Given the following owner's income and expense estimates for an apartment property, formulate a reconstructed operating statement for the next 12 months of rental operations. The building consists of 10 units that could rent for $550 per month each. Required: Estimating vacancy and collection losses at 5 percent of potential gross income, reconstruct the operating statement to obtain an estimate of first-year NOL. Assume an above-line treatment of CAPX. Remember, there may be items in the owner's statement that should not be included in the reconstructed operating statement. Using the NOI and on A0 of 11.0 percent, calculate the property's indicated market value. Note: Round your finat answer to the nearest thousand