Single Family Residence Investment Pro-forma
	Purchase Price				190,000.00
	Down Payment			10%	19,000.00
	Loan				171,000.00
Cash In
	Down Payment			10%	19,000.00
	Closing Costs			0.5%	855.00			$4,000 credit for closing costs from seller
	Prop mgnt				0.00
	Repairs/upgrades				200.00			cleaning
	Admin Fee				2,400.00		***	$ 2,400 admin fee
	Reserve			0.0%	2,500.00
	Total Cash				24,955.00
Income
	Monthly Rent				1,350.00
	Vacancy			0.0%	0.00
	Effective Mo. Rent				1,350.00
Expenses		L-T-V %	Loan Amt.	Int. Rate
	1st Int. only	90%	$   171,000	6.38%	908.44		***
	2nd arm		$              -		0.00
	Taxes			2.90%	459.17
	Insurance			0.050%	95.00
	HOA				30.00
	Management				100.00
	Repairs				0.00		***	Please note:  All mumbers presented on this pro-forma
	Total Expenses				1,592.60				are only an estimate.  Shea Realty recommends
									that you have your financial advisor, CPA or other
Cash Flow									consultants review these for accuracy
	Monthly +/(-)				(242.60)
	Tax Saving Depreciation.				348.33		S.P. x 60% =  / 27.5  = /12 =  Savings / mo. PRE-TAX BRACKET
	Tax Saving Neg Cash Flow				97.04					___________      _______________
	Net Cash Flow per Month				202.77
	Months Held			48	9,733.00
									Date     __________________________
Return on Investment			(Estimated)
	Original Cost				190,000.00
	Appreciation			6.0%	51,392.94
	Sale Price				241,392.94
	Costs of Sale			6.0%	14,483.58
	Net Sale Price				226,909.36
	Loan Pay Off			Less	171,000.00
	Cash Out				55,909.36
	Net Cash Flow				9,733.00
	Prop Mgmt Bonus				0.00
	Total Cash Back				65,642.36
	Cash In				24,955.00
	Total ROI				163%