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Net rent received, after deducting a vacancy and bad debt loss, is $300,000/year. Owner's Expenses: Supplies $3,000 Manager's Salary $20,000 Replacement Reserves $12,000 Electricity $23,000

Net rent received, after deducting a vacancy and bad debt loss, is $300,000/year.

Owner's Expenses: Supplies $3,000 Manager's Salary $20,000 Replacement Reserves $12,000 Electricity $23,000 Water $4500

Real Estate Property Taxes $20,000 Property Insurance (2-year Premium Payment) $18,000

Depreciation $36000 Janitor's Salary $15,000 Interest on Mortgage $22,000 Miscellaneous Repairs $16000

NOI is __. Please list the calculation procedure

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