Field Property Partners — Investment Memo
5151 San Felipe St, Houston, TX 77056
? units · Built ? · ? sqft total
WATCH
Going-in cap
6.71%
Y1 cash-on-cash
5.8%
Levered IRR (5Y)
16.5%
Equity multiple
2.02x
DSCR (Y1)
1.47
Macro context
2Y
3.98%
10Y
4.46%
30Y
5.03%
SOFR
3.59%
Going-in cap of 6.71% represents +224 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.
WATCHRecommendation rationale
Borderline — IRR 16.5% below the 18% PURSUE threshold.
Page 2 · Underwriting
| Line item | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|
| GPR | $764,640 | $787,579 | $811,207 | $835,543 | $860,609 |
| Vacancy | $-38,232 | $-39,379 | $-40,560 | $-41,777 | $-43,030 |
| EGI | $726,408 | $748,200 | $770,646 | $793,766 | $817,579 |
| Total OpEx | $-290,563 | $-299,280 | $-308,259 | $-317,506 | $-327,031 |
| NOI | $435,845 | $448,920 | $462,388 | $476,259 | $490,547 |
| Debt service | $-295,750 | $-295,750 | $-295,750 | $-295,750 | $-295,750 |
| CFADS | $140,095 | $153,170 | $166,638 | $180,509 | $194,797 |
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 |
|---|---|---|---|---|---|
| 1750 Sky Lark Ln, Unit HPO2, Houston, TX 77056 | 1BR/1BA | $2,305 | 863 | 0.07 mi | rentcast |
| 5201 San Felipe St, Unit RARH2, Houston, TX 77056 | 2BR/2BA | $2,750 | 1071 | 0.17 mi | rentcast |
| 1750 Sky Lark Ln, Unit HPO1, Houston, TX 77056 | 1BR/1BA | $1,999 | 780 | 0.07 mi | rentcast |
| 2323 Mccue Rd, Unit Dpo, Houston, TX 77056 | 1BR/1BA | $1,793 | 745 | 0.37 mi | rentcast |
| 2345 Sage Rd, Houston, TX 77056 | 1BR/1BA | $1,289 | 794 | 0.38 mi | rentcast |
| 2306 Mccue Rd, Unit C10, Houston, TX 77056 | 2BR/2BA | $1,436 | 895 | 0.35 mi | rentcast |
| 2300 Mccue Rd, Houston, TX 77056 | 1BR/1BA | $1,180 | 749 | 0.27 mi | rentcast |
| 1000 Yorktown St, Unit MS1, Houston, TX 77056 | 2BR/2BA | $1,800 | 1285 | 0.41 mi | rentcast |
| 2345 Sage Rd, Unit MS1, Houston, TX 77056 | 2BR/2BA | $1,800 | 1285 | 0.38 mi | rentcast |
| 5123 Del Monte Dr, Houston, TX 77056 | 1BR/1BA | $1,095 | 850 | 0.18 mi | rentcast |
Page 4 · Sensitivities
Sensitivities populate when assumptions update.
Page 5 · Sources & Uses + Returns Waterfall
Sources
| Senior debt 65% LTV @ 7.00% | $4.22M |
| Equity 36% of capital stack | $2.40M |
| Total sources | $6.63M |
Uses
| Purchase price | $6.50M |
| Closing costs 2.0% of price | $130,000 |
| CapEx reserve 1.5% of price | $97,500 |
| Working capital 0.5% of price | $32,500 |
| Total uses | $6.76M |
Cap stack
Senior debt 64%
Equity 36%
Returns waterfall · 70/30 LP/GP · 8% preferred return
| Party | Capital share | Approx IRR |
|---|---|---|
| LP | 70% | 13.9% |
| GP | 30% | 10.5% |
| Blended (= levered deal IRR) | 100% | 16.5% |
Equity multiple at deal level: 2.02x. 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 | $0 | housecanary |
Forward AVM, value forecasts, and MSA risk scores powered by HouseCanary (housecanary.com).
Data provenance
| Provider | Endpoint | Status | Cost ($) |
|---|---|---|---|
| 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 |