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Monroe
Real estate value
(per Dvorak appraisal) $1,370,000
Less outstanding mortgage balance 1,220,000
Real estate equity 150,000
Plus cash and accounts receivable 436,751
Less (nonmortgage) liabilities 117,444
Partnership value 469,307
Value of 50% interest 234,653
Rocky Mount
Real estate value
(per Keith appraisal) $1,400,000
Less outstanding mortgage balance 1,380,000
Real estate equity 20,000
Plus cash and accounts receivable 339,952
Less (nonmortgage) liabilities 172,665
Partnership value 187,287
Value of 50% interest 93,643
Clinton
Real estate value
(per Keith appraisal) $665,000
Less outstanding mortgage balance 587,500
Real estate equity 77,500
Plus cash and accounts receivable 113,709
Less (nonmortgage) liabilities 32,818
Partnership value 158,391
Value of 50% interest 79,196
Beck then applied discounts to the values of the 50-percent
interests in the housing partnerships for lack of control (15
percent) and for lack of marketability (25 percent), which would
result in discounted values as follows:
Value Before Discounted
Project Discounts Value
Charlotte $99,003 $63,114
Monroe 234,653 149,591
Clinton 79,196 50,487
Rocky Mount 93,643 59,697
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