Fully renovated 9-bed/4-bath trophy student rental two blocks from UT Austin — priced $230K below the October 2023 independent appraisal ($2,425,000). Day-1 equity at signing. 6.52% going-in cap on actual in-place rents. 7.10% stabilized cap rate beginning August 2027. Three consecutive years of rent visibility in hand: current group lease at $15,000/mo through July 2026 · seller-supplemented bridge year at $15,000/mo through July 2027 · pre-lease signed at $17,500/mo through July 2028. Buyer's cash flow is fully protected from day one. The Asset: Stripped to studs in 2023 — new foundation, roof, HVAC, electrical, plumbing, kitchen, and baths. All permitted. Appraiser-rated C2 (no deferred maintenance). Granite, wood floors, 9' ceilings, 4-car parking, covered porch. The Location: West Campus is UT Austin's highest-density student rental corridor, serving 53,000+ enrolled students with 94–95% historical occupancy. Six-to-ten bedroom group houses pre-lease 12–18 months in advance and zero new supply is being built — UNO zoning makes high-rises more profitable, so large houses are disappearing, not being added. The Upside: Zoned MF-4-NP inside the University Neighborhood Overlay (UNO) — the only Austin subdistrict that permits high-rise residential by-right. The Texan Tower sits directly north. Long-term exit is to a high-rise developer at premium land value ($346/SF implied at ask vs. $250–$300/SF area average), entirely independent of cap rate sentiment. UNO (University Neighborhood Overlay) is a City of Austin zoning overlay applied to the West Campus core surrounding UT. It allows high-rise residential development by-right on lots that would otherwise be limited by base zoning — making this land fundamentally more valuable than its square footage alone suggests. As a result, the corridor's natural exit is a sale to a high-rise developer rather than another homeowner. Single-family and small multifamily properties inside UNO are a shrinking commodity: they're being absorbed into high-rise projects, not replaced. 2511 San Gabriel sits inside the overlay, giving the buyer a cash-flowing asset today and a redevelopment option for free. City of Austin Property Profile (Official Zoning Lookup) — Type in "2511 San Gabriel St" and it will pull the parcel record showing MF-4-NP zoning and the UNO overlay confirmed on title. ? University Neighborhood Overlay Program — City of Austin — The official City planning page explaining UNO, its boundaries, and permitted uses.