1. If the net income after all operation expenses but before capital recapture form a small apartment house is estimated to be $45,000 per year, what is the estimated value of this property using the income approach, if first mortgages are available for 75% the purchase price at 8.5% interest and the owner's equity requires a 20% return on investment and the remaining expected life of the building is 50 years. a) What is the weighted average cost of capital before adjustment for capital recapture? b) What is the capitalization rate after adjustment for capital recapture? c) What is the estimate value of this property using the income approach