LOUISVILLE HOUSING MARKET: Per Chandan Economics Report, Louisville has the highest occupancy rate in the USA - 98.8%. See Report attached. OPPORTUNITY ZONE: Smart money is moving to opportunity zone properties. See link attached titled Opportunity Zone v 1031. LOCATION: College Court is at the leading edge of property that is increasing in value. Significant increases in rent rates and values are inevitable. It lies between two private colleges, close to the rejuvenated “Old Louisville”, and a few minutes drive to downtown and the bridge to Indiana. See attached news articles and links re 9th St., Broadway and Downtown. APPEAL: This community's layout and structure were designed to mimic the “cottage” appeal of housing in Limerick, Ireland. It is in Louisville's Limerick neighborhood - most of the original residents were from Limerick, It has a huge central walkway with attractive lawns and mature trees. New trees were planted in 3/2023. All buildings are either 1 or 2-stories, all units have individual porches. Unique setting and air of shared community. RENTS: Rents are well below market. Owner has begun raising them. See Fair Market Rent Flyer in the Documents section. Support material available on request. Some of the units are occupied by Section 8 tenants. OWNERSHIP: Seller owns 46 (of the 100 units), giving him effective control of the HOA. CONSTRUCTION: Exteriors are brick. Interior walls are dense lath and plaster, providing superior insulation, fire resistance, and soundproofing, All floors are concrete, covered by either tile or LVP. Copper flashing on roofs. Most buildings have full concrete basements. ROOFS: The 100 condos are housed in 12 buildings. 9 have new roofs. HOA DUES AND COVERAGE: +- $8,300 per month:: 1. Management, 2. Master condo insurance policy, 3. Water, sewage, drainage. 4. Trash, dumpster service, 5. Landscaping, grounds-keeping, litter pickup, and snow removal, 6. All exterior building maintenance and upgrades, 7. Common electric. Current owner pays only property taxes and interior condo maintenance. UTILITIES: Water is common, paid by HOA. All other utilities are separately metered. About 6 of the 16 electrical panels, have been replaced. HVACs are individual forced-air systems, the furnace using hot water. It’s inexpensive to run, robust, efficient, virtually maintenance-free, inexpensive to replace. See video. COMMON AREAS: 1 Clubhouse. It has washer/dryer hookups, needs rehab, and is not currently used. 2. Maintenance Garage. Currently being used for storing lawnmowers etc. They could be put to much better use. RECENT HOA UPDATES: The HOA is constantly making repairs and upgrades. Here are the latest: (1) Replaced most of the roofs.(2) Undertaken to replace the electrical panel meter bases on the 12 buildings. 3 already completed. (3) $18,639.90 rebuilding of the 7th Street parking lot. For now, 8th Street parking is okay and on the back burner.” BUILD MORE UNITS The zoning allows for 176 units to be built on this campus. It currently contains only 100. The last 2 photos are renderings showing two places where some of these additional units could be added. Special permit required for more than 2 story construction. BOTTOM LINE: These are very sturdy "tenant-proof" condos, now operating at underpriced rent rates. UPSIDE: *Keep as low income housing and raise rents *Acquire more units - 54 *Build more units - (theoretically) 76 *Go upscale and *raise rents or *sell off the units as condos