An individual acquires a rental property at a cost of $350,000 (ignore land cost). It is rented for $1,500 per month for the entire year. During the year, the taxpayer incurred several costs related to the rental property: mortgage payments of $8,500 ($2,500 are principal payments and the rest is interest), condo fees of $2,400, and property taxes of $4,500. Compute net rental income.