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P A R T Two Case Problem Allen Benedict is thinking of buying an apartment com by the firm of Getz and Fowler. The price, $2.25 on, plex th is value. The following statement of income and expense equals th at consideration: prone red presented f The St George Apartments Prior year's Operating Results, Presen and Fowler Brokers 30 units, all two-bedroom apartments, $975 per month Washer and dryer rentals $35 Gross annual income Less operating expenses: $361000 Manager's salary $10,000 Maintenance staff (one person, part-time) 7,800 Seedy landscapers 1,300 Property taxes Net operating income $328,400 By checking the electric meters during an inspection tour of the property, Benedict determines the ancy rate to be about 80 percent. He learns, by talking to tenants, have been offered such as a month's free rent or special decorat- ing allowances. A check with competing apartment houses reveals that similar apart ment units rent for about per month and that vacancies average about 5 percent. Moreover, these other apartments have pools and recreation areas that make their units worth about $20 per month more than those of the St. George, which has neither. the current taxes are $71,400 The tax assessor states that the apartments were reassessed 12 months ago and that Benedict learns that the resident manager at St. George, in addition to a $10,000 about gets a free her services. He also discovers other will cost $6.50 per $1,000 $1.8 million; workers' compensation on estimated insur ($140 per replacement cost must to the state utilities, incurred to light for similar properties; other common percent of effective supplies cost about $95 month area typically are gross rent. Professional expense run about 0.25 about 5 percent property management fees in the market effective gross P A R T Two Case Problem Allen Benedict is thinking of buying an apartment com by the firm of Getz and Fowler. The price, $2.25 on, plex th is value. The following statement of income and expense equals th at consideration: prone red presented f The St George Apartments Prior year's Operating Results, Presen and Fowler Brokers 30 units, all two-bedroom apartments, $975 per month Washer and dryer rentals $35 Gross annual income Less operating expenses: $361000 Manager's salary $10,000 Maintenance staff (one person, part-time) 7,800 Seedy landscapers 1,300 Property taxes Net operating income $328,400 By checking the electric meters during an inspection tour of the property, Benedict determines the ancy rate to be about 80 percent. He learns, by talking to tenants, have been offered such as a month's free rent or special decorat- ing allowances. A check with competing apartment houses reveals that similar apart ment units rent for about per month and that vacancies average about 5 percent. Moreover, these other apartments have pools and recreation areas that make their units worth about $20 per month more than those of the St. George, which has neither. the current taxes are $71,400 The tax assessor states that the apartments were reassessed 12 months ago and that Benedict learns that the resident manager at St. George, in addition to a $10,000 about gets a free her services. He also discovers other will cost $6.50 per $1,000 $1.8 million; workers' compensation on estimated insur ($140 per replacement cost must to the state utilities, incurred to light for similar properties; other common percent of effective supplies cost about $95 month area typically are gross rent. Professional expense run about 0.25 about 5 percent property management fees in the market effective gross