Operating (1 vacancy)Home LadderAppFolio
2241 W Campbell Ave, Phoenix, AZ 85015 · Owner: MFV AZ LLC · 4 units
Occupied units
3 of 4
75.0% · Oct 30 2026
Rent collected, latest month
$3,174
Oct 2026
NOI, latest month
$2,621
Oct 2026, before debt
NOI, Nov 2025 - Oct 2026
$32,503
Nov 2025 - Oct 2026
Summary
As of October 30, 2026.
Details
Units and occupancy from the Home Ladder AppFolio rent roll, Oct 30, 2026. Money figures from campbell/summary.md T12 (AppFolio 12-month cash flow xlsx, tied to the owner packets) (T12) and campbell/summary.md monthly table (12-month cash flow xlsx, Oct 2026) (latest month). Same figures as the dashboard.- 4-unit multifamily owned by MFV AZ LLC, managed by Home Ladder (AppFolio) since the Dec 2024 takeover; flat $100/unit/mo management.
- Unit 3 has been vacant since late Jan 2026 (9 months) with no sign of re-leasing; about $1,095/mo of lost income.
- Property tax and insurance never pass through Home Ladder; whether they are escrowed in the $3,289.64 mortgage payment is unknown. Tax ($1,622.38, 2026 Maricopa bill) is deducted here; insurance Pending.
- Flags: Unit 4 deposit funded from owner cash; Units 1-2 have no deposits; $29 utility-admin overcharge; $500 approval limit likely exceeded (WO 8109, WO 7012). See campbell/summary.md.
- T12 window: Nov 2025 - Oct 2026, full 12 months.
Income, expenses and NOI
Latest month and T12 (Nov 2025 - Oct 2026).
| Oct 2026 | T12 (Nov 2025 - Oct 2026) | |
|---|---|---|
| Rent collected | $3,174.00 | $40,888.00 |
| Other income (fees, utilities billed back) | $120.00 | $2,276.00 |
| Total income | $3,294.00 | $43,164.00 |
| Operating expenses (PM; excludes insurance, debt and CapEx) | -$538.06 | -$9,038.25 |
| Property tax (2026 tax year $1,622.38 ÷ 12 per month) | -$135.20 | -$1,622.38 |
| NOI (total income − PM opex − property tax) | $2,620.74 | $32,503.37 |
| Minus insurance (approved annual premium ÷ 12 per month) | -$299.66 | -$3,595.95 |
| NOI after insurance | $2,321.08 | $28,907.42 |
| Minus debt service (monthly payment × months) | -$3,289.64 | -$39,475.68 |
| DSCR (NOI after insurance ÷ debt service) | 0.71x | 0.73x |
| Cash flow after debt (before CapEx) | -$968.56 | -$10,568.26 |
| Minus renovations and CapEx | $0.00 | $0.00 |
| Cash flow after debt and CapEx | -$968.56 | -$10,568.26 |
Insurance
Annual premium approved by Heidi (Oct 30, 2026). No owner insurance expense appears in the PM statements in the T12 window, so it is added here, not double counted.
| Annual premium | $3,595.95 |
| Monthly equivalent | $299.66 |
Property taxes
Official county records pulled Oct 30, 2026 (/workspace/mf-portfolio/taxes/summary.md). Not in the PM operating expenses on file; the 2026 tax-year amount (approved by Heidi) is added to operating expenses as the annual property tax expense, ÷ 12 per month.
| Parcel (source link) | 2026 appraised value | 2025 tax and status | 2026 tax (official 2026 county bill) |
|---|---|---|---|
| APN 154-16-002A | $517,100 | $1,602.14 · Paid | $1,622.38 |
Maricopa County Treasurer (APN 154-16-002A). 2026 bill unpaid; 1st half delinquent after 5 pm Nov 2, 2026; full year with no interest by Dec 31, 2026. Prior years paid (by "Mortgage Company", so possibly escrowed).
Purchase and debt
Details
From the closing documents (taxes/summary.md (Maricopa Assessor sale data) and the balance/payment provided by Heidi) and the Multifamily Portfolio Description spreadsheet (balances and payments; as-of date not stated). Loan terms marked Pending are waiting on Luis.| Purchase / closing date | Nov 1, 2023 (deed 11/29/2023) |
| Purchase price | $625,000 |
| Cash from buyer at closing | Pending |
| Loan at purchase / current loan | Mortgage (lender per Heidi; terms Pending) |
| Interest rate | Pending |
| Term / amortization | Pending |
| Maturity / balloon | Pending |
| Current loan balance | $422,321.45 |
| Monthly loan payment (spreadsheet) | $3,289.64 |
| Prepayment terms | Pending |
| Equity invested (pending Heidi's final check) | Pending (not in equity/summary.md) |
Appraisal
No appraisal on file. Value: Pending.
Key metrics
Details
Computed from the PM files, the closing documents, the Multifamily Portfolio Description spreadsheet and the Jan 2026 appraisals (which may be outdated). T12 figures are annualized from the statement months on file. "Pending" means an input is missing.| Metric | Value |
|---|---|
| Physical occupancy | 75.0% |
| Average rent per occupied unit | $1,058/mo |
| Rent collected per unit, latest month | $794/mo |
| Rent collected vs. billed | 100.0% |
| Economic occupancy | Pending |
| NOI per unit, latest month | $655 |
| NOI per unit, T12 | $8,126 |
| Expense ratio | 24.7% |
| As-is value (appraisal) | Pending |
| Cap rate on actual T12 | Pending |
| Purchase price per unit | $156,250 |
| Value per unit | Pending |
| Gross rent multiplier (GRM) | Pending |
| DSCR | 0.73x |
| LTV | Pending |
| Debt yield | 7.7% |
| Cash-on-cash return | Pending |
| Break-even occupancy | Pending |
Refinance readiness
Checked against typical lender thresholds used here: DSCR 1.25x, LTV 75%, 90% occupancy for 90 days, debt yield ~8-10%, seasoning 6-12 months.
Details
Actual lender terms vary.| Test | Threshold used | 2241 today | Status |
|---|---|---|---|
| Stabilized occupancy | 90%+ physical occupancy held for 90 days | 75.0% (3 of 4); 4 occupied units needed | Not met |
| Renovation complete / stabilized | Work finished, steady income | Status: Operating (1 vacancy) | Not met |
| DSCR | 1.25x or higher | 0.73x on annualized T12 NOI after insurance | Not met |
| LTV | 75% or lower | Needs loan balance and value | Unknown |
| Debt yield | About 8-10% or higher (lender-specific) | 7.7% | Not met |
| Seasoning | Usually 6-12 months owned before a cash-out refi | Purchased Nov 1, 2023 (deed 11/29/2023) | Met |
| Loan maturity / balloon | Known date, with time to close a refi | Pending | Unknown |
| Prepayment penalty / lockout | None, or ended | Pending | Unknown |
| Operating history | 12-24 months of statements (T12) | 22 months under Home Ladder (Jan 2025 - Oct 2026); nothing before the Dec 2024 takeover | Met |
| T12 NOI positive | NOI above zero before debt | $32,503 (Nov 2025 - Oct 2026) | Met |
Earliest likely refinance window: Pending. Occupancy must reach 4 of 4 units and hold for 90 days, and the loan terms (waiting on Luis) are needed before a date can be estimated.
Renovations and CapEx (last 24 months)
Home Ladder books almost everything as repairs; the only Capex line in the xlsx is $314.10 of the Jan 2025 stove (outside the T12).
Details
Pending big items with no estimate: the sewer-line belly and the old R-22 HVAC on #4.Total found
$314
1 items
Coded CapEx by PM
$314
1 items
Booked as operating expense
$0
0 items · already inside NOI
Largest item
$314
Replaced GE gas stove (xlsx Capex share) · 01/08/2025
By type (PM labels)
Appliance$314
Biggest items
- $314 · Replaced GE gas stove (xlsx Capex share) (01/08/2025, Loya Appliances)
| Date | Where | Item | Amount |
|---|---|---|---|
| 01/08/2025 | 1 | Appliance Replaced GE gas stove (xlsx Capex share) | $314.10 |
| Total (1 items) | $314.10 | ||