6. Using the following information, compute the net operating income (NOI) for the first year of operations. Include capital expenditures as an expense. Note: not everything that follows goes into the calculation of NOI

• Number of apartments: 10
• Rent per month per apartment: $900.00
• Expected vacancy and collection loss: 10%
• Annual maintenance: $18,000
• Property Taxes $9,000
• Property insurance $7,000
• Annual mortgage debt payments $35,000
• Other operating expenses $3,000