3. The income approach to property valuation is useful for what kind of buyer? Retirees Rental real estate investor . First time homebuyer 4. You have an opportunity to acquire a property from First Capital Bank. The bank recently obtained the property from a borrower who defaulted on his loan. First Capital is offering the property for $200,000. If you buy the property you will have to (1) spend $10,500 on various acquisition-related expenses and (2) exactly $2,000/month during the next 12 months for repairs in order to prepare for the sale. Because First Capital Bank would like to sell the property as soon as possible, it is willing to provide a 90% LTV mortgage at 8% for one year interest only. You believe the property will sell for $270,000 at the end of one vear. You will incur a 6% in selling costs