Year No.   1 2 3 4 5 Totals
Year   2008 2009 2010 2011 2012  
Cumulative Units Sold, Start of Year   0 4 8 12 16 20
Units Sold During Year   4 4 4 4 4 20
Avg. Anticipated Retail Price/Unit   $77,000 $84,700 $93,170 $102,487 $112,736  
               
TOTAL SELLOUT REVENUES   $308,000 $338,800 $372,680 $409,948 $450,943 $1,880,371
               
SELLOUT EXPENSES              
Selling Commissions 5.0% $15,400 $16,940 $18,634 $20,497 $22,547 $94,019
Admin., Taxes & Closing Costs 1.0% $3,080 $3,388 $3,727 $4,099 $4,509 $18,804
Total Selling Expenses   $18,480 $20,328 $22,361 $24,597 $27,057 $112,822
               
NET SALE PROCEEDS   $289,520 $318,472 $350,319 $385,351 $423,886 $1,767,549
               
               
NET RENTAL INCOME $6,783 $135,660 $119,381 $89,536 $59,690 $29,845 $434,112
LESS: OPERATING EXPENSES $2,713 $54,253 $47,742 $35,807 $23,871 $11,936 $173,609
NET OPERATING INCOME   $81,407 $71,638 $53,729 $35,819 $17,910 $260,503
               
NET CASH FLOW (US Dollars)   $370,927 $390,110 $404,048 $421,170 $441,796 $2,028,052
Exchange Rate   0.640 0.704 0.774 0.852 0.937  
NET CASH FLOW (Euros)   €237,393 €274,638 €312,895 €358,770 €413,973 €1,597,669
               
INTERNAL RATE OF RETURN (IRR) US Dollars 10.0%            
INTERNAL RATE OF RETURN (IRR) Euros 17.1%