You are an employee of a consultant company and have been given the following information to do an investment analysis of a new small income$$producing property for sale to a potential investor. What is the after tax NPV using a $10\%$ after tax equity discount rate? $($round your final answer to whole numbers$)$

Asking Price

$$2,000,000$

Rent Year $1$

$$300,000$

Growth Rent

$3\%$

Vacancy and Coll Loss

$10\%$

of rents

Expenses

$30\%$

of EGI

Appreciation Rate

$3\%$

Tax Considerations

Building Value

$$1,800,000$

Depreciation

$39$

years

Ordinary Income Tax Rate

$35\%$

Capital Gains Tax Rate

$20\%$

Depreciation Recapture Tax Rate

$25\%$

LTV

$70\%$

Loan Interest

$4\%$

Loan Term

$30$

years

Payments Per Year

$12$

Holding Period

$3$

years

Selling Costs

$0\%$

of sale price

Equity Discount Rate

$14\%$

After Tax Equity Discount Rate

$10\%$

The above information results in the following investment analysis.

Equity

$$600,000$

Loan

$$1,400,000$

Annual Loan Payment

$$80,206$

Mortgage Balance

$$1,322,982$

year

$3$

Summary Loan Information

End of Year

$1$

$2$

$3$

Payment

$$80,206$

$$80,206$

$$80,206$

Mortgage Balance

$$1,375,345$

$$1,349,687$

$$1,322,982$

Interest

$$55,551$

$$54,547$

$$53,501$

Principal

$$24,655$

$$25,659$

$$26,704$

Year

$1$

$2$

$3$

PGI

$$300,000$

$$309,000$

$$318,270$

VCL

$$30,000$

$$30,900$

$$31,827$

EGI

$?$

$?$

$?$

Expenses

$$81,000$

$$83,430$

$$85,933$

NOI

$$189,000$

$$194,670$

$$200,510$

Debt Service

$$80,206$

$$80,206$

$$80,206$

BTCF

$?$

$?$

$?$

NOI

$$189,000$

$$194,670$

$$200,510$

Less: Interest

$$55,551$

$$54,547$

$$53,501$

Less Depreciation

$$44,231$

$$46,154$

$$46,154$

Taxable Income

$$89,218$

$$93,969$

$$100,855$

Tax$($Savings$)$

$$31,226$

$$32,889$

$$35,299$

ATCF

$?$

$?$

$?$

Cash Flow from Sale in Year

$3$

Sale Price

$$2,185,454$

Sales Costs

$$0$

Mortgage Balance

$$1,322,982$

BTCF

$?$

Original Cost Basis

$$2,000,000$

Accumulated Depreciation

$$136,538$

Adjusted Basis

$$1,863,462$

Capital Gain

$$321,992$

Depreciation Recapture

$$136,538$

Price Appreciation

$$185,454$

Tax on Price Appreciation

$$37,091$

Tax on Depreciation Recapture

$$34,135$

Total Capital Gain Tax

$$71,225$

After Tax Cash Flow from Sale

$?$

What is the after tax NPV using a $10\%$ after tax equity discount rate? $($round your final answer to whole numbers$)$