Led by Chief Executive Officer, Kyle Bach, The Annex Group, LLC (Annex) is a fast-growing Indianapolis based company focused on both market rate student housing properties that are leased primarily to students and affordable housing apartments located in college towns that are leased primarily to non-students. In 2018 Annex was listed as the 7th fastest growing private company in central Indiana by the Indianapolis Business Journal. Like many fast-growing companies in capital intensive industries like real estate, The Annex Group sometimes considers joint ventures to help fund its projects. One such project is the Annex on 10th development near the IUPUI campus in Indianapolis, Indiana. Hageman Group was the joint venture equity partner for the initial development of the Annex on 10th project. Annex on 10th development is an apartment complex. The following details are collected for feasibility analysis: The purchase price is $1,000,000. Potential gross income (PGI) for the first year of operations is projected to be $171,000. PGI is expected to increase at 4 percent per year. No vacancies are expected. Operating expenses are estimated at 35 percent of effective gross income. Ignore capital expenditures. The market value of the investment is expected to increase 4 percent per year. Selling expenses will be 4 percent. The holding period is 4 years. The appropriate unlevered rate of return to discount projected NOIs and the projected NSP is 12 percent. The required levered rate of return is 14 percent. 70 percent of the acquisition price can be borrowed with a 30-year, monthly payment mortgage. The annual interest rate on the mortgage will be 8.0 percent. Financing costs will equal 2 percent of the loan amount. There are no prepayment penalties. Can you help Annex Group to provide a detailed pro-forma DCF analysis for this project