Dick owns a house that he rents to college students. Dick receives $750 per month rent and incurs the following expenses during the year:
Real estate taxes $ 1,250
Mortgage interest 1,500
Insurance 375
Repairs 562
Association Dues 1,600
Dick purchased the house in 1975 for $48,000. The house is fully depreciated. Calculate Dick's net rental income for the year, assuming the house was rented for a full 12 months.
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