You have the opportunity to buy an older duplex complex in West Campus. The all-in purchase price is $2,300,000. The Gross Potential Income in Year 1 is expected to be $500,000. Revenue growth is expected to increase at 3% a year but you want to assume a 2% vacancy rate. The operating expenses in Year 1 are expected to be $300,000 per year and will grow at 3% a year. Assume that you are going to sell this building at the end of the third year at a 7.0% exit cap on year 4 income. The sales costs will total 3% of the gross sales price. A local bank has agreed to loan you 75% of your purchase price at 6% with a 25-year amortization and a 3-year term. The loan payments are made annually at the end of the year, and it can be prepaid at any time with no penalty.