I think this is the one...Performing 1st lien:$250K balance10.9% rate50% LTVOwner-occupied SFR700+ FICOFull doc30yr amortizing, full P&I payments % of face value? 

For larger improvements, the biggest mistake I see is treating capital planning as a project-by-project decision instead of an operating system.A few principles that have worked well across multi-property portfolios:1.

Quote from @Eric Gerakos: I'm currently getting 9%to 11% for performing notes. 

Clear communication.When guests know:• exact pricing• what’s included• minimum stay expectations…bookings move faster.What’s one thing you clarified in your listing that improved conversions?

Situation:Looking at a NON PERFORMING 1st lien on a residential owner occupied SFH property that was sold with Seller Financing over 9 years ago in NC.

Fancy tile and designer fixtures raise expectations without materially improving the tenant experience.Luxury can work in the right niche, but comfort scales better.

For example, if the improvements don't meet code, he shouldn't expect to be repaid the $200k he paid to make the improvements. 

This can materially alter opex compared to a multi-family building that requires snow removal, common area cleaning & utilities, pest service and other misc. opex items that may not apply to SFH'sThen there's the reliance on self-reported data from individual investors, many of whom self-perform work, defer maintenance, or ignore routine capex items that prudent real estate operators treat as ordinary annual expenses.

I have had candid discussions with the PM where I tell they need to improve their screening process because I not have these issues in other states and they excuse this by saying that bad tenants are unavoidable in the AL market (which seems like BS to me). 

@Tove FoxDriving Park has been improving over the past few years, especially the sections closer to Nationwide Children’s Hospital and Livingston Ave, but it’s still very block-by-block, so it’s smart you’re digging into the details.