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#17- You are considering the purchase of a small income-producing property for $150,000 that is expected to produce the following net cash flows.

imagesEnd of Year Cash Flow

1 $50,000

2 50,000

3 50,000

4 50,000

Assume your required internal rate of return on similar investments is 11 percent. What is the net present value of this investment opportunity? What is the going-in internal rate of return on this investment? Should you make the investment?

#3 Part A-

An investor has projected three possible scenarios for a project as follows:

PessimisticNOI will be $200,000 the first year, and then decrease 2 percent per year over a five-year holding period. The property will sell for $1.8 million after five years.

Most likelyNOI will be level at $200,000 per year for the next five years (level NOI) and the property will sell for $2 million.

OptimisticNOI will be $200,000 the first year and increase 3 percent per year over a five-year holding period. The property will then sell for $2.2 million.

The asking price for the property is $2 million. The investor thinks there is about a 30 percent probability for the pessimistic scenario, a 40 percent probability for the most likely scenario, and a 30 percent probability for the optimistic scenario.

Compute the IRR for each scenario.