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Tristan owns 2 0 condominiums on the Gulf Coast of Florida ( lucky . . . ) . The condominiums rent for $ 9 ,

Tristan owns 20 condominiums on the Gulf Coast of Florida (lucky...). The condominiums rent for $9,167 per month. Tristan has a 10% vacancy rate and his total expenses for the year are $1,500,000. He pays $250,000 on his mortgage where $50,000 represents the interest. Assuming a 10% required rate of return, how much would an investor be willing to pay for the property?

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