You are considering purchasing a small apartment complex with 10 units. According to market dynamics, you know you can get about $800 rent from each unit every month. If the cost of the apartment complex is $408,700 and you could borrow that entire amount for 20 years fixed at 12% yearly interest rate with monthly payments, please calculate the after-tax cash flow for the first year. In your calculations, please consider the following: Vacancy ration is 10% a year. Perceived operating expenses are 20% of PGI (potential gross income) for the first year. The property is depreciated by equal amounts every year for the next 20 years where it will have zero value at the end of the 20 years. Income tax rate is 20%.