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John Johnson is a local real estate investor and he has hired you to represent him in the purchase of a residential building on Highway 100 in Nashville with six units. Each unit is currently rented by young professionals. Two of the units rent for $750 per month, two of the units rent for $1,000 per month, and the two top floor units rent for $1,300 per month. According to the information provided by the seller's broker, the annual expenses of the building for 2020 are listed below: Mortgage Interest $6,975 Property Taxes $4,500 Property Insurance $1,900 Water $1,800 Sewer $800 Repairs $2,900 Supplies $475 Landscaping $425 Depreciation $3,500 24 For purposes of the following questions, assume that you are able to confirm the accuracy and reasonableness of these amounts. In addition, assume that John's marginal federal income tax rate is 24% and a reasonable vacancy allowance of 4% even though all units are currently rented. The seller's agent told you that the seller believes that a capitalization rate of 4% is appropriate for this building. However, based upon your research of recent sales of residential rental properties in this area of town over the past 12 months, you have determined that a capitalization rate of 7% would be reasonable and advise John to make his offer based on same. What is John's offer? (10 points) What is the difference between John's offer and the seller's price? (10 points) Assuming a loan-to-value ratio of 70%, how much will John have to put down if he buys at the seller's price? (10 points) . Finally, what is John's monthly mortgage payment if the loan term is 20 years and the annual interest rate is 3.25%? (10 points)