True Value-Add: With a 26% mark-to-market spread in-place rents of $1,339 sit 26% below the $1,688 pro-forma, roughly $398,000 in annualized revenue after units have been renovated. Untapped Utility Recapture: Ownership pays $115,495 in water, sewer, and trash while billing residents nothing; RUBS or a flat monthly fee at 65% recovery adds $75,072 annually and matches what every comp in the submarket already does. Immediate Operational Efficiencies: Payroll runs $2,293 per unit, but with a professionally managed platform it reduces controllable expenses by $123,000. 77.6% Potential NOI Growth: Net operating income is projected to grow from $725,275 trailing to $1,288,164 by Year Two through the implementation of the cap-ex program, pushing rents and recapturing utilities. Golf Course Frontage: The western property line abuts the Rockledge Country Club course, giving a material share of units a permanent, protected open-space view no competitor can replicate. Location: Brevard County exceeds 616,000 residents and ranks #21 nationally for job growth and #24 for fastest-growing tech sector (Milken Institute, 2025). Development Pipeline: Space Coast Innovation Park is delivering 3 million square feet of Class-A industrial, Eastern Florida State College’s nearby Cocoa campus is midway through an $87 million expansion and Dassault opened a 175,000 SF jet maintenance facility in October 2025. Limited Direct Competition: There are few comparable properties in the submarket that offer the unit size and amenity package that Rockledge Villas offers. Amenity Set: Swimming pool and sundeck, playground, volleyball court, tenant storage, and screened-in patios and balconies that extend usable living space year-round. Balanced Unit Mix: Forty-one one-bedrooms (43%), forty-eight two-bedrooms (51%), and six three-bedrooms (6%) average 922 square feet — large for the vintage