An investor wants to purchase a twenty unit apartment complex. Ten units rent for $$300$ per month, five for $$325,$ and five for $$350.$ Vacancy and collection losses are estimated to be five percent of the potential gross income. Operating expenses are expected to be $$31,950.$ Use a capitalization rate of ten percent. What should the investor pay for the property?

Multiple Choice

$$ $$407,250$

$$ $$400,000$

$$ $$380,500$

$$ $$453,900$