Investment Project

I.  Investor Objectives And Strategies

    A. Investor Analysis

        1.  Growth Motive

        2.  Risk Affinity

        3.  Liquidity Needs

        4.  Management Experience

    B. Investor Objectives

        1.  Return Expectations

            2.  Management Involvement

            3.  Risk Objective

    C. Investment Policies

II. Local Economic Environment

    A. Aggregate Data On Population, Employment, And
        Income For The Local Area

        1.  Historic Trends

        2.  Forecast

    B. Economic Base

        1. Identification Of Base Industries

            a.  Prognosis For Change In Any Of The Base

                    b.  Identification Of Average Wage For Each Of
                Base Industries

        2. Identification Of Any New Industries Moving Into
            Area And Their Wage Levels

        3. Identification Of Service Multiplier And Projected
            Population Change Because Of Changes In The Size
            Of Economic Base

   C. Focus Upon University

        1.  Five Year Enrollment Trend

        2.  Dorm Policies Influences Apartment Occupation

        3.  Financial Aid Trend Impact

        4.  University Budget Impact

III. Market Analysis

    A. Primary Competition

        1.  Location Map

        2.  Identification Of Major Competitors

            a.  Tenant Profile

            b.  Amenities

            c.  Rents

    B. Size Of Potential Market

    C. Proposed Market Segment

IV. Merchandizing Analysis And Plan

V. Regulatory-Political Constraints

    A. Regulation-Political Constraints On Investor

   B. Regulation-Political Constraints On Property

    C. Regulation-Political Constraints On Space Users

VI. Aesthetic/Ethical Constraints

    A. Property

    B. Impact On Neighborhood

    C. Reflection On Investor

VII. Risk Analysis

    A. Identification Of Potential Risks

    B. Strategies For Mitigating The Risks

VIII. Site

    A. Map (Site Plan)

    B. Current Zoning

    C. Infrastructure

    D. Physical Difficulties With Site

    E. Location

    F. Analysis Of Development/Redevelopment Potential

IX. Improvements

    A. Size

    B. Floor Plan

    C. Amenities

    D. Deferred Maintenance

    E. Remodeling Potential

X. Feasibility Analysis

    A. Initial Costs

        1. Land

        2. Improvements

        3. Legal

        4. Architectural

    B. Expected Operating Incomes

        1.  Gross Income (Rent)

        2.  Less Vacancy and Collection Losses

        3.  Plus Laundry and Vending

        4.  Plus Forfeited Deposits

    C.  Expected Operating Expenses

        1.  Property Management

        2.  Accounting and Legal

        3.  Property Insurance

        4.  Real Estate Taxes

        5.  Repairs and Maintenance

        6.  Services

            a.  Janitorial

            b.  Lawn

            c.  Trash Removal

            d.  Snow Removal

        7.  Utilities

            a.  Electricity

            b.  Gas

            c.  Water and Sewer

        8.  Other

        9.  Reserves for Replacement

            a.  Roof

            b.  Parking lot

            c.  Washers/Dryers

       10.  Debt Service

    D. Capital Budget

    E. Financing

        1. Equity Capital Acquisition Plan

        2. Debt Acquisition Plan

    F. Profitability Analysis

XI. Assumption Analysis

    A.  Income/Expense Assumptions

    B.  Regulatory-Political Assumptions

    C.  Other Limiting Conditions