2. Determine the annual Net Operating Income (NOI) and the cash flow before taxes using the assumptions and facts for the following real estate investment: a) 40 Units b) Rent per unit is $1,500 per month c) Vacancy and debt losses are 5% of gross potential income d) Operating Expenses are $426,000 per year e) Debt service is 106,000, which includes $90,000 in interest f) Depreciation expense is $46,000 per annum. 3. Using the information from question #2, determine the Taxable Income or Loss. 4. Using the information from questions 2 & 3, determine the after-tax cash flow, assuming a tax rate of 42%.