(25 points) PGI for your subject property is currently $250,000 per year. You expect rents to stay flat over the next two years but then to grow at an annual rate of 3%. Operating expenses are currently $50,000 and expected to grow 3% annually. Vacancy is currently 10% but should drop to 5% in the third year and stay at that rate for the remainder of the 5-year holding period. Create the pro forms cash flow statement for the next 6 years. Find the expected resale value in year 5 with a 10% capitalization rate. Estimate the property value today if the appropriate discount rate is 8%