A real estate investor is considering purchasing a small warehouse. Analysis has resulted in the following facts - The asking price is $450,000 - There are 10,000 square feet of leasable area. - The expected rent is $5 per square foot per year, rents are expected to increase 5 percent per year Since the property is leased to an AAA-grade tenant for 25 more years, no vacancy factor is deducted - The tenant will pay all operating expenses except property taxes and insurance. These two expenses will equal 20 percent of the effective gross income (EG) each year - The investor can borrow 80 percent of the total cost for 20 years at an interest rate of 7 percent with monthly payments and total upfront financing costs equal to 3 percent of the amount borrowed - 85 percent of the total acquisition cost is depreciable over the useful life of 39 years using the straight-lino method (no personal property) - The investor expects to sell the property at the end of year 5 - The investor's ordinary income tax rate is 30 percent - No capital expenditures hove been made since acquisition Required: Compute the after-tax cash flows from annual rental operations over the five-year housing period. (Round your final answer to nearest whole dollor amount.)