Annual Potential Gross Income (PGI) from an investment is es…

Annual Potential Gross Income (PGI) from an investment is estimated at $166,000. Assume vacancy & collection loss (V/L) at 7%. OpEx & CapEx reserves equal to 25% and 3% of EGI respectively. CapEx should be treated as above the line for this calculation. The Net Operating Income (NOI), given the above assumptions, is closest to: