Purchase price $800,000 LTV 75% Term & Am 15 years Interest rate 4% Closing costs $12,000 Holding period 6 years Annual income taxes (below) Marginal tax rate 30% (aka ordinary inc tax) Taxes due on sale $200,000 Discount rate (before tax) 15% Selling expenses 3% Exit cap rate 5% Operations YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 CAPEX $ 33,000 $ 38,000 $41,000 $47,000 $51,000 $ 56,000 $61,000 $(5,000) $ (6,000) $(7,000) $ (8,000) $(9,000) $ (10,000). PBTCF Income taxes on annual operations $28,000 $32,000 $34,000 $ 39,000 $42,000 $46,000 $ (5,000) $ (6,000) $ (7,000) $ (8,000) $ (9,000) $ (10,000) What is the before tax IRR for this investment?