This is a proud Austin asset in desirable Hyde Park. We came across this property through our broker relationship. The previous owner had held the property for 10 years, and was ready to settle into retirement. He was happy that the property was 100% occupied and easy to lease up because of its good condition, and because the rents were $300/month cheaper than neighboring comparable properties. We were able to purchase this property and immediately increase rents from $1,200/month up to $1,525/month with minimal spend on upgrades. While keeping costs low through efficient management, across 40 units, we are in the processing of raising the value of this property by $3.9M on a 4.5% cap rate valuation.