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A real estate broker is offering a commercial property building for sale that has the following characteristics: a. The asking price is $5.5M, with land valued at $500,000. b. The 210 commercial units rent for $750 per month with rent expected to increase by 3% per year starting at year 2. C. Vacancy and bad debt allowance is 8% of the potential gross income. d. Operating expenses are expected to be 38% of effective gross income. e. The real estate agent estimates that the value of the property, net of selling expenses, will be $6.2M at the end of a five-year investment horizon. f. A 14%, 20-year mortgage for $4M is available with monthly payments. g. The cost recovery allowance recapture rate is 25%. h. The investor's ordinary income tax rate is 28%. i. The investor's capital gain tax rate is 15%. j. The appropriate discount rate for this investment (required return) is 18%. Calculate the relevant cash flows for this investment and apply the NPV and IRR rules to decide whether to pursue this project. A real estate broker is offering a commercial property building for sale that has the following characteristics: a. The asking price is $5.5M, with land valued at $500,000. b. The 210 commercial units rent for $750 per month with rent expected to increase by 3% per year starting at year 2. C. Vacancy and bad debt allowance is 8% of the potential gross income. d. Operating expenses are expected to be 38% of effective gross income. e. The real estate agent estimates that the value of the property, net of selling expenses, will be $6.2M at the end of a five-year investment horizon. f. A 14%, 20-year mortgage for $4M is available with monthly payments. g. The cost recovery allowance recapture rate is 25%. h. The investor's ordinary income tax rate is 28%. i. The investor's capital gain tax rate is 15%. j. The appropriate discount rate for this investment (required return) is 18%. Calculate the relevant cash flows for this investment and apply the NPV and IRR rules to decide whether to pursue this project