This property was purchased via a broker relationship. At the time of purchased, several units were vacant. This offered an immediate chance to upgrade and rent out the units. Amongst the changes made, carpet floors were converted to vinyl plank, kitchen appliances were replaced, a new roof was installed, and much of the property’s plumbing systems were upgraded. These improvements have brought great satisfaction to our renters.

After just 2 years, the property was stabilized, with a 65% in operating income. We refinanced shortly after, with more than 60% of the down payment and rehab costs returned during refinance. Rents continue to increase in this neighborhood, and the property is being held for strong long-term cash flow and consistent appreciation.