Hey — wanted to share this deal I'm looking at. 44-unit multifamily in Mississippi. Fully renovated in 2023 (studs-out). Here's the breakdown: THE DEAL • 44 units (28 one-beds, 16 two-beds) • Purchase price: $3.5M ($79,545/door) • CBRE appraised it at $4.3M — we're buying 19% below appraisal • Freddie Mac non-recourse debt at 6.50%, 75% LTV, 2 years interest-only • Total equity raise: ~$1.05M • 7% preferred return, 70/30 LP/GP split • Zero capex needed — everything is brand new THE MARKET 422,000 population across 4 counties • Median household income: $61,266 • Unemployment: 3.0% — employment just hit an all-time record high • 87,500+ government-backed jobs: Keesler Air Force Base ($1.085B impact), Ingalls Shipbuilding (11,000 jobs), 9 casinos ($1.6B/yr), Stennis Space Center • Harrison County had the largest population gain in the entire state last year RENTS & SUPPLY • Average rent: $1,087/unit. 1BDs around $923, 2BDs around $1,140 • Rent growth: +4.1% year over year (double the state average) • Vacancy: 7.6% • Only 144 units under construction in the entire MSA vs 25,000+ existing — virtually zero new supply coming WHAT'S TRADING • 19 apartment deals sold in the last 12 months — 2,414 units — $130M total volume • Recent comps: - The Quarters (36 units): $89,722/door - Providence Pointe (144 units): $80,903/door - Palm View (26 units): $80,769/door - The Oaks (105 units): $80,000/door - Mayflower Place (32 units): $78,000/door • Average: ~$82K/door — and those are NOT renovated. We're getting a turnkey asset at $79.5K/door THE NUMBERS (5-Year Hold, LP Returns) • Takeover NOI: $253,793 (our conservative UW, not the seller's) • Stabilized NOI: $323,871 • LP IRR: 16.2% (at 7.0% exit cap — base case) • LP Equity Multiple: 1.98× • Exit sensitivity: 13.6% IRR at 7.5% cap / 18.8% IRR at 6.5% cap • $800K in built-in equity on day one Bottom line — this is a cash-flowing, turnkey deal in a supply-starved market backed by government jobs that aren't going anywhere. Non-recourse debt, below-appraisal purchase, and double-digit LP returns from day one. Let me know if you want to see the full deck.