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You are considering the purchase of a property with the following information: - Gross Annual Rents = $88.625 - Vacancy Rate 9.61% - Net Operating

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You are considering the purchase of a property with the following information: - Gross Annual Rents = \$88.625 - Vacancy Rate 9.61% - Net Operating Income =$53,207 - Property Management Fee =9% - Purchase Price = $303,178 What is the cap rate on this property? Answer should be formatted as a percent with two decimal places

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