You are an investor considering the purchase of a 90-unit apartment complex. The property has annual gross rental receipts of roughly $500,000; there is no nonrental income. Data from the market indicate an 8% vacancy and credit loss. A stove, refrigerator and dishwasher is furnished with each apartment. The stove has an estimated economic life of 7 years and a replacement cost of $550. The dishwasher has an economic life of 5 years and a cost of $400. The refrigerator has an economic life of 10 years and a cost of $700.00. Expenses are estimated at: Real Estate Taxes= $26,500 Maintenance and Repair = $27,929 Management Fees= $40,000 Real Estate Insurance= $35,000 Utilities= $16,200 What is the project's Stabilized Net Operating Income ("S"NOI)?

a. $184,000

b. $314,371

c. $310,000

d. $316,000

$293,800