I do feel confident in the value he has delivered to-date and have line of sight on it creating monetary value.

Good evening, Lance,If you want to find a qualified appraiser, go to the Appraisal Institute website and select Find an Appraiser. https://ai.appraisalinstitute.org/

Boston remains a top multifamily market, driven by its world-class educational institutions like MIT and Harvard.

I use that a lot in my daily life as a broker in Reno, NV educating clients on investment decisions and in my own rental acquisitions.I also worked for an institutional flipper for two years (Wedgewood) as a project manager and flipped 70-some-odd houses for them which really helped me cut my teeth on construction management.It really depends on your strategy, but ultimately it's playing long.

Acquisition Fee: biggest driver I see (and apparently all institutions too) is level of acquisition fee.  2% or less is ideal. 

They are a younger company relative to other mortgage lending institutions and have been very active in the fix and flip and DSCR space. 

Great points, Jeff — and you’re right to highlight that the expense ratios are unusually efficient for a coastal STR.A couple of clarifications on the numbers:The current owner self-manages, which keeps cleaning and maintenance costs lower than a third-party STR manager would typically charge.Some of the repairs and CapEx were front-loaded in prior years (new flooring, appliances, and paint), so last year’s P&L reflects more of a stabilized-operations scenario.The utilities figure is accurate — it’s higher due to being master-metered for the property — but the other OPEX categories are slightly understated if you were to underwrite this as a fully managed, third-party operation.If I modeled it using a professional management assumption plus normalized reserves, the operating ratio trends closer to 48–50%, which aligns with what you mentioned for coastal STR multifamily.I appreciate you calling that out — it’s a great reminder of how much variance there can be between owner-operated and institutional-style expense reporting, especially in hybrid STR assets like this.Here's the owner's profit and loss statement for the exacts of the 2024 year.

Quote from @Craig Jones: Just want to point out that timing has a quantifiable monetary value.

This is has BK written all over it with monetary wipe outs..

Institutional or registered lenders are often exempt from usury laws, individual, unregistered, private lenders are usually not exempt, check your state usury laws.Paying any fee to obtain a loan is considered points, points are pre-paid interest, points are paid to institutional or registered lenders, not individuals.