Escrow Request Form. Asset Acquisition. Contract Acceptance: Contact Information. Contracting Entity:

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1 Escrow Request Form Asset Acquisition MARP ID: Purchase Price: Sale Type: Contract Acceptance: 5023 Earnest Money: $5,000 $330,000 EMD Due Date: 1/28/2015 Estate Contingency End: 2/6/2015 1/28/2015 COE: 2/27/2015 Contracting Entity: Closing Entity: Buyer Contact: Contact Phone: Contact Contact Information Buyer Seller MARP DE LLC Seller: Sandra McGee MARP DE LLC Seller Agent: Rose Bloom Ryan Boll Contact Phone: x105 Contact Escrow Agent: Escrow Company: Escrow Agent Escrow Agent Address: City, State, Zip: Escrow and Title Michael Scali Gellert, Scali, Busenkell & Brown, LLC 913 N. Market St, 10th Flr. Wilmington, DE Property Summary APN Address City ST Zip EMD Berwick Rd Wilmington DE $5,000 Special Instructions/Notes

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17 American Residential Asset # 5023 # # Property Address: 614 Berwick Rd APN: Seller: Sandra McGee U/W Date: 1/29/2015 Wilmington DE A ID: off-mrket Sale Type: Estate Acq. Date: 2/27/2015 Asset Overview MSA: Phila MSA Asset Type: SF Detached Stories: 1.5 List Price: $345,000 $135 County: New Castle Year Built: 1967 Style: Colonial As-Is BPO: $345,000 $135 Community: Edenridge Square Feet: 2,550 Bedrooms: 3.0 % of List: 96% Location Quality: A+ Lot Size: 17,860 Bathrooms: 2.5 Acquisition: $330,000 $129 Asset Quality: A+ Garage: 2-car ARV: $525,000 $206 Property Sales History Sales Comparables Transaction Date Price Address City Distance BR/BA Year Built SF Sales Price $/SF Date Sold unavailable n/a n/a 703 Mt. Lebanon Rd. Wilmington 0.2 4/ ,029 $529,000 $175 10/30/ Berwick Rd Wilmington 0.0 4/ ,825 $595,000 $211 1/15/ Black Gates Rd Wilmington 0.1 4/ ,775 $665,000 $240 7/31/2014 Average: $596,333 $208 Return Summary Rental Comparables Relacement Cost: $228 $580,635 Address City Distance BR/BA Year Built SF Rent $/SF Date Leased Discount to Replacement Cost: 31.7% 20 S Rockland Falls Rd Rockland 0.7 1/ ,350 $2,500 $ /1/ Cornwall Rd Wilmington 0.8 4/ ,575 $2,700 $1.05 2/1/2015 Initial Implied Equity 24.5% 117 Dexter Rd Wilmington 0.9 4/ ,650 $2,900 $ /10/2013 Yield on Cost 4.1% Average: $2,700 $1.33 Implied Exit Cap Rate 3.2% U/W Commentary: Sales comparable 610 Berwick considered most similar to subject. Subject ARV discounted due to floorplan configuration. Rental comp 20 S Rockland was a restored barn with unique floorplan. Rental comp. 305 Cornwall considered most similar to subject. Financial Analysis Acquisition Summary Amount PSF % Revenue Financing Sale Assumptions Acquisition Cost $330,000 $ % Monthly Rent $2,600 Acq. Debt Perm Debt ARV $525,000 Closing Cost $10,250 $4.02 3% Misc. Income 1.0% Int. Rate N/A N/A HPA 3.0% Total Acquisition $340,250 $ % Rent Growth 2.0% Acq. LTC N/A N/A Sale Year 3.0 Construction Costs $53,020 $ % Marketing Period 2 months Cap Ex LTC N/A N/A Sale Value $573,682 Working Capital $500 $0.20 0% Average Lease Term 3.0 years Amort. N/A N/A Variance 100% Other Costs $2,600 $1.02 1% Expenses I/O Period N/A N/A Marketing Term 4 months Full Load Expenses ($11,471) Total Debt $0 $0 Cost of Sale 5.0% Total Project Costs $396,370 $ % Vacant Expenses (Initial) ($2,558) Max LTC N/A N/A Actual Expense Growth 2.0% Max LTV N/A N/A Actual Cash Flow Summary Time 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Total Capital Expenditures: Total Acquisition (340,250) (340,250) Construction Costs - (53,020) (53,020) Working Capital Accounting (500) (500) Other Costs (2,600) (2,600) Total (343,350) (53,020) (396,370) Inputs Stabilized P&L Overview Revenue: Per Month Monthly/SF Annual/SF Rental Revenue 2, ,980 31,564 21, ,919 Misc. Income 1.0% Less: Vacancy 5.0% (133) (0.05) (0.63) - (958) (1,594) (1,079) (3,632) Less: Credit Loss 2.0% (53) (0.02) (0.25) - (383) (638) (432) (1,453) Effective Gross Income 2, ,828 29,648 20, ,554 Expenses: HOAs Maintenance (61) (0.02) (0.29) - (420) (728) (493) (1,642) Maintenance Turnover 0.25x (55) (0.02) (0.26) - (379) (658) (445) (1,482) Utilities Landscaping (20) (0.01) (0.10) - (240) (245) (250) (734) Lease Up/ Marketing 0.50x (110) (0.04) (0.52) - (758) (1,315) (891) (2,964) Management Fees 9.0% (222) (0.09) (1.05) - (1,605) (2,668) (1,807) (6,080) Insurance (72) (0.03) (0.34) - (842) (858) (875) (2,575) Taxes (417) (0.16) (1.96) - (4,900) (4,998) (5,098) (14,996) Total Expenses (956) (0.37) (4.50) - (9,144) (11,471) (9,859) (30,473) NOI (Pre Cap Ex Reserve) 1, ,684 18,177 10, ,080 Less: Cap Ex Reserves 6% (148) (0.06) (0.70) - (1,070) (1,779) (1,205) (4,053) NOI (PostCap Ex Reserve) 1, ,615 16,399 9, ,027 Operations Expense Ratio N/A 57% 45% 55% N/A N/A N/A N/A N/A Yield on Cost (Pre Cap Ex Reserve) - 2.2% 4.6% 2.6% Yield on Cost (Post Cap Ex Reserve) - 1.9% 4.1% 2.3% Asset Sale Sale Price , ,682 Less Closing Costs 5.0% (28,684) (28,684) Net Sales Price , ,998 Asset Net Cash Flow 1, (343,350) (45,405) 16, , ,655 Cumulative Cash Flow (343,350) (388,755) (372,357) 181, Valuation & Return Analysis Property-Level Return Overview Valuation Overview Implied Sale Value IRR: 14.4% Emx: 1.47x Acquisition $330, /sf Actual 3.2% Invested Capital: $388,755 Gross Profit: $181,655 Total Basis $396, /sf 4.0% $463,525 LP (1) Return Overview BPO Value $525, /sf 5.0% $370,820 IRR: 13.1% Emx: 1.42x Sale Value $573, /sf 6.0% $309,017 ROE: 41.1% Gross Profit: $83, % $264,872 LP (2) Return Overview IRR: 13.3% Emx: 1.43x ROE: 41.5% Gross Profit: $81,801 Sponsor Promote: 20%

18 Sources & Uses 614 Berwick Rd Wilmington DE Sources: First Mortgage Earnest Money Deposit: Additional Cash Equity Total Sources $0 $5,000 $391,370 $396,370 Uses: Acquisition Price Closing Costs Transfer Tax Recording Fees Title Insurance Pro Rated RE Taxes Bank Fee Legal- Transaction Survey Acquisition Fee Home Inspection Escrow Fee Misc. Closing Cost Past Due Obligation Appraisal Broker Commissions Sub-Total $4,950 $75 $1,144 $2,041 $0 $450 $0 $1,000 $275 $200 $115 $0 $0 $0 $330,000 $10,250 Construction Costs Permits $100 General Conditions $1,000 Hard Costs $45,148 Hard Cost Contingency $2,258 Construction Management Fee $4,515 Sub-Total $53,020 Working Capital Accounting Operating Reserve Interest Reserve Sub-Total Other Costs Upfront Replacement Reserve Initial Leasing Commision Sub-Total Total Funds Required Outside of Escrow Total Uses $500 $0 $0 $0 $2,600 $500 $2,600 $396,370

19 Comparable Sales Report Subject MLS # / Status: Address: MLS Area: City / PO / Zip Code: Distance: Subdivision/Neighborhd: School District: Category: Bedrooms & Bathrooms: Form of Ownership: Property Type / Age: Year Built: Design: Style: Aprox Square Feet: Kitchen / Family Room: Basement: Garage: Heat: Cooling: Certifications: Aprx. Lot Dim / Acreage: RE Taxes / Tax Year: County Assessed Value: OneTime$ / Rcrr$ / Freq: Additional Sale Terms: Original List Price: List Price: Settlement Price: Seller Concessions: Final Sale Terms: Listing Date/DOM: Off Market Date: Settlement Date: /ACT / STL / STL / STL 614 Berwick Rd 703 Mount Lebanon Rd 610 Berwick Rd 614 Black Gates Rd Brandywine Brandywine Brandywine Brandywine Wilmington, Wilmington, Wilmington, Wilmington, N/A 0.2 mi. 0.0 mi. 0.1 mi. Edenridge Edenridge Edenridge Edenridge Brandywine New Castl Brandywine New Castl Brandywine New Castl Brandywine New Castl Residential Residential Residential Residential 3 / /0 4 2/1 4 2/2 FeeSimple FeeSimple FeeSimple FeeSimple Single/Detac/48 Single/Detac / 40 Single/Detac / 47 Single/Detac / Story 2-Story 2-Story 2-Story Traditional Traditional Colonial Colonial 2,550 3,029 2,825 2,775 FullKit-NoEI / Y FullKit-NoEI / Y EatInKitchen / Y EatInKitchen / Y FullBasement,Fini... FullBasement,Fini... PartialBsmnt FullBasement,Fini... 2-CarGarage,Att/B... 2-CarGarage,Att/B... 2-CarGarage,Att/B... 2-CarGarage,Att/B... GasHeat,HotAirHeat GasHeat,HotAirHeat GasHeat,HotAirHeat GasHeat,HotAirHeat CentralAir CentralAir CentralAir CentralAir Other Green $ 0 0 X 0, X169, X160, 0.41 $ 4,900 $5029 / 2013 $5013 / 2014 $5051 / 2013 $160,200 $0 $163,900 $165,700 $0 / $62.00 / A / $ / A / / $345,000 $599,900 $599,999 $665,000 $345,000 $539,900 $599,999 $665,000 $0 $529,000 $595,000 $665, /21/14, /05/14, 34 06/19/14, 2 8/28/ /8/2014 6/20/ /30/2014 1/15/2015 7/31/2014 Result Statistics Low Sale Price: High Sale Price Average Size: Median Sale Price: Median Sale Price/SF: Average Sales Price Average Sales Price/SF Comparables Subject Implied Pricing $ 529,000 N/A $ 665,000 N/A $ 595,000 $ 525,000 $ 207 $ 206 $ 596,333 $ 525,000 $ 207 $ 206 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 Pricing Analysis $525,000 $529,000 $595,000 $665,000 $- Subject 703 Mount Lebanon Rd 610 Berwick Rd 614 Black Gates Rd

20 614 Berwick Rd January 22, Berwick Rd 614 Berwick Rd Wilmington, DE Submitted by: Eric Starrett Chatham Bay 1405 Foulk Rd Wilmington, DE Mobile: Chatham Bay 1

21 614 Berwick Rd January 22, 2015 Eric Starrett Chatham Bay 1405 Foulk Rd Wilmington, DE Mobile Estimate Project: Berwick Rd 614 Berwick Rd Wilmington, DE Customer MARP-DE Office Fax bed, 3 bath 2550 Sq Ft off market property in Eden Ridge. Description Quantity Cost General 18, Carpentry-Exterior Doors 1 Ea Storm Door (Standard) Carpentry-Exterior Doors 1 Ea Sliding Glass Door (Standard) Carpentry-Trim 1 Ea 1, Baseboard and Shoe Molding Throughout Cleaning-1500SF or more 1 Ea Completion Package 1 Ea Demo-Trash Out Heavy 1 Ea 1, Cu Yard Dumpster and Labor Drywall 1105 Ea 1, Hang Drywall per SF Wall Area Electrical-Outlets 2 Ea Outdoor GFCI and Weatherproof Enclosure Electrical-Outlets 40 Ea Standard Outlet and Plate Electrical-Outlets 25 Ea Standard Light Switch and Plate Electrical-Outlets 6 Ea Replace Existing Outlet with GFCI Flooring-Carpet 170 SY 2, Carpet (Premium Spec - Jaguar) In all beds, hallway, and stairs Flooring-Hardwood Floors 1000 SF 2, Resurface Hardwood Floors GC Fee 1 Ea 3, Paint 2550 SF 3, Interior Paint (Walls, Ceilings, Trim, Point-up and Caulking) Chatham Bay 2

22 614 Berwick Rd January 22, 2015 Description Quantity Cost General Window Coverings 2 Ea Vertical Blinds Window Coverings 20 Ea Vinyl Mini Blinds-up to 36" Construction 26, Exterior 5, Carpentry-Door Hardware 2 Ea Smartkey Entry Hardware (knob & deadbolt) Carpentry-Door Hardware 1 Ea Smartkey Entry Hardware (Handleset) Carpentry-Exterior Doors 2 Ea Storm Door (Standard) Carpentry-Exterior Doors 1 Ea Premium 6 Panel Fiberglass with Toplite (primed w/ brickmold) Electrical-Exterior Lighting 2 Ea Premium Wall Mount Black Lantern Electrical-Exterior Lighting 2 Ea Double Flood Light Exterior-Landscape 1 Ea Basic Landscape Clean-up (Heavy) Exterior-Landscape Tree Trim 1 Ea Remove medium tree and trim others Exterior-Powerwash Exterior 1 Ea Heavy with Scrubbing of Siding Exterior-Sidewalk Repairs 1 Ea Finish Carpentry 1 Ea Soffit and Trim repairs to exterior Paint-Exterior Paint 1 Ea Paint Exterior (Doors, trim, Bilco) Roof Repairs 1 Ea Entry Carpentry-Interior Doors 1 Ea Prehung Package with Hardware Electrical-Interior Lighting 1 Ea Light Flushmount Electrical-Smoke Detectors 1 Ea Smoke Detectors - Battery Living Room Clean Chimney 1 Ea Dining Room Electrical-Interior Lighting 1 Ea Light Chandelier Chatham Bay 3

23 614 Berwick Rd January 22, 2015 Description Quantity Cost Construction Dining Room Paint-Wall Paper Removal 450 Ea Wall Paper Removal Kitchen 5, Appliances-Cooktops 1 Ea " Gas Cooktop (Match Existing) Appliances-Dishwashers 1 Ea Stainless Built In Dishwasher Appliances-Microhoods 1 Ea Stainless 1.6 CU Ft OTR Microhood Appliances-Refrigerators 1 Ea 1, Stainless Frigidaire 25 CU Ft side/side Electrical-Interior Lighting 3 Ea Recessed Can or Eyeball Light with White Trim Electrical-Interior Lighting 1 Ea Light Chandelier Flooring-Tile 475 SF 2, x12 Tile Floor (kitchen) Den Carpentry-Interior Doors 2 Ea Prehung Package with Hardware Clean Chimney 1 Ea Electrical-Ceiling Fan 1 Ea " Indoor Ceiling Fan Paint-Interior Paint 1 Ea Additional Primer Stairs/Hallway Carpentry-Interior Doors 2 Ea Prehung Package with Hardware Electrical-Interior Lighting 2 Ea Light Flushmount Electrical-Smoke Detectors 1 Ea Smoke Detectors - Battery Paint-Interior Paint 1 Ea Additional Primer Master Bed Carpentry-Interior Doors 3 Ea Prehung Package with Hardware Electrical-Ceiling Fan 1 Ea " Indoor Ceiling Fan Electrical-Smoke Detectors 1 Ea Smoke Detectors - Battery Chatham Bay 4

24 614 Berwick Rd January 22, 2015 Description Quantity Cost Construction Master Bed Wire Shelving 3 Ea Bed Carpentry-Interior Doors 1 Ea Bypass Closet Doors w/ Hardware Carpentry-Interior Doors 1 Ea Prehung Package with Hardware Electrical-Smoke Detectors 1 Ea Smoke Detectors - Battery Paint-Interior Paint 1 Ea Additional Primer Wire Shelving 1 Ea Bed Carpentry-Interior Doors 1 Ea Prehung Package with Hardware Carpentry-Interior Doors 1 Ea Bypass Closet Doors w/ Hardware Electrical-Smoke Detectors 1 Ea Smoke Detectors - Battery Paint-Interior Paint 1 Ea Additional Primer Wire Shelving 1 Ea Master Bath 1, Carpentry-Interior Doors 1 Ea Prehung Package with Hardware Demo-Labor 1 Ea Demo Labor per Man-Day Flooring-Tile 45 SF x12 Tile Floor HVAC-Exhaust / Venting 1 Ea Bathroom Exhaust Fan (replace) Plumbing-Bath Accessories 1 Ea piece Accessory Kit Plumbing-Bathroom Accessories 1 Ea Medium Mirror (36"x36") Plumbing-Bathroom Sinks 1 Ea " Premium Vanity Complete (incl faucet stops and supplies) Plumbing-Toilets 1 Ea Glacier Bay 2 Piece Elongated (incl stop and supply) Bath 2 1, Carpentry-Interior Doors 1 Ea Prehung Package with Hardware Chatham Bay 5

25 614 Berwick Rd January 22, 2015 Description Quantity Cost Construction Bath 2 Demo-Labor 1 Ea Demo Labor per Man-Day Flooring-Tile 35 SF x12 Tile Floor HVAC-Exhaust / Venting 1 Ea Bathroom Exhaust Fan (replace) Plumbing-Bath Accessories 1 Ea piece Accessory Kit Plumbing-Bathroom Accessories 1 Ea Medium Mirror (36"x36") Plumbing-Bathroom Sinks 1 Ea " Standard Vanity Complete (incl faucet stops and supplies) Plumbing-Toilets 1 Ea Glacier Bay 2 Piece Elongated (incl stop and supply) Bath 3 2, Carpentry-Interior Doors 1 Ea Prehung Package with Hardware Demo-Labor 1 Ea Demo Labor per Man-Day Flooring-Tile 175 SF x12 Tile Floor HVAC-Exhaust / Venting 1 Ea Bathroom Exhaust Fan (replace) Paint-Wall Paper Removal 150 Ea Wall Paper Removal Plumbing-Bath Accessories 1 Ea piece Accessory Kit Plumbing-Bathroom Accessories 1 Ea Medium Mirror (36"x36") Plumbing-Bathroom Sinks 1 Ea " Standard Vanity Complete (incl faucet stops and supplies) Plumbing-Toilets 1 Ea Glacier Bay 2 Piece Elongated (incl stop and supply) Basement 5, Carpentry-Interior Doors 1 Ea Prehung Package with Hardware Demo-Labor 1 Ea Demo Labor per Man-Day Demo-Labor 1 Ea Demo Labor per Man-Day HVAC 5 ton replacement 1 Ea 4, Complete replacement with gas furnace Chatham Bay 6

26 614 Berwick Rd January 22, 2015 Description Quantity Cost Construction Basement Replace Sump Pump 1 Ea Porch Carpentry 1 Ea Repair porch ceiling Window-Screen Replacement 1 Ea Replace Screens in Porch Garage Garage-Door Openers 1 Ea Install 1/2HP Chain Drive Operator and 2 Remotes Garage-Garage Door Service 1 Ea Garage-Paint existing Door 1 Ea We appreciate your business and look forward to working with you. Project Subtotal 45, Overhead 4, Contingency 2, Fixed Fee 1, Project Total 52, Tax 0.00 Total with Tax 52, Approved By: Date: 1/22/15 Date: Contractor Customer Chatham Bay 7

27 CONTINGENCY WAIVER Address Address 614 Berwick Rd Wilmington, DE Transaction Overview Asset Type Asset Rating Size (SF) Contract Acceptance Date 1/28/2015 Bedrooms Contingency Expiration Date 2/6/2015 Bathrooms Settlement Date 2/27/2015 Year Built MSA SF Detached A Phila MSA Asset Overview Acquisition Summary Final U/W Approved Bid Variance Purchase Price $330,000 $345,000-4% Cap Ex $53,020 $50,600 5% U/W Basis $396,370 $408,816-3% ARV $525,000 $525,000 0% Market Rent $2,600 $2,650-2% Net Yield 4.1% 4.2% -1% Implied Equity 24.5% 22.1% 11% IRR 14.4% 13.2% 9% Property Image U/W Comments AR Manager successfully negotiated purchase price $15K below seller ask price, increasing implied equity by 11% and IRR by 9%. Estate sale transaction. Asset located in Edenridge Community of North Wilmington and considered A+ quality. Comprable properties have sold for $ K in this neighborhood over the past 12 months. 600 Wynyard Rd is currently pending at $629,900, and 716 Hertford Rd is the only active listing in the community; currently at $599,000. Tremendous value in one of Delaware's best communities. Discount to current ARV of 24.5%, with strong upside potential. Property Summary Investor hereby elects to: Approve asset and waive inspection contingency Reject asset and release from contract Approved By: Date: Authorized Signatory Special Instructions/Notes