You have the opportunity to purchase a distressed property for $200,000. Acquisition expenses are expected to be: Legal: Inspection: Payoff tax lien: Closing costs: $2,000 $500 $8,000 $7,200 You will finance the purchase with a 30-year, 90 LTV loan at 5%, interest-only. Renovation expenses are estimated as follows: Drywall/paint Utilities: Carpet: $6,000 Cabinets: $3,000 Roof: $8,000 Plumbing/Elec. Taxes: $4,000 Insurance: Upon sale of the property, you will pay a broker commission of $6,000. If you plan a holding period of 12 months, what price would you need to realize on sale if you require a return on investment of 75%? $1,500 $200 $3,000 $1,000