Under renovationPace Realty Texas (Jarec)AppFolio
4710 SW 57th, Amarillo, TX 79109 · Owner: 4710 SW 57th LLC · 14 units
Occupied units
12 of 14
85.7% · Oct 22 2026
Rent collected, latest month
$6,950
Aug 26 - Sep 25, 2026
NOI, latest month
$3,809
Aug 26 - Sep 25, 2026, before debt
NOI, last 10 months
$3,391
Oct 25
Occupancy then vs. now
Occupancy at the January 2026 appraisal vs. the Oct 22, 2026 rent roll. Longer bar = more units filled. ↑ 60.7 pts occupancy
Jan 15, 2026 appraisal
25.0%
Now (12 of 14 occupied)
85.7%
Occupancy at appraisal
25.0%
Jan 15, 2026 · 12 units; appraisal says 25% occupied (9 of 12 vacant implied)
Occupancy now
85.7%
12 of 14 units occupied · rent roll Oct 22, 2026
Change
↑ 60.7 pts
85.7% − 25.0%
Details
Occupancy = 100% − the appraisal's current vacancy rate (75.0%). Unit-count difference: the appraisal counts 12 units, the rent roll lists 14. Unit 52 (Vacant-Rented) counts as occupied; by rent-roll status alone vacancy would be 3 of 14 (21.4%). Source: /workspace/mf-portfolio/appraisals/01M61WVCX7SMZ0JK4QGK88PN7M.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 Westway owner packets Oct 25, 2025 - Sep 25, 2026 (T12) and packets/Westway-4710SW57thLLC__Owner_Packet_Aug26-2026_to_Sep25-2026.zip (Owner Packet.pdf) (latest month). Same figures as the dashboard.- Unit 52 (Vacant-Rented on the rent roll; full renovation finished Aug 2026) counts as occupied: 12 of 14.
- Inter-company transfers from Cottonwood ($7,928.42 in Sep 2026) are excluded from income.
- Westway unit 41 and Cottonwood 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 | $6,950 | $45,076 |
| Other income (fees, utilities billed back) | $563 | $4,768 |
| Total income | $7,513 | $49,844 |
| Operating expenses | -$3,703 | -$46,453 |
| of which renovation spend booked in opex Reinvesting in renovations | $0 | -$850 |
| Operating NOI before renovation spend | $3,809 | $4,241 |
| NOI (income minus operating expenses) | $3,809 | $3,391 |
| Minus renovations and CapEx | -$972 | -$15,604 |
| Cash flow before debt | $2,837 | -$12,213 |
| Minus loan payments (monthly payment) | -$4,464 | Pending |
| Cash flow after debt | -$1,626 | Pending |
Purchase and debt
Details
From the closing documents (closing/summary.md, 4710 SW 57th HUD-1, wrap 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 | Nov 21, 2023 |
| Purchase price | $797,500 |
| Cash from buyer at closing | $123,544.44 (computed from the HUD-1) |
| Loan at purchase / current loan | $681,250 wrap-around note from Tar Heel Rentals, LLC |
| Interest rate | 6.85% |
| Term / amortization | $4,463.95/mo from Dec 1, 2023, balloon |
| Maturity / balloon | Mar 1, 2027 (balloon). Whether the Jun 2026 refinance paid it off: Pending |
| Current loan balance | $661,576.74 |
| Monthly loan payment (spreadsheet) | $4,463.95 |
| Prepayment terms | Prepayment allowed (per the note) |
Appraisal
The appraisal may be outdated; values are as of Jan 15, 2026.
| File | /workspace/mf-portfolio/appraisals/01M61WVCX7SMZ0JK4QGK88PN7M.txt |
| Appraiser | Bryan S. Miller, MAI, CCIM, and Justin M. Bishop, MAI (no inspection, per client request) |
| Value date / report date | Jan 15, 2026 / Feb 2, 2026 |
| As-is value | $710,000 ($59,167/unit) |
| As-stabilized value (income approach) | $740,000 |
| Sales comparison | $680,000 as is / $710,000 as stabilized |
| Units / rentable area | 12 / 6,800 SF (a later table says 9,470 SF) |
| Market rent | $8,200/mo total ($683/unit; $1.21/SF/mo vs. $1.21/SF/mo in place) |
| Vacancy and collection loss | 10.0% (9% stabilized vacancy + 1% collection loss); current vacancy 75.0% |
| Expenses (before reserves) | $38,960/yr ($3,247/unit) plus $200/unit reserves |
| Stabilized NOI | $51,520 |
| 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 | 85.7% |
| Average rent per occupied unit | $638/mo |
| Rent collected per unit, latest month | $496/mo |
| Rent collected vs. billed | 90.8% |
| Economic occupancy | 93.3% |
| NOI per unit, latest month | $272 |
| NOI per unit, T12 | $242 |
| Expense ratio | 93.2% |
| As-is value (appraisal) | $710,000 |
| Cap rate on actual T12 | 0.6% |
| Purchase price per unit | $56,964 |
| Value per unit | $50,714 |
| Gross rent multiplier (GRM) | 13.1x |
| DSCR | 0.08x |
| LTV | 93.2% |
| Debt yield | 0.6% |
| Cash-on-cash return | Pending |
| Break-even occupancy | 111.1% |
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 | Westway today | Status |
|---|---|---|---|
| Stabilized occupancy | 90%+ physical occupancy held for 90 days | 85.7% (12 of 14); 13 occupied units needed | Not met |
| Renovation complete / stabilized | Work finished, steady income | Status: Under renovation | Not met |
| DSCR | 1.25x or higher | 0.08x on annualized T12 NOI | Not met |
| LTV | 75% or lower | 93.2% (Jan 15, 2026 as-is value) | Not met |
| Debt yield | About 8-10% or higher (lender-specific) | 0.6% | 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 | Mar 1, 2027 (balloon). Whether the Jun 2026 refinance paid it off: Pending | Unknown |
| Prepayment penalty / lockout | None, or ended | Prepayment allowed (per the note) | 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 | $3,391 (last 10 months) | Met |
Earliest likely refinance window: Pending. Occupancy must reach 13 of 14 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 Westway owner statements (packets starting Oct 25, 2024 - Sep 25, 2026), plus rehab labor the PM booked as an operating expense (flagged "Opex"). In the T12 window the Cap X items total $15,933.97 vs $15,603.97 CapEx on the dashboard ($330.00 from statement parsing differences).Total found
$37,157
58 items
Coded CapEx by PM
$36,307
57 items
Booked as operating expense
$850
1 items · already inside NOI
Largest item
$10,555
Full renovation of 52 - Labor to compete · 08/24/2026
By type (PM labels)
HVAC$12,836
Labor$11,430
Plumbing$6,076
Labor, Supplies$2,431
Supplies$1,095
Contractor Labor$850
Appliances$750
Roofing Repairs$750
Haul Trash$400
Cleaning$325
Electrical$188
Water$28
Biggest items
- $10,555 · Full renovation of 52 - Labor to compete WW52 rehab (08/24/2026, Pace Property Management)
- $5,750 · Replaced sewer line - Bid out replacement of broken sewer line from ta (04/14/2025, Gray Properties LLC)
- $2,700 · Replaced 2 ton condenser unit on rooftop and repaired electrical - The (07/09/2025, Gray Properties LLC)
| Date | Where | Item | Amount |
|---|---|---|---|
| 11/06/2024 | Unit 41 | Labor, Supplies Inspection Areas: Bathroom 1 - Sink Needs to be resurfaced. | $248.33 |
| 11/08/2024 | Unit 46 | Appliances REPLACED FRIDGE - Fridge not working again | $375.00 |
| 12/03/2024 | Unit 44 | Cleaning WW 44 Cleaning | $324.75 |
| 12/13/2024 | Unit 44 | Electrical No description on statement | $187.50 |
| 12/13/2024 | Unit 44 | Labor, Supplies Please replace patio door blinds. | $95.97 |
| 12/19/2024 | Unit 42 | Appliances replaced refrigerator - Fridge does not work and cleaners put in backyard due to smell. | $375.00 |
| 01/06/2025 | Unit 50 | HVAC heating system repair - Hello we would like to make a request for our Heating System to be assessed. It… | $175.00 |
| 01/06/2025 | Unit 41 | HVAC make ready / paint - Estimate approved for make ready. | $875.00 |
| 01/13/2025 | Unit 46 | HVAC Heater repair - Heater not working | $225.00 |
| 01/13/2025 | Unit 51 | HVAC Heater repair - my heater is not working. and it’s currently 62 degrees in my apartment when the heater is… | $95.00 |
| 02/13/2025 | Unit 41 | HVAC Installed air return | $150.00 |
| 03/04/2025 | Unit 51 | Plumbing Tried to get unit unclogged. | $570.00 |
| 03/10/2025 | Property | Plumbing Line Wash | $500.11 |
| 03/13/2025 | Unit 54 | Labor Make ready and full paint - Estimate approved for make ready. | $875.00 |
| 04/02/2025 | Unit 51 | Plumbing installed a cleanout behind the building | $1,621.50 |
| 04/14/2025 | Unit 51 | HVAC Replaced sewer line - Bid out replacement of broken sewer line from tap to under the building. | $5,750.00 |
| 04/15/2025 | Unit 51 | Plumbing LINE WASH THE SEWER | $649.50 |
| 04/16/2025 | Property | Labor, Supplies Paint address | $80.72 |
| 05/05/2025 | Unit 44 | Roofing Repairs roof repair - Leak in ceiling. Dripping. | $175.00 |
| 05/05/2025 | Unit 51 | Roofing Repairs roof repair - there is now a leak coming from the ceiling right by my vent in my hallway. | $275.00 |
| 05/05/2025 | Unit 44 | Roofing Repairs Roof repair | $300.00 |
| 06/03/2025 | Unit 50 | Labor, Supplies No description on statement | $171.88 |
| 06/06/2025 | Unit 54 | HVAC MOVED AC CONDENSER UNIT AND PATCHED ROOF WITH DRY/WET TAR | $210.00 |
| 06/06/2025 | Unit 44 | HVAC MOVED AC CONDENSER UNIT AND PATCHED UNDERNEATH WITH TAR PATCH AND PATCHED SEVERAL OTHER SMALL SPOTS ON THE… | $393.75 |
| 06/06/2025 | Unit 54 | HVAC CUT OUT AND REPAIRED CELING NEW SHEETROCK,MUD,TAPE,AND | $315.00 |
| 07/09/2025 | Unit 54 | HVAC Repaired more spots on the flat roof where water can get in and repaired Sheetrock and texture in hallway… | $247.50 |
| 07/09/2025 | Unit 50 | HVAC Checked Freon and unit adjusted vents and set t-stat - A/c feels like its cold but the fan/blower motor is… | $137.50 |
| 07/09/2025 | Unit 48 | HVAC Replaced 2 ton condenser unit on rooftop and repaired electrical - The temperature in the apartment… | $2,700.00 |
| 07/09/2025 | Unit 54 | Labor, Supplies Refrigerator part of the refrigerator isn't cold anymore. Before I left for Oklahoma this morning to pick… | $801.80 |
| 07/09/2025 | Unit 54 | Labor, Supplies If you could send someone over to look at the stove. Oven doesn't get warm, and the stove top lights, but… | $1,032.47 |
| 08/04/2025 | Unit 42 | HVAC replaced inside blower run capacitor - (URGENT) Completely Broken Air Conditioner (High Outside Temp)… | $165.00 |
| 09/04/2025 | Unit 44 | HVAC patched more areas on the roof ( the roof is in horrible condition) - The roof is still leaking. Please… | $275.00 |
| 03/09/2026 | Unit 46 | HVAC Repaired t-stat wires, installed new Batteries in t-stat, checked furnace over in closet. Got unit working… | $192.50 |
| 04/13/2026 | Unit 44 | HVAC Went inside found AC not working new prior. Electrical work had been done to Unit checked breakers to find… | $82.50 |
| 05/18/2026 | Unit 47 | Plumbing Uploaded Invoice - Sewage Back up - Sewage is backing up into the tub and toilet really bad. | $137.50 |
| 07/09/2026 | Unit 47 | Plumbing Locate and repair leak - possible slab leak - Possible slab leak 51 - Court Cost-Eviction - Eviction Filing | $1,375.00 |
| 07/31/2026 | Unit 49 | HVAC Filter was completely clogged - a/c icing up - a/c not working | $50.00 |
| 07/31/2026 | Unit 49 | HVAC Filter was completely clogged - a/c icing up - a/c not working | $5.00 |
| 08/07/2026 | Unit 54 | Plumbing Uploaded Invoice - The Kitchen Sink Is Clogged | $125.00 |
| 08/07/2026 | Unit 54 | Plumbing Uploaded Invoice - The Kitchen Sink Is Clogged | $12.50 |
| 08/13/2026 | Unit 50 | Plumbing Uploaded Invoice - Water Heater - Looked like it could be the water heater but noticed the air won’t come on | $125.00 |
| 08/13/2026 | Unit 47 | Plumbing Uploaded Invoice - My Water Is Not Getting Hot And The Toilet Water Is Coming Up In The Bathtub. | $150.00 |
| 08/13/2026 | Unit 50 | HVAC Changed blower fan motor and rebuilt assembly with new nuts and bolts due to old threads being striped and… | $575.00 |
| 08/13/2026 | Property | Water No description on statement | $12.50 |
| 08/13/2026 | Unit 50 | HVAC Changed blower fan motor and rebuilt assembly with new nuts and bolts due to old threads being striped and… | $57.50 |
| 08/13/2026 | Property | Water No description on statement | $15.00 |
| 08/17/2026 | Unit 44 | Plumbing Uploaded Invoice - Toilet - Please tighten the toilet down (when tightened down it comes loose because the… | $211.90 |
| 08/17/2026 | Unit 44 | Plumbing Uploaded Invoice - Toilet - Please tighten the toilet down (when tightened down it comes loose because the… | $21.19 |
| 08/17/2026 | Unit 52 | Contractor Labor Opex Uploaded Invoice - Rehab - Repair all needed items | $850.00 |
| 08/17/2026 | Unit 42 | Plumbing Bathtub snake - Bathroom Smells Of Rotten Eggs | $14.90 |
| 08/17/2026 | Unit 52 | Supplies supplies for 3rd party vendor for rehab from Pace | $1,095.24 |
| 08/17/2026 | Unit 42 | Plumbing Bathtub snake - Bathroom Smells Of Rotten Eggs | $149.00 |
| 08/24/2026 | Unit 52 | Labor Full renovation of 52 - Labor to compete WW52 rehab | $10,554.76 |
| 08/28/2026 | Unit 45 | Haul Trash Haul Off - Please haul off unit. | $400.00 |
| 09/14/2026 | Unit 41 | HVAC Cleared condensation drain line and reset fault sensor that was tripped - Air Conditioner Is Not Cooling | $159.50 |
| 09/21/2026 | Unit 47 | Plumbing Sewer snake - My Toilet Is Messing Up Everytime The Upstairs Person Flushes It Comes Up In My Toilet | $164.99 |
| 09/21/2026 | Unit 47 | Plumbing Toilet pull and reset - My Toilet Is Messing Up Everytime The Upstairs Person Flushes It Comes Up In My Toilet | $82.50 |
| 09/21/2026 | Unit 42 | Plumbing Sewer snake - Water Leaking In The Bathroom | $164.99 |
| Total (58 items) | $37,157.25 | ||