A real estate investor is considering purchasing a rental property that costs $500,000. The investor plans to rent out the property for $3,000 per month and anticipates an annual rental income growth rate of 3%. The investor estimates that the annual expenses for the property will be $20,000 and the property will have a resale value of $600,000 in 10 years. The investor requires a minimum annual return of 10%. Should the investor purchase the property?