A house worth $$550$k is expected to earn $$70$k pa gross rent revenue and incur rental costs of $$10$k pa over the next year. Note that the units $\text{'}$k$\text{'}($Greek kilo$)$ represent thousands. Assume that these cash flows are expected one year from now, so they$$re received and paid annually in arrears.

If the gross rent revenue and costs increase by $-2\%$ per annum $($note the negative sign$)$ and houses can be valued as a perpetuity, what is the internal rate of return $($IRR$)$ of this house asset? Ignore taxes.