Marston Flats: 8-unit multifamily sample, Dallas, TX

## Scheduled Rent & Occupancy The 8-unit portfolio produces $14,792/month ($177,504 annualized) in scheduled rent against 7 occupied units. The single vacant unit (12.5% of the portfolio) is a meaningful drag on a property this small — each unit represents one-eighth of total income. At the in-place mean of $1,849/month, the vacant unit represents roughly $22,188 in annualized scheduled rent foregone if it remains dark. On a 2025 delivery, lease-up velocity is the primary near-term credit variable. ## Loss-to-Lease Aggregate loss-to-lease is $654/month ($7,848/year), equal to 4.23% of market rent. That figure is moderate in absolute terms but the distribution across units cannot be assessed: all 8 lease records have unparseable move-in or lease-start dates, so every unit falls into the 'unparseable' tenure bucket. Without knowing which units are newly signed versus seasoned, it is impossible to determine whether the $7,848 annual gap will compress at near-term lease expirations or sit embedded for multiple years. The rollover table confirms zero leases bucketed into any forward window (0–3, 4–6, 7–12, or 13+ months), which is a direct consequence of the same data deficiency — not an indication that no leases expire. ## Rent Dispersion The $917 spread between the minimum ($1,493/month) and maximum ($2,410/month) in-place rent is wide for an 8-unit asset built in a single year. This suggests either a deliberate unit mix (e.g., studios alongside two- or three-bedrooms) or that individual unit concessions or lease-up specials are embedded in the lower-rent units. The median of $1,812 sits $37 below the mean of $1,849, consistent with a distribution that is roughly symmetric with a slight upward skew from the $2,410 top unit. ## Data Deficiencies & Underwriting Limitations Two items require resolution before a complete underwriting can be completed. First, all 8 lease commencement and expiration dates are unparseable — the IC should require a corrected rent roll with ISO-formatted dates so that rollover exposure can be bucketed and loss-to-lease burn-off can be modeled by lease year. Second, the vacant unit's market rent and any concession or free-rent period should be documented. Until tenure and rollover data are available, any projection of scheduled rent growth or re-pricing upside is speculative.