Single Family

May 2024

Holding

136 Maple was one of six Suffolk houses REIF bought together in May 2024, all cash. The purchase of all six went into litigation, and it took 18 months to resolve. That was a hole to dig out of, but Maple never stopped working. It came with a tenant, it has stayed leased the entire time, and with no loan on it the rent covered the house with room to spare. Once the litigation settled, we refinanced in January 2026 on a $180,000 appraisal. The refinance returned more cash than we paid for the house and left a modest 30-year payment the rent easily carries. In October 2026 the rent moved to $1,600. It is a long-term hold today. When the tenancy turns we plan to reposition it, and we expect it to rent for around $2,300 a month once that work is done.

• Bought as part of a six-house package that spent its first 18 months in litigation
• A long-term tenant in place, so any renovation or rent reset had to wait for the lease
• Capital tied up in an all-cash purchase while the legal process ran
• A 1,252 square foot house with original finishes, held for later repositioning

• Kept the tenant in place and the house leased every month through the litigation
• Held it debt-free, so the rent covered taxes, insurance and upkeep with cash left over
• Refinanced after the settlement into a 30-year loan on a $180,000 appraisal, pulling out all of our cash
• Raised the rent to $1,600 in October 2026, within the lease terms
• Holding long term, with a renovation planned when the tenancy turns and a target rent around $2,300