Given the following information calculate the propertys net operating income and before- tax cash flows.

Number of units = 36 Monthly rent per unit = $1,450 Vacancy rate = 10 percent Depreciation = $60,000 per year Annual operating expenses = $198,500 Annual Miscellaneous Income = $30,000 Annual Capital Expenditures = $40,000 Loan Amount = $3,200,000 Loan Terms = 30-year fully amortizing with monthly payments Loan Interest Rate = 6.0% Taxes Paid = $100,000