17 Townhouse Units in Grandview, MO, purchased for $1,880,000. The IRR is about 18%. The loan is 30% down with a 6.8% interest only for 5 years with a 3-2-1 prepay. Hopefully, we can refinance into a lower rate within a few years. The central strategy will be to continue to increase rents to today’s market rents, which would be about a 75-dollar increase across the board.

Things we love about the deal are that it was built in 1988, is in excellent condition, is all townhouses (which should mean less turnover with tenants), and is close to our other property, Rock Ridge Ranch.