An investor group is considering buying an existing private golf course. In the opening negotiation, the seller has acknowledged that renovations approaching $500,000 must be made to the course and facilities. The seller has agreed to discount the selling price of the course based on this required renovation, rather than completing the renovations prior to sale. Calculate the valuation of the golf course based on the prior 12 months cash flow, discounted by the estimated renovation expense. Insert your formula in the Yellow highighted cell. Capitalization Rate Required Renovation An investor group is considering buying an existing private golf course. In the opening negotiation, the seller has acknowledged that renovations approaching $500,000 must be made to the course and facilities. The seller has agreed to discount the selling price of the course based on this required renovation, rather than completing the renovations prior to sale. Calculate the valuation of the golf course based on the prior 12 months cash flow, discounted by the estimated renovation expense. Insert your formula in the Yellow highighted cell. Capitalization Rate Required Renovation