$[$Answer all questions using excel format and formulas$]$

This residential development project consists of $20$ one$-$bedroom units, $40$ two$-$bedroom units, and $100$ parking spaces. The table below shows market rents, vacancy rate, rent loss rate, operating expenses, capital expenditure allowance for the first year of operation, and expected annual growth rates for the next $7$ years. The bottom part of the table lists the applicable income capitalization rates and development costs.

Questions

$1.$ Develop $7-$year before$-$ and after$-$CAPEX operating cash flow projections.

$2.$ Estimate the cash flow from the sale of the property at the end of year $7.$

E$3.$ stimate the value of the property once it becomes a fully stabilized asset.$|$