formula field need help

formula field need help

Dear Community:
I need help making, what seems to be a simple formula filed work. 

I have a drip down field that is called Rent Type and the two options are 'NET' and 'GROSS'.  If its NET i need the function to multiply 'Year 1 - RE Tax Expense by 2.  If it is 'Gross' i need the function to multiply 'Year 1 - RE Tax Expense by 1.

if(Contains(${Leases.Rent Type},'NET'),${Leases.Year 1 - RE Tax Expense}*2),if(Contains(${Leases.Rent Type},'GROSS'),${Leases.Year 1 - RE Tax Expense}*1)

Any idea of why its not working?