Real Estate Math
A property in Asheville generates monthly rent of $2,200. Using a GRM of 145, what is the estimated property value?
A$319,000
B$319,200✓ Correct
C$316,000
D$380,000
Explanation
Annual gross rent = $2,200 × 12 = $26,400. Value = GRM × Annual Gross Rent = 145 × $26,400 = $3,828,000. Monthly GRM method: $2,200 × 145 = $319,000. Monthly: 145 × $2,200 = $319,000.
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