https://www.loopnet.com/Listing/21-Russo-St-Providence-RI/35918376/

Younger sibling to 65 Russo is also being sold. Both properties are pretty similar financially, but are getting slammed by higher appraisals, property taxes, and insurance. Is there a commercial BRRRR hail Mary here?

Part 1. The Basics

Part 2. Quantitative, Numbers, and Financials ("Sow Passion, Not easy mediocrity", or S2 P6 N18)

Part 3. Qualitative, Pre-Mortem, and Investor Fit (Every Time Man Profits, Don't Dismiss Serendipity)

What has to go right for the startup to return money on investment:

1. Turn around the property within a year; 2. Be diligent with costs and no unexpected repairs; repeal unjustifiably higher appraisals, 3. Higher ARV next year, increased rent rolls justify the higher valuation, zero to no delinquency or loss-to-lease after stabilization

What the Risks Are

1. Hidden renovation costs that are not being factored in; 2. Vacancy, loss to lease, tenant base never improves; 3. Taxes and insurance continue to skyrocket and gouge profits

Bonus Muhan's Notes

Updates

This is where I’ll post updates about the company. This way all my notes from offering to post-offering updates will be on one page.

Review these deal memos every time the startup raises a new round

Test if original thesis still applies

Notice trends in how you think

https://www.loopnet.com/Listing/25-Margaret-St-Pawtucket-RI/33743465/

Twelve unit in Pawtucket that hasn't sold in 3 months. Wrote another underwriting with new underwriting format.

Part 1. The Basics

Part 2. Quantitative, Numbers, and Financials ("Sow Passion, Not easy mediocrity", or S2 P6 N18)

Part 3. Qualitative, Pre-Mortem, and Investor Fit (Every Time Man Profits, Don't Dismiss Serendipity)

What has to go right for the startup to return money on investment:

1. More reasonable price; 2. Rents appreciate; 3. Expenses brought into ratio

What the Risks Are

1. Very expensive; 2. Limited growth due to FFEIC median income; 3. Ongoing expense ratio very high

Bonus Muhan's Notes

Old analyzer: https://docs.google.com/spreadsheets/d/1nV4v2BT9crCrmip7NF_CLvBrwbEwwblGvwcMls4X7wA/edit?usp=sharing

Updates

This is where I’ll post updates about the company. This way all my notes from offering to post-offering updates will be on one page.

Review these deal memos every time the startup raises a new round

Test if original thesis still applies

Notice trends in how you think

https://www.loopnet.com/Listing/65-Russo-St-Providence-RI/35918333/

More sensible 6plex is being sold in Providence. Asking about numbers and understanding expense ratios next.

Part 1. The Basics

Part 2. Quantitative, Numbers, and Financials ("Sow Passion, Not easy mediocrity", or S2 P6 N18)

Part 3. Qualitative, Pre-Mortem, and Investor Fit (Every Time Man Profits, Don't Dismiss Serendipity)

What has to go right for the startup to return money on investment:

1. Why are property taxes so high; 2. Renovation costs need to be accurate; 3. Rents have to go up

What the Risks Are

1. Insurance is going up and I know because my properties are all being squeezed;

Bonus Muhan's Notes

Updates

This is where I’ll post updates about the company. This way all my notes from offering to post-offering updates will be on one page.

Review these deal memos every time the startup raises a new round

Test if original thesis still applies

Notice trends in how you think

https://www.loopnet.com/Listing/41-Yale-Ave-Providence-RI/35922499/

Turnkey 6-plex for sale in Providence, RI. I have two buildings that I believe are larger with more bedrooms than this property, so I'd love to understand where they're getting their numbers from.

Part 1. The Basics

Part 2. Quantitative, Numbers, and Financials ("Sow Passion, Not easy mediocrity", or S2 P6 N18)

Part 3. Qualitative, Pre-Mortem, and Investor Fit (Every Time Man Profits, Don't Dismiss Serendipity)

What has to go right for the startup to return money on investment:

Very expensive

What the Risks Are

It's six 1BD1BA's, not much room to grow

Bonus Muhan's Notes

This is hysterical

Updates

This is where I’ll post updates about the company. This way all my notes from offering to post-offering updates will be on one page.

Review these deal memos every time the startup raises a new round

Test if original thesis still applies

Notice trends in how you think

Off-Market

Off-market private Rhode Island portfolio for sale. Need to figure out more about the financials and quality of the units.

Part 1. The Basics

Part 2. Quantitative, Numbers, and Financials ("Sow Passion, Not easy mediocrity", or S2 P6 N18)

Part 3. Qualitative, Pre-Mortem, and Investor Fit (Every Time Man Profits, Don't Dismiss Serendipity)

What has to go right for the startup to return money on investment:

1. Finish renovations; 2. Raise rents; 3. Purchase at a good valuation

What the Risks Are

1. Overpriced; 2. No T12; 3. Renovations underestimated

Bonus Muhan's Notes

Updates

This is where I’ll post updates about the company. This way all my notes from offering to post-offering updates will be on one page.

Review these deal memos every time the startup raises a new round

Test if original thesis still applies

Notice trends in how you think

https://www.loopnet.com/Listing/2502-Noble-Rd-Cleveland-Heights-OH/34629669/

Solid 8 unit in Cleveland Heights. Not much value to add and is under contract, but mainly underwriting to see the numbers and build relationships. Low CoC but decent IRR over 5 years.

Part 1. The Basics

Part 2. Quantitative, Numbers, and Financials ("Sow Passion, Not easy mediocrity", or S2 P6 N18)

Part 3. Qualitative, Pre-Mortem, and Investor Fit (Every Time Man Profits, Don't Dismiss Serendipity)

What has to go right for the startup to return money on investment:

Get lower purchase, add more value, stabilization has to reduce ongoing costs.

What the Risks Are

1. Already at market price; 2. Rents have limited upside; 3. Ongoing costs are high

Bonus Muhan's Notes

Good to get another deal under the belt, but very meh.

Updates

This is where I’ll post updates about the company. This way all my notes from offering to post-offering updates will be on one page.

Review these deal memos every time the startup raises a new round

Test if original thesis still applies

Notice trends in how you think

Off-Market Deal~

Parkng more notes for premium readers, subscribe to see discussion.

Total value add 11 unit of 1/1's need some TLC to be restored to its glory. Rents are super low, yearly cashflow as well, but what is the realistic ARV and return post reno?

Part 1. The Basics

Part 2. Quantitative, Numbers, and Financials ("Sow Passion, Not easy mediocrity", or S2 P6 N18)

Part 3. Qualitative, Pre-Mortem, and Investor Fit (Every Time Man Profits, Don't Dismiss Serendipity)

What has to go right for the startup to return money on investment:

1. Turn all units and make sure tenants are long term fits, 2. Property benefits from proximity to Shaker, 3. Units nearby also get improved

What the Risks Are

1. Neighboring buildings are not looking good; 2. Being on the wrong side of the tracks; 3. Units are limited in their rent potential

Bonus Muhan's Notes

So enamored by this deal but am I thinking too small?

Updates

This is where I’ll post updates about the company. This way all my notes from offering to post-offering updates will be on one page.

Review these deal memos every time the startup raises a new round

Test if original thesis still applies

Notice trends in how you think

https://www.loopnet.com/Listing/50-Common-St-Providence-RI/35675619/

Super efficient studio building in good old Providence is for sale. Units look good, limited value add, but the units are small, we need financials, and tbd on if there is enough meat on the bones.

Part 1. The Basics

Part 2. Quantitative, Numbers, and Financials ("Sow Passion, Not easy mediocrity", or S2 P6 N18)

Part 3. Qualitative, Pre-Mortem, and Investor Fit (Every Time Man Profits, Don't Dismiss Serendipity)

What has to go right for the startup to return money on investment:

1. Figure out expenses; 2. Figure out maximum rental income; 3. Boston/Providence keeps appreciation

What the Risks Are

1. Limited upside; 2. Asking price a bit high; 3. Units are small

Bonus Muhan's Notes

Honestly, if the price was right, would love to add something like this to the portfolio

Updates

This is where I’ll post updates about the company. This way all my notes from offering to post-offering updates will be on one page.

Review these deal memos every time the startup raises a new round

Test if original thesis still applies

Notice trends in how you think

It's nearing 11am and I'm coming up on 25 hours of being awake. Despite my best effort, it seems like the universe still conspires to cram calls, asks, and emergencies right before I head to Asia for a month. That said, taking a moment to read the last 5 quarters of excerpts has an instant effect of grounding me in the ~18 months that brought us here:

Mission Statement
Courtyard Sihe Partners renovates multifamily apartments in historic American cities like Cleveland, OH, to provide quality, affordable housing.

Get ready, this update is a substantial one.

Highlights

• Deploying EOS Across the Portfolio: The biggest win across portfolio was deploying the entrepreneurial operating system (EOS) weekly scorecard across all 8 apartments. I started this process in October and completed the implementation in March, with my VA updating it and running weekly syncs.
• Team Collaboration: Property manager is entering month 8 working with us, virtual assistant month 7, myself month 15. Between biweekly syncs, tracking lease up and turns to the day, ongoing education, and more time working with each other, we are building our tribe and making connections.
• Anecdotally, I chuckled when I heard our real estate agent audibly gasp upon seeing the newly renovated photos from Folsom. Apparently, Cleveland has broken many investors! It's a healthy reminder that ability is sometimes marked by superior performance, and sometimes by superior consistency.
• Cleaning House, Completing Turns: Our property manager continues to deliver. All non-paying tenants have moved on and all apartments have been renovated. As spring arrives and both buildings near completion, we are actively strategizing what is the next best move for our investors.
• Vacancy Improvement: St. Clair leased up within 1-2 months of completing renovations, with the last tenant scheduled to move in next week. Folsom also has one more tenant scheduled to move in, and we are continuing to explore higher rental prices for the newly renovated 3bd/1ba's.

Lowlights

1. Loss to Lease: Although we're leasing the apartments faster than before, the many weeks out in advance tenants request to move in causes the apartment to be vacant longer than ideal. We are still finding our balance between speed of filling the apartment and maximizing absolute price point.
2. Timing of Capital Expenditure with Vacancy: Although it's good that we have finally repossessed all apartments so we can start making renovations, the double whammy of spending large amounts to renovate without income coming in is always two sensitive variables to balance.
3. Deferred Patio Maintenance: This winter we discovered that the previous property manager neglected to forward structural concerns that the contractor brought up at the time, so the contractor got stuck and gave us incomplete work. Upon me deep diving, he did proactively take responsibility to fix things.
4. Political Uncertainty: Against the national backdrop, the effects of uncertainty locally also causes ambiguity in the power dynamic between the city small investors and landlords. While this tension has always existed, the flux has everyone in a holding pattern to see when and how the dust will settle.
5. Suboptimal Systems on the Vendor Side: At present, while we're tracking online guest cards and applications digitally, those numbers have to be manually pulled and reported by the property manager, causing delays and opacity, limiting our fine tune decision making to our PM's instinct.

Financials Comparison (2024 Q4 vs. 2025 Q1)

The feeling of completion from wrapping up another year, the natural inward reflex prompted by the cold, and the absence of sunlight, weddings, and holiday obligations. But most of all, it was the convergence of a large operational crisis in my business and the looming deadline of a major trip I’d be taking in April.

This convergence of circumstances sharpened my focus, sparking six all-nighters over two weeks as I tore through my finances, the fund’s accounts, journals, and annual reviews with unprecedented intensity. Two weeks turned into months—after January, I essentially never stopped sprinting.

Now, standing on the other side with the opportunity to take inventory, I confess I’m proud of the results—even if the high cost of growth was at times polarizing and isolating. Reflecting on the individual stress and uncertainty my business faces, I see parallels to the broader American drama unfolding. We are living in dizzying times.

In the process of pursuing my primary goal this year—to acquire a seven-figure apartment complex—I’ve grown my identity and relationships with real estate friends like never before (while falling out of touch with others). I dragged my property management teams, kicking and screaming, to a new, uncompromising standard of performance—and it paid off.

And just when I thought I had made my peace with putting certain identities on the backburner to go all-in on real estate, new inspiration struck: the obvious parallels to leverage my years of work in venture capital. Publishing deal memos, ranking on search engines for long-tail content, and establishing credibility in alternative assets with little competition for authority—it all came back into focus.

I’m running on the last fumes from the past two weeks of sprinting. Fortunately, it’s just about time to end this season of intensity. Next week, I’ll be joining my entrepreneur friends for an annual retreat in Texas. The week after, I’ll embark on a month-long voyage to Southeast Asia, with three parts:

1. Chaperoning American high school students to Taiwan.
2. Meeting my team in the Philippines.
3. Seeing my family in Guangzhou for the first time in a decade.

In times of uncertainty, I often find myself relying on two things: work and perspective. This year, life seems to have handed me both in singularly profound ways.

I look forward to returning with renewed inspiration and energy for a strong spring and summer. The rocks (major working goals) for Q2 are:

1. Repeat the tail-end performance of Q1 consistently into Q2, with all KPIs tracked weekly, all turns tracked daily, and L10 meetings run on time and efficiently every week. Delegate more work to my EA to free up my time.
2. Finish the turns for the Cleveland quads, and compare options for refinancing strategies or 1031 exchanges into new projects.
3. Underwrite 100 real estate deal memos. Use them as a calling card to: a) network with brokers, b) Create a platform for my real estate community to engage in meaningful dialogue, and c) Entertain followers with organic drama and content, in exchange for introductions to real estate contacts.

It's been a long journey with twists and turns far beyond what I could have expected. For all of you who have continued to support my journey, thank you. My goal in writing is to educate, entertain, and inform. At a minimum, I hope I’m achieving at least one of those—and I promise to aim for all three.

P.S. If you or anyone you know is looking for a meticulously modern 2BD 1BA apartment in Brooklyn for any dates between 4/8-5/8, I've got just the place here. Feel free to write to mail@muhanzhang.com for any questions or specific dates.

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Solid 26 unit in Cleveland Heights, OH for sale with a parking lot. All apartments rented to long term tenants with modest opportunity to raise rents, though maybe more upside with nicer finishes.

Part 1. The Basics

Part 2. Quantitative, Numbers, and Financials ("Sow Passion, Not easy mediocrity", or S2 P6 N18)

Part 3. Qualitative, Pre-Mortem, and Investor Fit (Every Time Man Profits, Don't Dismiss Serendipity)

What has to go right for the startup to return money on investment:

1. Negotiate the price down lower to include capex; 2. Go higher on finishes to force appreciation; 3. Demographics on Cleveland Heights only improve

What the Risks Are

1. Asking price too high; 2. Limited upsides given they're all 1/1's mostly at market rent; 3. Operating expense very high at 40% without property management

Bonus Muhan's Notes

Wonder what the seller's motivation to sell is

Cool to recognize the two brokers, reminds me of my two other Cleveland Heights deals:

Violets Manor Underwriting & Deal Memo (Closing Date: 3/24/2025)

Mid-turn commercial apartment building looking for an investor to finish the job. Seven of twelve units are leased at $754/mth. Can renovate the remaining four, really renovate the other seven, bring up all units to market, then BRRRR?

Letters from the Courtyard by Muhan ZhangMuhan Zhang

Noble Villa Underwriting & Deal Memo (Closing Date: 3/27/2025)

Large multifamily in need of massive renovation at scale for sale. Property came under contract while underwriting but broker knows the other CLE multifamilies I’ve underwritten. Would be curious to see what the seller achieves with this property.

Letters from the Courtyard by Muhan ZhangMuhan Zhang

Updates

This is where I’ll post updates about the company. This way all my notes from offering to post-offering updates will be on one page.

Review these deal memos every time the startup raises a new round

Test if original thesis still applies

Notice trends in how you think