Question $2$

$9\mathrm{.}5$ pts

ABC Bank has title to a $2,993-$square$-$foot, three$-$bedroom, two$-$bath home situated on one$-$quarter acre of land. The bank acquired the property at auction for the loan balance owed by a previous owner and has added this property to its REO list. It has indicated that the asking price for the property is $$127$ per square foot and that it can convey a general warranty deed to the purchaser. GMI Sharpe Investors is considering the purchase of this property. Market and legal research costs are $$1,378.$ Renovation costs are $$25,733.$ Inspection costs are $$894.$ Expected sale price is $$166$ per square foot. Expected selling expenses are $4\%$ of the sale price. Elimination of liens will cost $$5,521.$ Interest on investor financing is $$2,079.$ Insurance and property taxes are $$6,400.$

What is the profit?