You are considering investing in a real estate project. It is an eight-flex in a rural part of Oregon. Each unit rents for $600 per month. Your friend Mario is willing to finance your project, but it is going to cost you. Calculate the rental cash flows of the apartment building assuming three different occupancy discount scenarios, one at 5%, 10%, and 15%. Your model should have line items for rental revenue, management expenses (10$ of revenue), depreciation (straight line over 30 years) and taxes (25%). Create a sensitivity table with discount rates along the top and the three scenarios in rows like that below.

	5%	10%	15%
5%	NPV	NPV	NPV
10%	NPV	NPV	NPV
15%	NPV	NPV	NPV

Use discount rates of 5%, 10%, and 15%. Your sensitivity table should hold NPVs for the property.