Question: You are buying an investment property. It is November 15th. You get the following information from the seller: He says he gets rent of

You are buying an investment property. It is November 15th. You get

You are buying an investment property. It is November 15th. You get the following information from the seller: He says he gets rent of $1,400 per month. Collected rent to date shows to be $15,000. Property tax was $1,000 and Insurance is $1,200. Utilities expense is $1,020. Interest expense is $4,400. Payment is $900/month. Depreciation is $2,273. He replaced HVAC for $1,450.00. Maintenance expenses were $500.00 so far this year. (Used for 68-74). What is the Annual Effective Gross Income? $16,800.00 $15,000.00 $16,364.00 None of the above

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