Cumberland Estates Sulphur, Louisiana

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1 Sulphur, Louisiana Property Overview is a 136 space manufactured housing community located in Calcasieu Parish County in the City of Sulphur. Address 1122 W. Verdine Sulphur, LA Property Type 2.5 star, all age Rent/Space $185 Occupancy 73.5% Park Price $1,060,000 Home Price $540,000 Total Park & Home Price $1,600,000 Yr 1 Income $225,010 Yr 1 Total Expenses $128,777 Yr 1 Estimated NOI $96,233 Salient Facts 2.5 Star all age community Municipal utilities 3 brand new homes brought in June 1, 2012 Wide concrete drives with off street parking for two cars Well maintained community, with large lots and mature trees throughout Within minutes from Rite Aid, Kenwood, Parish, Westpoint and Maplewood Shopping Centers Within 20 miles from McNeese State University, Lamar University, Sowela Technical Community College and Cornerstone University Easily accessible via W. Napoleon Street, US 10 and South Cities Service Highway Near Frasch, Circle and McMurry Parks, Brimstone Museum, Spar Aquatic Water Park, Boyd Racing, Pattison Complex - with has softball & baseball fields, concession stands, batting cages, playgrounds and walking/jogging trail For additional information on this property please contact: WAYLON grubbs Partner wgrubbs@sunstonemhc.com

2 Revenue operating expenses T12 - March 2012 Year 1 Year 2 Year 3 Rental Income $201,467 $222,000 $246,953 $273,203 Late Fees $7,532 $7,532 $7,758 $7,991 NSF Fees $45 $45 $46 $48 Fee Income - Other $25 $25 $25 $25 Trash Pass Thru (year 2) $0 $0 $12,960 $13,920 Bad Debt Reserve $0 ($4,592) ($5,095) ($5,625) Total Revenue $209,069 $225,010 $262,647 $289,562 Operating Expenses T12 - March 2012 Year 1 Year 2 Year 3 Payroll Payroll Salary Expense $0 $5,000 $5,150 $5,305 Total Payroll $0 $5,000 $5,150 $5,305 Repairs and Maintenance - Park R&M - Building Repairs $478 $492 $507 $522 R&M - Maintenance $110 $113 $117 $120 R&M - Equipment $149 $153 $158 $162 R&M - Plumbing Supplies / Repairs $2,502 $2,577 $2,654 $2,734 R&M - Landscaping $4,945 $5,093 $5,246 $5,403 R&M - Repairs $44 $46 $47 $48 Total R&M - Park $8,227 $8,474 $8,728 $8,990 General and Administrative Advertising $283 $292 $300 $309 Bank Charges $377 $388 $400 $412 Dues & Subscriptions $52 $54 $55 $57 Postage & Delivery $47 $48 $49 $51 Printing & Reproduction $373 $385 $396 $408 Accounting - Professional Fees $2,253 $2,320 $2,390 $2,461 Telephone $2,094 $2,156 $2,221 $2,288 Filing Fees $562 $579 $596 $614 Office Supplies $116 $120 $123 $127 Total General and Administrative $6,156 $6,341 $6,531 $6,727 Utility Expense Gas & Electric $3,974 $4,093 $4,216 $4,342 Water $34,693 $35,734 $36,806 $37,910 Trash Service $31,865 $32,820 $33,805 $34,819 Total Utility Expense $70,531 $72,647 $74,827 $77,071 Insurance Insurance - Liability $4,472 $4,606 $4,744 $4,886 Insurance - Property $1,791 $1,845 $1,900 $1,957 Insurance - Other $559 $576 $593 $611 Total Insurance $6,822 $7,027 $7,237 $7,455 Taxes Real Estate Tax $15,076 $15,528 $15,994 $16,474 Total Taxes $15,076 $15,528 $15,994 $16,474 Reserves $0 $4,760 $4,760 $4,760 Management Fee $6,000 $9,000 $10,506 $11,582 Total Expenses $112,813 $128,777 $133,733 $138,364 Net Operating Income $96,256 $96,233 $128,914 $151,198 2

3 RENT ROLL SUMMARY rent roll summary 3 Space Description Space Count Percent of Space Type Occupied Spaces Occupancy Vacant Spaces Vacancy Space Rent per month Scheduled Rent per month Spaces % % % $ $18, Total % % % $18, home note inventory Lot # Make & Model & Size Sold For Down Payment Lot Payment Monthly Payment Ins Years Loan Maturity Date Remaining Balance 06/01 Total Payment Palm Harbor 14x70 $18,900 $800 $185 $320 $50 7 years 5/1/ $ Oxford Vacant $0 $0 $0 $0 N/A NA NA $ Buckner 16x80 $24,900 $1,500 $185 $370 $50 10 years 8/1/ $ American Star 16x80 $24,500 $800 $185 $418 $50 7 years 2/1/ $ Fleetwood 14x70 $23,900 $500 $185 $413 $50 7 years 1/1/ $ Champion 16x80 $23,900 $800 $185 $408 $50 7 years 3/1/ $ Redman 16x80 $25,900 $1,000 $185 $413 $50 7 Years 8/1/ $ Fleetwood 16x80 $25,900 $500 $185 $448 $50 7 years 3/1/ $ Cavalier 16x80 $25,900 $500 $185 $448 $50 7 years 7/1/ $ Redman 16x80 $25,900 $500 $185 $448 $50 7 years 3/1/ $ Fleetwood 16x70 $23,900 $750 $185 $384 $50 7 years 11/1/ $ Marlette 16x80 $23,900 $500 $185 $413 $50 7 years 2/1/ $ Chapman 16x80 $25,900 $800 $185 $443 $50 7 years 5/1/ $ Fleetwood 16x80 $23,900 $800 $185 $408 $50 7 Years 9/1/ $ Fleetwood 14x70 $11,900 $500 $185 $271 $50 7 Years 4/1/ $ Fleetwood 16x80 N/A N/A $185 $387 Pays Own Ins N/A NA NA $ Fleetwood 16x65 $20,900 $1,500 $185 $290 $50 10 years 12/1/ $ Fleetwood 16x80 $25,900 $0 $185 $448 $50 7 years NA NA $ Fleetwood 16x80 $25,900 $500 $185 $448 $50 7 years 5/1/ $ Fleetwood 16x70 $22,500 $500 $185 $388 $50 7 Years 1/1/ $ Fleetwood 14x60 $19,900 $400 $185 $342 $50 7 years 3/1/ $ Buccaneer 16x80 $23,900 $1,000 $185 $258 $50 20 years 5/1/ $ Brookwood 16x70 $11,900 $1,000 $185 $243 $50 N/A NA NA $ Palm Harbor 16x80 $25,900 $10,000 $185 $281 $50 7 Years 4/1/ $ Palm Harbor 16x80 $22,900 $1,000 $185 $340 $50 10 years 3/1/ $ Fleetwood 16x80 $25,900 $500 $185 $448 $50 7 years 3/1/ $ Fleetwood 16x80 $36,500 $1,000 $185 $465 Pays Own Ins N/A 1/1/ $ Fleetwood 28x40 $26,000 $800 $185 $445 $50 7 years 3/1/ $ Palm Harbor 16x80 $23,500 $800 $185 $401 $50 7 years 2/1/ $636 Totals & Averages $640,800 $29,250 $5,180 $10,789 $1,300 $502,652 $17,269

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6 Rent Comparables 6 acadian acres mhp cumberland estates sugarload community twin oaks carlyss acres mhp quailridge mobile estate PARK NAME CITY # OF SPACES OCCUPANCY SPACE RENT RENT INCLUDES AMENITIES Cumberland MHP Sulpher % $185 Water & Trash None 1 Acadian Acres MHP Sulpher % $135 Water & trash None None at this time- future plans for 2 Twin Oaks Sulpher % $185 Water, sewer & trash swimming pool - Plans to expand to 500 lots 3 Carlyss Acres MHP Sulpher 129 N/A $135 Trash Free Wi-Fi 4 Quailridge Mobile Estate Park Lake Charles % $207 Water, sewer & trash 5 Sugarloaf Community Lake Charles % $200 None COMPARABLE AVERAGE % $172 Swimming pool, community center, playground & basketball Swimming pool, office, putting green, recreational building

7 2011 Estimated Population 20, Estimated Number of Families 5, Estimated Households 8, Median Household Income $47, Median Age 36.5 Source: U.S. Census Bureau sulphur demographic profile 7 Population by Age 2011 Household Income Percent $35K - $49K 15.0% $25K - $34K 10.1% $15K - $24K 11.7% <$15K 15.1% $200K+ 1.2% $150K - $199K 2.5% $100K - $149K 2011 Household Income 2011 Population by Race $50K - $74K 19.0% 9.6% $75K - $99K 15.7% Top 10 Employers - CALASIEU PARISH Company Hotel At L Auberge Du Lac McNeese State University CPPJ Payroll Department Southwest LA Memorial Foundation - Hospital CITGO Petroleum Corp CITGO - Lube Plant Isle of Capri Casino & Hotel PPG Industries Inc. American Legion Hospital Boise Packaging & Newsprint Description Hotel Education Payroll Preparation Physicians Industrial Inorganic Chemicals NEC Nonclassified Establishments Hotel Alkalies & Chlorine Hospital Paper Manufacturers Source: Southwest Louisiana Economic Development Alliance

8 AGENCY DISCLOSURE FORM AGENCY DISCLOSURE FORM 8 This document describes the various types of agency relationships that can exist in real estate transactions. An Agency relationship exists when a real estate licensee represents a client in an immovable property transaction. A client is anyone who engages a licensee for professional advice and service as their agent. Agency relationships can be formed with Buyer/Lessees or Sellers/Lessors or both. Designated Agency results from a contractual relationship between a broker and a client when a licensee affiliated with a broker is designated by the broker to represent the client. The licensee appointed by the broker to represent the client is called a Designated Agent. There is a presumption that the licensee with whom a client works is his or her Designated Agent, unless there is a written agreement to the contrary. Other licensees employed by the broker do not work for the client, so the client should confine his or her discussions to their Designated Agent. Designated Agents must (1) obey all lawful requests of the client, (2) promote the client s best interest, (3) exercise reasonable care and skill in representing the client, (4) maintain the confidentiality of all information that could materially harm the client s negotiation position, (5) present all offers in a timely manner, (6) seek a transaction at the price and on terms acceptable to the client, and (7) account for all money and property received from the client in a timely manner. A Designated Agent may show alternate properties to buyers, show properties the client is interested in to other buyer clients or receive compensation based on a percentage of the sale price without breaching the duty he or she owes to a client. Dual Agency exists when a licensee is working with both the buyer and seller or both the landlord and tenant in the same transaction. For example, if your Designated Agent is also the listing agent, dual agency exists. Dual agency is allowed only with the informed consent of all clients. Informed consent is presumed if a client signs the separate Dual Agency Disclosure form prescribed by the Louisiana Real Estate Commission. Dual Agents owe the following duties to both the buyer/seller and the lessor/lessee: (1) treat all clients honestly, (2) provide information about the property to buyers/tenants, (3) disclose all latent material defects in the property known to the licensee, (4) disclose financial qualifications of buyers/tenants to sellers/landlords, (5) explain real estate terms, (6) help buyers/tenants arrange for property inspections, (7) explain closing costs and procedures, (8) help buyers compare financing options, and (9) provide information about comparable properties that have been sold so both clients can make educated buying/selling decisions. Dual Agents are not permitted to disclose (1) confidential information of one client to the other, (2) the price the seller/landlord will take other than the listing price without the permission of the seller/landlord, or (3) the price the buyer/tenant is willing to pay without the permission of the buyer/tenant. Confidential information is information that could materially harm the position of a client if disclosed. Confidential information does not include material information about the physical condition of property. Thus, a licensee may disclose material information about the condition of property and in fact has a duty to disclose known material defects regarding the condition of property. It is permissible for confidential information to be disclosed by a Designated Agent to his or her broker for the purpose of seeking advice or assistance for the benefit of the client. Information that would otherwise be confidential will no longer be confidential if (1) the client permits disclosure of such information by word or conduct, (2) disclosure of such information is required by law or would reveal serious defect, or (3) the information becomes public from a source other than the licensee. By signing below you acknowledge that you have read and understand this form and that you are authorized to sign this form in the capacity in which you have signed. Seller/Lessor: Buyer/Lessee: By: By: Title: Title: Date: Date: Licensee: Licensee: Date: Date: AgencyForm 12/02 The Ranches of Joshua MHC

9 DUAL AGENT DISCLOSURE 9 DISCLOSURE AND CONSENT TO DUAL AGENT DESIGNATED AGENCY This document serves three purposes: It discloses that a real estate licensee may potentially act as a disclosed dual agent who represents more than one party to the transaction. It explains the concept of disclosed dual agency. It seeks your consent to allow the real estate agent to act as a disclosed dual agent. A LICENSEE MAY LEGALLY ACT AS A DUAL AGENT ONLY WITH YOUR CONSENT. BY CHOOSING TO SIGN THIS DOCUMENT, YOUR CONSENT TO DUAL AGENCY REPRESENTATION IS PRESUMED. BEFORE SIGNING THIS DOCUMENT, PLEASE READ THE FOLLOWING: The undersigned designated agent(s) (Insert name(s) of licensee(s) undertaking dual representation) and any subsequent designated agent(s) may undertake a dual representation represent both the buyer (or lessee) and the seller (or lessor) for the sale or lease of property described as. (List address of property, if known) The undersigned buyer (or lessee) and seller (or lessor) acknowledge that they were informed of the possibility of this type of representation. The licensee(s) will undertake this representation only with the written consent of ALL clients in the transaction. Any agreement between the clients as to a final contract price and other terms is a result of negotiations between the clients acting in their own best interests and on their own behalf. The undersigned buyer (or lessee) and seller (or lessor) acknowledge that the licensee(s) has explained the implications of dual representation, including the risks involved. The undersigned buyer (or lessee) and seller (or lessor) acknowledge that they have been advised to seek independent advice from their advisors or attorneys before signing any documents in this transaction. WHAT A LICENSEE CAN DO FOR CLIENTS WHEN ACTING AS A DUAL AGENT Treat all clients honestly. Provide information about the property to the buyer (or lessee). Disclose all latent material defects in the property that are known to the licensee(s). Disclose financial qualifications of the buyer (or lessee) to the seller (or lessor). Explain real estate terms. Help the buyer (or lessee) to arrange for property inspections. Explain closing costs and procedures. Help the buyer compare financing alternatives. Provide information about comparable properties that have sold so that both clients may make educated decisions on what price to accept or offer. WHAT A LICENSEE CANNOT DISCLOSE TO CLIENTS WHEN ACTING AS A DUAL AGENT Confidential information that the licensee may know about the clients, without that client s permission. The price the seller (or lessor) will take other than the listing price without permission of the seller (or lessor). The price the buyer (or lessee) is willing to pay without permission of the buyer (or lessee). You are not required to sign this document unless you want to allow the licensee(s) to proceed as a dual agent(s), representing BOTH the buyer (or lessee) and the seller (or lessor) in this transaction. If you do not want the licensee(s) to proceed as a dual agent(s) and do not want to sign this document, please inform the licensee(s). By signing below, you acknowledge that you have read and understand this form and voluntarily consent to the licensee(s) acting as a dual agent(s), representing BOTH the buyer (or lessee) and the seller (or lessor) should that become necessary. Buyer or Lessee Seller or Lessor Date Date Buyer or Lessee Seller or Lessor Date Date Licensee Licensee The Ranches of Joshua MHC

10 Bob McBroom Partner kolman bubis Partner waylon grubbs Partner Andrea Longhurst Marketing Manager listed with BILLY HOFFPAUIR AT MARCUS & MILLICHAP In conjunction with SUNSTONE