North RiverOwned since October 2025
Sixteen units at 760 N 30th Street in Boise, a 1972 value-add community and the first Boise deal I bought with investors.
Performance, a year in
Property summary
| Contract price | $3,300,000 |
| Seller credit at closing | $250,000 |
| Units | 16 |
| Vintage | 1972 |
| Financing | Fixed-rate agency loan, 5.77%, non-recourse, matures 2030 |
| Occupancy today | 100% |
| Closed | October 2025 |
A year in, honestly
July's rental income ran 8.1% ahead of the underwriting plan and NOI ran 7.9% ahead. The underwriting assumed zero market-rent growth in year one; blended market rents have risen 11.5% since closing anyway, from $1,530 to $1,706.
What the first year cost. Full-year collections ran below plan while units sat open for renovation and the property changed managers. That's the honest ledger of a value-add year one, and the current run rate is ahead of plan.
Where I changed the plan. The full remodels cost several times what a simple make-ready turn costs, and the make-ready captured nearly the same rent lift. The numbers made the call: the renovation program re-scoped to make-ready turns, and the capital stays in the bank.
I terminated on the last day of diligence. On purpose.
Diligence surfaced real deferred maintenance, and the seller was counting on my earnest money going hard to hold the price. So I terminated, and came back the next morning with a price that reflected the repairs, offering to put my money back in hard immediately. The leverage flipped. The deal closed with a $250,000 seller credit, at the price the buildings said it should.
Reporting
Partners in this deal receive a monthly report and monthly update, with the property manager's full report alongside mine, and a call with me anytime. The performance figures on this page come straight from those reports.
Talk to me
North River is held in a private partnership, not a public offering. A partnership interest may be available from time to time; reach out if you'd like to know more about the property, how I run it, or working together. That's how every partnership I have has started: with a conversation.