Given the following information regarding an income producing property, determine the after-tax net present value (NPV):

• expected holding period: five years
• 1st year expected BTCF: $30,656
• 2nd year expected BTCF: $33,329
• 3rd year expected BTCF: $36,082
• 4th year expected BTCF: $38,918
• 5th year expected BTCF: $41,839
• 1st year expected tax liability: $7,645
• 2nd year expected tax liability: $8,658
• 3rd year expected tax liability: $9,708
• 4th year expected tax liability: $10,798
• 5th year expected tax liability: $6,951
• estimated before tax equity reversion at end of year 5: $343,674
• expected taxes due on sale at end of year 5: $32,032
• required equity investment: $214,583; discount rate: 18% (without tax)
• Tax rate on income from comparable risk investment is 30%.