You are analyzing an apartment building with $8$ rental units. The market evidence reveals that each unit should rent for $$475$ per month and the local vacancy rate is $10\%.$ Variable expenses are estimated to be $30\%$ of EGI and fixed expenses are estimated to be $$200$ per month. The market derived cap rate is $9\%.$ You borrow $75\%$ loan to value ratio at $11\%,$ fixed rate, fully amortized, $20$ year loan with monthly payments. You depreciate the property over $27\mathrm{.}5$ years on a straight line basis. You purchase the property at market value which was determined using direct capitalization. Respond to the following with each response being worth $1$ point. All responses are for first year of operation. Tax bracket $=31\%.$ Land is worth $$10,000.$ Show work below! Ignore half month convention rule on depreciation.

BTCF $($without$)=$

BTCF $($with$)=$

ATCF $($without$)=$

ATCF $($with$)=$

Rate of Return ATCF $($without$)=$

Rate of Return ATCF $($with$)=$