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He average price of a home in a neighborhood of mostly leased properties is $259,000. The average monthly rent is $2,500. One home in the neighborhood is leased for $2,800. Using a GRM, what is the value of that home?

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Answer:

$290,080

Step-by-step explanation:

Given:

Average price = 259,000

Average monthly rent = 2500

Monthly rent of home = $2800

Gross Rent Multiplier = price per monthly rent

GRM = Price / monthly rent

The GRM = 259000 ÷ 2500

= $103.60

The price = GRM * Monthly rent

Price = $103.60 * $2800

Price = $290,080

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