Note 9 - Single Family Residence Acquisitions

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Note 9 - Single Family Residence Acquisitions

9.       Single Family Residence Acquisitions

As of June 30, 2016, the Company owns 48 single family homes. The estimated useful life of the buildings and improvements related to these assets is 27 years. The following table sets forth the metropolitan statistical area, metropolitan division, number of homes, aggregate net investment, and average investment for each home acquired.

MSA / Metro Division	Number of Homes		Aggregate Investment		Average Investment per Home
Arizona	42	$	8,651,406	$	205,986
California	3		1,650,000		550,000
Texas	3		365,686		121,895
Total and Weighted Average	48	$	10,667,092	$	222,231

The Company computes depreciation using the straight-line method over the estimated useful lives of 27 years for building cost. The Company makes this determination based on subjective assessments as to the useful lives of the Company’s properties for purposes of determining the amount of depreciation to record on an annual basis with respect to our investments in single family real estate.