 85204
8bd • 3ba • Built: 1972 • Remodeled: 2026

Projected Income	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
Projected Rent	$88,800	$91,464	$94,208	$97,034	$99,945	$102,944	$106,032	$109,213	$112,489	$115,864
Vacancy Losses	($7,104)	($7,317)	($7,537)	($7,763)	($7,996)	($8,235)	($8,483)	($8,737)	($8,999)	($9,269)
Operating Income	$81,696	$84,147	$86,671	$89,271	$91,950	$94,708	$97,549	$100,476	$103,490	$106,595

Estimated Expenses	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
Property Taxes	($1,680)	($1,730)	($1,782)	($1,836)	($1,891)	($1,948)	($2,006)	($2,066)	($2,128)	($2,192)
Insurance	($1,624)	($1,673)	($1,723)	($1,775)	($1,828)	($1,883)	($1,939)	($1,997)	($2,057)	($2,119)
Management Fees	($13,071)	($13,464)	($13,867)	($14,283)	($14,712)	($15,153)	($15,608)	($16,076)	($16,558)	($17,055)
Leasing/Advertising Fees	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Association Fees	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Maintenance	($4,440)	($4,573)	($4,710)	($4,852)	($4,997)	($5,147)	($5,302)	($5,461)	($5,624)	($5,793)
Other	($9,600)	($9,888)	($10,185)	($10,490)	($10,805)	($11,129)	($11,463)	($11,807)	($12,161)	($12,526)
Operating Expenses	($30,415)	($31,328)	($32,268)	($33,236)	($34,233)	($35,260)	($36,318)	($37,407)	($38,529)	($39,685)

Income Analysis	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
Net Operating Income	$51,281	$52,819	$54,404	$56,036	$57,717	$59,448	$61,232	$63,069	$64,961	$66,910
- Mortgage Payments	($25,836)	($25,836)	($25,836)	($25,836)	($25,836)	($25,836)	($25,836)	($25,836)	($25,836)	($25,836)
= Cash Flow	$25,445	$26,984	$28,568	$30,200	$31,881	$33,613	$35,396	$37,233	$39,125	$41,074
+ Principal Reduction	$2,117	$2,304	$2,507	$2,729	$2,970	$3,233	$3,519	$3,830	$4,168	$4,537
+ Appreciation	$33,600	$35,616	$37,753	$40,018	$42,419	$44,964	$47,662	$50,522	$53,553	$56,766
= Gross Equity Income	$61,162	$64,903	$68,829	$72,947	$77,271	$81,810	$86,577	$91,585	$96,847	$102,377
Capitalization Rate	8.6%	8.4%	8.2%	7.9%	7.7%	7.5%	7.3%	7.1%	6.9%	6.7%
Cash on Cash Return	8.6%	9.1%	9.6%	10.2%	10.7%	11.3%	11.9%	12.5%	13.2%	13.8%
Return on Equity	19.4%	18.4%	17.5%	16.7%	16.0%	15.4%	14.9%	14.4%	14.0%	13.6%

Loan Analysis	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
Market Value	$593,600	$629,216	$666,969	$706,987	$749,406	$794,371	$842,033	$892,555	$946,108	$1,002,875
- Loan Balance	($277,883)	($275,579)	($273,072)	($270,343)	($267,373)	($264,140)	($260,621)	($256,791)	($252,623)	($248,087)
= Equity	$315,717	$353,637	$393,897	$436,644	$482,034	$530,231	$581,412	$635,763	$693,485	$754,788
Loan-to-Value Ratio	46.8%	43.8%	40.9%	38.2%	35.7%	33.3%	31.0%	28.8%	26.7%	24.7%
Potential Cash-Out Refi	$256,357	$290,715	$327,200	$365,945	$407,093	$450,794	$497,209	$546,508	$598,874	$654,501

Sale Analysis	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
Equity	$315,717	$353,637	$393,897	$436,644	$482,034	$530,231	$581,412	$635,763	$693,485	$754,788
- Closing Costs	($41,552)	($44,045)	($46,688)	($49,489)	($52,458)	($55,606)	($58,942)	($62,479)	($66,228)	($70,201)
= Proceeds After Sale	$274,165	$309,591	$347,209	$387,155	$429,575	$474,625	$522,470	$573,285	$627,257	$684,587
+ Cumulative Cash Flow	$25,445	$52,429	$80,997	$111,197	$143,078	$176,691	$212,087	$249,321	$288,446	$329,520
- Approximate Cash Invested	($296,800)	($296,800)	($296,800)	($296,800)	($296,800)	($296,800)	($296,800)	($296,800)	($296,800)	($296,800)
= Net Profit	$2,810	$65,220	$131,406	$201,552	$275,854	$354,516	$437,757	$525,805	$618,903	$717,307
Internal Rate of Return	0.9%	10.9%	14.0%	15.3%	16.0%	16.3%	16.4%	16.5%	16.5%	16.4%
Return on Investment	0.9%	22.0%	44.3%	67.9%	92.9%	119.4%	147.5%	177.2%	208.5%	241.7%

*Information is not guaranteed and investors should do their own research, get professional advice and conduct due diligence prior to investing.

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