Patty Lo Purchased a House That She Planned to Use

Multiple Choice

Patty Lo purchased a house that she planned to use as a rental property for $300,000. During the past year, she rented the house for $1750 per month. Property taxes were $3900 for the year, and other expenses were $450 for a new garage door opener and $650 for lawn care. The current appraised value of the property is $315,000. What is Patty Lo's rate of total return?

A) 10.3%
B) 11.8%
C) 10.9%
D) 11.6%
E) 11.0%