Math (Comparable)

Question 1

An appraiser has located a comparable where the sale price was $350,000, comprised of $185,000 cash and a $165,000 vendor take-back mortgage written at 4% per annum, compounded semi-annually, with monthly payments rounded to the next higher dollar, a 25-year amortization, and a 4-year term. Assuming that the market rate for similar financing is 6% per annum, compounded semi-annually, what should the appraiser regard as the sale price of the house? (Round answer to the nearest $100).

(1) $154,000
(2) $ 339,000
(3) $ 350,000
(4) $ 165,000

Answer 1

2

j2 = 4%
n=25(300)

165,000 ? 0

j2=6%
n=48

? -865.07 osb48 (-147,765.77

=153,719.81 + 185,000
=339,000

Question 2

An appraiser has located a comparable where the sale price was $220,000, comprised of $105,000 cash and a $115,000 vendor take-back mortgage written at 3.5% per annum, compounded semi-annually, with monthly payments sufficient to fully amortize the loan over 20 years. Assuming that the market rate for similar financing is 5% per annum, compounded semi-annually, what should the appraiser regard as the sale price of the house? (Round answer to the nearest $100).

(1) $101,300
(2) $220,000
(3) $206,300
(4) $192,000

Answer 2

3

j2 = 3.5
n=20 (240)

115,000 ? 0
=-663.54

j2 = 5%
n=240

? -663.54 0

=101,392.63
+ 105,000
=206,392

=206,300

Question 3

Accurate Appraiser is valuing a townhouse using the direct comparison approach. A house recently sold for
$175,000, comprised of $85,000 cash and a $90,000 vendor-supplied mortgage written at 5% per annum, compounded semi-annually, with monthly payments sufficient to amortize the loan over 25 years and with a term of 5 years. At the time that the house sold, the market rate for similar mortgages was 7% per annum, compounded semi-annually. What price should Accurate Appraiser use if this sale is to be used as a comparable? Round your answer to the nearest $10.

(1) $175,000
(2) $159,730
(3) $82,630
(4) $167,970

Answer 3

4

j2 = 5%
n=25(300)

90,000 ? 0

j2=7%
n=60

j2 = 7%
n=60

? -523.44 osb60(79,657.03)

=82,968.19 + 85,000 (down payment)

=167,970

Question 4

A comparable has been identified to value a subject property. The 2,200 square foot subject property has 4 bedrooms, 4 bathrooms, an air conditioner, and does not have a vendor-supplied mortgage. The comparable has a sale price of $334,000, a +$3,700 adjustment for bathrooms, a -$10,000 adjustment for square footage, and a -$1,000 adjustment for a vendor-supplied mortgage.

If the market value of a bathroom is $3,700, the market value of a bedroom is $3,200, the market value of an air conditioner is $1,500, and above an 1,800 sq. ft. benchmark, each 100 sq. ft. is worth $5,000, it can be concluded that this comparable has:

(1) 4 bedrooms, 3 bathrooms, no air conditioner, and no vendor-supplied mortgage.
(2) 3 bedrooms, 3 bathrooms, an air conditioner, and no vendor-supplied mortgage.
(3) 4 bedrooms, 3 bathrooms, an air conditioner, and a vendor-supplied mortgage.
(4) 3 bedrooms, 4 bathrooms, no air conditioner, and a vendor-supplied mortgage.

Answer 4

3

Question 5

A comparable has been identified to value a subject property. The 2,700 square foot subject property has 4 bedrooms, 5 bathrooms, an air conditioner, and does not have a vendor-supplied mortgage. The 2,500 square foot comparable sold for $321,000 and has 3 bedrooms, 4 bathrooms, an air conditioner, and no vendor- supplied mortgage.

If the market value of a bedroom is $3,200, the market value of a bathroom is $2,700, the market value of an air conditioner is $1,500, and above an 1,800 sq. ft. benchmark, each 100 sq. ft. is worth $5,000, this comparable will have to be adjusted for bedrooms and bathrooms by:

(1) +$3,200 and -$2,700 respectively.
(2) +$3,200 and +$2,700 respectively.
(3) $0 and !$5,400 respectively.
(4) !$3,200 and +$5,400 respectively.

Answer 5

2

Question 6

A comparable has been identified to value a subject property. The 2,600 square foot subject property has 4 bedrooms, 4 bathrooms, an alarm system, and does not have a vendor-supplied mortgage. The comparable has a sale price of $234,000, a +$2,700 adjustment for bathrooms, a +$4,500 for an alarm system, a -
$10,000 adjustment for square footage, and a -$700 adjustment for a vendor mortgage.

If the market value of a bedroom is $4,000, the market value of a bathroom is $5,700, the market value of an alarm system is $4,500, and above a 1,900 sq. ft. benchmark, each 100 sq. ft. is worth $5,000, it can be concluded that this comparable has:

(1) 4 bedrooms, 3 bathrooms, and no alarm system.
(2) 3 bedrooms, 3 bathrooms, and an alarm system.
(3) 4 bedrooms, 3 bathrooms, and an alarm system.
(4) 3 bedrooms, 4 bathrooms, and no alarm system.

Answer 6

1

Question 7

A comparable has been identified to value a subject property. The 2,000 square foot subject property has 4 bedrooms, 4 bathrooms, an air conditioner, and does not have a vendor-supplied mortgage. The 2,100 square foot comparable sold for $326,500 and has 4 bedrooms, 3 bathrooms, no air conditioner, and no vendor- supplied mortgage.

If the market value of a bedroom is $3,200, the market value of a bathroom is $2,700, the market value of an air conditioner is $1,500, and above an 1,800 sq. ft. benchmark, each 100 sq. ft. is worth $5,000, this comparable will have to be adjusted for bathrooms and square footage by:

(1) -$2,700 and +$5,000 respectively.
(2) +$5,000 and -$2,700 respectively.
(3) +$2,700 and -$5,000 respectively.
(4) +$5,400 and +$2,700 respectively.

Answer 7

3

Question 8

A comparable has been identified to value a subject property. The 2,600 square foot subject property has 4 bedrooms, 4 bathrooms, an alarm system, and does not have a vendor-supplied mortgage. The 2,600 square foot comparable sold for $221,000 and has 3 bedrooms, 3 bathrooms, an alarm system, and no vendor- supplied mortgage.

If the market value of a bedroom is $4,000, the market value of a bathroom is $5,700, the market value of an alarm system is $4,500, and above an 1,800 sq. ft. benchmark, each 100 sq. ft. is worth $6,000, the adjusted sale price for this comparable is:

(1) $230,700
(2) $211,300
(3) $219,300
(4) $222,700

Answer 8

1

$221,000 + $4000 + $5,700

=$230,700

Question 9

A comparable has been identified to value a subject property. The 2,300 square foot subject property has 4 bedrooms, 4 bathrooms, an air conditioner, and does not have a vendor-supplied mortgage. The 2,300 square foot comparable sold for $321,000 and has 3 bedrooms, 4 bathrooms, an air conditioner, and no vendor- supplied mortgage.

If the market value of a bedroom is $3,200, the market value of a bathroom is $2,700, the market value of an air conditioner is $1,500, and above an 1,800 sq. ft. benchmark, each 100 sq. ft. is worth $5,000, the adjusted sale price for this comparable is:

(1) $324,200
(2) $317,800
(3) $323,700
(4) $318,300

Answer 9

1

Question 10

A comparable has been identified to value a subject property. The 2,500 square foot subject property has 4 bedrooms, 4 bathrooms, an alarm system, and does not have a vendor-supplied mortgage. The comparable has a sale price of $281,000, a -$3,200 adjustment for bedrooms, a +$2,700 adjustment for bathrooms, a
!$12,000 adjustment for square footage, and a -$700 adjustment for a vendor-supplied mortgage.

If the market value of a bedroom is $3,200, the market value of a bathroom is $2,700, the market value of an alarm system is $4,500, and above an 1,800 sq. ft. benchmark, each 100 sq. ft. is worth $6,000, it can be concluded that this comparable has:

(1) 5 bedrooms, 2 bathrooms, and no alarm system.
(2) 3 bedrooms, 3 bathrooms, and no alarm system.
(3) 4 bedrooms, 3 bathrooms, and an alarm system.
(4) 5 bedrooms, 3 bathrooms, and an alarm system.

Answer 10

4

Question 11

A comparable has been identified to value a subject property. The 2,300 square foot comparable has 4 bedrooms, 3 bathrooms, a garage, a view, and sold for $250,000. The comparable has +$4,200 adjustment for bedrooms, a -$2,600 for bathrooms, a +$9,000 for a view, and a +$15,000 adjustment for square footage.

The market value of a bedroom is $4,200, the market value of a bathroom is $2,600, the market value of a garage is $13,500, the market value of a view is $9,000, and above a 1,900 sq. ft. benchmark, each 100 sq. ft. is worth $5,000. The area of the subject property is approximately:

(1) 2,300 square feet.
(2) 2,000 square feet.
(3) 2,200 square feet.
(4) 2,600 square feet.

Answer 11

4

Question 12

A comparable has been identified to value a subject property. The 2,400 square foot subject property has 4 bedrooms, 3 bathrooms, an alarm system, and does not have a vendor-supplied mortgage. The 2,500 square foot comparable has a sale price of $225,800, 3 bedrooms, 3 bathrooms, an alarm system, and no vendor- supplied mortgage.

If the market value of a bedroom is $3,200, the market value of a bathroom is $2,700, the market value of an alarm system is $4,500, and above an 1,800 sq. ft. benchmark, each 100 sq. ft. is worth $6,000, it can be concluded that the adjusted sale price of this comparable is:

(1) $228,600
(2) $216,600
(3) $223,000
(4) $235,000

Answer 12

3

225,800
+ 3200 (extra room)
-$6000 ( less 100 square feet)

=223,000.00

Question 13

A comparable has been identified to value a subject property. The 3,200 square foot subject property has 5 bedrooms, 3 bathrooms, an alarm system, and does not have a vendor-supplied mortgage. The 3,100 square foot comparable has a sale price of $445,500, a +$3,500 adjustment for bedrooms, and a +$5,500 adjustment for an alarm system.

If the market value of a bedroom is $3,500, the market value of a bathroom is $4,700, the market value of an alarm system is $5,500, and above a 2,000 sq. ft. benchmark, each 100 sq. ft. is worth $6,000, it can be concluded that this comparable has:

(1) 4 bedrooms, 3 bathrooms, and no alarm system.
(2) 3 bedrooms, 3 bathrooms, and no alarm system.
(3) 4 bedrooms, 3 bathrooms, and an alarm system.
(4) 5 bedrooms, 2 bathrooms, and an alarm system.

Answer 13

1

Question 14

A comparable has been identified to value a subject property. The 2,500 square foot subject property has 4 bedrooms, 4 bathrooms, an alarm system, and does not have a vendor-supplied mortgage. The 2,700 square foot comparable has a sale price of $236,500, 4 bedrooms, 3 bathrooms, no alarm system, and no vendor- supplied mortgage.

If the market value of a bedroom is $4,000, the market value of a bathroom is $5,700, the market value of an alarm system is $4,500, and above a 2,000 sq. ft. benchmark, each 100 sq. ft. is worth $6,000, this comparable will have to be adjusted for an alarm system and square footage by:

(1) $0 and !$6,000 respectively.
(2) +$4,500 and +$6,000 respectively.
(3) $0 and +$12,000 respectively.
(4) +$4,500 and -$12,000 respectively.

Answer 14

4

Question 15

A comparable has been identified to value a subject property. The 2,200 square foot subject property has 4 bedrooms, 4 bathrooms, an alarm system, and does not have a vendor-supplied mortgage. The 2,300 square foot comparable sold for $245,000 and has 3 bedrooms, 3 bathrooms, an alarm system, and no vendor- supplied mortgage.

If the market value of a bedroom is $4,000, the market value of a bathroom is $5,700, the market value of an alarm system is $4,500, and above a 1,900 sq. ft. benchmark, each 100 sq. ft. is worth $6,000, the adjusted sale price for this comparable is:

(1) $248,700
(2) $260,700
(3) $229,300
(4) $241,300

Answer 15

1

$245,000
-6000 (square ft)
+4,000(bedroom)
+5,700(bathroom)

=$248,700.00

Question 16

A comparable has been identified to value a subject property. The 2,300 square foot comparable has 3 bedrooms, 3 bathrooms, a garage, no view, and sold for $247,400. The comparable has a +$4,200 adjustment for bedrooms, a -$2,600 for bathrooms, a +$9,000 for a view, and a +$15,000 adjustment for square footage.

If the market value of a bedroom is $4,200, the market value of a bathroom is $2,600, the market value of a garage is $13,500, the market value of a view is $9,000, and above a 1,900 sq. ft. benchmark, each 100 sq. ft. is worth $5,000, it can be concluded that the subject property has:

(1) 4 bedrooms, a garage, and a view.
(2) 4 bedrooms, 1 bathroom, and no garage.
(3) 2 bedrooms, 3 bathrooms, and a view.
(4) 3 bedrooms, no garage, and a view.

Answer 16

1

when it says
3 bedrooms(+4200)
think to yourself, the adjustment is you are adding a bedroom not subtracting
this will make it 4 bedrooms

Question 17

An appraiser has located a comparable property which sold for $173,000 three weeks ago. The comparable and the subject are similar in all respects except the following:

No. of bedrooms

Comparable

3

Subject

4
Square footage 2,400 2,600
Garage yes no

The appraiser also knows that the market value of a bedroom is $1,100, the value of a garage is $7,000, and above a 2,000 sq. ft. benchmark, each 100 sq. ft. is worth $3,000. What should the appraiser regard as the adjusted sales price of the comparable?

(1) $173,100
(2) $187,100
(3) $191,000
(4) Unable to determine from the information given.

Answer 17

1

Question 18

A comparable has been identified to value a subject property. The 2,000 square foot subject property has 4 bedrooms, 4 bathrooms, an alarm system, and does not have a vendor-supplied mortgage. The comparable has a sale price of $234,000, a +$5,700 adjustment for bathrooms, a -$12,000 adjustment for square footage, and a -$700 adjustment for a vendor mortgage.

If the market value of a bedroom is $4,000, the market value of a bathroom is $5,700, the market value of an alarm system is $4,500, and above an 1,800 sq. ft. benchmark, each 100 sq. ft. is worth $6,000, it can be concluded that this comparable has:

(1) 4 bedrooms, 3 bathrooms, and 2,200 square feet.
(2) 3 bedrooms, 3 bathrooms, and 1,800 square feet.
(3) 4 bedrooms, 3 bathrooms, and 1,800 square feet.
(4) 3 bedrooms, 4 bathrooms, and 2,200 square feet.

Answer 18

1

for comparable how it says

+$5,700 bath (think to yourself that means - to the subject =minus 1 bath)
-$12,000sf(this means + to the subject =+200 square feet)
-$700 vendor mortage

Question 19

A comparable has been identified to value a subject property. The 2,500 square foot subject property has 5 bedrooms, 4 bathrooms, an alarm system, and does not have a vendor-supplied mortgage. The 2,600 square foot comparable has a sale price of $226,500, 4 bedrooms, 3 bathrooms, no alarm system, and no vendor- supplied mortgage.

If the market value of a bedroom is $4,000, the market value of a bathroom is $5,700, the market value of an alarm system is $4,500, and above an 1,800 sq. ft. benchmark, each 100 sq. ft. is worth $6,000, this comparable will have to be adjusted for bathrooms and an alarm system by:

(1) +$5,700 and -$4,500 respectively.
(2) +$4,000 and +$6,000 respectively.
(3) +$5,700 and +$4,500 respectively.
(4) $0 and +$4,500 respectively.

Answer 19

3

Question 20

A comparable has been identified to value a subject property. The 2,200 square foot subject property has 4 bedrooms, 3 bathrooms, an alarm system, and does not have a vendor-supplied mortgage. The 2,300 square foot comparable has a sale price of $245,500, 4 bedrooms, 3 bathrooms, no alarm system, and no vendor- supplied mortgage.

If the market value of a bedroom is $3,200, the market value of a bathroom is $2,700, the market value of an alarm system is $4,500, and above a 2,000 sq. ft. benchmark, each 100 sq. ft. is worth $6,000, this comparable will have to be adjusted for alarm system and square footage by:

(1) +$4,500 and -$6,000 respectively.
(2) +$4,500 and $0 respectively.
(3) !$4,500 and +$6,000 respectively.
(4) !$6,000 and +$4,500 respectively.

Answer 20

1

Question 21

Comparable ABC has a gross potential rent of $124,000, operating expenses of $44,000, and a sale price of $635,930. Comparable XYZ has a gross potential rent of $138,000, operating expenses of $50,000 and a sale price of $711,000. The long-term vacancy rate is 4%. Based on the above, the market yield is estimated to be:

(1) between 8.47% and 8.62%.
(2) between 11.6% and 11.8%. (3) between 0.116% and 0.118%.
(4) between 19.4% and 19.5%.

Answer 21

2

NOI/sale price (or market value)

based on the above, the market yield is estimated to be between

comparable ABC
NOI = 124,000 - 4% -$44,000 = $75,040
yeild or cap yield = NOI/ sale price (or market value)
market yield = 75,040 / 635,930 = 11.8%

comparable XYZ
NOI = 138,000 - 4% - 50,000 = 82,480
yeild or cap rate = NOI / sale price or market value
market yield = 82,480 / 711,000 = 11.6

MAKE SURE YOU MULTIPLY BY 100 TO GET THE ACTUAL PERCENTAGE NOT THE DECIMAL FORM!!!

124,000 (potential rent)
subtract 4% (vacancy rate) and
$44,000 operating expenses
=75,040.00
divided by $124,000 = 11.80

and..

138,000
- 4%
-50,000
=82,480.00
divided by 711,000 =
11.6

Question 22

Consider the following data related to recently sold properties A and B. They are comparable to property C, whose value is to be appraised.

Comparables Subject Property

 	        A		 	B		 	C	 Sale Price	$190,000	$ 220,000	? Gross Potential Revenue	38,000	49,000	$54,000 Current Operating Expenses25,000	32,000	36,000 Vacancy	                              3,800	4,900	5,400 Using the limited data above, estimate a market value for property C, rounded to the nearest $1,000.

(1) $229,000 to $260,000
(2) $184,000 to $213,000
(3) $272,000 to $285,000
(4) $265,000 to $295,000

Answer 22

1

the cap rate used to calculate market value of the subject property is the one that most reflects the subject property and is determined by several factors. for the purposes of the question, the two most comparable properties have been selected and a range of values is determined.

comparable A
net operating income = 38,000 - 3,800 - 25,000 =9,200
cap rate 9,200 / 190,000= 0.0484211 (or 4.8211%)

comparable B
net operating income = 49,000 - 4,900 - 32,000 = 12,100
cap rate $12,100 / 220,000 = 0.055 X 100 (or 5.5%)

subject property
NOI = 54,000-5,400-36,000 = 12,600

sale price using cap rate from comparable A
sales price = NOI / cap rate
12,600 / 0.0484211 =260,217 or 260,000 (rounded to the nearest $1000)

sale price using cap rate from comparable B
sales price = NOI / cap rate
12,600 / 0.055 = 229,090 or 229,000 (rounded to the nearest $1000)

subject propertys market value estimate is the range of $229,000 to 260,000 (rounded to the nearest $1000)

Question 23

Consider the following data related to two recently sold properties, Property A and Property B. They are comparable to Property C, whose value is to be appraised.

Comparables		Subject Property
                                       A	B	            C Sale Price	                190,000	250,000	    ? Gross Potential Income	36,000	47,000	54,000 Current Operating Expenses25,000	32,000	36,000 Long Term Vacancy Rate	5%	5%	5%

Using the limited data above, estimate a market value for Property C, rounded to the nearest $1,000. (1) $250,000 to $299,000
(2) $302,000 to $316,000 (3) $320,000 to $350,000 (4) $325,000 t

Answer 23

2

a=
54000-5%=34200.00
34200.00-25000
=9200.00
=.048421

b=
47000-5%=44,650.00
44650.00-32000=12,650.00

12,650.00/250,000
=.050600

15300/.050600=302,371.541
15300/.04821=317,361

Question 24

Consider the following data related to recently sold properties A and B. They are comparable to property C, whose value is to be appraised.

Comparables Subject Property

     A		     B		     C	 Sale Price	210,000	220,000	? Gross Potential Income	45,000	49,000	54,000 Current Operating Expenses	30,000	32,000	36,000 Vacancy	4,500	4,900	5,400

Based on the limited information indicated by the sale comparables, which of the following is the most accurate market value range for property C, rounded to the nearest $1,000?

(1) $210,000 to $220,000 (2) $229,000 to $252,000 (3) $217,000 to $228,000 (4) $299,000 to $327,000

Answer 24

2
comp A=
45,000-4500-30,000
=10,500/210,000
=.05%
comp B =
49,000-4900-32000
12,100.00/220,000
=.055%

comp C=
54,000-5400-3600
=12,600

12,600/.05(comp A)=$252,000
12,600/.055(comp B) = $229,090

Question 25

Ms. A. Praser has the following data related to recently sold properties A and B. These properties are comparable to the subject property, whose value is to be appraised.

Comparables Subject Property
A B
Sale Price $210,000 $225,000 ?
Gross Realized Revenue 47,000 52,000 56,000
Current Operating Expenses 29,000 34,000 37,000

Long term market vacancy rates are 5%. Using the information above, what should Ms. A. Praser estimate as an approximate market value for the subject property, rounded to the nearest $1,000?

(1) $210,000 to $220,000 (2) $201,000 to $221,000 (3) $222,000 to $238,000 (4) $239,000 to $247,000

Answer 25

3

This one is tricky! on the question where it says “gross realized revenue” this mens that the vacancy rate of 5% has already been calculated and you do not need to factor it in! they are trying to fool you!!!!!

find yield/cap rate of comp a and b and use those to find market value range.

comparable A:
1. NOI = 47,000-29,000 = 18,000
2. cap rate = NOI / sales price = 18,000 divided by 210,000= 8.571429

comparable B
1. NOI = 52,000 -34000 = 18,000
2. cap rate = NOI / sales price = 18,000 divided by 225,000 = 8%

subject property NOI = 56,000 -37,000 = 19,000

market value using cap rate from comparable A
market value = 19,000 /8.571429% = 221,666.67 or 222,000 (rounded)

market value using cap rate from comparable B:
market value = 19,000 / 8% = 237,500 or 238,000

subject property market value estimate is a range of 222,000 to 238,000 (rounded to the nearest 1000)

Question 26

You have been asked to appraise an apartment building using the income method of appraisal. You have been given the following data relating to recently sold properties A and B. They are comparable to property C, whose value is to be appraised.

Comparables Subject Property

     A		   B		   C 

Sale Price
$234,000
$211,000
?
Gross Potential Rental Income $51,000 $44,000 $48,000
Current Operating Expenses $32,000 $28,000 $30,000
Vacancy $4,080 $3,520 $3,840

Using the limited data found above, which of the following is the best estimated range in market value for subject property C, rounded to the nearest $1,000?

(1) $200,000 to $220,000 (2) $210,000 to $220,000 (3) $222,000 to $239,000 (4) $240,000 to $260,000

Answer 26

3

comp A
51,000-4080-32000/234,000=
.063761

comp b
44,000-3520-28000/211,000=
.059147

comp C

48,000-3840-30,000
14,160.00

14160/.063761=222,079
14,160/.059,147=239,403

Question 27

You have been asked to appraise an apartment building using the income method of appraisal. Although the current rents on the building are $270,000, you suspect the building is poorly managed. Your expert opinion is that the apartment’s gross potential rent is $310,000. The operating expenses on the apartment building being appraised are expected to be $87,900.

The following building, which is similar to the subject property, was sold recently.

Gross Potential Rents Property A
312,800
Long-Term Market Vacancy Rate 5%
Operating Expenses 88,200
Sale Price 2,190,000

The operating expenses on the apartment building being appraised are expected to be $87,900. What is the market value of the apartment building, rounded to the nearest $1,000?
(1) $1,822,000
(2) $2,400,000
(3) $2,285,000
(4) $2,165,000

Answer 27

4

step 1.
you need to use the formula to find NOI for the comparable property(property A)

gross potential revenue - vacancy and bad debt - expenses = NOI

=312,800-5% -88,200 = 208,960 = NOI

step 2.

once you find NOI, use the other formula to find cap rate for the comparable property (property A)

yeild (or cap rate) = NOI/ sales price (or market value)

208,960 / 2190,000 = 0.0954155 = yield or cap rate

step 3. then find the NOI of the subject property using the 5% vacancy rate

gross potential revenue - vacancy and bad debit - expenses = NOI

=310,000 - 5% - 87,900 = 206,600

step 4. then find the market value of the subject property

sales price/ market value = NOI/ yield (or cap yield)

206,600/0.0954155= 2,165,267 (rounded to (2,165,000)
remember you have to put 0.0954 X 100 to get the actual percent which =

9.54155%

tenancy rate 270,000/310,000 = 87.09%
vacancy rate almost 13%