The income valuation approach is a popular method used to appraise the value of income producing properties. Using the data below, estimate a value for a six-plex; that is, a building with six residential units. Include all formulas and calculations in your answer. Potential Rental Income = $1,250 month per unit; Jack and Jill (the investors) hope to rent out all six units 14% vacancy adjustment Annual Fixed Expenses = $1,950 insurance + $6,600 taxes + $2,700 for grass cutting and snow removal (for the building) Annual Variable Expenses (per unit) = $320 (painting) + $185 (exterminating) + $780 (repair and maintenance) Replacement Reserves = $2,100 Estimated Capitalization Rate = 6% Briefly explain the outcome of analysis.