Real Estate Math
A rental property in Connecticut has potential gross income of $96,000. Vacancy is 5% and operating expenses are $35,000. The cap rate is 6%. What is the property value?
A$961,667
B$936,667✓ Correct
C$864,167
D$1,084,000
Explanation
EGI = $96,000 × 0.95 = $91,200.
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