You are analyzing the acquisition of an apartment complex at a price of $5M and with the following data, gross potential rent-$1.2M, parking income-$30K, late fee income-$20K, vacancy at 5%, operating expenses (excluding management fee)-$680K, management fee-$50K, new roof cost- $75K, debt service of $175K and projected cost of installing new car garages-$78K. What is the propertys net operating income?

A) $460,000 B) $327,000 C) $405,000 D) $480,000