{"text_format":"2","workbook":"xlsx","n_sheets":4,"sheets":["Dashboard","APOD","Cash Flow Analysis","Assumptions"],"not_rendered":{"charts":0,"images":0,"macros":0,"external_links":0,"defined_names":0,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"run_cost":"one","rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Dashboard","index":0,"n_rows":20,"n_cols":5,"rows_kept":20,"cut":false,"hidden":false,"merged":[[16,1,16,2],[16,3,16,4],[17,1,17,2],[17,3,17,4],[19,1,19,4],[13,1,13,2],[13,3,13,4],[14,1,14,2],[14,3,14,4],[15,1,15,2],[15,3,15,4],[10,1,10,4],[11,1,11,2],[11,3,11,4],[12,1,12,2],[12,3,12,4],[0,0,0,5],[1,0,1,5],[7,1,7,2],[7,3,7,4],[8,1,8,2],[8,3,8,4]]}
["FAIRMOUNT DUPLEXES  •  INVESTMENT SUMMARY"]
["Alvernon/Fairmount, Tucson AZ  |  New Construction Duplex  |  Prepared by Dan Biel – Biel PLLC"]
[]
[null,"ACQUISITION PRICE","POTENTIAL RENT/YR","NET OPER. INCOME","CAP RATE"]
[null,"a","$37,200","$24,713","5.88%"]
[]
[]
[null,"CASH FLOW / YR",null,"VACANCY RATE"]
[null,"$24,713",null,"6.0%"]
[]
[null,"INCOME & EXPENSE SUMMARY"]
[null,"Potential Rental Income",null,37200]
[null,"  Less: Vacancy (6%)",null,-2232]
[null,"Effective Rental Income",null,34968]
[null,"  Less: Operating Exp",null,-10255]
[null,"NET OPERATING INCOME",null,24713]
[null,"  Less: Debt Service",null,0]
[null,"CASH FLOW BEFORE TAXES",null,24713]
[]
[null,"→  See tabs:  APOD  |  Cash Flow Analysis  |  Assumptions"]

{"sheet":"APOD","index":1,"n_rows":47,"n_cols":10,"rows_kept":47,"cut":false,"hidden":false,"merged":[[42,0,42,1],[42,9,42,10],[44,0,44,1],[44,8,44,10],[46,0,46,10],[39,0,39,1],[39,9,39,10],[40,0,40,1],[40,9,40,10],[41,0,41,1],[41,9,41,10],[34,0,34,1],[34,8,34,10],[36,0,36,1],[36,8,36,10],[37,0,37,7],[37,8,37,10],[31,0,31,1],[31,9,31,10],[32,0,32,1],[32,9,32,10],[33,0,33,1],[33,9,33,10],[28,0,28,1],[28,9,28,10],[29,0,29,1],[29,9,29,10],[30,0,30,1],[30,9,30,10],[25,0,25,1],[25,9,25,10],[26,0,26,1],[26,9,26,10],[27,0,27,1],[27,9,27,10],[22,0,22,1],[22,9,22,10],[23,0,23,1],[23,9,23,10],[24,0,24,1],[24,9,24,10],[19,0,19,10],[20,0,20,1],[20,9,20,10],[21,0,21,1],[21,9,21,10],[15,0,15,1],[15,8,15,10],[16,0,16,1],[16,9,16,10],[18,0,18,1],[18,8,18,10],[12,0,12,1],[12,8,12,10],[13,0,13,1],[13,9,13,10],[14,0,14,1],[14,9,14,10],[7,0,7,2],[7,3,7,6],[8,0,8,2],[8,3,8,6],[9,0,9,2],[9,3,9,6],[4,0,4,2],[4,3,4,6],[5,0,5,2],[5,3,5,6],[6,0,6,2],[6,3,6,6],[0,0,0,10],[1,0,1,10],[3,0,3,2],[3,3,3,6],[3,8,3,9]]}
["ANNUAL PROPERTY OPERATING DATA"]
["CCIM Institute Format  •  Fairmount Duplexes  •  Alvernon/Fairmount, Tucson AZ"]
[]
["Property Name",null,null,"Fairmount Duplexes",{"$nulls":4},"ACQUISITION COST"]
["Location",null,null,"Alvernon/Fairmount, Tucson AZ",{"$nulls":4},"Purchase Price",900000]
["Type of Property",null,null,"New Construction Duplex",{"$nulls":4},"Closing / Other",4200]
["Size of Property",null,null,"1,880 Sq Ft  |  2 Units",{"$nulls":4},"Personal Property",0]
["Purpose of Analysis",null,null,"Investment Analysis",{"$nulls":4},"TOTAL BASIS",{"$f":"J5+J6+J7","v":904200}]
["Prepared By",null,null,"Dan Biel – Biel PLLC",{"$nulls":4},"Land Value (15%)",{"$f":"J8*0.15","v":135630}]
["Date Prepared",null,null,"2026-05-30",{"$nulls":4},"Improvements (85%)",{"$f":"J8*0.85","v":768570}]
[]
[]
["#",null,"ALL FIGURES ARE ANNUAL","$/Unit","$/SqFt","% GOI","Annual $",null,"COMMENTS / FOOTNOTES"]
["1",null,"POTENTIAL RENTAL INCOME",null,null,null,37200,null,37200,"Unit 1: $1,700/mo 3BR/2BA  |  Unit 2: $1,400/mo 2BR/1BA"]
["2",null,"Less: Vacancy & Credit Losses",0.06,null,null,{"$f":"I14*D15","v":2232},null,{"$f":"I14*D15","v":2232},"6% vacancy rate"]
["3",null,"EFFECTIVE RENTAL INCOME",{"$nulls":5},{"$f":"I14-I15","v":34968}]
["4",null,"Plus: Other Income (collectable)",null,null,null,0,null,0,"Enter laundry, parking, etc."]
[]
["5",null,"GROSS OPERATING INCOME  (GOI)",{"$nulls":5},{"$f":"I16+I17","v":34968}]
["  OPERATING EXPENSES"]
["7",null,"Real Estate Taxes",null,null,null,0,null,0]
["8",null,"Personal Property Taxes",{"$f":"I22/2","v":1212.5},{"$f":"I22/1880","v":1.2898936170212767},{"$f":"IF(I20>0,I22/I20,0)","v":0},2425,null,2425,"Projected from comparable sales"]
["9",null,"Property Insurance",{"$f":"I23/2","v":900},{"$f":"I23/1880","v":0.95744680851063835},{"$f":"IF(I20>0,I23/I20,0)","v":0},1800,null,1800,"Estimate only"]
["10",null,"Off-Site Management (8%)",{"$f":"I24/2","v":1540},{"$f":"I24/1880","v":1.6382978723404256},{"$f":"IF(I20>0,I24/I20,0)","v":0},3080,null,3080,"8% of GOI"]
["11",null,"Payroll",null,null,null,0,null,0]
["12",null,"Employee Benefits",null,null,null,0,null,0]
["13",null,"Taxes / Workers Comp",null,null,null,0,null,0]
["14",null,"Repairs & Maintenance",{"$f":"I28/2","v":600},{"$f":"I28/1880","v":0.63829787234042556},{"$f":"IF(I20>0,I28/I20,0)","v":0},1200,null,1200]
["15",null,"Utilities (separate meters)",null,null,null,0,null,0,"Owner pays none"]
["19",null,"Accounting & Legal",{"$f":"I30/2","v":125},{"$f":"I30/1880","v":0.13297872340425532},{"$f":"IF(I20>0,I30/I20,0)","v":0},250,null,250]
["20",null,"Licenses / Permits",null,null,null,0,null,0]
["21",null,"Advertising",null,null,null,0,null,0]
["22",null,"Supplies",{"$f":"I33/2","v":250},{"$f":"I33/1880","v":0.26595744680851063},{"$f":"IF(I20>0,I33/I20,0)","v":0},500,null,500]
["24",null,"Miscellaneous Contract Svcs",{"$f":"I34/2","v":500},{"$f":"I34/1880","v":0.53191489361702127},{"$f":"IF(I20>0,I34/I20,0)","v":0},1000,null,1000]
["29",null,"TOTAL OPERATING EXPENSES",{"$nulls":5},{"$f":"SUM(I21:I34)","v":10255}]
[]
["30",null,"NET OPERATING INCOME  (NOI)",{"$nulls":5},{"$f":"I19-I35","v":24713}]
["    Implied Cap Rate at $420,000 acquisition:",{"$nulls":7},{"$f":"I37/420000","v":5.8840476190476193E-2}]
[]
["31",null,"Less: Annual Debt Service",null,null,null,0,null,0,"Enter 1st + 2nd mortgage payments"]
["32",null,"Less: Participation Payments",null,null,null,0,null,0]
["33",null,"Less: Leasing Commissions",null,null,null,0,null,0]
["34",null,"Less: Funded Reserves",null,null,null,0,null,0,"Capital reserve fund"]
[]
["35",null,"CASH FLOW BEFORE TAXES  (CFBT)",{"$nulls":5},{"$f":"I37-I40-I41-I42-I43","v":24713}]
[]
["Prepared by: Dan Biel – Biel PLLC  |  CCIM APOD Format (Gary G. Tharp, CCIM © 2004 CCIM Institute)  |  The statements and figures herein, while not guaranteed, are secured from sources we believe authoritative."]

{"sheet":"Cash Flow Analysis","index":2,"n_rows":15,"n_cols":8,"rows_kept":15,"cut":false,"hidden":false,"merged":[[12,0,12,1],[14,0,14,8],[7,0,7,1],[8,0,8,1],[9,0,9,1],[10,0,10,1],[11,0,11,1],[0,0,0,8],[1,0,1,8],[4,0,4,1],[5,0,5,1],[6,0,6,1]]}
["CASH FLOW ANALYSIS  –  5-YEAR PROJECTION"]
["Fairmount Duplexes  |  Alvernon/Fairmount  |  All values escalate per Assumptions"]
[null,null,"LINE ITEM","Year 1","Year 2","Year 3","Year 4","Year 5"]
[]
["1",null,"POTENTIAL RENTAL INCOME",37200,{"$f":"D5*(1+0.04)","v":38688},{"$f":"E5*(1+0.04)","v":40235.520000000004},{"$f":"F5*(1+0.04)","v":41844.940800000004},{"$f":"G5*(1+0.04)","v":43518.738432000006}]
["2",null,"Less: Vacancy & Cr. Losses",{"$f":"D5*0.06","v":2232},{"$f":"E5*0.06","v":2321.2799999999997},{"$f":"F5*0.06","v":2414.1312000000003},{"$f":"G5*0.06","v":2510.6964480000001},{"$f":"H5*0.06","v":2611.1243059200001}]
["3",null,"EFFECTIVE RENTAL INCOME",{"$f":"D5-D6","v":34968},{"$f":"E5-E6","v":36366.720000000001},{"$f":"F5-F6","v":37821.388800000001},{"$f":"G5-G6","v":39334.244352000002},{"$f":"H5-H6","v":40907.614126080007}]
["4",null,"Plus: Other Income",0,0,0,0,0]
["5",null,"GROSS OPERATING INCOME",{"$f":"D7+D8","v":34968},{"$f":"E7+E8","v":36366.720000000001},{"$f":"F7+F8","v":37821.388800000001},{"$f":"G7+G8","v":39334.244352000002},{"$f":"H7+H8","v":40907.614126080007}]
["6",null,"Less: Operating Expenses",10255,{"$f":"D10*(1+0.03)","v":10562.65},{"$f":"E10*(1+0.03)","v":10879.529500000001},{"$f":"F10*(1+0.03)","v":11205.915385},{"$f":"G10*(1+0.03)","v":11542.09284655}]
["7",null,"NET OPERATING INCOME",{"$f":"D9-D10","v":24713},{"$f":"E9-E10","v":25804.07},{"$f":"F9-F10","v":26941.8593},{"$f":"G9-G10","v":28128.328967000001},{"$f":"H9-H10","v":29365.521279530007}]
["8",null,"Less: Annual Debt Service",0,0,0,0,0]
["22",null,"CASH FLOW BEFORE TAXES",{"$f":"D11-D12","v":24713},{"$f":"E11-E12","v":25804.07},{"$f":"F11-F12","v":26941.8593},{"$f":"G11-G12","v":28128.328967000001},{"$f":"H11-H12","v":29365.521279530007}]
[]
["  ASSUMPTIONS:  Rent escalation 4%/yr  |  Expense escalation 3%/yr  |  Vacancy 6%  |  No debt service entered (add on APOD tab)"]

{"sheet":"Assumptions","index":3,"n_rows":25,"n_cols":3,"rows_kept":25,"cut":false,"hidden":false,"merged":[[19,1,19,2],[0,0,0,2],[1,1,1,2],[7,1,7,2],[10,1,10,2],[14,1,14,2]]}
["ASSUMPTIONS  –  Estrella Modern Court"]
["Income & Vacancy"]
["Potential Rental Income (Yr 1)",744000,"Annual"]
["Vacancy Rate",0.05,"6%"]
["Rent Escalation (Yr 2+)",3.5000000000000003E-2,"4%/yr"]
["Other Income (Yr 1)",0,"Enter if applicable"]
["Other Income Escalation",0.03,"3%/yr"]
["Expenses"]
["Total Expenses (Yr 1)",20500,"Annual"]
["Expense Escalation (Yr 2+)",0.02,"3%/yr"]
["Tax & Returns"]
["Ordinary Income Tax Rate",0.36,"36%"]
["Capital Gain Max Rate",0.2,"20%"]
["Straight-Line Recapture Rate",0.25,"25%"]
["Sale Cap Rates"]
["Cap Rate – Alt 1 (Bull)",0.05,"5.0%"]
["Cap Rate – Alt 2 (Base)",5.5E-2,"5.5%"]
["Cap Rate – Alt 3 (Bear)",0.06,"6.0%"]
["Cost of Sale",0.04,"7%"]
["Acquisition"]
["Purchase Price",900000]
["Closing Costs",8000,"1% of PP"]
["Total Basis",848400,"PP + Closing costs"]
["Improvement Value (85%)",721140,"Depreciable"]
["Useful Life (SL)",27.4,"Years"]