Bohemian Apartments can be purchased for $655,000 with initial annual NOI $60,900 that is projected to grow 2.5% annually. Evaluation of the project must be completed using a discount rate of 9%. The loan used in the purchase shall be at 70% LTV, a 5.50% annual interest rate and a 30 year term. Closing costs shall be 3% and cost of sale 6.5%. Project the cash flows for a 5 year hold and determine the NPV of the project and the first year ROI.