Operating (1 vacancy)Preferred Property Management (Pat)Propertyware
1527 Eureka Ave, Fayetteville, NC 28311 · Owner: Moving Forward Ventures NC, LLC · 3 units
Occupied units
2 of 3
66.7% · Oct 28 2026
Rent collected, latest month
$1,600
Oct 2026 (ledger)
NOI, latest month
$1,066
Oct 2026 (ledger), before debt
NOI, Nov 2025 - Oct 2026
$17,150
Nov 2025 - Oct 2026
Summary
As of October 30, 2026.
Details
Units and occupancy from the PPM ledger and leases, Oct 28, 2026. Money figures from eureka/My Ledger.xls via eureka/summary.md monthly table (T12) and eureka/My Ledger.xls via eureka/summary.md (Oct 2026) (latest month). Same figures as the dashboard.- Triplex owned by Moving Forward Ventures NC, LLC (county owner of record "MOVING FORWARD LLC"), managed by Preferred Property Management since Oct 2024; 10% of rent plus $500 per new lease.
- Unit 2 vacant since Jul 2026 (4 months). Current run-rate NOI is about $1,310/mo, short of the $1,905.04 mortgage.
- Insurance $2,184.19/yr (Heidi-approved; about $182/mo); whether Nationstar escrows tax and insurance is unconfirmed.
- T12 includes $2,423 of one-time income (the $2,000 buyout, $388 charge-back, $35 fee).
- T12 window: Nov 2025 - Oct 2026, full 12 months (Aug-Oct 2026 ledger only; no statements yet).
Income, expenses and NOI
Latest month and T12 (Nov 2025 - Oct 2026).
| Oct 2026 (ledger) | T12 (Nov 2025 - Oct 2026) | |
|---|---|---|
| Rent collected | $1,600.00 | $26,200.00 |
| Other income (fees, utilities billed back) | $0.00 | $2,423.00 |
| Total income | $1,600.00 | $28,623.00 |
| Operating expenses (PM; excludes insurance, debt and CapEx) | -$287.75 | -$8,518.10 |
| Property tax (2026 tax year $2,954.63 ÷ 12 per month) | -$246.22 | -$2,954.63 |
| NOI (total income − PM opex − property tax) | $1,066.03 | $17,150.27 |
| Minus insurance (approved annual premium ÷ 12 per month) | -$182.02 | -$2,184.19 |
| NOI after insurance | $884.01 | $14,966.08 |
| Minus debt service (monthly payment × months) | -$1,905.04 | -$22,860.48 |
| DSCR (NOI after insurance ÷ debt service) | 0.46x | 0.65x |
| Cash flow after debt (before CapEx) | -$1,021.03 | -$7,894.40 |
| Minus renovations and CapEx | $0.00 | -$720.11 |
| Cash flow after debt and CapEx | -$1,021.03 | -$8,614.51 |
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 | $2,184.19 |
| Monthly equivalent | $182.02 |
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) |
|---|---|---|---|
| REID 0520682804000 | $366,900 | $2,954.63 · Paid 11/20/2025 | $2,954.63 |
Cumberland County (REID 0520682804000). 2026 bill unpaid; due 9/1/2026, interest from 1/6/2027. Lender Nationstar is listed, so escrow may pay it (unconfirmed).
Purchase and debt
Details
From the closing documents (taxes/summary.md (Cumberland deed Bk 011354 Pg 00478) 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 | Dec 30, 2021 |
| Purchase price | $228,500 |
| Cash from buyer at closing | Pending |
| Loan at purchase / current loan | Nationstar Mortgage LLC (lender on the tax bill); terms Pending |
| Interest rate | Pending |
| Term / amortization | Pending |
| Maturity / balloon | Pending |
| Current loan balance | $204,887.82 |
| Monthly loan payment (spreadsheet) | $1,905.04 |
| 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 | 66.7% |
| Average rent per occupied unit | $800/mo |
| Rent collected per unit, latest month | $533/mo |
| Rent collected vs. billed | 100.0% |
| Economic occupancy | Pending |
| NOI per unit, latest month | $355 |
| NOI per unit, T12 | $5,717 |
| Expense ratio | 40.1% |
| As-is value (appraisal) | Pending |
| Cap rate on actual T12 | Pending |
| Purchase price per unit | $76,167 |
| Value per unit | Pending |
| Gross rent multiplier (GRM) | Pending |
| DSCR | 0.65x |
| LTV | Pending |
| Debt yield | 8.4% |
| 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 | 1527 today | Status |
|---|---|---|---|
| Stabilized occupancy | 90%+ physical occupancy held for 90 days | 66.7% (2 of 3); 3 occupied units needed | Not met |
| Renovation complete / stabilized | Work finished, steady income | Status: Operating (1 vacancy) | Not met |
| DSCR | 1.25x or higher | 0.65x 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) | 8.4% | Met |
| Seasoning | Usually 6-12 months owned before a cash-out refi | Purchased Dec 30, 2021 | 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) | 25 months under PPM (Oct 2024 - Oct 2026); Jul 2025 and Aug-Oct 2026 from the ledger only | Met |
| T12 NOI positive | NOI above zero before debt | $17,150 (Nov 2025 - Oct 2026) | Met |
Earliest likely refinance window: Pending. Occupancy must reach 3 of 3 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)
All posted as Repairs on the PPM ledger and reclassified to CapEx in eureka/summary.md.
Details
Possible capex kept in R&M: Ralph's Finishing Touch $2,650 (8/21/2026, #2 turnover) and Batman Chimney $150.Total found
$3,600
4 items
Coded CapEx by PM
$3,600
4 items
Booked as operating expense
$0
0 items · already inside NOI
Largest item
$1,500
Replace pipe boots and vent box, re-flas · 3/11/2025
By type (PM labels)
Roof$1,500
Appliance$1,380
HVAC$720
Biggest items
- $1,500 · Replace pipe boots and vent box, re-flash and re-shingle at chimney (3/11/2025, SH Barnes East Coast Roofing)
- $827 · 2 GE dishwashers + install kits (2/18/2025, GE Appliances)
- $720 · Replace damaged ductwork (2/16/2026, Polar Bear)
| Date | Where | Item | Amount |
|---|---|---|---|
| 2/18/2025 | #1, #2 | Appliance 2 GE dishwashers + install kits | $826.67 |
| 3/11/2025 | Building | Roof Replace pipe boots and vent box, re-flash and re-shingle at chimney | $1,500.00 |
| 8/11/2025 | #3 | Appliance GE range | $553.42 |
| 2/16/2026 | #2 | HVAC Replace damaged ductwork | $720.11 |
| Total (4 items) | $3,600.20 | ||