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.