2) A property produces a PGI of $180,000. Market vacancy rate is estimated at 7%. The OER is 40% which is also indicative of the market. For this type of property, lenders observe a strict adherence to a coverage ratio (DCR) of 1.30. Financing is available at 4.5% with monthly payments for 15 years. The anticipated growth in NOI is 3% per year, compounded: and property value appreciation rate is 3% per year, compounded over 5 year holding period. Assuming a before-tax equity yield requirement of 12%, price (or value) this property on BTCF basis utilizing the Discounted Cash Flow framework and the Gordon Model of property value growth. (20%)