Assumptions Case 1 130 units 2% inflation
Example A 130 units
Example B 180 units
Term 75 years
Base Rent $35 per unit per month
Inflation Rate 2 %
Minto P. P. 450,000
Area 7 acres
Present Value 3 to 8% 
Receipts 1-10 $54,600 $54,600 $54,600 $54,600 $54,600 $54,600 $54,600 $54,600 $54,600 $54,600
Receipts 11-20 61883.64 61883.64 61883.64 61883.64 61883.64 61883.64 61883.64 61883.64 61883.64 61883.64
Receipts 21-30 70138.92 70138.92 70138.92 70138.92 70138.92 70138.92 70138.92 70138.92 70138.92 70138.92
Receipts 31-40 79495.45 79495.45 79495.45 79495.45 79495.45 79495.45 79495.45 79495.45 79495.45 79495.45
Receipts 41-50 90100.14 90100.14 90100.14 90100.14 90100.14 90100.14 90100.14 90100.14 90100.14 90100.14
Receipts 51-60 102119.50 102119.50 102119.50 102119.50 102119.50 102119.50 102119.50 102119.50 102119.50 102119.50
Receipts 61-70 115742.24 115742.24 115742.24 115742.24 115742.24 115742.24 115742.24 115742.24 115742.24 115742.24
Receipts 71-75 131182.26 131182.26 131182.26 131182.26 131182.26
Total $6,396,710
Average $85,289
NPV 3% $2,146,948.42
NPV 4% $1,635,883.21
NPV 6% $1,059,479.24
NPV 8% $765,198.58
Assumptions Case 2 130 units 4% inflation
Example A 130 units
Example B 180 units
Term 75 years
Base Rent $35 per unit per month
Inflation Rate 4 %
Minto P. P. 450,000
Area 7 acres
Present Value 3 to 8%
Receipts 1-10 $54,600 $54,600 $54,600 $54,600 $54,600 $54,600 $54,600 $54,600 $54,600 $54,600
Receipts 11-20 69167.28 69167.28 69167.28 69167.28 69167.28 69167.28 69167.28 69167.28 69167.28 69167.28
Receipts 21-30 78394.20 78394.20 78394.20 78394.20 78394.20 78394.20 78394.20 78394.20 78394.20 78394.20
Receipts 31-40 88851.98 88851.98 88851.98 88851.98 88851.98 88851.98 88851.98 88851.98 88851.98 88851.98
Receipts 41-50 100704.84 100704.84 100704.84 100704.84 100704.84 100704.84 100704.84 100704.84 100704.84 100704.84
Receipts 51-60 114138.86 114138.86 114138.86 114138.86 114138.86 114138.86 114138.86 114138.86 114138.86 114138.86
Receipts 61-70 129364.98 129364.98 129364.98 129364.98 129364.98 129364.98 129364.98 129364.98 129364.98 129364.98
Receipts 71-75 146622.27 146622.27 146622.27 146622.27 146622.27
Total $7,085,333
Average $94,471
NPV 3% $2,344,823.84
NPV 4% $1,776,301.40
NPV 6% $1,136,880.26
NPV 8% $812,140.24
Assumptions Case 3 Inflation at 4% 180 units
Example A 130 units
Example B 180 units
Term 75 years
Base Rent $35 per unit per month
Inflation Rate 4 %
Minto P. P. 450,000
Area 7 acres
Present Value 3 to 8%
Receipts 1-10 $75,600 $75,600 $75,600 $75,600 $75,600 $75,600 $75,600 $75,600 $75,600 $75,600
Receipts 11-20 95770.08 95770.08 95770.08 95770.08 95770.08 95770.08 95770.08 95770.08 95770.08 95770.08
Receipts 21-30 108545.81 108545.81 108545.81 108545.81 108545.81 108545.81 108545.81 108545.81 108545.81 108545.81
Receipts 31-40 123025.82 123025.82 123025.82 123025.82 123025.82 123025.82 123025.82 123025.82 123025.82 123025.82
Receipts 41-50 139437.46 139437.46 139437.46 139437.46 139437.46 139437.46 139437.46 139437.46 139437.46 139437.46
Receipts 51-60 158038.42 158038.42 158038.42 158038.42 158038.42 158038.42 158038.42 158038.42 158038.42 158038.42
Receipts 61-70 179120.75 179120.75 179120.75 179120.75 179120.75 179120.75 179120.75 179120.75 179120.75 179120.75
Receipts 71-75 203015.45 203015.45 203015.45 203015.45 203015.45
Total $9,810,461
Average $130,806
NPV 3% $3,246,679.16
NPV 4% $2,459,494.25
NPV 6% $1,574,141.89
NPV 8% $1,124,501.87
Assumptions Case 3A Inflation at 4% Units=180 P.P. $450,000 P.P. in NPV
Example A 130 units
Example B 180 units
Term 75 years
Base Rent $35 per unit per month
Inflation Rate 4 %
Minto P. P. 450,000
Area 7 acres
Present Value 3 to 8%
Cashflow 0-75 ($450,000) $75,600 $75,600 $75,600 $75,600 $75,600 $75,600 $75,600 $75,600 $75,600 $75,600 95770.08 95770.08 95770.08 95770.08 95770.08 95770.08 95770.08 95770.08 95770.08 95770.08 108545.81 108545.81 108545.81 108545.81 108545.81 108545.81 108545.81 108545.81 108545.81 108545.81 123025.82 123025.82 123025.82 123025.82 123025.82 123025.82 123025.82 123025.82 123025.82 123025.82 139437.46 139437.46 139437.46 139437.46 139437.46 139437.46 139437.46 139437.46 139437.46 139437.46 158038.42 158038.42 158038.42 158038.42 158038.42 158038.42 158038.42 158038.42 158038.42 158038.42 179120.75 179120.75 179120.75 179120.75 179120.75 179120.75 179120.75 179120.75 179120.75 179120.75 203015.45 203015.45 203015.45 203015.45 203015.45
Total $9,360,461
Average $123,164
NPV 3% $2,715,222
NPV 4% $1,932,206.01
NPV 6% $1,060,511.22
NPV 8% $624,538.77
IRR 18%
Assumptions Case 3B Inflation at 4% 180 Units Verifying Case 3
Example A 130 units
Example B 180 units
Term 75 years
Base Rent $35 per unit per month
Inflation Rate 4 %
Minto P. P. 450,000
Area 7 acres
Present Value 3 to 8%
Cashflow 0-75 $75,600 $75,600 $75,600 $75,600 $75,600 $75,600 $75,600 $75,600 $75,600 $75,600 95770.08 95770.08 95770.08 95770.08 95770.08 95770.08 95770.08 95770.08 95770.08 95770.08 108545.81 108545.81 108545.81 108545.81 108545.81 108545.81 108545.81 108545.81 108545.81 108545.81 123025.82 123025.82 123025.82 123025.82 123025.82 123025.82 123025.82 123025.82 123025.82 123025.82 139437.46 139437.46 139437.46 139437.46 139437.46 139437.46 139437.46 139437.46 139437.46 139437.46 158038.42 158038.42 158038.42 158038.42 158038.42 158038.42 158038.42 158038.42 158038.42 158038.42 179120.75 179120.75 179120.75 179120.75 179120.75 179120.75 179120.75 179120.75 179120.75 179120.75 203015.45 203015.45 203015.45 203015.45 203015.45
Total $9,810,461
Average $130,806
NPV 3% $3,246,679
NPV 4% $2,459,494.25
NPV 6% $1,574,141.89
NPV 8% $1,124,501.87
IRR #DIV/0!
Assumptions Case 3C Inflation at 4% 180 Units Calculating IRR P.P. not in NPV
Example A 130 units
Example B 180 units
Term 75 years
Base Rent $35 per unit per month
Inflation Rate 4 %
Minto P. P. 450,000
Area 7 acres
Present Value 3 to 8%
Cashflow 0-75 ($450,000) $75,600 $75,600 $75,600 $75,600 $75,600 $75,600 $75,600 $75,600 $75,600 $75,600 95770.08 95770.08 95770.08 95770.08 95770.08 95770.08 95770.08 95770.08 95770.08 95770.08 108545.81 108545.81 108545.81 108545.81 108545.81 108545.81 108545.81 108545.81 108545.81 108545.81 123025.82 123025.82 123025.82 123025.82 123025.82 123025.82 123025.82 123025.82 123025.82 123025.82 139437.46 139437.46 139437.46 139437.46 139437.46 139437.46 139437.46 139437.46 139437.46 139437.46 158038.42 158038.42 158038.42 158038.42 158038.42 158038.42 158038.42 158038.42 158038.42 158038.42 179120.75 179120.75 179120.75 179120.75 179120.75 179120.75 179120.75 179120.75 179120.75 179120.75 203015.45 203015.45 203015.45 203015.45 203015.45
Total $9,810,461
Average $130,806
NPV 3% $3,246,679
NPV 4% $2,459,494.25
NPV 6% $1,574,141.89
NPV 8% $1,124,501.87
IRR 18%