Single Family Residence Investment Pro-forma
	Purchase Price				210,000.00
	Down Payment			20%	42,000.00
	Loan				168,000.00
Cash In
	Down Payment			20%	42,000.00
	Closing Costs			0.5%	840.00			$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				47,940.00
Income
	Monthly Rent				1,500.00
	Vacancy			0.0%	0.00
	Effective Mo. Rent				1,500.00
Expenses		L-T-V %	Loan Amt.	Int. Rate
	1st Int. only	80%	$   168,000	6.25%	875.00		***
	2nd arm		$              -		0.00
	Taxes			2.90%	507.50
	Insurance			0.050%	105.00
	HOA				30.00
	Management				100.00
	Repairs				0.00		***	Please note:  All mumbers presented on this pro-forma
	Total Expenses				1,617.50				are only an estimate.  Shea Realty recommends
									that you have your financial advisor, CPA or other
Cash Flow									consultants review these for accuracy
	Monthly +/(-)				(117.50)
	Tax Saving Depreciation.				385.00		S.P. x 60% =  / 27.5  = /12 =  Savings / mo. PRE-TAX BRACKET
	Tax Saving Neg Cash Flow				47.00					___________      _______________
	Net Cash Flow per Month				314.50
	Months Held			48	15,096.00
									Date     __________________________
Return on Investment			(Estimated)
	Original Cost				210,000.00
	Appreciation			6.0%	56,802.72
	Sale Price				266,802.72
	Costs of Sale			6.0%	16,008.16
	Net Sale Price				250,794.56
	Loan Pay Off			Less	168,000.00
	Cash Out				82,794.56
	Net Cash Flow				15,096.00
	Prop Mgmt Bonus				0.00
	Total Cash Back				97,890.56
	Cash In				47,940.00
	Total ROI				104%