Executive summary
The thesis, right now
Clay & Tiffany (two buildings, 62 revenue units, Portland). Occupancy has sat near 85% for two years (85% in 2024-05 to 85% now) - a soft-occupancy story with lease-up upside. In-place rent $58,419/mo vs $58,537 market. Q1-2026 NOI annualizes to ~$230,956 - well below the ~$590K underwritten scheduled NOI, with a February expense spike. AR/delinquency has climbed to $68,215 from roughly $0 in 2024. A relative strength: the deal carries Fannie Mae DUS fixed permanent debt ($6,235,000), so unlike the bridge-loan assets it has no near-term maturity risk.
This week
What moved
OPS
Occupancy 85.2% (52/61); flat ~85% over 26 months - lease-up upside not yet captured.
CREDIT
AR/delinquency climbed to $68,215 (from ~$0 in 2024).
DEBT
Fannie Mae DUS fixed permanent debt ($6,235,000); Fannie Mae DUS fixed; 84-mo term; 360-mo am; 24-mo IO; 1.79% over 7yr UST - no near-term maturity risk.
DELINQUENCY
McGuire Sponsel past-due invoices 408849 & 408654 — Paul flags as overdue priority
REPORTING
CBRE/Fannie Mae Q2 2026 loan reporting (Ln 01-0719319) — blocked on the June close
INSURANCE
Two loss-control recommendation letters (Preferred Reports) on policy ARMB000210-25 — 1110 SW Clay St and 1515 SW 11th Ave
Data coverage
What this record contains
rent roll: completefinancials noi: partialdebt: completevaluation: partialdistributions: completedelinquency: completeleasing efficiency: completefinancials: completeexpenses: completemanagement load: completeweekly: completewatchlist: complete
This page is generated from the canonical record. Dimensions marked partial/pending are honestly incomplete — not zero.
Operations
Occupancy & income
80.6%
Occupancy (latest)
$231K
NOI run-rate
—
Plan NOI
—
% of plan
Occupancy trend
Aug'25 → Jul'26 · 12 months
Income · NOI · Expense by month
IncomeNOIExpenses
Monthly operating detail
| Month | Income | NOI | Expenses | Margin |
|---|---|---|---|---|
| 2024-04 | $52,524 | $35,424 | $17,100 | 67% |
| 2024-05 | $65,847 | $28,991 | $36,856 | 44% |
| 2024-06 | $64,873 | $24,548 | $40,325 | 38% |
| 2024-07 | $72,692 | $38,162 | $34,530 | 52% |
| 2024-08 | $71,552 | $24,951 | $46,601 | 35% |
| 2024-09 | $73,306 | $39,491 | $33,815 | 54% |
| 2024-10 | $77,496 | $35,879 | $41,617 | 46% |
| 2024-11 | $74,312 | $45,207 | $29,105 | 61% |
| 2024-12 | $78,020 | $47,492 | $30,529 | 61% |
| 2025-01 | $75,773 | $49,753 | $26,020 | 66% |
| 2025-02 | $74,573 | $47,351 | $27,221 | 63% |
| 2025-03 | $74,575 | $49,997 | $24,578 | 67% |
| 2025-04 | $70,732 | $25,946 | $44,787 | 37% |
| 2025-05 | $62,565 | $31,837 | $30,728 | 51% |
| 2025-06 | $64,516 | $10,628 | $53,888 | 16% |
| 2025-07 | $58,185 | $23,773 | $34,411 | 41% |
| 2025-08 | $61,651 | $549 | $61,102 | 1% |
| 2025-09 | $63,251 | $19,090 | $44,161 | 30% |
| 2025-10 | $68,828 | $16,127 | $52,701 | 23% |
| 2025-11 | $60,628 | $8,991 | $51,637 | 15% |
| 2025-12 | $72,876 | $19,764 | $53,112 | 27% |
| 2026-01 | $68,758 | $36,453 | $32,304 | 53% |
| 2026-02 | $67,632 | -$813 | $68,445 | -1% |
| 2026-03 | $68,420 | $22,099 | $46,321 | 32% |
| 2026-04 | $71,437 | $23,209 | $48,228 | 32% |
| 2026-05 | $64,459 | $18,718 | $45,740 | 29% |
Rent roll
Current rent roll · as of 2026-06
0/0
Occupied (—)
$0
In-place rent / mo
—
Avg in-place rent
$0
Loss-to-lease (—)
Rollover risk
Lease-expiration schedule
Concentration of lease maturities is the rollover risk. Month-to-month tenants can be repriced now; clustered expirations are where re-leasing effort (and vacancy exposure) concentrates.
Detail
Unit-by-unit
Rent roll · 0 units
| Unit | BD/BA | Sqft | Resident | Market | Actual | LTL | Lease to |
|---|
Financials
Operating performance · 2024-04 → 2026-05 (26mo)
$265K
NOI run-rate
32.3%
NOI margin
—
vs plan
$8,965
Opex / unit
NOI over time
NOI margin % over time
Year over year
| Year | Income | NOI | Margin | Opex |
|---|---|---|---|---|
| 2024 (9mo) | $630,622 | $320,145 | 51% | $310,478 |
| 2025 | $808,153 | $303,806 | 38% | $504,346 |
| 2026 (5mo) | $340,706 | $99,666 | 29% | $241,038 |
Expense analysis
Where the money goes
$443K
Total opex / yr
$7,153
Opex / unit
54.0%
Opex ratio
21.8%
Non-controllable
Operating expense by category · annualized run-rate, % of EGI ■ controllable ■ fixed (tax/insurance)
$104,607
12.7% EGI
$97,908
11.9% EGI
$73,126
8.9% EGI
$35,480
4.3% EGI
$29,279
3.6% EGI
$26,692
3.3% EGI
$25,053
3.1% EGI
$23,498
2.9% EGI
$22,330
2.7% EGI
$5,490
0.7% EGI
Anomalies to research
rising
Utilities
Utilities up 111% (recent vs earlier) — 21.3% of opex, ~$103,812/yr.
rising
Management
Management up 72% (recent vs earlier) — 7.4% of opex, ~$36,162/yr.
rising
Other
Other up 152% (recent vs earlier) — 7.3% of opex, ~$35,745/yr.
rising
Administrative
Administrative up 47% (recent vs earlier) — 6.4% of opex, ~$31,309/yr.
rising
Marketing
Marketing up 101% (recent vs earlier) — 4.7% of opex, ~$22,742/yr.
rising
Turnover
Turnover up 463% (recent vs earlier) — 3.3% of opex, ~$15,901/yr.
spike
Repairs & Maintenance
Repairs & Maintenance spiked to $23,647 in 2025-10 (~2.9x typical) — confirm one-time vs recurring.
spike
Utilities
Utilities spiked to $36,524 in 2025-08 (~4.5x typical) — confirm one-time vs recurring.
spike
Taxes
Taxes spiked to $21,751 in 2025-12 (~3.6x typical) — confirm one-time vs recurring.
spike
Management
Management spiked to $13,000 in 2025-12 (~5.3x typical) — confirm one-time vs recurring.
spike
Other
Other spiked to $9,291 in 2025-12 (~4.2x typical) — confirm one-time vs recurring.
spike
Administrative
Administrative spiked to $6,598 in 2025-06 (~3.2x typical) — confirm one-time vs recurring.
spike
Insurance
Insurance spiked to $11,099 in 2025-04 (~5.7x typical) — confirm one-time vs recurring.
spike
Marketing
Marketing spiked to $12,158 in 2025-06 (~6.6x typical) — confirm one-time vs recurring.
spike
Turnover
Turnover spiked to $11,721 in 2026-03 (~25.6x typical) — confirm one-time vs recurring.
Rising = recent months vs earlier; spike = worst month ÷ typical. One-time acquisition/financing costs are stripped to NOI automatically.
Manager weekly report · week ending 2026-06-28
This week on the ground
Leased
83.9%
52 of 62
Occupied
82.3%
51 units
Available to rent
12
none on notice
Move ins / outs
0 / 2
this week
Leads
46
Shows
1
Applications
0
Approved
0
46 leads produced 1 show (2.2%) and 0 applications.
1 unit vacant 60+ days
C046 — carrying $1,250/mo of the $10,929/mo total vacancy exposure. Aged vacancy is a pricing or turn-quality problem, not a traffic problem.Renewals in flight — 15 leases
Average increase being offered: 2.17% across 15 offers. 2 offers carry no increase at all. 9 of 15 renewing residents already sit at or above the manager's own posted market rent — on those units there is no loss-to-lease left to harvest. 8 of them are priced exactly at market, which means the market rent is being set to the in-place rent rather than measured independently.$213,144 of annualised rent sits on these leases.
Vacancy board · as reported by the manager
| Unit | Plan | Asking | Days vacant | Status |
|---|---|---|---|---|
| C046 | 1x1E 062 | $1,250 | 120d | |
| T205 | 0x1 062 | $1,095 | 59d | |
| T202 | 0x1 062 | $1,150 | 59d | |
| C005 | 1x1D 062 | $1,295 | 44d | |
| C021 | 1x1a 062 | $1,395 | 26d | |
| C027 | 1x1a 062 | $1,100 | 23d | |
| C051 | 1x1a 062 | $1,350 | 20d | |
| T104 | 0x1a 062 | $999 | 6d | |
| C057 | 1x1a 062 | $1,295 | 6d |
Source: Clay & Tiffany Weekly Report 06.22.26-06.28.26.xlsx · 1 week tracked. Parsed by column label, not cell position.
Leasing efficiency
Pricing power & velocity
Market trade-out
-6%
67 re-leases
Renewal increase
+1.1%
15 renewals
Value-add reno lift
+24.6%
2 renovated turns
Time to lease
76d
median · 67 turns
Trade-out = rent change re-leasing to a new resident; renewal = same-resident step-up; reno lift = outsized jump after a value-add turn. Together they separate market signal from manager pricing power from renovation premium.
Time-to-lease · detail
Actual days vacant, unit by unit
78d
Avg market re-lease (dated turns)
67/67
Turns with real move-out→move-in dates
67
Market trade-outs
Every market turn · days vacant = new resident move-in − prior resident move-out · newest first
| Unit | Re-leased | Prior move-out | New move-in | Days vacant | Basis | Type |
|---|---|---|---|---|---|---|
| C054 | 2026-07 | 2026-04-07 | 2026-06-25 | 79d | actual | trade-out |
| T301 | 2026-07 | 2026-04-13 | 2026-06-04 | 52d | actual | trade-out |
| C055 | 2026-07 | 2026-05-01 | 2026-06-07 | 37d | actual | trade-out |
| C023 | 2026-06 | 2026-03-04 | 2026-06-01 | 89d | actual | trade-out |
| C045 | 2026-05 | 2026-02-09 | 2026-04-06 | 56d | actual | trade-out |
| C026 | 2026-04 | 2026-02-28 | 2026-04-01 | 32d | actual | trade-out |
| C007 | 2026-04 | 2025-12-12 | 2026-03-03 | 81d | actual | trade-out |
| CA | 2026-04 | 2026-02-15 | 2026-03-11 | 24d | actual | trade-out |
| C047 | 2026-04 | 2026-01-20 | 2026-03-08 | 47d | actual | trade-out |
| T204 | 2026-04 | 2026-02-01 | 2026-03-06 | 33d | actual | trade-out |
| C042 | 2026-03 | 2025-12-31 | 2026-03-01 | 60d | actual | trade-out |
| C032 | 2026-03 | 2025-12-10 | 2026-02-13 | 65d | actual | trade-out |
| CB | 2026-03 | 2025-12-05 | 2026-03-01 | 86d | actual | trade-out |
| T102 | 2026-03 | 2025-11-30 | 2026-02-28 | 90d | actual | trade-out |
| T403 | 2026-03 | 2025-11-30 | 2026-02-24 | 86d | actual | trade-out |
| C037 | 2026-02 | 2025-11-30 | 2026-01-15 | 46d | actual | trade-out |
| T103 | 2026-02 | 2025-11-14 | 2026-01-29 | 76d | actual | trade-out |
| T106 | 2026-02 | 2025-10-31 | 2026-01-22 | 83d | actual | trade-out |
| T305 | 2026-02 | 2025-06-07 | 2026-01-02 | 209d | actual | trade-out |
| C057 | 2025-12 | 2025-08-01 | 2025-11-30 | 121d | actual | trade-out |
| CA | 2025-12 | 2025-08-31 | 2025-11-18 | 79d | actual | trade-out |
| C035 | 2025-12 | 2025-09-30 | 2025-11-29 | 60d | actual | trade-out |
| T204 | 2025-12 | 2025-07-21 | 2026-01-15 | 178d | actual | trade-out |
| T402 | 2025-12 | 2025-06-30 | 2025-11-21 | 144d | actual | trade-out |
| T203 | 2025-11 | 2025-07-08 | 2025-10-11 | 95d | actual | trade-out |
| T401 | 2025-11 | 2025-08-01 | 2025-10-05 | 65d | actual | trade-out |
| T104 | 2025-11 | 2025-09-30 | 2025-11-01 | 32d | actual | trade-out |
| T404 | 2025-11 | 2025-07-21 | 2025-10-05 | 76d | actual | trade-out |
| C001 | 2025-11 | 2025-06-30 | 2025-10-28 | 120d | actual | trade-out |
| C043 | 2025-11 | 2025-09-30 | 2025-10-19 | 19d | actual | trade-out |
| T303 | 2025-10 | 2025-06-30 | 2025-10-09 | 101d | actual | trade-out |
| C051 | 2025-10 | 2025-08-08 | 2025-09-30 | 53d | actual | trade-out |
| C045 | 2025-10 | 2025-03-15 | 2025-09-06 | 175d | actual | trade-out |
| T406 | 2025-10 | 2025-03-06 | 2025-09-30 | 208d | actual | trade-out |
| C006 | 2025-10 | 2025-05-19 | 2025-09-02 | 106d | actual | trade-out |
| C033 | 2025-09 | 2025-03-31 | 2025-08-08 | 130d | actual | trade-out |
| C044 | 2025-08 | 2025-04-26 | 2025-07-18 | 83d | actual | trade-out |
| C002 | 2025-08 | 2025-06-21 | 2025-07-18 | 27d | actual | trade-out |
| C027 | 2025-08 | 2025-04-19 | 2025-08-01 | 104d | actual | trade-out |
| CB | 2025-08 | 2025-05-07 | 2025-07-25 | 79d | actual | trade-out |
| C056 | 2025-08 | 2025-05-12 | 2025-07-14 | 63d | actual | trade-out |
| T102 | 2025-08 | 2025-04-14 | 2025-07-30 | 107d | actual | trade-out |
| C025 | 2025-07 | 2025-03-15 | 2025-06-02 | 79d | actual | trade-out |
| C005 | 2025-06 | 2025-02-28 | 2025-05-16 | 77d | actual | trade-out |
| C041 | 2025-06 | 2025-01-14 | 2025-05-16 | 122d | actual | trade-out |
| C057 | 2025-05 | 2025-03-04 | 2025-04-22 | 49d | actual | trade-out |
| C054 | 2025-05 | 2025-01-17 | 2025-04-07 | 80d | actual | trade-out |
| T301 | 2025-05 | 2025-02-05 | 2025-04-14 | 68d | actual | trade-out |
| T206 | 2025-05 | 2025-01-20 | 2025-04-22 | 92d | actual | trade-out |
| C021 | 2025-04 | 2024-10-07 | 2025-03-07 | 151d | actual | trade-out |
| C026 | 2025-03 | 2025-01-02 | 2025-03-01 | 58d | actual | trade-out |
| C004 | 2025-02 | 2024-12-31 | 2025-01-10 | 10d | actual | trade-out |
| C047 | 2025-02 | 2024-10-31 | 2025-01-21 | 82d | actual | trade-out |
| C043 | 2025-02 | 2024-09-30 | 2025-01-10 | 102d | actual | trade-out |
| C007 | 2025-01 | 2024-10-21 | 2024-12-13 | 53d | actual | trade-out |
| T405 | 2025-01 | 2024-08-31 | 2024-12-16 | 107d | actual | trade-out |
| CC | 2024-11 | 2024-07-12 | 2024-10-16 | 96d | actual | trade-out |
| T306 | 2024-11 | 2024-08-29 | 2024-11-01 | 64d | actual | trade-out |
| T403 | 2024-10 | 2024-07-01 | 2024-09-04 | 65d | actual | trade-out |
| T401 | 2024-09 | 2024-06-01 | 2024-08-02 | 62d | actual | trade-out |
| C051 | 2024-08 | 2024-06-25 | 2024-07-19 | 24d | actual | trade-out |
| C004 | 2024-08 | 2024-06-30 | 2024-08-01 | 32d | actual | trade-out |
| C056 | 2024-08 | 2024-07-08 | 2024-08-01 | 24d | actual | trade-out |
| T404 | 2024-08 | 2024-06-03 | 2024-07-22 | 49d | actual | trade-out |
| C003 | 2024-07 | 2024-05-31 | 2024-07-01 | 31d | actual | trade-out |
| T204 | 2024-07 | 2024-05-14 | 2024-06-21 | 38d | actual | trade-out |
| C021 | 2024-07 | 2024-06-07 | 2024-07-01 | 24d | actual | trade-out |
"Actual" rows use recorded move-out and move-in dates from the rent rolls; "est." rows fall back to the monthly-snapshot gap where a clean date pair is missing (which over-counts). Renovation turns are listed but excluded from the headline market time-to-lease; phantom same-lease name-changes are dropped upstream.
Rent growth · repricing impact
Trade-outs & renewals — what repricing is capturing
Trade-out rent impact
-$5,377/mo
67 re-leases · avg -6% · -$64,524/yr
Renewal rent impact
-$1,200/mo
15 renewals · avg +1.1% · -$14,400/yr
Combined repricing
-$6,577/mo
current-manager era · -$78,924/yr annualized
Trade-out impact = monthly rent gained (or lost) re-leasing vacated units to new residents; renewal impact = rent captured stepping up in-place residents who stayed. Together they show whether the current manager is growing scheduled rent — and through which lever. Figures are for the current-manager era.
$1,172→$1,127
Avg in-place rent (2024-05→2026-07)
-3.8%
In-place rent growth
-6%
Avg trade-out (67)
+1.1%
Avg renewal (15)
Average in-place vs market rent by month
2024-05 → 2026-07 · solid = in-place, dashed = market asking
In-place rentMarket asking
Every repricing event · dated · trade-outs, renewals & reno turns · newest first
| Month | Unit | Prior rent | New rent | Δ $/mo | Δ % | Type |
|---|---|---|---|---|---|---|
| 2026-07 | C054 | $1,295 | $1,250 | -$45 | -3.5% | trade-out |
| 2026-07 | T301 | $1,150 | $1,095 | -$55 | -4.8% | trade-out |
| 2026-07 | C055 | $1,400 | $1,250 | -$150 | -10.7% | trade-out |
| 2026-06 | C022 | $1,556 | $1,696 | +$140 | +9% | renewal |
| 2026-06 | C023 | $1,235 | $1,160 | -$75 | -6.1% | trade-out |
| 2026-05 | C045 | $999 | $949 | -$50 | -5% | trade-out |
| 2026-04 | C026 | $1,395 | $1,195 | -$200 | -14.3% | trade-out |
| 2026-04 | C007 | $1,225 | $999 | -$226 | -18.4% | trade-out |
| 2026-04 | CA | $995 | $949 | -$46 | -4.6% | trade-out |
| 2026-04 | C047 | $1,325 | $1,195 | -$130 | -9.8% | trade-out |
| 2026-04 | T204 | $1,195 | $949 | -$246 | -20.6% | trade-out |
| 2026-03 | C042 | $1,250 | $1,250 | +$0 | 0% | trade-out |
| 2026-03 | C032 | $1,567 | $999 | -$568 | -36.2% | trade-out |
| 2026-03 | CB | $1,100 | $999 | -$101 | -9.2% | trade-out |
| 2026-03 | T102 | $999 | $949 | -$50 | -5% | trade-out |
| 2026-03 | T403 | $1,100 | $949 | -$151 | -13.7% | trade-out |
| 2026-02 | C037 | $1,376 | $1,195 | -$181 | -13.2% | trade-out |
| 2026-02 | T103 | $1,100 | $999 | -$101 | -9.2% | trade-out |
| 2026-02 | T106 | $1,150 | $949 | -$201 | -17.5% | trade-out |
| 2026-02 | T305 | $995 | $949 | -$46 | -4.6% | trade-out |
| 2025-12 | C057 | $1,225 | $1,049 | -$176 | -14.4% | trade-out |
| 2025-12 | CA | $1,300 | $995 | -$305 | -23.5% | trade-out |
| 2025-12 | C035 | $1,170 | $1,049 | -$121 | -10.3% | trade-out |
| 2025-12 | T204 | $1,099 | $1,195 | +$96 | +8.7% | trade-out |
| 2025-12 | T402 | $1,100 | $949 | -$151 | -13.7% | trade-out |
| 2025-11 | T203 | $1,099 | $949 | -$150 | -13.6% | trade-out |
| 2025-11 | T401 | $1,100 | $999 | -$101 | -9.2% | trade-out |
| 2025-11 | T104 | $1,050 | $999 | -$51 | -4.9% | trade-out |
| 2025-11 | T404 | $1,099 | $949 | -$150 | -13.6% | trade-out |
| 2025-11 | C001 | $1,100 | $949 | -$151 | -13.7% | trade-out |
| 2025-11 | C043 | $1,395 | $1,495 | +$100 | +7.2% | trade-out |
| 2025-10 | T303 | $995 | $949 | -$46 | -4.6% | trade-out |
| 2025-10 | C051 | $1,350 | $1,099 | -$251 | -18.6% | trade-out |
| 2025-10 | C045 | $1,150 | $999 | -$151 | -13.1% | trade-out |
| 2025-10 | T406 | $1,225 | $949 | -$276 | -22.5% | trade-out |
| 2025-10 | C006 | $1,295 | $1,100 | -$195 | -15.1% | trade-out |
| 2025-09 | C033 | $1,400 | $999 | -$401 | -28.6% | trade-out |
| 2025-08 | C044 | $1,413 | $1,100 | -$313 | -22.2% | trade-out |
| 2025-08 | C002 | $1,300 | $1,100 | -$200 | -15.4% | trade-out |
| 2025-08 | C027 | $1,215 | $1,100 | -$115 | -9.5% | trade-out |
| 2025-08 | CB | $1,350 | $1,100 | -$250 | -18.5% | trade-out |
| 2025-08 | C056 | $1,350 | $1,350 | +$0 | 0% | trade-out |
| 2025-08 | T102 | $917 | $999 | +$82 | +8.9% | trade-out |
| 2025-07 | C025 | $1,295 | $1,395 | +$100 | +7.7% | trade-out |
| 2025-06 | C005 | $1,364 | $1,199 | -$165 | -12.1% | trade-out |
| 2025-06 | T205 | $2,070 | $1,075 | -$995 | -48.1% | renewal |
| 2025-06 | C041 | $1,375 | $1,199 | -$176 | -12.8% | trade-out |
| 2025-05 | C057 | $1,347 | $1,225 | -$122 | -9.1% | trade-out |
| 2025-05 | C054 | $1,395 | $1,295 | -$100 | -7.2% | trade-out |
| 2025-05 | T301 | $1,095 | $1,150 | +$55 | +5% | trade-out |
| 2025-05 | T206 | $935 | $1,100 | +$165 | +17.6% | trade-out |
| 2025-05 | C052 | $1,333 | $1,399 | +$66 | +5% | renewal |
| 2025-05 | T202 | $995 | $1,075 | +$80 | +8% | renewal |
| 2025-04 | C021 | $1,250 | $1,395 | +$145 | +11.6% | trade-out |
| 2025-03 | C046 | $1,325 | $1,391 | +$66 | +5% | renewal |
| 2025-03 | C026 | $1,080 | $1,395 | +$315 | +29.2% | trade-out |
| 2025-03 | C022 | $3,038 | $1,556 | -$1,482 | -48.8% | renewal |
| 2025-03 | T106 | $1,095 | $1,150 | +$55 | +5% | renewal |
| 2025-02 | C057 | $1,225 | $1,347 | +$122 | +10% | renewal |
| 2025-02 | C005 | $1,295 | $1,364 | +$69 | +5.3% | renewal |
| 2025-02 | C004 | $1,260 | $1,200 | -$60 | -4.8% | trade-out |
| 2025-02 | T105 | $1,195 | $1,255 | +$60 | +5% | renewal |
| 2025-02 | C034 | $950 | $1,035 | +$85 | +8.9% | renewal |
| 2025-02 | C032 | $1,425 | $1,567 | +$142 | +10% | renewal |
| 2025-02 | C047 | $1,375 | $1,325 | -$50 | -3.6% | trade-out |
| 2025-02 | T201 | $1,150 | $1,207 | +$57 | +5% | renewal |
| 2025-02 | C043 | $1,400 | $1,395 | -$5 | -0.4% | trade-out |
| 2025-01 | C044 | $1,285 | $1,413 | +$128 | +10% | renewal |
| 2025-01 | C007 | $1,225 | $1,225 | +$0 | 0% | trade-out |
| 2025-01 | T405 | $1,099 | $1,000 | -$99 | -9% | trade-out |
| 2024-12 | C053 | $743 | $950 | +$207 | +27.9% | renewal |
| 2024-11 | CC | $1,000 | $1,200 | +$200 | +20% | trade-out |
| 2024-11 | T306 | $1,100 | $1,100 | +$0 | 0% | trade-out |
| 2024-10 | T403 | $995 | $1,100 | +$105 | +10.6% | trade-out |
| 2024-09 | T401 | $1,130 | $1,100 | -$30 | -2.7% | trade-out |
| 2024-08 | C051 | $1,375 | $1,350 | -$25 | -1.8% | trade-out |
| 2024-08 | C004 | $1,150 | $1,260 | +$110 | +9.6% | trade-out |
| 2024-08 | C056 | $1,375 | $1,350 | -$25 | -1.8% | trade-out |
| 2024-08 | T404 | $1,050 | $1,099 | +$49 | +4.7% | trade-out |
| 2024-07 | C003 | $1,325 | $1,325 | +$0 | 0% | trade-out |
| 2024-07 | T204 | $1,000 | $1,099 | +$99 | +9.9% | trade-out |
| 2024-07 | C021 | $1,215 | $1,250 | +$35 | +2.9% | trade-out |
Performance trends · since inception
Occupancy, rent & turnover across the hold
Physical occupancy (avg)
84.8%
Latest 80.6%
Economic occupancy (avg)
83.9%
In-place ÷ market
Avg in-place rent
$1,189
$1172 → $1127 (-3.8%)
Avg loss-to-lease
$12,010
per month · gross potential − in-place
Lease turns · time-to-lease
67 · 78d
median 76d · 67 date-verified
Avg trade-out
-6%
new-lease rent change
Charts and read-through load when this tab is opened.
Physical occupancy over time · occupied ÷ 62 units
In-place vs market (asking) rent
Economic occupancy & loss-to-lease · line = econ occ, bars = $ gap
Average in-place rent by floorplan
Turnover — days vacant & trade-out % per lease · bars colored by speed; line = trade-out %
Debt & coverage
Debt-service coverage
0.61x
DSCR
$436K
Debt service / yr
-$170K
Leveraged CF / yr
—
LTV
Not covering debt service
NOI run-rate of $265K is below annual debt service of $436K (DSCR 0.61x) — the asset is consuming equity/reserves at the current run-rate. Typical for a value-add asset mid-stabilization.Loans · 1 facility · IO uses interest, amortizing estimates P&I on 30yr
| Lender | Balance | Rate | Structure | Debt svc/yr | Maturity |
|---|---|---|---|---|---|
| CBRE - SBL Agency | $6.31M | 5.62% | Amortizing | $436K | 2031-05-01 |
Leveraged cash flow by month · NOI minus debt service (≈$36K/mo)
Green = cash to equity that month, red = shortfall covered by reserves/equity.
Valuation & equity
Valuation & returns engine
Two engines: a mark-to-market of investor equity right now (choose the NOI basis and cap rate), and a go-forward projected net IRR to the LP through a full waterfall (senior debt → senior pref → LP capital + preferred return → GP promote). All inputs are live — dial them and the numbers recompute. Marks are model-implied, not appraisals.
Distributions & capital
Cash to & from partners
active
Status
$118K
Distributed to date
3.6%
Cash-on-cash
0
Capital calls
Distribution history
| Period | Amount |
|---|---|
| 2024-07-09 | $43,250 |
| 2024-10-11 | $40,000 |
| 2025-01-22 | $15,000 |
| 2025-04-30 | $20,000 |
No distributions to date.
Risk & action items
What needs attention
Open watch list · 3 items · 1 high priority · as of 2026-07-17
| Priority | Theme | Item | Owner | Next step | $ impact | Raised |
|---|---|---|---|---|---|---|
| High | Delinquency | McGuire Sponsel past-due invoices 408849 & 408654 — Paul flags as overdue priority | Me / Lombard Equities | Confirm balances owed, schedule payment, reply to Paul. | — | 2026-07-10 |
| Medium | Reporting | CBRE/Fannie Mae Q2 2026 loan reporting (Ln 01-0719319) — blocked on the June close | Lender | Close June financials so Cassy can upload the Q2 package. | — | 2026-07-09 |
| Medium | Insurance | Two loss-control recommendation letters (Preferred Reports) on policy ARMB000210-25 — 1110 SW Clay St and 1515 SW 11th Ave | Insurer | Respond to recresponse@preferredreports.com before the carrier's deadline. | — | 2026-07-09 |
Source: Notion — Property Issues & Conversations Tracker + Outlook sweep. Each item carries a named owner and a next step; nothing sits here without one.
Hardened 30+ delinquency · as of 2026-06-28
Hardened (resident-owed, net of housing-authority subsidy and the 0–30 timing bucket) is $33,237.series not available
0–30 balances are excluded as payment-timing noise; the trend on hardened is the real credit signal.
| Unit | Resident | Hardened 30+ | Subsidy | Note |
|---|---|---|---|---|
| T101 | Aroff | $8,877 | — | Nonpayment notice posted on 01/19. Exp on 02/22 FED filed on 03/09 Case dismissed as the utility addendum was left blank. We will be issuing a credit for all utilities and reissuing a nonpayment notice |
| T303 | Garcia Cantera | $6,855 | — | Nonpayment issued on 03/19/26. Exp on 04/22/26. Submitted for FED 04.28.26. 1st Apperance Scheduled 06.23.26. |
| T406 | Miller | $6,851 | — | Nonpayment notice posted on 03/23. Exp on 04/26. 1st Apperance Scheduled 06.30.26. |
| C053 | Silvey | $2,346 | — | 30-Day Nonpayment notice posted on 04/13. Exp 05/14. Working with Home Forward on Resolving Back Rent. |
| T302 | Ly | $2,103 | — | 10-Day Notice Issued 03.08.26. Expired 03.18.26. 1st Appearance Scheduled 06.30.26. |
| C025 | Ford | $1,312 | — | 30-Day Notice Issued 06.08.26. Expires 07.09.26. |
| T206 | Morales-Padilla | $1,310 | — | 10-Day Notice Issued 05.08.26. Expires 05.18.26. 1st Appearance Scheduled 07.28.26. |
| T102 | Wanner | $1,087 | — | 10-Day Notice Issued 05.08.26. Expires 05.18.26. 1st Appearance Scheduled 07.28.26. |
high
DELINQUENCY
McGuire Sponsel past-due invoices 408849 & 408654 — Paul flags as overdue priority — Next: Confirm balances owed, schedule payment, reply to Paul.
medium
OCCUPANCY
Occupancy stuck ~85% for two years; lease-up is the primary value lever, not rate.
medium
CREDIT
AR/delinquency climbed to ~$68K from ~$0 in 2024.
medium
NOI
Actual NOI (~$231K Q1 ann.) far below UW scheduled ($590K); Feb-2026 expense spike; needs full-year P&L.
info
DATA
Financials only Q1-2026; occupancy/rent/debt complete. Full-year P&L and a stabilized valuation still to come.
low
FINANCING
Relative strength: Fannie DUS fixed permanent debt - no near-term maturity risk unlike the bridge-loan assets.