TransitionLocation Rentals (Ryan)Rentvine
2101 16th Street, Lubbock, TX 79401 · Owner: 2101 16th LLC · 19 units
Occupied units
9 of 19
47.4% · Oct 21 2026
Rent collected, latest month
$7,799
Sep 12 - Oct 13, 2026
NOI, latest month
$5,308
Sep 12 - Oct 13, 2026, before debt
NOI, last 7 months
$15,903
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-nomad-2101-16th-llc/Income-Statement-2026_10_21_17_07_18.csv (T12) and Owner Packet 09-12-2026-10-13-2026.zip (Cash Flow (per property)) (latest month). Same figures as the dashboard.- Managed by Doors Management before Mar 2026. Doors FY2025: income $122,370.16, expenses $76,974.87, NOI $45,395.29 (not in the T12 below).
- Location Rentals (Ryan) manages today; moving to Thrive LBK (Morgan) about the first week of Nov 2026.
- The Jul 15 - Aug 11, 2026 owner packet is missing (covered by the all-time ledger).
- The latest packet shows YTD NOI of $16,261.39; the all-time income statement CSV shows $15,902.76. The dashboard uses the CSV figure.
- 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 | $7,799 | $41,676 |
| Other income (fees, utilities billed back) | $491 | $3,099 |
| Total income | $8,290 | $44,775 |
| Operating expenses | -$2,982 | -$28,872 |
| NOI (income minus operating expenses) | $5,308 | $15,903 |
| Minus renovations and CapEx | none separated (Rentvine books all costs as operating expenses) | |
| Minus loan payments (monthly payment) | -$11,059 | Pending |
| Cash flow after debt | -$5,751 | Pending |
Purchase and debt
Details
From the closing documents (nomad-docs/01M61XPVPN4HZ7WN7YHCHTR9VJ.txt, Nomad HUD-1 (Capital Title file T-23-757876-LG, seller Tar Heel Rentals); closing/summary.md 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 | $1,179,839 |
| Cash from buyer at closing | $312,257.90 (earnest money $5,000) |
| Loan at purchase / current loan | At purchase: $884,879 Tar Heel Rentals wraparound note, 7%, $5,887.12/mo, balloon May 1, 2026, non-recourse, prepayable without penalty; wraps an $880,000 Vista Bank loan (2021). Now: share of the Jun 5, 2026 Diamond Investment Ventures refinance. The refinance payoffs to Vista Bank ($770,154.04) and Tar Heel Rentals ($96,917.05) likely retired the Nomad wrap, whose balloon came due May 1, 2026 (unconfirmed). |
| Interest rate | Purchase wrap 7%; refinance Pending |
| Term / amortization | Refinance Pending |
| Maturity / balloon | Purchase wrap balloon May 1, 2026 (likely paid off by the Jun 2026 refinance, unconfirmed); refinance maturity Pending |
| Current loan balance | $884,715.80 (allocated; see note) |
| Monthly loan payment (allocated) | $11,058.95 |
| Prepayment terms | Refinance Pending (purchase wrap was prepayable without penalty) |
| 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/01M61WV99F1PSZSKA65PSA8YBE.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 | $1,260,000 ($66,316/unit) |
| As-stabilized value (income approach) | $1,300,000 |
| Sales comparison | $1,140,000 as is / $1,180,000 as stabilized |
| Units / rentable area | 19 / 16,050 SF |
| Market rent | $15,650/mo total ($824/unit; $0.98/SF/mo vs. $0.84/SF/mo in place) |
| Vacancy and collection loss | 13.0% (12% stabilized vacancy + 1% collection loss); current vacancy 63.2% |
| Expenses (before reserves) | $66,674/yr ($3,509/unit) plus $200/unit reserves |
| Stabilized NOI | $97,871 |
| 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 |
|---|---|
| Physical occupancy | 47.4% |
| Average rent per occupied unit | $693/mo |
| Rent collected per unit, latest month | $410/mo |
| Rent collected vs. billed | 125.0% |
| Economic occupancy | 39.9% |
| NOI per unit, latest month | $279 |
| NOI per unit, T12 | $837 |
| Expense ratio | 64.5% |
| As-is value (appraisal) | $1,260,000 |
| Cap rate on actual T12 | 2.2% |
| Purchase price per unit | $62,097 |
| Value per unit | $66,316 |
| Gross rent multiplier (GRM) | 17.6x |
| DSCR | 0.21x |
| LTV | 70.2% |
| Debt yield | 3.1% |
| Cash-on-cash return | Pending |
| Break-even occupancy | 97.0% |
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 | Nomad today | Status |
|---|---|---|---|
| Stabilized occupancy | 90%+ physical occupancy held for 90 days | 47.4% (9 of 19); 18 occupied units needed | Not met |
| Renovation complete / stabilized | Work finished, steady income | Status: Transition | Not met |
| DSCR | 1.25x or higher | 0.21x on annualized T12 NOI | Not met |
| LTV | 75% or lower | 70.2% (Jan 26, 2026 as-is value) | Met |
| Debt yield | About 8-10% or higher (lender-specific) | 3.1% | 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 | Purchase wrap balloon May 1, 2026 (likely paid off by the Jun 2026 refinance, unconfirmed); refinance maturity Pending | Unknown |
| Prepayment penalty / lockout | None, or ended | Refinance Pending (purchase wrap was prepayable without penalty) | Unknown |
| Operating history | 12-24 months of statements (T12) | 7 statement months with Location Rentals (since Mar 11, 2026), plus Doors Management statements Sep 2025 - Mar 2026 and FY2025 (income $122,370.16, NOI $45,395.29) | Not met |
| T12 NOI positive | NOI above zero before debt | $15,903 (last 7 months) | Met |
Earliest likely refinance window: Pending. Occupancy must reach 18 of 19 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
These are the capital-type items (replacements and make-ready work) found in the all-time ledger and owner packets, Mar 11 - Oct 21, 2026. Nothing before Mar 2026 is on file.Total found
$9,223
3 items
Coded CapEx by PM
$0
0 items
Booked as operating expense
$9,223
3 items · already inside NOI
Largest item
$6,000
3-ton HVAC replacement (new condenser an · 08/20/2026
By type (PM labels)
HVAC$7,773
Make-ready (Maintenance)$1,450
Biggest items
- $6,000 · 3-ton HVAC replacement (new condenser and air handler, 10-yr parts war (08/20/2026, Jerry Bonner Plumbing)
- $1,773 · Warranty compressor installed, wiring harness and filter drier replace (06/18/2026, Jerry Bonner Plumbing)
- $1,450 · Make-ready labor, sheetrock repair, attic access repair (05/21/2026, 5G Construction)
| Date | Where | Item | Amount |
|---|---|---|---|
| 05/21/2026 | Unit 2A | Make-ready (Maintenance) Opex Make-ready labor, sheetrock repair, attic access repair | $1,450.12 |
| 06/18/2026 | Unit 2B | HVAC Opex Warranty compressor installed, wiring harness and filter drier replaced, Freon recharge | $1,773.00 |
| 08/20/2026 | Unit 2G | HVAC Opex 3-ton HVAC replacement (new condenser and air handler, 10-yr parts warranty) | $6,000.00 |
| Total (3 items) | $9,223.12 | ||