An investor is buying a warehouse building for $1.3 million. He is getting 30 year fully amortizing FRM at 5.25% (annual compounding and payments) for $900,000. He expects to sell the property at the end of three years with a going out cap-rate of 4.75% and selling expenses of 3% of the sales price. NOI for the first four years is expected to be $65,000. What is the equity investor's expected IRR over his three year holding period?