As a financial advisor, what will you tell your client, Ryan, he should be willing to pay for an investment property that he plans to buy today and hold for $5$ years and then sell, given the following cash flows and the fact that he expects $11\%$ on any investment he makes?

Inflows

Outflows

Net

Initial Outlay

$$0$

Year $1$

$$45,000$

$$55,000$

$($$$10,000)$

Year $2$

$$55,000$

$$20,000$

$$35,000$

Year $3$

$$55,000$

$$20,000$

$$35,000$

Year $4$

$$255,000$

$$35,000$

$$220,000$