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Given: Annual debt service $20,876 Vacancy and collection loss 4% Depreciation 10,000 PGI 46,200 Interest 3500 Operating expenses 18,400 Marginal tax rate 28% All numbers

Given: Annual debt service $20,876

Vacancy and collection loss 4%

Depreciation 10,000

PGI 46,200

Interest 3500

Operating expenses 18,400

Marginal tax rate 28%

All numbers are annual.

What is the before tax cash flow?

What is the after-tax cash flow?

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