This why we like the Midwest - a T12 cap rate over 7%, long term fixed debt at 4%, and lots of room to complete major renovations and add value to the neighborhoods we're in. Purchasing at $65k/door with rent upside to over $1000/mo.
This is a hidden gem - clean property with 95%+ occupancy in a growing area. Purchasing at $70k/door with rent upside to $1000/mo. Going in at a 6% cap rate on T12 and assuming low leverage fixed rate debt at 2.82%.
A true purchase discount at $77k/door in a path of progress neighborhood on the east side of Houston, TX. We're excited about this 320-unit property with huge upside. It's going to look amazing when we're done renovating!
Projected 12-14% COC / 16-18% IRR
Closing December 2021