19 Properties | 4,079 Units | Metro Detroit & Southeast Michigan
February 28, 2026
CONFIDENTIAL — FOR AUTHORIZED RECIPIENTS ONLY
Total Units
4,079
19 properties
Gross Potential Rent
$57.6M
T12 annualized
T12 Net Operating Income
$29.6M
NOI Margin 50.2%
Net CF After CapEx & DS
—
after capex + debt service
Total OpEx
$29.3M
OpEx Ratio 49.8%
NOI per Unit / Yr
$7,258
$605/unit/month
Portfolio Value (T3/T12 Blended @ 7%)
—
Blended NOI ÷ 7.00% cap rate
Total Known Debt
—
⚠ 1599 Pool matures Jun '26
Implied Equity (Value − Debt)
—
At current 7% cap valuation
Net Avail. Proceeds (after 2% costs)
—
Value × 98% − Total Debt
Equity Multiple (implied)
—
Proceeds ÷ Implied Equity
Loan-to-Value (LTV)
—
Debt ÷ Portfolio Value
Reporting Period:
to
Trailing 12 Months · All financial data
T12 Income & Expense by Property Mar 2025 – Feb 2026
Property
Units
Revenue
Operating Expenses
Total OpEx
NOI
NOI/Unit
Below-the-Line
GPR
Vacancy
Bad Debt
Total EGI
Payroll
Mgmt
G&A
Taxes
Insurance
Utilities
CapEx
CF after CapEx
Ann. Debt Svc
Net CF after DS
Per-Unit Operating Metrics
Property
Units
GPR/Unit
EGI/Unit
OpEx/Unit
NOI/Unit
CapEx/Unit
NOI vs. OpEx Ratio Benchmarks
KPI
Benchmark
Portfolio
Status
Notes
NOI Margin (% EGI)
45%–55%
50.2%
IN RANGE
Class B/C Midwest stabilized
OpEx Ratio (% EGI)
45%–55%
49.8%
IN RANGE
National median ~50%
NOI per Unit (annual)
$6,000–$9,000
$7,258
IN RANGE
Midwest Class B/C range
CapEx per Unit (annual)
$500–$1,500
$708
IN RANGE
Renovation cycle dependent
Vacancy Rate
<8%
6.7%
IN RANGE
Blended portfolio physical
Bad Debt Rate
<3%
3.6%
MONITOR
Post-COVID collections risk
Interactive Cap Rate Sensitivity
Valuation Cap Rate
7.00%
5.0%9.5%
Portfolio Value
—
Implied Equity
—
$/Unit
—
Going-In Cap Rate7.00% (T12 Blended)
Total Portfolio Units—
T12 Blended NOI—
Total Known Debt—
Portfolio LTV (@ 7.0% cap)—
Cap Rate Sensitivity Matrix
Cap Rate
Portfolio Value
$/Unit
Implied Equity
LTV
Based on T12 blended NOI. Debt assumes known loan balances only.
Exit Cap Rate Sensitivity Sale Scenario
Exit Cap Rate
6.50%
5.0%9.5%
Stabilized NOI Uplift:+0%
Exit Value
—
Exit Equity
—
Value Created
—
Going-In Value (@ 7.0%)—
Total Known Debt—
Stabilized Exit NOI—
Net Sale Proceeds (98%)—
Net Equity After Debt—
Exit Sensitivity Matrix
Exit Cap
Exit Value
Exit Equity
Value Created
% Gain
Value Created = Exit Value − Today's Implied Value @ 7%. Exit Equity = Exit Value − Total Known Debt. Adjust NOI uplift slider to model stabilization scenarios.
Per-Property Valuation Matrix T12 NOI · Feb 2026
Values derived from T12 trailing NOI. Blended value weights T12 and T3-annualized equally. Assumes no capital adjustments.
Property
Units
T12 NOI
Value @ 6.50%
Value @ 7.00%
Value @ 7.25%
Value @ 7.50%
$/Unit @ 7.00%
T3 Ann. NOI (×4)
Blended @ 7.00%
Debt Summary & Maturity Schedule
⚠ Critical Refinancing Risk: The 1599 Pool (SitusAMC loan #330183856) totaling $151.4M IO across 6 properties
(1,599 units) matures June 2026. Represents 53% of known debt. Active lender engagement required immediately.
Property
Units
Pool
Lender
Loan #
Balance
Rate
Maturity
Amort
DSCR
Status
February 2026 MTD Budget vs. Actual Available Properties
Favorable variances shown in green (actual beat budget). Unfavorable in red. Six standalone properties (CTW, COT, FVA, LPA, ROC, WON) not included — no individual budgets available.
Property
Units
Gross Potential Rent
Total EGI
Total OpEx
NOI
Actual
Budget
Var $
Actual
Budget
Var $
Actual
Budget
Var $
Actual
Budget
Var $
NOI by Property (T12)
OpEx Ratio by Property
Portfolio OpEx Composition
Units by Property
Total Operating Cash
$656K
13 properties w/ data
Lender-Held Reserves
$5.69M
Repl + Ins + Tax escrow
Total AP
$447K
43% past 60 days
1599 Pool Reserves
$1.51M
SitusAMC held — Jun '26
DSA Cash Warning
($35K)
Negative operating cash
Cash & Liquidity by Property Feb 28, 2026
Property
Units
Operating Cash
Cash/Unit
Repl Reserve
Ins Escrow
Tax Escrow
Total Lender-Held
Dearborn View
462
$84,756
$183
$927,241
$158,765
$207,776
$1,293,782
Kings Pointe
170
$62,858
$370
$10,986
$74,055
$93,037
$178,077
West Oaks
96
$44,232
$461
$5,981
$64,087
$182,800
$252,868
The Cove
132
$111,549
$845
$14,357
$185,845
$82,726
$282,928
Delta Square
144
($35,213)
($245)
$147,177
$25,758
$67,590
$240,525
Stratford Villa
134
$42,164
$315
$4,702
$81,789
$147,249
$233,740
Meadows on Ten
342
$197,828
$578
$25,345
$81,185
$276,626
$383,156
1599 Pool (6 props)
1,599
$147,451
$92
$1,506,586
$391,270
$930,151
$2,828,007
PORTFOLIO TOTAL
3,079
$655,624
$213
$2,642,374
$1,062,754
$1,987,955
$5,693,083
Note: 6 new standalone properties (CTW, COT, FVA, LPA, ROC, WON) do not have individual balance sheet data available. Lender-held reserves are not freely accessible cash — drawdowns require lender approval and 30–60 day processing.
Lender-Held Replacement Reserves Balance vs. CapEx
Property
Loan Balance
Reserve Bal
Reserve/Unit
Monthly Contrib
Annual Contrib
T12 CapEx
Coverage
Type
Dearborn View
$46,950,000
$927,241
$2,007
$20,557
$246,684
$314,982
2.94x
IO
Kings Pointe
$16,229,324
$10,986
$65
$3,471
$41,652
$173,597
0.06x
Amort
West Oaks
$16,605,000
$5,981
$62
$3,167
$38,004
$95,853
0.06x
Amort
The Cove
$8,831,282
$14,357
$109
$2,871
$34,452
$169,254
0.08x
Amort
Delta Square
$12,448,000
$147,177
$1,022
$3,024
$36,288
$48,498
3.03x
Amort
Stratford Villa
$15,177,000
$4,702
$35
$2,233
$26,796
$161,431
0.03x
Amort
Meadows on Ten
$17,775,000
$25,345
$74
$7,638
$91,656
$164,792
0.15x
Amort
1599 Pool — SitusAMC #330183856
$151,361,791
$1,506,586
$942
$0 (IO)
—
$1,164,249
1.29x
IO
⚠ Reserve Risk: Kings Pointe, West Oaks, and Stratford Villa all have reserve coverage below 0.20x — current balances are insufficient relative to trailing CapEx spend. Proactive draw requests recommended.
Accounts Payable Aging Feb 28, 2026
Current31–60 Days61–90 Days90+ Days
Property
Total AP
Aging Bar
Current
31–60
61–90
90+
Status
Portfolio Risk Alerts & Recommendations Feb 28, 2026
Weekly Management Report — Michigan Portfolio
Source: Yardi Scheduler · Auto-updated every Sunday from cdr@yardi.com
Last Updated: —
Portfolio Occupancy
—
physical %
Leased %
—
economic occupancy
Total Vacant
—
units available
Make Ready
—
units in progress
Total Delinquent
—
30+ day balance
Week Traffic
—
leads / showings
Weekly Box Score — All Properties
Data populated from ResAnalytics Box Score Summary (Yardi)
Property
Units
Occupied
Occ %
Leased
Leased %
Vacant
Notice
Move-Ins
Move-Outs
Leads
Showings
Apps
Upload this week's Yardi ZIP to populate · or data auto-loads each Monday from Sunday's email
Note: Debt service based on outstanding balances × stated rates. Asset management fees estimated at 1.5% of NOI. Properties with $0 loan balance may carry legacy debt not captured in statements.
Per-Property Debt Service & DSCR
Abbr
Property
Lender
Balance
Rate
Amort
Maturity
Mo. DS
Ann. DS
DSCR
Portfolio Cash Flow Waterfall (T12 Estimate)
Line Item
Amount
Bad Debt & Collections Analysis — Michigan Portfolio · T12 Feb 2026
Bad Debt Recovery Rate by Property (Best → Worst)
Top ≥15%Mid 5–14%Bottom <5%
Full Portfolio — Bad Debt, Recovery & Market Rent Comps
Ranked by recovery rate. Market rents sourced from RentCafe/Apartments.com submarket averages (Feb 2026).
Abbr
Property
Units
City
Class
Prop Rent
Mkt Rent
Spread
BD/Unit
BD% GPR
Recovered
Recov%
* Bad Debt Recovery = GL 5640-0000 per trailing P&L. BD/Unit = gross bad debt ÷ total units.
Market Rent Comps — Unit Mix, Amenities & Pricing
Rent ranges sourced from property listings and RentCafe/Apartments.com (Feb 2026). Property avg rent derived from T12 GPR ÷ units ÷ 12.