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Sent · Dec 17, 2001, 10:22 PM

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FromAllen <phillip.allen@enron.com>
To'' <jsmith@austintx.com>

COLONIAL OAKS CASH ON CASH.xls

attachment

colonial_proforma_gthorse.xls

attachment

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.