Offered by Gorial Realty LLC   
     
  INCOME & EXPENSES  
  SUNRISE MOBILE HOME PARK  
  MARSHALL, MICHIGAN  
   
  YEAR 2003   2004   2005 Actual   New Budget   Comments  
                       
  TOTAL INCOME 65,754 % 60,235 % 61,119 % 65,160 %    
             
  EXPENSES                     
  Water / Sewer 0 0.00% 0 0.00% 0 0.00% 0 0.00%    
  Gas / Electric 3,067 4.66% 4,389 7.29% 7,728 12.64% 7,728 11.86%    
  Maintenance/Repair 3,148 4.79% 2,175 3.61% 2,734 4.47% 2,734 4.20%    
  Legal Accounting  0 0.00% 0 0.00% 0 0.00% 0 0.00%    
  Management Salary  0 0.00% 0 0.00% 0 0.00% 0 0.00%    
  Office Supplies 484 0.74% 464 0.77% 100 0.16% 100 0.15%    
  Property Insurance  1,968 2.99% 1,809 3.00% 1,800 2.95% 1,800 2.76%    
  Telephone  301 0.46% 0 0.00% 113 0.19% 113 0.17%    
  Snow Removal 0 0.00% 0 0.00% 0 0.00% 0 0.00%    
  Trash Removal  1,442 2.19% 1,538 2.55% 2,142 3.51% 2,142 3.29%    
  Advertising  0 0.00% 0 0.00% 0 0.00% 0 0.00%    
  Payroll 0 0.00% 0 0.00% 0 0.00% 0 0.00%    
  Property Tax  4,602 7.00% 4,875 8.09% 3,042 4.98% 3,042 4.67%    
  Auto Expense  0 0.00% 0 0.00% 0 0.00% 0 0.00%    
  Licenses 0 0.00% 0 0.00% 0 0.00% 0 0.00%    
  Utilities 2,775 4.22% 3,692 6.13% 3,635 5.95% 3,635 5.58%    
  Other 0 0.00% 0 0.00% 0 0.00% 0 0.00%    
  Other 0 0.00% 0 0.00% 0 0.00% 0 0.00%    
  Other 0 0.00% 0 0.00% 0 0.00% 0 0.00%    
  Miscellaneous  0 0.00% 0 0.00% 0 0.00% 0 0.00%    
  TOTAL EXPENSES  17,788 27.05% 18,942 31.45% 21,295 34.84% 21,295 32.68%    
  NET OPERATING INCOME  47,966 72.95% 41,293 68.55% 39,824 65.16% 43,865 67.32%    
     
  Caps 8% 8.50% 9% 9.50% 10% 10.50% 11% 11.50%    
  2005 Actual $497,794 $468,512 $442,484 $419,195 $398,235 $379,272 $362,032 $346,292    
  New Budget $548,307 $516,053 $487,384 $461,732 $438,645 $417,757 $398,768 $381,431    
                       
  Text Box: Comments: New Budget is based on the actual 2005 expenses and the most current (May 1st 2006) rent roll as well as a $5.00 rent increase as of August 1, 2006.