This was our first flagship purchase. We acquired this property by purchasing it from a wholesaler. The previous owner had owned this property for 10 years, but lived an hour away in Austin, and had not visited the property for years. The previous owner had delegated everything to their property manager, who had unfortunately stolen $70,000 before being discovered since they were not keeping an eye on it. Frustrated, they sold the property to us for approximately 35% lower than similar comparable properties in the area. Our team was able to go in, place and train new management, spend about $11,000 / unit on interior upgrades, install new signage, new shade structure, grills, patio furniture, and fix the potholes in the parking lot to turn the complex around. We were able to increase rents from $650/month up to $975/month while keeping costs low. Across 32 units, we raised the value by $1.3M on a 6.5% cap rate valuation, and the property is producing $14,000/month of cashflow after all expenses and mortgage payments.