Houston, TX - 14.5M

Return Metrics Guidance $14.7M

6.7% cap rate on in-place income and adjusted expenses

8.9% going in CoC / 12.2% CoC (5-yr avg)

27% IRR assuming a 6.5% exit cap and no value-add completed

Sizes for 75% LTV agency debt

Value-add opportunity

* 81 classic units (white appliances, original cabinets, ceramic tile floors, laminate counters)

* 48 mid-tier renos (new white appliances, resurfaced counters, new flooring, repainted cabinets, new fixtures/hardware/lighting)

* 33 premium renos (black appliances, granite counters, backsplash, new cabinet fronts, FW flooring)

Seller Carry Price $14,750,000

Extensive capex completed by current ownership (amenity enhancements, upgraded landscaping, parking lot and sidewalk repairs etc.)

100% W/D connections (~40 sets owned by property)

Favorable unit mix - 75% 2 BR Units

Not in flood zone (attached zip includes agency-compliant insurance quote at ~$750/unit)

Strong submarket fundamentals

10% T3 effective rent growth4.5% T3 occupancy growth