Real Estate Family Office
Annual Portfolio Review
A coordinated look at performance, equity, and the year ahead
Illustrative SamplePortfolio at a glance
Where the portfolio stands at the close of the review year.
Property-by-property
Each holding measured the same way, so the portfolio reads as one picture.
| Property | Acquired | Est. value | Equity | Rent / mo | Occ. | NOI | CoC | Status |
|---|---|---|---|---|---|---|---|---|
| 1423 Maple Ridge DrMatthews · SFR 3/2.5 | Mar 2019 | $378,000 | $198,600 | $2,150 | 100% | $17,650 | 7.4% | Hold |
| 884 Birchwood LnHuntersville · Townhome 3/2.5 | Jun 2022 | $315,000 | $83,000 | $1,975 | 92% | $13,800 | 4.6% | Improve |
| 2207 Elmscott DrConcord · SFR 4/2 | Aug 2017 | $362,000 | $240,500 | $2,300 | 100% | $19,100 | 9.8% | Evaluate |
| Portfolio | — | $1,055,000 | $522,100 | $6,425 | 97% | $50,550 | 7.3% | — |
CoC = cash-on-cash return. Occupancy reflects the share of the year the unit was leased. Values are illustrative estimates.
Performance vs. prior year
What changed, and why — the variances worth a conversation.
- Gross rent +4.0%. Renewals landed at or near market; the Concord and Matthews homes carried the gain.
- Occupancy 97% (vs. 95%). One 28-day turnover at Birchwood; the other two stayed fully leased.
- Operating expenses +6.1%. Driven by insurance (+14%) and property taxes (+5%) — outpacing rent growth this year.
- Portfolio NOI +2.8%. Rent gains were partly absorbed by the expense increase; net still moved up.
Capital-expense outlook (next 24 months)
What's coming, so a roof or an HVAC isn't a surprise.
| Property | Item | Est. timing | Est. cost |
|---|---|---|---|
| 1423 Maple Ridge Dr | HVAC nearing end of life (~12 yrs) | 12–18 mo | $7,500 |
| 884 Birchwood Ln | Exterior paint & trim | ~18 mo | $4,200 |
| 2207 Elmscott Dr | Water heater (replaced this year) | Complete | $1,650 |
| Recommended reserve to set aside | — | $12,000 | |
Refinance & equity scan
Where the debt is working, and where there may be an opportunity.
Birchwood — costliest debt
The 6.9% loan is the portfolio's most expensive. If 30-year investor / DSCR rates break ~6.0%, a refinance could improve cash flow by roughly $140/mo.
Elmscott — lightly leveraged equity
At ~33% LTV with $240K of equity, Elmscott can fund the next move — a cash-out refinance toward a fourth acquisition, or a 1031 exchange if the owner prefers to exit.
The recommendation for the year ahead
One clear call per property — hold, improve, sell, or exchange.
1423 Maple Ridge Dr — Matthews
Strong cash flow on a sub-4% loan. Keep it; fund the HVAC reserve so the replacement isn't a cash-flow event.
884 Birchwood Ln — Huntersville
Tighten turnover (it's the only occupancy drag) and watch the refinance window. The asset is sound; the debt is the opportunity.
2207 Elmscott Dr — Concord
The portfolio's most valuable, least leveraged holding. Decide with the CPA before year-end: cash-out refinance to grow, or 1031 to reposition.
What we'll coordinate next
The family-office layer: not just the numbers, but who does what, and when.
- Confirm the $12,000 capex reserve allocation with the owner.
- Set a refinance alert for Birchwood at the ~6.0% rate threshold and pre-stage the lender comparison.
- Schedule an equity-strategy session on Elmscott (cash-out vs. 1031) with the owner's CPA before Q4.
- Verify entity and title alignment across all three properties with the owner's attorney — for liability and estate planning.
- Re-confirm replacement-cost insurance coverage given the 14% premium increase.