Consider the following information for the first year of a proposed commercial property acquisition: effective gross income is estimated to be $$1\mathrm{.}8$ million; total outgoings are $$490,000$; the investor has a $35\%$ marginal tax rate. The asking price is $$12\mathrm{.}5$ million. The property is going to be acquired with a $75\%$ loan to value ratio mortgage, interest$-$only with a $10-$year term and $6\%$ p$.$a$.$ interest rate. Depreciation is straight$-$line over $39$ years. It is estimated that the depreciation expense is $$320,000$ in year $1.$

What is the net income of the property in Year $1?(1$ Mark$)$

Using an appropriate financial ratio, discuss the chances of loan approval for this investment. $(3$ Marks$)$

Determine the first$-$year equity after$-$tax cash flow $($EATCF$)$ if there are no capital improvement expenditures or reversion items in Year $1.(3$ Marks$)$