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Operating Income Statement 092096 One- to Four-Family Investment Property and Two- to Four-Family Owner-Occupied Property Property Address 1924 Water St NESalemOR97301 StreetCityStateZip Code General Instructions: This form is to be prepared jointly by the loan applicant, the appraiser, and the lender's underwriter. The applicant must complete the following schedule indicating each unit's rental status, lease expiration date, current rent, market rent, and the responsibility for utility expenses. Rental figures must be based on the rent for an "unfurnished" unit. CurrentlyExpirationCurrent RentMarket RentPaidPaid RentedDatePer MonthPer MonthUtility ExpenseBy OwnerBy Tenant Unit No. 1YesNo$0$3,250 Electricity Unit No. 2YesNo$$Gas Unit No. 3YesNo$$Fuel Oil Unit No. 4YesNo$$Fuel (Other) $$3,250 Water/Sewer Total Trash Removal The applicant should complete all of the income and expense projections and for existing properties provide actual year-end operating statements for the past two years (for new properties the applicant's projected income and expenses must be provided). This Operating Income Statement and any previous operating statements the applicant provides must then be sent to the appraiser for review, comment, and/or adjustments next to the applicant's figures (e.g. Applicant/Appraiser 288/300). If the appraiser is retained to complete the form instead of the applicant, the lender must provide to the appraiser the aforementioned operating statements, mortgage insurance premium, HOA dues, leasehold payments, subordinate financing, and/or any other relevant information as to the income and expenses of the subject property received from the applicant to substantiate the projections. The underwriter should carefully review the applicant's/appraiser's projections and the appraiser's comments concerning those projections. The underwriter should make any final adjustments that are necessary to more accurately reflect any income or expense items that appear unreasonable for the market. (Real estate taxes and insurance on these types of properties are included in PITI and not calculated as an annual expense item) Income should be based on the current rents, but should not exceed market rents. When there are no current rents because the property is proposed, new, or currently vacant, market rents should be used. Annual Income and Expense Projection for Next 12 months Adjustments by Income(Do not include income for owner-occupied units)By Applicant/AppraiserLender's Underwriter Gross Annual Rental (from unit(s) to be rented)(Market)$39,000$ Other Income (include sources)++ Total$39,000$ –– Less Vacancy/Rent Loss 1,560(4%)(%) Effective Gross Income$37,440$ Expenses(Do not include expenses for owner-occupied units) Electricity Gas Fuel Oil Fuel(Type -) Water/Sewer Trash Removal Pest Control Other Taxes or Licenses 6,000 Casual Labor 350 This includes the costs for public area cleaning, snow removal, etc., even though the applicant may not elect to contract for such services. Interior Paint/Decorating 350 This includes the costs of contract labor and materials that are required to maintain the interiors of the living unit. General Repairs/Maintenance 400 This includes the costs of contract labor and materials that are required to maintain the public corridors, stairways, roofs, mechanical systems, grounds, etc. Management Expenses 2,340 These are the customer expenses that a professional management company would charge to manage the property. Supplies 500 This includes the costs of items like light bulbs, janitorial supplies, etc. Total Replacement Reserves - See Schedule on Pg. 2 648 Miscellaneous Total Operating Expenses$10,588$ This Form Must Be Reproduced By Seller Freddie MacFannie Mae Page 1 of 2 Form 998 Aug 88Form 216 Aug 88 Scott Lepman Company Form INC2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE