Income Assumptions: The 6.53% cap rate is a pro forma projection based on a stabilized 95% occupancy and an $835 average monthly rent across all 207 units. To maintain conservative underwriting, all potential ancillary income (application fees, refrigerator rentals, laundry/vending, late fees) has been completely excluded from the headline Net Operating Income. Current asking rent is $850/mo and there was a waitlist as on 8/14/2026. Expense Normalization: Operating expenses are based on seller-provided 2025 actuals. These figures have been normalized to reflect a prospective buyer's operational baseline by removing the seller's existing debt service, one-time extraordinary vehicle repairs, and non-recurring capital expenditures (including exterior paint projects and asphalt). Management and maintenance are performed in-house and are reflected in payroll.