IRR:	5.25%			Year
					1	2	3	4	5	6	7	8	9	10
	Land	$      75,000		Down Payment	(70,000)
	Improvements	$     275,000		Interest Payment	(18,620)	(18,410)	(18,186)	(17,948)	(17,693)	(17,421)	(17,132)	(16,823)	(16,494)	(16,142)
	Purchase Price	$     350,000		Amortization	(3,156)	(3,366)	(3,590)	(3,829)	(4,083)	(4,355)	(4,644)	(4,953)	(5,283)	(5,634)
				Property Taxes	(7,000)	(7,280)	(7,571)	(7,874)	(8,189)	(8,517)	(8,857)	(9,212)	(9,580)	(9,963)
	Down Payment	20%		Insurance	(2,500)	(2,575)	(2,652)	(2,732)	(2,814)	(2,898)	(2,985)	(3,075)	(3,167)	(3,262)
	Interest Rate	6.65%		Maintenance	(1,000)	(1,030)	(1,061)	(1,093)	(1,126)	(1,159)	(1,194)	(1,230)	(1,267)	(1,305)
	Property Tax Rate	2.00%		Commissions										(29,890)
	Insurance (per year)	$2,500		Capital Gains Tax										(22,224)
	Maintenance (per year)	$1,000		Tax on Recaptured Depreciation										(25,000)
	Tax Bracket	28%		Mortgage Payoff										(237,108)
					(102,276)	(32,661)	(33,060)	(33,475)	(33,904)	(34,350)	(34,813)	(35,292)	(35,790)	(350,527)
	Rent (per month)	$        1,750
	Occupancy	97%
	Property Tax Rate	2%		Rent	21,000	21,630	22,279	22,947	23,636	24,345	25,075	25,827	26,602	27,400
	Inflation Factor	3%		Passive Loss Tax Benefit	2,274	2,146	2,014	1,876	1,732	1,582	1,426	1,263	1,093	916
	Appreciation Factor	4%		Depreciation Tax Benefit	2,800	2,800	2,800	2,800	2,800	2,800	2,800	2,800	2,800	2,800
				Sale										498,159
	Investor's AGI	$     100,000			26,074	26,576	27,093	27,623	28,168	28,727	29,301	29,891	30,496	529,276
	Passive Loss Percentage	100%
				Cash Flows	(76,203)	(6,085)	(5,968)	(5,852)	(5,737)	(5,623)	(5,511)	(5,402)	(5,294)	178,748
				Property Value	350,000	364,000	378,560	393,702	409,450	425,829	442,862	460,576	478,999	498,159
				Accumulated Depreciation	10,000	20,000	30,000	40,000	50,000	60,000	70,000	80,000	90,000	100,000
				Mortgage Balance	276,843.87	273,477.86	269,888.00	266,059.43	261,976.25	257,621.54	252,977.24	248,024.10	242,741.57	237,107.75
				Passive Loss	(8,120.00)	(7,665.12)	(7,191.73)	(6,698.88)	(6,185.56)	(5,650.69)	(5,093.15)	(4,511.72)	(3,905.11)	(3,271.97)