Bob purchased a $1,300,000 property which produced annual Net Operating Income of $85,000 in the first year of operations. The property was financed with a fully amortising constant payment loan with a 75% Loan-to-Value ratio with monthly payments over 26 years at an annual interest rate of 4.89%. The NOI is expected to increase by 3.50% in Year 3 and in Year 6. The property will be held for five [5] years and then sold using a 4.80% capitalisation rate. Bob's Required Rate of Return is 14.00%. Estimate the annual pro forma and calculate the NPV (net present value) of the equity investment.