You want to refinance your income property and the appraiser decides to use the income method by applying an aggregate discount rate (AGR) calculated by cost. You applied for an 80% mortgage, amortized over 30 years, at an interest rate of 3.10%. Investors in the market expect a return on their equity of 13%.

Estimate the market value of the subject property knowing that the actual gross income is estimated at $ 57,300 and the operating expenses represent 20% of the actual gross income.