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New here? Real operating numbers from an Indiana & Kentucky apartment portfolio — turn costs, PM fee incentives, vacancy carry, code violation fines.
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Most rental owners never choose their land/building split. The preparer applies a default, and it rides the schedule for 27.5 years.
$400K rental: 30% to land leaves $280K to depreciate. A documented 20% leaves $320K. That's ~$1,450 more in deductions, every year you hold.
Pull the assessor card and the appraisal before you close.
45.4% of 584 active listings in Tri-Valley have cut their asking price.
Sitting inventory = negotiating room.
The overpriced-and-sitting list, ranked: pocketagentpro.com/market/tr…
One of our units fell off the PM's rent roll. Not vacant. Gone.
The report runs "as of" a date. A unit mid-turn, old lease over and new one not started, has no active lease that day, so it drops off.
Count the doors on every rent roll before you read the dollars.
Before year-end, save listing screenshots, lease dates, and occupancy records for every 2026 purchase. Pull your closing file and check for written support for your land allocation. Sort Q4 spending into acquisition, start-up, and repairs.
I cover rental tax mechanics like this in RE Tax Report, a free newsletter. Not tax advice. Confirm current-year figures and conventions with your CPA. re-tax-report.beehiiv.com #RealEstateTax
Before buying again, every property must pass 7 checks: occupancy stable for a full lease cycle, trailing NOI vs pro forma explained, reserves funded, rent roll clean, systems run without you, debt resets/balloons reviewed, cash to absorb a major repair.
Score each property pass/fail every quarter. Any fail pauses acquisitions until it's fixed. Scale at the speed your operations can carry, not the speed deals show up. Frameworks like this every week in Multifamily Weekly, free: multifamilyweekly.beehiiv.co…

