Real Estate Math
A Maine rental property has monthly income of $2,400. The owner pays $800/month in expenses (excluding mortgage). If the owner paid $240,000 for the property, the gross income multiplier (annual) is:
A8.33✓ Correct
B10.0
C12.0
D14.3
Explanation
Annual gross income = $2,400 × 12 = $28,800. GIM = $240,000 ÷ $28,800 = 8.33. Using the values given ($2,400, $800), apply the appropriate formula.. The correct answer is 8.33.. This is a common calculation on the Maine real estate exam.
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