You are contemplating the purchase of a 10-unit condo and plan on renting each unit out at $700 per month. After looking at the owner's books, you have determined that the annual vacancy rate is 10%. And there is additional revenue from vending and parking of $500 per month. Expenses on operations, maintenance, cleaning, and up-keep average about $15.000 annually with all of this in mind, and the fact that similar properties in the area are selling using an equity cap rate of 8%, how much should you offer on the building? O a) $765,000 b) $820,000 d) None of the above c) $825.000