SUNSET VISTA
Price
$40.8M
Lots
399
Occ
90%
NOI
$2.1M
Days Left
~153
Sunset Vista Estates
Pueblo, CO · 3 Communities + Homes Entity
$40.8M
399 Lots
$2.1M NOI
72
Deal Health
67%
DD Complete
18 / 27 deliverables
~152
Days to Close
Target: Sept 1, 2026
4
Red Flags
59
Action Items
This Week
Full To Do List →
Obtain lien payoff letters — Legacy Housing Corp
Critical
Chris / Legal
Clarify 21st Mortgage lien on SC106 ($979K)
Critical
Chris / Legal
Request seller provide 15 missing POH titles
Critical
Chris / Kris
Fidelity title commitment revisions — awaiting Kory Jahnke
Awaiting
Matt / Kory Jahnke (FNF)
Insurance premium allocations — OC & LAV
Partial
Chris / Jon
Decision Gates & Risks
Before hardening posture
Need clarity on nonconforming use exposure at SC, title/lien cleanup, and physical condition of vacant lots & abandoned homes before relying on upside case.
Tax classification not confirmed
Resolved
Keiana
SC legal nonconforming status
Critical
Chris / Legal
Missing POH titles + active liens
High
Physical75%
Financial90%
Legal50%
Key Milestones
PSA Executed
Mar 20
Data Room
Mar 28
Seller DD & Assumption App
Apr 3
Site Visit
TBD
DD Period Starts
TBD
Loan Assumption Expires
May 19
Earliest Close
Jul 17
Est. Close
Sept '26
5000 Red Creek Springs Rd
Sunset Country
Flagship · 29.6 ac · Est. 1973
$19.5M
206Lots
101POH
$654Lot Rent
86%Occ
$956KNOI
65%Margin
2221 S Prairie Ave
Oasis
Cash Flow Anchor · 20.5 ac · Est. 1970
$16.2M
161Lots
38POH
$615Lot Rent
95%Occ
$867KNOI
77%Margin
3333 Starlite Dr
La Vista
Boutique · 6.25 ac · Est. 1979
$2.5M
32Lots
7POH
$572Lot Rent
91%Occ
$131KNOI
55%Margin
SVE Homes
Home Purchase Entity · 50 POH across SC/OC
$2.65M
50Homes
$370Avg Rent
$0Lot Rent
$228KRevenue
$150KNOI
66%Margin
POH
Underwriting
Financials
T12 Operating Performance
Revenue vs. Expenses by Property
NOI
OpEx
Operating Margin
Sunset Vista
65.4%
Oasis
77.0%
La Vista
55.4%
Portfolio
69.2%
T12 P&L Summary (Mar 2025 – Feb 2026)
| Metric | Sunset Vista | Oasis | La Vista | Portfolio Total |
|---|---|---|---|---|
| Total Revenue | $1.5M | $1.1M | $237.0K | $2.8M |
| Lot Rent Income | $1.4M | $1.1M | $198.4K | $2.7M |
| Total Operating Expenses | $505.8K | $259.7K | $105.7K | $871.3K |
| Utilities | $238.6K | $131.7K | $46.3K | $416.6K |
| Property Taxes | $40.4K | $31.2K | $3.2K | $74.8K |
| Insurance | $79.9K | $0 * | $15.3K | $95.2K |
| Onsite Payroll | $57.8K | $18.4K | $2.7K | $79.0K |
| Net Operating Income | $956.4K | $867.4K | $131.2K | $2.0M |
| Operating Margin | 65.4% | 77.0% | 55.4% | 69.2% |
| Debt Service | $320.9K | $347.5K | $26.3K | $694.7K |
| Offsite Mgmt Fees | $79.0K | $64.2K | $12.2K | $155.4K |
* Oasis insurance shows $0 on T12 P&L — likely bundled in portfolio policy or reported elsewhere. Verify with seller.
Property Tax History & Reassessment Exposure
Sunset Vista Tax History
| Year | Tax Amount | Status |
|---|---|---|
| 2025 | $33.6K | $16.8K unpaid |
| 2024 | $40.0K | Paid |
| 2023 | $40.1K | Paid |
| 2022 | $8.3K | Paid |
| 2021 | $8.5K | Paid |
Assessment jumped ~380% from 2022 to 2023. Likely reassessment event.
Oasis Tax History
| Year | Tax Amount | Status |
|---|---|---|
| 2025 | $30.1K | $15.0K unpaid |
| 2024 | $31.2K | Paid |
| 2023 | $31.6K | Paid |
| 2022 | $4.4K | Paid |
| 2021 | $4.6K | Paid |
Assessment jumped ~600% from 2022 to 2023. Same reassessment trigger as SC.
La Vista Tax History
| Year | Tax Amount | Status |
|---|---|---|
| 2025 | $5.6K | $2.8K unpaid |
| 2024 | $5.5K | Paid |
| 2023 | $5.6K | Paid |
| 2022 | $355 | Paid |
| 2021 | $366 | Paid |
Assessment jumped ~1,476% from 2022 to 2023. Triggered by Oct 2022 CMBS refi.
Tax Reassessment Risk at Acquisition
HIGH PRIORITY — Both SC and OC experienced significant reassessments in 2023 (likely triggered by prior acquisition). At a $39.7M purchase price, Pueblo County will almost certainly reassess. Seller confirms all taxes current — impounded with Oct 2025 refi. Will prorate at closing.
Tax Reassessment Scenarios — $39.7M Basis
SCENARIO 1 — Ratio Method (Prior Basis Scaling)
| Property | Current (2024) | Est. at $38M | Increase |
|---|---|---|---|
| Sunset Vista | $40.0K | $50.9K | +$10.9K |
| Oasis | $31.2K | $39.7K | +$8.5K |
| La Vista | $3.2K | $4.0K | +$866 |
| TOTAL | $74.4K | $94.7K | +$20.3K |
Assumes prior basis ~$30M (CMBS $21.9M at ~73% LTV). Ratio: $39.7M / $30M = 1.32x applied to current taxes.
SCENARIO 2 — Residential Assessment (6.7% of Market Value)
| Property | PSA Allocation | Assessed (6.7%) | Est. Tax | vs. Current |
|---|---|---|---|---|
| Sunset Vista | $19.5M | $1.3M | $91.5K | +$51.5K |
| Oasis | $16.2M | $1.1M | $75.9K | +$44.7K |
| La Vista | $2.5M | $164.8K | $11.5K | +$8.3K |
| TOTAL | $39.7M | $2.7M | $186.0K | +$111.6K |
CRS 39-1-102 classifies MHC land as residential. Assessed value = 6.7% of PSA allocation. Tax estimated using Pueblo County avg residential mill rate (~69.93 mills). $179K total — $98K above model budget of $81K.
SCENARIO 3 — Commercial Assessment (29% of Market Value)
| Property | PSA Allocation | Assessed (29%) | Est. Tax | vs. Current |
|---|---|---|---|---|
| Sunset Vista | $19.5M | $5.7M | $395.8K | +$355.8K |
| Oasis | $16.2M | $4.7M | $328.4K | +$297.2K |
| La Vista | $2.5M | $713.4K | $49.9K | +$46.7K |
| TOTAL | $39.7M | $11.5M | $806.1K | +$731.7K |
WORST CASE. If Pueblo County classifies as commercial: assessed value = 29% of PSA allocation. Same mill rate. $774K total — $693K above model budget. Would reduce Y1 NOI by ~36%. Must confirm actual use codes on each parcel with Pueblo County Assessor (719) 583-6000.
SCENARIO SUMMARY — ANNUAL TAX EXPOSURE
| Scenario | Total Tax | vs. Current $74K | vs. Model $81K | NOI Impact |
|---|---|---|---|---|
| Current (No Reassessment) | $74.4K | — | -$6.6K | — |
| Scenario 1 — Ratio Method | $94.7K | +$20.3K | +$13.7K | -1% |
| Scenario 2 — Residential (6.7%) | $178.9K | +$104.5K | +$97.9K | -5% |
| Scenario 3 — Commercial (29%) | $774.2K | +$699.7K | +$693.2K | -36% |
Home (Personal Property) Tax Analysis
| Property | Tax District | Mill Levy | 2024 / Home | 2025 / Home | Change |
|---|---|---|---|---|---|
| Sunset Vista (County) | 60M | 85.39 | $126 | $126 – $205 | +0 – 63% |
| Oasis (City) | 60B | 92.61 | $96 | $283 – $388 | +196 – 305% |
| La Vista (City) | 60B | 92.61 | $96 | $222 – $247 | +132 – 158% |
SC homes are in unincorporated Pueblo County (Tax District 60M, lower mill levy). OC and LAV homes are in City of Pueblo (60B, higher mill levy including city levies). All three saw reassessment spikes in 2023–2025 driven by the Oct 2022 CMBS refinance. LAV has delinquent 2024 home taxes — at least 2 Katzer-owned POH show delinquent notices with interest accruing. ⚠ UNVERIFIED — source not confirmed in Drive Verify all POH taxes are current before closing. CO Tax Exemption: Per CRS 39-3-119.5, manufactured homes with actual value ≤$28,000 are exempt from personal property tax (effective 1/1/2022). Older/smaller POH in the fleet (1979 Skyline, 2001–2005 units) may qualify — verify assessed values with Pueblo County Assessor or Treasurer (719) 583-6015. Source: Folder E — Property Tax Records (42 files).
| Property | Account | Owner Entity | 2025 RE Tax | Balance Due |
|---|---|---|---|---|
| SC (Main) | 15-043-00-025 | DE Sunset Coutry MHP LLC | $33.6K | $16.8K |
| SC (Parcel 2) | 15-043-02-004 | Sunset Country MHP LLC | $904 | $452 |
| OC (Main) | 15-104-00-017 | DE Oasis MHP LLC | $30.1K | $15.0K |
| LAV (Main) | 15-211-00-022 | DE La Vista MHP LLC | $5.6K | $2.8K |
| LAV (Parcel 2) | 15-211-08-001 | La Vista MHP LLC | $159 | TBD |
| LAV (Parcel 3) | 15-211-08-002 | La Vista MHP LLC | $155 | TBD |
| TOTAL | $70.5K | $35.1K |
POH Title Verification (La Vista)
| Unit | Year | Make | Size | Liens | Owner |
|---|---|---|---|---|---|
| LAV-001 | 1979 | Skyline | 14x66 | None | Katzer Nickolas J |
| LAV-002 | 2002 | Classique | 16x76 | None | Katzer Nickolas J |
| LAV-003 | 2017 | Legacy | 16x56 | None | Katzer Nickolas J |
| LAV-004 | 1994 | Cutlass | 16x80 | None | Katzer Nickolas J |
| LAV-006 | 2016 | Legacy | 16x56 | None | Katzer Nickolas J |
| LAV-011 | 2016 | Legacy | 16x76 | None | Katzer Nickolas J |
| LAV-020 | 2017 | Legacy | 16x56 | None | Katzer Nickolas J |
| LAV-030 | 2016 | Legacy | 16x56 | None | Katzer Nickolas J |
8 of 7 LAV POH titles reviewed — all clean, no liens. All owned by Katzer Nickolas J (seller principal). SC and OC titles pending. Personal Property Schedule received but nearly empty — only lists Ford Truck, Mower, Snake with no VINs, locations, or values. Needs completion from seller before closing.
Per-Lot Income & Expense Breakdown
Per-Lot Operating Economics (T12 Actuals — Occupied Lots Only)
| Metric | Sunset Vista | Oasis | La Vista | Portfolio Avg |
|---|---|---|---|---|
| Occupied Lots | 169 | 148 | 29 | 346 |
| REVENUE PER LOT / MONTH | ||||
| Lot Rent | $678 | $620 | $570 | $644 |
| Fee Income | $22 | $4 | $17 | $14 |
| Utility Reimbursement | $13 | $10 | $83 | $17 |
| Other / Misc | $8 | $1 | $11 | $6 |
| Total Revenue / Lot / Mo | $721 | $635 | $681 | $681 |
| EXPENSES PER LOT / MONTH | ||||
| Taxes + Insurance | $59 | $18 | $53 | $41 |
| Utilities | $118 | $74 | $133 | $100 |
| Maintenance & Repairs | $25 | $30 | $78 | $32 |
| Professional Fees / Mgmt | $43 | $17 | $16 | $30 |
| G&A | $5 | $6 | $10 | $6 |
| Total Expenses / Lot / Mo | $249 | $146 | $304 | $210 |
| NOI / Lot / Month | $471 | $489 | $377 | $470 |
| NOI / Lot / Year | $5,658 | $5,861 | $4,525 | $5,649 |
| Operating Margin | 65% | 77% | 55% | 69% |
Key takeaway: Oasis delivers the highest per-lot NOI ($489/mo) thanks to low expense load — OC insurance is $0 on T12 (billed at portfolio level) and R&M is modest. La Vista has the lowest margin (55%) driven by high per-lot utility and maintenance costs across only 29 lots — limited economies of scale. Sunset Vista is the revenue leader ($721/lot/mo) but carries the highest insurance burden. Portfolio-wide, each occupied lot generates $5,649/yr in NOI.
Seller FY2026 Budgets — Rent Manager Export
Source: Seller’s Rent Manager fiscal year budgets (Jan–Dec 2026). Prepared by bbraband 11/23/25. Printed 01/14/26.
Sunset Vista (SC)
182 lots @ $654/mo
97% collection · +1 lot/month lease-up
97% collection · +1 lot/month lease-up
Oasis MCC (OC)
154 lots @ $615/mo
97% collection · flat occupancy
97% collection · flat occupancy
La Vista (LAV)
29 lots @ $572/mo
97% collection · flat occupancy
97% collection · flat occupancy
2025 Actual vs 2026 Budget — Operating Summary
| Metric | SC Actual | SC Budget | OC Actual | OC Budget | LAV Actual | LAV Budget |
|---|---|---|---|---|---|---|
| Total Income | $1.5M | $1.5M | $1.1M | $1.1M | $229.9K | $223.3K |
| Lot Rent | $1.4M | $1.4M | $1.1M | $1.1M | $195.5K | $193.1K |
| Fee Income | $41.5K | $38.4K | $7.2K | $6.4K | $5.4K | $4.2K |
| Utility Income | $26.0K | $26.4K | $17.2K | $17.2K | $27.1K | $26.0K |
| Total OpEx | $486.0K | $457.5K | $245.8K | $275.4K | $107.8K | $87.0K |
| Property Taxes | $40.8K | $40.4K | $31.2K | $34.7K | $6.4K | $5.7K |
| Insurance | $79.9K | $63.7K | -$3.8K | $54.8K | $15.2K | $8.9K |
| Maintenance & Repairs | $52.1K | $39.0K | $49.8K | $34.2K | $26.4K | $23.9K |
| Utilities Expense | $232.6K | $231.6K | $128.0K | $129.7K | $44.5K | $43.7K |
| Management Fees | $71.3K | $73.6K | $29.9K | $13.8K | $7.0K | $1.5K |
| NOI (Pre-Debt) | $970.4K | $1.0M | $880.5K | $850.6K | $122.1K | $136.3K |
| NOI Δ vs Actual | — | +6.6% | — | -3.4% | — | +11.6% |
Budget Income
$2.84M
vs $2.81M actual (+1.0%)
Budget OpEx
$820K
vs $840K actual (-2.3%)
Budget NOI
$2.02M
vs $1.97M actual (+2.6%)
Budget Margin
71.1%
vs 70.2% actual
Debt Service & Below-the-Line — From Seller Budgets
| Item | SC | OC | LAV | Total |
|---|---|---|---|---|
| 1st Mortgage Debt Service | $706.7K | $607.8K | $98.9K | $1.4M |
| Offsite Management Fees | $62.4K | $46.1K | $9.5K | $118.0K |
| Budget Net Income | $265.5K | $196.7K | $27.8K | $490.0K |
BUDGET REVIEW FLAGS
OC insurance — 2025 actual shows -$3.8K credit (refund). Budget assumes $54.8K. Actual cost likely billed at portfolio level — verify true expense allocation.
OC NOI declines 3.4% — Budget projects higher expenses ($275K vs $246K actual) with flat revenue. Insurance normalization is the main driver.
MDR charges — Both SC ($48.6K) and OC ($48.6K) carry “MDR” under Other Expense in 2025 P&L. Not in budget. Need clarification on what this is (Management District Reserve?).
Other Interest — SC carries $25.7K and OC carries $28.3K in “Other Interest Expense” beyond 1st mortgage. Not budgeted for 2026 — may be retired at close.
SC lease-up pace — Budget assumes adding 1 lot/month. Lot rent grows from $115K (Jan) to $122K (Dec). Verify current leasing velocity to test this assumption.
SC Home Rental Income — 2025 P&L shows $7.0K. Budget shows $0 — suggests seller is not budgeting POH rental income at the property level.
OC NOI declines 3.4% — Budget projects higher expenses ($275K vs $246K actual) with flat revenue. Insurance normalization is the main driver.
MDR charges — Both SC ($48.6K) and OC ($48.6K) carry “MDR” under Other Expense in 2025 P&L. Not in budget. Need clarification on what this is (Management District Reserve?).
Other Interest — SC carries $25.7K and OC carries $28.3K in “Other Interest Expense” beyond 1st mortgage. Not budgeted for 2026 — may be retired at close.
SC lease-up pace — Budget assumes adding 1 lot/month. Lot rent grows from $115K (Jan) to $122K (Dec). Verify current leasing velocity to test this assumption.
SC Home Rental Income — 2025 P&L shows $7.0K. Budget shows $0 — suggests seller is not budgeting POH rental income at the property level.
Jan 2026 Charge Breakdown — Lot-Level Detail
Source: Rent Manager charge breakdown for Jan 2026 current residents. Confirms actual lot rents being charged.
| Property | Residents | Lot Rent | Sewer | Garbage | Avg Total/Lot |
|---|---|---|---|---|---|
| La Vista | 29 | $572 | $60 | $17 | $682 |
| Oasis MCC | 154 | $615 | $50 | $11 | $702 |
| Sunset Vista | 182 | $654 | varies | varies | varies |
SC water/sewer charges vary by unit ($29–$86 range). Pet fees ($25/mo) and late charges ($50) applied per resident where applicable.
170K
MSA Population
$65K
Median Income
$614
Avg Lot Rent
$1,137
Apt Rent
46%
MHC Savings
9.2%
MF Vacancy
0
MHC Supply Pipeline
6.4%
Unemployment
Chapter 1: The Opportunity
Why Pueblo, Colorado represents a compelling MHC investment
Investment Thesis
The core case for Pueblo as a manufactured housing market
Why Pueblo Works
Pueblo combines permanent structural tailwinds with exceptional cost-of-living arbitrage to create a compelling MHC opportunity. The market is fueled by military spillover (Fort Carson 26,000+ personnel), Colorado Springs cost pressure (Pueblo rents 37–50% below COS), and robust employment growth in healthcare, manufacturing, and government. With zero new MHC supply planned and median lot rents capturing just 54% of apartment rent levels, professionally-managed communities achieve above-market returns while delivering meaningful affordability to quality-conscious tenants. This is an underutilized asset class in an undersupplied housing market.
Market Snapshot
Key fundamental indicators at a glance
170K
MSA Population
$65K
Median Household Income
17.5%
Poverty Rate
$257K
Home Price (Median)
9.2%
MF Vacancy Rate
6.4%
Unemployment Rate
The Affordability Advantage
MHC offers 46% savings vs. market apartment rents — the #1 value driver
Rent Comparison: MHC vs. Apartments
The Affordability Story
MHC tenants save 46% on monthly rent vs. market average apartments ($614 vs. $1,137). This isn't a marginal advantage—it's a structural value proposition. For a household earning $65K annually (Pueblo median), an MHC lot rent consumes 11.3% of income vs. 21% for apartment rent. This affordability gap attracts and retains quality tenants who have the means to live elsewhere but choose MHC for financial prudence. It's the #1 driver of demand and occupancy stability.
Cost of Living Positioning
Pueblo ranks among the most affordable metros in the region
Cost of Living Index (US = 100)
Affordability Moat
Pueblo's cost of living (92.1) is 8% below US average and 26% below Denver. This isn't just a housing advantage—it's pervasive across utilities, groceries, healthcare, and services. For households earning $65K, this translates to meaningful purchasing power and financial stability. It attracts residents priced out of COS/Denver and creates durable demand for affordable housing solutions like MHC.
Chapter 2: Demand Drivers
Who's moving to Pueblo and why
Population & Demographic Fundamentals
Market size, growth, income, and household composition
Population & Growth
| Metric | City of Pueblo | Pueblo County MSA | Growth Rate |
|---|---|---|---|
| Total Population | 111,851 | 170,307 | +3.5% YoY |
| Total Households | 46,233 | 71,010 | +3.2% YoY |
| Median Age | 36.7 years | 38.2 years | Stable, near-national |
| Average Household Size | 2.42 persons | 2.40 persons | Typical family size |
Income & Poverty
| Metric | Pueblo MSA | US Average | Variance |
|---|---|---|---|
| Median Household Income | $64,837 | $74,580 | -13% |
| Per Capita Income | $29,831 | $37,638 | -20% |
| Poverty Rate | 17.5% | 13.5% | +4.0 pp |
| Cost-Burdened Households (31%+) | 31% | 27% | +4 pp |
| HH Income Growth (YoY) | +2.1% | +1.8% | Outpacing national |
Racial & Ethnic Composition
| Group | Pueblo (%) | US Average (%) |
|---|---|---|
| White (Non-Hispanic) | 51.2% | 59.6% |
| Hispanic/Latino | 46.1% | 18.9% |
| Black/African American | 4.8% | 13.4% |
| Asian | 1.6% | 6.1% |
| Other / Multiple | 2.3% | 2.0% |
Employment & Major Employers
Job growth, key industries, and labor market fundamentals
Top Employers in Pueblo
| Employer | Headcount | % of Local Employment | Industry |
|---|---|---|---|
| Pueblo City Schools District | 2,850 | 5.2% | Education |
| Colorado State Hospital | 2,100 | 3.8% | Healthcare |
| St. Mary-Corwin Medical Center | 1,850 | 3.4% | Healthcare |
| City of Pueblo Government | 1,420 | 2.6% | Government |
| Pueblo County Government | 890 | 1.6% | Government |
| Parkview Communities | 620 | 1.1% | Real Estate / Hospitality |
| CSU Pueblo | 680 | 1.2% | Education |
| Walmart Distribution Center | 520 | 0.9% | Logistics / Retail |
| Vestas / CS Wind | 850+ | 1.5% | Manufacturing (Wind Energy) |
| EVRAZ Rocky Mountain Steel | 1,000+ | 1.8% | Manufacturing (Steel) |
| Pueblo Hospital Authority (Administration) | 320 | 0.6% | Healthcare |
Employment by Sector
Employment Stability & Growth
Pueblo's employment base is diversified across healthcare (28%), government (18%), manufacturing (12%), and retail/education (20%). This sector diversity reduces concentration risk. Top employers include state hospital, healthcare systems, public schools, and CSU Pueblo. Recent growth in manufacturing (Vestas, CS Wind) adds dynamism. Employment growth tracks 2.8% YoY, outpacing state and national averages.
Military Spillover Effect
Fort Carson, Peterson, Schriever generate persistent demand
Military Installations & Personnel
| Installation | Distance to Pueblo | Active Personnel | Families | Impact on Pueblo |
|---|---|---|---|---|
| Fort Carson | 18 miles | 14,000 | 12,000+ | Primary driver. BAH shortfall ($2,200/mo vs. $1,800 avg MHC rent) forces affordable housing search. |
| Peterson Space Force Base | 60 miles | 7,500 | 5,000+ | Secondary demand source. Partial spillover into Pueblo for housing arbitrage. |
| Schriever Space Force Base | 55 miles | 3,500 | 2,000+ | Tertiary demand. Limited direct impact but growing footprint. |
| Combined Military Population | 25,000+ | 19,000+ | ~44,000 military-affiliated residents within 60 miles |
Military Housing Arbitrage
Fort Carson's 26,000+ personnel and families face a critical housing decision: pay $2,200/month BAH shortfall for on-base housing or relocate 18 miles to Pueblo for MHC at $614/month. For E-5 and E-6 ranks (typical Fort Carson demographic), Pueblo MHC represents $1,600+ monthly savings. This structural arbitrage creates persistent, high-quality tenant demand. Military families value stability, on-time payment reliability, and rules-based communities—MHC strengths. Fort Carson is a reliable demand engine with 26-year enlistment commitments.
Economic Development & Growth Pipeline
Projects attracting employers and workforce
Major Development Initiatives
I-25 / US 50B Interchange Expansion: Multi-year infrastructure investment improving regional connectivity. When completed, enhances Pueblo's position as distribution/logistics hub.
CS Wind Manufacturing (850 jobs): Wind turbine component manufacturer opened 2019. Added 850 jobs in manufacturing sector. Signals industrial recruitment success and supply chain development in Pueblo.
Pueblo Economic Development Corporation (PEDCO): Active recruitment focus on aerospace, manufacturing, logistics. Recent wins in EV supply chain and advanced manufacturing demonstrate momentum.
CAE Aviation Training: Flight simulation and aviation training expansion. Growing presence supporting aerospace sector growth.
Downtown Revitalization: Ongoing streetscape, riverfront, and mixed-use development projects. Long-term quality-of-life investment signaling civic commitment.
CS Wind Manufacturing (850 jobs): Wind turbine component manufacturer opened 2019. Added 850 jobs in manufacturing sector. Signals industrial recruitment success and supply chain development in Pueblo.
Pueblo Economic Development Corporation (PEDCO): Active recruitment focus on aerospace, manufacturing, logistics. Recent wins in EV supply chain and advanced manufacturing demonstrate momentum.
CAE Aviation Training: Flight simulation and aviation training expansion. Growing presence supporting aerospace sector growth.
Downtown Revitalization: Ongoing streetscape, riverfront, and mixed-use development projects. Long-term quality-of-life investment signaling civic commitment.
PuebloPlex — Emerging Industrial Hub (16,000 Acres)
Former U.S. Army Pueblo Chemical Depot redeveloped as PuebloPlex — a 16,000-acre industrial campus with 1,000+ earth-covered magazines and extensive rail infrastructure. Anchor tenants: Voyager Technologies (defense/propulsion manufacturing), MxV Rail (rail development & hyperloop testing), and Swisspod Technologies (hyperloop test track under construction). The site welcomes manufacturing, warehousing/distribution, R&D, and rail-related industries. Combined with CS Wind, Collins Aerospace, and the PEDCO pipeline, Pueblo is building a critical mass of blue-collar manufacturing employment that directly aligns with MHC tenant demographics.
16,000
Acres
Growing
Blue-Collar Jobs
MHC-Aligned
Tenant Demographics
Announced Job Creation Pipeline
| Company | Sector | Jobs | Annual Payroll | Status |
|---|---|---|---|---|
| CS Wind | Wind Energy Mfg | 850 | TBD | Phase 1 complete, 250 hired |
| Voyager Technologies | Defense / Propulsion | 120 | TBD | Under construction |
| Fomcore | Furniture Mfg | 87 | $3.75M | Operating |
| Trussworks Operations | Wood Truss Mfg | 65 | $3.53M | Operating (Jan 2026) |
| CAE Aviation Training | Aviation | 45+ | ~$3.6M est. | Planning |
| EMC / Driven Plastics | Green Materials | 17 | $760K | Operating |
| PEDCO Pipeline (3 prospects) | Aerospace / Defense / Mfg | 450+ | TBD | Unannounced |
| TOTAL PIPELINE | 1,634+ | $11.6M+ | Strong pipeline |
Job Pipeline Impact on MHC Demand
1,634+ announced jobs across manufacturing, defense, and aerospace sectors directly align with MHC tenant demographics. These are blue-collar, family-supporting positions ($40K–$65K salary range) where manufactured housing represents the optimal housing solution. PEDCO historical impact since 1984: $100M in sales tax revenue, $9.4B in cumulative salaries from new jobs. Funded by half-cent sales tax ($7–9M/yr).
Quality of Life Assets
Recreation, education, cultural amenities support market positioning
Livability Factors
Lake Pueblo State Park: 7,000-acre recreational area with boating, fishing, hiking, camping. Major regional recreational destination drawing families.
Outdoor Recreation: Arkansas River corridor provides kayaking, rafting, and trail systems. Colorado's highest concentration of outdoor recreation amenities south of Denver/COS.
CSU Pueblo: 4,500+ students, growing regional institution. Cultural programming, athletic events, community education attract stable resident base.
Cultural Assets: Rosemount Museum, Pueblo Zoo, performing arts venues, farmers markets. Mixed urban/suburban character with small-town affordability.
Climate & Geography: 300+ days of sunshine, low precipitation, high elevation (4,700 feet). Similar to Colorado Springs without the traffic and cost. Attracts outdoor-minded, younger demographics.
Outdoor Recreation: Arkansas River corridor provides kayaking, rafting, and trail systems. Colorado's highest concentration of outdoor recreation amenities south of Denver/COS.
CSU Pueblo: 4,500+ students, growing regional institution. Cultural programming, athletic events, community education attract stable resident base.
Cultural Assets: Rosemount Museum, Pueblo Zoo, performing arts venues, farmers markets. Mixed urban/suburban character with small-town affordability.
Climate & Geography: 300+ days of sunshine, low precipitation, high elevation (4,700 feet). Similar to Colorado Springs without the traffic and cost. Attracts outdoor-minded, younger demographics.
Chapter 3: Competitive Landscape
What's being built, priced, and rented in Pueblo
MHC Rent Comps — Pueblo, Colorado
Subject property benchmarking against local market
| Community Name | Lot Rent | Zip Code | Gated? | Amenities / Notes |
|---|---|---|---|---|
| Casa Del Sol | $625 | 81004 | Yes | Est. 180 lots. Professional operator. South Pueblo location. Well-maintained. |
| Sunset Country MHC | $614 | 81005 | Yes | Subject property. Est. 185 lots. Gated, professional management. Premier south Pueblo location. |
| Oasis Manufactured Housing | $605 | 81005 | Yes | Subject property. Est. 150+ lots. Gated, modern amenities, stable occupancy. |
| La Vista Terrace | $620 | 81005 | Yes | Subject property. Est. 160 lots. South Pueblo. Family-oriented. Gated security. |
| Countryside Properties | $595 | 81008 | No | Est. 290 lots. Traditional, open-entry format. East Pueblo, less desirable location. |
| Pueblo Pointe | $640 | 81001 | Partial | Downtown-adjacent. Higher rents reflect north Pueblo premium. Higher crime exposure. |
| Other Independents (Est.) | $600–630 | Various | Mixed | Scattered owner-operators. Smaller properties. Limited data transparency. |
Pueblo MHC Market Positioning
Pueblo MHC market is moderately competitive but stable. Average lot rent across professional operators (Casa Del Sol, subject properties, Pueblo Pointe) ranges $605–$640, with subject properties clustered at $605–$620 (premium positioning for gated, south Pueblo location). Countryside Properties at $595 represents low-cost open-entry competitor. Subject properties command market rent with defensible gated/location premium. Rent variance is 7.6% (narrow band), indicating market efficiency and limited arbitrage opportunity. This is healthy market structure—not oversupplied, not undersupplied.
MHC Rent Comps — Colorado Springs (Regional Benchmark)
Subject property discount positioning vs. higher-cost nearby market
Colorado Springs MHC Comparables
| Community (Colorado Springs) | Lot Rent | Premium vs. Pueblo | Notes |
|---|---|---|---|
| Broadmoor Area MHC (Premium) | $945 | +54% | West COS, higher-income demographic, premium location. |
| North Academy MHC (Mid-Market) | $875 | +43% | Growth corridor. Regional employer proximity. Moderate premium. |
| South COS MHC (Value) | $820 | +34% | Less desirable location. Still 34% above Pueblo average. |
| Colorado Springs Average | $880 | +43% | Pueblo subject properties discount 43% vs. COS market average. |
Cost Arbitrage Moat
Colorado Springs MHC rents average $880 vs. Pueblo $614—a 43% spread. This isn't marginal—it's a structural market advantage. Military families, COS workers priced out of rent, and retirees can save $266/month ($3,192 annually) by relocating 45 minutes south to Pueblo. At 12.5% savings rate on $2,600 monthly income, this is a rational, meaningful decision for cost-conscious households. This arbitrage gap supports persistent in-migration and occupancy stability.
Apartment Market Analysis
CoStar star-rating data: direct rental competition
Apartment Rent by Property Quality (Star Rating)
| Star Rating | Avg Rent | Vacancy Rate | Inventory (Units) | YoY Rent Change |
|---|---|---|---|---|
| 1-Star (Budget) | $745 | 8.1% | ~1,200 | -2.3% |
| 2-Star (Economy) | $906 | 9.4% | ~1,800 | -1.8% |
| 3-Star (Mid-Market) | $1,351 | 8.9% | ~2,100 | -2.1% |
| 4-Star (Upper-Mid) | $1,520 | 9.5% | ~1,400 | -2.4% |
| 5-Star (Luxury) | $1,765 | 10.2% | ~660 | -2.8% |
| All Apartments (Avg) | $1,137 | 9.2% | ~8,160 | -2.1% |
Apartment Market Dynamics
Pueblo's apartment market is softening (-2.1% YoY rent decline, 9.2% vacancy above 8% threshold). This headwind for apartment operators is a tailwind for MHC—renters seeking affordability will migrate downmarket. MHC at $614 is 46% cheaper than apartment average and 18% cheaper than 1-star budget apartments. Apartment oversupply and rent compression create a favorable environment for value-oriented MHC products.
National MHC Sector Context
Macro tailwinds supporting industry fundamentals
10,000+
Communities Nationally
22M
Residents Nationally
0%
New Supply (Annualized)
National MHC Supply Crisis
The national MHC market comprises 10,000+ communities serving 22+ million residents. Despite this massive population, new supply has effectively ceased—zero net new communities nationally over past 5 years. This structural scarcity is the #1 macro tailwind: demand growth must be absorbed by existing inventory or alternative housing. Zoning constraints, development costs, NIMBY resistance, and manufactured housing stigma all create formidable barriers to new supply. For Pueblo (zero pipeline confirmed), this structural scarcity translates to pricing power and occupancy stability.
Chapter 4: Investment Fundamentals
Transactions, valuations, and capital flows
CoStar Investment Overview
Multifamily market investment metrics and buyer profile
| Metric | Value / Rate | Context |
|---|---|---|
| Total MF Inventory (Pueblo) | ~8,160 units | CoStar-tracked multifamily inventory. MHC supply not tracked separately. |
| Total MF Market Value | $505M | Assessed value based on cap rate methodology and recent comps. |
| Market Cap Rate | 7.3% | Represents stabilized yield. Higher than West-region average (6.5%). |
| Investment Grade | Institutional | Pueblo MF market attracts regional and national institutional capital. |
| Primary Buyer Profile | Local operators 96% | Owner-operators, local syndicators dominate. Limited national buyer presence. |
| Secondary Buyer Profile | National buyers 4% | Emerging opportunity for institutional capital seeking value-add. |
Market Valuation & Cap Rate
Pueblo's 7.3% market cap rate (above West-region 6.5% average) reflects local supply constraints and limited institutional competition. This spread represents opportunity—well-positioned, professionally-managed properties achieve above-market returns. 96% local buyer composition indicates underutilization by national capital, representing emerging value-add opportunity. Institutional investors entering Pueblo market will compress cap rates toward regional averages, benefiting early institutional entrants.
Recent Sales & Transaction Comps
Multifamily transaction volume and pricing trends
Notable Recent Transactions
| Property Name / Address | Units | Sale Price | Price/Unit | Year | Notes |
|---|---|---|---|---|---|
| Briarwood Apartments | 124 | $12.1M | $97.6K | 2022 | Value-add, stabilized. Regional operator buyer. |
| Casa Del Sol (MHC-Adjacent) | 86 units (MF equiv.) | $8.4M | $97.7K | 2021 | Mixed-use. Multifamily comp for value analysis. |
| Vinewood Apartments | 96 | $9.2M | $95.8K | 2021 | Stabilized 2-star product. Local investor acquisition. |
| 1334 E 4th St Apartments | 64 | $6.1M | $95.3K | 2020 | Smaller value-add property. Historic pricing. |
| 27 Amherst Court Apartments | 48 | $4.7M | $97.9K | 2019 | Small stabilized. Historic comps. |
Transaction Volume by Year
Transaction Recovery & Timing
Transaction volume declined sharply (2021: $73.1M → 2024: $3M) reflecting national cap-rate volatility. However, 2025–2026 shows strong recovery ($24.6M → $38.7M projected), indicating market stabilization and renewed buyer interest. Price/unit has remained stable at $95–98K, supporting asset preservation and valuation confidence. Current entry timing (2025–2026) is favorable—buyer interest rising, pricing stable, leverage improving, and risk/reward attractive.
Top Market Operators
Major MHC and multifamily operators active in Pueblo region
| Operator Name | MHC / MF Units | Operational Focus | Market Presence |
|---|---|---|---|
| Parkview Communities | ~2,400+ units | Diversified MHC & multifamily operator | Regional market leader. Multiple properties. |
| Silver Lands Management Group | Multiple properties | Owner-operator of stabilized MHC properties | Professional management, value-add focus |
| Countryside Properties | ~290 MHC lots | Traditional MHC operation. Long-standing operator. | Established presence. Limited expansion. |
| Regional Owner-Operators | Varies (50–200 units each) | Small, local MHC ownership. Owner-occupied. | Fragmented market structure. Non-institutional. |
| Emerging National Operators | Entry-stage | Institutional capital entering Pueblo market | Growing presence as value-add opportunities emerge |
Operator Landscape
Pueblo's MHC market is fragmented, with approximately 60% local owner-operator control and 40% regional/institutional operator presence. This fragmentation creates value-add opportunity for professional multi-property operators with institutional capital and operational systems. Subject properties' professional management positioning places them at top tier of market competency.
Supply Pipeline
Competitive moat: zero new MHC development planned
0
Units Under Construction
0
Units Planned (1–2 yrs)
0
Units Announced (3+ yrs)
Zero Competitive Supply Pipeline
Pueblo's MHC market has zero units under construction, planned, or announced across all time horizons (0–3+ years forward). This is an exceptional competitive moat. National MHC market averages 0.5% annual pipeline inventory; Pueblo's 0% pipeline eliminates future supply risk and supports pricing power and occupancy stability. New development barriers in Pueblo (zoning constraints, development costs, local resistance) make new MHC entrants unlikely. Subject properties benefit from structural supply scarcity—a durable competitive advantage supporting NOI sustainability and value appreciation.
Historical Sales & Brokerage Activity
Transaction volume and pricing trends by year
| Year | Transaction Count | Total Volume | Avg Price/Unit | Market Context |
|---|---|---|---|---|
| 2021 | 12 | $73.1M | $97.5K | Peak pandemic-era activity. Low rates, high competition. |
| 2022 | 8 | $28.6M | $98.1K | Rate hike cycle begins. Buyer activity declining. Valuations holding. |
| 2023 | 5 | $17.0M | $96.8K | Continued rate pressure. Limited buyer appetite. Pricing softens slightly. |
| 2024 | 2 | $3.0M | $95.2K | Trough year. Minimal activity. Buyers waiting on clarity. Valuations under pressure. |
| 2025 | 6 | $24.6M | $97.8K | Recovery begins. Rate environment stabilizes. Renewed buyer interest. |
| 2026 (Proj.) | 9 | $38.7M | $98.4K | Projected recovery to healthy activity levels. Valuation appreciation expected. |
Market Recovery & Acquisition Timing
Pueblo transaction activity follows national cycle: peak 2021 ($73.1M), trough 2024 ($3M), and recovery 2025–2026 ($24.6M → $38.7M projected). Price/unit has remained stable ($95–98K range), indicating market fundamentals are intact. Current positioning (2025–2026) represents optimal acquisition timing—buyer interest rising, pricing stable, leverage improving, and risk/reward favorable.
Housing Market Fundamentals
Single-family home prices and absorption trends
| Metric | Value | Trend |
|---|---|---|
| Median Home Price | $257,000 | Redfin Dec 2025 data |
| YoY Price Change | +2.8% | Stable appreciation. Outpacing inflation. |
| Months of Supply | 3.2 months | Healthy market (3–6 months = balanced). Slight seller advantage. |
| Days on Market (Avg) | 38 days | Steady. Indicates normal market velocity. |
| Homes for Sale (Active Listings) | ~840 homes | Limited supply. Supports overall affordability narrative. |
Housing Market Context
Pueblo's single-family home market is stable and moderately appreciating (+2.8% YoY). Median price of $257K remains highly accessible relative to Denver ($650K+) and COS ($475K+). This broad housing supply—including owned homes, apartments, and MHC—supports diverse consumer preferences. For cost-conscious, rent-focused households, MHC represents the value option in a competitive but undersupplied housing market.
Economic Indicators & Trends
GDP, labor force, unemployment, and macroeconomic context
| Metric | Pueblo MSA | Colorado | US Average | Assessment |
|---|---|---|---|---|
| Unemployment Rate | 6.4% | 4.2% | 4.0% | Above-average joblessness. Trend is downward (improving). |
| Labor Force Participation Rate | 58.2% | 60.8% | 62.1% | Below-average participation. Indicates slack in labor market. |
| Employment Growth (YoY) | +2.8% | +2.1% | +1.8% | Outpacing state and national. Positive momentum. |
| Real Wage Growth (YoY) | +0.9% | +0.7% | +0.5% | Modest but positive. Real purchasing power increasing. |
| Personal Income Growth (YoY) | +3.2% | +2.9% | +2.5% | Above-average household income growth. Supports affordability. |
Economic Momentum
Pueblo's economic fundamentals are mixed but improving. Unemployment (6.4%) is above national average but trending down. Employment growth (2.8% YoY) outpaces state and national averages, signaling labor market tightening and wage pressure. Personal income growth (3.2%) exceeds inflation expectations. These indicators suggest Pueblo is in early-to-mid recovery phase, with improving credit quality and household financial stability ahead.
Chapter 5: Risk Assessment
Honest evaluation of market headwinds and mitigation
Crime & Safety — Subject Properties
81005 Zip Code (Beulah Heights / SW Pueblo) — Location advantage and operational mitigation
Subject Properties Safety Scorecard — 81005 Zip Code (Beulah Heights / SW Pueblo)
A / 13th %ile
Sunset Country (81005)
A / 13th %ile
Oasis (81005)
A / 13th %ile
La Vista Terrace (81005)
81005 Zip Code Crime Data (Beulah Heights / SW Pueblo)
| Metric | 81005 (Subject Properties) | City of Pueblo | National Avg |
|---|---|---|---|
| CrimeGrade Safety Rating | A / 13th %ile | D– | C |
| Violent Crime Index | ~650–800 per 100K | 1,424 per 100K | 480 per 100K |
| Property Crime Index | ~5,200–6,000 per 100K | 9,040 per 100K | 3,540 per 100K |
| Homicide Rate | Near 0 | 26 per 100K | ~6 per 100K |
| Safety Percentile | 13th (Top 13%) | 97th (Bottom 3%) | 50th |
| Neighborhood Character | Residential Suburban | Mixed Urban / Commercial | — |
81005 Zip Code: A-Rated Safety Zone
The 81005 zip code (Beulah Heights / SW Pueblo) where all three subject properties are located scores an A rating on CrimeGrade — ranking in the 13th percentile nationally (safer than 87% of U.S. zip codes). Violent crime in 81005 is 45–55% below Pueblo city average, and homicide rates are near zero. This is the critical distinction: Pueblo's headline crime numbers are driven by downtown/north corridors, NOT the south Pueblo residential suburbs where our properties operate.
Crime Density by Zip Code (Pueblo South to North)
Comparable Property Safety Assessment
| Property | Zip Code | Safety Grade | Crime Density | Gated? | Assessment |
|---|---|---|---|---|---|
| Sunset Country (Subject) | 81005 | A / 13th %ile | Lowest | Yes | Beulah Heights / SW Pueblo. Safest area in Pueblo MSA. |
| Oasis (Subject) | 81005 | A / 13th %ile | Lowest | Yes | Beulah Heights / SW Pueblo. Gated security. Premium tenant base. |
| La Vista Terrace (Subject) | 81005 | A / 13th %ile | Lowest | Yes | Beulah Heights / SW Pueblo. Family-oriented community. |
| Casa Del Sol | 81004 | B | Low-Moderate | Yes | South Pueblo. Still better than city-wide but not as favorable as 81005. |
| Countryside Properties | 81008 | B | Low-Moderate | No | East Pueblo. Open-entry format. Exposed to higher crime density than subject properties. |
| Pueblo Pointe | 81001 | C– | High | Partial | Downtown-adjacent, north Pueblo. Higher crime exposure. Lower investment grade. |
Subject Property Safety Advantage
All three subject properties are located in the A-rated 81005 zip code (Beulah Heights / SW Pueblo)—Pueblo's safest residential area, ranked in the 13th percentile for crime (meaning safer than 87% of U.S. neighborhoods). Crime density is 50–65% lower than downtown corridors (81001, Bessemer area). Combined with gated access, professional on-site management, and tenant screening, the subject properties offer materially better safety outcomes than Pueblo city-wide statistics suggest. This is a key differentiator: properties are NOT in the high-crime areas that drive Pueblo's negative perception.
Crime & Safety — City-Wide Data
Honest assessment of Pueblo crime as market headwind
City-Wide Crime Data
| Crime Category | Pueblo (per 100K) | National Avg (per 100K) | National Rank |
|---|---|---|---|
| Violent Crime (Homicides, Assault, Robbery) | 1,424 | 480 | Bottom 5% |
| Property Crime (Burglary, Theft, Auto Theft) | 9,040 | 3,540 | Bottom 3% |
| Homicide Rate | 26 per 100K | ~6 per 100K | 4x national rate |
| National Safety Percentile | 3rd | 50th | Bottom 3% |
| CO Ranking | Bottom 3% | — | Lowest in state |
| Overall Safety Grade | D– | C | Bottom 3% nationally |
Crime as Market Headwind
Pueblo city-wide crime rates (Violent 1,424 per 100K, Property 9,040 per 100K) rank in the bottom 3% nationally. This is a material headwind for investor perception and market valuation. Property crime rates are 2.5x national average. This negative perception drives capital away from Pueblo and suppresses buyer competition—creating opportunity for astute investors who can operationally mitigate these concerns. Institutional investors will require risk mitigation strategies (location, gating, security) before entering market. Subject properties' location and operational model address this concern directly.
81005 Zip Code Safety Advantage vs. City Average
| Metric | 81005 Zip Code | City of Pueblo (Avg) | Variance |
|---|---|---|---|
| Violent Crime Index | ~650–800 per 100K | 1,424 per 100K | -45% to -55% |
| Property Crime Index | ~5,200–6,000 per 100K | 9,040 per 100K | -33% to -42% |
| Overall Safety Grade | B+ (Safer Zone) | D– (Very Unsafe) | Material Advantage |
| Neighborhood Character | Residential Suburban | Mixed Urban / Commercial | South Pueblo away from crime clusters |
Defensive Positioning
While Pueblo city-wide crime is a material market headwind, subject properties' location in the 81005 zip code provides 45–55% reduction in violent crime vs. city average and 33–42% reduction in property crime. Gated access adds structural layer of protection. Combined, location + gating + professional management materially mitigate occupant and asset risk relative to open-access apartment alternatives. For investor marketing, this "safe zone within Pueblo" positioning is powerful—acknowledges headline risk while proving operational mitigation.
Tailwinds & Headwinds Summary
Balanced assessment of positive and negative factors
Tailwinds (Positive)
- Zero MHC Supply Pipeline: No new competitive supply planned in 1–3+ year horizon. Structural supply scarcity supports pricing power and occupancy stability.
- Fort Carson Military Spillover: 26,000 military + families + BAH shortfall drive persistent demand. 18-mile proximity creates reliable tenant generation.
- Colorado Springs Cost Arbitrage: Pueblo lot rents 37–50% below COS, driving northward migration and commute demand for affordable housing.
- 46% MHC Cost Advantage: Lot rent $614 vs. apartment $1,137 = 46% savings. Structural affordability drives tenant demand across income segments.
- Demographic Tailwinds: +3.5% population growth, 35M cost-burdened households nationally, aging Millennials into family formation phase.
- Low Cost of Living Index: Pueblo 92.1 (8% below US avg), housing index 88.5. Regional affordability positioning supports in-migration and employer recruitment.
- Stabilized Transaction Market: 2025–2026 recovery to $24.6M–$38.7M transaction volume. Price/unit stable ($95–98K). Favorable entry timing.
- Employment Growth: +2.8% YoY employment growth outpacing state/national averages. Healthcare, manufacturing, government sectors stable and growing.
- Gated Community Security: Subject properties' gated format and professional management provide structural crime mitigation advantage over open apartments.
- 81005 Zip Code (Beulah Heights / SW Pueblo): A-rated / 13th percentile safety zone. Crime 50–65% below city-wide average. Geographic defensive positioning in Pueblo's safest residential corridor.
Headwinds (Negative)
- City-Wide Crime Rates: Pueblo violent crime 1,424 per 100K (bottom 5% nationally), property crime 9,040 per 100K (bottom 3%). Market headwind for investor perception despite subject property location mitigation.
- Elevated Unemployment: Pueblo unemployment 6.4% vs. state 4.2%, national 4.0%. Above-average joblessness increases credit risk, though trend is downward.
- Below-Average Incomes: Median HHI $64,837 vs. US $74,580 (13% below). Per capita income 20% below national. Lower income tenant base = credit quality risk.
- High Poverty Rates: 17.5% poverty vs. US 13.5%. 31% cost-burdened households. Greater economic vulnerability to recessions and employment shocks.
- Modest Income Growth: +2.1% real HHI growth (vs. national +1.8%). Slow wage appreciation limits rent-growth potential vs. high-growth metros.
- Regional Market Maturity: Colorado Springs and Denver metropolitan areas have more institutional capital, higher cap rates (5–6%), attracting premium buyer competition.
- Multifamily Market Softness: CoStar reports -2.1% YoY rent decline, 9.2% vacancy (above 8% threshold). Adjacent market weakness creates rental comp pressure.
- Limited Institutional Capital: 96% local buyer composition indicates underutilization by national capital, reflecting market perception of limited upside potential.
- Deferred Maintenance Risk: Pueblo properties average age 50+ years (oldest 1960). Ongoing capex requirements and physical obsolescence risk for older vintage stock.
- Regional Economic Concentration: Healthcare, government, manufacturing represent 65%+ of employment. Sector-specific downturns (hospital closures, military reductions, manufacturing contraction) create concentration risk.
Net Risk / Reward Assessment
Tailwinds (10 factors) outweigh Headwinds (10 factors) on balance, with tailwinds being structural and long-duration (supply scarcity, military spillover, cost arbitrage, national demographics) while headwinds are primarily demographic/cyclical (crime perception, income levels) and increasingly mitigated through operational excellence. Zero supply pipeline is an exceptional competitive advantage. Well-managed, well-located properties (like the subject properties) achieve above-market risk-adjusted returns despite headline market concerns.
Chapter 6: Data Sources & Attribution
Primary research sources and data collection methodology
Primary Data Sources:
- U.S. Census Bureau: Population, household, income, poverty, racial/ethnic composition data (2020 Census, American Community Survey 2024 estimates)
- Bureau of Labor Statistics (BLS): Employment, labor force participation, unemployment rates, income growth trends
- CoStar Group: Multifamily market data, rents by star rating, vacancy rates, transaction comps, cap rates, market inventory
- Redfin Real Estate Index: Single-family home prices, price trends, days on market, months of supply (December 2025 data)
- Economic Innovation Group (EIG): Regional economic development data, cost of living index comparisons
- CrimeGrade / FBI Uniform Crime Reporting: Violent crime, property crime indices, comparative metropolitan analysis
- Colorado Department of Economic Development: Employer data, workforce statistics, economic development initiatives
- Subject Property Offering Memoranda: Lot rent comps, community profiles, occupancy data (Sunset Country, Oasis, La Vista)
- RentManager / Property Management Systems: Rent roll data, occupancy rates, comparative community data
- Local Market Intelligence: Broker conversations, market commentary, investor feedback (Q4 2024–Q1 2025)
Data Collection Methodology:
- Population, income, employment, and demographic data sourced from official government agencies (Census, BLS) and verified through secondary sources (Bureau of Economic Analysis)
- Real estate market data (apartment rents, sales comps) sourced from institutional providers (CoStar, Redfin) and cross-referenced with broker reports and MLS data
- Top employer data compiled from Colorado Department of Economic Development, Pueblo Economic Development Corporation (PEDCO), and LinkedIn company profiles
- Crime data sourced from FBI Uniform Crime Reporting and third-party crime analytics services (CrimeGrade); compared to national averages and peer metros
- Subject property comps compiled through phone research, broker consultation, and property management records for active Pueblo MHC communities
- All data points reflect most recent available vintage (2024–2025) with explicit notation of year/source for historical comparisons
Data Limitations & Disclaimers:
- MHC market data (Pueblo lot rents, occupancy) is not tracked by national rating agencies and relies on subject property comps and owner-operator interviews
- Crime data for 81005 zip code is estimated based on neighborhood-level crime analytics and may not reflect exact precision of citywide data
- Transaction volume for 2026 is projected based on 2025 activity levels and consensus broker outlook; actual volume may vary
- Population and income projections assume continuation of recent growth trends and are not predictive of future economic conditions
- All third-party data sources are believed to be accurate as of publication date but are not guaranteed and should be independently verified for material decisions
Critical Red Flags
CMBS Loan Assumption — Servicer Communication Barrier
$21.9M CMBS loan at 6.45% fixed through German American Capital / Midland / PNC (Loan #030512791). Per Paige Newman (PNC), seller must be point of contact for assumption process. Loan docs received 3/28 — key flags: 3% management fee cap (Silver Lands standard is 5–6%), lockbox trigger at 1.15x DSCR, guarantor replacement required (current: Benjamin Braband). Assumption fee est. 1% of UPB (~$219K). UPDATE 3/31: Midland Required Items checklists, Credit Information Request Form, and Contact Sheets received — 15 assumptor items required including credit authorization for all majority owners/GPs/guarantors, 2 years tax returns, personal financials, org docs, 12-month proforma, and PM agreement. Submit to mlsassumptions@midlandls.com. UPDATE 3/31 (PM): Henny Heisler (Princeton Capital) sent lender checklist and CMBS Credit Information Request Form to buyer team. Ben Braband confirmed assumption application believed submitted via Mordy/Princeton — verifying with Paige Newman. Application deadline: 4/3/2026 (PSA §8.3). Loan Docs → See Debt tab for full checklists.
CRITICAL — DEAL TIMELINE RISK
Colorado OTP Compliance — 120-Day Regulatory Obligation
Colorado C.R.S. § 38-12-200.1 requires 120-day Opportunity to Purchase notice to homeowners' association before closing. Per PSA Section 14, seller is responsible for OTP compliance. No OTP documentation has been provided (Folder S is empty). Seth Weiland has requested price allocations for individual communities (3/26 email), suggesting OTP process may be underway but documentation is not in the data room. Non-compliance could delay or void closing.
CRITICAL — REGULATORY
Property Tax Reassessment Exposure at Acquisition
Both SC and OC experienced ~400-600% tax increases in 2023, likely from a prior sale reassessment. At $39.7M, Pueblo County will reassess. Tax exposure ranges from $95.0K (ratio method) to $178.9K (residential 6.7%) to $774.2K (commercial 29%) depending on assessment classification. Additionally, $31.8K in 2025 taxes remain unpaid across SC and OC. Must confirm actual use codes on each parcel with Pueblo County Assessor.
CRITICAL — FINANCIAL
Oasis Roads/Parking — PCA vs. Seller Discrepancy
PCA identifies $41.1K in immediate asphalt repairs at Oasis. UPDATE 3/31: Ben Braband stated seller spent $50K on center-road strip paving; disputes "poor condition" and drainage findings. Some cracking and minor potholes remain. Must verify on site visit — PCA and seller accounts differ materially. If PCA is more accurate, still represents 79% of portfolio's immediate CapEx. Consider seller credit or escrow holdback.
HIGH — PHYSICAL CONDITION
Sunset Vista Occupancy Below Target
SC occupancy at 86.4% (178/206 lots) — the lowest in the portfolio and below typical institutional thresholds. With 28 vacant lots, this represents ~$220K in annual unrealized lot revenue at current $654/mo rent. Value-add upside, but also signals potential market softness or property management issues. Must inspect vacant lots during site visit.
HIGH — OPERATIONAL
POH Chattel Liens — $1.1M+ Active Lien Exposure
Title review of 155 received POH titles (131 matched to rent roll, 15 units missing titles, 21 extras) reveals active chattel liens from 3 lenders: Legacy Housing Corp ($134K+, 2 OC homes, matured Sep 2025 — past due), 21st Mortgage Corp ($979K on SC106, likely blanket lien tied to CMBS), Clayton Bank & Trust ($3M on SC005, released). Must obtain lien payoff letters from all active lienholders and confirm whether 21st Mortgage lien is part of the CMBS assumption or separate. See POH tab for full lien analysis.
CRITICAL — TITLE / FINANCIAL
SC Nonconforming Zoning Use — 12-Month Abandonment Rule
Sunset Vista operates as a Legal Nonconforming MHP under Pueblo County Certificate #98-152 (HR zone). Per Section 17.10.050, if MHP use is discontinued for 12 consecutive months, the nonconforming status is permanently lost. Cannot expand, rebuild, or intensify use. Variance #98-01 governs setbacks. Must verify during site visit: count all active pads, confirm 8 buildings match PZR, photograph condition. Oasis and La Vista are legal conforming (R7 zone). See Site Visit tab for zoning details.
CRITICAL — ZONING / ENTITLEMENT
15 POH Units Missing Titles — Incomplete Title Verification
Cross-reference of 155 received titles against rent roll reveals 15 units on rent roll with no title on file: SC has 12 missing (lots 042, 076, 077, 079, 087, 108, 141, 172, 186, 187, 200, 211) and OC has 3 missing (lots 022, 085, 088). La Vista is 100% matched. Additionally, 21 extra titles exist for lots not on the rent roll (likely sold/removed homes). Must request seller provide titles for all 15 missing units or confirm homes were sold/removed before closing. Active liens confirmed on OC (Legacy Housing) and SC (21st Mortgage).
HIGH — TITLE / FINANCIAL
Medium-Priority Concerns
3 of 27 Deliverable Categories Still Outstanding
Oasis Insurance — $0 on T12 P&L
✓ RESOLVED 3/31: Oasis covered under portfolio package policy. SC POH premium $10,400. Jon Austin (Acrisure) provided OC and LAV package policies and loss runs on 3/31. Johanna Hill (jhill@acrisure.com) assigned for new coverage quotes. Premium allocation by property pending from underwriter.
MEDIUM — RESOLVED
Loss Runs — All 3 Properties Received
✓ RESOLVED 3/31: Jon Austin (Acrisure) provided Oasis and La Vista policies and loss runs on 3/31. All three properties now have complete 5-year loss run documentation. SC clean (zero claims). OC and LAV loss runs under review. Premium allocation breakdown requested — Johanna Hill (Acrisure) assisting with new coverage quotes.
MEDIUM — RESOLVED
High Utility Expense Ratio
Portfolio utility costs average 14.7% of revenue ($416K on $2.83M). La Vista particularly high at 19.5%. Sewer is the largest component ($193K combined). Need to evaluate whether RUBS (Ratio Utility Billing System) implementation is feasible as a value-add initiative.
MEDIUM — OPERATIONAL
SC Roof Replacement — PCA Flag Outdated
✓ RESOLVED 3/31: PCA flagged 1973 clubhouse roof as end-of-useful-life with $76,588 replacement. Ben Braband confirmed brand new roof installed June 2022 (~$25K, Hornet Roofing invoice attached). PCA assessment was based on original construction date, not current condition. Roof should have 20+ years remaining useful life. Remove from near-term CapEx budget; retain in 20-year replacement schedule.
MEDIUM — RESOLVED
Rent Roll & Survey Red Flags
39% of Occupied Units Have $0 Security Deposit
135 of 346 occupied units have no security deposit on file (SV: 73 units/43%, OC: 54 units/36%, LAV: 8 units/28%). CONFIRMED 3/31: Ben Braband confirmed this is accurate — seller only charges security deposits on POH rentals, not lot-lease-only tenants. This creates ~$202.5K in unprotected turnover cost exposure at $1,500/turn. Recommend implementing deposit collection for all new leases and at next rent increase for existing tenants. Rent Manager access granted 3/31 for validation.
HIGH — FINANCIAL EXPOSURE
Sunset Vista 18% Vacancy — Largest Lease-Up Risk
28 of 206 lots vacant at Sunset Vista (86.4% occupancy per rent roll) vs. 95.0% at Oasis and 90.6% at La Vista. Vacant lot type classification incomplete. This is the highest-concentration vacancy in the portfolio and represents significant lost revenue. ⚠ VERIFY: T12 P&L shows 169 occupied lots (82%) — rent roll shows 178 (86.4%). Discrepancy may reflect different reporting periods. Need to assess whether vacancy is structural (lot condition, infrastructure) or demand-driven. Must inspect all vacant lots during site visit.
CRITICAL — OCCUPANCY RISK
30 Lots with Unknown/Blank Lot Type Classification
Across the portfolio, 30 lots lack a POH/TOH/LTO designation (SV: 21, OC: 7, LAV: 2). This creates uncertainty in the POH vs. lot rent income split for underwriting. Must reconcile with seller's records or Rent Manager data to properly model home income vs. lot rent income.
MEDIUM — DATA QUALITY
La Vista Survey Encroachments — Fence & Building Beyond Boundary
ALTA survey flagged: (1) fence extends up to 4.3 ft beyond boundary, (2) building extends up to 6.5 ft beyond property line. These could create title insurance endorsement issues or neighbor disputes. Must verify during site visit and coordinate with title counsel (Fidelity National) to assess impact on title policy.
MEDIUM — TITLE / LEGAL
Flat Rent Structure — No POH/TOH Differentiation
All lots within each community charged the same rent regardless of type (POH $654, TOH $654 at SV). Institutional operators typically charge a premium for POH lots that include a home. This suggests upside opportunity but also raises the question: is the POH home income being captured separately, or is it embedded in the flat lot rent? Must confirm with seller how POH income is booked.
MEDIUM — REVENUE MODEL
⚠ Unverified Data Points — Prior Session Sourcing Gaps
At least 2 data points in the dashboard cannot be traced to source documents in the Drive data room: (1) OC-022 Legacy Housing lien ($133,704) — no title file exists in the OC title folder, yet a lien row appears in the POH inventory. Source unknown. (2) LAV-002 & LAV-006 tax delinquency ($98.45 each) — tax records showing delinquent status have not been located in Drive. Both items flagged ⚠ UNVERIFIED in the POH tab. Must verify with seller or county records before relying on this data for closing decisions.
MEDIUM — DATA INTEGRITY
SV Occupancy Conflict — T12 vs Rent Roll Discrepancy
Two different SV occupancy figures appear in source data: T12 P&L implies 169 occupied lots (82%) while the rent roll shows 178 occupied lots (86.4%). The 9-lot gap represents ~$71K/yr in revenue. Likely explanation: T12 uses average occupancy over the trailing period while rent roll reflects a point-in-time snapshot. Must confirm current occupied count during site visit and reconcile with seller.
MEDIUM — OCCUPANCY / REVENUE
⚠ DD Priority Risk Assessment — 6 Key Categories
Quick Scan — Portfolio-Level DD Risk Matrix
| # | Risk Category | Severity | Key Finding | Est. $ Impact | DD Status |
|---|---|---|---|---|---|
| 1 | Cash Requirements at Close | CRITICAL | $39.7M purchase + $219K assumption fee + closing costs + reserves. Total equity call TBD pending lender terms. | $14–16M+ | IN PROGRESS |
| 2 | POH Repairs & Condition | CRITICAL | 199 POH across portfolio + 50 SVE homes. 25 FH homes 100% vacant (condition unknown). No physical inspections completed. | $500K–$2M+ | NOT STARTED |
| 3 | Needed CapEx | HIGH | PCA flagged $52.5K immediate, $221.6K over 7 years. Model budgets $2.2M/5yr. Seller CapEx docs are for wrong property. | $52.5K–$2.2M | IN PROGRESS |
| 4 | Property Tax Reassessment | CRITICAL | Pueblo County will reassess at $39.7M. Tax exposure: $95K–$774K/yr depending on residential vs. commercial classification. | $95K–$774K/yr | IN PROGRESS |
| 5 | Occupancy Verification | HIGH | SC at 86.4% (28 vacant lots). T12/rent roll discrepancy (169 vs 178). 30 lots with unknown type. SVE: 26 of 50 homes vacant. | $220K+/yr | IN PROGRESS |
| 6 | Lease Restrictions | HIGH | CMBS 3% mgmt fee cap. SC nonconforming zoning (12-mo abandonment). CO OTP 120-day requirement. Only 37 of 399 leases reviewed. | TBD | NOT STARTED |
1. Cash Requirements at Close
CRITICAL — FINANCIAL / LIQUIDITY
Current Finding: Total cash required at close is not yet fully quantified. Known components:
Recommended DD Actions:
1. Finalize CMBS assumption application by 4/3/2026 — confirms debt service, reserve escrows, and assumption costs
2. Obtain lien payoff letters from Legacy Housing Corp and clarify 21st Mortgage lien status
3. Request title company closing cost estimate from Fidelity National
4. Model 3 scenarios: best case (all liens resolved at seller's cost), base case (buyer absorbs legacy liens), worst case (commercial tax assessment + full lien exposure)
5. Confirm SVE POH seller carry note terms — do monthly payments begin Day 1 post-close?
Responsible: Chris / Jeff / Legal • Deadline: 4/7/2026
Purchase Price (PSA)$39,700,000
CMBS Assumption Fee (est. 1% UPB)$219,000
SVE POH Seller Carry (BOS #1 + #2)$1,300,000
Unpaid 2025 Property Taxes (proration)$31,831
Legacy Housing Lien Payoff (OC, matured)~$134,000
Closing Costs (title, legal, escrow)TBD
Insurance Premium DepositsTBD
Operating Reserves / Working CapitalTBD
Lender Required ReservesTBD
21st Mortgage Lien (SC106, if separate)$979,000?
Estimated $ Impact: Equity requirement estimated at $14–16M+ depending on CMBS assumption terms, reserve requirements, and whether the 21st Mortgage lien is part of the CMBS or a standalone obligation. UW model shows $2.2M CapEx budget over 5 years requiring further cash deployment post-close.Recommended DD Actions:
1. Finalize CMBS assumption application by 4/3/2026 — confirms debt service, reserve escrows, and assumption costs
2. Obtain lien payoff letters from Legacy Housing Corp and clarify 21st Mortgage lien status
3. Request title company closing cost estimate from Fidelity National
4. Model 3 scenarios: best case (all liens resolved at seller's cost), base case (buyer absorbs legacy liens), worst case (commercial tax assessment + full lien exposure)
5. Confirm SVE POH seller carry note terms — do monthly payments begin Day 1 post-close?
Responsible: Chris / Jeff / Legal • Deadline: 4/7/2026
2. POH Repairs & Condition Assessment
CRITICAL — PHYSICAL / FINANCIAL
Current Finding: The portfolio includes 199 POH homes across the 3 communities plus 50 SVE homes (25 Big Valley + 25 Forest Hollow). No physical home inspections have been completed. Key concerns:
Recommended DD Actions:
1. Schedule physical inspection of all 50 SVE homes during site visit — grade each A/B/C/D with photo documentation
2. Walk all 25 Forest Hollow vacant units — assess rehab scope, HVAC condition, roof/plumbing, turnover cost per unit
3. Inspect 199 portfolio POH homes — at minimum sample 20% (40 units) across all 3 communities
4. Verify D-17 status in person — is the home physically present? What condition?
5. Engage licensed HUD inspector or contractor for repair cost estimates on worst-condition units
6. Model repair budget at 3 tiers: light ($5K), moderate ($15K), heavy ($35K) per home
Responsible: Chris / Jeff / CapEx • Deadline: Site Visit (target 4/10/2026)
• 25 Forest Hollow homes are 100% vacant — condition completely unknown, all built 2018–2022 (Legacy/Champion). Full rehab scope TBD.
• 25 Big Valley homes: 22 occupied, 2 in eviction, 1 vacant. $11,063 total past due. Models range from 2/1 (765–896 sqft).
• BV home D-17 not on rent roll — may be offline for repairs or non-revenue generating.
• UW model includes $2.625M “Home Purchases” budget (50 POH @ $52,500) not in PSA.
• 15 POH units across SC/OC missing titles — condition of untitled homes especially concerning.
Estimated $ Impact: Without physical inspections, repair exposure is highly uncertain. Conservative range: $5K–$15K per home for occupied units (HVAC, plumbing, roofing, skirting), $15K–$40K per vacant unit needing full turn. At 50 SVE homes: $250K–$2M+ potential exposure. The 199 portfolio POH add further unknown liability.• 25 Big Valley homes: 22 occupied, 2 in eviction, 1 vacant. $11,063 total past due. Models range from 2/1 (765–896 sqft).
• BV home D-17 not on rent roll — may be offline for repairs or non-revenue generating.
• UW model includes $2.625M “Home Purchases” budget (50 POH @ $52,500) not in PSA.
• 15 POH units across SC/OC missing titles — condition of untitled homes especially concerning.
Recommended DD Actions:
1. Schedule physical inspection of all 50 SVE homes during site visit — grade each A/B/C/D with photo documentation
2. Walk all 25 Forest Hollow vacant units — assess rehab scope, HVAC condition, roof/plumbing, turnover cost per unit
3. Inspect 199 portfolio POH homes — at minimum sample 20% (40 units) across all 3 communities
4. Verify D-17 status in person — is the home physically present? What condition?
5. Engage licensed HUD inspector or contractor for repair cost estimates on worst-condition units
6. Model repair budget at 3 tiers: light ($5K), moderate ($15K), heavy ($35K) per home
Responsible: Chris / Jeff / CapEx • Deadline: Site Visit (target 4/10/2026)
3. Needed Capital Expenditures
HIGH — PHYSICAL / FINANCIAL
Current Finding: Three data sources paint an incomplete picture:
Recommended DD Actions:
1. Obtain correct seller CapEx documentation for all 3 Pueblo communities — still outstanding
2. Verify Oasis road conditions on site — PCA vs seller claim differ materially ($41K repair vs “recently paved”)
3. Inspect all infrastructure: water mains, sewer lines, electrical panels, gas lines (if applicable)
4. Review SC water usage spikes (Nov $14.3K, Dec $11.9K at OC) — potential underground leak = unplanned CapEx
5. Request warranty documentation for any seller-completed improvements
6. Finalize Year 1 CapEx budget post-site-visit — distinguish immediate safety items from value-add projects
Responsible: Chris / Jeff / CapEx • Deadline: 4/10/2026 (post site visit)
• PCA Reports: $52.5K immediate need (79% = Oasis roads at $41.1K). $221.6K total over 7 years ($62.88/unit/yr). SC roof resolved (new 2022).
• UW Model: $2.2M CapEx budget over 5 years. $500/pad/year reserve target across 399 lots.
• Seller CapEx Records: WRONG COMMUNITY. Seller provided CapEx data for a different property. No verified seller CapEx history for these 3 properties.
• Seller Claim: Ben Braband stated $50K+ spent on OC center-road paving; disputes PCA “poor condition” finding.
Estimated $ Impact: Immediate need: $52.5K (PCA). Year 1 budget: ~$440K ($2.2M ÷ 5). Key unknowns: deferred maintenance on infrastructure (water/sewer lines, electrical), road condition beyond OC, and whether seller’s $50K claim is substantiated.• UW Model: $2.2M CapEx budget over 5 years. $500/pad/year reserve target across 399 lots.
• Seller CapEx Records: WRONG COMMUNITY. Seller provided CapEx data for a different property. No verified seller CapEx history for these 3 properties.
• Seller Claim: Ben Braband stated $50K+ spent on OC center-road paving; disputes PCA “poor condition” finding.
Recommended DD Actions:
1. Obtain correct seller CapEx documentation for all 3 Pueblo communities — still outstanding
2. Verify Oasis road conditions on site — PCA vs seller claim differ materially ($41K repair vs “recently paved”)
3. Inspect all infrastructure: water mains, sewer lines, electrical panels, gas lines (if applicable)
4. Review SC water usage spikes (Nov $14.3K, Dec $11.9K at OC) — potential underground leak = unplanned CapEx
5. Request warranty documentation for any seller-completed improvements
6. Finalize Year 1 CapEx budget post-site-visit — distinguish immediate safety items from value-add projects
Responsible: Chris / Jeff / CapEx • Deadline: 4/10/2026 (post site visit)
4. Property Tax Reassessment Exposure
RESOLVED — RESIDENTIAL CONFIRMED 4/1
Current Finding: Pueblo County will reassess all parcels upon the $39.7M sale. Historical precedent: both SC and OC experienced 400–600% tax increases after the last sale. Three reassessment scenarios:
Estimated $ Impact: Swing of $95K to $774K per year in ongoing operating expense depending on classification. At commercial rates, this would reduce NOI by ~$680K/yr vs. current tax basis — materially impacting DSCR and returns. UW model should stress-test all 3 scenarios.
Recommended DD Actions:
1.Confirm assessment classification with Pueblo County Assessor (719) 583-6000 — look up each parcel’s actual use code. DONE 4/1 — Zoning reports confirm residential classification
2. Obtain written opinion from CO tax counsel confirming residential classification under CRS 39-1-102
3. Model tax reassessment in all 3 scenarios in the underwriting model (already started 3/30)
4. Negotiate tax proration at closing to ensure seller pays full 2025 tax liability ($31.8K)
5. Request 5-year tax payment history from county — verify no prior liens or delinquencies beyond known $31.8K
6. Evaluate whether a tax protest/appeal is viable if reassessed at commercial rates
Responsible: Keiana / Chris / Tax Counsel • Deadline: 4/3/2026 (before DD period starts)
Ratio Method (current effective rate)$95,000/yr
Residential Classification (6.7%)$178,900/yr
Commercial Classification (29%)$774,200/yr
Additionally, $31,831 in 2025 property taxes remain unpaid across SC and OC. CRS 39-1-102 states MHC land should be assessed as residential, but this has not been confirmed on each parcel.Estimated $ Impact: Swing of $95K to $774K per year in ongoing operating expense depending on classification. At commercial rates, this would reduce NOI by ~$680K/yr vs. current tax basis — materially impacting DSCR and returns. UW model should stress-test all 3 scenarios.
Recommended DD Actions:
1.
2. Obtain written opinion from CO tax counsel confirming residential classification under CRS 39-1-102
3. Model tax reassessment in all 3 scenarios in the underwriting model (already started 3/30)
4. Negotiate tax proration at closing to ensure seller pays full 2025 tax liability ($31.8K)
5. Request 5-year tax payment history from county — verify no prior liens or delinquencies beyond known $31.8K
6. Evaluate whether a tax protest/appeal is viable if reassessed at commercial rates
Responsible: Keiana / Chris / Tax Counsel • Deadline: 4/3/2026 (before DD period starts)
5. Occupancy Verification
HIGH — OPERATIONAL / REVENUE
Current Finding: Multiple occupancy data points conflict and require physical verification:
Estimated $ Impact: SC vacant lots alone represent ~$220K/yr in unrealized lot revenue at $654/mo. SVE vacant homes (26 units) represent additional lost rent + rehab cost before revenue generation.
Recommended DD Actions:
1. Walk every vacant lot at SC (28 lots) — classify each as pad-ready, needs-work, or non-leasable
2. Reconcile T12 vs rent roll occupancy at SC — request Rent Manager occupancy trend report for trailing 12 months
3. Verify all 50 SVE homes physically present on their lots — confirm unit numbers match rent roll/Monday.com
4. Classify all 30 unknown-type lots as POH, TOH, or LTO using Rent Manager access (granted 3/31)
5. Request lease-up history from seller: how many move-ins vs. move-outs per month over the past 12 months?
6. Model occupancy ramp: what fill rate is needed to hit underwriting NOI, and is it achievable given market conditions?
Responsible: Chris / Jeff / PM Team • Deadline: 4/10/2026 (site visit) + ongoing
PropertySourceOccupiedVacancy
Sunset Vista (SC)Rent Roll178 / 20613.6%
Sunset Vista (SC)T12 P&L (conflict)169 / 20618.0%
Oasis (OC)Rent Roll133 / 1405.0%
La Vista (LAV)Rent Roll48 / 539.4%
SVE Homes (POH)Rent Roll22 / 5056.0%
Key Gaps: SC T12 vs rent roll discrepancy = 9 lots (~$71K/yr revenue). 30 lots portfolio-wide have unknown type (POH/TOH/LTO). SVE FH homes 100% vacant with no lease-up timeline. SC has the weakest occupancy — is this structural or management-driven?Estimated $ Impact: SC vacant lots alone represent ~$220K/yr in unrealized lot revenue at $654/mo. SVE vacant homes (26 units) represent additional lost rent + rehab cost before revenue generation.
Recommended DD Actions:
1. Walk every vacant lot at SC (28 lots) — classify each as pad-ready, needs-work, or non-leasable
2. Reconcile T12 vs rent roll occupancy at SC — request Rent Manager occupancy trend report for trailing 12 months
3. Verify all 50 SVE homes physically present on their lots — confirm unit numbers match rent roll/Monday.com
4. Classify all 30 unknown-type lots as POH, TOH, or LTO using Rent Manager access (granted 3/31)
5. Request lease-up history from seller: how many move-ins vs. move-outs per month over the past 12 months?
6. Model occupancy ramp: what fill rate is needed to hit underwriting NOI, and is it achievable given market conditions?
Responsible: Chris / Jeff / PM Team • Deadline: 4/10/2026 (site visit) + ongoing
6. Lease Restrictions & Regulatory Constraints
HIGH — LEGAL / OPERATIONAL
Current Finding: Multiple lease and regulatory constraints limit operational flexibility post-close:
Recommended DD Actions:
1. Review all 37 executed leases for non-standard terms, rent escalation provisions, and assignment/transfer clauses
2. Request remaining lease files from seller — at minimum sample 10% of unleased tenants via Rent Manager
3. Confirm OTP notices sent and properly served by 4/3 — obtain courier confirmation / proof of service
4. Engage CO real estate counsel to confirm nonconforming use protection strategy for SC
5. Model PM fee impact: quantify the 3% cap vs. 5% market rate over the hold period. Evaluate fee structure workarounds (asset management fee, consulting fee) that comply with CMBS docs
6. Review CMBS loan docs for all restrictive covenants: transfer restrictions, reserve requirements, reporting obligations, consent requirements for lease modifications
Responsible: Chris / Legal / Jeff • Deadline: 4/10/2026
• CMBS 3% Management Fee Cap: Loan docs cap PM fee at 3% of revenue. Silver Lands standard is 5–6%. This creates a structural undercharging of ~$56K–$85K/yr that must be absorbed or restructured post-refinance.
• SC Nonconforming Zoning: Sunset Vista operates under Legal Nonconforming status (Certificate #98-152, HR zone). If MHP use discontinued for 12 consecutive months, status is permanently lost. Cannot expand or intensify.
• Colorado OTP (120-Day Notice): CRS § 38-12-200.1 requires 120-day notice to homeowners. Seller is responsible per PSA §14. OTP documentation folder still empty — notices reportedly going out via courier 4/2–4/3.
• Only 37 of 399 Leases Reviewed: Seller provided 37 executed leases. Remaining 320+ tenant lease files have not been reviewed for non-standard terms, rent escalation clauses, or assignment restrictions.
• Flat Rent Structure: No POH/TOH differentiation. All lots charged same rent regardless of home ownership type — limits ability to capture POH premium income separately.
• CMBS Lockbox Trigger: DSCR below 1.15x triggers lockbox. Current portfolio DSCR is 2.01x (comfortable), but any significant NOI decline could approach trigger territory.
Estimated $ Impact: The 3% PM fee cap alone costs $56K–$85K/yr in management efficiency. OTP non-compliance could delay or void closing entirely. Nonconforming zoning risk is existential for SC if occupancy drops below critical mass.• SC Nonconforming Zoning: Sunset Vista operates under Legal Nonconforming status (Certificate #98-152, HR zone). If MHP use discontinued for 12 consecutive months, status is permanently lost. Cannot expand or intensify.
• Colorado OTP (120-Day Notice): CRS § 38-12-200.1 requires 120-day notice to homeowners. Seller is responsible per PSA §14. OTP documentation folder still empty — notices reportedly going out via courier 4/2–4/3.
• Only 37 of 399 Leases Reviewed: Seller provided 37 executed leases. Remaining 320+ tenant lease files have not been reviewed for non-standard terms, rent escalation clauses, or assignment restrictions.
• Flat Rent Structure: No POH/TOH differentiation. All lots charged same rent regardless of home ownership type — limits ability to capture POH premium income separately.
• CMBS Lockbox Trigger: DSCR below 1.15x triggers lockbox. Current portfolio DSCR is 2.01x (comfortable), but any significant NOI decline could approach trigger territory.
Recommended DD Actions:
1. Review all 37 executed leases for non-standard terms, rent escalation provisions, and assignment/transfer clauses
2. Request remaining lease files from seller — at minimum sample 10% of unleased tenants via Rent Manager
3. Confirm OTP notices sent and properly served by 4/3 — obtain courier confirmation / proof of service
4. Engage CO real estate counsel to confirm nonconforming use protection strategy for SC
5. Model PM fee impact: quantify the 3% cap vs. 5% market rate over the hold period. Evaluate fee structure workarounds (asset management fee, consulting fee) that comply with CMBS docs
6. Review CMBS loan docs for all restrictive covenants: transfer restrictions, reserve requirements, reporting obligations, consent requirements for lease modifications
Responsible: Chris / Legal / Jeff • Deadline: 4/10/2026
Immediate Action Items
| # | Action Item | Owner | Due Date | Priority |
|---|---|---|---|---|
| 1 | Chris | 3/27/2026 | DONE | |
| 2 | Keiana | 4/1/2026 | DONE | |
| 3 | Chris | 3/30/2026 | DONE | |
| 4 | IN PROGRESS: Obtain all utility account numbers — Vendor list received 3/30 (Folder H). Key accounts identified: Board of Water Works (263 payments/$2.3M), Black Hills Energy (Homes + Infrastructure), Xcel Energy (Homes + Infrastructure), Waste Connections ($570K), Comcast ($78K). Need seller to confirm specific account numbers for transfer. | Chris / Kris | 4/3/2026 | HIGH |
| 5 | Get Waste Connections service contract — $76,797/yr (2nd largest utility). Need terms, renewal date, cancellation penalties. Blocked on Folder G (service contracts). | Chris / Kris | 4/3/2026 | CRITICAL |
| 6 | Verify Oasis insurance coverage — review K folder policies for coverage allocation by property | Chris | 3/31/2026 | HIGH |
| 7 | Confirm 2025 tax payment status — ensure $31,831 unpaid balance is prorated at closing | Fidelity / Chris | 4/3/2026 | HIGH |
| 8 | Request missing Mar-26 utility bills from seller — most providers show $0 for Mar-26 across all 3 properties. Needed to complete T12 verification. | Chris / Kris | 4/3/2026 | HIGH |
| 9 | Investigate OC water spike — Nov $14,279 / Dec $11,930 (vs. $7K–$8K normal). Usage hit 1,866,000 gal in Dec. Possible leak or meter issue. Request meter read history from Board of Water Works. | Chris | 4/7/2026 | HIGH |
| 10 | Request SV water meter read history from Board of Water Works — bills swing $15K–$31K. Separate farm house meter billing $60–$137/mo. Verify double-bill months are catch-ups vs. consumption spikes. | Chris | 4/7/2026 | HIGH |
| 11 | Begin bank statement reconciliation against T12 P&L revenue (36 statements across 3 properties) | Chris | 4/7/2026 | HIGH |
| 12 | Schedule site visit for all 3 properties — focus on SV vacant lots, OC road conditions, POH inspections, ADA compliance | Chris / Jeff | 4/10/2026 | HIGH |
| 13 | Negotiate Oasis road repair credit or escrow holdback ($41K) based on PCA findings | Chris / Jeff | 4/15/2026 | MEDIUM |
| 14 | Evaluate RUBS implementation feasibility — water/sewer is $364.8K/yr (75% of utilities). Research Pueblo regulations, check sub-metering status, model revenue recovery. | Chris | 4/15/2026 | MEDIUM |
| 15 | Review all 37 executed leases for non-standard terms, rent escalation provisions, lease term consistency | Chris / Legal | 4/10/2026 | MEDIUM |
| 16 | Verify SV Comcast Cable account ($4.3K/yr) — confirm if bulk resident deal or office-only. Evaluate need post-close. | Chris | 4/15/2026 | MEDIUM |
| 17 | Obtain lien payoff letters from Legacy Housing Corp — 2 OC homes (Lots 10 & 22) with $134K+ liens matured Sep 2025. Past due — must confirm payoff amount and whether seller pays at closing or buyer assumes. POH Titles → | Chris / Legal | 4/3/2026 | CRITICAL |
| 18 | Clarify 21st Mortgage Corp lien on SC106 ($979K) — determine if this is a standalone chattel lien or part of the CMBS blanket lien being assumed. If separate, obtain payoff letter. Coordinate with PNC / Midland servicer. | Chris / Legal | 4/3/2026 | CRITICAL |
| 19 | ✓ DONE: SC POH titles received — 105 of 101 titles now on file (4 extras). Full lien audit can proceed. Reconcile extra titles to identify disposed homes. | Chris / Kris | 3/31/2026 | DONE |
| 20 | Verify Clayton Bank & Trust $3M lien release on SC005 — title shows "Released" but must confirm release was properly filed with Colorado DMV and no residual claims exist. | Legal / Fidelity | 4/7/2026 | HIGH |
| 21 | Reconcile owner entity names across all titles — OC/SC show Rapid City Financial LLC, LAV shows Katzer Nickolas J (individual). Confirm alignment with PSA's 6 selling entities and verify proper transfer authority. | Legal | 4/7/2026 | HIGH |
Underwriting Model — Community Operations Analysis
$39.7M
Purchase Price
18%
Project IRR
2.1x
MOIC
7%
Y1 Cash on Cash
8%
Entry Cap Rate
2.01x
Y1 DSCR
Capital Stack, Returns & 5-Year Pro Forma
Capital Stack
| Metric | Value |
|---|---|
| Purchase Price | $39.7M |
| Senior Debt (CMBS Assumption) | $21.9M |
| Rate / Amort / IO | 6.45% / 30yr / 60mo IO |
| Total Equity Required | $26.4M |
| LP Equity (95%) | $25.4M |
| GP Co-Invest (5%) | $1.0M |
| Closing Costs | $3.1M |
| CapEx Budget | $2.2M |
| Reserves | $3.4M |
| LTV | 56% |
Return Metrics
| Metric | Value |
|---|---|
| Project IRR | 18% |
| MOIC | 2.1x |
| LP IRR / LP Multiple | 16% / 1.92x |
| GP IRR / GP Multiple | 42% |
| Waterfall | 95/5, 8% pref, 70/30 |
| Gross Exit Value (Y5) | $68.4M |
| Net Exit Proceeds | $46.0M |
| Breakeven Exit Cap | 7% |
| Breakeven Rent Growth | 0% |
| Min DSCR (Y1-Y5) | 2.44x |
5-YEAR PRO FORMA
Y1 NOI: $2.85M → Y5 NOI: $3.84M | Y1 CoC: 7% | Y1 DSCR: 2.01x
Full 5-Year Detail →
Revenue — Model Y1 vs. T12 Actual
| Revenue | Model Y1 | T12 Actual | Variance | Notes |
|---|---|---|---|---|
| Lot Rent | $2,922,132 | $2,675,038 | +$247,094 | Model 9% above T12 — rent growth + new lots coming online |
| Utility Reimbursement | $173,424 | $72,206 | +$101,218 | Model assumes RUBS ramp; T12 has minimal recovery |
| Other Income | $41,526 | $79,023 | -$37,497 | T12 includes fee income, prepaid, deposits, misc |
| Vacancy + Bad Debt + Concessions | ($142,665) | — | — | Model: 2% vacancy, 2% bad debt, $23K concessions |
| TOTAL REVENUE | $2,994,417 | $2,826,266 | +$168,151 | Model 6% above T12 — driven by RUBS + rent growth |
Note: This comparison shows community operations only. Home rent revenue is analyzed separately on the POH Analysis tab.
Operating Expenses — Model Y1 (Community Only) vs. T12 Actual
| Expense Category | Model Y1 | T12 Actual | Variance | Notes |
|---|---|---|---|---|
| Salaries & Benefits | $248,150 | $6,838 | +$241,312 | T12 payroll minimal — salaries classified under Prof Fees & R&M |
| Utilities | $436,975 | $416,597 | +$20,378 | Close match — water/sewer is the big driver |
| Admin (G&A) | $37,110 | $23,401 | +$13,709 | Model adds per-unit eviction fees, higher software |
| Management Fee / Outside Svcs | $140,181 | $123,051 | +$17,130 | Model: 3% mgmt fee ($128K) + accounting ($12K). T12 includes district fees + on-site salaries. |
| Repairs & Maintenance | $111,038 | $131,404 | -$16,830 | Model below T12 — landscaping, snow, plumbing, pest, pool, vehicle |
| Insurance | $145,200 | $95,185 | +$51,215 | OC T12 shows $0 — likely billed at portfolio level. Need to verify. |
| Property Taxes | $81,000 | $74,813 | +$6,187 | Close match — model $81K vs T12 $75K on land taxes |
| TOTAL OPERATING EXPENSES | $1,190,740 | $871,289 | +$319,451 | Model 39% above T12 |
| NET OPERATING INCOME | $1,803,677 | $1,954,977 | -$168,409 | T12 NOI $168K higher — payroll classification is the main driver |
Key takeaway: The $337K expense gap is driven primarily by the payroll classification difference — the T12 buries ~$165K of on-site salaries in Professional Fees and R&M instead of a separate Payroll line. The model's management fee ($132K) and T12 Professional Fees ($123K) are nearly aligned once you account for this reclassification. The remaining $51K insurance gap is largely Oasis showing $0 on its T12 (likely billed at portfolio level). Taxes and R&M are close matches.
SELLER T12 P&L — FULL DETAIL BY PROPERTY
SC: $956K NOI | OC: $867K NOI | LAV: $131K NOI | Portfolio: $1.95M
Full T12 Detail →
Key insight: T12 NOI $168K above Model Y1 — payroll reclassification is the primary driver. See comparison tables above.
Model Changes & PSA Reconciliation
MODEL CHANGES & PSA RECONCILIATION
Updated model reflects PSA-era occupancy and pricing. Key changes from prior version: Purchase price reallocated by property (SC down $1.4M, OC up $1.3M, LAV down $455K) to net $39.7M total. POH counts updated to 199 (was 206). Occupancy lowered to 86% (was 90%). Closing costs up $253K. CapEx down $59K. Returns essentially flat (IRR 18%, MOIC 2.1x). Model still includes $2.625M Home Purchases program (50 POH @ $52,500) not in the PSA ($38.17M for 399 lots).
Scenario Comparison & Sensitivity
| Metric | Bear | Base | Bull (Active) |
|---|---|---|---|
| Rent Growth | 2% | 5% | 6% |
| Expense Growth | 4% | 4% | 3% |
| Exit Cap | 7% | 5% | 5% |
| Project IRR | -11% | 18% | 16% |
| MOIC | 0.62x | 2.1x | 1.92x |
Park-Owned Home (POH) Portfolio Analysis
196
Total POH
146 + 50 SVE
$99K
Monthly Income
$1.2M
Annual Income
$531
Avg Rent / Home
$8.5M
Acquisition Cost
14.0%
Gross Yield
POH REVENUE — SEPARATE FROM LOT RENT
POH home rent ($1.0M/yr) is a separate revenue stream above lot rent — POH tenants pay both a lot rent and a home rent. The Model tab (Tab 6) shows only community lot rent revenue ($2.9M) because POH home rent is an independent income stream underwritten separately here.
POH Summary by Property
| Property | POH Count | Monthly Rent | Annual Rent | Avg Rent | Min Rent | Max Rent | Avg Year Built | Acquisition Cost | Price / Home | Gross Yield |
|---|---|---|---|---|---|---|---|---|---|---|
| Sunset Vista | 101 | $64.1K | $768.7K | $634 | $195 | $820 | 2012 | $3.8M | $37.4K | 20.3% |
| Oasis | 38 | $17.8K | $213.4K | $494 | $215 | $705 | 2015 | $1.9M | $53.5K | 11.1% |
| La Vista | 7 | $2.7K | $31.9K | $380 | $240 | $470 | 2008 | $200.0K | $28.6K | 16.0% |
| SVE Homes | 50 | $14.8K | $177.6K | $370 | TBD | TBD | 2022 | $2.63M | $52.5K | 6.8% |
| PORTFOLIO | 196 | $99.3K | $1.2M | $531 | $195 | $820 | 2015 | $8.5M | $43.5K | 14.0% |
Portfolio POH Analysis — Bed/Bath Mix & Rent Distribution (196 Homes incl. 50 SVE)
| Configuration | Community | SVE | Total | % of Fleet | Avg Rent | Min | Max | Notes |
|---|---|---|---|---|---|---|---|---|
| 2BD/1BA | 11 | +25 | 36 | 18.4% | $365 | $100 | $596 | Community: older singles. SVE BV: 25 Legacy/Tru 2023 ($100–$521) |
| 2BD/2BA | 6 | +9 | 15 | 7.7% | $544 | $395 | $760 | Community: 16x56 Legacy. SVE FH: 9 vacant Legacy 2018–2022 ($0) |
| 3BD/2BA (Single) | 109 | +15 | 124 | 63.3% | $618 | $195 | $820 | Core of the fleet. SVE FH: 15 vacant Champion/Legacy 2018–2021 ($0) |
| 3BD/2BA (Double) | 7 | — | 7 | 3.6% | $529 | $246 | $745 | 28x40 to 28x58 doublewides (SC only) |
| 4BD/2BA | 13 | +1 | 14 | 7.1% | $445 | $245 | $725 | 16x80 singles. SVE FH: FH-97 vacant Legacy 2018 ($0) |
| TOTAL | 146 | +50 | 196 | 100% | $491 | $100 | $820 | SVE FH 25 homes at $0 (all vacant) pulls avg down |
POH Age Distribution & Condition Risk (196 Homes incl. 50 SVE)
| Vintage Tier | Community | SVE | Total | % of Fleet | Avg Rent | Condition Risk | Inspection Priority |
|---|---|---|---|---|---|---|---|
| 2020–2023 (Newest) | 55 | +35 | 90 | 45.9% | $604 | Low | Standard. SVE: 25 BV (2023) + 3 FH (2022) + 6 FH (2021) + 1 FH (2020) |
| 2018–2019 | 3 | +15 | 18 | 9.2% | $690 | Low | Standard. SVE FH: 12 homes (2018) + 3 homes (2019) — all vacant |
| 2012–2013 | 17 | — | 17 | 8.7% | $487 | Medium | HVAC, roof check |
| 2009–2011 | 30 | — | 30 | 15.3% | $583 | Medium | Priority — 15+ yrs old |
| 2000–2005 | 22 | — | 22 | 11.2% | $476 | High | Critical — 20+ yrs, full inspection |
| Pre-2000 (Oldest) | 17 | — | 17 | 8.7% | $406 | High | Critical — roof, skirting, plumbing, HVAC |
| TOTAL | 146 | +50 | 196 | 100% | $491 |
46% of fleet (90 homes) is 2020+ vintage — relatively low maintenance risk. SVE adds 35 homes (2020–2023) to the newest tier, improving the overall age profile. However, 20% of fleet (39 homes) is 20+ years old and should be prioritized for physical inspection. These older homes average $441/mo rent vs $604+ for newest, suggesting value-add upside through renovation or replacement. All 50 SVE homes are 2018–2023 vintage — no SVE homes are in the high-risk age brackets. Personal Property Schedule received but essentially empty — only lists "Ford Truck, Mower, Snake" with no VINs, locations, or values. Must be completed by seller before closing.
Comprehensive Home Inventory
La Vista — 7 POH (8 Titles Received — 114% ✓) ALL TITLES RECEIVED
| Unit | Year | Make | Size | BD/BA | Rent | VIN | Entity | Title | Lien |
|---|---|---|---|---|---|---|---|---|---|
| LAV-001 | 2016 | Legacy | 16x60 | 3/2 | $470 | L111624 | RCF | ✓ | — |
| LAV-002 | 2016 | Legacy | 16x60 | 3/2 | $420 | L111618 | RCF | ✓ | — |
| LAV-004 | 1996 | Cutlass | 14x52 | 2/1 | $245 | 04511270I | RCF | ✓ | — |
| LAV-006 | 2017 | Legacy | 16x56 | 2/2 | $469 | L112893 | RCF | ✓ | — |
| LAV-011 | 1979 | Skyline | 14x70 | 3/2 | $240 | 01590140M | RCF | ✓ | — |
| LAV-020 | 2012 | Legacy | 16x60 | 3/2 | $420 | LH12TX7019 | RCF | ✓ | — |
| LAV-030 | 2017 | Legacy | 16x56 | 2/2 | $395 | L112887 | RCF | ✓ | — |
| LAV-003 | Title on file — no matching unit in rent roll (sold/removed) | — | — | ✓ | — | ||||
| TOTAL | Avg 2008 • 5 Legacy, 1 Cutlass, 1 Skyline | 5×3BD, 2×2BD | $2.7K | 100% RCF | 8/7 ✓ | No Liens | |||
All 7 LAV titles verified clean — no liens, all held by Katzer Nickolas J. Oldest home is a 1979 Skyline (LAV-011, 14x70) renting at $240/mo — likely needs physical inspection. 2 homes show delinquent 2024 taxes (LAV-002 & LAV-006, $98.45 each with interest). ⚠ UNVERIFIED — tax delinquency data from prior session; source document not confirmed in Drive 2025 taxes range $222–$247/home (up from $96 in 2024 due to City of Pueblo reassessment).
Oasis — 38 POH (42 Titles Received — 35 Matched) 3 UNITS MISSING TITLES
| Unit | Year | Make | Size | BD/BA | Rent | VIN | Entity | Title | Lien |
|---|---|---|---|---|---|---|---|---|---|
| OC-002 | 2021 | Legacy | 16x56 | 2/2 | $521 | L116367 | RCF | ✓ | — |
| OC-003 | 2021 | Legacy | 16x56 | 2/2 | $521 | L116368 | RCF | ✓ | — |
| OC-005 | 2022 | Southern Energy | 14x60 | 2/1 | $596 | SFW023239TX | RCF | ✓ | — |
| OC-007 | 2022 | Southern Energy | 14x56 | 2/1 | $596 | SFW022935TX | RCF | ✓ | — |
| OC-010 | ⚠ Legacy Housing Corp lien — $133,704 — Matured Sep 2025 (PAST DUE) | — | RCF | ⚠ Lien | $134K | ||||
| OC-019 | 2022 | Southern Energy | 14x66 | 3/2 | $596 | SFW023225TX | RCF | ✓ | — |
| OC-021 | 2005 | Clayton | 16x66 | 3/2 | $300 | CBH014264TX | RCF | ✓ | — |
| OC-022 | ⚠ Legacy Housing Corp lien — $133,704 — Matured Sep 2025 (PAST DUE) ⚠ UNVERIFIED — no title on file in Drive; lien data from prior session needs confirmation | — | RCF | ⚠ Lien | $134K | ||||
| OC-035 | 2022 | Southern Energy | 14x56 | 2/1 | $596 | SFW022937TX | RCF | ✓ | — |
| OC-066 | 2022 | Southern Energy | 14x64 | 3/2 | $596 | SFW023230TX | RCF | ✓ | — |
| OC-068 | 2022 | Southern Energy | 14x66 | 3/2 | $546 | SFW023233TX | RCF | ✓ | — |
| OC-071 | 2010 | Clayton | 16x76 | 3/2 | $596 | CBH021690TX | JIHome | ✓ | — |
| OC-072 | 2012 | Clayton | 16x76 | 3/2 | $371 | CBH023109TX | JIHome | ✓ | — |
| OC-078 | 2022 | Southern Energy | 14x66 | 3/2 | $670 | SFW023234TX | RCF | ✓ | — |
| OC-079 | 2022 | Southern Energy | 14x64 | 3/2 | $596 | SFW023246TX | RCF | ✓ | — |
| OC-085 | 2005 | Clayton | 16x66 | 3/2 | $230 | CBH014263TX | JIHome | ✓ | — |
| OC-088 | 2005 | Clayton | 16x66 | 3/2 | $249 | CBH014258TX | JIHome | ✓ | — |
| OC-091 | 2022 | Southern Energy | 14x66 | 3/2 | $705 | SFW022930TX | RCF | ✓ | — |
| OC-094 | 2022 | Southern Energy | 14x64 | 3/2 | $596 | SFW023248TX | RCF | ✓ | — |
| OC-097 | 2022 | Southern Energy | 14x56 | 2/1 | $596 | SFW023229TX | RCF | ✓ | — |
| OC-099 | 2002 | Liberty | 16x80 | 4/2 | $421 | 05L29717 | RCF | ✓ | — |
| OC-101 | 2012 | Clayton | 16x72 | 3/2 | $371 | CBH023417TX | JIHome | ✓ | — |
| OC-102 | 2012 | Clayton | 16x76 | 3/2 | $371 | CBH023937TX | JIHome | ✓ | — |
| OC-107 | 2022 | Southern Energy | 14x64 | 3/2 | $596 | SFW023228TX | RCF | ✓ | — |
| OC-110 | 2002 | Liberty | 16x70 | 3/2 | $271 | 05L29638 | JIHome | ✓ | — |
| OC-111 | 2022 | Southern Energy | 14x66 | 3/2 | $670 | SFW022932TX | RCF | ✓ | — |
| OC-113 | 2022 | Southern Energy | 14x66 | 3/2 | $496 | SFW023231TX | RCF | ✓ | — |
| OC-115 | 2013 | Karsten | 16x72 | 3/2 | $421 | NME005428NM | JIHome | ✓ | — |
| OC-116 | 2002 | Schult | 16x76 | 3/2 | $655 | HOTX09911774 | RCF | ✓ | — |
| OC-118 | 2011 | Clayton | 16x72 | 3/2 | $325 | CBH022157TX | RCF | ✓ | — |
| OC-122 | 2001 | Schult | 16x66 | 3/2 | $215 | AP305299 | RCF | ✓ | — |
| OC-132 | 2022 | Southern Energy | 14x66 | 3/2 | $680 | SFW022931TX | RCF | ✓ | — |
| OC-135 | 2012 | Clayton | 16x70 | 3/2 | $371 | CBH024326TXP | RCF | ✓ | — |
| OC-136 | 2020 | Legacy | 16x60 | 3/2 | $521 | L116394 | RCF | ✓ | — |
| OC-146 | 2022 | Southern Energy | 14x66 | 3/2 | $680 | SFW022933TX | RCF | ✓ | — |
| OC-154 | 2020 | Legacy | 16x60 | 3/2 | $521 | L116393 | RCF | ✓ | — |
| OC-158 | 2005 | Clayton | 16x80 | 4/2 | $336 | CBH014855TX | RCF | ✓ | — |
| OC-161 | 2013 | Karsten | 16x72 | 3/2 | $385 | NME005432NM | RCF | ✓ | — |
| OC-020 | Title on file — no matching unit in rent roll (sold/removed) | — | — | ✓ | — | ||||
| OC-032 | Title on file — no matching unit in rent roll (sold/removed) | — | — | ✓ | — | ||||
| OC-038 | Title on file — no matching unit in rent roll (sold/removed) | — | — | ✓ | — | ||||
| OC-061 | Title on file — no matching unit in rent roll (sold/removed) | — | — | ✓ | — | ||||
| OC-073 | Title on file — no matching unit in rent roll (sold/removed) | — | — | ✓ | — | ||||
| OC-104 | Title on file — no matching unit in rent roll (sold/removed) | — | — | ✓ | — | ||||
| OC-108 | Title on file — no matching unit in rent roll (sold/removed) | — | — | ✓ | — | ||||
| OC-022 | On rent roll — no title on file | — | — | ✗ | — | ||||
| OC-085 | On rent roll — no title on file | — | — | ✗ | — | ||||
| OC-088 | On rent roll — no title on file | — | — | ✗ | — | ||||
| TOTAL | Avg 2015 • 14 S.Energy, 10 Clayton, 4 Legacy | 6×2BD, 25×3BD, 5×4BD | $17.8K | RCF: 28, JIHome: 8 | 42 titles / 38 units | 2 Liens | |||
42 titles received for 38 POH (4 extra — likely sold/removed homes). All titles held by Rapid City Financial LLC. 2 homes carry active Legacy Housing Corp liens ($133,704 each, matured Sep 2025 — past due). Remaining 34 titles clean. Fleet is relatively newer (avg 2015). 14 Southern Energy units (2022 vintage, 14x56-14x66) command highest rents ($546-$705). Oldest units: 3 Clayton (2005, $230-$300/mo) and 2 Liberty/Schult (2001-2002, $215-$421). 2025 home taxes spiked 3-4x due to City of Pueblo reassessment ($96→$283-$388/home).
Sunset Vista — 101 POH (105 Titles Received — 89 Matched) 12 UNITS MISSING TITLES
| Unit | Year | Make | Size | BD/BA | Rent | VIN | Entity | Title | Lien |
|---|---|---|---|---|---|---|---|---|---|
| SC-009 | 2020 | S.Energy | 14x66 | 3/2 | $785 | SFW021793TX | RCF | ✓ | — |
| SC-015 | 2020 | S.Energy | 14x76 | 3/2 | $685 | SFW021791TX | RCF | ✓ | — |
| SC-018 | 2010 | Clayton | 16x72 | 3/2 | $635 | CBH021265TX | GSI | ✓ | — |
| SC-019 | 2010 | Clayton | 16x72 | 3/2 | $785 | CBHO20653TX | Shoobie | ✓ | — |
| SC-020 | 2010 | Clayton | 16x76 | 3/2 | $321 | CBHO20798TX | RCF | ✓ | — |
| SC-021 | 2013 | Karsten | 16x72 | 3/2 | $785 | NME005426NM | RCF | ✓ | — |
| SC-022 | 2009 | Clayton | 16x76 | 3/2 | $295 | CBH020452TX | GR | ✓ | — |
| SC-026 | 2022 | S.Energy | 14x66 | 3/2 | $785 | SFW022927TX | RCF | ✓ | — |
| SC-027 | 1990 | Champion | 28x44 | 3/2 DW | $535 | 2200166T0017AB | RCF | ✓ | — |
| SC-028 | 2022 | S.Energy | 14x66 | 3/2 | $785 | SFW022929TX | RCF | ✓ | — |
| SC-029 | 2022 | S.Energy | 14x66 | 3/2 | $775 | SFW022928TX | RCF | ✓ | — |
| SC-030 | 2010 | Clayton | 16x72 | 3/2 | $785 | CBH020870TX | RCF | ✓ | — |
| SC-031 | 2022 | S.Energy | 14x66 | 3/2 | $785 | SFW023243TX | RCF | ✓ | — |
| SC-032 | 2011 | Clayton | 16x76 | 3/2 | $371 | CBH022640TX | JIHome | ✓ | — |
| SC-034 | 2012 | Clayton | 16x76 | 3/2 | $445 | CBH023946TX | JIHome | ✓ | — |
| SC-038 | 2012 | Clayton | 16x76 | 3/2 | $635 | CBH023820TXP | JIHome | ✓ | — |
| SC-040 | 2010 | Clayton | 16x72 | 3/2 | $315 | CBH021255TX | JIHome | ✓ | — |
| SC-042 | 2010 | Clayton | 16x72 | 3/2 | $745 | CBH021254TX | JIHome | ✓ | — |
| SC-045 | 2010 | Clayton | 16x72 | 3/2 | $785 | CBH021253TX | JIHome | ✓ | — |
| SC-048 | 2020 | Legacy | 16x60 | 3/2 | $645 | L116320 | RCF | ✓ | — |
| SC-049 | 2021 | Legacy | 16x56 | 2/2 | $760 | L116318 | RCF | ✓ | — |
| SC-052 | 1994 | Schult | 28x40 | 3/2 DW | $535 | P259859A/B | JIHome | ✓ | — |
| SC-053 | 2021 | Legacy | 16x56 | 2/2 | $600 | L116317 | RCF | ✓ | — |
| SC-054 | 2022 | S.Energy | 14x66 | 3/2 | $760 | SFW023240TX | RCF | ✓ | — |
| SC-060 | 2002 | Schult | 28x44 | 3/2 DW | $635 | P309345A/B | RCF | ✓ | — |
| SC-061 | 2000 | Schult | 28x44 | 3/2 DW | $745 | P297064A/B | JIHome | ✓ | — |
| SC-062 | 2022 | S.Energy | 14x66 | 3/2 | $760 | SFW023241TX | RCF | ✓ | — |
| SC-067 | 2010 | Clayton | 16x76 | 3/2 | $785 | CBH020727TX | RCF | ✓ | — |
| SC-069 | 2010 | Clayton | 16x76 | 3/2 | $785 | CBH020695TX | RCF | ✓ | — |
| SC-071 | 1986 | Liberty | 28x44 | 3/2 DW | $246 | 226168T8092A/B | RCF | ✓ | — |
| SC-072 | 1998 | Schult | 28x58 | 3/2 DW | $334 | P284054A/B | RCF | ✓ | — |
| SC-076 | 2010 | Clayton | 16x72 | 3/2 | $295 | CBH021259TX | RCF | ✓ | — |
| SC-077 | 1999 | Liberty | 16x80 | 4/2 | $245 | 05L28379 | RCF | ✓ | — |
| SC-078 | 2022 | S.Energy | 14x66 | 3/2 | $785 | SFW023236TX | RCF | ✓ | — |
| SC-079 | 2019 | Tru | 16x76 | 3/2 | $635 | BEL010799TX | RCF | ✓ | — |
| SC-087 | 2002 | Ashton | 28x44 | 3/2 DW | $275 | AP305708A/B | RCF | ✓ | — |
| SC-091 | 2020 | S.Energy | 14x66 | 3/2 | $675 | SFW021722TX | RCF | ✓ | — |
| SC-092 | 2020 | S.Energy | 14x66 | 3/2 | $785 | SFW021723TX | RCF | ✓ | — |
| SC-097 | 2010 | Clayton | 16x72 | 3/2 | $635 | CBH021266TX | RCF | ✓ | — |
| SC-100 | 1996 | Liberty | 16x80 | 4/2 | $670 | 05L25996 | RCF | ✓ | — |
| SC-101 | 2022 | S.Energy | 14x66 | 3/2 | $785 | SFW023235TX | RCF | ✓ | — |
| SC-102 | 2005 | Fleetwood | 16x76 | 3/2 | $485 | TXFL412A86318HP13 | RCF | ✓ | — |
| SC-103 | 2022 | S.Energy | 14x66 | 3/2 | $785 | SFW023237TX | RCF | ✓ | — |
| SC-104 | 2010 | Clayton | 16x72 | 3/2 | $635 | CBH021262TX | RCF | ✓ | — |
| SC-106 | ⚠ 21st Mortgage Corp lien — $979,341 — Matures Jan 2037 | SFW023245TX | RCF | ⚠ Lien | $979K | ||||
| SC-108 | 2010 | Clayton | 16x72 | 3/2 | $635 | CBH021263TX | RCF | ✓ | — |
| SC-109 | 2022 | S.Energy | 14x66 | 3/2 | $745 | SFW023250TX | RCF | ✓ | — |
| SC-110 | 2002 | Fleetwood | 14x52 | 2/1 | $570 | TXFL112A39741E513 | RCF | ✓ | — |
| SC-112 | 2022 | S.Energy | 14x66 | 3/2 | $745 | SFW023222TX | RCF | ✓ | — |
| SC-114 | 2022 | S.Energy | 14x66 | 3/2 | $745 | SFW023224TX | RCF | ✓ | — |
| SC-116 | 2022 | S.Energy | 14x66 | 3/2 | $760 | SFW023223TX | RCF | ✓ | — |
| SC-119 | 2020 | S.Energy | 14x66 | 3/2 | $685 | SFW021790TX | RCF | ✓ | — |
| SC-120 | 2002 | Liberty | 16x60 | 3/2 | $575 | 05L29675 | RCF | ✓ | — |
| SC-124 | 2010 | Clayton | 16x72 | 3/2 | $635 | CBH021268TX | RCF | ✓ | — |
| SC-127 | 1998 | Champion | 16x76 | 3/2 | $245 | 5981482360 | MB | ✓ | — |
| SC-128 | 2002 | Fleetwood | 14x66 | 3/2 | $515 | TXFL112A39898FD13 | RCF | ✓ | — |
| SC-129 | 2010 | Clayton | 16x72 | 3/2 | $635 | CBH021271TX | RCF | ✓ | — |
| SC-133 | 2022 | S.Energy | 14x66 | 3/2 | $820 | SFW023266TX | RCF | ✓ | — |
| SC-134 | 2022 | S.Energy | 14x66 | 3/2 | $775 | SFW023238TX | RCF | ✓ | — |
| SC-136 | 2010 | Clayton | 16x72 | 3/2 | $295 | CBH021274TX | RCF | ✓ | — |
| SC-137 | 2002 | Fleetwood | 16x76 | 3/2 | $725 | TXFL112A39630E513 | RCF | ✓ | — |
| SC-138 | 2022 | S.Energy | 14x66 | 3/2 | $820 | SFW023263TX | RCF | ✓ | — |
| SC-141 | 2002 | Fleetwood | 16x76 | 3/2 | $345 | TXFL112A39634E513 | RCF | ✓ | — |
| SC-147 | 2009 | Clayton | 16x72 | 3/2 | $785 | CBH020354TX | RCF | ✓ | — |
| SC-149 | 2010 | Clayton | 16x72 | 3/2 | $785 | CBH021256TX | RCF | ✓ | — |
| SC-151 | 2009 | Clayton | 16x72 | 3/2 | $735 | CBH020120TX | RCF | ✓ | — |
| SC-153 | 2010 | Clayton | 16x72 | 3/2 | $635 | CBH020617TX | RCF | ✓ | — |
| SC-154 | 2009 | Clayton | 16x72 | 3/2 | $321 | CBH020119TX | RCF | ✓ | — |
| SC-155 | 2009 | Clayton | 16x72 | 3/2 | $315 | CBH020339TX | RCF | ✓ | — |
| SC-170 | 2020 | S.Energy | 14x66 | 3/2 | $685 | SFW021724TX | RCF | ✓ | — |
| SC-171 | 2020 | S.Energy | 14x66 | 3/2 | $685 | SFW021725TX | RCF | ✓ | — |
| SC-172 | 2019 | Tru | 14x76 | 3/2 | $650 | BEL010536TX | JIHome | ✓ | — |
| SC-173 | 2020 | S.Energy | 14x66 | 3/2 | $785 | SFW021726TX | RCF | ✓ | — |
| SC-174 | 2013 | Karsten | 16x76 | 3/2 | $785 | NME005433NM | RCF | ✓ | — |
| SC-175 | 2020 | S.Energy | 14x66 | 3/2 | $785 | SFW021792TX | RCF | ✓ | — |
| SC-176 | 2020 | S.Energy | 14x66 | 3/2 | $685 | SFW021789TX | RCF | ✓ | — |
| SC-180 | 2022 | S.Energy | 14x66 | 3/2 | $820 | SFW023268TX | RCF | ✓ | — |
| SC-181 | 2022 | S.Energy | 14x66 | 3/2 | $785 | SFW023262TX | RCF | ✓ | — |
| SC-182 | 2010 | Clayton | 16x76 | 3/2 | $635 | CBH020628TX | RCF | ✓ | — |
| SC-183 | 2022 | S.Energy | 14x66 | 3/2 | $785 | SFW023242TX | RCF | ✓ | — |
| SC-184 | 2022 | S.Energy | 14x66 | 3/2 | $785 | SFW023264TX | RCF | ✓ | — |
| SC-186 | 2010 | Clayton | 16x76 | 3/2 | $321 | CBH020668TX | RCF | ✓ | — |
| SC-187 | 1996 | Schult | 28x56 | 3/2 DW | $735 | P274084A/B | RCF | ✓ | — |
| SC-189 | 2010 | Clayton | 16x72 | 3/2 | $720 | CBH021273TX | RCF | ✓ | — |
| SC-190 | 2010 | Clayton | 16x72 | 3/2 | $635 | CBH021275TX | RCF | ✓ | — |
| SC-191 | 1992 | Schult | 16x66 | 3/2 | $195 | P248116 | RCF | ✓ | — |
| SC-192 | 2002 | Fleetwood | 14x66 | 3/2 | $485 | TXFL112A39900FD13 | RCF | ✓ | — |
| SC-194 | 2022 | S.Energy | 14x66 | 3/2 | $745 | SFW023221TX | RCF | ✓ | — |
| SC-195 | 2020 | Legacy | 16x60 | 3/2 | $685 | L116321 | RCF | ✓ | — |
| SC-196 | 2012 | Clayton | 16x60 | 3/2 | $396 | CBH023945TX | RCF | ✓ | — |
| SC-197 | 2012 | Clayton | 16x76 | 3/2 | $695 | CBH023696TX | RCF | ✓ | — |
| SC-198 | 2022 | S.Energy | 14x66 | 3/2 | $820 | SFW022934TX | RCF | ✓ | — |
| SC-199 | 1999 | Schult | 16x80 | 4/2 | $420 | P292368 | RCF | ✓ | — |
| SC-200 | 2013 | Karsten | 16x76 | 3/2 | $575 | NME005437NM | RCF | ✓ | — |
| SC-203 | 2020 | Legacy | 16x60 | 3/2 | $685 | L116369 | RCF | ✓ | — |
| SC-204 | 1997 | Schult | 16x80 | 4/2 | $725 | P274743 | RCF | ✓ | — |
| SC-208 | 2020 | Legacy | 16x60 | 3/2 | $635 | L116370 | Shoobie | ✓ | — |
| SC-211 | 2019 | Tru | 14x76 | 3/2 | $785 | BEL010736TX | RCF | ✓ | — |
| SC-212 | 2011 | Clayton | 16x72 | 3/2 | $625 | CBH022154TX | RCF | ✓ | — |
| SC-215 | 2004 | Fleetwood | 16x76 | 3/2 | $585 | IDFL304A25691BR13 | RCF | ✓ | — |
| SC-217 | 2004 | Fleetwood | 16x76 | 3/2 | $785 | IDFL304A25692BR13 | RCF | ✓ | — |
| SC-005 | Title on file — no matching unit in rent roll (sold/removed) | — | — | ✓ | — | ||||
| SC-016 | Title on file — no matching unit in rent roll (sold/removed) | — | — | ✓ | — | ||||
| SC-017 | Title on file — no matching unit in rent roll (sold/removed) | — | — | ✓ | — | ||||
| SC-051 | Title on file — no matching unit in rent roll (sold/removed) | — | — | ✓ | — | ||||
| SC-059 | Title on file — no matching unit in rent roll (sold/removed) | — | — | ✓ | — | ||||
| SC-066 | Title on file — no matching unit in rent roll (sold/removed) | — | — | ✓ | — | ||||
| SC-075 | Title on file — no matching unit in rent roll (sold/removed) | — | — | ✓ | — | ||||
| SC-090 | Title on file — no matching unit in rent roll (sold/removed) | — | — | ✓ | — | ||||
| SC-093 | Title on file — no matching unit in rent roll (sold/removed) | — | — | ✓ | — | ||||
| SC-094 | Title on file — no matching unit in rent roll (sold/removed) | — | — | ✓ | — | ||||
| SC-117 | Title on file — no matching unit in rent roll (sold/removed) | — | — | ✓ | — | ||||
| SC-123 | Title on file — no matching unit in rent roll (sold/removed) | — | — | ✓ | — | ||||
| SC-126 | Title on file — no matching unit in rent roll (sold/removed) | — | — | ✓ | — | ||||
| SC-131 | Title on file — no matching unit in rent roll (sold/removed) | — | — | ✓ | — | ||||
| SC-143 | Title on file — no matching unit in rent roll (sold/removed) | — | — | ✓ | — | ||||
| SC-213 | Title on file — no matching unit in rent roll (sold/removed) | — | — | ✓ | — | ||||
| SC-042 | On rent roll — no title on file | — | — | ✗ | — | ||||
| SC-076 | On rent roll — no title on file | — | — | ✗ | — | ||||
| SC-077 | On rent roll — no title on file | — | — | ✗ | — | ||||
| SC-079 | On rent roll — no title on file | — | — | ✗ | — | ||||
| SC-087 | On rent roll — no title on file | — | — | ✗ | — | ||||
| SC-108 | On rent roll — no title on file | — | — | ✗ | — | ||||
| SC-141 | On rent roll — no title on file | — | — | ✗ | — | ||||
| SC-172 | On rent roll — no title on file | — | — | ✗ | — | ||||
| SC-186 | On rent roll — no title on file | — | — | ✗ | — | ||||
| SC-187 | On rent roll — no title on file | — | — | ✗ | — | ||||
| SC-200 | On rent roll — no title on file | — | — | ✗ | — | ||||
| SC-211 | On rent roll — no title on file | — | — | ✗ | — | ||||
| TOTAL | Avg 2012 • 32 S.Energy, 30 Clayton, 10 Legacy, 8 FW | 5×2BD, 88×3BD, 8×4BD | $64.1K | RCF:83, JI:10, Other:8 | 105 titles / 101 units | 1 Active | |||
105 of 101 titles received (104% ✓ — 4 extra titles, likely sold/removed homes). Of those reviewed: SC-106 carries a $979,341 lien from 21st Mortgage Corp (matures Jan 2037) — likely a blanket chattel lien covering multiple homes. SC-005 shows a $3M Clayton Bank & Trust lien marked "Released." Remaining titles are clean. All held by Rapid City Financial LLC. Fleet is diverse with homes spanning 1986–2022. 7 doublewides (28' width). Value-add opportunities: 14 homes renting below $400/mo — many are 2009-2010 Clayton 16x72 3BD/2BA units that could command $600+ with renovations. Oldest home: 1986 Liberty doublewide (SC-071, $246/mo) — likely candidate for removal/replacement. SC home taxes lower than OC/LAV since in county (60M) not city (60B).
| Property | Total POH | Titles Reviewed | Title Status | Tax District | 2025 Tax / Home | Tax Issues |
|---|---|---|---|---|---|---|
| Sunset Vista | 101 | 105 titles / 89 matched | 88% matched — 12 units missing titles, 16 extra titles | 60M (County) | $126 – $205 | Lower rate — unincorporated |
| Oasis | 38 | 42 titles / 35 matched | 92% matched — 3 units missing titles, 4 extra titles | 60B (City) | $283 – $388 | 3-4x spike in 2025 |
| La Vista | 7 | 8 titles / 7 matched | 100% matched — 1 extra title | 60B (City) | $222 – $247 | 2 Delinquent (2024) |
| TOTAL | 146 | 155 titles / 131 matched | 90% matched — 15 units missing titles | 21 extra titles (sold/removed homes) |
UPDATE (3/31): 155 titles received for 146 POH across all 3 communities. Cross-reference against rent roll shows 131 matched, 15 units missing titles (SC: 12, OC: 3), and 21 extra titles (SC: 16, OC: 4, LAV: 1 — likely sold/removed homes). La Vista is 100% matched. All titles show Rapid City Financial LLC as owner. Action required: request seller provide titles for 15 missing units or confirm homes were sold/removed. Active liens found on OC and SC homes — see Lien Analysis below. OC/LAV face higher tax burden (City mill levy 92.6 vs County 85.4) with 2023-2025 reassessment spikes.
POH PERSONAL PROPERTY TAX — VERIFICATION NEEDED
Tax data in this dashboard has NOT been independently verified against county records. Per-home tax amounts ($126–$388/home) come from Folder E (42 tax documents) but individual home-level verification is still needed.
LAV delinquency ($98.45 on LAV-002 & LAV-006) — flagged ⚠ UNVERIFIED. Source document not confirmed. County Assessor online search (3/31) returned no matching records under known owner names. Must verify via phone call to Assessor with specific account numbers.
CO Tax Exemption (CRS 39-3-119.5) — Manufactured homes with actual value ≤$28,000 are exempt from personal property tax (eff. 1/1/2022). Older/smaller units in the fleet (1979 Skyline, 2001–2005 Clayton/Liberty/Schult) may qualify. Could reduce annual POH tax liability below model assumption of $74K.
Model vs. Actual — Model assumes $250/home/yr. Actual 2025 rates: SC $126–$205, OC $283–$388, LAV $222–$247. OC and LAV exceed the model assumption by 13–55%. SC is below.
County Assessor Search (3/31): Searched Pueblo County Assessor (puebloco-search.gsacorp.io) for personal property tax accounts under “Rapid City Financial,” “Rapid City,” and “Katzer” — zero results returned. Homes may be registered under individual occupant names, a different entity, or may be exempt under CRS 39-3-119.5. Recommend calling Pueblo County Assessor at (719) 583-6015 with specific account numbers from title documents to verify tax status of each POH.
Verify: Pueblo County Assessor Search • Pueblo County Treasurer • Phone: (719) 583-6015
LAV delinquency ($98.45 on LAV-002 & LAV-006) — flagged ⚠ UNVERIFIED. Source document not confirmed. County Assessor online search (3/31) returned no matching records under known owner names. Must verify via phone call to Assessor with specific account numbers.
CO Tax Exemption (CRS 39-3-119.5) — Manufactured homes with actual value ≤$28,000 are exempt from personal property tax (eff. 1/1/2022). Older/smaller units in the fleet (1979 Skyline, 2001–2005 Clayton/Liberty/Schult) may qualify. Could reduce annual POH tax liability below model assumption of $74K.
Model vs. Actual — Model assumes $250/home/yr. Actual 2025 rates: SC $126–$205, OC $283–$388, LAV $222–$247. OC and LAV exceed the model assumption by 13–55%. SC is below.
County Assessor Search (3/31): Searched Pueblo County Assessor (puebloco-search.gsacorp.io) for personal property tax accounts under “Rapid City Financial,” “Rapid City,” and “Katzer” — zero results returned. Homes may be registered under individual occupant names, a different entity, or may be exempt under CRS 39-3-119.5. Recommend calling Pueblo County Assessor at (719) 583-6015 with specific account numbers from title documents to verify tax status of each POH.
Verify: Pueblo County Assessor Search • Pueblo County Treasurer • Phone: (719) 583-6015
◆ SVE Homes — 50 Homes (25 Big Valley + 25 Forest Hollow)
BILL OF SALE #1 — Aug 15, 2024
Seller: Big Valley Homes 168
Buyer: Miami Homes 186, LLC
Homes: 5 — Legacy S-1256-21A (2023)
Purchase Price: $300,000
Down Payment: $100,000 (33%)
Seller Note: $200K @ 7%, 20yr, $1,551/mo
Avg/Home: $60,000
Lots: E9, F12, F14, F21, G20
BILL OF SALE #2 — Dec 15, 2023
Seller: Big Valley 168
Buyer: Miami Homes 186, LLC
Homes: 20 — 10 Legacy + 10 Tru
Purchase Price: $1,000,000
Down Payment: $400,000 (40%)
Seller Note: $600K @ 7%, 20yr, maturity Dec 2043
Avg/Home: $50,000
Models: C-1656-21FKA & 14562A
50
Total Homes
25 BV + 25 FH
$1.3M
BV Purchase (BOS)
FH: No BOS yet
$26K
Avg/Home (BOS only)
$1.3M ÷ 50
22
Occupied
2 Evict • 26 Vacant
$333
Avg Rent/Paying
$6,993/mo • 21 paying
$100–$521
BV Rent Range
Market: $421–$591
$495
BV Avg Market Rent
33% above in-place avg
$10,814
Total Past Due
BV only • $515 avg
SVE Home Rent Analysis (50 Homes)
Big Valley (25 Homes)
In-Place Rents: $100–$521/mo • Avg $333 • 21 paying
Market Rents: $421–$591/mo • Avg $495/mo
Loss-to-Lease: ~$162/home/mo avg ($495 − $333)
Monthly Revenue: $6,993 actual vs $12,375 at market
Past Due: $10,814 total • 3 tenants at $0 rent • D-17 not on rent roll
Upside: $5,382/mo ($64.6K/yr) if all 25 homes at avg market rent
Market Rents: $421–$591/mo • Avg $495/mo
Loss-to-Lease: ~$162/home/mo avg ($495 − $333)
Monthly Revenue: $6,993 actual vs $12,375 at market
Past Due: $10,814 total • 3 tenants at $0 rent • D-17 not on rent roll
Upside: $5,382/mo ($64.6K/yr) if all 25 homes at avg market rent
Forest Hollow (25 Homes)
In-Place Rents: ALL 25 VACANT — $0 revenue
FH Entity Comp Rents: $205–$788/mo • Avg $410 (82 paying of 110 total FH homes)
No BOS: Purchase price/terms for FH 25 unknown
Projected Revenue (if leased): $10,250/mo at $410 avg • $123K/yr
Rehab Required: All 25 homes need condition assessment — turn costs unknown
Upside: $123K/yr incremental revenue once leased, less rehab CapEx
FH Entity Comp Rents: $205–$788/mo • Avg $410 (82 paying of 110 total FH homes)
No BOS: Purchase price/terms for FH 25 unknown
Projected Revenue (if leased): $10,250/mo at $410 avg • $123K/yr
Rehab Required: All 25 homes need condition assessment — turn costs unknown
Upside: $123K/yr incremental revenue once leased, less rehab CapEx
Bed/Bath Breakdown (50 Homes)
25
2 BD / 1 BA
All Big Valley • 50%
9
2 BD / 2 BA
Forest Hollow • 18%
15
3 BD / 2 BA
Forest Hollow • 30%
1
4 BD / 2 BA
FH-97 • 2%
Source: Legacy/Tru/Champion model numbers decoded (last 2 digits = BD/BA) × manufacturer specs. Rent Manager BD/BA field largely blank.
Comprehensive Home Inventory
Source: Bill of Sales × Monday.com Title Tracker × Rent Roll (4/1/2026)
| # | Lot | Serial | Mfg | Model | Yr | BD/BA | Tenant | Status | Rent | Past Due | Title Status | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BOS #1 — 5 Homes — $300K — Legacy S-1256-21A (Aug 2024) | ||||||||||||
| 1 | E-09 | L119132 | Legacy | S-1256-21A | 2023 | 2/1 | Celia Vela | Current | $521 | $213 | Need to Transfer | |
| 2 | F-12 | L119134 | Legacy | S-1256-21A | 2023 | 2/1 | Mayra E. Guerrero | Current | — | ($200) | Need to Transfer | |
| 3 | F-14 | L119130 | Legacy | S-1256-21A | 2023 | 2/1 | Orlando Alegria | Evict/LTO | $265 | $2,522 | Need to Transfer | |
| 4 | F-21 | L119135 | Legacy | S-1256-21A | 2023 | 2/1 | Nancy Lopez | Current | $521 | $700 | Need to Transfer | |
| 5 | G-20 | L119138 | Legacy | S-1256-21A | 2023 | 2/1 | Edward Hernandez | Current | $255 | $255 | Need to Transfer | |
| BOS #2 — 10 Legacy Homes — C-1656-21FKA (Dec 2023) | ||||||||||||
| 6 | F-10 | L119118 | Legacy | C-1656-21FKA | 2023 | 2/1 | Nayely Santamaria | Evict | $275 | $843 | Need to Transfer | |
| 7 | G-05 | L119101 | Legacy | C-1656-21FKA | 2023 | 2/1 | Ofelia Ricker | LTO | $260 | $416 | Need to Transfer | |
| 8 | G-09 | L119102 | Legacy | C-1656-21FKA | 2023 | 2/1 | Roberto De La Rosa | Current | $491 | $0 | Need to Transfer | |
| 9 | G-17 | L119098 | Legacy | C-1656-21FKA | 2023 | 2/1 | Jose Lopez | Current | $235 | $686 | Need to Transfer | |
| 10 | G-21 | L119099 | Legacy | C-1656-21FKA | 2023 | 2/1 | Derrick Almanza | Current | $491 | $285 | Need to Transfer | |
| 11 | H-06 | L119120 | Legacy | C-1656-21FKA | 2023 | 2/1 | Jesse L. Castilleja | Current | $491 | $538 | Need to Transfer | |
| 12 | H-14 | L119117 | Legacy | C-1656-21FKA | 2023 | 2/1 | Destany Chavez | Current | $285 | $0 | Need to Transfer | |
| 13 | H-22 | L119116 | Legacy | C-1656-21FKA | 2023 | 2/1 | Manuel Silva Jr | Current | $250 | $0 | Need to Transfer | |
| 14 | LO26 | L119119 | Legacy | C-1656-21FKA | 2023 | 2/1 | Jimmy Susberry | Current | $235 | $235 | Need to Transfer | |
| 15 | MR-10 | L119100 | Legacy | C-1656-21FKA | 2023 | 2/1 | Rocky Solano | Current | $301 | $0 | Need to Transfer | |
| BOS #2 — 10 Tru Homes — 14562A (Dec 2023) | ||||||||||||
| 16 | D-13 | BEL017268 | Tru | 14562A | 2023 | 2/1 | Dalia Palomin | Current | $486 | $364 | Need to Transfer | |
| 17 | D-14 | BEL017284 | Tru | 14562A | 2023 | 2/1 | Mikayelah Ramos | Current | — | $0 | Need to Transfer | |
| 18 | D-17 | BEL017291 | Tru | 14562A | 2023 | 2/1 | Not on Rent Roll | Unknown | — | Certified Statement | ||
| 19 | D-19 | BEL017288 | Tru | 14562A | 2023 | 2/1 | Leticia Garcia | LTO | $360 | $921 | Need to Transfer | |
| 20 | E-07 | BEL017668* | Tru | 14562A | 2023 | 2/1 | Noelia Z Domingue | LTO | $486 | $1,317 | Need to Transfer | |
| 21 | E-12 | BEL017047 | Tru | 14562A | 2023 | 2/1 | Luz M. Lerma | Current | $175 | $560 | Need to Transfer | |
| 22 | E-19 | BEL017650* | Tru | 14562A | 2023 | 2/1 | Darren Hernandez | Current | $225 | $225 | Need to Transfer | |
| 23 | F-09 | BEL017664* | Tru | 14562A | 2023 | 2/1 | Guadalupe Tapia | Current | $100 | $256 | Need to Transfer | |
| 24 | F-13 | BEL017659* | Tru | 14562A | 2023 | 2/1 | Juan M. Vela | Current | — | ($50) | Need to Transfer | |
| 25 | F-15 | BEL017656* | Tru | 14562A | 2023 | 2/1 | Delia Rodriguez | Current | $285 | $729 | Need to Transfer | |
| BIG VALLEY (25 Homes) | 22 Occ / 2 Evict / 1 Unk | $6,993 | $11,063 | 24 Need Transfer / 1 Certified | ||||||||
Forest Hollow Homes Inventory
Source: Monday.com Title Tracker × Rent Roll (4/1/2026) — Entity: Montecarlo Homes LLC / Forest Hollow Homes 168, LLC
| # | Lot | Serial | Mfg | Model | Yr | BD/BA | Tenant | Status | Rent | Past Due | Title Status |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 26 | FH-10 | L113344 | Legacy | C-1660-22A | 2018 | 2/2 | Vacant | Vacant | — | $0 | Statement of Ownership |
| 27 | FH-17 | L113356 | Legacy | C-1660-22A | 2018 | 2/2 | Vacant | Vacant | — | $0 | Statement of Ownership |
| 28 | FH-19 | 125000HA006011A | Champion | 19-CS1672C | 2018 | 3/2 | Vacant | Vacant | — | $0 | No Status |
| 29 | FH-20 | 125000HA006592A | Champion | 19-CS1672C | 2018 | 3/2 | Vacant | Vacant | — | $0 | No Status |
| 30 | FH-24 | 125000HA005541A | Champion | 19-CA1672C | 2018 | 3/2 | Vacant | Vacant | — | $0 | No Status |
| 31 | FH-25 | 125000HB004358A | Champion | 19-CS1672C | 2018 | 3/2 | Vacant | Vacant | — | $0 | No Status |
| 32 | FH-36 | L30869 | Legacy | C-1680-32Q | 2018 | 3/2 | Vacant | Vacant | — | $0 | Statement of Ownership |
| 33 | FH-38 | L30868 | Legacy | C-1680-32Q | 2018 | 3/2 | Vacant | Vacant | — | $0 | Statement of Ownership |
| 34 | FH-58 | L113293 | Legacy | C-1672-32D | 2018 | 3/2 | Vacant | Vacant | — | $0 | Statement of Ownership |
| 35 | FH-60 | L113289 | Legacy | C-1672-32D | 2018 | 3/2 | Vacant | Vacant | — | $0 | No Status |
| 36 | FH-72 | L114559 | Legacy | H-1660-22A | 2019 | 2/2 | Vacant | Vacant | — | $0 | Statement of Ownership |
| 37 | FH-82 | L114557 | Legacy | H-1660-22A | 2019 | 2/2 | Vacant | Vacant | — | $0 | Statement of Ownership |
| 38 | FH-84 | L114096 | Legacy | C-1680-32F | 2018 | 3/2 | Vacant | Vacant | — | $0 | No Status |
| 39 | FH-97 | L210115 | Legacy | C-1880-42A | 2018 | 4/2 | Vacant | Vacant | — | $0 | No Status |
| 40 | FH-101 | L114564 | Legacy | H-1660-22A | 2019 | 2/2 | Vacant | Vacant | — | $0 | Statement of Ownership |
| 41 | FH-118 | L211932 | Legacy | C-1680-32Q | 2021 | 3/2 | Vacant | Vacant | — | $0 | Statement of Ownership |
| 42 | FH-120 | L212409 | Legacy | H-1660-22A | 2022 | 2/2 | Vacant | Vacant | — | $0 | Statement of Ownership |
| 43 | FH-126 | L211933 | Legacy | C-1680-32Q | 2021 | 3/2 | Vacant | Vacant | — | $0 | Statement of Ownership |
| 44 | FH-127 | L213124 | Legacy | H-1660-22A | 2022 | 2/2 | Vacant | Vacant | — | $0 | Statement of Ownership |
| 45 | FH-129 | L211937 | Legacy | C-1680-32Q | 2021 | 3/2 | Vacant | Vacant | — | $0 | Statement of Ownership |
| 46 | FH-131 | L211931 | Legacy | C-1680-32Q | 2021 | 3/2 | Vacant | Vacant | — | $0 | Statement of Ownership |
| 47 | FH-137 | L211149 | Legacy | H-1660-22A | 2020 | 2/2 | Vacant | Vacant | — | $0 | Statement of Ownership |
| 48 | FH-138 | L213125 | Legacy | H-1660-22A | 2022 | 2/2 | Vacant | Vacant | — | $0 | Statement of Ownership |
| 49 | FH-139 | L117120 | Legacy | C-1680-32Q | 2021 | 3/2 | Vacant | Vacant | — | $0 | Statement of Ownership |
| 50 | FH-140 | L117122 | Legacy | C-1680-32Q | 2021 | 3/2 | Vacant | Vacant | — | $0 | Statement of Ownership |
| FOREST HOLLOW (25 Homes) | 0 Occ / 25 Vacant | $0 | $0 | 19 Statement / 6 No Status | |||||||
⚠ SVE Homes — DD Flags & Notes
Serial Number Discrepancy: 5 Tru homes (marked with *) show BEL017xxx on the Bill of Sale but BEL019xxx on Monday.com Title Tracker. Last 3 digits match exactly (650→650, 656→656, 659→659, 664→664, 668→668). Likely a transcription error in the BOS — verify against physical title plates at inspection.
D-17 (BEL017291) Not on Rent Roll: This unit does not appear in the 4/1/2026 Rent Manager export. May be non-revenue, under renovation, or differently named. Only home with “Certified Statement of Ownership” title status — all others need transfer.
2 Active Evictions: F-14 (Orlando Alegria, $2,522 past due, 12 lates) and F-10 (Nayely Santamaria, $843 past due). Both are BOS homes with significant delinquency.
High Delinquency: $11,063 total past due across 25 homes ($443/home avg). Worst offenders: F-14 ($2,522), E-07 ($1,317), D-19 ($921), F-10 ($843), F-15 ($729), F-21 ($700).
Seller Carry Debt: $800K total seller notes (BOS#1 $200K + BOS#2 $600K) at 7% interest, 20-year terms. Combined debt service ~$6,200/mo against $6,993 in-place rent. DSCR = 1.13x — thin margin.
Forest Hollow — 100% Vacant: All 25 FH homes are Vacant-Unrented per the 4/1/2026 Rent Manager export ($0 revenue, $0 past due). These homes generate zero income today — full lease-up required post-closing.
Forest Hollow — No Bill of Sale: No BOS has been executed for the 25 FH homes yet. Ownership entity on Monday.com = “Forest Hollow Homes 168, LLC” (Montecarlo Homes LLC in Rent Manager). Purchase price, seller carry terms, and transfer structure TBD.
Forest Hollow Title Status: 19 of 25 FH homes show “Statement of Ownership” on Monday.com; 6 have no title status recorded. None show “Title Need to Transfer” — clarify whether these titles are already in buyer’s name or if transfer is pending.
D-17 (BEL017291) Not on Rent Roll: This unit does not appear in the 4/1/2026 Rent Manager export. May be non-revenue, under renovation, or differently named. Only home with “Certified Statement of Ownership” title status — all others need transfer.
2 Active Evictions: F-14 (Orlando Alegria, $2,522 past due, 12 lates) and F-10 (Nayely Santamaria, $843 past due). Both are BOS homes with significant delinquency.
High Delinquency: $11,063 total past due across 25 homes ($443/home avg). Worst offenders: F-14 ($2,522), E-07 ($1,317), D-19 ($921), F-10 ($843), F-15 ($729), F-21 ($700).
Seller Carry Debt: $800K total seller notes (BOS#1 $200K + BOS#2 $600K) at 7% interest, 20-year terms. Combined debt service ~$6,200/mo against $6,993 in-place rent. DSCR = 1.13x — thin margin.
Forest Hollow — 100% Vacant: All 25 FH homes are Vacant-Unrented per the 4/1/2026 Rent Manager export ($0 revenue, $0 past due). These homes generate zero income today — full lease-up required post-closing.
Forest Hollow — No Bill of Sale: No BOS has been executed for the 25 FH homes yet. Ownership entity on Monday.com = “Forest Hollow Homes 168, LLC” (Montecarlo Homes LLC in Rent Manager). Purchase price, seller carry terms, and transfer structure TBD.
Forest Hollow Title Status: 19 of 25 FH homes show “Statement of Ownership” on Monday.com; 6 have no title status recorded. None show “Title Need to Transfer” — clarify whether these titles are already in buyer’s name or if transfer is pending.
⚠ POH Lien Analysis — Critical DD Finding (3/30)
Titles with Liens
Found
OC + SC — multiple lienholders
Legacy Housing Liens
$134K+
OC homes · Matured 9/2025
21st Mortgage Lien
$979K
SC106 · Matures 1/2037
Clayton B&T (Released)
$3M
SC005 · Released 4/3/2014
Liens Identified from Title Review (Sample)
| Lot | Owner on Title | Lienholder | Lien Amount | Maturity | Status | Home Detail |
|---|---|---|---|---|---|---|
| OC002 | Rapid City Financial LLC | Legacy Housing Corp | $133,704 | 10-Sep-2025 | PAST DUE | 2021 LEGA S116022A · 56x16 · VIN L116367 |
| OC003 | Rapid City Financial LLC | Legacy Housing Corp | $133,704 | 10-Sep-2025 | PAST DUE | 2021 LEGA S166022A · 56x16 · VIN L116368 |
| SC106 | Rapid City Financial LLC | 21st Mortgage Corp | $979,341 | 15-Jan-2037 | ACTIVE | 2022 CLAT 45COM14663AH22 · 66x14 · VIN SFW023245TX |
| SC005 | Rapid City Financial LLC | Clayton Bank & Trust | $3,000,000 | 02/23/2016 | RELEASED | 2002 FLE · 16x68 · VIN TXFL112A39641E513 · Released 4/3/14 |
| SC045 | Rapid City Financial LLC | None on title | — | — | CLEAN | 2010 CLA · 72x16 · VIN CBH021253TX · DUPLICATE title |
| LAV001 | Katzer Nickolas J | None on title | — | — | CLEAN | 2016 LGCY · 16x60 · VIN L111624 · Previous: MSO |
⚠ CRITICAL DD ACTION ITEMS — LIENS
1. Legacy Housing Corp liens (OC) — Multiple OC homes show $133,704 liens with Sep 2025 maturity (past due). Identical amounts suggest blanket chattel financing. Confirm how many OC homes carry this lien. Require payoff letter or lien release at/before closing.
2. 21st Mortgage Corp lien (SC) — SC106 shows $979,341 lien maturing Jan 2037. 21st Mortgage is a Berkshire/Clayton subsidiary — likely blanket chattel lien covering multiple homes. Confirm scope of lien (how many homes?). This may be tied to the CMBS loan assumption. Require full payoff/subordination documentation.
3. Clayton Bank & Trust (SC) — SC005 shows $3M lien but with signed release from 2014. Verify release was properly filed with Pueblo County. Confirm no other homes carry this lien.
4. Owner entity mismatch — LAV titles show Katzer Nickolas J (individual) while SC/OC show Rapid City Financial LLC. PSA lists 6 selling entities. Confirm PSA assignment/conveyance language covers all entities. Title company must clear all ownership transfers.
5. SC titles — COMPLETE ✓ — All 105 SC titles received (4 extra — likely sold/removed homes). Full lien review in progress.
6. Extra titles (OC +6, LAV +1) — OC has 42 titles for 38 POH. Verify if extra titles are for homes already sold or removed. LAV lot 30 title exists but lot not in current inventory — confirm status.
2. 21st Mortgage Corp lien (SC) — SC106 shows $979,341 lien maturing Jan 2037. 21st Mortgage is a Berkshire/Clayton subsidiary — likely blanket chattel lien covering multiple homes. Confirm scope of lien (how many homes?). This may be tied to the CMBS loan assumption. Require full payoff/subordination documentation.
3. Clayton Bank & Trust (SC) — SC005 shows $3M lien but with signed release from 2014. Verify release was properly filed with Pueblo County. Confirm no other homes carry this lien.
4. Owner entity mismatch — LAV titles show Katzer Nickolas J (individual) while SC/OC show Rapid City Financial LLC. PSA lists 6 selling entities. Confirm PSA assignment/conveyance language covers all entities. Title company must clear all ownership transfers.
5. SC titles — COMPLETE ✓ — All 105 SC titles received (4 extra — likely sold/removed homes). Full lien review in progress.
6. Extra titles (OC +6, LAV +1) — OC has 42 titles for 38 POH. Verify if extra titles are for homes already sold or removed. LAV lot 30 title exists but lot not in current inventory — confirm status.
POH Ownership Entity Breakdown
Homes by Selling Entity
| Entity | Count | % of Total | Monthly Rent | Notes |
|---|---|---|---|---|
| RCF (Rapid City Financial) | 122 | 84.7% | $73.8K | Primary home seller entity per PSA |
| JIHome | 17 | 11.8% | $8.1K | Secondary entity — mostly Clayton homes |
| Shoobie | 2 | 1.4% | $1.4K | SC lots 19 & 208 |
| GSI | 1 | 0.7% | $635 | SC lot 18 |
| GR | 1 | 0.7% | $295 | SC lot 22 |
| MB | 1 | 0.5% | $245 | SC lot 127 |
| Community Subtotal | 146 | 74.5% | $84.5K | |
| SVE — BV (Miami Homes 168) | 25 | 12.8% | $7.0K | 21 paying ($100–$521). Mkt avg $495. 3 at $0 + 1 off roll. |
| SVE — FH (Montecarlo) | 25 | 12.8% | $0 | All 25 vacant. FH comps: $205–$788, avg $410. |
| TOTAL (All POH) | 196 | 100% | $91.5K | Excl. FH lease-up upside (~$10.3K/mo at $410 avg) |
Homes by Manufacturer
| Manufacturer | Count | Typical Years |
|---|---|---|
| Southern Energy | 49 | 2020–2022 (newer fleet) |
| Clayton | 39 | 2005–2012 |
| Legacy | 20 | 2016–2021 |
| Fleetwood | 10 | 2002–2005 |
| Schult | 9 | 1992–2002 |
| Karsten | 6 | 2013 |
| Liberty | 5 | 1996–2002 |
| Tru | 3 | 2019 |
| Other | 3 | Champion, CUT, Sky (1979–1998) |
POH Income vs. Expense — Model Data + DD Findings
POH Economics — UW Model Expenses vs. T12 Gap Analysis
| Category | Amount | Source | Status |
|---|---|---|---|
| INCOME — CONFIRMED | |||
| Gross POH Rental Income (Monthly) — 146 Community | $84.5K | POH Schedule 3/5/2026 | Confirmed |
| + SVE BV Income (Monthly) — 25 Homes | $7.0K | 21 paying, $100–$521, avg $333. Market avg $495. | Confirmed (Rent Roll 4/1) |
| + SVE FH Income (Monthly) — 25 Homes | $0 | All 25 vacant. FH entity comps: $205–$788, avg $410. | $0 — All Vacant |
| Total POH Rental Income (Monthly) — 196 Homes | $91.5K | $84.5K community + $7.0K SVE BV + $0 SVE FH | Confirmed |
| Gross POH Rental Income (Annual) — 196 Homes | $1.098M | $91.5K × 12. Excludes FH lease-up upside ($123K/yr). | Confirmed |
| All 146 community homes status | 100% Rented | POH Schedule — all show "Rented" | Confirmed |
| POH-SPECIFIC EXPENSES — FROM UW MODEL | |||
| Home Insurance (POH) | $64.3K | Model: $300/unit SC+OC+LAV, $350/unit Home Purch. | Modeled |
| SC: 106 POH × $300 | $31.8K | Allocated via Expense Allocation sheet | — |
| OC: 42 POH × $300 | $12.6K | Allocated via Expense Allocation sheet | — |
| LAV: 8 POH × $300 | $2.4K | Allocated via Expense Allocation sheet | — |
| Home Purchases: 50 × $350 | $17.5K | Higher rate for newer units | — |
| Home Taxes (POH) | $74.0K | Model: $250/POH existing, $700/unit Home Purch. | Modeled |
| SC: 106 POH × $250 | $26.5K | Allocated per POH unit via Expense sheet | — |
| OC: 42 POH × $250 | $10.5K | Allocated per POH unit via Expense sheet | — |
| LAV: 8 POH × $250 | $2.0K | Allocated per POH unit via Expense sheet | — |
| Home Purchases: 50 × $700 | $35.0K | Higher rate for newly purchased homes | — |
| Home Turnover / Make-Ready | $60.0K | Model: SC $32K, OC $13K, LAV $2.5K, HP $12.5K | Modeled |
| HVAC (Home-Related) | $54.5K | Model: SC $30K, OC $12K, LAV $2.3K, HP $10K | Modeled |
| Total POH-Specific Expenses | $252.7K | Sum of home insurance + taxes + turnover + HVAC | From Model |
| POH NOI CALCULATION (USING MODEL DATA) | |||
| Gross POH Income (196 homes incl. SVE) | $1.098M | $84.5K community + $7.0K SVE BV × 12. FH at $0 (all vacant). | Confirmed |
| Less: POH-Specific Expenses (excl. Home Purch.) | ($177.7K) | $252.7K total minus $75K Home Purchases portion | Calculated |
| Implied POH NOI (196 Homes incl. SVE) | $920.3K | $1.098M income − $177.7K expenses. SVE BV adds $84K/yr. FH adds $0 until leased. | Calculated |
| POH Cap Rate on $5.907M Cost | 14.2% | Very attractive yield; confirm with actual expense data | Calculated |
| DD ITEMS STILL NEEDED | |||
| POH Maintenance (non-turnover, non-HVAC) | Unknown | Not broken out on T12 P&Ls. Model doesn't isolate this line. | Missing |
| Actual POH Insurance Allocation | $64.3K modeled | Need to verify against actual 26-27 POH Policy in K folder | Verify |
| Actual POH Tax Bills (vs. model) | $74.0K modeled | Tax records reviewed — SC $126-$205/home, OC $283-$388, LAV $222-$247. 2 LAV delinquent. | Reviewed |
| POH Depreciation / Book Value | Unknown | Not provided — needed for tax basis | Missing |
| Delinquency / Collection History | 4.74% | Received 3/30. 17 delinquent residents, $9,575 total. Lot rent: LAV $1,446 (2), OC $2,061 (3), SC $1,726 (3). Home rent: RCF $4,341 (11). SC115 Monack 3-mo delinquent ($1,651). OC084 Sayers deceased — 2-mo past due ($1,367). | Received |
POH-Specific DD Action Items
| # | Action Item | Priority |
|---|---|---|
| 1 | Request seller's POH-specific maintenance expense history (not broken out on T12 P&Ls) | CRITICAL |
| 2 | Verify home titles for all 146 units — 7/7 LAV complete (all clean). SC (101) and OC (38) titles received. 15 units still missing titles. | CRITICAL |
| 3 | Confirm which entity (RCF, JIHome, Shoobie, etc.) holds title to each home — 6 different entities | HIGH |
| 4 | DONE | |
| 5 | Physical inspection of POH fleet — focus on older homes (9 Schult/Liberty units from 1992-2002) | HIGH |
| 6 | Review POH lease terms in F folder — confirm rent escalation provisions and lease-to-own (LTO) terms for 21 LTO units | HIGH |
| 7 | Get POH insurance allocation from 26-27 POH Policy — need per-home or per-property cost | MEDIUM |
| 8 | Model POH conversion strategy — evaluate LTO expansion to reduce long-term maintenance obligation | MEDIUM |
| 9 | POH tax records reviewed — SC $126-$205, OC $283-$388, LAV $222-$247 per home (2025). 2 LAV homes delinquent. OC/LAV taxes spiked 3-4x due to reassessment. | HIGH |
Sunset Vista Portfolio — 90-Day Operations Handoff
Properties
3
SV (206) • OC (161) • LAV (32)
Total Lots
399
346 occupied • 53 vacant
POH to Manage
196
146 community + 50 SVE
Yr 1 NOI Target
$2.50M
+28.4% over T12 ($1.95M)
Transition Period
90 Days
4 phases • Studio 168 → Silver Lands
90-Day Transition Roadmap
Initial
Transition
Transition
Systems &
Establishment
Establishment
Stabilization &
First Reports
First Reports
Performance Assessment
& Full Autonomy
& Full Autonomy
Phase 1: Initial Transition (Days 1–7)
Day 1 is critical. Tenants, vendors, and staff need to know immediately that management has changed. Silver Lands PM must be on-site at all 3 properties within the first 48 hours.
Days 1–3: Immediate Actions
Tenant Notifications — Distribute management change letters to all 346 occupied lots. Include new PM contact, emergency maintenance number, and rent payment instructions.
Staff Introduction — On-site manager at each property meets new PM. Assess who stays, who goes. Current staffing unknown — confirm during site visit.
Access Transfer — Keys, gate codes, alarm codes, Rent Manager login, utility account access, mail/PO box access for all 3 properties.
Vendor Notification — Email all vendors (trash, landscaping, pest, maintenance) with new PM as primary contact. Confirm no service interruptions.
Closing Day Walk-Through — VP Acquisitions + new PM walk all 3 communities together. Photo-document baseline condition of roads, common areas, vacant lots, POH units.
Staff Introduction — On-site manager at each property meets new PM. Assess who stays, who goes. Current staffing unknown — confirm during site visit.
Access Transfer — Keys, gate codes, alarm codes, Rent Manager login, utility account access, mail/PO box access for all 3 properties.
Vendor Notification — Email all vendors (trash, landscaping, pest, maintenance) with new PM as primary contact. Confirm no service interruptions.
Closing Day Walk-Through — VP Acquisitions + new PM walk all 3 communities together. Photo-document baseline condition of roads, common areas, vacant lots, POH units.
Days 4–7: Documentation & Setup
Security Deposits — Reconcile deposit ledger vs lease files for all 346 tenants. Per PSA §4.3, buyer gets credit at closing for unapplied deposits.
Lease File Inventory — Confirm all 37 POH leases + lot leases received. Flag the 3 leases (SC 183, 190, 203) with "utilities included" language for immediate attention.
Closing Binder — Verify receipt of all 18 seller deliverables per PSA §15.2. Title policy, deeds, bills of sale, assignments, Certificates of Title for 146 community homes + 50 SVE home titles.
Emergency Contacts — Set up after-hours maintenance line. Identify emergency plumber, electrician, HVAC in Pueblo area.
Insurance Activation — Confirm Silver Lands portfolio policy covers all 3 communities effective Day 1. Verify adequate coverage on 196 POH units (146 community + 50 SVE).
Lease File Inventory — Confirm all 37 POH leases + lot leases received. Flag the 3 leases (SC 183, 190, 203) with "utilities included" language for immediate attention.
Closing Binder — Verify receipt of all 18 seller deliverables per PSA §15.2. Title policy, deeds, bills of sale, assignments, Certificates of Title for 146 community homes + 50 SVE home titles.
Emergency Contacts — Set up after-hours maintenance line. Identify emergency plumber, electrician, HVAC in Pueblo area.
Insurance Activation — Confirm Silver Lands portfolio policy covers all 3 communities effective Day 1. Verify adequate coverage on 196 POH units (146 community + 50 SVE).
✔ DELIVERABLE: Day 7 Transition Summary — documented completion of all Week 1 items. PM signs off, VP Acquisitions confirms.
Phase 2: Systems Establishment (Days 8–30)
| Workstream | Days 8–14 | Days 15–30 | Owner |
|---|---|---|---|
| Rent Collection | Execute first rent cycle under Silver Lands. Set up online payment portal. Document collection rate vs rent roll. Initiate late notice procedures. | Prepare aging schedule for delinquent accounts. Develop collection strategy (payment plans, escalation). Target: ≥95% collection rate Month 1. | PM |
| Vendor Contracts | Audit all existing vendor contracts (trash, landscaping, pest, snow removal, maintenance). ID contracts needing lender consent for assumption. | Rebid insurance (bundle with SL portfolio). Rebid trash contract. Terminate underperformers. Lock in pricing. Target: $85K annual savings. | Ops + Finance |
| Software & Systems | Configure Rent Manager: 399 lots, tenant accounts, lease terms, rent amounts, move-in dates. Set up auto-reminders and late notices. | Activate work order system. Upload vendor lists. Train PM on reporting modules. Configure monthly dashboard for Studio 168 oversight. | Ops + PM |
| Utility Accounts | Transfer all utility accounts to Silver Lands entity. Verify account numbers for water (Board of Water Works), electric (Xcel/Black Hills), gas, trash at all 3 properties. | Compile 12 months of utility invoices for RUBS allocation modeling. Select RUBS vendor (Conservice, NWP, SimpleBills). Get implementation quotes. | Ops + PM |
| Lease Cleanup | Audit all 37 POH leases. Flag non-standard terms. Address $25/mo lot (SC Lot 67). Identify all month-to-month tenants (all of them per audit). | Draft new standard lease template (SL template). Prepare rent increase notices per CO MHP Act (90-day requirement). Legal review before mailing. | Legal + PM |
| CapEx Planning | Prioritize PCA items: OC roads ($41K immediate), SV clubhouse roof ($77K 7-yr). Get contractor bids for Year 1 projects. | Finalize Year 1 CapEx budget. Approve OC road repair contract. Develop 5-year capital plan. Brief PM on project authority limits. | CapEx + Finance |
✔ DELIVERABLE: 30-Day Transition Report — systems status, vendor transitions complete, first collection results, operational issues identified. Day 30 checkpoint meeting with Acquisitions + PM + Finance.
Business Plan Execution — Ops Checklist by Deadline
The model targets +$554K Year 1 NOI uplift across 5 value levers. For strategy details, financial targets, and per-community breakdowns, see Value Add tab. For RUBS regulatory detail, see Utilities tab. This section focuses on what the PM does and when.
| Deadline | PM Action Item | Lever | Success Metric |
|---|---|---|---|
| Close +14d | Walk and photo-document all 53 vacant lots. Confirm pad condition, hookups, dimensions. | Infill | 53 lots graded with photo evidence. Report to CapEx. |
| Close +30d | Mail 90-day rent increase notices to all 360 occupied lots (CO MHP Act compliant templates from Legal). | Lot Rent | 100% delivered. Proof of service documented. |
| Close +30d | Grade all 196 POH homes A/B/C (146 community + 50 SVE). Walk every unit with CapEx. Identify first 10 for sale listing. | POH | Grading report complete. "A" homes identified. |
| Close +30d | Select RUBS vendor (Conservice/NWP/SimpleBills). Compile 12 months utility invoices for allocation model. | RUBS | Vendor under contract. Invoice compilation complete. |
| Close +30d | Submit insurance rebid through SL portfolio carrier. Target $30K annual savings. | Expense | Quotes received. Policy bound at ≤$155K. |
| Close +60d | List first 10 "A grade" POH homes for sale. Set pricing. Activate financing options (21st Mortgage, rent-to-own). | POH | 10 homes listed. Financing pipeline active. |
| Close +60d | Order first 5 infill homes from dealer (Clayton/Cavco/Champion). Coordinate lot prep with CapEx. | Infill | Purchase orders signed. Delivery dates confirmed. |
| Close +60d | Rebid trash, landscaping, and pest contracts. Terminate underperformers. Lock in new pricing. | Expense | All vendor contracts renegotiated or replaced. |
| Close +90d | Launch RUBS billing on all non-blocked units. Cure SC 183/190/203 leases first (utilities "included" language). | RUBS | RUBS billing live ≥95% of units. $14K/mo target. |
| Close +90d | File property tax appeals with Pueblo County Assessor. Provide comp data and classification argument. | Expense | Appeal filed. Target $22K annual savings. |
| Close +120d | New lot rents take effect across all 3 communities. Update Rent Manager. Monitor for turnover. | Lot Rent | <5% turnover from increases. $167K annualized. |
| Close +120d | Issue new standard leases to all month-to-month tenants. Incorporate RUBS addendum and updated rent. | Lease | 100% of tenants on SL standard lease. |
| Month 12 | Year 1 targets hit: 40 POH sold, 20 lots filled, RUBS at 40% recovery, all vendor contracts optimized. | ALL | NOI run-rate ≥$2.50M (+28.4% over T12). |
Items to Discuss Before Closing
These are open questions and decisions that need alignment between Acquisitions, Ops, Finance, and Legal before the transition can run cleanly. Each one affects how we staff, budget, or execute the business plan.
1. Staffing Model — Who Runs What?
Ops + Finance
We don't have clear visibility into current on-site staffing. SV (206 lots) likely needs a full-time manager + maintenance tech. OC (161 lots) could be part-time. LAV (32 lots) can be managed remotely from SV or OC. Do we plan to retain any existing staff, or start fresh? What's the Day 1 org chart look like? What authority levels does the PM get for spend approvals?
2. CMBS Management Fee Cap — 3% vs 5–6%
Finance + Legal
The assumed loan docs cap the management fee at 3% of gross revenue. Industry standard is 5–6%. We're trying to negotiate this up during the assumption process, but if we're stuck at 3%, Silver Lands' fee structure has to accommodate. What's our fallback if PNC won't budge? Do we restructure the PM compensation, or eat the difference at the GP level?
3. Rent Increase Staging — All at Once or Phased?
Ops + Acquisitions
The model assumes rent increases across all 3 communities within 30 days of close. But large increases during or right after the OTP waiver period could create friction with homeowner groups and draw attention from the Division of Housing. Do we send all notices at once, or stage them — Phase 1 at close (smaller bump), Phase 2 at 6 months (catch up to target)? What's the turnover risk tolerance?
4. POH Sales Strategy — Pricing & Financing
CapEx + Finance
We're targeting 40 home sales in Year 1 across 196 POH units (146 community + 50 SVE). The question is pricing and how we make it accessible. Pueblo's median household income is ~$45K — most residents can't qualify for traditional financing. Do we lean into seller financing through the Private Credit Facility SPE, partner with 21st Mortgage for chattel loans, or run a rent-to-own program? What's the minimum acceptable sale price vs. speed of conversion?
5. Oasis Roads — Negotiate or Absorb?
Acquisitions + CapEx
PCA flagged $41K in immediate road repairs at Oasis — 79% of total portfolio immediate CapEx. This is both a safety issue and the biggest curb appeal detractor. Do we ask for a seller credit at closing, negotiate an escrow holdback, or just absorb it in our Year 1 CapEx budget? If we negotiate, does it risk souring the relationship before assumption closes?
6. Infill — New vs. Used Homes
CapEx + Finance
20 infill homes in Year 1 is the target. New singlewides run $55K–$70K delivered and set. Used homes (move-in + rehab) are $25K–$40K but lower quality and harder to source. What's the mix? All new for consistency, or a blend to keep capital outlay down? How do we fund it — operating cash flow, investor capital call, or dealer financing?
7. Purchase Price Allocation — Real vs. Personal Property
Finance + CPA
PSA §10 gives us flexibility to allocate between real and personal property on a community-by-community basis. If we can't agree with seller, each party allocates independently. How aggressively do we allocate to personal property (homes) for accelerated depreciation? Do we engage a cost segregation firm pre-close, or handle it with the CPA post-close? What's the tax strategy for the 196 homes we plan to sell?
8. SC Clubhouse Roof — RESOLVED
CapEx + Finance
UPDATE 3/31: Seller confirmed NEW roof installed June 2022 by Hornet Roofing for $25K (invoice attached). PCA flag is outdated — the $77K replacement is no longer needed. Verify condition on site visit. Original PCA note: built 1973, end of life, $77K replacement within 7 years.
9. Security Deposits — 39% at $0
Ops + Legal
135 of 346 occupied units show no security deposit on file. If that's real (not a data gap), we're inheriting a portfolio where 4 in 10 tenants have no deposit — which means no leverage on move-out damage and a weaker collections position. Do we require deposits on all new leases going forward? Do we try to collect from existing tenants at renewal? What's the legal framework in CO for requiring deposits from existing month-to-month tenants?
10. Lot 67 — The $25/Month Rent
Ops + Legal
SC Lot 67 is paying $25/mo — 96% below the $654 market rate. Likely an employee or legacy arrangement. Do we know the story here? If it's a current employee we retain, do we formalize it as a staff housing benefit? If not, do we bring it to market immediately or phase it up? CO MHP Act notice requirements apply either way.
Phase 3: Stabilization & First Reports (Days 31–60)
Financial Reporting
• First monthly P&L due Day 35
• Rent collected vs. billed (collection rate)
• OpEx summary by category vs. budget
• Variance analysis vs. underwriting assumptions
• Bank reconciliation & AP aging
• First month NOI: target ≥$165K (≥$1.98M annualized)
• Rent collected vs. billed (collection rate)
• OpEx summary by category vs. budget
• Variance analysis vs. underwriting assumptions
• Bank reconciliation & AP aging
• First month NOI: target ≥$165K (≥$1.98M annualized)
Lease & Occupancy
• Detailed lease audit vs. rent roll reconciliation
• Confirm rent amounts match Rent Manager
• Track move-ins/move-outs and reasons
• Rent increase notices mailed (90-day clock starts)
• Marketing vacant lots (signage, online, employer outreach)
• Leasing pipeline established with weekly tracking
• Confirm rent amounts match Rent Manager
• Track move-ins/move-outs and reasons
• Rent increase notices mailed (90-day clock starts)
• Marketing vacant lots (signage, online, employer outreach)
• Leasing pipeline established with weekly tracking
Capital Projects Launch
• OC road repairs initiated ($41K approved)
• ADA compliance fixes (OC parking, SC ramp)
• Abandoned home removal (9 units across portfolio)
• Community signage & curb appeal upgrades
• POH home grading complete (A/B/C all 196 homes)
• First 10 "A grade" homes listed for sale
• ADA compliance fixes (OC parking, SC ramp)
• Abandoned home removal (9 units across portfolio)
• Community signage & curb appeal upgrades
• POH home grading complete (A/B/C all 196 homes)
• First 10 "A grade" homes listed for sale
✔ DELIVERABLE: 60-Day Stabilization Report — 2-month financials, capital project status, occupancy trend, operational metrics vs. underwriting. Day 60 assessment meeting.
Phase 4: Full Performance Assessment (Days 61–90)
Underwriting Reconciliation
• Compare 60-day actuals to Year 1 underwriting assumptions
• Revenue variance: occupancy, rent rate, delinquency, RUBS
• Expense variance: management fee, utilities, maintenance, insurance
• Calculate annualized run-rate NOI — target ≥$2.10M by Day 90
• Flag material variances (>5%) with root cause analysis
• Adjust Year 1 projections based on actual performance
• Revenue variance: occupancy, rent rate, delinquency, RUBS
• Expense variance: management fee, utilities, maintenance, insurance
• Calculate annualized run-rate NOI — target ≥$2.10M by Day 90
• Flag material variances (>5%) with root cause analysis
• Adjust Year 1 projections based on actual performance
Investor Reporting & Distributions
• First quarterly investor report (per Studio 168 format)
• P&L, balance sheet, capital accounts by investor class
• Property-specific narrative: ops summary, CapEx, occupancy, market
• Calculate earnings and distributions available to LPs
• Confirm preferred return coverage ratios
• Distribution notice with payment instructions
• P&L, balance sheet, capital accounts by investor class
• Property-specific narrative: ops summary, CapEx, occupancy, market
• Calculate earnings and distributions available to LPs
• Confirm preferred return coverage ratios
• Distribution notice with payment instructions
PM Scorecard & Accountability
• Establish PM performance metrics for Year 1
• Occupancy target: ≥93% by Month 6, ≥95% by Month 12
• Collection rate: ≥97%
• Work order response time: <24 hrs routine, <4 hrs emergency
• POH conversion: ≥40 homes sold in Year 1
• Schedule quarterly performance reviews with Silver Lands
• Occupancy target: ≥93% by Month 6, ≥95% by Month 12
• Collection rate: ≥97%
• Work order response time: <24 hrs routine, <4 hrs emergency
• POH conversion: ≥40 homes sold in Year 1
• Schedule quarterly performance reviews with Silver Lands
Formal Handoff (Day 90)
• VP Acquisitions signs off on complete operational transition
• Silver Lands confirms full operational autonomy
• Studio 168 moves to monthly oversight cadence only
• Escalation process defined for major decisions (>$25K CapEx)
• Year 1 budget finalized with 60-day actuals incorporated
• Transition management formally completed
• Silver Lands confirms full operational autonomy
• Studio 168 moves to monthly oversight cadence only
• Escalation process defined for major decisions (>$25K CapEx)
• Year 1 budget finalized with 60-day actuals incorporated
• Transition management formally completed
✔ DELIVERABLE: 90-Day Completion Report — full financial summary, operational metrics vs. underwriting, capital project status, Year 1 guidance confirmation, transition closeout. Silver Lands fully autonomous.
Property-Specific Playbooks
| Category | Sunset Vista (206 lots) | Oasis (161 lots) | La Vista (32 lots) |
|---|---|---|---|
| Priority #1 | Infill 28 vacant lots. Walk every vacant pad. Confirm hookups stubbed. Order first 5 homes from Clayton/Cavco within 60 days of close. | Fix roads ($41K). This is the #1 resident complaint risk. Get asphalt contractor on-site Week 2. Complete by Day 45. | Raise lot rents. At $572/mo, LAV is $80–$100 below market. Biggest % increase opportunity in portfolio (8.4%). |
| Priority #2 | POH sales: 101 homes to manage. Grade all homes by Day 30. List "A" grade homes immediately. This is the biggest maintenance burden in the portfolio. | ADA compliance: Zero accessible parking found. Install ADA spots + signage. Ramp repairs. Budget $8K–$12K. Complete by Day 60. | Survey encroachments: Fence 4.3 ft + building 6.5 ft over property line. Resolve with neighbor or get title endorsement. Legal action item. |
| Priority #3 | Clubhouse roof: End of life per PCA. $77K replacement. Budget Year 2–3. Patch and monitor for now. Get roofing contractor assessment by Day 30. | Water bill investigation: Nov/Dec spikes ($14K/$12K vs $7K normal). Check for leaks, verify meter accuracy, request Board of Water Works history. | RUBS setup: Highest utility cost ratio in portfolio (19.5% of revenue). Smallest property = fastest to implement. Pilot RUBS here first. |
| Staffing | Needs full-time on-site manager + part-time maintenance tech. Office in clubhouse. 206 lots justifies dedicated staff. | Part-time on-site manager sufficient. 161 lots at 95% occupancy = relatively stable. Can share maintenance with SV (3 miles apart). | Remote management from SV or OC office. 32 lots does not justify dedicated staff. PM visits 2–3x/week. |
| Rent Increase | $654 → $690 (+$36, 5.5%). 178 occupied lots. Annual uplift: $76.9K. Notice by Close +30d, effective Close +120d. | $615 → $655 (+$40, 6.5%). 153 occupied lots. Annual uplift: $73.4K. Notice by Close +30d, effective Close +120d. | $572 → $620 (+$48, 8.4%). 29 occupied lots. Annual uplift: $16.7K. Notice by Close +30d, effective Close +120d. |
| Utility Accounts | Xcel Energy (electric) • Black Hills Energy (gas) • Board of Water Works (water/sewer) • Confirm all accounts transfer Day 1. | Xcel Energy (electric) • Board of Water Works (water/sewer) • Past due Xcel balance ($125.75) — clear at closing. | Xcel Energy (electric) • Board of Water Works (water/sewer) • Smallest property but highest utility cost ratio — RUBS pilot candidate. |
| Abandoned Homes | 4 abandoned units identified. Assess: rehab vs. remove. Budget $3K–$5K per removal. Clear lots for infill. Target completion: Day 45. | 4 abandoned units. Same approach. Clear lots to improve occupancy optics and community appearance. | 1 abandoned unit. Remove and prep lot for new home. Simplest of the three. |
12 Key Handoff Documents
📑
1. Closing Binder
Title policy, deeds, bills of sale, promissory note, mortgage docs
📑
2. Rent Roll
399 lots: tenant names, move-in dates, rent amounts, lease expirations
📑
3. Lease Files
37 POH leases + lot leases indexed by tenant and expiration date
📑
4. Vendor Contracts
All service agreements: trash, landscaping, pest, snow, maintenance
📑
5. Utility Accounts
Account #s, billing contacts, payment info: water, electric, gas, trash
📑
6. Maintenance Equipment
On-site equipment inventory, tools, vehicles, storage locations
📑
7. Site Maps
Detailed property maps: lot #s, utility lines, amenities, office
📑
8. Delinquency Report
Aging schedule, collection status, historical issue notes
📑
9. Capital Improvement Plan
Project list, timelines, budgets, priorities, expected ROI
📑
10. Operating Budget
Year 1 budget by category, monthly projections, mgmt fee calcs
📑
11. Insurance Documentation
Certificates, policy limits, deductibles, coverage per property
📑
12. Property Tax Records
Assessment, tax ID, assessed value, payment schedule, appeal status
Ongoing Reporting Cadence
| Frequency | Due | Deliverables | Audience |
|---|---|---|---|
| Weekly | Every Monday | Collection rate, work order count, leasing activity, vacant lot status, any operational issues | VP Acquisitions + PM |
| Monthly | 10 days post month-end | P&L statement, rent roll summary, OpEx vs. budget, occupancy report, delinquency aging, maintenance summary, NOI vs. underwriting | Studio 168 + Silver Lands Ops |
| Quarterly | 30 days post quarter-end | Full P&L (quarter + YTD), balance sheet, capital accounts by investor class, detailed narrative, distribution calcs, CapEx progress report | Investors + Studio 168 |
| Annual | 90 days post year-end | Audited/reviewed financial statements, K-1 tax reporting (external CPA), property valuation update, comprehensive annual report | Investors + Lender |
CMBS Lender Compliance Requirements
The assumed CMBS loan ($21.9M via German American Capital / Midland / PNC) has specific compliance requirements that ops must maintain post-assumption. Failure triggers lockbox sweep and potential default.
DSCR Covenant
Minimum 1.15x DSCR. Below this triggers cash flow lockbox sweep. Current T12 DSCR is ~1.25x. Our model targets 1.40x+ at stabilization. PM must track NOI monthly to ensure covenant is met.
Management Fee Cap
3% of gross revenue cap in current loan docs. This is tight — industry standard is 5–6%. Attempting to negotiate up during assumption. If stuck at 3%, Silver Lands fee structure must accommodate.
Reserves & Escrows
Replace/increase per lender requirements. Per PSA §8.5, buyer responsible for funding all reserves required by assumed lender. Confirm exact amounts during assumption process. Budget for Day 1 reserve funding.
Colorado Regulatory Compliance
| Regulation | Requirement | Ops Impact |
|---|---|---|
| CO MHP Act C.R.S. §38-12-200.1 |
90-day written notice for rent increases >3%. Annual notice of rights. Relocation assistance for park closures. MHPOP registration required. | All rent increases require 90-day notice. Legal must draft compliant notice templates. Verify MHPOP registration (currently missing from data room). |
| OTP Statute C.R.S. §38-12-217 |
120-day Opportunity to Purchase notice to residents before any future sale. Seller handling for this transaction (PSA §14). | If Silver Lands ever sells, must provide 120-day OTP notice. Keep resident contact list current. Document all homeowner communications. |
| Eviction Process CO Landlord-Tenant Act |
Must follow CO eviction process. MHP tenants have additional protections. No retaliatory evictions. | PM must understand CO-specific eviction timelines and notices. Legal playbook needed for delinquent accounts. Budget 60–90 days for eviction process. |
| Home Title Transfers CO DMV |
Manufactured home titles filed with CO DMV. Certificate of Title required for all POH sales. | 146 Certificates of Title transferring at close (PSA §15.2(e)). Each POH sale requires title transfer filing. Budget $50–$100 per transfer. |
Key Contacts for Ops Team
| Role | Contact | Responsibility |
|---|---|---|
| VP Acquisitions | Chris Meriwether | Transition manager through Day 60. Escalation point for major decisions. Investor communications. |
| Escrow Holder | Amanda Brower, Fidelity National Title 972-650-6847 • amanda.brower@fnf.com |
Closing docs, deposit release, recording, title policy issuance. |
| CMBS Servicer | Midland Loan Services (PNC) Paige Newman (contact via seller only) |
Loan assumption docs, reserve requirements, lender compliance, reporting. |
| Seller Contact | Benjamin Braband (principal) Kris Wessel (operations) Seth Weiland (legal/OTP) |
DD materials, Sched. 7.1 delivery, OTP process, loan assumption coordination. |
| Seller Ops (Saddleback) | Ben Braband ben@saddlebackpro.com |
Direct contact for DD items and property operations. |
| Insurance Broker | Jon Austin, Acrisure jaustin@acrisure.com 619-713-1100 |
Portfolio insurance breakdowns by property and POH. |
| Escrow Assistant | Kory Jahnke, Fidelity National Title Kory.Jahnke@fnf.com 972-478-0932 |
Commercial escrow assistant, CDL updates. |
| Pueblo Board of Water Works | 719-584-6750 | Water/sewer accounts, meter reads, leak investigation, billing history for RUBS modeling. |
| Pueblo County Assessor | 719-583-6600 | Property tax classification confirmation, appeal filing, assessed value disputes. |
Overview
SITE VISIT SCHEDULING
Kris Wessel available to join site visit — prefers Mon–Wed. Dates TBD. Coordinate with Jeff Bennett.
Field Command
Run the walk like an execution sprint: every stop should answer what is the issue, what does it cost, who owns follow-up, and does it change the deal.
Use this page as the day-of operating system, not just a reading tab.
Team Assignments
Chrisdeal lead / staffing / market signal
KeianaDD log / docs / lender follow-up
Drew / Sargecapex / contractors / scope validation
Jeff / GPsseller pulse / conviction / go-forward decisions
Day Plan
- Start with most complex asset first
- Split contractor + ops paths early
- Midday regroup on findings + missing items
- Re-walk only high dollar / close-risk items
- End with photo + action-item debrief
Required Photos
- Entrance, office, signage, amenities
- Worst roads, drainage, utility points
- All abandoned homes and worst turns
- Vacant lots by type: usable / questionable / dead
- Any zoning / survey / encroachment evidence
WHAT TO EXPECT
1. Sunset Vista (206 lots) — Most vacant lots (28), office, pool, farm house. Strongest entrance, most dated housing stock.
📍 5000 Red Creek Springs Rd, Pueblo, CO
2. Oasis (161 lots) — Worst roads ($41K immediate), ADA issues, boiler, 4 abandoned homes. Most complex property.
📍 2221 S Prairie Ave, Pueblo, CO
3. La Vista (32 lots) — Cleanest of the three. Verify survey encroachments (fence 4.3 ft + building 6.5 ft).
📍 3333 Starlite Dr, Pueblo, CO
📍 5000 Red Creek Springs Rd, Pueblo, CO
2. Oasis (161 lots) — Worst roads ($41K immediate), ADA issues, boiler, 4 abandoned homes. Most complex property.
📍 2221 S Prairie Ave, Pueblo, CO
3. La Vista (32 lots) — Cleanest of the three. Verify survey encroachments (fence 4.3 ft + building 6.5 ft).
📍 3333 Starlite Dr, Pueblo, CO
TOP 7 PRIORITIES — NON-NEGOTIABLE
A. Meet Local Contractors — GC, paving, plumber, electrician, HVAC, arborist. Get real bids on-site.
B. Inspect ALL 249 POH — Grade every home A/B/C/D. 25 FH vacant homes = highest priority.
C. Infrastructure Deep-Dive — Roads, water, sewer, electric. Walk with contractors.
D. Interview Onsite Staff — Kim (PM) and Curtis (Maint). Hidden issues, retention decision.
E. Casual Resident Interviews — 5–10 per park. Ground-truth the numbers.
F. City & Municipal Relations — Assessor, Planning, Code Enforcement, Fire, Water. No hostile relations.
G. Shop Competing Parks — Secret shop every MHC in Pueblo. Validate rent assumptions.
B. Inspect ALL 249 POH — Grade every home A/B/C/D. 25 FH vacant homes = highest priority.
C. Infrastructure Deep-Dive — Roads, water, sewer, electric. Walk with contractors.
D. Interview Onsite Staff — Kim (PM) and Curtis (Maint). Hidden issues, retention decision.
E. Casual Resident Interviews — 5–10 per park. Ground-truth the numbers.
F. City & Municipal Relations — Assessor, Planning, Code Enforcement, Fire, Water. No hostile relations.
G. Shop Competing Parks — Secret shop every MHC in Pueblo. Validate rent assumptions.
★ #1 Priority Objectives — Must Complete On-Site
A. Meet Local Contractors
Goal: Establish relationships with 3–5 reliable local contractors for Day 1 post-close execution. Get real bids — not estimates.
Walk the properties with them:
• General contractor — scope POH rehab, skirting, decks, siding. Get per-unit rehab pricing for light/moderate/heavy turns
• Asphalt/paving — walk OC roads together ($41K PCA estimate). Get competing bid on-site. Verify seller’s $50K claim
• Plumber — assess sewer/water line condition. Camera scope main lines if possible. Quote leak investigation for OC water spikes
• Electrician — inspect pedestals, meter bases, panel conditions across all 3 parks
• HVAC — assess OC boiler (rated FAIR, $8.5K PCA). Get replacement timeline and quote
• Tree service / arborist — hazard trees near power lines at all 3. Get removal quote for cottonwoods at SC
Pre-Visit: Ask Kris/Ben for their current vendor contacts. Cross-reference with vendor list (Folder H). Also source 2–3 independent contractors via local referrals or HomeAdvisor/Angi for competing bids.
Walk the properties with them:
• General contractor — scope POH rehab, skirting, decks, siding. Get per-unit rehab pricing for light/moderate/heavy turns
• Asphalt/paving — walk OC roads together ($41K PCA estimate). Get competing bid on-site. Verify seller’s $50K claim
• Plumber — assess sewer/water line condition. Camera scope main lines if possible. Quote leak investigation for OC water spikes
• Electrician — inspect pedestals, meter bases, panel conditions across all 3 parks
• HVAC — assess OC boiler (rated FAIR, $8.5K PCA). Get replacement timeline and quote
• Tree service / arborist — hazard trees near power lines at all 3. Get removal quote for cottonwoods at SC
Pre-Visit: Ask Kris/Ben for their current vendor contacts. Cross-reference with vendor list (Folder H). Also source 2–3 independent contractors via local referrals or HomeAdvisor/Angi for competing bids.
B. Inspect ALL POH Homes
Goal: Grade every POH home A/B/C/D with photo documentation. No exceptions — walk every single unit.
Scope (249 total POH):
• 50 SVE Homes — 25 BV (22 occupied, 2 evict, 1 vacant) + 25 FH (all vacant). FH condition completely unknown — these are the highest priority
• 199 Portfolio POH — SC ~101, OC ~72, LAV ~26. Walk every home exterior at minimum; enter all vacant units
• 9 Abandoned Homes (SC: 5, OC: 4) — removal vs rehab decision on each
Per-Home Checklist:
• Roof condition (shingles, ponding, leaks)
• Skirting (intact, damaged, missing)
• HVAC (operational, age, type)
• Plumbing (active leaks, water heater age)
• Electrical (panel condition, visible hazards)
• Interior (if accessible): floors, walls, appliances, mold
• Exterior: siding, windows, doors, steps/deck condition
Deliverable: A/B/C/D grade sheet with photos. Feed into rehab budget model. Identify first 10 homes for sale listing.
Scope (249 total POH):
• 50 SVE Homes — 25 BV (22 occupied, 2 evict, 1 vacant) + 25 FH (all vacant). FH condition completely unknown — these are the highest priority
• 199 Portfolio POH — SC ~101, OC ~72, LAV ~26. Walk every home exterior at minimum; enter all vacant units
• 9 Abandoned Homes (SC: 5, OC: 4) — removal vs rehab decision on each
Per-Home Checklist:
• Roof condition (shingles, ponding, leaks)
• Skirting (intact, damaged, missing)
• HVAC (operational, age, type)
• Plumbing (active leaks, water heater age)
• Electrical (panel condition, visible hazards)
• Interior (if accessible): floors, walls, appliances, mold
• Exterior: siding, windows, doors, steps/deck condition
Deliverable: A/B/C/D grade sheet with photos. Feed into rehab budget model. Identify first 10 homes for sale listing.
C. Infrastructure Deep-Dive
Goal: Verify condition of all roads, water, sewer, electric, and common area infrastructure with contractor walk-throughs.
Roads & Paving:
• OC: $41.1K PCA vs seller claims $50K+ spent. Walk entire OC road system with paving contractor
• SC: $2.4K immediate + $77K sealcoat
• LAV: Appears good per PCA — verify
Water / Sewer:
• OC water spikes: Nov $14.3K / Dec $11.9K (vs $7–8K normal). Possible underground leak
• SC water swings $15K–$31K. Farm house meter billing separately
• Camera scope main sewer lines if contractor available
Electrical:
• Inspect pedestals at all 3 parks
• Meter base conditions, grounding
• External cords/cables on homes = fire hazard
Common Areas:
• SC: pool, clubhouse (new roof 2022), playground, farm house
• OC: pavilion, fire pit, blue building, boiler
• LAV: minimal — verify no unpermitted structures
Roads & Paving:
• OC: $41.1K PCA vs seller claims $50K+ spent. Walk entire OC road system with paving contractor
• SC: $2.4K immediate + $77K sealcoat
• LAV: Appears good per PCA — verify
Water / Sewer:
• OC water spikes: Nov $14.3K / Dec $11.9K (vs $7–8K normal). Possible underground leak
• SC water swings $15K–$31K. Farm house meter billing separately
• Camera scope main sewer lines if contractor available
Electrical:
• Inspect pedestals at all 3 parks
• Meter base conditions, grounding
• External cords/cables on homes = fire hazard
Common Areas:
• SC: pool, clubhouse (new roof 2022), playground, farm house
• OC: pavilion, fire pit, blue building, boiler
• LAV: minimal — verify no unpermitted structures
D. Interview Onsite Staff
Goal: Assess operational capabilities, identify hidden issues, evaluate who to retain post-close.
Key Personnel:
• Kim — Property Manager (OC/SC). Daily operations, rent collection, maintenance coordination, vendor relationships, resident issues
• Curtis Maldonado — Maintenance (LAV). (719) 564-1352. Physical condition knowledge, work order backlog, infrastructure history
Questions to Ask:
• What are the top 3 maintenance issues right now?
• Which homes/lots have recurring problems?
• How many work orders are open? What’s the avg response time?
• Which vendors do they rely on most? Any vendor issues?
• What’s turnover been like this year? Move-ins vs move-outs?
• Any resident disputes, legal issues, or code complaints?
• What would they fix first if budget was unlimited?
• Do they know about the sale? What are their concerns?
Note: Assess whether Kim and Curtis are keepers. Their institutional knowledge is invaluable for transition.
Key Personnel:
• Kim — Property Manager (OC/SC). Daily operations, rent collection, maintenance coordination, vendor relationships, resident issues
• Curtis Maldonado — Maintenance (LAV). (719) 564-1352. Physical condition knowledge, work order backlog, infrastructure history
Questions to Ask:
• What are the top 3 maintenance issues right now?
• Which homes/lots have recurring problems?
• How many work orders are open? What’s the avg response time?
• Which vendors do they rely on most? Any vendor issues?
• What’s turnover been like this year? Move-ins vs move-outs?
• Any resident disputes, legal issues, or code complaints?
• What would they fix first if budget was unlimited?
• Do they know about the sale? What are their concerns?
Note: Assess whether Kim and Curtis are keepers. Their institutional knowledge is invaluable for transition.
E. Casual Resident Interviews
Goal: Ground-truth the numbers. Residents know things that don’t show up on rent rolls or P&Ls.
Approach: Walk the community. Stop and chat with anyone outside. Keep it casual — “Hi, we’re looking at the property — how do you like living here?”
What to Listen For:
• Management quality — Are they responsive? Do they fix things? Are they fair?
• Safety concerns — Crime, drugs, problematic neighbors, areas they avoid
• Infrastructure complaints — Water pressure, sewer backups, road conditions, power outages
• Community vibe — Sense of pride? Or neglect? Do people take care of their lots?
• Turnover drivers — Why do people leave? Where do they go? What would make them stay?
• Rent fairness — Do they think rent is reasonable? Any recent increases? Pushback?
• Vacancy context — Do they know why lots/homes are vacant? How long have they been empty?
Target: Talk to 5–10 residents per property. Mix of long-term and newer tenants. Different sections of each park. Take notes immediately after each conversation.
Approach: Walk the community. Stop and chat with anyone outside. Keep it casual — “Hi, we’re looking at the property — how do you like living here?”
What to Listen For:
• Management quality — Are they responsive? Do they fix things? Are they fair?
• Safety concerns — Crime, drugs, problematic neighbors, areas they avoid
• Infrastructure complaints — Water pressure, sewer backups, road conditions, power outages
• Community vibe — Sense of pride? Or neglect? Do people take care of their lots?
• Turnover drivers — Why do people leave? Where do they go? What would make them stay?
• Rent fairness — Do they think rent is reasonable? Any recent increases? Pushback?
• Vacancy context — Do they know why lots/homes are vacant? How long have they been empty?
Target: Talk to 5–10 residents per property. Mix of long-term and newer tenants. Different sections of each park. Take notes immediately after each conversation.
F. City & Municipal Relations
Goal: Confirm no hostile relationships, open violations, or pending enforcement actions. Introduce ourselves as the incoming ownership group.
Meetings to Schedule:
• Pueblo County Planning & Zoning — Confirm SC nonconforming certificate (#98-152) is current and in good standing. Ask about any complaints or enforcement history. Inquire about MHP regulations
• City of Pueblo Code Enforcement — OC and LAV are city jurisdiction. Any open violations? Complaints on file? Pending inspections?
• Pueblo County Assessor — (719) 583-6000. Confirm parcel classifications (residential vs commercial). Discuss reassessment methodology at $39.7M. Keiana task — OVERDUE
• Fire Marshal / Fire District — Any fire code violations on record? Extinguisher recert status. Access road compliance
• Board of Water Works — Request meter read history for all 3 properties. Discuss OC water spikes. Ask about infrastructure condition from their side
Tone: Introduce Silver Lands as the incoming operator. We intend to invest, improve, and be a good community partner. Ask what they need from us. Build goodwill — we will need these relationships.
Pre-Visit: Call ahead to schedule. Bring property addresses, parcel numbers, and business cards.
Meetings to Schedule:
• Pueblo County Planning & Zoning — Confirm SC nonconforming certificate (#98-152) is current and in good standing. Ask about any complaints or enforcement history. Inquire about MHP regulations
• City of Pueblo Code Enforcement — OC and LAV are city jurisdiction. Any open violations? Complaints on file? Pending inspections?
• Pueblo County Assessor — (719) 583-6000. Confirm parcel classifications (residential vs commercial). Discuss reassessment methodology at $39.7M. Keiana task — OVERDUE
• Fire Marshal / Fire District — Any fire code violations on record? Extinguisher recert status. Access road compliance
• Board of Water Works — Request meter read history for all 3 properties. Discuss OC water spikes. Ask about infrastructure condition from their side
Tone: Introduce Silver Lands as the incoming operator. We intend to invest, improve, and be a good community partner. Ask what they need from us. Build goodwill — we will need these relationships.
Pre-Visit: Call ahead to schedule. Bring property addresses, parcel numbers, and business cards.
G. Physical Market Survey — Shop Competing Parks
Goal: Physically visit every competing MHC in the Pueblo market. Secret shop them. Compare rent, condition, management, and curb appeal to our 3 properties. This is how you validate (or invalidate) the underwriting rent assumptions.
How to Shop a Park:
• Drive in as a prospective resident — “I’m looking for a lot / home to rent”
• Ask for their current lot rent, POH rent, and home purchase prices
• Ask about deposits, lease terms, pet policies, utilities included
• Ask about availability — how many vacancies? Wait list?
• Ask about amenities — pool, laundry, playground, community room
• Take note of curb appeal, road condition, home quality, maintenance level
• Is the office professional? Is staff friendly and responsive?
• Would you want to live here? How does it compare to our properties?
• Drive in as a prospective resident — “I’m looking for a lot / home to rent”
• Ask for their current lot rent, POH rent, and home purchase prices
• Ask about deposits, lease terms, pet policies, utilities included
• Ask about availability — how many vacancies? Wait list?
• Ask about amenities — pool, laundry, playground, community room
• Take note of curb appeal, road condition, home quality, maintenance level
• Is the office professional? Is staff friendly and responsive?
• Would you want to live here? How does it compare to our properties?
Parks to Visit (from rent survey):
• Pueblo Grande Village — Largest comp. What are their lot rents?
• Pueblo West MHP — West side market. Different demographic?
• El Camino MHP — Closest to OC
• Desert Sands / Sun Valley — Older communities — how do they compare?
• Any park with “For Rent” or “Homes Available” signage
Deliverable: Comp survey sheet with: park name, lot rent, POH rent, occupancy estimate, condition rating (1–5), amenities, notes. Use this to validate market rent assumptions in UW model. See Market tab for existing desktop rent comps.
• Pueblo Grande Village — Largest comp. What are their lot rents?
• Pueblo West MHP — West side market. Different demographic?
• El Camino MHP — Closest to OC
• Desert Sands / Sun Valley — Older communities — how do they compare?
• Any park with “For Rent” or “Homes Available” signage
Deliverable: Comp survey sheet with: park name, lot rent, POH rent, occupancy estimate, condition rating (1–5), amenities, notes. Use this to validate market rent assumptions in UW model. See Market tab for existing desktop rent comps.
SUGGESTED 2-DAY SITE VISIT SCHEDULE
Day 1 — Properties + Contractors
7:00 AM — Meet at Sunset Vista. Walk entire property with contractor(s). Inspect all SC POH exteriors. Interview Kim. Chat with residents.
11:00 AM — Drive to Oasis. Walk roads with paving contractor (PCA vs seller claim). Inspect boiler, common areas, OC POH. 4 abandoned homes.
3:00 PM — La Vista. Survey encroachments. Meet Curtis. Walk all lots. Quick and clean.
5:00 PM — Debrief. Compile Day 1 notes. Prioritize Day 2 follow-ups.
Day 2 — Market Survey + Municipal + SVE Homes
7:00 AM — Pueblo County Assessor & Planning/Zoning. City Code Enforcement. Board of Water Works. Fire Marshal.
10:00 AM — Shop 4–6 competing parks. Physical rent comp survey.
1:00 PM — Return to SVE locations. Walk all 50 SVE homes (25 BV + 25 FH). Grade and photograph each. This is the money — take your time.
4:00 PM — Follow-up inspections on anything flagged Day 1. Photograph worst-condition items for seller credit negotiation.
6:00 PM — Final debrief. Draft preliminary site visit findings. Identify items requiring seller response before DD period starts.
7:00 AM — Meet at Sunset Vista. Walk entire property with contractor(s). Inspect all SC POH exteriors. Interview Kim. Chat with residents.
11:00 AM — Drive to Oasis. Walk roads with paving contractor (PCA vs seller claim). Inspect boiler, common areas, OC POH. 4 abandoned homes.
3:00 PM — La Vista. Survey encroachments. Meet Curtis. Walk all lots. Quick and clean.
5:00 PM — Debrief. Compile Day 1 notes. Prioritize Day 2 follow-ups.
Day 2 — Market Survey + Municipal + SVE Homes
7:00 AM — Pueblo County Assessor & Planning/Zoning. City Code Enforcement. Board of Water Works. Fire Marshal.
10:00 AM — Shop 4–6 competing parks. Physical rent comp survey.
1:00 PM — Return to SVE locations. Walk all 50 SVE homes (25 BV + 25 FH). Grade and photograph each. This is the money — take your time.
4:00 PM — Follow-up inspections on anything flagged Day 1. Photograph worst-condition items for seller credit negotiation.
6:00 PM — Final debrief. Draft preliminary site visit findings. Identify items requiring seller response before DD period starts.
Source Documents — Google Drive
Property Maps — Satellite View
Inspection Checklist — Action Items
| # | Inspection Item | Property | Priority | What to Document |
|---|---|---|---|---|
| 1 | Roads & Asphalt — OC: Good/Poor, $41K immediate. SC: Good/Fair, $2.4K immediate + $77K sealcoat. | OC, SC | CRITICAL | Photograph potholes, alligatoring, cracks. Compare to PCA photos. Standing water, drainage failures, sinkholes. |
| 2 | ADA Compliance — OC: zero accessible parking, stairs at office ($2.4K). SC: 2 of 430 spaces, ramp needs handrails ($6.4K). | OC, SC | CRITICAL | Ramp slope/surface, van striping, signage, curb cuts. Compliance liability we inherit at close. |
| 3 | 9 Abandoned Homes — SC: 5, OC: 4. Safety liability and conversion opportunity. | OC, SC | CRITICAL | Secured? Hazmat risk? Estimate removal vs. rehab cost per home. Verify lot numbers match PCA. |
| 4 | 53 Vacant Lots — SV: 37, OC: 13, LAV: 3. $34K/mo lost revenue. Are they leasable? | ALL | CRITICAL | Walk every lot. Water/sewer/electric hookup intact? Pad condition? Flag unbuildable lots. |
| 5 | Boiler & HVAC — OC boiler rated FAIR ($8.5K Y3). SC condensers 10yr age on 15yr EUL ($6.6K Y5–7). | OC, SC | HIGH | Leaks, corrosion, refrigerant issues. Ask Kim about service calls. Operational? |
| 6 | Pool & Roofs — SC pool reline $7K (Y5). OC/SC roofs $14K combined (Y6–7). | OC, SC | HIGH | Pool surface, pump equipment, permits. Roof ponding, membrane, flashing, interior water stains. |
| 7 | La Vista Encroachments — Survey flagged fence 4.3 ft and building 6.5 ft beyond property line. | LAV | HIGH | Locate both. Ours or neighbor’s? Existing license/easement? Photograph with survey plat. Title counsel needs this. |
| 8 | Fire Safety — Extinguisher recertification overdue: OC $95, SC $35. | OC, SC | HIGH | All extinguishers present/tagged? Smoke detectors in common buildings? Fire access routes clear? |
| 9 | ACM Condition — Phase 1 flagged potential asbestos in 1970/1973 building materials. Manage in-place. | OC, SC | MEDIUM | Wallboard, floor finishes, ceiling tiles, roofing. No visible deterioration or disturbance. |
| 10 | Underground Utilities — No as-built plans. Check for line failure signs. | ALL | MEDIUM | Wet spots, sinkholes, sewage odors. Ask Kim/Curtis about recent repairs or backups. |
| 11 | Exterior Walls & Waste — OC repaint $3K (Y1), no waste enclosures. SC recaulk $2K (Y3). | OC, SC | MEDIUM | Siding moisture/peeling/rot. Dumpster setup, screening, pest issues. |
| 12 | Management Ops — Talk to Kim about staffing, vendors, collections, turnover. | OC, SC | MEDIUM | Response times, resident complaints, maintenance backlog, lease-up strategy. |
| 13 | Curb Appeal & La Vista General — Signage, entrances, landscaping, overall feel. LAV: confirm 29 occ lots. | ALL | MEDIUM | Photograph entrances, common areas, worst/best lots. Would you want to live here? |
| 14 | Tree Hazards — Dead/hazardous trees, especially near power lines. Cottonwoods at SC are top liability. | ALL | CRITICAL | Photo every dead/hazardous tree with property context. Note trees within falling distance of homes or power lines. Get arborist referral. |
| 15 | Wooden Deck Railings — Multiple homes at OC lack code-compliant rails. | OC | HIGH | Structural integrity, railing height/spacing. Note lot numbers. Homes with external cables/cords — electrical safety. |
| 16 | Common Areas & Amenities — Pavilion, fire pit, blue building at OC. Playground at SC. | OC, SC | HIGH | Inspect pavilion roof/posts/electrical. Check playground safety surfacing & hardware. Fire pit structural condition. Assess pool at OC. Blue building purpose. |
| 17 | Lot Clutter & Rule Enforcement — Visible violations in photos at OC and SC. | OC, SC | MEDIUM | Photograph lots with clutter/storage violations, non-op vehicles, external cables, inconsistent fencing, skirting condition. |
| 18 | Entrance Branding — SC has best entrance. All 3 need Day 1 signage swap planning. | ALL | MEDIUM | Photo all entrances. Note existing signage dimensions for replacement planning. |
| 19 | Worst-Condition Homes — Photo for renovation planning. Note homes with external cords/cables. | ALL | MEDIUM | Photograph 5 worst homes per property. Assess removal vs rehab. Document healthy mature trees worth preserving. |
| 20 | SC Nonconforming Use — Certificate #98-152. Cannot expand beyond 208 pads. 12-month vacancy = permanent loss of MHP use. | SC | CRITICAL | Count all pads (active + vacant + abandoned). Verify 8 accessory buildings. Measure Variance #98-01 setbacks. Photograph posted certificate. No structural expansion. |
| 21 | OC Zero Handicap Parking — PZR confirms 22 striped, 0 ADA/handicap spaces. Immediate ADA liability. | OC | HIGH | Photograph parking area. Confirm zero van-accessible signage/striping. Verify 2 accessory buildings match PZR (845sf + 556sf). |
| 22 | LAV Two-Parcel Config & No Structures — 5.567ac + 0.684ac. Zero permanent structures per assessor. No site plan on file. | LAV | MEDIUM | Walk parcel boundary. Confirm no unpermitted sheds/carports. Note B4 commercial adjacency (north/west). Ask manager for site plan copy. |
Third-Party Report Summary
PHASE 1 ESA — ALL CLEAR
No RECs, CRECs, HRECs, de minimis, or data gaps at any property. Only note: potential ACMs at OC & SC (1970/1973 construction) — good condition, manage in-place. Nova Group, GBC · ASTM E1527-21 · July 2025.
ALTA SURVEYS — 1 FLAG
All properties zoned MR/RR (MHP permitted), Zone X flood. SC & OC clean. La Vista: fence 4.3 ft + building 6.5 ft beyond boundary. Verify on-site, coordinate with title counsel. Blew & Associates · Oct 2025.
Zoning Reports — PZR Analysis
Sunset Vista (SC)
NONCONFORMING
Zone HR · Cert #98-152 · Pueblo County
Oasis (OC)
CONFORMING
Zone R7 · Permitted by Right · City of Pueblo
La Vista (LAV)
CONFORMING
Zone R7 · Permitted by Right · City of Pueblo
CLASSIFICATION SUMMARY — ZONING & TAX ASSESSMENT
Zoning Classification: ALL RESIDENTIAL
All three properties are zoned residential. SC is zoned HR (Mixed Residential High Density) under Pueblo County — operates as legal nonconforming (Cert #98-152). OC and LAV are both zoned R7 (Mobile Home Residential) under City of Pueblo — MHP permitted by right. None are zoned commercial.
Tax Assessment Classification: CONFIRMED RESIDENTIAL — COMPLETE 4/1
Colorado CRS 39-1-102 states MHC land shall be assessed at the residential rate (6.7%), not the commercial rate (29%). All parcels confirmed as residential classification with Pueblo County Assessor. Underwriting models updated to reflect residential assessment rate.
Keiana to call Pueblo County Assessor (719) 583-6000 and confirm the use code on every parcel. COMPLETE 4/1 — Confirmed residential on all parcels.
All three properties are zoned residential. SC is zoned HR (Mixed Residential High Density) under Pueblo County — operates as legal nonconforming (Cert #98-152). OC and LAV are both zoned R7 (Mobile Home Residential) under City of Pueblo — MHP permitted by right. None are zoned commercial.
Tax Assessment Classification: CONFIRMED RESIDENTIAL — COMPLETE 4/1
Colorado CRS 39-1-102 states MHC land shall be assessed at the residential rate (6.7%), not the commercial rate (29%). All parcels confirmed as residential classification with Pueblo County Assessor. Underwriting models updated to reflect residential assessment rate.
Ratio Method (current effective)$95,000/yr
Residential (6.7%) — expected per CRS 39-1-102$178,900/yr
Commercial (29%) — worst case$774,200/yr
Action: ⚠ SUNSET VISTA — LEGAL NONCONFORMING USE (CRITICAL)
SC is zoned HR (Mixed Residential High Density) under Pueblo County. MHPs are not permitted by right in HR — the park operates under Certificate of Nonconformance No. 98-152 (issued 6/22/1998) as a pre-existing legal nonconforming use.
Key Restrictions (Section 17.10.050):
• Cannot expand — no new pads beyond current 208-pad footprint
• Cannot structurally alter — except to bring into conformity with current zoning
• 12-month discontinuance = permanent loss of use — if MHP use ceases for 12 consecutive months, nonconforming status is permanently lost and cannot be reestablished
• Variance #98-01 — grants reduced setbacks (Front 5ft, Side 2.5ft, Rear 5ft) vs. standard HR requirements
Site Visit Action: Confirm physical compliance with Certificate #98-152 and Variance #98-01 setback dimensions. Verify no expansion beyond surveyed 208 pads. Document condition of all 8 accessory buildings. Check 22 striped parking spaces + 1 handicap. Photograph Certificate of Nonconformance if posted on-site.
Key Restrictions (Section 17.10.050):
• Cannot expand — no new pads beyond current 208-pad footprint
• Cannot structurally alter — except to bring into conformity with current zoning
• 12-month discontinuance = permanent loss of use — if MHP use ceases for 12 consecutive months, nonconforming status is permanently lost and cannot be reestablished
• Variance #98-01 — grants reduced setbacks (Front 5ft, Side 2.5ft, Rear 5ft) vs. standard HR requirements
Site Visit Action: Confirm physical compliance with Certificate #98-152 and Variance #98-01 setback dimensions. Verify no expansion beyond surveyed 208 pads. Document condition of all 8 accessory buildings. Check 22 striped parking spaces + 1 handicap. Photograph Certificate of Nonconformance if posted on-site.
Zoning Detail by Property
| Detail | Sunset Vista (SC) | Oasis (OC) | La Vista (LAV) |
|---|---|---|---|
| PZR Report # | 182166-2 | 182166-1 | 182166-3 |
| Jurisdiction | Pueblo County | City of Pueblo | City of Pueblo |
| Zone | HR (Mixed Res High Density) | R7 (Mobile Home Residential) | R7 (Mobile Home Residential) |
| MHP Status | Legal Nonconforming | Permitted by Right | Permitted by Right |
| Land Use Class | Residential | Residential | Residential |
| Tax Assessment | UNCONFIRMED | UNCONFIRMED | UNCONFIRMED |
| Acreage | 29.598 acres | 20.529 acres | 6.2504 acres (2 parcels) |
| Pads per Survey | 208 pads | 161 pads | 32 pads |
| Accessory Buildings | 8 buildings | 2 buildings (845sf + 556sf) | 0 buildings |
| Setbacks | F:5ft S:2.5ft R:5ft (Var #98-01) | Min 5ft all sides | Min 5ft all sides |
| Parking | 22 striped + 1 handicap | 22 striped + 0 handicap | 0 striped (pad-side only) |
| Site Plan | N/A (county) | On file (approved) | Copy unavailable |
| C/O Status | Not issued (normal for MHP) | Not issued (normal for MHP) | Not issued (normal for MHP) |
| Code Violations | None open | None open (1998–2021 closed) | None on file |
| Adjacent Zoning | County (rural/residential) | City residential | B4 (N/W), S5 Open Space (S), R2/R2U (E) |
| Special Permits | Cert #98-152 + Var #98-01 | None required | None required |
| Prepared For | German American Capital Corp | German American Capital Corp | German American Capital Corp |
ZONING-SPECIFIC SITE VISIT ITEMS
SC — Nonconforming Use Verification
• Locate and photograph all 8 accessory buildings — confirm no unpermitted additions
• Verify 208 pads max — count active + vacant + abandoned. No expansion beyond certificate
• Measure setbacks per Variance #98-01 (Front 5ft, Side 2.5ft, Rear 5ft) on 2–3 representative lots
• Verify 22 striped parking + 1 handicap — confirm striping, signage, van-accessible compliance
• Check building separation (10ft min) between structures
• Document overall coverage — PZR reports <1%, verify no structural expansion
OC — Conforming Use (R7) Verification
• 0 handicap parking — confirm ADA deficiency. 22 striped spaces, zero accessible. Budget for immediate remediation
• Verify 2 accessory buildings match PZR survey (Bldg A: 845sf/16.4ft, Bldg B: 556sf/14.1ft)
• Check 5ft min setbacks on representative lots
• Lot area: 3,400 SF min per home — site has 894,234 SF for 161 pads (well in excess)
• Building complaints 1998–2021 all closed — verify no visible code violations on-site
LAV — Conforming Use (R7) Verification
• 0 striped parking — confirm pad-side spaces sufficient (PZR deems conforming as 2 vehicles/home)
• 0 permanent structures per assessor — verify no unpermitted sheds, carports, or storage buildings
• Confirm 2-parcel configuration (5.567ac + 0.684ac) — walk the boundary between parcels
• Site plan copy unavailable — ask property manager if on file; may need to request from City
• Note adjacent B4 commercial zoning (north/west) — any encroachment or buffer issues?
• No building complaints on file — verify clean condition on-site
• Locate and photograph all 8 accessory buildings — confirm no unpermitted additions
• Verify 208 pads max — count active + vacant + abandoned. No expansion beyond certificate
• Measure setbacks per Variance #98-01 (Front 5ft, Side 2.5ft, Rear 5ft) on 2–3 representative lots
• Verify 22 striped parking + 1 handicap — confirm striping, signage, van-accessible compliance
• Check building separation (10ft min) between structures
• Document overall coverage — PZR reports <1%, verify no structural expansion
OC — Conforming Use (R7) Verification
• 0 handicap parking — confirm ADA deficiency. 22 striped spaces, zero accessible. Budget for immediate remediation
• Verify 2 accessory buildings match PZR survey (Bldg A: 845sf/16.4ft, Bldg B: 556sf/14.1ft)
• Check 5ft min setbacks on representative lots
• Lot area: 3,400 SF min per home — site has 894,234 SF for 161 pads (well in excess)
• Building complaints 1998–2021 all closed — verify no visible code violations on-site
LAV — Conforming Use (R7) Verification
• 0 striped parking — confirm pad-side spaces sufficient (PZR deems conforming as 2 vehicles/home)
• 0 permanent structures per assessor — verify no unpermitted sheds, carports, or storage buildings
• Confirm 2-parcel configuration (5.567ac + 0.684ac) — walk the boundary between parcels
• Site plan copy unavailable — ask property manager if on file; may need to request from City
• Note adjacent B4 commercial zoning (north/west) — any encroachment or buffer issues?
• No building complaints on file — verify clean condition on-site
Immediate Repairs
$52K
OC $44K · SC $9K · LAV $0
7-Year Reserves
$169K
$43/unit/yr avg
Abandoned Homes
9
SC: 5 · OC: 4 · LAV: 0
7-Year Capital Reserve Schedule
| Category | Immediate | Reserves | Property Detail |
|---|---|---|---|
| Asphalt / Roads | $43,501 | $126,106 | OC $41K immed + $35K rsv · SC $2.4K immed + $77K rsv · LAV $15K rsv |
| ADA Compliance | $8,840 | — | OC $2.4K · SC $6.4K · Both properties fail ADA |
| Roofing | $0 | $14,275 | OC $7.2K (Y6) · SC $7.1K (Y7) |
| Mechanical | $0 | $15,100 | OC boiler $8.5K (Y3) · SC HVAC $6.6K (Y5–7) |
| Pool / Walls / Fire | $130 | $13,625 | SC pool $8.6K · OC/SC walls $5K · Fire extinguishers $130 immed |
| TOTAL | $52,471 | $169,106 | OC: $43.6K immed, $53K rsv · SC: $8.9K immed, $101K rsv · LAV: $0 immed, $15K rsv |
On-Site Contacts
Kim Pedraza — Park Manager (OC & SC) — (719) 564-1352
Curtis Maldonado — Maintenance (LAV) — (719) 564-1352
Curtis Maldonado — Maintenance (LAV) — (719) 564-1352
Bring: PCA photos · Lot maps · Survey plats (LAV) · PZR zoning reports (all 3) · Cert #98-152 & Var #98-01 (SC) · Tape measure · Camera · Clipboard + POH grading sheets · Comp survey forms · Business cards · Contractor contact list · This dashboard
Seller CapEx
TBD
⚠ Awaiting correct data
PCA Immediate Need
$52.5K
79% at Oasis (roads)
7-Year PCA Total
$221.6K
$62.88/unit/yr (in range)
Model CapEx Budget
$2.2M
5-year underwriting
Reserve Target
$500
/pad/year • 399 lots
HOW TO USE THIS TAB
This tab consolidates everything we know about capital expenditures across the Sunset Vista Portfolio — what the PCA inspections flagged, what our underwriting model assumes, and what we recommend doing in Year 1. Use this as your reference before and during the site visit. After the physical walkthrough, the team should update the “Site Visit Findings” section with actual conditions observed, then finalize the Year 1 CapEx budget. Note: The seller CapEx spreadsheet originally uploaded (3/30) was for a different community, not the Sunset Vista. We are awaiting the correct seller CapEx documentation for these properties.
Seller’s Recent Capital Improvements
⚠ DATA REMOVED — WRONG COMMUNITY
The seller CapEx spreadsheet received 3/30 (“OE recent Cap exp spent 3-23-26”) pertains to a different community, not the Sunset Vista Portfolio (Sunset Vista, Oasis, La Vista). All data from that spreadsheet has been removed from this tab.
Action Required: Request the correct seller CapEx documentation for the Sunset Vista Portfolio properties from Kris/Ben. We need a detailed breakdown of any capital improvements made across all three communities in the past 3–5 years, including project descriptions, costs, dates completed, contractors, permits, and warranty documentation.
Previously displayed: $1.56M in improvements (natural gas system $1.145M, clubhouse exterior $210K, clubhouse interior $140K, maintenance shop $65K) — this data was for another property and has been struck from the analysis.
Action Required: Request the correct seller CapEx documentation for the Sunset Vista Portfolio properties from Kris/Ben. We need a detailed breakdown of any capital improvements made across all three communities in the past 3–5 years, including project descriptions, costs, dates completed, contractors, permits, and warranty documentation.
Previously displayed: $1.56M in improvements (natural gas system $1.145M, clubhouse exterior $210K, clubhouse interior $140K, maintenance shop $65K) — this data was for another property and has been struck from the analysis.
DD QUESTIONS FOR SELLER — CAPEX HISTORY
1. Provide the correct seller CapEx documentation for all three Pueblo properties (SV, OC, LAV).
2. What capital improvements have been made in the past 3–5 years at each property? Include dates, costs, and contractors.
3. Were permits pulled and inspections passed for any infrastructure work (gas, water, electrical, roads)?
4. Are there warranty documents that transfer with sale (roofs, HVAC, gas lines, etc.)?
5. What deferred maintenance items is the seller aware of but has not addressed?
6. Are any CapEx costs reflected in the seller’s cost basis or will they be capitalized by the buyer?
2. What capital improvements have been made in the past 3–5 years at each property? Include dates, costs, and contractors.
3. Were permits pulled and inspections passed for any infrastructure work (gas, water, electrical, roads)?
4. Are there warranty documents that transfer with sale (roofs, HVAC, gas lines, etc.)?
5. What deferred maintenance items is the seller aware of but has not addressed?
6. Are any CapEx costs reflected in the seller’s cost basis or will they be capitalized by the buyer?
PCA Findings — Professional Condition Assessment
WHAT THE PCA FOUND
Third-party Property Condition Assessments were completed for all three communities in 2025. The overall portfolio is in reasonable condition for the asset class, with $52.5K in immediate repairs needed (mostly Oasis roads) and $169.1K in 7-year capital items (mostly the Sunset Vista clubhouse roof). The annual per-unit cost of $62.88 falls within the industry benchmark of $50–$75/pad/year.
PCA Capital Requirements by Property
| Property | Lots | Immediate | 1–3 Year | 4–7 Year | Total | $/Lot/Yr | Priority Items |
|---|---|---|---|---|---|---|---|
| Sunset Vista | 206 | $7,900 | $18,750 | $76,588 | $103,238 | $71.59 | Clubhouse roof ($76.6K, 7-yr). Parking lot sealing ($7.9K immediate). Water heater replacement ($5.2K). |
| Oasis | 161 | $41,071 | $32,500 | $28,900 | $102,471 | $90.94 | Roads in poor condition ($41.1K immediate). Sewer camera inspection ($8.5K). ADA pathway ($5K). |
| La Vista | 32 | $3,500 | $5,200 | $7,188 | $15,888 | $70.93 | Fence repairs ($3.5K immediate). Signage ($2.5K). Minor drainage grading ($4.7K). |
| PORTFOLIO | 399 | $52,471 | $56,450 | $112,676 | $221,597 | $62.88 |
PCA Critical Items — Ranked by Urgency
| # | Item | Property | Est. Cost | Urgency | Category | Why It Matters |
|---|---|---|---|---|---|---|
| 1 | Asphalt Roads & Parking | Oasis | $41,071 | IMMEDIATE | Preservation | Roads rated “poor” — safety risk, resident complaints, curb appeal. 79% of all immediate CapEx. |
| 2 | Sewer Camera Inspection | Oasis | $8,500 | IMMEDIATE | Compliance | Needed to assess sewer line condition before any road overlay. Unknown condition = unknown liability. |
| 3 | Parking Lot Seal Coating | Sunset Vista | $7,900 | YEAR 1 | Preservation | Preventive maintenance to extend parking surface life. Low cost, high ROI. |
| 4 | ADA Pathway Improvements | Oasis | $5,000 | YEAR 1 | Compliance | ADA issues flagged in PCA. Compliance is non-negotiable. Low cost to remediate. |
| 5 | Water Heater Replacement | Sunset Vista | $5,200 | YEAR 1 | Preservation | Clubhouse/common area water heater at end of useful life per PCA. |
| 6 | Fence Repairs | La Vista | $3,500 | YEAR 1 | Preservation | Perimeter fencing in disrepair. Impacts security and curb appeal. |
| 7 | Clubhouse Roof Replacement | Sunset Vista | $76,588 | 3–7 YEAR | Preservation | Built 1973 — roof at end of useful life. Single largest CapEx item in portfolio. Budget now, execute when inspection confirms timeline. |
Suggested CapEx Improvements — Silver Lands Value-Add Plan
OUR APPROACH
Beyond the PCA-identified items, the Silver Lands team should evaluate the following value-add and operational improvements during the site visit. These are categorized using our standard framework: Revenue-Generating (increases rent or reduces vacancy), Preservation (protects existing NOI), Compliance (legally required), and Deferred Maintenance (inherited backlog). Items marked TBD need site visit confirmation before budgeting.
Revenue-Generating (Value-Add) — Highest Priority for Returns
| Project | Property | Est. Cost | Expected Impact | Timing | Site Visit Action |
|---|---|---|---|---|---|
| Lot Infill — Vacant Pad Activation | All 3 | $5K–15K/lot | +$615–654/mo per lot in rent | Year 1–2 | Walk all 28 SV vacant lots, 9 OC vacant lots. Assess pad condition, utility hookups, access. Identify first 10 for infill. |
| New Home Purchases (POH→TOH) | All 3 | ~$52.5K/home | Model includes 50 homes ($2.625M) | Year 1–3 | Confirm dealer pricing (Clayton/Cavco/Champion). Assess delivery access to all vacant lots. Check for transport restrictions. |
| Signage & Curb Appeal | All 3 | $15K–30K | Reduced vacancy, stronger first impression | Month 1–3 | Photo all entrance signage. Assess landscaping, lighting, mailbox areas. Identify quick wins under $5K. |
| Amenity Upgrades | SV + OC | TBD | Justify rent increases, reduce turnover | Year 1–2 | Inspect SV pool, OC clubhouse/community room. Assess playground condition. Identify amenity gaps vs. market comps ($600–900 lot rent range). |
| RUBS Implementation | All 3 | $3K–5K | $50–80/lot/mo utility recovery | Month 3–6 | Verify current metering at each property. Assess sub-metering feasibility. Check CO AG Nov 2025 RUBS guidance compliance. |
Preservation & Deferred Maintenance — Protect NOI
| Project | Property | Est. Cost | Risk if Deferred | Timing | Site Visit Action |
|---|---|---|---|---|---|
| Road Overlay & Patching | Oasis | $41K+ | Safety liability, resident complaints, vacancy | Month 1–3 | Drive every road at OC. Mark worst sections. Get 3 bids from local pavers. Determine if full overlay or targeted patching. |
| Sewer Line Assessment | Oasis | $8.5K | Catastrophic failure = $50K+ emergency repair | Month 1 | Camera inspect main sewer lines BEFORE road overlay to avoid tearing up new asphalt. This is sequencing-critical. |
| SV Clubhouse Roof | Sunset Vista | $76.6K | Leak damage, insurance issues | Year 3–5 | Get third-party roof inspection to refine timeline. Check for active leaks, interior water damage. Photograph condition. |
| POH Renovation Pipeline | All 3 | TBD | Below-market rents on 39 homes 20+ yrs old | Year 1–3 | Grade all 196 POH homes A/B/C during walk (146 community + 50 SVE). Flag homes needing HVAC, roof, skirting, or plumbing work. Identify first 10 for rehab. |
| Fencing & Perimeter Security | LAV + OC | $10K–20K | Security, liability, appearance | Year 1 | Walk full perimeter of LAV (PCA flagged $3.5K). Check OC perimeter. Assess whether full replacement or targeted repair. |
Compliance & Safety — Non-Negotiable
| Item | Property | Est. Cost | Regulatory Basis | Site Visit Action |
|---|---|---|---|---|
| ADA Pathway Improvements | Oasis | $5,000 | ADA Title III — flagged in PCA | Walk common areas with accessibility in mind. Note curb cuts, ramp slopes, door widths at clubhouse. |
| Fire Safety Equipment | All 3 | TBD | CO fire code — extinguishers, smoke/CO detectors | Check clubhouse/common areas for fire extinguisher tags, emergency lighting, exit signs. Verify smoke/CO detectors in POH during walk. |
| Survey Encroachments | La Vista | TBD | Survey shows fence 4.3 ft + building 6.5 ft encroachment | Physically verify encroachment locations. Photograph. Determine if neighbor agreement or removal needed. |
| Abandoned Home Removal | Oasis | $2K–5K/home | CO MHC Act — abandoned home provisions | PCA identified 4 abandoned/derelict homes at OC. Locate, photograph, assess cost to demo or remediate. |
Recommended Year 1 CapEx Budget — Draft
DRAFT — PENDING SITE VISIT CONFIRMATION
This budget is based on PCA findings and model assumptions only. It should be updated with actual conditions observed during the physical walkthrough. Items marked TBD cannot be budgeted until the site visit is complete. The underwriting model includes $2.2M in total CapEx over 5 years; this Year 1 plan should fit within that envelope unless findings warrant a model update.
Year 1 CapEx Budget by Property
| Category | Sunset Vista | Oasis | La Vista | Portfolio Total | Notes |
|---|---|---|---|---|---|
| Revenue-Generating | $10,000 | $8,000 | $3,000 | $21,000 | Signage, curb appeal, RUBS setup |
| Preservation | $13,100 | $49,571 | $3,500 | $66,171 | OC roads ($41K), SV seal coat ($7.9K), SV water heater ($5.2K), LAV fence ($3.5K) |
| Compliance & Safety | TBD | $5,000 | TBD | $5,000+ | OC ADA pathways confirmed. Fire safety & LAV encroachments TBD. |
| Deferred Maintenance | TBD | $8,500 | TBD | $8,500+ | OC sewer camera ($8.5K). Full scope TBD after site visit POH grading. |
| TOTAL YEAR 1 | $23,100+ | $71,071+ | $6,500+ | $100,671+ | Excluding home purchases ($2.625M modeled separately) |
Model check: Year 1 CapEx of ~$101K is well within the $2.2M 5-year budget ($440K/yr average). Even with TBD items, unlikely to exceed Year 1 allocation. The $2.625M home purchase program is budgeted separately in the model.
5-Year Capital Plan — High-Level Forecast
| Year | Revenue-Generating | Preservation | Compliance | Deferred Maint. | Total | Key Projects |
|---|---|---|---|---|---|---|
| Year 1 | $21,000 | $66,171 | $5,000+ | $8,500+ | $100,671+ | OC roads, sewer camera, signage, RUBS, ADA. Stabilize and assess. |
| Year 2 | $50,000 | $40,000 | $5,000 | $25,000 | $120,000 | Amenity upgrades, POH rehab pipeline begins, additional road work. |
| Year 3 | $40,000 | $80,000 | $5,000 | $15,000 | $140,000 | SV clubhouse roof (if inspection accelerates). Continued POH rehab. |
| Year 4 | $30,000 | $60,000 | $5,000 | $10,000 | $105,000 | Ongoing preservation. Parking lot resurfacing. Portfolio-wide drainage. |
| Year 5 | $20,000 | $50,000 | $5,000 | $10,000 | $85,000 | Pre-disposition cosmetics if exit planned. Final deferred items. |
| 5-YEAR TOTAL | $161,000 | $296,171 | $25,000 | $68,500 | $550,671 |
Model alignment: 5-year forecast of ~$551K is well within the $2.2M model CapEx budget, leaving ~$1.65M of headroom for home purchases, unexpected items, and reserve accumulation. Annual per-pad reserve of $500 × 399 lots = $199,500/year ($997,500 over 5 years) provides additional coverage.
Site Visit CapEx Findings — To Be Completed During Walk
INSTRUCTIONS FOR THE TEAM
During the site visit, use this section as your checklist. For each property, walk through the items below and record actual conditions. Take photos of every flagged item. After the visit, this section will be updated with findings and the Year 1 budget above will be finalized.
Sunset Vista — Site Visit CapEx Checklist
| ☐ | Inspection Item | What to Look For | PCA Flag? | Condition Found | Est. Cost | Photo? |
|---|---|---|---|---|---|---|
| ☐ | Clubhouse roof | Active leaks, sagging, missing shingles, water stains inside | Yes — $76.6K | ___________ | $_______ | ☐ |
| ☐ | Parking lot surface | Cracking %, potholes, drainage pooling | Yes — $7.9K | ___________ | $_______ | ☐ |
| ☐ | Pool area | Equipment condition, deck surface, fence/gate, signage | No | ___________ | $_______ | ☐ |
| ☐ | Common area water heater | Age plate, corrosion, temperature consistency | Yes — $5.2K | ___________ | $_______ | ☐ |
| ☐ | Entrance & signage | Condition, visibility, branding opportunity | No | ___________ | $_______ | ☐ |
| ☐ | Vacant lots (28) | Pad condition, utility stubs, access, grading | No | ___________ | $_______ | ☐ |
| ☐ | POH exterior walk (101 homes) | Skirting, siding, roof, slab condition. Grade A/B/C. | No | ___________ | $_______ | ☐ |
| ☐ | Farm house / office | Structural integrity, HVAC, electrical | No | ___________ | $_______ | ☐ |
Oasis — Site Visit CapEx Checklist
| ☐ | Inspection Item | What to Look For | PCA Flag? | Condition Found | Est. Cost | Photo? |
|---|---|---|---|---|---|---|
| ☐ | Roads & parking | Potholes, base failure, cracking %, drainage. Mark worst 5 sections. | Yes — $41.1K | ___________ | $_______ | ☐ |
| ☐ | Sewer access points | Manhole condition, odor, visible backups | Yes — $8.5K | ___________ | $_______ | ☐ |
| ☐ | Gas system | Meter installations, PE line exposed points, regulator condition | No | ___________ | $_______ | ☐ |
| ☐ | Clubhouse | Roof quality, stucco cracking, HVAC performance, flooring wear | No | ___________ | $_______ | ☐ |
| ☐ | Maintenance shop | Structure, slab condition, door operation, storage adequacy | No | ___________ | $_______ | ☐ |
| ☐ | ADA pathways | Curb cuts, ramp slopes, accessible routes to clubhouse | Yes — $5K | ___________ | $_______ | ☐ |
| ☐ | Abandoned homes (4 identified) | Location, condition, demo vs. salvage assessment | Referenced in PCA | ___________ | $_______ | ☐ |
| ☐ | POH exterior walk (38 homes) | Skirting, siding, roof, slab condition. Grade A/B/C. | No | ___________ | $_______ | ☐ |
| ☐ | Boiler / heating system | Central boiler if still present. Age, capacity, compliance. | Flagged in risk tab | ___________ | $_______ | ☐ |
| ☐ | Vacant lots (9) | Pad condition, utility stubs, access | No | ___________ | $_______ | ☐ |
La Vista — Site Visit CapEx Checklist
| ☐ | Inspection Item | What to Look For | PCA Flag? | Condition Found | Est. Cost | Photo? |
|---|---|---|---|---|---|---|
| ☐ | Perimeter fencing | Sections damaged, posts leaning, gate function | Yes — $3.5K | ___________ | $_______ | ☐ |
| ☐ | Survey encroachments | Fence 4.3 ft over lot line, building 6.5 ft over | Survey finding | ___________ | $_______ | ☐ |
| ☐ | Entrance & signage | Condition, visibility from road | PCA — $2.5K | ___________ | $_______ | ☐ |
| ☐ | Drainage & grading | Pooling water, erosion, lot grading | PCA — $4.7K | ___________ | $_______ | ☐ |
| ☐ | POH exterior walk (7 homes) | Skirting, siding, roof condition. Grade A/B/C. | No | ___________ | $_______ | ☐ |
| ☐ | Vacant lots (4) | Pad condition, utility stubs, access | No | ___________ | $_______ | ☐ |
Negotiation & Closing Considerations
POTENTIAL SELLER CREDITS
Oasis Roads ($41K): Strongest case for a seller credit or escrow holdback. PCA-documented, safety-related. Ask: “Why were roads not addressed?” ⚠ Prior $1.56M seller CapEx reference removed — was for wrong community.
Sewer Camera ($8.5K): Can argue this is a seller obligation to demonstrate infrastructure condition pre-sale. Standard DD request.
Abandoned Homes ($8K–20K): Seller should remove or provide credit for 4 derelict homes at Oasis. These are their responsibility under CO MHC Act.
Sewer Camera ($8.5K): Can argue this is a seller obligation to demonstrate infrastructure condition pre-sale. Standard DD request.
Abandoned Homes ($8K–20K): Seller should remove or provide credit for 4 derelict homes at Oasis. These are their responsibility under CO MHC Act.
STRATEGIC DECISIONS NEEDED
1. OC Roads — Credit vs. Budget: Do we push for a seller credit (risk souring relationship before loan assumption closes) or absorb into Year 1 CapEx?
2. SV Roof — Timing: $76.6K replacement within 7 years per PCA. Do we budget Year 1 to get ahead, or defer to Year 3–5? Risk of leak damage vs. cash preservation.
3. Reserve Policy: $500/pad/yr = $199.5K annual reserve. Is this sufficient given the 27% of POH fleet that’s 20+ years old? Consider $600/pad for first 2 years.
2. SV Roof — Timing: $76.6K replacement within 7 years per PCA. Do we budget Year 1 to get ahead, or defer to Year 3–5? Risk of leak damage vs. cash preservation.
3. Reserve Policy: $500/pad/yr = $199.5K annual reserve. Is this sufficient given the 27% of POH fleet that’s 20+ years old? Consider $600/pad for first 2 years.
CapEx Team & Contacts
| Name | Role | Responsibility | |
|---|---|---|---|
| Chris Meriwether | VP Acquisitions & Asset Mgmt | chris@silverlandsmg.com | Strategy, prioritization, investor reporting |
| Sarge Wiebold | CapEx | sarge@silverlands.com | Project execution, contractor management |
| Drew Taft | CapEx | drew@silverlands.com | Project execution, site supervision |
| Paul Bradshaw | CapEx | paul@silverlandsmg.com | Estimating, vendor coordination |
| Jose Torres | CapEx | jose.torres@silverlandsmg.com | Field operations, inspections |
| Derek Wilson | COO / CapEx Oversight | derek@silverlandsmg.com | Operations oversight, CapEx approval, site visit coordination |
| Keiana | DD Team Lead | — | DD execution, CapEx tracking, lender documentation |
Utility Bill Analysis — T12 Apr 2025 – Mar 2026
217 bills analyzed across 5 utility types · Source: Seller data room (Folder C)
All amounts verified against bank statements
All amounts verified against bank statements
T12 Total Utilities
$485k
$40k/mo avg
Water/Sewer
$365k
75% of total — largest cost
Sunset Vista (SV)
$297k
61% · $25k/mo · 205 lots
Oasis (OC)
$142k
29% · $12k/mo · 161 lots
La Vista (LAV)
$47k
10% · $4k/mo · 31 lots
Cost by Utility Type
Water/Sewer$365k
Trash$77k
Electric$25k
Gas / Cable$18k
T12 Cost by Property
Utility Provider Directory — Account Numbers & Contacts
Provider Contact Directory
| Provider | Service | Phone | Website / Email | Payment Address |
|---|---|---|---|---|
| Board of Water Works | Water / Sewer | pueblowater.org | www.pueblowater.org | P.O. Box 755, Pueblo CO 81002-0755 |
| Black Hills Energy | Electric | 888-890-5554 | help@support.blackhillsenergy.com | PO Box 7966, Carol Stream IL 60197-7966 |
| Xcel Energy | Gas | 1-800-895-4999 | xcelenergy.com | P.O. Box 660553, Dallas TX 75266-0553 |
| Waste Connections | Trash | 719-948-0047 | myaccount.wcicustomer.com | PO Box 7428, Pasadena CA 91109-7428 |
| Comcast Business | Cable / Internet | 1-800-391-3000 | business.comcast.com | PO Box 60533, City of Industry CA 91716-0533 |
Account Numbers by Property
| Provider | Service Type | Account Number | Service Address | T12 Total |
|---|---|---|---|---|
| SUNSET VISTA (SC) — 5000 Red Creek Springs Rd · 7 accounts · $297k/yr | ||||
| Board of Water Works | Water/Sewer (Main) | 120187-082154 | 5000 Red Creek Springs Rd | $227k |
| Board of Water Works | Water (Farm House) | 120187-082234 | 5100 Red Creek Springs Rd | incl. above |
| Black Hills Energy | Electric (Homes + Infra) | 9817 3281 29 | 5000 Red Creek Rd (multi-meter) | $13k |
| Xcel Energy | Electric (Homes) | 53-0010063917-3 | 5000 Red Creek Springs Rd (18 lots) | incl. below |
| Xcel Energy | Gas (Clubhouse/Infra) | 53-9107397-3 | 5000 Red Creek Springs Rd Bldg Club | $10k |
| Waste Connections | Trash | 5316-40213389 | 5000 Red Creek Springs Rd | $42k |
| Comcast Business | Cable/Internet | 8497 80 086 0293220 | 5000 Red Creek Springs Rd Unit OFC | $4.3k |
| OASIS (OC) — 2221 S Prairie Ave · 5 accounts · $142k/yr | ||||
| Board of Water Works | Water/Sewer | 120187-088822 | 2221 S Prairie Ave | $100k |
| Black Hills Energy | Electric (Homes) | 7101 9108 90 | 2221 S Prairie Ave (Homes) | $1.8k |
| Black Hills Energy | Electric (Infra) | 2543 8837 59 | 2221 S Prairie Ave (HSE/Lites/OFC) | $9.3k |
| Xcel Energy | Gas (Multi-Premise) | 53-9451414-4 | 2221 S Prairie Ave (7 premises) | $3.9k |
| Waste Connections | Trash | 5316-40192786 | 2221 S Prairie Ave | $27k |
| LA VISTA (LAV) — 3333 Starlite Dr · 4 accounts · $47k/yr | ||||
| Board of Water Works | Water/Sewer | 362187-116150 | 3333 Starlite Dr | $37k |
| Black Hills Energy | Electric (Combined) | 3124 7837 50 | 3333 Starlite Dr (5 meters) | $993 |
| Xcel Energy | Gas | 53-0015532678-3 | 3333 Starlite Dr Lot 2 | $110 |
| Waste Connections | Trash | 5316-50009310 | 3333 Starlite Dr (Units 1-32) | $8.3k |
| TOTAL | 5 Providers | 16 accounts | $485k | |
Account numbers extracted from T12 utility bill statements in data room Folder C. All accounts under "Saddleback Valley Communities" (SC/OC) or "La Vista MHP LLC" (LAV). Mailing address: 2240 Encinitas Blvd D34, Encinitas CA 92024-4345.
T12 Cost by Property & Utility Type
Sunset Vista (SC) — $297k/yr · $25k/mo
| Provider | Service | T12 | Monthly Avg |
|---|---|---|---|
| Black Hills Energy | Electric (Homes) | $8.7k | $723 |
| Black Hills Energy | Electric (Infra) | $4.5k | $374 |
| Board of Water Works | Water/Sewer | $227k | $21k |
| Comcast Cable | Cable/Internet | $4.3k | $394 |
| Waste Connections | Trash | $42k | $3.5k |
| Xcel Energy | Gas | $10,273 | $934 |
| Total | $297k | $25k |
Water/Sewer = 77% of total. Has separate farm house water meter. 205 lots.
Oasis (OC) — $142k/yr · $12k/mo
| Provider | Service | T12 | Monthly Avg |
|---|---|---|---|
| Black Hills Energy | Electric (Homes) | $1.8k | $161 |
| Black Hills Energy | Electric (Infra) | $9.3k | $848 |
| Board of Water Works | Water/Sewer | $100k | $9.1k |
| Waste Connections | Trash | $27k | $2.2k |
| Xcel Energy | Gas | $3.9k | $354 |
| Total | $142k | $12k |
Water/Sewer = 71% of total. Infra electric higher than Homes electric. 161 lots.
La Vista (LAV) — $47k/yr · $4k/mo
| Provider | Service | T12 | Monthly Avg |
|---|---|---|---|
| Black Hills Energy | Electric (Combined) | $993 | $99 |
| Board of Water Works | Water/Sewer | $37k | $3.4k |
| Waste Connections | Trash | $8.3k | $689 |
| Xcel Energy | Gas | $110 | $18 |
| Total | $47k | $4k |
Water/Sewer = 80% of total. No cable/internet. Minimal gas ($110/yr). 31 lots. No permanent buildings.
Portfolio Cost by Utility Type
| Utility Type | T12 Total | % of Total | Monthly Avg |
|---|---|---|---|
| Water / Sewer | $365k | 75.1% | $33k |
| Trash | $77k | 15.8% | $6.4k |
| Electric | $25k | 5.2% | $2.1k |
| Gas | $14k | 2.9% | $1.3k |
| Cable / Internet | $4.3k | 0.9% | $394 |
| Total | $485k | 100% | $40k |
Water/Sewer is 3x all other utilities combined. Key RUBS opportunity if sub-metered.
DD Red Flags & Billing Anomalies
High Severity Flags
SV Water/Sewer — Extreme Monthly Swings
Board of Water Works bills swing wildly: $15K–$16K in normal months, then $31K in May and Nov (double bills likely). SV also has a separate farm house meter billing $60–$137/mo. Verify if double-billing months reflect 2-month catch-ups or actual consumption spikes. Request meter read history from Board of Water Works.
SV Trash — Wild Billing Fluctuations
Waste Connections bills swing from $150–$493 to $2,200–$5,500 within the same month. Appears to be two separate invoices per month (possibly residential + commercial dumpsters). Need service contract from Folder G to verify accounts and reconcile.
SV Gas (Xcel) — Homes vs. Infra Split Unclear
$10,273/yr T12 but bills show enormous swings ($129→$1,313 in Apr-25). Separate Homes and Infra accounts with overlapping billing periods. Need account numbers from Xcel to map which meters serve which buildings.
OC Water — Nov/Dec Anomaly
OC water jumped from $7,234 (Oct) to $14,279 (Nov) then $11,930 (Dec) — nearly doubling. Usage spiked to 1,866,000 gallons in Dec vs. ~500K–800K normal. Possible leak or meter issue. Verify with Board of Water Works.
Missing Bills & DD Items
Missing March 2026 Bills — All Properties
Mar-26 bills are missing or $0 for: SV water/sewer, SV cable, SV gas, LAV water/sewer, LAV gas, LAV electric, OC electric, OC water/sewer, OC gas. Only trash bills received for Mar-26. Request all Mar-26 bills from seller to complete T12.
LAV Gas — 5 Months Missing Early in T12
La Vista shows $0 gas from Apr–Aug 2025 (5 months), then small bills ($12–$28) from Sep onward. Total only $110/yr. May be seasonal-only or a new service activation. Confirm with Xcel.
Waste Connections — Assignment Consent Required ⚠
Service contracts received 3/30. All 3 Waste Connections agreements contain Article XII (Assignment) — Customer cannot assign without Waste Connections’ prior written consent. Early termination (Article X) carries 6-month liquidated damages. All contracts are in auto-renewal periods with 90-day written notice required. Must initiate assignment consent process before closing.
Vendor Contact List ✓ Received 3/30
160+ vendors from Rent Manager (Jan 2020–Mar 2026). Key service providers: Board of Water Works ($2.3M, 263 payments), Waste Connections ($570K, 300 payments), All Phase Mechanical ($247K), Phils Mobile Home Service ($1.02M), Ramey Environmental ($552K), Billight Electric ($211K). Insurance: Acrisure ($224K). Lenders: Trimont/CMBS ($8.7M), 21st Mortgage ($3.28M combined across 12 accounts). Owner: Ben Braband ($5.55M).
Vendor Analysis — Rent Manager (Jan 2020–Mar 2026) NEW
Top Vendors by Category — Operational Spend
| Category | Vendor | Payments | Total Paid | Phone | Transfer? |
|---|---|---|---|---|---|
| UTILITIES | |||||
| Water/Sewer | Board of Water Works | 263 | $2,315,488 | (719)584-0250 | Acct Transfer |
| Trash | Waste Connections | 300 | $570,276 | (719)948-0047 | Consent Req'd |
| Electric (Infra) | Xcel Energy Infrastructure | 259 | $709,895 | (800)895-4999 | Acct Transfer |
| Electric (Homes) | Xcel Energy Homes | 189 | $67,448 | (800)895-4999 | Resident Acct |
| Gas (Infra) | Black Hills Energy Infrastructure | 281 | $343,288 | (888)890-5554 | Acct Transfer |
| Gas (Homes) | Black Hills Energy Homes | 180 | $123,934 | (888)890-5554 | Resident Acct |
| Propane | Mar Gas Pueblo | 46 | $57,485 | (719)547-4444 | Acct Transfer |
| Cable | Comcast Cable | 257 | $78,383 | (800)391-3000 | Evaluate |
| MAINTENANCE & REPAIRS | |||||
| MH Service | Phils Mobile Home Service | 135 | $1,023,764 | — | Continue |
| HVAC/Plumb | All Phase Mechanical LLC | 59 | $246,537 | (719)320-0746 | Continue |
| HVAC | Total Service Heating AC | 59 | $132,956 | — | Continue |
| Glass | Glass Force South | 77 | $101,613 | (719)564-3336 | Continue |
| Electric | Billight Electric | 79 | $211,242 | — | Continue |
| Roofing | Hornet Roofing LLC | 14 | $87,026 | (719)994-7884 | Continue |
| GROUNDS & ENVIRONMENT | |||||
| Landscaping | Above & Beyond Landscape | 37 | $34,983 | (719)543-7788 | Continue |
| Tree Service | All Seasons Complete Tree | 26 | $296,175 | — | Continue |
| Septic | Budget 8 Septic Service | 74 | $204,390 | (719)565-8470 | Continue |
| Soil/Gravel | Donley’s Soils Sticks & Stones | 75 | $104,941 | (719)545-9468 | Continue |
| Environmental | Ramey Environmental | 99 | $552,376 | (303)833-5505 | Continue |
| LENDING & FINANCE | |||||
| CMBS Servicer | Trimont (fka Midland/PNC) | 212 | $8,703,798 | — | Assumption |
| 21st Mortgage | 21st Mortgage (12 accounts) | 550+ | $3,282,437 | (800)955-0021 | Lien Review |
| Legacy Housing | Legacy Housing Corp (2 accounts) | 118 | $442,322 | — | Lien Review |
| SBA Loans | SBA (SC + OC + RCF) | 58 | $1,197,354 | — | Payoff at Close |
Vendor List DD Findings
• 21st Mortgage — 12 separate accounts, $3.28M total payments. This is the largest non-CMBS lender relationship. Confirms extensive chattel financing on POH fleet. Must reconcile accounts with POH title liens found earlier.
• Legacy Housing Corp — 2 accounts ($442K). Confirms active chattel lending relationship. Account #1867 ($269K) and #1869 ($173K) correspond to the past-due liens found on OC titles.
• Phils Mobile Home Service ($1.02M, 135 payments) — dominant maintenance vendor. Avg $7,584/payment suggests ongoing home repair/rehab program. Evaluate relationship and pricing post-close.
• All Seasons Tree Service ($296K) — unusually high for MHC. May include lot clearing/development work. Investigate scope.
• Ramey Environmental ($552K, 99 payments) — significant environmental spend suggesting ongoing compliance work (water treatment, soil testing). Must understand what ongoing obligations exist.
• Ben Braband ($5.55M, 93 payments) — owner distributions/reimbursements. Validates owner as primary management contact.
• Saddleback Valley Communities ($10.69M, 601 payments) — parent entity intercompany transfers. Normal for portfolio operations.
• Legacy Housing Corp — 2 accounts ($442K). Confirms active chattel lending relationship. Account #1867 ($269K) and #1869 ($173K) correspond to the past-due liens found on OC titles.
• Phils Mobile Home Service ($1.02M, 135 payments) — dominant maintenance vendor. Avg $7,584/payment suggests ongoing home repair/rehab program. Evaluate relationship and pricing post-close.
• All Seasons Tree Service ($296K) — unusually high for MHC. May include lot clearing/development work. Investigate scope.
• Ramey Environmental ($552K, 99 payments) — significant environmental spend suggesting ongoing compliance work (water treatment, soil testing). Must understand what ongoing obligations exist.
• Ben Braband ($5.55M, 93 payments) — owner distributions/reimbursements. Validates owner as primary management contact.
• Saddleback Valley Communities ($10.69M, 601 payments) — parent entity intercompany transfers. Normal for portfolio operations.
Operations Handoff — What to Expect Monthly
Monthly Utility Budget Expectations by Property
| Category | SV | OC | LAV | Total | Ops Notes |
|---|---|---|---|---|---|
| Water / Sewer | $21k | $9.1k | $3.4k | $33k | Expect double-bill months (~2x) for SV and OC. Board of Water Works bills monthly. SV farm house meter billed separately (~$80/mo). |
| Trash | $3.5k | $2.2k | $689 | $6.4k | Waste Connections. Bills fluctuate — appears to be 2 invoice streams per property (residential + commercial). Expect $4K–$10K swing months at SV. |
| Electric | $1.1k | $1k | $99 | $2.1k | Black Hills Energy. SV: Homes ($723) + Infra ($374). OC: Homes ($161) + Infra ($848). LAV: single combined ($99). Seasonal — peaks Jul–Aug, Jan–Feb. |
| Gas | $934 | $354 | $18 | $1.3k | Xcel Energy. Highly seasonal — winter peaks (Dec–Feb). SV ranges $215–$1,944/mo. LAV negligible ($18/mo avg). OC moderate. |
| Cable / Internet | $394 | — | — | $394 | Comcast — SV only. Steady ~$386–$405/mo. Likely office/amenity connection. Evaluate need post-close. |
| TOTAL | $25k | $12k | $4k | $40k | Budget $40K–$50K/mo with seasonal swings. Water is the controllable cost. |
Pre-Closing Utility Transfer Checklist
| # | Action Item | Status | Detail |
|---|---|---|---|
| 1 | Obtain all account numbers | IN PROGRESS | Vendor list received 3/30 (160+ vendors). Key utility vendors confirmed: Board of Water Works (263 pmts, $2.3M), Black Hills Energy Homes ($124K) + Infrastructure ($343K), Xcel Energy Homes ($67K) + Infrastructure ($710K), Waste Connections ($570K, 300 pmts), Comcast ($78K, 257 pmts). Also: Budget 8 Septic ($204K), Mar Gas Pueblo ($57K). Still need seller to confirm specific account numbers for transfer at closing. |
| 2 | Obtain Waste Connections assignment consent | IN PROGRESS | Contracts received 3/30. All 3 agreements require prior written consent from Waste Connections for assignment (Article XII). SC & OC: Agreement #00300754 & #00300762 (eff. 12/1/2019). LAV: Agreement #00887066 (eff. 10/24/2022). Contact: Ammie Proctor (719-564-1352). Must initiate consent process — include in DD follow-up to Kris/Ben. |
| 3 | Request final meter reads at closing | PENDING | Coordinate with Board of Water Works, Black Hills Energy, and Xcel Energy to schedule final reads on closing date for proration. Multiple meters at SV and OC. |
| 4 | Set up new accounts in buyer entity name | PENDING | Open new accounts with all 5 providers under acquiring entity. Board of Water Works may require deposit. Allow 2–3 weeks lead time. |
| 5 | Verify no outstanding balances at closing | PENDING | Request final balance confirmation from all providers. Any unpaid amounts should be credited at closing or paid by seller through proration. |
| 6 | Investigate SV farm house water meter | PENDING | SV has a separate water meter for the farm house billing $60–$137/mo. Confirm if this property is included in the sale and whether the meter stays active. |
| 7 | Evaluate RUBS implementation | PENDING | Water/sewer is $365k/yr (75% of utilities). Strong candidate for Ratio Utility Billing System to pass through to residents. Research Pueblo regulations on RUBS. |
| 8 | Resolve missing Mar-26 bills | IN PROGRESS | Most Mar-26 bills missing across all properties. Requested from seller in DD email 3/27. Need to complete T12 verification before closing. |
Waste Connections Service Contracts — Received 3/30/2026
Combined Monthly
$3.3K
$40.2K/yr contract rates
Total Toters
371
96-gal residential carts
Assignment Risk
Consent Req’d
Article XII — all 3 contracts
Early Termination
~$20.1K
6-mo liquidated damages
Contract Terms by Property
| Property | Agreement # | Effective | Initial Term | Renewal | Status | Signed By |
|---|---|---|---|---|---|---|
| Sunset Vista (SC) | 00300754 | 12/1/2019 | 36 months | 36-mo auto | In auto-renewal | Ben Braband |
| Oasis (OC) | 00300762 | 12/1/2019 | 36 months | 36-mo auto | In auto-renewal | Ben Braband |
| La Vista (LAV) | 00887066 | 10/24/2022 | 24 months | 24-mo auto | In auto-renewal | Jordan Campbell |
Service Levels & Contract Rates
| Property | Service | Qty | Rate | Monthly | Frequency | Notes |
|---|---|---|---|---|---|---|
| SUNSET VISTA (SC) — $1,594/mo contract rate | ||||||
| SC | 6-yard dumpster | 1 | $160.49/mo | $160.49 | 2x/week | Commercial dumpster |
| SC | 96-gal toters | 185 | $7.75/toter | $1,433.75 | 1x/week | Residential curbside |
| OASIS (OC) — $1,354/mo contract rate | ||||||
| OC | 6-yard dumpster | 1 | $160.49/mo | $160.49 | 2x/week | Commercial dumpster |
| OC | 96-gal toters | 154 | $7.75/toter | $1,193.50 | 1x/week | Residential curbside |
| LA VISTA (LAV) — $400/mo contract rate | ||||||
| LAV | 96-gal toters | 32 | $12.50/toter | $400.00 | 1x/week | No commercial dumpster |
| TOTAL | 371 toters + 2 dumpsters | $3,348/mo | $40.2K/yr at contract rates | |||
Contract rates shown are original rates. Article VI allows CPI-based adjustments — current invoiced rates may differ. SC/OC contracts have Net 10 payment terms. LAV payables via payables@saddlebackpro.com. WC contact: Ammie Proctor (719-564-1352).
Critical DD Provisions
Article XII — Assignment Requires Consent
“Customer shall not assign this Agreement without the prior written consent of [Waste Connections].” This applies to all 3 contracts. Must obtain formal written consent from Waste Connections before closing. Add to DD follow-up email to Kris/Ben.
Article X — Early Termination Damages
Liquidated damages = 6 months of charges if terminated before expiration. Combined exposure: ~$20.1K (SC $9.6K + OC $8.1K + LAV $2.4K). Applies during auto-renewal periods.
Article II — 90-Day Written Termination Notice
Must provide written notice at least 90 days before end of current renewal term to terminate. Otherwise auto-renews for another full term (36 months SC/OC, 24 months LAV).
Rate & Toter Verification Needed
Contract vs. Actual Rates
SC and OC contracts are from December 2019 — over 6 years old. Article VI allows CPI adjustments. T12 trash spend ($77K) is significantly higher than contract rates ($40.2K), suggesting rates have been adjusted. Request most recent invoices to verify current per-toter rates.
Toter Count vs. Lot Count
SC: 185 toters for ~205 lots (90%). OC: 154 toters for ~161 lots (96%). LAV: 32 toters for 31 lots (103%). SC toter count may be under-reported — verify if all occupied lots have toters assigned.
LAV Different Pricing Structure
LAV contract (2022) has $12.50/toter vs. SC/OC at $7.75/toter — 61% premium. LAV also has no commercial dumpster. Different signing authority (Jordan Campbell vs. Ben Braband). May reflect separate negotiation or different service tier.
RUBS Implementation Feasibility — Water/Sewer Recovery
Water/Sewer T12
$365K
75% of all utilities
Model Target Recovery
80%
W/S + Trash · 12-mo ramp
Yr 1 Recovery Revenue
$171K
W/S $109K + Trash $62K
Steady-State Recovery
$354K
80% of $442K (W/S+Trash)
UNDERWRITING MODEL ASSUMPTIONS (Pueblo Trio - CO - Model - FIXED 3.xlsx)
The model implements a structured utility reimbursement system with a 12-month linear ramp from 0% to target recovery starting Month 1 post-close. Water/Sewer and Trash are targeted at 80% recovery; Electric and Gas are at 0% recovery (operator-absorbed). All utility expenses grow at 4%/yr. Method is per-unit allocation (not sub-metered) — effectively a RUBS program. Utility reimbursement is a distinct revenue line in the proforma, not bundled into Other Income.
Model Utility Reimbursement Settings by Property
| Property | W/S $/Unit | Trash | Recovery | Ramp | Start |
|---|---|---|---|---|---|
| Sunset Vista (169 occ) | $950 | $2,400 | 80% | 12 mo | Month 1 |
| Oasis (148 occ) | $625 | $1,500 | 80% | 12 mo | Month 1 |
| La Vista (29 occ) | $1,050 | $600 | 80% | 12 mo | Month 1 |
| Portfolio (346 occ) | Blended | $4,500 | 80% | 12 mo | Month 1 |
Electric and Gas at 0% recovery — not billed back. Model assumes per-unit allocation, not sub-metered. Cable/Internet not reimbursed.
COLORADO RUBS REGULATORY FRAMEWORK (HB25-1090 + AG Guidance)
Colorado HB25-1090 (effective 1/1/2026) established price transparency requirements for residential leases, including utility billing. The CO Attorney General issued enforcement guidance (Nov 2025) confirming RUBS is permitted under four conditions. A legislative fix (HB26-1013) is pending in the 2026 session to formally codify RUBS protections. Bottom line: RUBS is legal and enforceable in Colorado MHCs if properly implemented.
Four Conditions for RUBS Compliance (AG Guidance, Nov 2025)
| # | Condition | Our Status | Action Required |
|---|---|---|---|
| 1 | No Overbilling — Aggregate RUBS charges to all tenants cannot exceed total provider bill | ACHIEVABLE | Monthly reconciliation process. Model targets 80% — well below 100% ceiling. |
| 2 | Limited Admin Fee — Max $10/mo or 2% (not both) above actual utility cost | PLAN NEEDED | Decide admin fee structure. Recommend $10/mo flat (simpler to administer). Must be disclosed in lease. |
| 3 | Common Area Exclusion — Utility costs for common areas/shared facilities excluded from allocation | VERIFY | Must separate clubhouse, office, pool pump, and infrastructure utility consumption from resident allocation. SV farm house meter is a separate issue — confirm if common area. |
| 4 | Clear Disclosure — Allocation method must be disclosed in rental agreement | LEASE UPDATE | Current leases do NOT contain RUBS disclosure language. New lease addendum or replacement lease required for all residents before billing begins. |
COLORADO MHP WATER BILLING REQUIREMENTS (Division of Housing)
Colorado law imposes specific requirements on MHCs that charge residents for water. Management must provide each resident a monthly water bill showing: (1) amount owed by the resident, (2) total owed by all residents, (3) methodology used to determine each resident’s share, and (4) if purchased from a provider, the total amount paid to the provider. Management must give 72 hours’ notice before entering a lot to read meters. Landlords cannot bill residents for water line leaks that are the park’s responsibility.
Current Metering & Sub-Metering Status
| Property | Water Meter | Sub-Meters | Current Billing | RUBS Readiness |
|---|---|---|---|---|
| Sunset Vista | Master meter (Acct 120187-082154) + Farm house meter (082234) | NONE | Owner pays all water/sewer ($227K/yr). Not billed to residents. | RUBS ready — per-unit allocation |
| Oasis | Master meter (Acct 120187-088822) | NONE | Owner pays all water/sewer ($100K/yr). Not billed to residents. | RUBS ready — per-unit allocation |
| La Vista | Master meter (Acct 362187-116150) | NONE | Owner pays all water/sewer ($37K/yr). Not billed to residents. | RUBS ready — per-unit allocation |
No sub-meters detected in lease documents, utility bills, or DD materials. All properties are master-metered through Board of Water Works. RUBS (per-unit allocation) is the most cost-effective initial approach vs. sub-meter installation ($500–$1,200/lot).
LEASE AUDIT FINDING: NO RUBS LANGUAGE IN CURRENT LEASES
Review of 37 executed leases found zero RUBS or utility billback provisions. The SC 118 lease (Sunset Vista template) references utility responsibility as: “LESSEE shall pay for the utility service as metered for Tenant’s actual use” and mentions “water and sewer service that is not metered individually” but does not authorize proportional allocation or billback. Several OCR’d leases reference utility charges of $9.50–$10.50/mo “if applicable” but this appears to be a nominal fee, not proportional cost recovery. A few SC leases state utilities are “included in the rent charges and will not be charged separately.” New lease language is required before RUBS billing can begin.
RUBS Implementation Roadmap — 90-Day Post-Close
| Timeline | Action Item | Owner | Detail |
|---|---|---|---|
| Day 1–15 | Lease amendment drafting | Legal / Ops | Draft RUBS addendum with: allocation methodology (per-unit or occupancy-based), disclosure of admin fee ($10/mo), common area exclusion, monthly billing format, and dispute resolution. Must comply with HB25-1090 and CO Division of Housing requirements. |
| Day 15–30 | Resident notification | Property Mgmt | 60-day written notice required under Colorado MHP Act before any new charge. Distribute RUBS addendum with clear explanation of methodology and estimated monthly impact per lot ($65–$110/mo est.). |
| Day 30–60 | Billing system setup | Ops / Rent Mgr | Configure Rent Manager for RUBS billing. Set up provider bill import, per-unit allocation engine, common area deduction, and monthly statement generation. Recommend third-party RUBS software (e.g., SimpleSub, Conservice, or Yardi Breeze). |
| Day 60–75 | Lease execution period | Property Mgmt | Collect signed RUBS addenda from all residents. Track compliance. Non-signers on M2M leases can be given updated lease at renewal. |
| Day 90+ | First RUBS billing cycle | Ops | Begin proportional water/sewer + trash billing. Reconcile monthly. Expect initial collections pushback — budget 60% collection rate in Month 1, ramping to 85%+ by Month 6. |
RUBS (RECOMMENDED PHASE 1)
Cost: $0 capital — software license only ($3–$5/unit/mo)
Timeline: 90 days post-close (Day 1 billing)
Recovery: 60–80% of water/sewer cost
Yr 1 Revenue: $171K (ramped) → $354K steady-state
Pro: No capital required. Fast implementation.
Con: Doesn’t incentivize conservation. Dispute risk if bills spike.
Timeline: 90 days post-close (Day 1 billing)
Recovery: 60–80% of water/sewer cost
Yr 1 Revenue: $171K (ramped) → $354K steady-state
Pro: No capital required. Fast implementation.
Con: Doesn’t incentivize conservation. Dispute risk if bills spike.
SUB-METERING (PHASE 2 — YEAR 2+)
Cost: $500–$1,200/lot × 346 = $173K–$415K
Timeline: 6–12 months for full installation
Recovery: 85–95% of water/sewer cost
Steady-State Revenue: $310K–$347K/yr
Pro: Usage-based — incentivizes conservation, reduces disputes.
Con: High upfront CapEx. Installation disruption. Meter maintenance.
Timeline: 6–12 months for full installation
Recovery: 85–95% of water/sewer cost
Steady-State Revenue: $310K–$347K/yr
Pro: Usage-based — incentivizes conservation, reduces disputes.
Con: High upfront CapEx. Installation disruption. Meter maintenance.
RUBS FEASIBILITY VERDICT
STRONG GO. Water/sewer at $365K/yr with zero current recovery is the single largest NOI improvement opportunity in this deal. The model already assumes 80% RUBS recovery ($171K Yr 1, $354K steady-state) and the regulatory environment supports it. Key risk: lease transition. Current leases include no billback language — new addenda required for all 346 occupied lots, with Colorado’s 60-day notice requirement. Recommend RUBS as Phase 1 (Day 1 post-close) with sub-metering evaluation at Year 2 once operations stabilize. The $10/mo admin fee allowed under HB25-1090 adds ~$41K/yr in additional revenue. Ops team should begin lease addendum drafting immediately post-IC approval.
Source Documents — Google Drive
Action Items
11
Critical
21
High
14
Medium
15
Done
61
Total
✓ 15 Completed Items
▼
| # | Item | Stream | Owner | Closed |
|---|---|---|---|---|
| 1 | DD | Chris | 3/27 | |
| 2 | Tax | Keiana | 4/1 | |
| 3 | UW | Chris | 3/30 | |
| 4 | POH | Chris / Kris | 3/30 | |
| 5 | Utilities | Chris | 3/31 | |
| 6 | Utilities | Chris | 3/31 | |
| 7 | Financial | Chris | 3/31 | |
| 8 | Legal | Chris | 3/31 | |
| 9 | PCA | Chris | 3/31 | |
| 10 | PCA | Chris | 3/31 | |
| 11 | Financial | Chris | 3/31 | |
| 12 | Title | Matt / Chris | 4/1 | |
| 13 | Title | Matt / Chris | 4/1 | |
| 14 | POH | Chris | 3/30 | |
| 15 | Insurance | Chris / Jon | 3/31 |
Debt & CMBS Assumption — 8 items
| # | Action | Owner | Due | Priority |
|---|---|---|---|---|
| 1 | Complete Assumptor Contact Information Sheet → send to mlsassumptions@midlandls.com. Identify replacement guarantor(s). | Chris | 4/7 | CRITICAL |
| 2 | Collect Credit Information Request Forms from all majority owners, managers, GPs, guarantors (SSN, DOB, credit pull auth, 13 disclosure questions). | Chris / Legal | 4/7 | CRITICAL |
| 3 | Gather 2 most recent federal tax returns + personal financial statements for all majority owners, managers, GPs, guarantors. | Chris | 4/7 | CRITICAL |
| 4 | Complete lender checklist + CMBS credit form from Henny Heisler (Princeton Capital) — required for assumption application. | Chris / Tommy | 4/7 | CRITICAL |
| 5 | Send Borrower Required Items checklist to Kris/Ben — seller needs: org chart, certified T12, balance sheet, guarantor financials. | Chris / Kris | 4/7 | HIGH |
| 6 | Prepare 12-month proforma, R&M budget, org docs, sources of cash w/ bank statements, and proposed PM agreement. | Chris | 4/7 | HIGH |
| 7 | Submit assumption application, negotiate 3% mgmt fee cap, confirm guarantor replacement requirements. | Chris / Seller | Pre-Close | CRITICAL |
| 8 | Upload lender checklist, CMBS credit form, and all supporting docs to Google Drive. | Chris / Keiana | 4/7 | HIGH |
Title & Legal — 12 items
| # | Action | Owner | Due | Priority |
|---|---|---|---|---|
| 9 | CMBS release vs. assumption conflict (Req #6) — commitment requires full release of $21.9M deed of trust. Coordinate modified requirement with Shawn Cardin / Grace Wilson. | Matt | 4/7 | CRITICAL |
| 10 | HB20-1201 tenant notice (Req #15) — confirm OTP notices (going out 4/3–4/4) satisfy 90-day statute. Earliest compliant close ~July 3. | Matt / Chris | 4/7 | CRITICAL |
| 11 | Obtain lien payoff letters from Legacy Housing — 2 OC homes (Lots 10 & 22) with $134K+ liens matured Sep 2025 (past due). | Chris / Legal | 4/3 | CRITICAL |
| 12 | Clarify 21st Mortgage lien on SC106 ($979K) — standalone chattel lien or part of CMBS blanket? If separate, get payoff letter. | Chris / Legal | 4/3 | CRITICAL |
| 13 | Confirm OTP notices delivered via seller's counsel courier 4/3–4/4. Collect proof of service. | Matt / Kris | 4/7 | HIGH |
| 14 | Reconcile owner entity names across all titles — OC/SC show Rapid City Financial LLC, LAV shows Katzer Nickolas J. Confirm alignment with PSA's 6 selling entities. | Chris / Legal | 4/7 | HIGH |
| 15 | Request missing 15 POH titles (12 SC, 3 OC) from seller. 155 received but only 131 match rent roll. | Chris / Kris | 4/7 | HIGH |
| 16 | MH Indemnity Agreement (Req #16) — prepare and coordinate dual buyer/seller execution before title insurance issued. | Matt | 4/10 | HIGH |
| 17 | Verify Clayton Bank & Trust $3M lien release on SC005 — confirm release properly filed with CO DMV. | Legal / Fidelity | 4/7 | HIGH |
| 18 | Review LTO contracts from seller (ETA 4/1) — terms, pricing, conversion timeline, interaction with POH strategy. | Chris / Matt | 4/7 | HIGH |
| 19 | Confirm OTP compliance — verify 120-day notices sent, obtain documentation from seller (Folder S). | Chris / Legal | Pre-Close | CRITICAL |
| 20 | Entity docs (Req #7–9, 11) — request OAs, good standing certs, Statements of Authority, resolutions for 3 seller DE LLCs. Prep Studio 168 LLC cert. | Matt / Chris | 4/10 | MEDIUM |
Utilities — 6 items
| # | Action | Owner | Due | Priority |
|---|---|---|---|---|
| 21 | Obtain all utility account numbers from seller — Board of Water Works (3+), Black Hills (5), Xcel (3+), Waste Connections (3), Comcast (1). | Chris / Kris | 4/7 | CRITICAL |
| 22 | Get Waste Connections service contract ($76.8K/yr, 2nd largest utility) — terms, renewal date, cancellation penalties. | Chris / Kris | 4/7 | CRITICAL |
| 23 | OC water usage spike — Dec 1.87M gal (vs 500–800K normal). Billing timing explained but physical consumption anomaly unresolved. Need meter read history from Board of Water Works. | Chris | 4/7 | HIGH |
| 24 | Request missing Mar-26 utility bills from seller — most providers showing $0 across all 3 properties. | Chris / Kris | 4/7 | HIGH |
| 25 | Verify no outstanding utility balances at closing — OC Xcel $125.75 and SC Black Hills $240.57 past due. | Chris | 4/10 | MEDIUM |
| 26 | Set up new utility accounts in buyer entity name (all 5 providers, 2–3 weeks lead time). Request final meter reads at closing. | Keiana / Chris | Pre-Close | HIGH |
Financial & Rent Roll — 9 items
| # | Action | Owner | Due | Priority |
|---|---|---|---|---|
| 27 | Obtain Rent Manager full export (resident ledger cards, AR aging, payment history) to validate rent roll. | Chris / Seller | 4/7 | CRITICAL |
| 28 | Reconcile 30 lots with unknown/blank lot type (SV:21, OC:7, LAV:2) — confirm POH vs TOH classification. | Chris | 4/7 | CRITICAL |
| 29 | Bank statement reconciliation against T12 P&L revenue — 36 statements across 3 properties. Bank stmts → | Chris | 4/7 | HIGH |
| 30 | Audit security deposit records — 135 units at $0 (39%). Confirmed policy-based but verify via Rent Manager export. | Chris | 4/10 | HIGH |
| 31 | Request 12-month collections history — validate $19,962 current AR and identify chronic non-payers. | Chris | 4/10 | HIGH |
| 32 | Verify flat rent structure — confirm no tiered pricing lost in export; clarify how POH home income is booked. | Chris | 4/10 | HIGH |
| 33 | Confirm 2025 tax payment status — ensure $31,831 unpaid balance is prorated at closing. | Fidelity / Chris | 4/7 | HIGH |
| 34 | Request misc charge breakdown by type (RUBS, pet fees, storage, late fees) for other income modeling. | Chris | 4/10 | MEDIUM |
| 35 | Validate La Vista 62% unknown move-in dates — critical for turnover and tenure analysis. | Chris | 4/10 | MEDIUM |
POH & Insurance — 5 items
| # | Action | Owner | Due | Priority |
|---|---|---|---|---|
| 36 | Review POH lease terms in Folder F — confirm rent escalation provisions and LTO terms for 21 lease-to-own units. | Chris / Legal | 4/7 | HIGH |
| 37 | Get POH insurance allocation from 26-27 POH Policy — need per-home or per-property cost breakdown. | Chris | 4/15 | MEDIUM |
| 38 | Model POH conversion strategy — evaluate expanding lease-to-own to reduce long-term maintenance obligation. | Chris | 4/15 | MEDIUM |
| 39 | Confirm POH personal property tax liability — review Folder E home tax records for 2025 amounts. | Chris | 4/15 | MEDIUM |
| 40 | Review permits & licenses from seller (ETA 4/1) — verify operating permits, zoning approvals, MH dealer licenses current. | Keiana | 4/10 | MEDIUM |
Site Visit & Physical — 8 items
| # | Action | Owner | Due | Priority |
|---|---|---|---|---|
| 41 | Confirm site visit dates — target week of 4/13 (Mon–Wed). Confirm with Kris/Ben by 4/4. Coordinate Derek, CapEx team, inspectors. | Chris / Derek | 4/4 | HIGH |
| 42 | Schedule visits for all 3 properties — focus on SV vacant lots, OC road conditions, POH inspections, ADA compliance. | Chris / Jeff | 4/15 | HIGH |
| 43 | Physical inspection of POH fleet — 9 abandoned homes (SC:5, OC:4) and older units (9 Schult/Liberty 1992–2002). | Chris / Jeff | 4/15 | HIGH |
| 44 | Walk all Oasis roads/parking — photograph failures, compare to PCA report (Jul 2025), get contractor quote for $41K scope. | Chris / Jeff | 4/15 | HIGH |
| 45 | ADA compliance verification — OC has zero accessible parking (350 spaces), SC has only 2 (430 spaces). Leasing office stairs with no ramp. | Chris / Jeff | 4/15 | HIGH |
| 46 | Inspect all 53 vacant lots — assess condition, infrastructure, lease-up readiness (SV:37, OC:13, LAV:3). | Chris / Jeff | 4/15 | HIGH |
| 47 | La Vista survey encroachments — verify fence (4.3 ft) and building (6.5 ft) encroachments during site visit. Coordinate with title counsel. | Chris / Legal | 4/15 | HIGH |
| 48 | Confirm ACM management at OC and SC office/maintenance buildings — verify good condition during site walk. | Chris | 4/15 | MEDIUM |
CapEx & Negotiation — 3 items
| # | Action | Owner | Due | Priority |
|---|---|---|---|---|
| 49 | WRONG COMMUNITY: CapEx spreadsheet received 3/30 was for a different property. Request correct seller CapEx docs for SV, OC, LAV — project descriptions, costs, dates, contractors, permits, warranties (past 3–5 years). | Chris / Kris | 4/7 | CRITICAL |
| 50 | Negotiate Oasis road repair credit or escrow holdback ($41K) based on PCA findings + site visit confirmation. | Chris / Jeff | 4/15 | MEDIUM |
| 51 | Prepare estoppel templates (contingency) — seller says not needed, but CMBS Loan §4.18 may require. Be ready if Midland/PNC requests. | Matt / Chris | 4/10 | MEDIUM |
Pre-Closing — 7 items
| # | Action | Owner | Due | Priority |
|---|---|---|---|---|
| 52 | Finalize underwriting model with all DD findings — tax reassessment, updated CapEx, utility costs, RUBS assumptions. | Chris | Pre-Close | HIGH |
| 53 | Update investor pitch deck with confirmed numbers — POH counts, return metrics, risk disclosures. | Chris | Pre-Close | HIGH |
| 54 | Review all 37 executed leases for non-standard terms, rent escalation provisions, term consistency. | Chris / Legal | 4/15 | MEDIUM |
| 55 | Evaluate RUBS implementation — water/sewer $365K/yr (75% of utilities). Research Pueblo regulations, check sub-metering status. | Chris | 4/15 | MEDIUM |
| 56 | Verify SV Comcast Cable ($4,336/yr) — bulk resident deal or office-only? Evaluate post-close need. | Chris | 4/15 | MEDIUM |
| 57 | Research Pueblo MHC market lot rents — validate current $572–$654 against comps, confirm rent increase runway. | Chris | 4/15 | MEDIUM |
| 58 | Obtain 3-year rent increase history — verify $19 increase on SC roll and historical cadence. | Chris | 4/15 | MEDIUM |
Upcoming Meeting
Sunset Vista Final Review — Zoom, Wed 4/1 10–11 AM MDT
Invited by Sage Damiano. Prep: compile outstanding SV items, PCA flags, value-add observations.
Workload by Owner
| Owner | Active | Critical | High | Medium | Top Priority |
|---|---|---|---|---|---|
| Chris | 22 | 5 | 10 | 7 | CMBS assumption docs, bank reconciliation, underwriting model |
| Matt / Legal | 8 | 3 | 4 | 1 | Title CMBS conflict, HB20-1201 notices, MH indemnity |
| Chris / Kris (Seller) | 6 | 3 | 2 | 1 | Utility accounts, CapEx docs, missing titles, borrower items |
| Chris / Jeff | 6 | 0 | 6 | 0 | Site visit, road inspection, POH fleet, ADA, vacant lots |
| Keiana | 2 | 0 | 1 | 1 | Utility account setup, permits & licenses review |
| Fidelity | 1 | 0 | 1 | 0 | 2025 tax proration ($31,831) |
Final Gate
Prepare final DD approval package — compile all findings, risk summary, go/no-go recommendation
Owner: Chris | Target: Pre-Close
$3.8M
Y5 NOI
+34.9%
NOI Growth (Y1→Y5)
$3.5M
Y5 Lot Revenue
95%
Stabilized Occ.
$2.2M
Y5 Net Cash Flow
18%
Project IRR
5-Year NOI & Cash Flow Forecast
| Line Item | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| Effective Gross Revenue | $4,272,699 | $4,732,581 | $4,992,497 | $5,266,620 | $5,556,226 |
| Lot Rent Revenue | $2,616,888 | $2,878,596 | $3,141,444 | $3,334,332 | $3,501,720 |
| Home Rent / POH | $1,278,282 | $1,574,109 | $1,571,241 | $1,649,783 | $1,768,912 |
| Utility Reimb. (RUBS) | $173,424 | $201,672 | $211,756 | $222,343 | $233,461 |
| Other Income | $204,105 | $78,204 | $68,056 | $60,162 | $52,133 |
| Operating Expenses | $1,427,025 | $1,559,902 | $1,612,794 | $1,667,602 | $1,717,947 |
| NOI | $2,845,674 | $3,172,678 | $3,379,703 | $3,599,018 | $3,838,279 |
| Operating Margin | 66.6% | 67.0% | 67.7% | 68.3% | 69.1% |
| NOI YoY Growth | — | +11.5% | +6.5% | +6.5% | +6.6% |
| Below-the-Line | $237,746 | $248,467 | $255,203 | $262,239 | $269,600 |
| Debt Service | $883,009 | $1,161,452 | $1,325,809 | $1,325,809 | $1,325,809 |
| Net Cash Flow | $1,724,919 | $1,762,759 | $1,798,691 | $2,010,970 | $2,242,870 |
Occupancy Projections
LEASE-UP ASSUMPTIONS
Fill rate: 3 lots/month across portfolio to reach 95% stabilized occupancy by Year 3–4. Sunset Vista has the most upside (27 vacant lots). Oasis and La Vista are near-stabilized already.
SUNSET VISTA
Current: 82% (169/206) → Target: 95%
| Lots to Fill | 27 lots |
| Fill Rate | ~3/month |
| Stabilize By | Month 9 |
| Year 5 | 95% (196) |
OASIS
Current: 92% (148/161) → Target: 95%
| Lots to Fill | 5 lots |
| Fill Rate | ~2/month |
| Stabilize By | Month 2 |
| Year 5 | 95% (153) |
LA VISTA
Current: 91% (29/32) → Target: 97%
| Lots to Fill | 2 lots |
| Fill Rate | ~1/month |
| Stabilize By | Month 1 |
| Year 5 | 97% (31) |
| Portfolio Occupancy | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| Occupied Lots | 346 | 362 | 376 | 380 | 380 |
| Total Lots | 399 | 399 | 399 | 399 | 399 |
| Portfolio Occupancy | 87% | 91% | 94% | 95% | 95% |
| Vacant Lots | 53 | 37 | 23 | 19 | 19 |
Per-Lot Rent Projections (Year 1–5)
RENT GROWTH ASSUMPTIONS
Annual lot rent increase: 5% (aggressive but achievable in value-add MHC). POH home rent premium: $200–$400/mo layered on top of lot rent. Current rents are at or slightly below Pueblo market for comparable MHC ($600–$700 lot rent range).
| Metric | Year 1 (Current) | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| SUNSET VISTA (206 lots @ $654) | |||||
| Lot Rent | $654 | $687 | $721 | $757 | $795 |
| Projected Occupancy | 82% | 88% | 93% | 95% | 95% |
| Occupied Lots | 169 | 181 | 192 | 196 | 196 |
| Ann. Lot Revenue | $1,325,592 | $1,491,684 | $1,661,184 | $1,780,464 | $1,869,480 |
| OASIS (161 lots @ $615) | |||||
| Lot Rent | $615 | $646 | $678 | $712 | $748 |
| Projected Occupancy | 92% | 94% | 95% | 95% | 95% |
| Occupied Lots | 148 | 151 | 153 | 153 | 153 |
| Ann. Lot Revenue | $1,092,240 | $1,170,552 | $1,245,528 | $1,307,232 | $1,373,328 |
| LA VISTA (32 lots @ $572) | |||||
| Lot Rent | $572 | $601 | $631 | $663 | $696 |
| Projected Occupancy | 91% | 94% | 97% | 97% | 97% |
| Occupied Lots | 29 | 30 | 31 | 31 | 31 |
| Ann. Lot Revenue | $199,056 | $216,360 | $234,732 | $246,636 | $258,912 |
| PORTFOLIO TOTAL | $2,616,888 | $2,878,596 | $3,141,444 | $3,334,332 | $3,501,720 |
| YoY Growth | — | +10.0% | +9.1% | +6.1% | +5.0% |
Revenue Waterfall — Where the Growth Comes From
| Revenue Driver | Year 1 | Year 5 | $ Change | % of Growth |
|---|---|---|---|---|
| Lot Rent (Rate Increases) | $2,616,888 | $3,501,720 | +$884,832 | 69% |
| From 5% annual rent growth | — | — | ~$560K | 44% |
| From lease-up (34 new lots) | — | — | ~$325K | 25% |
| RUBS / Utility Recovery | $173,424 | $233,461 | +$60,037 | 5% |
| Home Rent / POH Income | $1,278,282 | $1,768,912 | +$490,630 | 38% |
| Other Income | $204,105 | $52,133 | -$151,972 | -12% |
| TOTAL REVENUE | $4,272,699 | $5,556,226 | +$1,283,527 | 100% |
Return Milestones & Key Metrics by Year
| Metric | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| Cash on Cash Return | 7% | 7% | 7% | 8% | 9% |
| DSCR | 2.01x | 2.73x | 2.55x | 2.72x | 2.90x |
| Cap Rate (on Purchase) | 7.2% | 8.0% | 8.5% | 9.1% | 9.7% |
| Cumulative Cash Distributed | $1.7M | $3.5M | $5.3M | $7.3M | $9.5M |
| Portfolio Occupancy | 87% | 91% | 94% | 95% | 95% |
| Avg Blended Lot Rent | $630 | $662 | $695 | $730 | $766 |
KEY MILESTONES
Year 1: 8% pref return covered from day one — DSCR 2.01x provides comfortable debt cushion even during IO period.
Year 2: Portfolio crosses 90% occupancy. NOI jumps 11.5% as lease-up and rent growth compound.
Year 3: Stabilization reached at 94%+. Cash on Cash still 7% as debt service increases post-IO.
Year 4: Cash on Cash hits 8%. Cumulative distributions pass $7M. Refi or disposition analysis begins.
Year 5: Exit target. 9% CoC, 2.90x DSCR, $3.8M NOI. Gross exit value $68.4M at 5.6% cap.
Year 2: Portfolio crosses 90% occupancy. NOI jumps 11.5% as lease-up and rent growth compound.
Year 3: Stabilization reached at 94%+. Cash on Cash still 7% as debt service increases post-IO.
Year 4: Cash on Cash hits 8%. Cumulative distributions pass $7M. Refi or disposition analysis begins.
Year 5: Exit target. 9% CoC, 2.90x DSCR, $3.8M NOI. Gross exit value $68.4M at 5.6% cap.
SENSITIVITY — WHAT BREAKS IT
Breakeven Exit Cap: 7.0% — 140bps of cushion vs. 5.6% exit assumption.
Breakeven Rent Growth: 0% — returns hit target even with zero rent increases.
Risk: Lease-up stalls — If occupancy stays at 87%, Y5 NOI drops ~$300K but DSCR stays above 2.0x.
Risk: Commercial tax class — RESOLVED: Residential classification confirmed 4/1. Modeled at 6.7% residential rate.
Risk: RUBS blocked — If RUBS can't be implemented, lose $60K-$160K in utility recovery.
Breakeven Rent Growth: 0% — returns hit target even with zero rent increases.
Risk: Lease-up stalls — If occupancy stays at 87%, Y5 NOI drops ~$300K but DSCR stays above 2.0x.
Risk: RUBS blocked — If RUBS can't be implemented, lose $60K-$160K in utility recovery.
Exit Scenario — Year 5 Disposition
Exit Valuation
| Y5 NOI | $3,838,279 |
| Exit Cap Rate | 5.6% |
| Gross Exit Value | $68,358K |
| Less: Loan Payoff | ($21,914K) |
| Less: Closing Costs | ($417K) |
| Net Exit Proceeds | $46,027K |
Investor Returns at Exit
| Project IRR | 18% |
| MOIC | 2.1x |
| LP IRR | 16% |
| LP Multiple | 1.92x |
| GP IRR | 42% |
| Waterfall | 95/5, 8% pref, 70/30 |
Sunset Vista Portfolio — Rent Roll Analysis
PORTFOLIO RENT ROLL SUMMARY
Combined rent roll analysis across all 3 communities (399 total lots). Data sourced from Rent Manager export dated 3/10/2026. All rents are flat within each community — no tiered pricing by lot type observed.
Total Lots
399
Occupied
346
Vacant
53
Portfolio Occ %
86.7%
Monthly Occ. Rent
$217,480
Monthly Vac. Loss
$33,909
Ann. Occ. Rent
$2,609,760
Ann. Possible Rent
$3,016,668
Per-Property Rent Summary
| Property | Lots | Occ. | Vac. | Occ % | Rent/Lot | Mo. Occ. Rent | Mo. Vac. Loss | Ann. Occ. Rent |
|---|---|---|---|---|---|---|---|---|
| Sunset Vista | 206 | 169 | 37 | 82.0% | $654 | $109,872 | $19,620 | $1,318,464 |
| Oasis | 161 | 148 | 13 | 91.9% | $615 | $91,020 | $5,535 | $1,092,240 |
| La Vista | 32 | 29 | 3 | 90.6% | $572 | $16,588 | $1,716 | $199,056 |
| PORTFOLIO | 399 | 346 | 53 | 86.7% | $629 avg | $217,480 | $26,871 | $2,609,760 |
Lot Type Breakdown by Property
| Property | POH | TOH | LTO | Unknown | Total | POH % of Total |
|---|---|---|---|---|---|---|
| Sunset Vista | 86 (72 occ) | 84 (79 occ) | 15 (13 occ) | 21 (5 occ) | 206 | 41.7% |
| Oasis | 36 (33 occ) | 113 (109 occ) | 5 (5 occ) | 7 (1 occ) | 161 | 22.4% |
| La Vista | 7 (5 occ) | 23 (23 occ) | 0 | 2 (1 occ) | 32 | 21.9% |
| PORTFOLIO | 129 | 220 | 20 | 30 | 399 | 32.3% |
⚠ KEY FINDING: FLAT RENT STRUCTURE
All lots within each property are charged the same rent regardless of lot type (POH, TOH, LTO). Sunset Vista: $654/lot. Oasis: $615/lot. La Vista: $572/lot. There is no differentiation between POH lot rent and TOH lot rent. This is unusual — most institutional operators charge higher rent to POH lots (bundled home + lot) vs. TOH lots (lot only). Misc charges do vary: POH avg ~$10–22/mo higher in misc fees (likely RUBS water/sewer pass-through or home-related charges).
Resident Tenure & Lease Analysis
| Tenure Bucket | Sunset Vista | Oasis | La Vista |
|---|---|---|---|
| < 1 year | 30 (18%) | 11 (7%) | 2 (7%) |
| 1–3 years | 45 (27%) | 29 (20%) | 9 (31%) |
| 3–5 years | 27 (16%) | 23 (16%) | 0 (0%) |
| 5–10 years | 21 (12%) | 36 (24%) | 0 (0%) |
| 10+ years | 40 (24%) | 44 (30%) | 0 (0%) |
| Unknown | 6 (4%) | 5 (3%) | 18 (62%) |
LEASE STATUS
99%+ month-to-month across all properties. Sunset Vista: 167 MTM / 2 with lease end. Oasis: 147 MTM / 1 with lease end. La Vista: 29 MTM / 0 with lease end. This is favorable — provides full flexibility for rent increases without waiting for lease renewals. However, also means residents can leave with minimal notice. Stable tenure profile at Oasis (54% residents 5+ years) and Sunset Vista (36% residents 5+ years) mitigates this risk.
Accounts Receivable & Collections Risk
| Property | # w/ Balance >$0 | Total AR | % of Occ. | Top Delinquencies |
|---|---|---|---|---|
| Sunset Vista | 12 units | $12,724 | 7.1% | SC198 ($3,792), SC115 ($1,646), SC015 ($1,416), SC104 ($790), SC069 ($772) |
| Oasis | 7 units | $3,873 | 4.7% | OC038 ($660), OC094 ($660), OC039 ($631), OC106 ($626), OC117 ($626) |
| La Vista | 5 units | $3,365 | 17.2% | LAV13 ($673), LAV14 ($673), LAV15 ($673), LAV31 ($673), LAV21 ($672) |
| PORTFOLIO | 24 units | $19,962 | 6.9% | ~1 month avg outstanding per delinquent unit |
Delinquency Report — Rent Manager 3/30/26 NEW
4.74%
Delinquent Rate
17
Delinquent Residents
$9,575
Total Delinquent
$5,234
Lot Rent Delinquent
$4,341
Home Rent (RCF)
Delinquency by Community — Lot Rent
| Community | # | Amount | Key Delinquents | Severity |
|---|---|---|---|---|
| La Vista | 2 | $1,446 | LAV15 Gonzalea ($723 — 1 mo lot+sewer+late), LAV31 Cordova ($723 — 1 mo lot+sewer+late) | LOW |
| Oasis | 3 | $2,061 | OC084 Sayers/Deceased ($1,367 — 2 mo past due), OC038 Lindsay ($660 — 1 mo), OC039 Koncilija ($35 — late fee only) | HIGH |
| Sunset Vista | 3 | $1,726 | SC115 Monack ($1,651 — 3 months delinquent), SC104 Welsh ($64 — late fee), SC053 Johnson ($11 — garbage) | CRITICAL |
| LOT TOTAL | 8 | $5,234 | 2.23% of occupied lots delinquent on lot rent |
Delinquency by Community — Home Rent (Rapid City Financial)
| Unit | Resident | Amount | Months | Notes |
|---|---|---|---|---|
| RCFOE025A | Caro, Rafael | $745 | 1 | Full month home rent |
| RCFOE031A | Desilets, Lisa | $767 | 2 | Feb + Mar home rent |
| RCFOE109A | Cordova, Annamarie | $700 | 1 | Feb home rent ($700) |
| RCFOE030A | Wolfe, Joseph | $650 | 1 | Full month home rent |
| RCFOC038A | Lindsay, Martha | $595 | 1 | Also delinquent on lot rent (OC038) |
| RCFSC104A | Welsh, Melissa | $260 | 1 | Also delinquent on SC lot rent (late fee) |
| RCFOE050A | Townsend, Brian | $240 | 1 | Partial month |
| RCFOE272A | Draper, Anthony | $180 | 1 | Pro-rated from 3/23 |
| RCFOE104A | Quezada, Cinthya | $141 | 1 | Partial amount |
| RCFOC135A | Cruz, Edna | $63 | 1 | Partial amount |
| RCFOE028A | Crouch, Jasmyn | $0.22 | 1 | Rounding / trivial |
| HOME RENT TOTAL | $4,341 | 11 | Primarily OC (Oasis) POH units under RCF entity |
Delinquency DD Findings
• OC084 Sayers/Deceased — Darrell A Sayers is deceased. 2-month delinquency ($1,367) accruing with late fees. Need to confirm estate status, responsible party, and plan for unit turnover.
• SC115 Monack — 3-month delinquent ($1,651) with Jan rent at only $212 (vs. current $654). Possible payment plan or pending eviction. Longest-tenured delinquent in portfolio.
• Home rent delinquency ($4,341) is separate from lot rent — booked under Rapid City Financial LLC entity. These represent POH-specific collection risk that won't transfer to buyer unless POH portfolio is acquired.
• 4.74% overall rate is healthy for MHC (industry avg 5-8%). However, two accounts (Sayers + Monack) represent 31% of total delinquency and need immediate attention.
• Two residents appear on both lists: Lindsay (OC038 lot + RCF home rent = $1,255 combined) and Welsh (SC104 lot + RCF home rent = $325 combined).
• SC115 Monack — 3-month delinquent ($1,651) with Jan rent at only $212 (vs. current $654). Possible payment plan or pending eviction. Longest-tenured delinquent in portfolio.
• Home rent delinquency ($4,341) is separate from lot rent — booked under Rapid City Financial LLC entity. These represent POH-specific collection risk that won't transfer to buyer unless POH portfolio is acquired.
• 4.74% overall rate is healthy for MHC (industry avg 5-8%). However, two accounts (Sayers + Monack) represent 31% of total delinquency and need immediate attention.
• Two residents appear on both lists: Lindsay (OC038 lot + RCF home rent = $1,255 combined) and Welsh (SC104 lot + RCF home rent = $325 combined).
Security Deposit Exposure
| Property | $0 Deposit Count | % of Occ. | Avg Deposit | Risk Assessment |
|---|---|---|---|---|
| Sunset Vista | 73 units | 43% | $576 | High exposure. 43% of occupied units have $0 security deposit on file. |
| Oasis | 54 units | 36% | $401 | Moderate exposure. Many long-tenured residents predating deposit policy. |
| La Vista | 8 units | 28% | $383 | Lower exposure but smallest community. |
⚠ RED FLAG: $0 SECURITY DEPOSITS
135 of 346 occupied units (39%) have $0 security deposit. This represents significant turnover cost exposure. At an assumed $1,500 avg turn cost per lot, the unprotected exposure is ~$202,500. Recommend requiring deposits for all new move-ins and implementing a phased deposit collection plan for existing residents at next rent increase.
Vacancy Analysis & Lease-Up Opportunity
| Property | Vacant | Vac. Rate | Vacant POH | Vacant TOH | Mo. Revenue at Fill | Notes |
|---|---|---|---|---|---|---|
| Sunset Vista | 37 | 18.0% | 14 | 5 | +$24,198/mo | 16 vacant lots have unknown type. Largest lease-up opportunity. |
| Oasis | 13 | 8.1% | 3 | 4 | +$7,995/mo | 6 vacant lots unknown type. Near stabilized occupancy. |
| La Vista | 3 | 9.4% | 2 | 0 | +$1,716/mo | 1 vacant lot unknown type. Small community, near stable. |
| TOTAL | 53 | 13.3% | 19 | 9 | +$33,909/mo | $406,908/yr revenue upside at full occupancy |
Rent Roll DD Action Items
| # | Action Item | Priority | Owner | Status |
|---|---|---|---|---|
| RR-1 | Obtain Rent Manager data export (resident history, ledger cards, AR aging report) to validate rent roll accuracy | CRITICAL | Chris | OPEN |
| RR-2 | Reconcile 30 lots with unknown/blank lot type classification (21 SV, 7 OC, 2 LAV) | CRITICAL | Chris | OPEN |
| RR-3 | Verify why all rents are flat within each community — confirm no tiered pricing lost in data export | HIGH | Chris | OPEN |
| RR-4 | Request 12-month collections history — validate AR balances and identify chronic non-payers | HIGH | Chris | OPEN |
| RR-5 | Audit security deposit records — confirm $0 balances are actual missing deposits vs. data gaps | HIGH | Chris | OPEN |
| RR-6 | Inspect all 53 vacant lots during site visit — assess condition, infrastructure, and lease-up readiness | HIGH | Ops Team | OPEN |
| RR-7 | Research Pueblo market lot rents to validate $654/$615/$572 against comps — confirm rent increase runway | MEDIUM | Chris | OPEN |
| RR-8 | Obtain last 3 years of rent increase history — verify $19 increase amount shown on SC roll vs. actual cadence | MEDIUM | Chris | OPEN |
| RR-9 | Request misc charge breakdown by type (RUBS, pet fees, storage, late fees) to model other income accurately | MEDIUM | Chris | OPEN |
| RR-10 | Validate 62% “unknown” move-in dates at La Vista — critical for understanding turnover and tenure | MEDIUM | Chris | OPEN |
Lease Audit — 37 Leases Reviewed
Source: Folder F — Executed Leases · 37 PDFs analyzed (17 text-extractable, 20 OCR-processed)
SC = Sunset Country · OC = Oasis · LAV = La Vista
SC = Sunset Country · OC = Oasis · LAV = La Vista
Total Leases
37
SC: 19 · OC: 15 · LAV: 3
Lease Type
100%
All POH (Park-Owned Home)
Rent Range
$555–$795
OC: $555–$596 · SC: $635–$795
Compliance Gaps
5
Items requiring legal review
Unreadable PDFs
4
Failed OCR — manual review needed
Critical Compliance Findings
RED FLAGS
1. No RUBS/billback language — Zero leases authorize utility cost allocation. RUBS implementation requires new addenda for all 346 occupied lots.
2. Security deposits not documented — No security deposit amounts extracted from any lease. Verify with Rent Manager — CO law requires deposits to be held in escrow.
3. Late fee terms unclear — Leases reference “Default Charges” after 11:59 PM on the 7th but specific dollar amounts not found. CO law caps late fees at reasonable amounts.
4. SC Lot 67 at $25/mo — Extreme outlier (98% below market). Likely an employee, relative, or legacy arrangement. Must be corrected post-close.
5. Multiple leases state utilities “included in rent” — SC 183, SC 190, SC 203 explicitly state utilities will not be charged separately. These leases must be replaced before RUBS billing.
2. Security deposits not documented — No security deposit amounts extracted from any lease. Verify with Rent Manager — CO law requires deposits to be held in escrow.
3. Late fee terms unclear — Leases reference “Default Charges” after 11:59 PM on the 7th but specific dollar amounts not found. CO law caps late fees at reasonable amounts.
4. SC Lot 67 at $25/mo — Extreme outlier (98% below market). Likely an employee, relative, or legacy arrangement. Must be corrected post-close.
5. Multiple leases state utilities “included in rent” — SC 183, SC 190, SC 203 explicitly state utilities will not be charged separately. These leases must be replaced before RUBS billing.
OBSERVATIONS
Two lease templates detected — Older OC/SC leases use a shorter form (~5 pages text-extractable). Newer leases (2025–2026) appear to be 17–22 page scanned documents with more comprehensive terms.
No fixed-term leases found — All extractable leases appear to be month-to-month or open-ended. No annual term locks. Good for operational flexibility.
Pet policy present — Most leases include a pet addendum. SC 118 shows $25/mo pet rent. Standard across portfolio.
Assignment/subletting provisions — Standard clause requiring landlord consent found in most leases. No unusual restrictions.
Utility charge line items — Several OCR’d leases show $9.50–$10.50 “if applicable” utility fees. Appears nominal — not proportional cost recovery. Clarify with seller.
No fixed-term leases found — All extractable leases appear to be month-to-month or open-ended. No annual term locks. Good for operational flexibility.
Pet policy present — Most leases include a pet addendum. SC 118 shows $25/mo pet rent. Standard across portfolio.
Assignment/subletting provisions — Standard clause requiring landlord consent found in most leases. No unusual restrictions.
Utility charge line items — Several OCR’d leases show $9.50–$10.50 “if applicable” utility fees. Appears nominal — not proportional cost recovery. Clarify with seller.
Sunset Country Estates — 19 Leases
| Lot | Tenant | Rent | Date | Term | Utility Provisions | Flags |
|---|---|---|---|---|---|---|
| SC 1 | Bozeman | $654 | 3/14/2026 | M2M | $10.50 util fee “if applicable” | — |
| SC 17 | — | $795 | 2/16/2026 | M2M | Not specified | — |
| SC 25 | — | $635 | 8/1/2025 | M2M | $10.50 util fee “if applicable” | — |
| SC 33 | Alcala | N/A | 7/31/2025 | M2M | Not specified | Rent not extracted |
| SC 38 | — | $795 | 1/31/2026 | M2M | Not specified | — |
| SC 67 | — | $25 | 1/3/2026 | M2M | Not specified | OUTLIER — 98% below mkt |
| SC 70 | Coberly | $654 | 1/14/2026 | M2M | Utility charges permitted by law | — |
| SC 114 | Hernandez | $756 | 3/4/2026 | M2M | Not specified | Non-standard rent ($756) |
| SC 118 | Muniz | $635 | 6/9/2025 | M2M | Lessee pays gas, heat, electric, rubbish. Water/sewer if metered individually; shared W/S allocated. | Most detailed util clause |
| SC 128 | — | $725 | 1/1/2025 | M2M | Not specified | Non-standard rent ($725) |
| SC 132 | Tafoya | $635 | 7/12/2025 | M2M | Not specified | — |
| SC 145 | Montoya & Cruz | $654 | 1/16/2026 | M2M | $10.50 util fee “if applicable” | — |
| SC 151 | — | $635 | 9/25/2025 | M2M | Not specified | — |
| SC 175 | — | $795 | 3/9/2026 | M2M | Not specified | — |
| SC 180 | — | $795 | 3/22/2026 | M2M | Utilities referenced in outstanding charges | — |
| SC 183 | — | $635 | 7/24/2025 | M2M | Utilities “included in rent” | RUBS blocker |
| SC 190 | Sandoval | $635 | 2/7/2025 | M2M | Utilities “included in rent” | RUBS blocker |
| SC 203 | — | $635 | 10/13/2025 | M2M | Utilities “included in rent” | RUBS blocker |
| SC SUMMARY | $635–$795 | All M2M · All POH | 3 RUBS blockers · 1 rent outlier | |||
Oasis Mobile Country Club — 15 Leases
| Lot | Tenant | Rent | Date | Term | Utility Provisions | Flags |
|---|---|---|---|---|---|---|
| OC 2 | — | $595 | 6/13/2025 | M2M | Not specified | — |
| OC 21 | — | $595 | 3/13/2026 | M2M | Not specified | — |
| OC 5 | — | $596 | 6/15/2023 | M2M | Not specified | Oldest lease (2023) |
| OC 52 | — | N/A | Feb 2026 | — | Failed OCR | Manual review needed |
| OC 53 | — | $595 | 4/24/2025 | M2M | Charges whether or not separately metered; utility charges to lessees permitted by law | — |
| OC 57 | Hartney | N/A | 9/30/2025 | M2M | Lessee pays for metered utility service | Rent not extracted |
| OC 61 | — | N/A | — | — | Not specified | Minimal extraction |
| OC 69 | Erickson | N/A | Nov 2025 | — | Failed OCR | Manual review needed |
| OC 71 | — | $595 | 5/2/2025 | M2M | $9.50 util fee “if applicable” | — |
| OC 94 | — | $595 | 7/11/2025 | M2M | Not specified | — |
| OC 116 | Benfatti | $595 | 11/22/2025 | M2M | Lessee pays gas, heat, electric; metered utility service | — |
| OC 121 | — | $595 | 11/8/2025 | M2M | Charges permitted by law | — |
| OC 138 | Etherton | $595 | 1/31/2025 | M2M | $9.50 util fee “if applicable” | — |
| OC 150 | Esquibel | N/A | May 2025 | — | Failed OCR | Manual review needed |
| OC 156 | Salazar | $555 | 8/1/2023 | M2M | Not specified | Below market — 2023 rate |
| OC 159 | Kramer | N/A | Aug 2025 | — | Failed OCR | Manual review needed |
| OC SUMMARY | $555–$596 | All M2M · All POH | 4 failed OCR · 1 below market | |||
La Vista MHP — 3 Leases
| Lot | Tenant | Rent | Date | Term | Utility Provisions | Flags |
|---|---|---|---|---|---|---|
| LAV 6 | — | N/A | — | — | Not specified | Minimal extraction |
| LAV 8 | — | N/A | — | — | Not specified | Minimal extraction |
| LAV 21 | — | N/A | — | — | Not specified | Minimal extraction |
| LAV SUMMARY | $572 (per rent roll) | All appear M2M · All POH | 3 minimal extraction — manual review needed | |||
La Vista leases had minimal text extraction. All 3 PDFs returned no readable text via standard extraction or OCR. Rent data sourced from Rent Manager export ($572/lot). Manual review of physical lease documents recommended.
Rent Distribution Analysis
| Rent Tier | Count | % | Properties | Notes |
|---|---|---|---|---|
| $25 | 1 | 3% | SC 67 | Extreme outlier — verify arrangement with seller |
| $555 | 1 | 3% | OC | Legacy 2023 rate — below current OC standard of $595 |
| $572 | 3 | 9% | LAV | La Vista standard rate (per rent roll) |
| $595–$596 | 10 | 30% | OC | Oasis standard rate. $596 is legacy (OC 5, June 2023). |
| $635 | 7 | 21% | SC | SC mid-tier rate (older leases) |
| $654 | 4 | 12% | SC | SC standard current rate |
| $725–$756 | 2 | 6% | SC | Above standard — possibly renovated units or premium lots |
| $795 | 4 | 12% | SC | SC top-tier rate — all 2026 leases. Likely new move-ins at market rate. |
| TOTAL EXTRACTED | 32 | — | — | 5 leases had no rent data extracted (4 OCR failures + 1 minimal) |
RENT ESCALATION ANALYSIS
SC shows clear rent progression over time: $635 (mid-2025) → $654 (late 2025) → $725–$756 (select units) → $795 (2026 new leases). This represents a 25% increase from $635 to $795 within 8 months. OC rents remain flat at $595, with one legacy lease at $555 (2023). SC is actively pushing rates while OC has not adjusted rents meaningfully. Post-close, the model assumes 5%/yr increases across all properties — the SC trajectory suggests this is achievable. OC’s $595 base has significant room to move toward $654+ in Year 1.
Lease Audit Action Items
| # | Action | Priority | Detail |
|---|---|---|---|
| 1 | Draft new RUBS lease addendum | CRITICAL | Must comply with HB25-1090 four conditions + CO Division of Housing water billing requirements. Include allocation methodology, admin fee disclosure, common area exclusion, monthly billing format. |
| 2 | Replace “utilities included” leases | CRITICAL | SC 183, SC 190, SC 203 explicitly state utilities included in rent. These must be terminated and replaced with new leases before RUBS billing begins. 60-day notice required. |
| 3 | Investigate SC Lot 67 ($25/mo) | CRITICAL | Ask seller/Kris about this arrangement. If employee housing, confirm if it transfers with the sale. If legacy deal, plan correction to market rate ($654+) post-close with proper notice. |
| 4 | Verify security deposits with Rent Manager | HIGH | No deposits found in lease documents. CO law requires deposits held in escrow. Check Rent Manager for deposit ledger. If no deposits collected, this is a compliance gap the seller must address. |
| 5 | Manual review of 4 failed OCR leases | HIGH | OC 52, OC 69, OC 150, OC 159 could not be processed. Request cleaner copies from seller or review physical originals at site visit. |
| 6 | Confirm late fee structure | MEDIUM | Leases reference default charges after the 7th but specific amounts unclear. Clarify with seller and ensure compliance with CO Revised Statutes §38-12-104. |
| 7 | Standardize lease template post-close | MEDIUM | Two different templates in use. Plan to roll all residents onto Silver Lands standard MHC lease at next renewal. Include RUBS addendum, updated pet policy, and standardized terms. |
SOURCE DOCUMENTS
Studio 168 Productions
Sunset Vista Estates
399-Lot Manufactured Housing Portfolio • Pueblo, Colorado
3-Community Acquisition • 5-Year Hold • I-25 Corridor
18%
Net IRR
2.1x
Equity Multiple
7%
Year 1 CoC
80%
Y1 Depreciation
$75K
Per Lot Basis
Projected NOI Growth
Y1
Y2
Y3
Y4
Y5
5-Year Growth
+35%
Cash-on-Cash Yield
Y1
Y2
Y3
Y4
Y5
8% Preferred Return
Monthly Distributions
Capital Structure
$48.4M
Total
LP Equity
$26.5M
$150K minimum
CMBS Assumption
$21.9M
54% LTV • 6.45% fixed
Value Creation Waterfall
$2.85M
Current NOI
+$885K
Lot Infill
+$282K
Utility Recap
+$125K
POH Conv
$3.84M
Y5 NOI
CapEx Investment
$2.2M over 5 years
Portfolio Composition
Sunset Country
206 lots
86%
178 occupied • 28 vacant lots • Primary infill target
Oasis
161 lots
95%
153 occupied • Highest occupancy • Stable cash flow anchor
La Vista
32 lots
84%
27 occupied • Boutique community • Rent growth upside
Total Lots 399
Occupied 360
POH Units 196
POH Occ 88%
Blended Occupancy 90%
Investment Terms
EntitySunset Vista Estates 168 LLC
Preferred Return8%
GP Promote20% above pref
Asset Mgmt Fee1.5%
GP Co-Investment5%+ of equity
Minimum Investment$150,000
DistributionsMonthly
Onboarding Period90 days
Investment Thesis
Below-Market Basis
$75K per lot vs $95K+ market comps. Immediate equity cushion with downside protection at 54% LTV.
Multiple Value Levers
15-lot infill, 75%+ utility recapture, POH-to-TOH conversion, and organic rent growth across all 3 communities.
Recession-Resilient
Affordable housing with 90% occupancy, heavy TOH mix, and I-25 corridor demand drivers in healthcare, education, and government.
Ready to Invest?
Review the full investor deck for detailed financials, property photos, market analysis, and risk disclosures.
Kristen Kealer • kkealer@s168p.com
|
Sage Damiano • sdamiano@s168p.com
Investor-Facing Marketing Page
Full Interactive Experience Available
Maps, animated charts, market data, portfolio details, and investment terms — designed for LP distribution.
Open Marketing Page
Earnest Money
$350K
Deposited
Inspection Period
TBD
45 days from Sched. 7.1 delivery — commencement date pending
DD Responses
Received
Ben replied 3/31 w/ docs + answers
CMBS Assumption
App Due 4/3
6.45% fixed — Period ends 5/19
Critical Dates Timeline
| Date | Event | Status | Notes |
|---|---|---|---|
| 3/3/2026 | LOI Executed | COMPLETE | Original price $38,562,000. Signed by both parties. |
| 3/20/2026 | PSA Effective Date | COMPLETE | Price reduced to $38,172,919 (11 POH sold between LOI and PSA). PSA & LOI → |
| 3/22/2026 | Buyer Signs PSA | COMPLETE | Studio 168 fully executed. |
| 3/23/2026 | PSA to Escrow / CMBS Contact Initiated | COMPLETE | PSA sent to Fidelity. Keiana contacted Midland/PNC. |
| 3/24/2026 | DD Data Room Shared | COMPLETE | Kris Wessel shared Google Drive link with all DD materials. |
| 3/25/2026 | Title Commitment Deadline (PSA §5) | COMPLETE | Per CDL: Buyer to procure title commitment within 5 days of Effective Date. Fidelity National Title engaged. |
| 3/25/2026 | Escrow Opened / $250K EM Wired | COMPLETE | Fidelity GF# 9001312600125. First EM tranche deposited. Critical dates letter delivered by Grace Wilson. |
| 3/26/2026 | $100K EM Balance / ALTA Surveys / OTP Allocations | COMPLETE | Full $350K EM confirmed. Matt sent existing ALTA surveys to Fidelity. Seth requested OTP price allocations — Matt confirmed: SV $19,518,439 / OC $16,194,468 / LAV $2,460,012. |
| 3/27/2026 | Formal DD Request Sent to Seller | COMPLETE | Chris sent 20-item DD request to Kris: 9 empty folders, 2 partial deliverables, 4 POH-specific, 2 financial clarifications, CMBS assumption status, 2 regulatory items. Priority: bank reqs + tax reassessment exposure first. |
| 3/28/2026 | DD Review Underway | COMPLETE | PCA deep dive complete. Dashboard updated with site visit checklist. Loan docs received from Midland/PNC. |
| 3/29/2026 | Seller Acknowledges DD Request / Estoppel Clarified | COMPLETE | Kris confirmed receipt, shared with Ben (seller’s principal). Kris flagged no estoppel language in PSA — Chris corrected: estoppel required under Loan Agreement §4.18 (lender covenant), not PSA. Site visit dates requested by Kris (prefers Mon–Wed). |
| 3/30/2026 | Materials Review & Site Visit Scheduling | COMPLETE | Sunset Vista Materials review meeting held. Keiana: titles in progress (full box processed over weekend), inspections calendared. CDL updated to TBD for DD/inspection periods per PSA §7.1. Chris replied to Ben’s DD responses with new items (roads, roof, water, deposits, deck railings, HVAC, LTO, personal property). |
| 3/31/2026 | TODAY — Major DD Progress Across All Workstreams | IN PROGRESS | Insurance: Jon Austin (Acrisure) responded same day — SC package, POH, umbrella, loss runs received. OC package + loss runs received. LAV package, umbrella, loss runs received. Premium allocations for OC/LAV pending (master policy). Johanna Hill added for buyer replacement quotes. Seller DD: Ben provided Rent Manager access (live login), POH charge breakdown detail, SC roof invoice ($25K, June 2022), waste invoices, personal property schedule (PSA Sched. 10). Water spikes confirmed as cash-basis timing — not actual usage. Security deposits: lot-only tenants don’t pay deposits (confirmed). MPOP evidence now in Drive. Lender: Henny Heisler (Princeton Capital) sent CMBS lender checklist + credit info request form to Chris/Keiana/Matt. Title: FNF CO office did not deliver commitments by EOD — Grace Wilson confirms expected morning 4/1. Meeting: Sunset Vista Final Review scheduled Wed 4/1 10–11 AM MDT (Zoom, invited by Sage Damiano). |
| 4/1/2026 | Sunset Vista Final Review — Zoom | SCHEDULED | Wed 10–11 AM MDT. Invited by Sage Damiano. Review SV-specific DD findings, PCA flags, and value-add items. |
| 4/1/2026 | Title Commitments Delivered by FNF | RECEIVED | Grace Wilson (Fidelity National Title) delivered title commitments 4/1. Outstanding items list expected EOD. |
| 4/13–4/15 | Site Visit — TARGET DATES (UNCONFIRMED) | PENDING | Mon 4/13 through Wed 4/15. Coordinating with Derek and Kris. Kris prefers Mon–Wed. Awaiting final confirmation. |
| 4/3/2026 | Seller DD Materials Deadline (PSA §7.1) | CONTRACTUAL | Per CDL: Seller must deliver all Schedule 7.1 DD materials within 10 business days of Effective Date. Also triggers survey delivery deadline (PSA §5). 4 days away. |
| 4/3/2026 | Loan Assumption Application Deadline (PSA §8.3) | CONTRACTUAL | Per CDL: Buyer must submit complete application to Assumed Lender (Midland/PNC) within 10 business days of Effective Date. At Buyer’s sole cost. 4 days away. |
| 4/10/2026 | DD Material Request Deadline (Buyer-Imposed) | UPCOMING | Internal target for receiving all 9 missing deliverable categories + POH data from seller. One week after contractual deadline. |
| 4/10/2026 | Financial DD Deep Dive Complete | UPCOMING | Bank statement reconciliation, T12 audit, lease review complete. |
| 4/13–4/15 | Site Visit — All 3 Properties | TARGET (UNCONFIRMED) | Physical inspection of all 3 properties, POH condition assessment. Target: Mon 4/13 through Wed 4/15. Awaiting final confirmation from seller. |
| TBD | DD PERIOD / INSPECTION PERIOD EXPIRES | TBD | Per CDL (PSA §7.1): DD period = 45 days from DD Period Commencement Date. Commencement date = when Seller delivers ALL Schedule 7.1 materials. Contractual delivery deadline is 4/3/2026, but materials still outstanding. If delivered 4/3, DD expires ~5/18. Buyer may terminate for any reason before deadline; deposit released to Seller per PSA §7.1(3). |
| 4/20/2026 | Legal & Regulatory Review Complete | UPCOMING | Title clear, OTP compliance confirmed, zoning verified. |
| 4/28/2026 | DD Approval Package to IC | UPCOMING | Final DD memo with go/no-go recommendation to Investment Committee. |
| 5/19/2026 | Loan Assumption Period Expires (PSA §8.9) | CONTRACTUAL | Per CDL: 60 days from Effective Date. Buyer and Seller must receive written confirmation from Assumed Lender that Loan Assumption and Release have been approved by this date. If not approved, either party may terminate. |
| TBD | OTP 120-Day Period Expires | TBD | Must confirm when OTP notices were sent. Closing cannot occur before OTP period expires per Colorado OTP Statutes. Closing date is later of: (a) 30 days after DD period or OTP expiration, or (b) 5 business days after Loan Assumption Period. |
| 7/17/2026 | Earliest Possible Closing Date (PSA §15.1) | CONTRACTUAL | Per CDL: Closing not before 120 days from Effective Date (7/17/2026). Actual close = later of: (I) 30 days after DD Period or OTP expiration; (II) 5 business days after Loan Assumption Period. |
| TBD | Closing — Est. July–Sept 2026 | TARGET | Per CDL: not before 7/17/2026. Extension available for $50K non-refundable deposit (15-day extension per PSA §15.1). Ultimate termination date: 3/20/2027 (365 days from Effective Date). |
Master DD Calendar
April 2026
Tue 4/1
Sunset Vista Final Review — Zoom 10–11 AM MDT
Title Commitments expected from FNF (Grace Wilson)
Thu 4/3
CONTRACTUAL: Seller DD Materials Deadline (PSA §7.1)
10 business days from Effective Date. Also triggers survey delivery (PSA §5).
CONTRACTUAL: Loan Assumption Application Due (PSA §8.3)
Complete application to Midland/PNC. At Buyer’s sole cost.
Fri 4/10
Internal: All remaining seller DD materials received
Internal: Financial DD deep dive complete (bank recon, T12, lease review)
~4/20
Legal & Regulatory Review Complete
Title clear, OTP compliance confirmed, zoning verified.
~4/28
DD Approval Package to Investment Committee
Final go/no-go recommendation memo.
May 2026
~5/18
DD / Inspection Period Expires
45 days from DD Commencement Date (PSA §7.1). Buyer may terminate for any reason before this date.
5/19
CONTRACTUAL: Loan Assumption Period Expires (PSA §8.9)
60 days from Effective Date. Must have written Midland/PNC approval by this date or either party may terminate.
July – September 2026
7/17
Earliest Possible Closing Date (PSA §15.1)
120 days from Effective Date. Actual close = later of: 30 days after DD/OTP expiration, or 5 business days after Loan Assumption Period.
TBD
OTP 120-Day Period Expires
Closing cannot occur before OTP expiration. Must confirm when OTP notices were sent.
TBD
TARGET CLOSE — Est. July–Sept 2026
Extension available for $50K non-refundable deposit (15-day). Ultimate termination: 3/20/2027.
Unscheduled
TBD
Site Visit — All 3 Properties
Physical inspection, POH assessment. Seller prefers Mon–Wed. Coordinate with Jeff and team.
TBD
Investor Package / Capital Raise Launch
Pending DD completion and IC approval.
Recent Communications
| Date | From | Summary | Action |
|---|---|---|---|
| 4/2 | Grace Wilson | Fidelity | Acknowledged Matt’s title revision requests. Looped in Kory Jahnke to respond on behalf of FNF underwriting. Surveys and prior Commonwealth policies re-attached. | AWAITING |
| 4/2 | Matt Molloy | Molloy Law | Comprehensive title review sent to Fidelity: (1) Revise commitment for loan assumption structure (not payoff) — DOT Rec #2389079 & Assignment Rec #2389080 to be permitted encumbrances; (2) Review Commonwealth policies for assumption endorsement with Midland/PNC; (3) Owner’s policy: delete Exceptions 1–4, issue CO 110.1-06; (4) Update Pueblo Conservancy District exceptions (OC & SC); (5) Update La Vista Street Improvement Cost Recovery (Rec #1536522); (6) Request Mobile Home Indemnity Agreement form; (7) Buyer SPE vesting info pending lender input. Attached all 3 ALTA/NSPS surveys + prior loan policies. | SENT |
| 4/1 | Grace Wilson | Fidelity | Delivered Title Commitment NCSCO05145 for Pueblo 3-Pack portfolio. Commitment sent to full deal team (Matt, Chris, Tommy, Mordy, Sophia, Henny, Jeff B, Keiana). Noted outstanding items list to follow by EOD. | RECEIVED |
| 3/31 | Jon Austin | Acrisure | All 3 property insurance packages, loss runs, umbrella & POH policies delivered. SC on separate policy; OC & LAV on master package — premium allocations pending from underwriter. Assigned Johanna Hill for replacement coverage quotes. | RECEIVED |
| 3/31 | Henny Heisler | Princeton Capital | Sent lender checklist (Required Items and Contact Sheets.xls) and CMBS credit questionnaire for loan assumption application. Deadline: 4/3 (PSA §8.3). | ACTION |
| 3/31 | Ben Braband | Saddleback | Comprehensive response to all new DD items: Rent Manager login granted, POH charge breakdown detail attached, roads ($50K paving done), SC roof replaced June 2022, water spikes = cash-basis timing, security deposits $0 for lot-only confirmed, vacancy by community confirmed, rent increase history provided (2024–2026), waste invoices attached, personal property schedule attached. | NOTED |
| 3/31 | Sage Damiano | S168P | Scheduled “Sunset Vista — Final Review” Zoom for 4/1 at 10:00 AM MDT. Attendees: Chris, Jeff M., Tommy, Kristen K., Jeff B. | SCHEDULED |
| 3/31 | Chris Meriwether | SLMG | Sent insurance DD request to Acrisure (Jon Austin) covering property-level premium breakdowns, POH insurance allocation, loss runs for OC/LAV, coverage details for CMBS assumption, and replacement coverage quoting. | SENT |
| 3/30 | Ben Braband | Saddleback | Responded to all 20 DD items via Kris. Multiple uploads to data room. Offered Rent Manager login, insurance broker contact (Jon Austin, Acrisure), and direct coordination for site visit. | NOTED |
| 3/30 | Kory Jahnke | Fidelity | Updated Critical Dates Letter to reflect TBD for DD/inspection periods per buyer's request. | NOTED |
| 3/29 | Kris Wessel | DD request acknowledged. Seth shared list with Ben (Saddleback) — will report back. ✓ Estoppel question resolved: confirmed no estoppel language in PSA Section 7. Requirement exists only in CMBS Loan Agreement Section 4.18 (lender covenant). | RESOLVED |
| 3/27 | Seth Weiland | Confirmed OTP price allocations: SV $19,518,439 / OC $16,194,468 / LAV $2,460,012. Ashley Ravn confirmed as co-counsel. | NOTED |
| 3/26 | Matt Molloy | Fidelity Title engaged — escrow opened. GF# 9001312600125. Amanda Brower assigned as escrow officer. | NOTED |
Title Commitment Analysis — NCSCO05145
COMMITMENT DETAILS
| Commitment # | NCSCO05145 |
| Commitment Date | March 20, 2026 |
| Issued By | Fidelity National Title Insurance Co. |
| Title Officer | Shawn Cardin — (719) 337-3326 |
| Escrow Officer | Grace Wilson — grace.wilson@fnf.com |
| Escrow No. | 9001312600125 |
| Insurance Amount | $38,172,919 |
| Policy Type | ALTA Owner’s Policy 2021 |
| Premiums | $25,795 ($24,988 + $95 + $550 + $162) |
| Expires | Sept 16, 2026 (180 days from commitment) |
VESTING & PARCELS
| Buyer | Studio 168, LLC |
| Parcel 1 (Oasis) | DE Oasis MHP LLC — Fee Simple |
| Parcel 2 (SC) | DE Sunset Country MHP LLC — Fee Simple |
| Parcel 3-A (LAV) | DE La Vista MHP LLC — Fee Simple |
| Parcel 3-B (LAV) | Easement Only — 40-ft utility strip |
| Parcel 3-C (LAV) | Spoone Subdivision Lots 1–5 — Fee Simple |
| Assessor Parcels | 10 parcels across 3 properties |
⚠ TITLE FLAGS REQUIRING ACTION
| # | Item | Priority | Action Required |
|---|---|---|---|
| 1 | CMBS Release vs. Assumption Conflict (Req #6) Commitment requires full release of $21.9M deed of trust (German American Capital Corp, Reception No. 2389079). We are assuming, not paying off. Requirement as written conflicts with deal structure. ✓ 4/2: Matt sent revision request to Fidelity — DOT (Rec #2389079) & Assignment (Rec #2389080) to be reflected as permitted assumed encumbrances. Grace Wilson acknowledged; Kory Jahnke assigned to respond. |
IN PROGRESS | Awaiting revised commitment from Kory Jahnke / FNF underwriting reflecting assumption structure. Lender counsel (Midland/PNC) will have further comments. |
| 2 | HB20-1201 Tenant Notice — 90-Day Clock (Req #15) Colorado statute requires 90-day notice to MHP tenants before closing + Affidavit of Compliance to local government and Division of Housing. OTP notices going out 4/3–4/4. |
CRITICAL | Confirm OTP notices satisfy HB20-1201. If notices go out 4/4, earliest compliant close = ~July 3. Aligns with CDL §15.1 (not before 7/17). |
| 3 | Insurance Amount — CONFIRMED Coverage: $38,172,919 = real property allocation. SVE homes ($2.6M) handled outside of title via separate Bills of Sale. Amount is correct. |
OK | No action needed. |
| 4 | 180-Day Commitment Expiration: Sept 16, 2026 If Sched. B Part I requirements not met within 180 days of 3/20, commitment terminates. Only 15 days past Sept 1 target close. |
HIGH | Track closing timeline against this hard deadline. If delays push past Sept 16, will need commitment extension from FNF. |
| 5 | Mobile Home Indemnity Agreement (Req #16) Both buyer AND seller must execute before title insurance issued. ✓ 4/2: Matt requested form of MH Indemnity Agreement from Fidelity & asked re: additional home-specific documentation requirements. |
IN PROGRESS | Awaiting form from FNF. Once received, Matt to prepare & coordinate with seller’s counsel for dual execution. |
| 6 | Entity Documentation (Req #7–9, 11) OAs, good standing certs, Statements of Authority, and resolutions needed for DE Oasis MHP LLC, DE Sunset Country MHP LLC, DE La Vista MHP LLC, and Studio 168 LLC. |
MEDIUM | Request seller entity docs from Kris/Ben. Prepare Studio 168 good standing cert. |
| 7 | Survey Requirement (Req #14) Survey must be submitted at least 10 days before closing. If existing survey used, seller must furnish affidavit of no improvements since survey. |
MEDIUM | Already tracked via PSA §5. Confirm survey delivery timeline. |
| 8 | POH Excluded from Title Coverage (Exception #27) Title liability limited to real property and permanent fixtures. MH units not permanently affixed are excluded. All 196 POH (146 community + 50 SVE) not covered. |
INFO | Standard for MHP. Note in investor package. Separate POH title/lien strategy covers homes. |
| 9 | La Vista Water Line Interest (Exception #22) Recorded interest in water line connecting La Vista Hills Mobile Park from Dec 1970 deed (Reception No. 400452). May indicate shared water infrastructure. |
VERIFY | Verify on site visit — does this create shared utility obligations? Cross-reference with utility analysis. |
SCHEDULE B, PART II — EXCEPTIONS SUMMARY (27 Items)
Standard (1–8): Survey matters, unrecorded easements/liens, water rights, taxes, existing leases — all typical.
Parcel 1 / Oasis (9–12): Annexation ordinance (1972), Public Service Co easement (1974), Pueblo Conservancy District (2007), Comcast easement (2015).
Parcel 2 / Sunset Country (13–20): Multiple utility easements (1951–2008), 1973 agreement, Pueblo Conservancy District, Comcast broadband (2014).
Parcel 3 / La Vista (21–26): Utility easement (1958), water line interest (1970), Subdivision Improvements (1984), Spoone Subdivision plat (1984), Street Improvement Cost Recovery (2003), Easement/ROW (2010).
All Parcels (27): MH units excluded from coverage. Title limited to real property and permanent fixtures.
Parcel 1 / Oasis (9–12): Annexation ordinance (1972), Public Service Co easement (1974), Pueblo Conservancy District (2007), Comcast easement (2015).
Parcel 2 / Sunset Country (13–20): Multiple utility easements (1951–2008), 1973 agreement, Pueblo Conservancy District, Comcast broadband (2014).
Parcel 3 / La Vista (21–26): Utility easement (1958), water line interest (1970), Subdivision Improvements (1984), Spoone Subdivision plat (1984), Street Improvement Cost Recovery (2003), Easement/ROW (2010).
All Parcels (27): MH units excluded from coverage. Title limited to real property and permanent fixtures.
CMBS Loan Assumption Tracker
| Servicer | Midland / PNC |
| Loan # | 030512791 |
| Principal Balance | $21,914,194 |
| Rate | 6.45% Fixed |
| Open Prepayment | August 2030 |
| Assumption Fee | Est. 1% of UPB (~$219K) |
| Application Deadline | 4/3/2026 (PSA §8.3) |
| Assumption Period Ends | 5/19/2026 (PSA §8.9) |
| Est. Timeline | 60–90+ days from application |
ASSUMPTION MILESTONES
| Step | Status | Date |
|---|---|---|
| Request loan docs from servicer | Sent | 3/27 |
| Receive loan package | Complete | 3/28 |
| Submit assumption application | Due 4/3 | 4/3/2026 |
| Servicer credit review | Not started | TBD |
| Servicer approval | Not started | TBD |
| Assumption closing | Not started | TBD |
⚠ Critical Path: APPLICATION DUE TOMORROW 4/3 — 1 DAY REMAINING. Henny Heisler (Princeton Capital) sent lender checklist & credit questionnaire 3/31. Matt Molloy confirmed in 4/2 title review email that assumption process with Midland/PNC is “just beginning.” Ben verifying app status with Paige Newman at PNC. Loan Assumption Period expires 5/19/2026 (60 days from Effective Date per PSA §8.9). If not approved by then, either party may terminate. Closing not before 7/17/2026 (120 days per PSA §15.1). Extension option: $50K non-refundable for 15 additional days. Mordy/Princeton Capital team authorized by seller to work directly with servicer.
Communications Tracker
| Thread | Last Action | Date | Status | Next Step |
|---|---|---|---|---|
| Title Work — Fidelity / Molloy | 4/1: Grace Wilson delivered commitment. 4/2: Matt sent comprehensive revision request (assumption structure, exceptions, endorsements, Conservancy District status, MH Indemnity form). Grace acknowledged & looped in Kory Jahnke. | 4/2 | AWAITING | Kory Jahnke to respond with revised commitment, proforma owner’s policy, MH Indemnity form, and exception updates |
| Insurance DD (Acrisure) | Jon Austin delivered all 3 property packages, loss runs, umbrella & POH policies. Johanna Hill assigned for new quotes. OC/LAV premium allocations pending. | 3/31 | IN PROGRESS | Awaiting premium allocations; begin quote process with Johanna Hill |
| CMBS Loan Assumption | Henny sent checklist & questionnaire. Matt confirmed beginning assumption process w/ Midland/PNC in title review email (4/2). Application deadline: TOMORROW 4/3. | 4/2 | CRITICAL | Complete checklist & submit by 4/3 (PSA §8.3) — 1 DAY REMAINING |
| DD Items — Seller Responses | Ben responded to all new items (roads, roof, water, deposits, vacancy, rents, waste). Charge breakdown, waste invoices, personal property schedule, roof invoice attached. | 3/31 | RECEIVED | Review attachments; await OTP notices (Thu/Fri), permits & LTO contracts |
| Final Review Meeting | Sage Damiano scheduled “Sunset Vista — Final Review” Zoom for 4/1 at 10 AM MDT. Meeting held 4/1. | 4/1 | COMPLETE | Follow up on action items from meeting |
| Site Visit Scheduling | Target: week of 4/13 (Mon–Wed). Coordinating with Derek and Kris. Not yet confirmed by seller. | 4/1 | PENDING | Confirm dates with Kris/Ben by 4/4 |
| Seller DD Materials (PSA §7.1) | Most items delivered. Still outstanding: OTP notices (S), permits (U), LTO contracts. Deadline: 4/3/2026 | 3/31 | DUE 4/3 | Monitor data room; enforce deadline for DD period commencement |
| Tax Assessment Drafts | 3 draft emails to Keiana — UNSENT | — | ACTION | Send drafts or update & send |
| Estoppel Clarification | Loan §4.18 covenant, not PSA. Seller says estoppels “not necessary” — likely correct, but prepare templates in case lender requires them during assumption. Unlikely to be enforced. | 3/31 | LOW PRIORITY | Have estoppel templates ready; only deploy if lender requests during CMBS assumption |
| PP Allocations / OTP | Matt confirmed allocations work for Buyer. OTP notices going out Thu/Fri via seller’s counsel courier. | 3/31 | IN PROGRESS | Confirm OTP notices delivered & collect proof of service |
| Critical Dates Letter | Kory Jahnke updated CDL to TBD for DD/inspection periods per buyer request. DD period has NOT commenced. | 3/30 | UPDATED | Re-issue once seller delivers all §7.1 materials |
| Earnest Money | $350K confirmed by Amanda Brower ($250K on 3/25, $100K on 3/26) | 3/26 | COMPLETE | — |
Stakeholder Directory
Studio 168 — Leadership
| Name | Role | |
|---|---|---|
| Jeff Mendez | Principal / Managing Partner | jmendez@s168p.com |
| Jeff Bennett | Principal / Managing Partner | jbennett@s168p.com |
Silver Lands — Acquisitions & Operations
| Name | Role | |
|---|---|---|
| Chris Meriwether | VP of Acquisitions & Asset Management | chris@silverlandsmg.com |
| Keiana Manalo | DD and Asset Management | keiana@silverlandsmg.com |
| Derek Wilson | Chief Operating Officer | derek@silverlandsmg.com |
| Tommy Marcheschi | Chief Financial Officer | tommy@silverlandsmg.com |
| Nicholas Hansen | Chief Revenue Officer | nick@silverlandsmg.com |
| Lauren Taft | Vice President of Finance | lauren@silverlandsmg.com |
Silver Lands — CapEx
| Name | Role | |
|---|---|---|
| Sarge Wiebold | CapEx | sarge@silverlands.com |
| Drew Taft | CapEx | drew@silverlands.com |
| Paul Bradshaw | CapEx | paul@silverlandsmg.com |
| Jose Torres | CapEx | jose.torres@silverlandsmg.com |
Investor Relations
| Name | Role | |
|---|---|---|
| Kristen Kealer | VP of Investor Relations | kkealer@s168p.com |
| Sage Damiano | Investor Relations | sage@silverlandsmg.com |
Buyer's Legal Counsel
| Name | Role | |
|---|---|---|
| Matt Molloy | Buyer's Attorney — Molloy Law Group | matt@molloylawgroup.com |
| Sophia Gulgulian | Molloy Law Group | sophia@molloylawgroup.com |
Princeton Capital Group
| Name | Role | |
|---|---|---|
| Mordy Jurkowitz | Director | mordy@princetoncapgrp.com |
| Henny Heisler | Princeton Capital Group | henny@princetoncapgrp.com |
Seller Team
| Name | Role | |
|---|---|---|
| Kris Wessel | Seller Representative / DD Contact | kris@mhclistings.com |
| Ben | Saddleback (Seller's PM) | ben@saddlebackpro.com |
| Seth Weiland | Seller's Counsel — Otten Johnson | sweiland@ottenjohnson.com |
| Ashley Ravn | Otten Johnson (co-counsel w/ Seth) | aravn@ottenjohnson.com |
| Ali Renes | Otten Johnson | arenes@ottenjohnson.com |
| Rapid City Financial | Home Seller (POH Entity) |
Title & Escrow — Fidelity National Title
| Name | Role | |
|---|---|---|
| Amanda Brower | Commercial Escrow Officer / Branch Mgr / VP | Amanda.Brower@fnf.com |
| Grace Wilson | Commercial Escrow Assistant | Grace.Wilson@fnf.com |
| Brittney Taylor | Commercial Escrow Assistant / Escrow Officer | Brittney.Taylor@fnf.com |
| Joshua Samuel | VP of Commercial Development | Joshua.Samuel@fnf.com |
| GF# 9001312600125 · 1125 Executive Circle, Ste. 220, Irving, TX 75038 | ||
Lender / Servicer
| Name | Role |
|---|---|
| German American Capital | CMBS Originator (Deutsche Bank) |
| Midland Loan Services | Master Servicer |
| PNC Real Estate | Sub-Servicer — Loan #030512791 |
| Paige Newman | PNC — Assumption Contact |
| $21,914,194 at 6.45% fixed — single loan, all 3 parks as collateral. Loan docs received 3/28. See Debt tab for full analysis. | |
PSA Schedule 7.1 Deliverables
24 of 27 deliverables received · 370+ files in data room · Open Full Data Room
24
Received
6
In Progress
1
Resolved
370+
Total Files
NEEDS ATTENTION — 6 ITEMS
Q
Rent Manager Access / Export
Login access offered; full export at closing
IN PROGRESS
R
MPOP Registration
CO DORA registration documentation
IN PROGRESS
S
OTP Compliance Documents
Notices going out Thu/Fri 4/3-4/4 via courier
IN PROGRESS
U
Permits & Licenses
Operating permits, CDPHE wastewater, business licenses, fire inspections
IN PROGRESS
W
Title Commitments & Exceptions
Fidelity engaged. CDL received 3/25. GF# 9001312600125
IN PROGRESS
X
CMBS Loan Assumption Package
$21.9M @ 6.45% fixed. Loan docs received 3/28
IN PROGRESS
Pinned Documents
View All in Drive
Executive Summary
Deal overview & key takeaways
Underwriting Model
OneDrive · Live model
Investor Pitch Deck
PDF · Sunset Vista Portfolio
Combined Rent Roll
All 3 properties consolidated
Red Flags Summary
CMBS, OTP, tax, roads, occupancy
T12 Utility Analysis
217 bills · 5 utility types
DD Summary
Comprehensive findings narrative
CapEx Summary
7-year reserve schedule from PCA
Photo Review & Site Visit
50 photos + checklist
Operations
Contracts, Vendors, Delinquency, Property Inventory, Rent Manager, MPOP · 5 files
67%
▶
Property Photos & Videos — Google Drive
Photo Review — Executive Summary
Portfolio shows significant value-add upside but material deferred maintenance. Clearest theme: mixed housing stock — newer homes in good condition alongside aging units needing replacement — and road/infrastructure deterioration aligned with PCA findings. Tree hazards are portfolio-wide, particularly at SC where massive cottonwoods with dead limbs overhang power lines. Upside: newer homes demonstrate post-stabilization potential, common area amenities exist at OC and SC, and the bones (layout, road width, mature landscaping, utility infrastructure) are solid.
Photo Set: 50 photos across 3 properties (LV-F-1–14, Oasis-F-1–28, SC-F-2–9) · Reviewed March 29, 2026
Photo Review Findings
LA VISTA (32 LOTS)
Condition: Cleanest of three
Key Issues: ALTA survey encroachments (fence 4.3 ft + building 6.5 ft), tree hazards, 29 occupied lots to verify
Priority: Photograph encroachment areas with survey plat
Priority: Photograph encroachment areas with survey plat
OASIS MCC (161 LOTS)
Condition: Most complex, widest variation
Roads: Asphalt deterioration in nearly every photo, confirms $41K immediate
Housing: Two-tier — newer dark brown/taupe vs aging single-wides · 4 abandoned homes
Red Flags: Roads $41K, ADA $8.8K, boiler FAIR, dead tree limbs near power lines, wooden decks without railings
Opportunities: Common area refresh, re-stripe parking, tree trimming
Housing: Two-tier — newer dark brown/taupe vs aging single-wides · 4 abandoned homes
Red Flags: Roads $41K, ADA $8.8K, boiler FAIR, dead tree limbs near power lines, wooden decks without railings
Opportunities: Common area refresh, re-stripe parking, tree trimming
SUNSET COURTYARD
Condition: Strongest entrance, most dated stock
Entrance: Professional “Sunset Country Estates” signage, mature tree canopy archway
Clubhouse: Stucco building, playground, directory sign
CRITICAL: Massive cottonwoods, dead branches over power lines — arborist assessment required before close, 5-figure budget
Red Flags: Tree/power line liability, oldest housing stock, external extension cords
Clubhouse: Stucco building, playground, directory sign
CRITICAL: Massive cottonwoods, dead branches over power lines — arborist assessment required before close, 5-figure budget
Red Flags: Tree/power line liability, oldest housing stock, external extension cords
Mixed Housing Stock
ALL 3
SV/OC/LAV
Road Deterioration
OC, SC
$43.4K immediate
Tree Hazards
ALL 3
Power lines · Liability
Value-Add Amenities
OC, SC
Pavilion · Fire pit
Additional Site Visit Items from Photo Review
| # | Item | Property | Priority | What to Document |
|---|---|---|---|---|
| 1 | Tree hazards — Dead branches over power lines, massive cottonwoods | ALL | CRITICAL | Photo every dead/hazardous tree with property context. Get arborist referral. |
| 2 | Abandoned homes — Locate all 4 at Oasis, assess condition | OC | CRITICAL | Secured? Hazmat? Removal vs rehab cost per home. Lot numbers. |
| 3 | Wooden deck railings — Multiple homes lack code-compliant rails | OC | HIGH | Structural integrity, railing height/spacing, note lot numbers |
| 4 | Common area refresh — Pavilion, fire pit, blue building | OC, SC | MEDIUM | Roof/posts/electrical at pavilion. Purpose of blue building. Playground safety. |
| 5 | Lot clutter & rule enforcement — Visible violations | OC, SC | MEDIUM | Photograph clutter, non-op vehicles, external cables, mixed fencing |
| 6 | Entrance branding — SC has best entrance, rebrand opportunity | ALL | MEDIUM | Photo all entrances for Day 1 signage swap planning |
Bring to Site Visit
PCA photos (printed or tablet) · Lot maps for each property · ALTA survey plats (especially La Vista) · Tape measure · Camera (phone + backup) · Dashboard on phone/tablet · Arborist contact info · Notepad for lot-by-lot notes · Safety gear: closed-toe shoes, hard hat
Imagery Date
Nov 2022 – Sep 2023
Stops Walked
15+
Red Flags Identified
7
Interior Coverage
SC Only
Oasis & La Vista = blind spots
Sunset Country
✓ Strengths
• Clubhouse & pool area well-maintained from exterior
• Newer double-wides mixed in with older stock
• Playground/pavilion with green common area
• Strong SFR neighborhood context (Applecrest Dr)
• Newer double-wides mixed in with older stock
• Playground/pavilion with green common area
• Strong SFR neighborhood context (Applecrest Dr)
⚠ Concerns
• Asphalt cracking & alligator cracking on interior roads
• Mixed yard maintenance — some lots cluttered
• Inconsistent curbing and parking surfaces
• Mixed yard maintenance — some lots cluttered
• Inconsistent curbing and parking surfaces
⚠ Red Flags
• Deteriorating railroad-tie retaining walls (north)
• Cracked concrete pads with weed intrusion (SE)
• Vacant/neglected north common area
• Cracked concrete pads with weed intrusion (SE)
• Vacant/neglected north common area
Oasis
✓ Strengths
• Best entrance of all three — brick monument sign, flag, lamp posts
• Professional landscaping at main entrance
• Highest occupancy (95%)
• 3.7 stars on Google (102 reviews) — established reputation
• Professional landscaping at main entrance
• Highest occupancy (95%)
• 3.7 stars on Google (102 reviews) — established reputation
⚠ Concerns
• Entrance road asphalt cracking
• North perimeter chain-link with broken concrete along fence
• Adjacent apartment complex (Carlee Dr) — mixed-use context
• North perimeter chain-link with broken concrete along fence
• Adjacent apartment complex (Carlee Dr) — mixed-use context
⚠ Red Flags
• Morrison Ave boundary — deteriorating road, dead vegetation, neglected
• NO interior Street View coverage — biggest blind spot in DD
• Road ownership unclear on Morrison Ave
• NO interior Street View coverage — biggest blind spot in DD
• Road ownership unclear on Morrison Ave
La Vista
✓ Strengths
• Large mature cottonwood trees providing shade
• Adjacent Pronghorn Park development suggests growth
• Cleanest condition per DD docs
• No Google reviews = blank slate for brand
• Adjacent Pronghorn Park development suggests growth
• Cleanest condition per DD docs
• No Google reviews = blank slate for brand
⚠ Concerns
• Most rural / isolated of the three
• Gravel/dirt lots, no paved driveways
• Older 1970s-80s single-wide home stock (built 1960)
• Gravel/dirt lots, no paved driveways
• Older 1970s-80s single-wide home stock (built 1960)
⚠ Red Flags
• Well water & septic — major operational risk
• No paved internal roads — significant CapEx if paving
• Lariat Rd ownership unclear (public vs. private)
• Highest pre-1976 home risk (oldest community)
• No paved internal roads — significant CapEx if paving
• Lariat Rd ownership unclear (public vs. private)
• Highest pre-1976 home risk (oldest community)
🚨 Priority Items for Physical Inspection
Blind Spots (No Street View)
• Oasis interior streets — 161 lots completely unobserved
• La Vista interior — only perimeter views available
• All clubhouse interiors
• Pool equipment & condition (SC)
• La Vista interior — only perimeter views available
• All clubhouse interiors
• Pool equipment & condition (SC)
Infrastructure Concerns
• SC retaining walls — structural assessment needed
• La Vista well/septic systems — capacity & compliance
• Road ownership: Morrison Ave (OC), Lariat Rd (LAV)
• Pavement condition across all three communities
• La Vista well/septic systems — capacity & compliance
• Road ownership: Morrison Ave (OC), Lariat Rd (LAV)
• Pavement condition across all three communities
Neighborhood Context
Sunset Country
Middle-class SFR neighborhood. Stick-built homes with garages on Applecrest/Almondcrest Dr. Catholic church, construction business nearby. Strongest neighborhood quality of the three.
Oasis
Mixed-use area. SFR homes (Wheatridge Dr), apartments (Carlee Dr), Dollar General, self-storage nearby. S Prairie Ave is a commercial corridor. Most urban of the three.
La Vista
Rural/agricultural. Open rangeland on three sides. Pronghorn Park subdivision developing nearby (positive growth signal). Most isolated, furthest from retail services.
Street View imagery: Nov 2022 – Sep 2023 • Conditions may have changed • Interior community roads largely uncovered by Google Street View • Full printable assessment available in Pueblo_3Pack_StreetView_Assessment.docx
Year 1 NOI Uplift Target
+$482K
+24.7% over T12 baseline
Vacant Lots to Fill
53
28 SV • 13 OC • 3 LAV • 9 unknown
POH → TOH Conversions
196
101 SV • 38 OC • 7 LAV • 50 SVE
Utility Recovery Gap
$345K
$417K cost vs $72K recovered (17%)
Value Add Thesis
The Sunset Vista Portfolio represents a classic operational turnaround opportunity. Current ownership runs the portfolio as a passive cash flow play with minimal rent growth, no utility recovery program, and a large POH portfolio that requires ongoing maintenance capital. Silver Lands' playbook targets five primary value levers that collectively drive an estimated $482K in Year 1 NOI uplift (24.7% above T12 baseline of $1.95M).
Quick Wins (Months 1–6)
• Implement lot rent increases to market — $30–$50/lot/mo
• Launch RUBS program on water/sewer (40% target recovery)
• Renegotiate vendor contracts (trash, landscaping, pest control)
• Fix $25/mo employee lot — convert to market rate or formalize
• Cure 3 leases with utilities "included in rent" language
• Launch RUBS program on water/sewer (40% target recovery)
• Renegotiate vendor contracts (trash, landscaping, pest control)
• Fix $25/mo employee lot — convert to market rate or formalize
• Cure 3 leases with utilities "included in rent" language
Longer-Term (Months 6–24)
• POH → TOH conversion program (sell 30–50 homes/yr)
• Infill vacant lots — target 20 new homes Year 1
• Capital improvements: roads, signage, common areas
• Submeter water at scale (individual lot meters)
• Community rebranding & curb appeal upgrades
• Infill vacant lots — target 20 new homes Year 1
• Capital improvements: roads, signage, common areas
• Submeter water at scale (individual lot meters)
• Community rebranding & curb appeal upgrades
Lever 1: Lot Rent Increases
Current lot rents are below market across all three communities. Pueblo MHC market comps support $680–$720/mo lot rents for comparable communities. Colorado MHP Act requires 90 days written notice for rent increases >3%. All leases are month-to-month, which simplifies timing.
| Community | Current Lot Rent | Market Comp | Year 1 Target | Increase | Occupied Lots | Annual Uplift |
|---|---|---|---|---|---|---|
| Sunset Vista | $654 | $700 | $690 | +$36 (5.5%) | 178 | $76,896 |
| Oasis | $615 | $680 | $655 | +$40 (6.5%) | 153 | $73,440 |
| La Vista | $572 | $650 | $620 | +$48 (8.4%) | 29 | $16,704 |
| Total Annual Lot Rent Uplift | $167,040 | |||||
CO MHP Act Notice
90 days written notice required for increases >3%. Plan to send notices within 30 days of closing for increases effective ~120 days post-close.
Watch: OTP Sensitivity
Large rent increases during OTP waiver period could create friction with homeowner groups. Consider staging increases: Phase 1 at close, Phase 2 at 6 months.
Team Action
Ops team to prepare rent increase notice templates compliant with C.R.S. §38-12-200.1. Legal review required before mailing.
Lever 2: Utility Recovery (RUBS)
Current utility cost recovery is only 17% ($72K recovered on $417K in annual utility costs). Master-metered water/sewer is the biggest opportunity. For full regulatory analysis (HB25-1090, metering audit, lease blockers, and 90-day implementation roadmap), see the Utilities tab.
3 RUBS Blockers
SC Lots 183, 190, 203 — leases state utilities "included in rent." Must cure before RUBS applies. 90-day notice required under CO law.
Year 1 NOI Impact
+$95K at 40% recovery target. RUBS vendor selected by Close +30d, billing live by Close +90d. See Ops Handoff for execution timeline.
Lever 3: POH → TOH Conversion
The portfolio carries 196 park-owned homes (146 community + 50 SVE) that require ongoing maintenance, insurance, and turnover capital. Converting POH to TOH reduces operating burden, shifts maintenance to residents, and improves the cap rate profile for eventual exit. PSA Section 10 allows flexible purchase price allocation between real and personal property — maximize depreciation on homes pre-conversion.
| Community | POH Count | Avg Home Age | Conversion Target (Yr 1) | Avg Sale Price | Annual Maint Savings | Sale Proceeds (Yr 1) |
|---|---|---|---|---|---|---|
| Sunset Vista | 101 | 1998 | 25 | $18,000 | $1,800/home/yr | $450,000 |
| Oasis | 36 | 2001 | 12 | $20,000 | $1,800/home/yr | $240,000 |
| La Vista | 7 | 1995 | 3 | $15,000 | $1,800/home/yr | $45,000 |
| Year 1 Totals | $72K saved | $735,000 | ||||
Financing Options for Buyers
• Chattel loans (21st Mortgage, Cascade, Triad)
• Rent-to-own / lease-purchase programs
• Seller financing via Private Credit Facility SPE
• CASH program partnerships
• Rent-to-own / lease-purchase programs
• Seller financing via Private Credit Facility SPE
• CASH program partnerships
Tax Strategy
• PSA §10 allows flexible allocation between real & personal property
• Maximize allocation to homes for 5–15 yr depreciation
• Cost seg study at close to accelerate write-offs
• Homes sold generate ordinary income — offset with depreciation
• Maximize allocation to homes for 5–15 yr depreciation
• Cost seg study at close to accelerate write-offs
• Homes sold generate ordinary income — offset with depreciation
Team Action
• Ops: Grade all 196 homes (A/B/C condition) during site visit
• CapEx: Budget $3K–$5K per home make-ready for sale
• Finance: Set up Private Credit Facility SPE for seller financing
• Legal: Prepare bill of sale templates & title transfer docs
• CapEx: Budget $3K–$5K per home make-ready for sale
• Finance: Set up Private Credit Facility SPE for seller financing
• Legal: Prepare bill of sale templates & title transfer docs
Lever 4: Infill & Occupancy Growth
Portfolio is at 90% occupancy with 53 vacant lots. Sunset Vista has the largest vacancy (28 lots / 14% vacant), making it the primary infill target. Each filled lot at stabilized rent adds ~$7,800–$8,280 in annual lot revenue.
| Community | Total Lots | Occupied | Vacant | Occupancy | Yr 1 Infill Target | Yr 1 Target Occ. | Revenue Added |
|---|---|---|---|---|---|---|---|
| Sunset Vista | 206 | 178 | 28 | 86.4% | 12 homes | 92.2% | $99,360 |
| Oasis | 161 | 153 | 13 | 95.0% | 6 homes | 98.8% | $47,160 |
| La Vista | 32 | 29 | 3 | 90.6% | 2 homes | 96.9% | $14,880 |
| Year 1 Infill Totals | 20 homes | 95.5% | $161,400 | ||||
Infill Cost Estimates
• New singlewide (delivered + set): $55K–$70K
• Used home (move-in + rehab): $25K–$40K
• Lot prep (pad, utilities, skirting): $5K–$12K
• Estimated all-in per lot: $35K–$80K depending on new vs used
• Used home (move-in + rehab): $25K–$40K
• Lot prep (pad, utilities, skirting): $5K–$12K
• Estimated all-in per lot: $35K–$80K depending on new vs used
Team Action
• Ops: Confirm lot readiness (utilities stubbed, pad condition) on all 53 vacant lots during site visit
• CapEx: Get dealer quotes from Clayton, Cavco, Champion for Pueblo delivery
• Finance: Model infill ROI — target <5yr payback per home
• PM: Develop waiting list / lead pipeline pre-close
• CapEx: Get dealer quotes from Clayton, Cavco, Champion for Pueblo delivery
• Finance: Model infill ROI — target <5yr payback per home
• PM: Develop waiting list / lead pipeline pre-close
Lever 5: Expense Optimization
Current operating expenses reflect passive ownership with limited vendor oversight. Key opportunities include insurance re-bid, property tax appeal, contract renegotiation, and staffing efficiency under centralized Silver Lands management.
| Expense Category | Current Annual | Target Annual | Savings | Action Required |
|---|---|---|---|---|
| Insurance | $185,000 | $155,000 | $30,000 | Re-bid through SL portfolio carrier; bundle with existing properties |
| Property Taxes | $312,000 | $290,000 | $22,000 | File tax appeal post-closing; current assessed values above comps |
| Trash/Waste | $48,000 | $38,000 | $10,000 | Rebid contract; consolidate dumpster count; add recycling |
| Landscaping/Snow | $36,000 | $28,000 | $8,000 | Bring in-house for common areas; enforce tenant lot maintenance |
| R&M (General) | $95,000 | $80,000 | $15,000 | Shift POH repairs to tenants post-TOH conversion; bulk vendor pricing |
| Total Expense Savings | $85,000 | |||
NOI Bridge — T12 to Year 1 Stabilized
NOI Build from $1.95M → $2.43M
Baseline NOI
+$554K uplift (+28.4%)
Stabilized NOI
| Value Lever | Year 1 NOI Impact | Timeline | Difficulty | Capital Req. |
|---|---|---|---|---|
| Lot Rent Increases | +$167,040 | 90 days post-close | Low | $0 |
| RUBS Implementation | +$95,000 | 3–6 months | Medium | $5K–$10K |
| POH Maintenance Savings | +$72,000 | 6–12 months | Medium | $120K–$200K |
| Infill Revenue (net of costs) | +$135,000 | 6–18 months | High | $700K–$1.6M |
| Expense Optimization | +$85,000 | 0–6 months | Low | $0 |
| Total Year 1 NOI Uplift | +$554,040 | T12 $1.95M → Yr 1 $2.50M (+28.4%) | ||
Team Assignment Matrix
Every value lever requires cross-functional coordination. Below is the responsibility matrix showing who owns each workstream and the key pre-close and post-close milestones.
| Workstream | Owner | Pre-Close Deliverable | Post-Close Milestone | Target Date |
|---|---|---|---|---|
| Lot Rent Increases | Ops + Legal | Rent increase notice templates drafted & approved | Notices mailed within 30 days of close | Close + 30d |
| RUBS Program | Ops + PM | Vendor selected; 12 months utility invoices compiled | RUBS billing live for non-blocked units | Close + 90d |
| POH Conversion | CapEx + Finance | All 196 homes graded A/B/C; sale pricing set | First 10 homes listed for sale | Close + 60d |
| Infill Program | CapEx + Acquisitions | Vacant lot audit complete; dealer quotes received | First 5 homes ordered / delivered | Close + 90d |
| Expense Rebids | Ops + Finance | Insurance & vendor contracts identified for rebid | New contracts executed | Close + 60d |
| Tax Appeals | Finance + Legal | Current assessed values & comp data compiled | Tax protest filed with Pueblo County Assessor | Close + 90d |
| Lease Cleanup | Legal + PM | Audit of all 37 POH leases; identify non-standard terms | New standard leases issued to all month-to-month tenants | Close + 120d |
| Purchase Price Allocation | Finance + CPA | Cost segregation study scoped; PSA §10 allocation drafted | Final allocation agreed with seller (or filed independently per PSA) | At Close |
Dashboard Changelog
Running log of all edits and updates made to this dashboard. Click Executive Summary to return.
| Date | Version | Change | Tab(s) |
|---|---|---|---|
| 3/28/2026 | v1.0 | Initial dashboard build — 17 tabs covering Executive Summary, Docs, Financial Analysis, Red Flags, Investor Deck, Model, POH Analysis, Kickoff Meeting, Site Visit, Utilities, Action Items, Rent Roll Analysis, Deal Status, Photos, Debt, Forecast, Market. | All |
| 3/29/2026 | v1.1 | Mobile readability: added scroll-wrap to POH Summary by Property (4 tables) and Rent Roll Analysis (6 tables) for horizontal scrolling on mobile. |
POH, Rent Roll |
| 3/29/2026 | v1.1 | Removed estimated walk times from Site Visit “What to Expect” section and map captions. | Site Visit |
| 3/29/2026 | v1.1 | Changed all 7 embedded Google Maps from satellite view (t=k) to standard road view (t=m). |
Site Visit |
| 3/30/2026 | v1.2 | Deal Status timeline updated from Gmail: 3/28 row marked COMPLETE, new 3/29 row (Seller Acknowledges DD Request), new 3/30 row (Materials Review & Site Visit Scheduling). DD Request KPI card updated to green. Communications Tracker expanded with 4 new rows (site visit scheduling, materials meeting, estoppel clarification, CMBS status). | Deal Status |
| 3/30/2026 | v1.2 | Mobile readability: added scroll-wrap to Deal Status timeline and Communications Tracker tables. |
Deal Status |
| 3/30/2026 | v1.3 | Added Key Documents & File Links section to bottom of Deal Status tab. Includes 9 key document links (Executive Summary, Key Metrics, DD Index, DD Summary, Red Flags, CapEx Summary, Combined Rent Roll, Photo Review, T12 Utility Analysis) plus expanded Drive folder grid (PSA & LOI, Loan Docs, Investor Decks, Underwriting Model). | Deal Status |
| 3/30/2026 | v1.4 | Internal tab navigation: Added 5 clickable tab-switch links — “Debt tab” (3 instances in Docs, Red Flags, Deal Status), “POH Analysis tab” (Model tab), “Model tab” (POH Analysis). Clicking jumps directly to the referenced tab. | Docs, Red Flags, Deal Status, Model, POH |
| 3/30/2026 | v1.4 | Google Drive deep-links: 25+ document references in body text now link directly to their Google Drive folder/file. Covers: PCA, Phase 1, ALTA surveys, loss runs, insurance policies, service contracts, vendor lists, delinquency reports, Rent Manager, OTP docs, litigation, permits, CapEx records, utility bills, bank statements, T12 P&Ls, executed leases, rent rolls, and source citations. | Exec Summary, Docs, Financial, Red Flags, Action Items, Rent Roll, Utilities, POH, Deal Status |
| 3/30/2026 | v1.5 | Added hidden Changelog tab (this page). Accessible via discrete link at bottom of Executive Summary. Not visible in main tab bar. | Exec Summary |
| 3/30/2026 | v1.5 | Drafted email to Fidelity National Title (Grace Wilson / Amanda Brower) re: inspection period not commenced per PSA Section 7.1 — saved as Gmail draft in Critical Dates Letter thread. (External action, not a dashboard edit.) | N/A |
| 3/30/2026 | v1.6 | RUBS Implementation Feasibility added to Utilities tab: model assumptions ($171K Yr1 recovery, 80% target), Colorado HB25-1090 regulatory framework with AG 4-condition compliance matrix, metering status audit, lease language gap analysis, 90-day implementation roadmap, RUBS vs sub-metering comparison. Pulled data from underwriting model (FIXED 3.xlsx) and 37 executed leases. | Utilities |
| 3/30/2026 | v1.6 | Lease Audit tab (page19) added — Full audit of 37 executed leases (17 text + 20 OCR). Per-property tables with rent, dates, terms, utility provisions, flags. Rent distribution analysis ($25–$795 range). 7 action items identified. 5 critical compliance gaps: no RUBS language, missing security deposits, late fee terms unclear, $25/mo outlier, utilities-included leases. | New Tab: Lease Audit |
| 3/30/2026 | v1.6 | Market tab enhanced with 3 new sections: Fort Carson military spillover & Colorado Springs migration pressure, National MHC Sector Tailwinds 2026 (12.1% CO growth, 5.9% cap rates, +66% sales velocity), Quality of Life & Tourism Assets (Riverwalk, outdoor recreation, cultural heritage, education, healthcare). | Market |
| 3/30/2026 | v1.6 | Critical Dates Timeline updates: Closing date changed to TBD Est. July–Sept 2026 (not before 7/17 per CDL §15.1). Site visit dates pending confirmation (coordinating with Derek and Kris). Keiana draft emails row removed. Inspection period expires changed to TBD (pending Schedule 7.1 delivery). | Deal Status |
| 3/30/2026 | v1.7 | Accessibility overhaul: Keyboard navigation (arrow keys), back-to-top button, tab position indicator (X of 18), collapsible accordion sections on long tabs, jump-to-section dropdown menu, bottom tab dock (Actions, Docs, Site Visit, Deal Status). | All |
| 3/30/2026 | v1.7 | Tab reorder: Reorganized tab sequence to prioritize workflow — Summary → Deal Status → Actions → Docs → Pics → Red Flags → Site Visit → Model → Forecast → Market → Financial → Debt → Rent Roll → Lease Audit → POH → Utilities → Investor Deck → Kickoff. | All |
| 3/30/2026 | v1.8 | UX polish: Tab search bar (cross-tab content search), smooth fade transitions between tabs, reading progress bar, font size toggle (A/A+/A++), tap-to-copy on KPI values, live “Last updated” timestamp. | All |
| 3/30/2026 | v1.8 | Mobile fixes: Fixed duplicate collapsible chevrons. Lease Audit KPI grid now stacks to 2-col on mobile. Fixed header/text overlap on Lease Audit. Utility Budget table now horizontally scrollable. Section jump dropdown repositioned to avoid tab bar overlap with opaque background. Site visit status corrected to NOT CONFIRMED throughout. | Lease Audit, Utilities, Market, Deal Status |
| 3/30/2026 | v1.9 | Visual polish: Animated number counters on hero values (count up from 0). Status dots on all tab labels (green = complete, orange = in progress). Card hover lift with blue glow. Animated progress bar fills on tab load. Subtle dot grid background texture. Gradient shimmer on header accent text. | All |
| 3/30/2026 | v2.0 | Flow & navigation: DD Progress Pipeline tracker on Summary tab (clickable 7-phase pipeline). Mini charts on Utilities (donut + bar) and Financial (stacked bars + operating margin progress bars). Swipe hints for first-time mobile visitors. Deal Status reorder: Critical Dates Timeline now first. Additional scroll-wrap tables for mobile. Removed status dots from tab labels. | Summary, Financial, Utilities, Deal Status |
| 3/30/2026 | v2.1 | CDL update: Integrated Critical Dates Letter (GF# 9001312600125). New contractual deadlines: Seller DD Materials 4/3 (PSA §7.1), Loan Assumption App 4/3 (PSA §8.3), Title Commitment 3/25 (PSA §5), Loan Assumption Period 5/19 (PSA §8.9), Earliest Close 7/17 (PSA §15.1, 120-day floor). DD period = 45 days from Sched. 7.1 delivery (not yet commenced). Extension option: $50K for 15 days. Ultimate termination: 3/20/2027. | Deal Status, CMBS Tracker |
| 3/30/2026 | v2.2 | Navigation overhaul: Quick-jump A–Z sidebar with search, section anchors, and visited-tab dots. Tab bubbles reduced to minimal single-row breadcrumb-style (7px, no-wrap, auto-scroll). Sticky section headers. Breadcrumb bar shows current section on scroll. Recent Tabs dock button (last 5 visited with timestamps). Bottom dock updated. Keyboard nav race condition fixed (Value Add tab skipping). Mobile-proofed all new features at 768px breakpoint. | All |
| 3/30/2026 | v2.2 | Mobile fixes: Cleaned up mobile header (hid timestamp, PSA dates, font toggle). Utilities tab mobile card layout completely rebuilt with CSS ::before pseudo-element labels on every data cell (T12 Total, Per Month, SV/OC/LAV/Total, Payments, Phone, Status, etc.) across 5 table types. |
All, Utilities |
| 3/31/2026 | v2.3 | Major DD progress from 8 email threads: Dashboard date updated to 3/31. Deal Status timeline: 3/30 marked COMPLETE, new 3/31 row with full activity breakdown (insurance, seller DD, lender, title, meeting). DD Request KPI changed from “Acknowledged” to “Received” (Ben replied with docs). Added Sunset Vista Final Review (4/1 Zoom) and Title Commitments Expected (4/1) to timeline. | Deal Status |
| 3/31/2026 | v2.3 | Insurance DD (Jon Austin / Acrisure): Item 4 updated to PARTIAL — all 3 property policies, loss runs, and umbrellas received (SC separate policy, OC & LAV on master). Premium allocations for OC/LAV pending from underwriter. Johanna Hill added for buyer replacement coverage quotes. | Action Items |
| 3/31/2026 | v2.3 | Seller DD responses (Ben Braband): POH op statements updated to PARTIAL (Oakwood overlap, use charge breakdown + expense ratio). Rent Manager live access granted. SC clubhouse roof confirmed new (June 2022, $25K). OC roads: $50K paving done, disputes drainage. Security deposits: lot-only = $0 (confirmed). Farmhouse meter explained (expansion parcel). Personal property schedule received (PSA Sched. 10). 9 new action items added, 7 marked DONE/RESOLVED. | Action Items |
| 3/31/2026 | v2.3 | OC water spike partially explained: Ben confirmed dollar-amount doubling is cash-basis timing (unposted payment), but 1.87M gallon usage spike (vs 500–800K normal) remains unexplained. Item kept at HIGH priority — still need meter read history from Board of Water Works to rule out leak or meter error. | Action Items |
| 3/31/2026 | v2.3 | Lender DD (Princeton Capital): Henny Heisler sent CMBS lender checklist (Required Items & Contact Sheets.xls) + Credit Information Request Form (.docx). New CRITICAL action item added. Title commitments from FNF delayed to morning 4/1 (Grace Wilson confirmed). | Action Items |
| 3/31/2026 | v2.3 | KPI strip updated: Done/Resolved: 10 (was 2). Due This Week header updated to “by 4/3”. Total items: 67 (was 58). File upload action item added — 21 files from email attachments need Google Drive upload (insurance policies, loss runs, lender docs, personal property schedule, invoices). | Action Items |
| 4/1/2026 | v2.4 | Major navigation restructure: Replaced 18 individual tabs with 6 category-based navigation (Overview + Deal Management + Finance + Property + Debt & Market + Closing). Added sticky category bubble bar at top. Each category has a landing page with hero KPIs, progress bars, and clickable drill-in cards with breadcrumb navigation. Bottom dock updated to 6 buttons. Floating search button replaces A-Z sidebar. Red flag indicator added as persistent top-right element. | All |
| 4/1/2026 | v2.4 | Overview tab redesigned: Replaced text-heavy layout with visual dashboard. Added DD completion donut chart (67% animated SVG), combined milestone timeline with countdown (48 days to close), NOI bar chart by property, occupancy progress bars with 95% target markers. Hero KPIs: $38.17M price, 5.1% cap, 399 lots, 1.43x DSCR. Removed: status overview text wall, 4 embedded Google Maps, Environmental section, Phase Gates. | Overview |
| 4/1/2026 | v2.4 | Property cards enhanced: Expanded to 6 stats per card (added Price, Year Built). Added dual link bar with Maps, Street View, Tenants, POH, Utilities, CapEx drill-in links per property. Address line added to each card. | Overview |
| 4/1/2026 | v2.4 | Deal renamed: “Pueblo 3-Pack” renamed to “Sunset Vista” throughout dashboard. Property & Ops landing page expanded with Site Visit, Photos, Red Flags, and CapEx cards (moved CapEx from Debt & Market). Data Room link updated to correct Google Drive folder. | All |
| 4/1/2026 | v2.4 | Light mode improvements: Added light theme overrides for all new components — category bubbles, landing pages, landing cards, breadcrumb nav, floating search, red flag indicator, property card link bars. Full dark/light parity maintained. | All |
| 4/1/2026 | v2.5 | Gmail-synced communications update: Recent Communications expanded with 5 new 3/31 entries (Acrisure insurance DD response, Henny lender checklist, Ben’s comprehensive DD responses, Sunset Vista Final Review scheduled, insurance DD request sent). Communications Tracker overhauled — new threads for Insurance DD, Seller DD Materials deadline, updated CMBS status to CRITICAL with Henny’s checklist, OTP thread updated with courier status. CMBS Assumption Tracker critical path updated with Henny’s lender docs. | Deal Status |
| 4/1/2026 | v2.5 | Date & timeline consistency: Header/footer updated to 4/1/2026. Overview milestones: added Seller DD Materials deadline (Apr 3), Loan Assumption App deadline (Apr 3), DD Period Commencement (TBD/PENDING). Deal Management Days Remaining matched to TBD. Red Flags updated: deliverables reduced to 3 outstanding, loss runs resolved, insurance resolved, security deposits downgraded, roads/roof clarified. All landing page timestamps updated. | All |
| 4/1/2026 | v2.5 | UI fixes: Floating search button repositioned (bottom: 136px) to clear nav arrows. Search onclick fixed (openQuickJump → openSearch). Red flags light mode CSS added. Font-size toggle removed from header. | All |
| 4/2/2026 | v2.6 | Institutional branding & command palette: Added Studio 168 Productions brand bar with confidential tag and deal code. Replaced search overlay with Spotlight-style command palette (Ctrl/Cmd+K) with categorized results (Pages, Sections, Documents, Content), keyboard navigation, and 80ms debounced search. Added persistent action buttons (Docs, Model, Investors) in header. Footer seal with institutional branding. Landing page watermarks. Full light-mode typography overhaul — all custom properties shifted darker. | All |
| 4/2/2026 | v2.6 | Overview page redesigned: Removed redundant Quick Access Links (replaced by persistent header buttons). Added “This Week’s Actions” card linked to Actions tab. Command center switched from 3-column to 2×2 grid. Font sizes increased across all Overview elements (KPIs, milestones, category bars, property table, countdown panel). | Overview |
| 4/2/2026 | v2.7 | Docs page complete overhaul: Replaced 4 redundant sections (file inventory table, Drive links grid, key documents table, deliverables checklist) with consolidated card-based layout. New components: progress hero with animated donut (89%), priority triage bar (6 needs-attention items), filter pills (All/Needs Action/Complete), 9-card pinned documents strip, 7 collapsible category cards with integrated Drive links and mini progress bars. All data preserved, zero information lost. Page reduced from ~4 scroll screens to ~1.5. | Docs |
| 4/2/2026 | v2.7 | Visual polish & cleanup: Brand bar made discreet (single-line, fades on idle, “S168” monogram). SUNSET VISTA header restyled with classic tracked uppercase (removed shimmer animation). Search button moved from utility row to bottom dock (replaced Menu button). Utility row simplified to theme toggle only. Mobile brand bar cleaned up. | All |
Dashboard maintained by Chris Meriwether, VP of Acquisitions. Changes are logged as they occur during the DD process. Version numbers follow semantic convention: major.minor (e.g. v1.4 = first major build, fourth update).
67%
DD Completion
58
Action Items
4
Critical Red Flags
TBD
Days Remaining
Category Completion
70%
Action Items58 Items
Master task list by week — DD requests, follow-ups, deadlines
CommunicationsActive
Stakeholder directory, communications tracker, CMBS assumption milestones
Deal StatusActive
Critical dates timeline, master DD calendar, CMBS assumption deadlines
Documents89% Complete
Data room inventory, deliverable checklist, key documents, Google Drive links
Investor DeckComplete
18% IRR • 2.1x MOIC • 7% Y1 CoC • $26.5M equity • 8% pref
Red Flags & Risks4 Critical
CMBS assumption, POH liens, title gaps, zoning nonconformity
$1.96M
T12 NOI
51%
Operating Margin
$72K
Price / Lot
$3.8M
Pro Forma NOI (Y5)
$21.9M
CMBS Loan
6.45%
Fixed Rate / 60mo IO
Category Completion
90%
FinancialsComplete
T12 P&L, operating margins, seller budgets, expense analysis
ProjectionsIn Model
5-year pro forma, rent growth, occupancy ramp, NOI forecast
UnderwritingComplete
Model assumptions, returns, sensitivity, cap rate analysis
Debt / CMBSAssumption
$21.9M CMBS • 6.45% fixed • 30yr/60mo IO • Midland servicing • assumption in progress
CMBS Loan Overview
LOAN TERMS
| Principal Balance | $21.9M |
| Interest Rate | 6.45% Fixed |
| Loan Origination Date | October 31, 2025 |
| First Payment Date | December 6, 2025 |
| Monthly Payment Date | 6th of each month |
| Open Prepayment Date | August 2030 |
| Amortization | 30-year / 60-month IO |
| Loan Type | CMBS (Conduit) |
PARTIES
| Originator / Lender | German American Capital Corporation (Deutsche Bank affiliate) |
| Master Servicer | Midland Loan Services |
| Sub-Servicer | PNC Real Estate |
| Loan Number | 030512791 |
| Guarantor / Key Principal | Benjamin Wade Braband |
| Manager (Loan Docs) | Saddleback Valley Communities, LLC |
| Affiliate Home Owner | Rapid City Financial LLC |
Borrower Entities & Collateral
| Borrower Entity | Property | Collateral Address | Allocated Loan Amount |
|---|---|---|---|
| DE Oasis MHP LLC | Oasis (182 pads) | 2221 S Prairie Ave, Pueblo, CO | TBD — See Exhibit A |
| DE Sunset Country MHP LLC | Sunset Country (154 pads) | 5000 & 5100 Red Creek Springs Rd, Pueblo, CO | TBD — See Exhibit A |
| DE La Vista MHP LLC | La Vista (29 pads) | 3333 Starlite Dr, Pueblo, CO | TBD — See Exhibit A |
| Total (Joint & Several Liability) | $21,914,194.00 | ||
All three borrowers are jointly and severally liable. Promissory Note signed by Benjamin Braband as Manager of each entity.
Loan Covenants & Triggers
PERFORMANCE TRIGGERS
| Low DSCR Period Trigger | < 1.10x |
| Lockbox Trigger (Cash Sweep) | < 1.15x |
| Management Fee Cap | 3.0% of Rents |
| Alteration Threshold | 2.0% of Allocated Loan Amount |
⚠ DD Flag: Management fee cap of 3% is tight. Silver Lands standard is 5–6%. Must confirm assumption allows fee adjustment or negotiate carve-out. Lockbox trigger at 1.15x DSCR means cash sweep activates well above distress levels.
RESERVE & ESCROW FUNDS
| Tax Reserve | Required — Monthly |
| Insurance Reserve | Required — Monthly |
| CapEx / Replacement Reserve | Required — Monthly |
| Required Repairs Fund | Per loan schedule |
| SBA UCC Reserve | Filed 12/16/2021 CO Filing #20212123839 (Oasis only) |
Key Loan Agreement Provisions
| Section | Provision | Details & DD Implications |
|---|---|---|
| Section 4.18 | Estoppel Statement | Loan covenant requiring borrower estoppels. ✓ CONFIRMED: Estoppel requirement is only in the CMBS Loan Agreement (Section 4.18), not in the PSA. PSA Section 7 covers Inspection Contingencies only. Full-text search of 77-page PSA returned zero “estoppel” hits. UPDATE 4/1: Seller says not necessary — likely correct. Preparing templates as contingency in case Midland/PNC requests during assumption (unlikely). |
| Article 7 | Permitted Transfers | Governs assumption provisions. Must comply with all Article 7 requirements for ownership transfer. Servicer approval required for any change of control. |
| Article 9 | Sale & Securitization | CMBS securitization provisions. Loan is in a conduit pool — servicer decisions subject to PSA and pooling agreement constraints. |
| Section 2.4 | Cash Management | Cash Management Agreement required. Lockbox trigger at DSCR <1.15x initiates cash sweep to lender-controlled account. |
| Section 4.1 | Insurance Requirements | Comprehensive insurance requirements per loan agreement. Must maintain per CMBS standards. |
| Governing Law | New York | Loan governed by New York law. Any disputes or interpretation issues subject to NY courts. |
Servicing & Payment Details
SERVICING TRANSFER
| Servicing Effective Date | October 31, 2025 |
| Prior Servicer | N/A — New origination |
| Current Servicer | Midland Loan Services / PNC |
| Assumptions Email | mlsassumptions@midlandls.com |
| Hello Letter Dated | November 2025 |
| Assumption Forms | Received 3/31 |
WIRE INSTRUCTIONS
| Bank | PNC Bank, National Association |
| ABA / Routing | 043000096 |
| Credit Account | 1006967647 |
| Reference | Loan #030512791 |
DD Flags from Loan Document Review
■ CRITICAL
3% Management Fee Cap — Loan docs cap management fee at 3% of rents. Silver Lands standard is 5–6%. Must determine if assumption allows fee increase or if this is a hard covenant for the life of the loan. This could constrain NOI projections.
Lockbox at 1.15x DSCR — Cash sweep triggers at DSCR below 1.15x, which is higher than typical distress thresholds. Any NOI softness could trigger lender cash control. Y1 budget DSCR must be validated against this threshold.
Guarantor = Benjamin Braband — Key principal / guarantor on the CMBS loan. Assumption will require replacement guarantor. Must confirm Studio 168 / Silver Lands principal qualifies and what net worth / liquidity requirements apply.
Lockbox at 1.15x DSCR — Cash sweep triggers at DSCR below 1.15x, which is higher than typical distress thresholds. Any NOI softness could trigger lender cash control. Y1 budget DSCR must be validated against this threshold.
Guarantor = Benjamin Braband — Key principal / guarantor on the CMBS loan. Assumption will require replacement guarantor. Must confirm Studio 168 / Silver Lands principal qualifies and what net worth / liquidity requirements apply.
■ WATCH ITEMS
Oasis SBA UCC Filing — UCC filed 12/16/2021 (#20212123839) on Oasis property only. Need to understand if this is a subordinate lien or servicing artifact. Could complicate title at assumption.
Rapid City Financial LLC — Named as “Affiliate Home Owner” in loan docs. Likely the POH financing entity. Must trace relationship and confirm no cross-default or additional lien exposure.
Alteration Threshold 2.0% — Any property alterations exceeding 2% of allocated loan amount require lender consent. This could slow capital improvements or value-add execution during hold.
Section 4.18 Estoppel — ✓ RESOLVED: Estoppel requirement exists only in the CMBS Loan Agreement as a lender covenant. PSA Section 7 = Inspection Contingencies (no estoppel language). Full-text search of all 77 PSA pages confirmed zero “estoppel” hits. Kris Wessel was correct.
Rapid City Financial LLC — Named as “Affiliate Home Owner” in loan docs. Likely the POH financing entity. Must trace relationship and confirm no cross-default or additional lien exposure.
Alteration Threshold 2.0% — Any property alterations exceeding 2% of allocated loan amount require lender consent. This could slow capital improvements or value-add execution during hold.
Section 4.18 Estoppel — ✓ RESOLVED: Estoppel requirement exists only in the CMBS Loan Agreement as a lender covenant. PSA Section 7 = Inspection Contingencies (no estoppel language). Full-text search of all 77 PSA pages confirmed zero “estoppel” hits. Kris Wessel was correct.
Assumption Process & Next Steps
| # | Step | Status | Notes |
|---|---|---|---|
| 1 | Obtain loan documents from seller / servicer | Complete | Promissory Note, Loan Agreement (115+ pages), Hello Letter received |
| 2 | Review loan covenants & identify DD flags | Complete | Key flags: 3% mgmt fee cap, 1.15x lockbox, guarantor replacement, SBA UCC |
| 3 | Confirm allocated loan amounts per property (Exhibit A) | Pending | Need Exhibit A breakdown for Oasis, Sunset Country, La Vista |
| 4 | Determine assumption fee & application requirements | Complete | ✓ Received 3/31: Midland Required Items checklists (Borrower + Assumptor), Credit Information Request Form, and Contact Sheets. Submit to mlsassumptions@midlandls.com. See full checklist below. |
| 5 | Submit assumption application to servicer | In Progress | Requires seller coordination — buyer cannot contact servicer directly. All forms received 3/31. Must complete Assumptor checklist (15 items), Credit Request Form, and Contact Sheets before submission. |
| 6 | Replacement guarantor qualification | In Progress | Credit Information Request Form received 3/31. All majority owners, managers, GPs, and proposed guarantors must complete form + provide 2 years tax returns, personal financial statements, and authorize credit pull (PNC/Midland). |
| 7 | Negotiate management fee cap (3% → 5–6%) | Not Started | Critical for Silver Lands operations model |
| 8 | Resolve Oasis SBA UCC filing | Not Started | Filing #20212123839 — determine nature and release requirements |
| 9 | Servicer credit review & approval | Not Started | 60–90+ day timeline once application submitted |
| 10 | Assumption closing | Not Started | Coordinate with PSA closing timeline |
⚠ Critical Path: CMBS assumptions typically take 60–90+ days from application. Seller must be POC with servicer (per Paige Newman, PNC). Closing timeline depends on servicer responsiveness and guarantor qualification. Must coordinate with inspection period extension if needed.
Midland Assumption Package — Required Items RECEIVED 3/31
Source: Midland Loan Services “Required Items and Contact Sheets” + “Credit Information Request Form” (January 2026 edition). All documents must be submitted via email to mlsassumptions@midlandls.com. USB/jump drives and Dropbox links are not accepted. Midland reserves the right to request additional information after review.
Borrower (Seller) Required Items
Seller must complete and submit these items. Our team should track completion.
| # | Required Item | Status |
|---|---|---|
| 1 | Seller Contact Information Sheet | Pending |
| 2 | Fully executed PSA including all amendments & exhibits | Complete |
| 3 | Current organizational chart of Borrower | Pending |
| 4 | Current rent roll for all 3 properties | Complete |
| 5 | Operating income & expense statements — YE 2025 + Q1 2026 (T12, certified) | Partial |
| 6 | Current balance sheet for Borrower (all properties) | Pending |
| 7 | Current financial statement on all loan guarantors | Pending |
| 8 | Two most recent federal tax returns (all schedules) on all guarantors | Pending |
Action: Send checklist to Kris/Ben with deadline. Items 2 & 4 already in data room. Item 5 partially available (T12 P&L received, need certified statement + Q1 2026).
Assumptor (Buyer) Required Items
Studio 168 / Silver Lands must complete and submit these items.
| # | Required Item | Status |
|---|---|---|
| 1 | Assumptor Contact Information Sheet | Pending |
| 2 | Detailed org chart — all members, managers, % ownership, identify guarantors | Pending |
| 3 | Organization documents, amendments, good standing, authority to purchase | Pending |
| 4 | Sources of cash — purchase funds, repairs, TI, leasing commissions (with statements) | Pending |
| 5 | Personal financial statements / income statements — all majority owners, managers, GPs, guarantors + RE owned list | Pending |
| 6 | Two most recent federal tax returns (all schedules) — all majority owners, managers, GPs, guarantors | Pending |
| 7 | Credit Information Request Forms — all majority owners, managers, GPs, guarantors | Pending |
| 8 | 12-month proforma operating statement + R&M budget | Pending |
| 9 | Resume / bio on all majority owners, managers, GPs, guarantors + property list (location, type, units, time owned) | Pending |
| 10 | Proposed Property Management Agreement + fee structure | Pending |
| 11 | Property management company brochure + managed property list (location, type, units, time managed, historical occupancy) | Pending |
| 12 | Resume on Key Principal of proposed PM company | Pending |
| 13 | Market sales comparisons (N/A per Midland) | N/A |
| 14 | Market rent comparisons (N/A per Midland) | N/A |
| 15 | Recent property photographs (N/A per Midland) | N/A |
Critical: Items 5–7 required for every majority owner, manager, GP, and proposed guarantor. Credit form authorizes PNC to pull personal credit reports. Must coordinate with all principals.
Credit Information Request — Key Disclosure Questions
Each proposed guarantor and majority owner must answer these questions. “Yes” answers require detailed written explanation. Form also authorizes PNC to obtain personal credit profiles from national credit bureaus.
| # | Question | Impact |
|---|---|---|
| 1 | Ever defaulted or been 30+ days delinquent on any loan over $10K? | High |
| 2 | Ever entered into or currently involved in loan workout / restructure? | High |
| 3 | Property foreclosed upon or deed-in-lieu in last 7 years? | High |
| 4 | Outstanding judgments? | High |
| 5 | Declared bankruptcy within past 7 years? | High |
| 6 | Party to a lawsuit? | Med |
| 7 | Obligated to pay alimony, child support, or separate maintenance? | Low |
| 8 | Purchaser’s gross revenues exceed $1M/year? | Med |
| 9 | Co-maker or endorser on a note? | Low |
| 10 | Past due obligation owed to / insured by federal government agency? | Med |
| 11 | U.S. Citizen? (If no: resident alien or non-resident alien?) | Info |
| 12 | Ever convicted of a felony? | High |
| 13 | Civil judgment or criminal action related to breach of fiduciary duty, fraud, misrepresentation, conversion, or turpitude? | High |
Form also requires SSN/TIN, date of birth, and home address for each signatory. Must also provide personal information for Patriot Act / anti-money laundering compliance. Includes California CCPA privacy notice.
Borrower Contact Sheet — Required Fields
• Seller Entity Name + Contact (Saddleback Valley Communities / Rapid City Financial)
• Seller Authorized Representative
• Seller Legal Counsel (law firm, attorney, contact info)
• Seller Insurance Information (carrier, agent, contact info)
• Seller Guarantors (currently Benjamin Braband)
• Property Management Info (current mgmt co, contact, fee)
• Property Inspection Contact
• 1031 Exchange? — must confirm with seller
• Target closing date? — must confirm with seller
• Seller Authorized Representative
• Seller Legal Counsel (law firm, attorney, contact info)
• Seller Insurance Information (carrier, agent, contact info)
• Seller Guarantors (currently Benjamin Braband)
• Property Management Info (current mgmt co, contact, fee)
• Property Inspection Contact
• 1031 Exchange? — must confirm with seller
• Target closing date? — must confirm with seller
Action: Send blank Borrower Contact Sheet to Kris/Ben for completion.
Assumptor Contact Sheet — Required Fields
• Buyer Entity Name + Contact (Studio 168 Capital / Silver Lands)
• Buyer Authorized Representative
• Buyer Legal Counsel (law firm, attorney, contact info)
• Buyer Insurance Information (carrier, agent, contact info)
• Proposed Replacement Guarantors — critical — must identify now
• Proposed Property Management Info (Silver Lands Mgmt Group + fee structure)
• 1031 Exchange?
• Target closing date?
• Buyer Authorized Representative
• Buyer Legal Counsel (law firm, attorney, contact info)
• Buyer Insurance Information (carrier, agent, contact info)
• Proposed Replacement Guarantors — critical — must identify now
• Proposed Property Management Info (Silver Lands Mgmt Group + fee structure)
• 1031 Exchange?
• Target closing date?
Action: Complete Assumptor Contact Sheet internally. Identify replacement guarantor(s) and confirm with legal.
Quick Access — Day Of
Source Documents
Documents reviewed for this analysis:
📄 Promissory Note — $21.9M, dated Oct 31, 2025, German American Capital Corporation
📄 Loan Agreement — 115+ pages, comprehensive CMBS terms, covenants, and exhibits
📄 Hello Letter — Midland/PNC servicing welcome, wire instructions, Loan #030512791
📄 Required Items Checklists — Borrower (8 items) + Assumptor (15 items) — received 3/31
📄 Credit Information Request Form — PNC/Midland Jan 2026 edition, 13 disclosure questions + credit authorization — received 3/31
📄 Contact Information Sheets — Borrower + Assumptor + Additional Contacts templates — received 3/31
399
Total Lots
87%
Occupancy
196
POH Count
$485K
Utility Spend (T12)
Category Completion
75%
CapExData Gap
PCA findings, Year 1 budget, 5-year plan, site visit checklists
PhotosAvailable
Property photos, aerials, street views, condition documentation
POH (196 Homes)Liens Open
Title verification, bed/bath mix, age distribution, lien analysis
Red Flags & Risks4 Critical
CMBS assumption, POH liens, title gaps, zoning nonconformity
Site VisitTBD
Physical inspection, infrastructure assessment, curb appeal, condition notes
Street ViewComplete
Google Street View walkthrough • 7 red flags • 15+ stops • OC/LAV interior = blind spots
TenantsReceived
Rent roll, occupancy by property, lease audit, security deposits
UtilitiesAnalyzed
$485K T12 across 5 types, provider directory, red flags, RUBS
170K
MSA Population
$65K
Median HH Income
$1,137
MF Asking Rent
$245K
Median Home Value
0
Units Under Constr.
Category Completion
60%
Full Market AnalysisComplete
Pueblo MSA, demographics, rent comps, CoStar data, supply/demand, crime, economic development
TBD
Site Visit
Complete
Investor Deck
Pre-Close
Ops Handoff
8
Value Add Plans
Category Completion
45%
Investor DeckComplete
15-slide deck • 18% IRR • 2.1x MOIC • $40.8M purchase • $26.5M equity
Ops HandoffPre-Close
90-day transition plan, vendor transfers, staffing, systems
PhotosSatellite
Property maps, aerial views, lot layouts
Site VisitNot Scheduled
Inspection checklists, PCA walkthrough, photo requirements
Value AddPlanned
Revenue initiatives, RUBS, rent bumps, infill, expense savings