Colgate · Property detail

TransitionLocation Rentals (Ryan)Rentvine

2416 Colgate Street, Lubbock, TX 79415 · Owner: 2416 Colgate LLC · 12 units

Occupied units

2 of 12

16.7% · Oct 21 2026

Rent collected, latest month

$300

Sep 12 - Oct 13, 2026

NOI, latest month

-$1,053

Sep 12 - Oct 13, 2026, before debt

NOI, last 7 months

$920

All-time since Location Rentals took over (Mar 11 - Oct 21

Summary

As of October 22, 2026.

Details

Units and occupancy from the Rentvine rent roll, Oct 21, 2026. Money figures from rentvine-colgate/Income-Statement-2026_10_21_17_16_21.csv (T12) and Owner Packet 09-12-2026-10-13-2026.zip (Cash Flow (per property)) (latest month). Same figures as the dashboard.

Only 2 of 12 units are occupied. Both tenants are month-to-month with collection problems, and an eviction is likely.
Managed by Doors Management before Mar 2026; Location Rentals (Ryan) today, moving to Thrive LBK (Morgan) about the first week of Nov 2026.
The Jul 15 - Aug 11, 2026 owner packet is missing.
T12 window: All-time since Location Rentals took over (Mar 11 - Oct 21, 2026), 7 statement months.

Income, expenses and NOI

Latest month and T12 (last 7 months).

	Sep 12 - Oct 13, 2026	T12 (last 7 months)
Rent collected	$300	$7,962
Other income (fees, utilities billed back)	$0	$278
Total income	$300	$8,240
Operating expenses	-$1,353	-$7,320
NOI (income minus operating expenses)	-$1,053	$920
Minus renovations and CapEx	none separated (Rentvine books all costs as operating expenses)
Minus loan payments (monthly payment)	-$6,985	Pending
Cash flow after debt	-$8,038	Pending

Purchase and debt

Details

From the closing documents (closing/summary.md, 2416 Colgate HUD-1 (Capital Title file T-23-757877-LG) and refinance HUD-1) 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	Oct 11, 2023
Purchase price	$745,161
Cash from buyer at closing	$204,892.72
Loan at purchase / current loan	Taken subject to the seller's existing $558,871 loan (lender and terms Pending); refinanced Jun 5, 2026 with Diamond Investment Ventures, LLC ($1,443,483.32 covering both Colgate and Nomad)
Interest rate	Pending
Term / amortization	Pending
Maturity / balloon	Pending
Current loan balance	$558,767.52 (allocated; see note)
Monthly loan payment (allocated)	$6,984.59
Prepayment terms	Pending
Refinance allocation	Allocated by purchase price (owner rule): Nomad $1,179,839 / Colgate $745,161 of $1,925,000 = 61.29% / 38.71% of the joint Diamond refinance ($1,443,483.32 balance; $18,043.54/mo combined = the two $9,021.77 spreadsheet rows)

Appraisal

The appraisal may be outdated; values are as of Jan 26, 2026.

File	/workspace/mf-portfolio/appraisals/01M61WVBS34934RF0CMY2QQTJ8.txt
Appraiser	Bryan S. Miller, MAI, CCIM, and Justin M. Bishop, MAI (no inspection, per client request)
Value date / report date	Jan 26, 2026 / Feb 6, 2026
As-is value	$620,000 ($51,667/unit)
As-stabilized value (income approach)	$640,000
Sales comparison	$620,000 as is / $640,000 as stabilized
Units / rentable area	12 / 6,300 SF
Market rent	$8,400/mo total ($700/unit; $1.33/SF/mo vs. $1.36/SF/mo in place)
Vacancy and collection loss	13.0% (12% stabilized vacancy + 1% collection loss); current vacancy 66.7%
Expenses (before reserves)	$39,571/yr ($3,298/unit) plus $200/unit reserves
Stabilized NOI	$48,335
Cap rate	7.50%

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	How it's figured
Physical occupancy	16.7%	2 occupied of 12 units, Rentvine rent roll, Oct 21, 2026
Average rent per occupied unit	$705/mo	$1,410 monthly rent on 2 occupied units (rent roll)
Rent collected per unit, latest month	$25/mo	$300 collected ÷ 12 units, Sep 12 - Oct 13, 2026
Rent collected vs. billed	21.3%	$300 collected (latest month) vs. $1,410 on the rent roll
Economic occupancy	16.8%	$1,410 rent roll ÷ $8,400/mo appraiser market rent for all 12 appraised units (Jan 26, 2026)
NOI per unit, latest month	-$88	-$1,053 ÷ 12 units
NOI per unit, T12	$77	$920 over 7 months ÷ 12 units
Expense ratio	88.8%	Operating expenses ÷ total income, T12 (last 7 months)
As-is value (appraisal)	$620,000	Appraisal, value date Jan 26, 2026; may be outdated
Cap rate on actual T12	0.3%	T12 NOI $920 over 7 statement months, annualized ×12/7 = $1,577 ÷ $620,000 as-is value. Appraiser used 7.50% on stabilized NOI
Purchase price per unit	$62,097	$745,161 purchase price ÷ 12 units (closing documents)
Value per unit	$51,667	$620,000 ÷ 12 units (appraiser: $51,667 on 12 units)
Gross rent multiplier (GRM)	45.4x	$620,000 ÷ $13,649 yearly rent collected (T12 rent annualized from 7 months)
DSCR	0.02x	$1,577 annualized NOI ÷ $83,815 yearly payments ($6,984.59/mo); allocated share of the joint refinance by purchase price
LTV	90.1%	$558,768 balance ÷ $620,000 as-is value. Nomad + Colgate together: $1,443,483 ÷ $1,880,000 = 76.8%
Debt yield	0.3%	$1,577 annualized NOI ÷ $558,768 balance
Cash-on-cash return	Pending	Cash flow after debt ÷ equity invested; total equity invested not on file
Break-even occupancy	95.6%	($12,548 annualized opex + $83,815 debt) ÷ $100,800 yearly appraiser market rent

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	Colgate today	Status
Stabilized occupancy	90%+ physical occupancy held for 90 days	16.7% (2 of 12); 11 occupied units needed	Not met
Renovation complete / stabilized	Work finished, steady income	Status: Transition	Not met
DSCR	1.25x or higher	0.02x on annualized T12 NOI	Not met
LTV	75% or lower	90.1% (Jan 26, 2026 as-is value)	Not met
Debt yield	About 8-10% or higher (lender-specific)	0.3%	Not met
Seasoning	Usually 6-12 months owned before a cash-out refi	Purchased Oct 11, 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)	Only 7 statement months with Location Rentals (since Mar 11, 2026); one Doors Management statement (Mar 11 - Apr 30, 2026) on file	Not met
T12 NOI positive	NOI above zero before debt	$920 (last 7 months)	Met

Earliest likely refinance window: Pending. Occupancy must reach 11 of 12 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)

Rentvine has no CapEx account for this property, so every cost is an operating expense and is already inside NOI.

Details

This is the only capital-type item (a replacement) found in the all-time ledger and owner packets, Mar 11 - Oct 21, 2026. Nothing before Mar 2026 is on file.

Total found

$725

1 items

Coded CapEx by PM

0 items

Booked as operating expense

$725

1 items · already inside NOI

Largest item

$725

Removed old exterior back door; new 32" · 09/10/2026

By type (PM labels)

Door replacement (Maintenance)$725

Biggest items

$725 · Removed old exterior back door; new 32" exterior door, trim, knob and (09/10/2026, James Creeach)

Date	Where	Item	Vendor	Amount
09/10/2026	Unit 11	Door replacement (Maintenance) Opex Removed old exterior back door; new 32" exterior door, trim, knob and deadbolt	James Creeach	$725.00
Total (1 items)				$725.00