Under renovationPace Realty Texas (Jarec)AppFolio
5700 Canyon Dr, Amarillo, TX 79109 · Owner: 5700 Canyon Dr LLC · 41 units
Occupied units
35 of 41
85.4% · Oct 22 2026
Rent collected, latest month
$19,626
Aug 26 - Sep 25, 2026
NOI, latest month
-$4,190
Aug 26 - Sep 25, 2026, before debt
NOI, last 10 months
$47,733
Oct 25
Occupancy then vs. now
Occupancy at the January 2026 appraisal vs. the Oct 22, 2026 rent roll. Longer bar = more units filled. ↑ 26.4 pts occupancy
Jan 6, 2026 appraisal
59.0%
Now (35 of 41 occupied)
85.4%
Occupancy at appraisal
59.0%
Jan 6, 2026 (cover letter: Jan 15, 2026) · 41 units; appraisal says 59% occupied (vacant unit count not stated; 41.0% of 41 is about 16.8 units)
Occupancy now
85.4%
35 of 41 units occupied · rent roll Oct 22, 2026
Change
↑ 26.4 pts
85.4% − 59.0%
Details
Occupancy = 100% − the appraisal's current vacancy rate (41.0%). Same 41-unit count in the appraisal and the rent roll. Source: /workspace/mf-portfolio/appraisals/01M61WVAQ6KYKHVFD1KS7P54J1.txt (Executive Summary, Current Vacancy Rate).Summary
As of October 22, 2026.
Details
Units and occupancy from the AppFolio rent roll, Oct 22, 2026. Money figures from 10 Cottonwood owner packets Oct 25, 2025 - Sep 25, 2026 (T12) and packets/Cottonwood-5700CanyonDrLLC__Aug_26,_2026_to_Sep_25,_2026.zip (Owner Packet.pdf) (latest month). Same figures as the dashboard.- The latest month is negative mainly because operating expenses include a $10,000 "Rehab of Unit" for unit 38 that the PM booked as an operating expense, not CapEx.
- Cottonwood unit 41 and Westway unit 41 are different units.
- T12 window: Oct 25, 2025 - Sep 25, 2026, 10 owner statements = 10 months (Feb 26-28, 2026 not covered).
Income, expenses and NOI
Latest month and T12 (last 10 months).
| Aug 26 - Sep 25, 2026 | T12 (last 10 months) | |
|---|---|---|
| Rent collected | $19,626 | $180,254 |
| Other income (fees, utilities billed back) | $1,503 | $14,136 |
| Total income | $21,129 | $194,390 |
| Operating expenses | -$25,319 | -$146,656 |
| of which renovation spend booked in opex Reinvesting in renovations | -$11,500 | -$21,450 |
| Operating NOI before renovation spend | $7,310 | $69,183 |
| NOI (income minus operating expenses) | -$4,190 | $47,733 |
| Minus renovations and CapEx | -$1,072 | -$32,085 |
| Cash flow before debt | -$5,262 | $15,648 |
| Minus loan payments (monthly payment) | -$13,392 | Pending |
| Cash flow after debt | -$18,654 | Pending |
Purchase and debt
Details
From the closing documents (closing/summary.md, 5700 Canyon Dr HUD-1 (Capital Title file 23-763291-LG-A)) 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 21, 2023 |
| Purchase price | $2,392,500 |
| Cash from buyer at closing | $388,539.51 |
| Loan at purchase / current loan | $2,043,750 loan from Tar Heel Rentals, LLC (seller) |
| Interest rate | Pending |
| Term / amortization | Pending |
| Maturity / balloon | Pending |
| Current loan balance | $1,984,432.51 |
| Monthly loan payment (spreadsheet) | $13,391.86 |
| Prepayment terms | Pending |
Appraisal
The appraisal may be outdated; values are as of Jan 6, 2026 (cover letter says Jan 15, 2026).
| File | /workspace/mf-portfolio/appraisals/01M61WVAQ6KYKHVFD1KS7P54J1.txt |
| Appraiser | Bryan S. Miller, MAI, CCIM, and Justin M. Bishop, MAI (no inspection, per client request) |
| Value date / report date | Jan 6, 2026 (cover letter says Jan 15, 2026) / Feb 2, 2026 |
| As-is value | $2,540,000 ($61,951/unit) |
| As-stabilized value (income approach) | $2,630,000 |
| Sales comparison | $2,210,000 as is / $2,300,000 as stabilized |
| Units / rentable area | 41 / 25,215 SF |
| Market rent | $28,700/mo total ($700/unit; $1.14/SF/mo vs. $1.03/SF/mo in place) |
| Vacancy and collection loss | 10.0% (9% stabilized vacancy + 1% collection loss); current vacancy 41.0% |
| Expenses (before reserves) | $132,168/yr ($3,224/unit) plus $200/unit reserves |
| Stabilized NOI | $184,352 |
| Cap rate | 7.00% |
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 | 85.4% |
| Average rent per occupied unit | $651/mo |
| Rent collected per unit, latest month | $479/mo |
| Rent collected vs. billed | 86.1% |
| Economic occupancy | 79.4% |
| NOI per unit, latest month | -$102 |
| NOI per unit, T12 | $1,164 |
| Expense ratio | 75.4% |
| As-is value (appraisal) | $2,540,000 |
| Cap rate on actual T12 | 2.3% |
| Purchase price per unit | $58,354 |
| Value per unit | $61,951 |
| Gross rent multiplier (GRM) | 11.7x |
| DSCR | 0.36x |
| LTV | 78.1% |
| Debt yield | 2.9% |
| Cash-on-cash return | Pending |
| Break-even occupancy | 97.8% |
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 | Cottonwood today | Status |
|---|---|---|---|
| Stabilized occupancy | 90%+ physical occupancy held for 90 days | 85.4% (35 of 41); 37 occupied units needed | Not met |
| Renovation complete / stabilized | Work finished, steady income | Status: Under renovation | Not met |
| DSCR | 1.25x or higher | 0.36x on annualized T12 NOI | Not met |
| LTV | 75% or lower | 78.1% (Jan 6, 2026 (cover letter says Jan 15, 2026) as-is value) | Not met |
| Debt yield | About 8-10% or higher (lender-specific) | 2.9% | Not met |
| Seasoning | Usually 6-12 months owned before a cash-out refi | Purchased Nov 21, 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) | Monthly owner statements on file Jun 2024 - Sep 2026 (one 3-day gap, Feb 26-28, 2026) | Met |
| T12 NOI positive | NOI above zero before debt | $47,733 (last 10 months) | Met |
Earliest likely refinance window: Pending. Occupancy must reach 37 of 41 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)
Details
Every item Pace Realty Texas coded "Cap X" on the Cottonwood owner statements (packets starting Oct 25, 2024 - Sep 25, 2026), plus unit rehabs the PM booked as operating expenses (flagged "Opex"). The PM's own type labels are kept; some (e.g. the $25,000 sewer line and concrete work) are labeled HVAC. In the T12 window the Cap X items total $32,169.18 vs $32,085.24 CapEx on the dashboard ($83.94 from statement parsing differences).Total found
$101,724
89 items
Coded CapEx by PM
$80,274
85 items
Booked as operating expense
$21,450
4 items · already inside NOI
Largest item
$25,000
Completed sewer line replacement - estim · 08/19/2025
By type (PM labels)
HVAC$44,076
Labor$12,497
Contractor Labor$11,450
Rehab of Unit$10,000
Plumbing$9,877
Labor, Supplies$8,359
Appliances$1,714
A/C not working$1,072
Supplies, Plumbing Repairs$1,008
Supplies, Make Ready$549
Haul trash$400
Roofing Repairs$300
Electrical$188
Cooling$137
Electrical, Supplies$97
Biggest items
- $25,000 · Completed sewer line replacement - estimate for main drain collapse (08/19/2025, Gray Properties LLC)
- $10,000 · Rehab of CW- 38 (09/16/2026, Pace Property Management)
- $7,500 · Rehab of CW- 34 (06/15/2026, Pace Property Management)
| Date | Where | Item | Amount |
|---|---|---|---|
| 11/05/2024 | Unit 35 | Plumbing apartment #35 tub is leaking into the bathroom | $448.42 |
| 11/05/2024 | Unit 39 | Plumbing Ran 6ft of snake to get tub drain unclogged. | $344.27 |
| 11/06/2024 | Property | Labor, Supplies Broken tile in laundry room needs to be replaced so new equipment can be placed. | $277.15 |
| 11/12/2024 | Unit 07 | Supplies, Plumbing Repairs Bid approved to replace pump. | $1,007.85 |
| 12/05/2024 | Unit 27 | Labor, Supplies Estimate approved for make ready. List is in your box at the main office. | $1,001.96 |
| 12/10/2024 | Property | Plumbing Scottco Cottonwood Leak Test | $100.00 |
| 12/13/2024 | Unit 28 | Labor, Supplies No description on statement | $118.84 |
| 12/13/2024 | Unit 27 | Labor, Supplies Estimate approved for make ready. List is in your box at the main office. | $476.74 |
| 12/13/2024 | Unit 34 | Labor Inspection Areas: Kitchen - Lights Need a light for the exhaust fan above the stove. Kitchen - Walls… | $45.00 |
| 12/24/2024 | Property | Electrical, Supplies No description on statement | $96.96 |
| 12/26/2024 | Unit 35 | Appliances REPAIRED STOVE - My oven isn’t working | $267.90 |
| 01/02/2025 | Property | Plumbing Ran camera down main sewer line to find roots and crack in line. | $1,231.34 |
| 01/06/2025 | Unit 28 | Labor Minor scuff marks need to be touched up. -Need 4 big bulbs. -2 blinds needed. -Need light fixture for… | $45.00 |
| 01/06/2025 | Property | Electrical No description on statement | $187.50 |
| 01/10/2025 | Unit 14 | Appliances Repaired Fridge - Refrigerator is not work. | $297.80 |
| 01/13/2025 | Unit 24 | HVAC heater repair - Wall unit in living room is not heating. | $135.00 |
| 01/13/2025 | Unit 38 | HVAC Heater repair | $135.00 |
| 01/16/2025 | Unit 30 | Appliances replace wiring, harness, power block and plug on stove - Stove is noy heating up cannot cook on stove. I… | $347.65 |
| 01/21/2025 | Unit 27 | Labor helped corey paint | $157.50 |
| 01/22/2025 | Unit 27 | Labor Estimate approved for make ready. List is in your box at the main office. | $1,102.50 |
| 01/28/2025 | Unit 27 | Labor, Supplies Estimate approved for make ready. List is in your box at the main office. | $1,195.43 |
| 01/28/2025 | Unit 28 | Labor, Supplies No description on statement | $328.80 |
| 02/07/2025 | Unit 28 | Labor, Supplies Minor scuff marks need to be touched up. -Need 4 big bulbs. -2 blinds needed. -Need light fixture for… | $772.14 |
| 02/07/2025 | Unit 27 | Labor, Supplies Estimate approved for make ready. List is in your box at the main office. | $1,315.40 |
| 02/07/2025 | Unit 28 | Labor, Supplies Minor scuff marks need to be touched up. -Need 4 big bulbs. -2 blinds needed. -Need light fixture for… | $772.14 |
| 02/07/2025 | Unit 27 | Supplies, Make Ready Estimate approved for make ready. List iattached. | $548.73 |
| 02/28/2025 | Property | Appliances Serviced all three Washers filter included check thoroughly - Tenants state there are cloths stuck in the… | $426.00 |
| 03/14/2025 | Unit 14 | Appliances REPLACED FRIDGE - Bottom portion of refrigerator is not cooling and food is spoiling. This is the 3rd… | $375.00 |
| 04/04/2025 | Unit 19 | Labor, Supplies Inspection Areas: Bathroom 1 - Sink Sink faucet needs a screen Bathroom 1 - Shower/Tub The drain in the… | $161.76 |
| 05/05/2025 | Unit 05 | Roofing Repairs Roof repairs - Roof still leaking in bedroom and mold now growing southeast corner of bedroom. | $300.00 |
| 05/05/2025 | Property | HVAC Multiple repairs on roof top. Cut back existing roof and patch areas with a wet/dry tar patch to stop… | $600.00 |
| 05/05/2025 | Unit 38 | HVAC Replaced hvac | $1,150.00 |
| 05/05/2025 | Unit 25 | HVAC Replaced HVAC - AC/ Heating unit is not working. “E4” error. | $1,150.00 |
| 05/05/2025 | Unit 26 | Labor, Supplies No description on statement | $287.94 |
| 05/05/2025 | Property | Labor Paint address | $100.00 |
| 06/03/2025 | Unit 19 | Labor, Supplies Inspection Areas: Bathroom 1 - Outlets/GFCI/ Switches Please install a new GFCI the old one has several… | $435.55 |
| 06/03/2025 | Unit 31 | Labor, Supplies No description on statement | $310.97 |
| 06/16/2025 | Unit 19 | Labor, Supplies tub faucet dripping | $334.94 |
| 06/30/2025 | Unit 16 | Labor, Supplies Bathtub hot water know doesn't turn on water anymore. Could you replace it or both so I can use hot water. | $265.72 |
| 06/30/2025 | Unit 19 | Labor, Supplies tub faucet dripping | $303.22 |
| 06/30/2025 | Unit 31 | Labor tub faucet dripping | $131.25 |
| 07/01/2025 | Property | HVAC CONCRETE WORK SIDEWALK AND STAIRS - Soffit repair and concrete replacement needed. Concrete replacement is… | $3,492.50 |
| 07/01/2025 | Unit 10 | HVAC CLEARED - (EMERGENCY) Toilet Backing Up without Overflow (No Other Toilets Available) Description added by… | $192.50 |
| 07/01/2025 | Unit 31 | HVAC Reset unit, cleared condensation line and got unit up and running - Please fix air conditioner. It is not… | $192.50 |
| 07/01/2025 | Unit 19 | HVAC Cleared condensation line and got u it going - As the cleaners were cleaning the unit, the AC on the wall… | $137.50 |
| 08/19/2025 | Property | HVAC Completed sewer line replacement - estimate for main drain collapse | $25,000.00 |
| 12/03/2025 | Unit 35 | HVAC Installed new 1 ton Mini Split with wall bracket - Minisplit Unit - Looks like the minisplit unit needs… | $984.50 |
| 12/03/2025 | Unit 32 | HVAC Installed new 1 ton Mini Split with wall bracket - Minisplit Unit - The minisplit unit in apartment 32 is… | $984.50 |
| 01/21/2026 | Unit 20 | HVAC Snaked two different areas in apartment to get lines cleared - The kitchen sink is clogged | $302.50 |
| 02/03/2026 | Unit 13 | HVAC Mini split install with wall mount through brick - Mini-split not working - Please fix minisplit. A/c/Heat… | $990.00 |
| 02/03/2026 | Unit 13 | HVAC Remove old window unit board trim out exterior and paint match. Then patch, mud, tape, texture and paint… | $440.00 |
| 02/03/2026 | Unit 14 | HVAC Repaired plumbing under kitchen and bathroom sinks - Kitchen sink is leaking and bathroom sink won't… | $302.50 |
| 04/21/2026 | Unit 36 | HVAC Installed new 1 ton mini split system - Ac/heat unit not turning on - The heat/AC unit is not… | $984.50 |
| 04/23/2026 | Unit 12 | Labor CW- 12 rehab | $4,200.00 |
| 05/07/2026 | Unit 23 | Labor Rehab of CW- 23 | $3,500.00 |
| 05/11/2026 | Unit 25 | Plumbing Snake tub drain - Plumbing/Water Issue - Please fix the plumbing issue in the bathroom | $165.00 |
| 05/21/2026 | Unit 01 | Labor CW- 01 Rehab | $3,000.00 |
| 05/21/2026 | Unit 29 | Labor CW- 29 Rehab | $215.45 |
| 06/02/2026 | Unit 12 | Plumbing Snaked lavatory drain - Bathroom Sink Is Clogged | $137.49 |
| 06/02/2026 | Unit 05 | Contractor Labor Opex Rehab of CW- 05 | $2,450.00 |
| 06/05/2026 | Unit 01 | Plumbing Uploaded Invoice - bathroom sink - bathroom sink clogged please check all drains | $142.18 |
| 06/05/2026 | Unit 24 | Plumbing Uploaded Invoice - Tub/shower Drain Is Clogged | $137.50 |
| 06/05/2026 | Unit 22 | HVAC Installed new mini split with extended cord installed - Mini split unit - The minisplit unit is hanging… | $1,072.50 |
| 06/05/2026 | Unit 23 | HVAC Installed new mini split with extended cord installed | $1,072.50 |
| 06/05/2026 | Property | A/C not working New move in on 6/1/26. A/c was not turning on/working. 02 - Cap X HVAC - Installed new 1 ton Mini Split… | $1,072.50 |
| 06/15/2026 | Unit 37 | Plumbing Uploaded Invoice - My Bathroom Sink Drains Slow | $137.50 |
| 06/15/2026 | Unit 34 | Contractor Labor Opex Rehab of CW- 34 | $7,500.00 |
| 06/16/2026 | Unit 30 | Plumbing Uploaded Invoice - Shower Faucet Is Leaking | $258.72 |
| 06/16/2026 | Unit 05 | Plumbing Uploaded Invoice - Missed Items - Missed items : exhaust fan in the bathroom is not working tub leaks… | $161.43 |
| 06/16/2026 | Unit 10 | Plumbing Uploaded Invoice - Plumbing issues - either water from the tub or toilet is leaking onto the floor/behind… | $150.43 |
| 06/16/2026 | Unit 19 | HVAC Installed new mini split unit - Air Conditioner | $1,072.50 |
| 06/16/2026 | Unit 15 | HVAC Installed new mini split unit - Air Conditioner Is Not | $1,072.50 |
| 06/16/2026 | Property | Cooling No description on statement | $137.49 |
| 06/16/2026 | Unit 26 | Plumbing Weekend tech call out - Plumbing back up | $82.50 |
| 06/16/2026 | Unit 24 | Plumbing Tub snake - Tub/shower Drain Is Clogged | $137.49 |
| 06/16/2026 | Unit 25 | Plumbing Drain line repair underslab - plumbing issue - repair plumbing issue | $1,650.00 |
| 06/16/2026 | Unit 24 | Plumbing Underslab drain, concrete, and floor repair - plumbing issue - repair issue with drain | $4,015.00 |
| 07/07/2026 | Property | HVAC Hung Mini Split condenser unitwith wall bracket - mini split hang - hang mini split on unit 24 | $302.50 |
| 07/16/2026 | Unit 34 | HVAC Installed 1 ton Mini Split with wall bracket and extended cord - A/C/ Heating unit - Please replace/fix… | $1,072.50 |
| 07/31/2026 | Unit 28 | HVAC Charged unit with freon 410-a - Air Conditioner Is Not Cooling | $150.00 |
| 07/31/2026 | Unit 28 | HVAC Charged unit with freon 410-a - Air Conditioner Is Not Cooling | $15.00 |
| 08/12/2026 | Property | Haul trash Outdoor Haul off - Please clean up outside of Cottonwood. Please see all items pictured and do a general… | $400.00 |
| 08/13/2026 | Property | Plumbing Uploaded Invoice - Water coming from water box - Please evaluate water problem coming from water box in… | $375.00 |
| 08/13/2026 | Property | Plumbing Uploaded Invoice - Water coming from water box - Please evaluate water problem coming from water box in… | $37.50 |
| 08/24/2026 | Unit 23 | Plumbing Uploaded Invoice - Bathroom Sink Is Clogged | $150.00 |
| 08/24/2026 | Unit 23 | Plumbing Uploaded Invoice - Bathroom Sink Is Clogged | $15.00 |
| 08/28/2026 | Unit 28 | HVAC Installed new 1 ton mini split - A/C not working | $1,072.50 |
| 09/16/2026 | Unit 38 | Rehab of Unit Opex Rehab of CW- 38 | $10,000.00 |
| 09/21/2026 | Unit 26 | Contractor Labor Opex Rehab of CW- 26 | $1,500.00 |
| Total (89 items) | $101,723.55 | ||