What is your annual NOI? Your property has four units, all occupied. Two rent for $1,200 per month, and two rent for $1,350 per month. Assume Vacancy and Bad Debt (combined) of 4%. Expenses are as follows:  Property Taxes: $3,800  Insurance: $1,400  Water: $1,650  Sewer: $700  Repairs: $2,750  Advertising: $350  Supplies: $575  Lawn and snow: $550  Depreciation: $2,700