Jeff,

I reviewed your revised offer sheet. I am OK with the effective income of $484K. Her records show basically no other income ($75/month), so I subtracted $3,000 from your number. The expenses just need to reflect $20,000 more property taxes and the numbers should be right on. $484 less $244 would be $240 of NOI. I spoke to Jim Murnane this afternoon. He feels this property would most likely warrant 7.5% and a 30 year amortization. See the attached spreadsheets.