Real Estate Math
A Michigan landlord collects $1,200/month on a lease. Annual property taxes are $2,400, insurance is $1,200, and repairs total $600. What is the annual NOI?
A$10,200✓ Correct
B$14,400
C$12,000
D$11,400
Explanation
Annual gross rent = $1,200 x 12 = $14,400. Annual expenses = $2,400 + $1,200 + $600 = $4,200.
Related Michigan Real Estate Math Questions
- A Michigan buyer's loan-to-value ratio is 80% on a $420,000 purchase. What is the down payment amount?
- A Michigan agent receives a 3% commission on a $340,000 sale. How much is the commission?
- A Michigan investor pays $500,000 for a commercial building and expects an 8% return on investment. What annual NOI is required?
- A Michigan buyer's loan is $220,000 at 6.5% annual interest. What is the first month's interest payment (interest only)?
- A 10,000 sq ft Michigan lot sells for $2.50 per square foot. What is the total price?
- A Michigan property has an NOI of $50,000 and sells at a 7.5% cap rate. What is the sale price?
- A Michigan investor buys a four-unit building for $480,000. Each unit rents for $900/month. What is the gross rent multiplier (monthly basis)?
- A Michigan property's taxable value is $110,000 with a millage rate of 38 mills. What are the annual property taxes?
Practice More Michigan Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Michigan Quiz →