A property produces a first-year net operating income of $80,000. The property can be purchased with a loan equal to 75% of the value. The loan has an interest rate of 5.0% and monthly payments over a 20-year term. Equity investors expect an 7% equity capitalization rate. What is the value of the property?

• $1,454,545
• $1,040,312
• $1,142,857
• $1,600,000