Four Palms Apartments located at 1208 N Chenango is a 23-unit, newly constructed multifamily asset completed in 2024 and offered at $2,200,000 through a lender-directed REO disposition. The property is priced at a significant discount to both replacement cost and the Houston market average of $136,423 per unit, placing the property at $95,652 per unit. The REO ownership structure has suppressed operational performance — not the asset itself. The building is modern, fully leased, and structurally sound. What it lacks is professional management and two straightforward capital improvements that together transform the income profile. A buyer acquires a 2024-built, fully occupied asset at a below-replacement-cost basis with clearly defined, low-risk upside. Because this is a 2024 new construction, the building’s plumbing and electrical systems were designed to be sub-meter compatible from day one. There is no demolition, no replumbing, and no rewiring required. Installing individual utility meters is a straightforward, low-cost capital improvement that immediately shifts the majority of utility costs to tenants.