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Follow Dealsletter’s founder on X: @KdogBuilds for deal breakdowns and behind‑the‑scenes numbers.

🔥 THIS WEEK

📍 3 Properties, 4 Units Total (Seminole Heights + St. Petersburg, FL)
💰 Price: $1,300,000 | Down: $95,500 (7.3%)
🏠 Mix: 2 Seminole Heights Homes + 1 St. Pete Duplex, All STR
🏦 Annual CF: $30,601 after-tax | Monthly: $3,087 | CoC: 38.79%

Exceptional STR Performance: $192K annual gross ($16K monthly) from 4-unit portfolio represents $48K per unit annually versus typical $15-20K multifamily, STR premium enables extraordinary returns

100% Turnkey Operational: Fully occupied with established booking history, professional management by Investing N Florida already in place eliminating operational learning curve, no lease-up or stabilization period required

Diversified Tampa Bay Locations: 2 properties in hot Seminole Heights (walkable urban lifestyle) plus 1 in St. Petersburg (beach proximity) creating natural hedge against seasonal fluctuations and market segment shifts

Professional Management Infrastructure: 15% fee ($27,936 annually) includes guest communication, cleaning coordination, listing optimization, maintenance oversight - institutional-quality operations transferring with sale

Ultra-Low Down Payment: $95,500 cash required (7.3% down) versus typical 25% multifamily enabling $1.3M portfolio acquisition with minimal capital, remaining $1.254M financed at 6.75%

68.35% NOI Margin Excellence: After 15% management and utilities (owner-paid STR model), property still delivers near-70% margins demonstrating pricing power and operational efficiency

Immediate Value-Add Opportunities: Seminole Heights property has oversized lot with garage convertible to mother-in-law suite adding potential 5th unit, direct management option recaptures $28K annually

5-Year Wealth Trajectory: $30,601 Year 1 grows to $37,430 Year 5, cumulative 5-year cash flow $169,961 plus $87,132 principal paydown = $257,093 total return on $95,500 investment (269% ROI)

Florida Tax Advantage: No state income tax enhances after-tax returns, combined with strong tourism fundamentals and northern migration supporting both STR demand and long-term appreciation

Risk Level: MEDIUM - STR regulatory compliance required, higher turnover/wear versus LTR, seasonal demand fluctuations, but professional management and diversified locations mitigate operational risks

Recommended Strategy: STRONG BUY for investors seeking maximum cash flow with turnkey operations, 38.79% CoC unprecedented for stabilized asset, perfect for deploying capital at extraordinary returns

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📍 9930 E 36th St S, Independence, MO 64052
💰 Price: $1,900,000 ($95,000/unit)
🏠 Property: 20 Units (1BR + 2BR Mix), Built 1965, Garden-Style
🏦 Year 1 CF: $58,184/yr (10.9% CoC) | Monthly: $4,849

2.5X Better CoC Than Brighton: Independence delivers 10.9% versus Brighton's 4.4% on same $532-784K capital deployment demonstrating value investor strategy crushing turnkey premium pricing

Individual Meters Game-Changer: Separate gas/electric meters means tenants pay utilities saving ~$40K annually versus master-metered, creates expense ratio advantage enabling strong cash flow

39% Cheaper Per Unit: $95K/unit versus $155K Brighton represents massive value spread, same capital buys 2.1X more units creating superior economies of scale and diversification

Independence Market Reality: Working-class suburb east of Kansas City near I-70/I-435 corridors, stable blue-collar workforce, affordable $1,250 2BR rents achievable supporting pro forma income

CRITICAL Capex Risk: 60-year-old 1965 building = flat roofs ($100K+ replacement), ancient plumbing/electrical, 15-20 year old HVAC systems, windows/siding aging - budget $50-100K over 3-5 years

No Actual Financials Provided: Seller claiming 8.9% cap but no rent roll or T-12 provided, MUST verify actual current rents and expenses versus pro forma before proceeding, potential inflated stabilized numbers

42.7% Expense Ratio Concerning: Higher than Brighton's 33.5% but justified by 1965 age, could spike to 45-50% with deferred maintenance surprises, property tax reassessment risk post-sale

Value-Add Potential: If current rents $900-1,000 versus $1,250 pro forma, massive upside exists through unit renovations $8K each pushing rents $100-150/month = 22-36% ROI annually

1.52X Debt Coverage Strong: Can absorb 34% income drop before breaking even creating safety margin for economic downturns or renovation periods, significantly better than Brighton's 1.27X

Risk Level: HIGH - 60-year age creates capex time bomb, no verified financials creates uncertainty, Independence working-class location requires active management, but returns justify risk at right price

Recommended Strategy: CONDITIONAL - Offer $1,750K ($87,500/unit) pending inspection and T-12 verification, walk if actual cap below 8%, budget $50-100K capex reserves mandatory

📍 1812 Lewis Ave, Las Vegas, NV 89101
💰 Price: $699,000 ($174,750/unit)
🏠 Property: 3×1BR/1BA + 1×2BR/1BA, Remodeled, Walking to Fremont
🏦 Year 1 CF: $20,286/yr (10.4% CoC) | Monthly: $1,690

Unit 3 Massive Upside: Currently rented $950 versus comparable 1BR units $1,400-1,600 = $450-650/month ($5,400-7,800/year) instant NOI boost upon turnover requiring zero capital investment

Ultra-Low 10.3% Expense Ratio: Exceptional efficiency due to tenant-paid utilities, minimal common areas, modern remodeled condition reducing maintenance, among lowest expense ratios seen across all properties

Downtown Fremont Location: Walking distance to Fremont Street Experience creates strong demand from tourists, entertainment workers, casino employees, urban professionals seeking downtown lifestyle

Beautifully Remodeled Turnkey: Complete renovation throughout eliminates immediate capex concerns, can operate immediately without additional renovation capital beyond Unit 3 optimization

Parking Space Income Bonus: Industrial parking space rented $275/month adds $3,300 annual income unusual for urban 4-plex, demonstrates creative income maximization

Self-Management Critical: 10.4% CoC assumes self-management, professional property management 8-10% ($5,700-7,100) reduces CoC to 7-8% making deal marginal, best for hands-on local investors

Downtown Transient Reality: Mixed rental strategy (long-term, short-term, month-to-month) requires active oversight, higher turnover than suburban long-term only, tenant quality variance typical downtown

Stabilized Performance: With Unit 3 at market $1,500 and continued self-management, CoC jumps to approximately 13%, NOI increases to $67-69K, property value at 8.7% cap approaches $770-795K

Risk Level: MEDIUM - Downtown location requires active management, transient tenant base creates turnover, Unit 3 below-market requires explanation (problem tenant? unit issues?), but strong fundamentals mitigate

Recommended Strategy: BUY for self-managing investors, verify Unit 3 condition pre-close, plan turnover strategy maximizing rent capture, excellent cash flow for hands-on operators

📍 2443 Grande Vista Ave, Oakland, CA 94601
💰 Price: $950,000 ($237,500/unit)
🏠 Property: 3×2BR/1BA + 1×3BR/2BA, 1966, Meadow Brook
🏦 Year 1 CF: $17,635/yr (6.6% CoC) | Stabilized: $1,469/mo

3 Vacant Units Double-Edged Sword: Flexibility to establish market rents and implement improvements without tenant displacement BUT requires immediate 60-90 day lease-up costing $15-22K in lost rent creating cash drain

Weak 6.6% CoC Unacceptable: On $266K capital investment producing only $1,469/month barely justifies opportunity cost versus 10%+ alternatives, works ONLY if aggressive lease-up execution and rent optimization achieved

7.7% Oakland Cap Rate Decent: For Bay Area appreciation market, cap rate acceptable but requires belief in long-term equity growth not current cash flow, buy for 5-10 year hold not immediate income

Value-Add Through Vacancy: Three vacant units enable $3-5K cosmetic improvements (paint, flooring, fixtures) during turnover justifying premium rents versus forcing renovations during occupancy

Covered Parking + Laundry Assets: Four covered parking spaces and shared laundry room differentiate from competing stock, support premium rent positioning in Oakland market

25.9% Expense Ratio Advantage: Low expenses due to tenant-paid utilities, but 1966 age requires $5-10K per unit deferred maintenance reserves beyond budgeted 5.3% capex allocation

Self-Management Mandatory: 6.6% CoC assumes self-management, professional management 8-10% reduces returns to 3-4% making deal fail, only works for hands-on local operators

Lease-Up Execution Critical: Must fill 3 vacancies within 60-90 days maximum to minimize cash burn, extended 4-6 month lease-up destroys already weak returns making deal catastrophic

Oakland Rent Control Risk: Must understand local tenant protection laws and rent control ordinances before proceeding, regulatory environment creates operational complexity and rent ceiling risk

Risk Level: HIGH - Three vacant units create immediate cash drain, weak 6.6% CoC provides no margin for execution delays, requires aggressive lease-up and perfect rent achievement, better opportunities exist

Recommended Strategy: CONDITIONAL PASS - Only buy if can negotiate $850-900K pricing ($212-225K/unit) creating 8-9% CoC making vacancy risk worthwhile, at asking $950K opportunity cost too high