Executive summary
The thesis, right now
This week
What moved
EXPENSES
Outstanding property-tax status query — prior payment covered through 7/1/26
LEASING
Leasing activity — unit 102 showing scheduled Tue 7/14 4:30pm (prospect via AppFolio); Zillow inquiries arriving by email
Data coverage
What this record contains
rent roll: partialfinancials noi: pendingfinancials: completeexpenses: completedebt: completevaluation: partialdistributions: pendingdelinquency: pendingleasing efficiency: completework orders: pendinggl forensics: pendingmanagement load: completewatchlist: complete
This page is generated from the canonical record. Dimensions marked partial/pending are honestly incomplete — not zero.
Operations
Occupancy & income
89.5%
Occupancy (latest)
—
NOI run-rate
—
Plan NOI
—
% of plan
Occupancy trend
Feb'26 → Jul'26 · 6 months
Income · NOI · Expense by month
IncomeNOIExpenses
Monthly operating detail
| Month | Income | NOI | Expenses | Margin |
|---|---|---|---|---|
| 2026-01 | $4,512 | $4,512 | $0 | 100% |
| 2026-02 | $22,820 | $21,673 | $1,148 | 95% |
| 2026-03 | $21,843 | $19,578 | $2,265 | 90% |
| 2026-04 | $20,403 | $2,611 | $17,792 | 13% |
| 2026-05 | $18,741 | $10,606 | $8,135 | 57% |
Rent roll
Unit-level rent roll
Current rent-roll module not attached for this asset. Run rent_roll_parse.py on the latest month and pass the modules dir.
Financials
Operating performance · 2026-01 → 2026-05 (5mo)
$127K
NOI run-rate
52.0%
NOI margin
—
vs plan
$5,138
Opex / unit
NOI over time
NOI margin % over time
Year over year
| Year | Income | NOI | Margin | Opex |
|---|---|---|---|---|
| 2026 (5mo) | $88,319 | $58,980 | 67% | $29,340 |
Expense analysis
Where the money goes
$124K
Total opex / yr
$6,520
Opex / unit
50.6%
Opex ratio
60.8%
Non-controllable
Operating expense by category · annualized run-rate, % of EGI ■ controllable ■ fixed (tax/insurance)
$75,364
30.8% EGI
$17,780
7.3% EGI
$12,435
5.1% EGI
$12,005
4.9% EGI
$6,085
2.5% EGI
$206
0.1% EGI
Anomalies to research
rising
Taxes
Taxes up 100% (recent vs earlier) — 42.8% of opex, ~$30,146/yr.
rising
Management
Management up 292% (recent vs earlier) — 20.5% of opex, ~$14,424/yr.
rising
Utilities
Utilities up 2509% (recent vs earlier) — 16.9% of opex, ~$11,897/yr.
rising
Repairs & Maintenance
Repairs & Maintenance up 100% (recent vs earlier) — 16.2% of opex, ~$11,435/yr.
rising
Other
Other up 100% (recent vs earlier) — 3.5% of opex, ~$2,434/yr.
spike
Utilities
Utilities spiked to $2,737 in 2026-04 (~2.6x typical) — confirm one-time vs recurring.
spike
Repairs & Maintenance
Repairs & Maintenance spiked to $3,546 in 2026-04 (~3.5x 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.
Leasing efficiency
Pricing power & velocity
Market trade-out
-1.2%
3 re-leases
Renewal increase
+3.8%
5 renewals
Value-add reno lift
—
pending
Time to lease
38d
median · 3 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
50d
Avg market re-lease (dated turns)
3/3
Turns with real move-out→move-in dates
3
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 |
|---|---|---|---|---|---|---|
| 502 | 2026-06 | 2026-03-31 | 2026-05-08 | 38d | actual | trade-out |
| 303 | 2026-06 | 2026-04-30 | 2026-05-28 | 28d | actual | trade-out |
| 204 | 2026-06 | 2026-03-10 | 2026-06-01 | 83d | 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
-$45/mo
3 re-leases · avg -1.2% · -$540/yr
Renewal rent impact
+$219/mo
5 renewals · avg +3.8% · +$2,628/yr
Combined repricing
+$174/mo
current-manager era · +$2,088/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.
$1,260→$1,269
Avg in-place rent (2026-02→2026-07)
+0.7%
In-place rent growth
-1.2%
Avg trade-out (3)
+3.8%
Avg renewal (5)
Average in-place vs market rent by month
2026-02 → 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 | 503 | $1,350 | $1,377 | +$27 | +2% | renewal |
| 2026-07 | 201 | $1,095 | $1,138 | +$43 | +3.9% | renewal |
| 2026-06 | 502 | $1,295 | $1,395 | +$100 | +7.7% | trade-out |
| 2026-06 | 302 | $1,295 | $1,315 | +$20 | +1.5% | renewal |
| 2026-06 | 101 | $895 | $913 | +$18 | +2% | renewal |
| 2026-06 | 403 | $1,170 | $1,281 | +$111 | +9.5% | renewal |
| 2026-06 | 303 | $1,295 | $1,295 | +$0 | 0% | trade-out |
| 2026-06 | 204 | $1,295 | $1,150 | -$145 | -11.2% | trade-out |
Performance trends · since inception
Occupancy, rent & turnover across the hold
Physical occupancy (avg)
87.7%
Latest 89.5%
Economic occupancy (avg)
—
In-place ÷ market
Avg in-place rent
$1,262
$1260 → $1269 (+0.7%)
Avg loss-to-lease
—
per month · gross potential − in-place
Lease turns · time-to-lease
3 · 50d
median 38d · 3 date-verified
Avg trade-out
-1.2%
new-lease rent change
Charts and read-through load when this tab is opened.
Physical occupancy over time · occupied ÷ 19 units
In-place vs market (asking) rent
Economic occupancy & loss-to-lease
Not computable for this asset
This property's rent-roll export publishes a market (asking) rent only for vacant units — 35% coverage on occupied units. Gross potential rent therefore can't be measured, so economic occupancy and loss-to-lease are suppressed rather than shown as a misleading figure. Ask the manager to publish market rent on occupied units and this populates automatically.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
—
DSCR
$0
Debt service / yr
—
Leveraged CF / yr
—
LTV
Loans · 0 facilityies · IO uses interest, amortizing estimates P&I on 30yr
| Lender | Balance | Rate | Structure | Debt svc/yr | Maturity |
|---|---|---|---|---|---|
| No loan matched in the debt matrix. | |||||
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
—
Status
—
Distributed to date
—
Cash-on-cash
0
Capital calls
Risk & action items
What needs attention
Open watch list · 2 items · as of 2026-07-17
| Priority | Theme | Item | Owner | Next step | $ impact | Raised |
|---|---|---|---|---|---|---|
| Medium | Expenses | Outstanding property-tax status query — prior payment covered through 7/1/26 | Vendor | Confirm the post-7/1/26 property tax position for Raleigh 29 LLC and reply to Global Guru. | — | 2026-07-10 |
| Low | Leasing | Leasing activity — unit 102 showing scheduled Tue 7/14 4:30pm (prospect via AppFolio); Zillow inquiries arriving by email | Lombard PM | Hold the showing; confirm Zillow leads are being captured despite the AppFolio syndication break. | — | 2026-07-10 |
Source: Notion — Property Issues & Conversations Tracker + Outlook sweep. Each item carries a named owner and a next step; nothing sits here without one.
No open flags recorded.