Historic Mulberry Flats is a 25-unit, courtyard-style apartment community in Kokomo featuring durable brick-and-stone construction and fully renovated one-bedroom units. With over half the units recently upgraded, the property offers a light value-add opportunity through one remaining $15K renovation and cosmetic improvements to select units. Occupancy and income are positioned to improve as renovation-related vacancy burns off, while the shift of utilities to tenants is expected to further reduce expenses and increase NOI. Overall, the asset offers stabilized cash flow, limited near-term capital needs, and additional upside in a strengthening Kokomo market.