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IHC RESIDENTIAL PRO FORMA - Market Transaction Date: 8/02/02 Property Address: 2012 Eldridge Ave, Rsvl., MN Building Type: Single Family 2-Story w/ 2000 Finished SF Base Construction Costs (a.) Contractor base price (b.) GMHC lumber package (c.) GMHC cabinets and tops (d.) GMHC security system Total Base Construction Cost $126,000 $33,000 $5,300 $1.025 $165,325 Uparades (e.) Hardwood flooring (f.) Gas fireplace (g.) Rear deck (h.) Concrete driveway (i.) Upgrade carpet / vinyl (j.) Upgrade landscaping (k.) Air Conditioning (I.) Appliances (m.) Upgrade cabinets and tops Total Upgrades $7,000 $5,000 $4,000 $3,000 $1,500 $2,000 $2,200 $5,000 $3.000 $32,700 (1) Total Construction Costs with Upgrades (2.) Contingency (5% of construction costs) (3.) Marketing (3.5% of Appraised Value) Soft Costs (a.) Financing interest (2.5 % for est. 6 months) (b.) Property taxes (c.) Insurance (d.) Title and recording (e.) Legal fees (f.) Points construction/mortgage loans (g.) Closing costs (h.) Appraisals (I.) Utilities (j.) Property management (est. 3 months) (k.) Architect fees $2,475 $300 $350 $600 $0 $0 $850 $350 $600 $600 $2.000 (4.) Total Soft Costs (a - k ) (5.) Developer fee ($10,000) (6.) Acquisition (7.) Demolition and site prep. (8.) Relocation (A.) Total Development Costs ( 1 - 8 ) (B.) Appraised Value (C.) Net Income or Deficit (B - A ) $198,025 $9,901 $6,931 $8,125 $10,000 $143,000 $7,000 $0 $382,982 $325,000