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8 SCHEDULED MONTHLY INCOME Property Photo Units Type CURRENT RENTS Per Unit Total $1,250 $5, $1,330 $6, $1,350 $1, $0 Total Rents $13,000 INVESTMENT SUMMARY $2,500,000 Monthly Scheduled Gross Income $13,000 Price Annualized Scheduled Gross Income $156,000 Down Payment 22% $555,000 ANNUAL OPERATING DATA Price/Unit Price/Sq. Ft. $250, $ CURRENT Scheduled Gross Income $156,000 CURRENT Cap Rate 5.06% Gross Operating Income Annualized Expesnes Taxes $156,000 ($10,365) Sq. Ft. Unit Insurance ($3,000) Exp./Month $0.16 $246 Sewer ($2,000) Exp./Year $1.98 $2,957 Maintenance & Repairs Association ($2,000) ($4,400) PROPERTY SUMMARY Management ($7,800) No. Units Year Built total Building Sq. F total Lot Size ,954 17,859 ($29,565) FINANCING Net Operating Income Debt Service Pre-Tax Cash Return 5.06% % ** $126,435 ($126,525) ($90) Plus Principal Reduction $36,647 Loan Amount Interest Rate $1,945, % TOTAL RETURN BEFORE TAXES 6.6% ** $36,557 Ammortized 30 Fixed 30 * As a percent of Scheduled Gross Income Monthly Payment ($10,543.75) ** As a percent of Down Payment

9 Financial Summary INVESTMENT OVERVIEW Price $2,500,000 Price per SF $ CAP Rate 5.06% Total Return (yr 1) $126,435 OPERATING DATA Gross Scheduled Income $156,000 Total Scheduled Income $156,000 Operating Expenses $ 30,065 Net Operating Income $ 126,435 FINANCING DATA Down Payment $555,000 Loan Amount - $1,945,000 Debt Service % Debt Service Monthly - $10,543,.75 Income & Expenses INCOME SUMMARY GROSS INCOME $156,000 EXPENSE SUMMARY General R&M $2,000 Sewer $2,000 Insurance $3,000 Property Taxes $10,365 HOA $4,400 Management $7,800 GROSS EXPENSES $29565 NET OPERATING INCOME $126,435

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13 The West Lake Portfolio Monday, January 29, 2018 List Price and Sale Price This graph illustrates the list price, along with sale price in Sold listings. 280K Price Graph 240K 200K Price 160K 120K List Price Sold Price 80K 40K 0K MLS# Researched and prepared by Phillip Scheinman Urban Nest Realty

14 The West Lake Portfolio Monday, January 29, 2018 Summary of Comparable Listings This page summarizes the comparable listings contained in this market analysis. Contingent Offer Listings Address Price Beds Bth F Bth H SqFt $/SqFt Contract Date The West Lake Portfolio $ ALDER SPRINGS Court $250, ,417 $ /29/ CURRANT LAKE Way $250, ,623 $ /10/2018 Averages: $250, ,520 $ Sold Listings Address Price Beds Bth F Bth H SqFt $/SqFt Sold Date The West Lake Portfolio $ LAKE AUSTIN Court $255, ,650 $ /02/2017 Averages: $255, ,650 $ Low Median Average High Count Comparable Price $250,000 $250,000 $251,667 $255,000 3 Adjusted Comparable Price $250,000 $250,000 $251,667 $255,000 3 On Average, the 'Sold' status comparable listings sold in 12 days for $255,000 Researched and prepared by Phillip Scheinman Urban Nest Realty

15 The West Lake Portfolio Monday, January 29, 2018 CMA Pro Report These pages give a general overview of the selected properties. Contingent Offer Properties 9988 ALDER SPRINGS Court MLS #: County: Prop Type: Sub Type: Status: C Beds: 3 L Price: $250,000 Clark County Baths: 2/1 Residential SF: 1,417 Single Family Residential Rmks: Nice two story house with three bedrooms/ 2.50 baths and 2 bay garage located near 215 and W Sunset. Open and high ceiling in living room. Laminated floors throughout 1st floor and carpets throughout the 2nd. Stone kitchen countertops. You will like this house CURRANT LAKE Way MLS #: County: Prop Type: Sub Type: Status: C Beds: 3 L Price: $250,000 Clark County Baths: 1/1 Residential SF: 1,623 Single Family Residential Rmks: THIS IS THE HOME YOU'VE BEEN LOOKING FOR! CUTE COURTYARD-WOOD LAMINATE FLOORING AND NEW INTERIOR PAINT THROUGHOUT-NICE LOFT-FOUR NEWLY INSTALLED CEILING FANS-ALL APPLIANCES INCLUDED-BRAND NEW WATER HEATER-EASY MAINTENANCE DESERT LANDSCAPING-CLOSE ACCESS TO FREEWAY AND SHOPPING-HOSPITAL NEARBY-THE IDEAL LOCATION. Sold Properties 9849 LAKE AUSTIN Court MLS #: County: Prop Type: Sub Type: Status: S Beds: 3 L Price: $259,990 Clark County Baths: 3/0 S Price: $255,000 Residential SF: 1,650 S Date: 12/2/2017 Single Family Residential Rmks: This home is beautiful inside and out. New Carpet, New Title in all bathrooms and new landscaping in front and back yard. The owner has taken good care of this home MUST SEE!!! Researched and prepared by Phillip Scheinman Urban Nest Realty

16 The West Lake Portfolio Monday, January 29, 2018 CMA Pro Report These pages give a general overview of the selected properties. Contingent Offer Properties Total # of Listings Lowest Price Highest Price Average Price Avg. List Price/SqFt Avg DOM 2 $250,000 $250,000 $250,000 $ CURRANT LAKE Way 9988 ALDER SPRINGS Court Sold Properties Total # of Listings Lowest Price Highest Price Average Price Avg. List Price/SqFt Avg DOM 1 $255,000 $255,000 $255,000 $ K 50K 100K 150K 200K 250K 300K 9849 LAKE AUSTIN Court 0K 50K 100K 150K 200K 250K 300K Researched and prepared by Phillip Scheinman Urban Nest Realty

17 The West Lake Portfolio Monday, January 29, 2018 CMA Pro Report These pages give a general overview of the selected properties K Summary Graph/Analysis 400.0K 300.0K 200.0K 100.0K 0.0K Avg Price Min Price Max Price Cumulative Analysis Listing Category Contingent Offer Sold Lowest Price Highest Price Average Price Avg L$ Per SF $250,000 $250,000 $250,000 $ $255,000 $255,000 $255,000 $ Totals / Averages $250,000 $255,000 $251,667 $ Sold Property Analysis Address List Price Closed Price DOM %SP/LP SP/SqFt 9849 LAKE AUSTIN Court $259,990 $255, %98.08 $ Total Averages $259,990 $255,000 %98.08 $ Property Summary S Street Address Bds Bth SqFt L Price S Price Sold Date Contingent Offer C 9988 ALDER SPRINGS Court 3 2/1 1,417 $250, C 6362 CURRANT LAKE Way 3 1/1 1,623 $250, DOM Researched and prepared by Phillip Scheinman Urban Nest Realty

18 The West Lake Portfolio Monday, January 29, 2018 CMA Pro Report These pages give a general overview of the selected properties. S Street Address Bds Bth SqFt L Price S Price Sold Date DOM Sold S 9849 LAKE AUSTIN Court 3 3/0 1,650 $259,990 $255,000 12/02/ Researched and prepared by Phillip Scheinman Urban Nest Realty

19 The West Lake Portfolio Monday, January 29, 2018 Brief Summary of Compared Listings This report summarizes the comparable listings contained in this market analysis. Status: Contingent Offer MLS# Stat Date Address Prop Sub Type SqFt Bds Bth L/S Price DOM /29/ ALDER SPRINGS Court Single Family 1, /1 $250, /10/ CURRANT LAKE Way Single Family 1, /1 $250, Averages: 1, /1 $250, Status: Sold MLS# Stat Date Address Prop Sub Type SqFt Bds Bth L/S Price DOM /02/ LAKE AUSTIN Court Single Family 1, /0 $255, Averages: 1, /1 $255, Summary Status Total Avg Price Avg $ Per SqFt Median Low High Avg DOM Contingent Offer 2 $250,000 $ $250,000 $250,000 $250, Sold 1 $255,000 $ $255,000 $255,000 $255, Total 3 $251,667 $ $250,000 $250,000 $255, Researched and prepared by Phillip Scheinman

20 The West Lake Portfolio Monday, January 29, 2018 CMA Map Layout This page displays the Map for the CMA Subject and your comparables. The West Lake Portfolio LAKE AUSTIN CT ALDER SPRINGS CT CURRANT LAKE WY Researched and prepared by Phillip Scheinman Urban Nest Realty