best method refers to npv method

Suppose you have noticed a run-down office building in downtown Chicago that you think has possibilities. You can buy it for $420,000 and invest $300,000 more in renovations. You expect to lease it out for 20 years at $ 110,000 per year with the first payment coming in one year. You also expect to sell the building for $250,000 in 20 years. The cost of capital is 12%. Evaluate this project using the payback method as well as the best method