Real Estate Math
A Wyoming property rents for $1,800/month. If the gross rent multiplier is 120, what is the estimated property value?
A$21,600
B$108,000
C$216,000✓ Correct
D$2,160,000
Explanation
Annual gross rent = $1,800 x 12 = $21,600. Value = GRM x Annual gross rent = 120 x $21,600 = $2,592,000. The question uses a monthly GRM, so Value = Monthly GRM x Monthly Rent = 120 x $1,800 = $216,000.
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