Field Property Partners — Investment Memo

1505 Elm St, Dallas, TX 75201

? units · Built ? · ? sqft total

PURSUE

Going-in cap

10.60%

Y1 cash-on-cash

16.4%

Levered IRR (5Y)

38.7%

Equity multiple

4.16x

DSCR (Y1)

2.33

Macro context

3.98%

10Y

4.46%

30Y

5.03%

SOFR

3.59%

Going-in cap of 10.60% represents +614 bps vs 10Y.

FRED · 5/15/2026

Key risks

Macro rate environment — 50-100bps Treasury moves materially shift exit cap assumptions; see Page 4 rate-shift table.

PURSUERecommendation rationale

Levered IRR 38.7% with DSCR 2.33 and equity multiple 4.16x clears institutional thresholds. Going-in cap 10.6% prices in adequate spread to current 10Y.

Page 2 · Underwriting

Line item	Y1	Y2	Y3	Y4	Y5
GPR	$892,800	$919,584	$947,172	$975,587	$1.00M
Vacancy	$-44,640	$-45,979	$-47,359	$-48,779	$-50,243
EGI	$848,160	$873,605	$899,813	$926,807	$954,612
Total OpEx	$-339,264	$-349,442	$-359,925	$-370,723	$-381,845
NOI	$508,896	$524,163	$539,888	$556,084	$572,767
Debt service	$-218,400	$-218,400	$-218,400	$-218,400	$-218,400
CFADS	$290,496	$305,763	$321,488	$337,684	$354,367

OpEx ratio (Y1): 40.0% of EGI. Multifamily institutional benchmark: 35–45%.

Page 3 · Sale & Rent Comps

No sale comps available.

Rent comps (active listings)

Address	Unit mix	Asking rent	SqFt	Distance	Source
1401 Elm St, Apt 4505, Dallas, TX 75202	2BR/2BA	$4,400	1319	0.06 mi	rentcast
1555 Elm St, Unit 1014207P, Dallas, TX 75201	2BR/2BA	$3,660	1108	0.04 mi	rentcast
1401 Elm St, Apt 3905, Dallas, TX 75202	2BR/2BA	$3,960	1319	0.06 mi	rentcast
1555 Elm St, Unit 1014237P, Dallas, TX 75201	2BR/2BA	$2,709	1076	0.04 mi	rentcast
1555 Elm St, Unit 1014229P, Dallas, TX 75201	2BR/2BA	$2,789	1108	0.04 mi	rentcast
1509 Main St, Apt 513, Dallas, TX 75201	2BR/2BA	$2,512	1161	0.06 mi	rentcast
1555 Elm St, Apt 1502, Dallas, TX 75201	2BR/2BA	$2,444	1149	0.04 mi	rentcast
1509 Main St, Apt 213, Dallas, TX 75201	2BR/2BA	$2,469	1161	0.06 mi	rentcast
1509 Main St, Apt 210, Dallas, TX 75201	2BR/2BA	$2,195	1194	0.06 mi	rentcast
1509 Main St, Apt 1010, Dallas, TX 75201	2BR/2BA	$1,878	1194	0.06 mi	rentcast

Page 4 · Sensitivities

Sensitivities populate when assumptions update.

Page 5 · Sources & Uses + Returns Waterfall

Sources

Senior debt 65% LTV @ 7.00%	$3.12M
Equity 36% of capital stack	$1.78M
Total sources	$4.90M

Uses

Purchase price	$4.80M
Closing costs 2.0% of price	$96,000
CapEx reserve 1.5% of price	$72,000
Working capital 0.5% of price	$24,000
Total uses	$4.99M

Cap stack

Senior debt 64%

Equity 36%

Returns waterfall · 70/30 LP/GP · 8% preferred return

Party	Capital share	Approx IRR
LP	70%	29.5%
GP	30%	17.2%
Blended (= levered deal IRR)	100%	38.7%

Equity multiple at deal level: 4.16x. Pref calculation assumes IRR pro-rata distribution of total promote.

Page 6 · Forward Estimates & Methodology

Horizon	Projected value	CI low	CI high	Source
Today (AVM)	$0	$0	$0	housecanary
1-year forecast	$0	$0	$0	housecanary
3-year forecast	$0	$0	$0	housecanary
5-year forecast	$0	$0	$0	housecanary

Forward AVM, value forecasts, and MSA risk scores powered by HouseCanary (housecanary.com).

Data provenance

Provider	Endpoint	Status	Cost ($)
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attom	salescomparables/address	http_error	0.00
rentcast	/avm/rent/long-term	ok	0.00
housecanary	property/value+value_forecast	ok	0.35
housecanary	property/score_msa_details	http_error	0.00
fred	series/observations(macro)	ok	0.00
costar	costar/property	unavailable	0.00
attom	property/expandedprofile	ok	0.00
attom	salescomparables/address	http_error	0.00
rentcast	/avm/rent/long-term	ok	0.00
housecanary	property/value+value_forecast	ok	0.35
housecanary	property/score_msa_details	http_error	0.00
fred	series/observations(macro)	ok	0.00
costar	costar/property	unavailable	0.00