Under renovation / transitionAngelo Rentals (Shawna)AppFolio (Dierschke)
1707-1717 Greenwood St, San Angelo, TX 76901 · Owner: Moving Forward Ventures LLC (MFV) · 40 units
Occupied units
14 of 40
35.0% · Oct 22 2026
Rent collected, latest month
$9,715
Sep 1-30, 2026
NOI, latest month
$3,826
Sep 1-30, 2026, before debt
NOI, last 8 of 12 months
$32,445
Oct 2025 - Sep 2026
Summary
As of October 22, 2026.
Details
Units and occupancy from the Rosewood section of the AppFolio rent roll, Oct 22, 2026. Money figures from 8 MFV owner statements (Oct 2025-Apr 2026, Sep 2026) in appfolio-rosewood/packets/ (T12) and appfolio-rosewood/packets/MFV_2026-09-01_to_2026-09-30.pdf (latest month). Same figures as the dashboard.- The property name in AppFolio is "Rosewood Park Apartments DOWN"; what "DOWN" means is an open question.
- Consolidated AppFolio reports also include 4 single-family homes (5905 Merrick, 2314 Classen, 125 Crestwood, 501 W Ave T); they are excluded. Figures come from the Rosewood-only MFV owner statements.
- 40 units; 26 are vacant for renovation (Vacant-Unrented on the rent roll).
- T12 window: Oct 1, 2025 - Sep 30, 2026, 8 of 12 months (May-Aug 2026 statements missing).
Income, expenses and NOI
Latest month and T12 (last 8 of 12 months).
| Sep 1-30, 2026 | T12 (last 8 of 12 months) | |
|---|---|---|
| Rent collected | $9,715 | $83,063 |
| Other income (fees, utilities billed back) | $600 | $7,143 |
| Total income | $10,315 | $90,206 |
| Operating expenses | -$6,489 | -$57,761 |
| NOI (income minus operating expenses) | $3,826 | $32,445 |
| Minus renovations and CapEx | -$1,655 | -$16,828 |
| Cash flow before debt | $2,171 | $15,617 |
| Minus loan payments (monthly payment) | -$11,581 | Pending |
| Cash flow after debt | -$9,410 | Pending |
Purchase and debt
Details
From the closing documents (rosewood-purchase/ HUD-1 (Surety Title file 2203094TG), note and deed of trust) 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 | Feb 15, 2023 |
| Purchase price | $3,000,000 |
| Cash from buyer at closing | $468,890.07 |
| Loan at purchase / current loan | $2,550,000 seller-carry note from Positive Cash Flow Real Estate Investments, LLC |
| Interest rate | 5% fixed |
| Term / amortization | 50 years (600 payments), first payment Mar 1, 2023 |
| Maturity / balloon | Feb 1, 2073 |
| Current loan balance | Pending |
| Monthly loan payment (spreadsheet) | $11,580.54 |
| Prepayment terms | Per the note: 1% of the unpaid balance after 2 years, with a 90-day payoff notice |
| Other debt (spreadsheet) | Other debt $41,325 (payment Pending) |
Appraisal
No appraisal on file for Rosewood. 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 | 35.0% |
| Average rent per occupied unit | $695/mo |
| Rent collected per unit, latest month | $243/mo |
| Rent collected vs. billed | 99.8% |
| Economic occupancy | Pending |
| NOI per unit, latest month | $96 |
| NOI per unit, T12 | $811 |
| Expense ratio | 64.0% |
| As-is value (appraisal) | Pending |
| Cap rate on actual T12 | Pending |
| Purchase price per unit | $75,000 |
| Value per unit | Pending |
| Gross rent multiplier (GRM) | Pending |
| DSCR | 0.35x |
| LTV | Pending |
| Debt yield | Pending |
| 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 | Rosewood today | Status |
|---|---|---|---|
| Stabilized occupancy | 90%+ physical occupancy held for 90 days | 35.0% (14 of 40); 36 occupied units needed | Not met |
| Renovation complete / stabilized | Work finished, steady income | Status: Under renovation / transition | Not met |
| DSCR | 1.25x or higher | 0.35x on annualized T12 NOI | Not met |
| LTV | 75% or lower | Needs loan balance and value | Unknown |
| Debt yield | About 8-10% or higher (lender-specific) | Loan balance Pending | Unknown |
| Seasoning | Usually 6-12 months owned before a cash-out refi | Purchased Feb 15, 2023 | Met |
| Loan maturity / balloon | Known date, with time to close a refi | Feb 1, 2073 | Unknown |
| Prepayment penalty / lockout | None, or ended | Per the note: 1% of the unpaid balance after 2 years, with a 90-day payoff notice | Unknown |
| Operating history | 12-24 months of statements (T12) | Owner statements on file back to Jun 2023, but May-Aug 2026 are missing | Partly |
| T12 NOI positive | NOI above zero before debt | $32,445 (last 8 of 12 months) | Met |
Earliest likely refinance window: Pending. Occupancy must reach 36 of 40 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)
Every item Angelo Rentals coded to a "CapEx - REHAB" account in the Rosewood (MFV) owner statements, Oct 1, 2024 - Oct 5, 2026.
Details
Statements for May-Aug 2026 are missing, so CapEx in those months is unknown. Tenant chargebacks credited to CapEx ($290.85, Jun 2025) are not netted. For the 8 statements in the T12, these items total $16,756.45 vs $16,827.77 CapEx on the dashboard; the $71.32 difference is small utility/plumbing lines the dashboard counted as CapEx.Total found
$101,619
39 items
Coded CapEx by PM
$101,619
39 items
Booked as operating expense
$0
0 items · already inside NOI
Largest item
$14,200
Building 4 50% sewer line replacement · 04/11/2025
By type (PM labels)
Plumbing$46,798
Repair$38,643
Heating and A/C$4,763
Cleaning$3,155
Window Repair or Replacement$2,600
Repair balcony with proper$2,401
Appliance Repair or Replacement$2,344
Electrician$914
Biggest items
- $14,200 · Building 4 50% sewer line replacement (04/11/2025, Texas Elite Property Solutions)
- $14,200 · Sewer line replacement in building 4 along with vertical stack replace (09/04/2025, Texas Elite Property Solutions)
- $13,486 · Make ready repairs (02/14/2025, Texas Elite Property Solutions)
| Date | Where | Item | Amount |
|---|---|---|---|
| 10/07/2024 | Property | Plumbing Replaced entire upstairs sanitary system as well downstairs above concrete. Opened ceiling to repipe tub… | $3,100.00 |
| 10/11/2024 | Property | Repair Materials for pool maintenance | $1,033.49 |
| 10/31/2024 | Property | Plumbing Provided running camera down vent stacks of several different buildings, the only one good was one that… | $2,222.64 |
| 10/31/2024 | Unit 904 | Heating and A/C Install new window unit | $986.00 |
| 11/15/2024 | Unit 604 | Appliance Repair or Replacement Changed out and disposed of old dishwasher, installed new one, also changed angle stop | $615.21 |
| 11/27/2024 | Unit 601 | Repair Make ready repairs | $4,350.00 |
| 12/30/2024 | Unit 904 | Repair Materials used for replace the vanity | $669.14 |
| 01/14/2025 | Unit 601 | Appliance Repair or Replacement New fridge 18cf Midea | $651.29 |
| 01/30/2025 | Unit 605 | Repair Materials for make ready repairs | $516.86 |
| 02/14/2025 | Unit 405 | Repair Make ready repairs | $13,485.70 |
| 02/14/2025 | Unit 604 | Heating and A/C New window unit 1000 sq ft 18000 BTU | $711.27 |
| 02/14/2025 | Unit 605 | Heating and A/C New window unit 1000 sq ft 18000 BTU | $718.84 |
| 02/14/2025 | Unit 904 | Appliance Repair or Replacement New Electric range black, and new 18.1 cu ft top freezer refrigerator black | $1,077.74 |
| 03/11/2025 | Unit 805 | Repair Materials for make ready repairs | $757.88 |
| 03/27/2025 | Unit 405 | Repair Tear down and replace balcony with proper support | $870.00 |
| 03/31/2025 | Property | Repair Materials for maintenance | $1,038.83 |
| 04/03/2025 | Unit 405 | Repair Tear down and replace balcony with proper support | $870.00 |
| 04/11/2025 | Property | Repair balcony with proper Materials for make ready repairs | $2,401.49 |
| 04/11/2025 | Property | Plumbing Building 4 50% sewer line replacement | $14,200.00 |
| 04/17/2025 | Unit 405 | Repair Patched multple holes, fixed failing ceiling, mount toilets, put backer board on cabinets and installed… | $1,670.00 |
| 05/02/2025 | Property | Repair Materials for roofing repairs | $187.74 |
| 05/15/2025 | Unit 408 | Heating and A/C Clogged evaporator coil, blower covered in debris, also low on freon. Removed blower to wash with acid,… | $895.19 |
| 06/16/2025 | Property | Repair Materials for maintenance | $1,006.92 |
| 07/07/2025 | Property | Plumbing Exterior sewer line replacement | $4,500.00 |
| 07/25/2025 | Unit 805 | Plumbing Plumbing repairs and sewer stack replacement | $3,400.00 |
| 09/04/2025 | Property | Plumbing Sewer line replacement in building 4 along with vertical stack replacement | $14,200.00 |
| 09/18/2025 | Unit 406 | Repair Installed LVP flooring throughout the unit | $7,274.27 |
| 10/09/2025 | Unit 603 | Repair Materials for maintenance | $612.35 |
| 10/23/2025 | Unit 901 | Plumbing Stack repair, replaced cast iron with a new pvc one and pipping | $2,590.00 |
| 11/26/2025 | Unit 804 | Plumbing New bath tub | $1,300.00 |
| 01/29/2026 | Unit 406 | Repair Downpayment windows RW 406 | $1,300.00 |
| 03/05/2026 | Property | Cleaning Remove trash and debris from RW apartments | $1,500.00 |
| 03/12/2026 | Unit 406 | Window Repair or Replacement Repaired windows for unit | $2,600.00 |
| 03/30/2026 | Property | Plumbing Cut cabinet under kitchen line was leaking, cut the old adapter and untreated it from the cast iron 2 way… | $677.37 |
| 04/10/2026 | Unit 902 | Plumbing Unstop kitchen sink, needed to rebuild pipe, basket strainer was broken removed and replaced it | $607.85 |
| 04/14/2026 | Unit 402 | Repair Make ready repairs | $3,000.00 |
| 04/16/2026 | Unit 402 | Electrician Changed out a new panel with all new breakers, previous was burnt | $913.73 |
| 09/17/2026 | Unit 706 | Cleaning Trash out the apartment | $1,655.15 |
| 10/01/2026 | Unit 406 | Heating and A/C Install a portable AC on back porch | $1,451.64 |
| Total (39 items) | $101,618.59 | ||