What We've Built
RandDLiving started in 2014 with a single Scottsdale condo. Today it's 90 units across the Phoenix metro, operated in-house, with more than a decade of results behind the model.
Across 20+ investments and ten realized exits. Blended 58% loan-to-value at acquisition; $770K of post-close capital deployed, roughly $11K per unit. Past performance is not indicative of future results.
Operating results
That's up 67% in aggregate. On the early Tempe buildings it ran between 90% and 152%. None of it came from the market — it came from turns, rent rolls, and expense control.
Selected assets
A few that show the pattern — what we bought, what was wrong with it, and what it does now.
Acquired roughly 71% vacant with negative net operating income. Nobody wanted it, and the reasons were all operational. We took it down to a leasing and maintenance problem, filled it, and held it.
The largest repositioning we've done. $489K of capital into a building that was earning $104K, executed while keeping the asset occupied and cash-flowing through the work.
Bought from an owner who ran out of capital mid-renovation — over budget, behind schedule, and mismanaged. We took control, brought management in-house, finished the work and stabilized rents within twelve months. Sold in 2025.
Unattractive on paper because of a weak trailing twelve. Strategic remodels, unit water meters and a RUBS program to pull utilities out of the expense line, and management that actually improved retention. Full cash-out refinance within three years — every dollar of original capital returned while we still owned it.
The early Tempe fourplexes, and where the operating model was proved out. Bought from long-time owners at rents that hadn't moved in years.
Acquired for $3.45M through a 1031 exchange from the Willetta sale, financed with non-recourse agency debt. Also the deal that produced our most-read piece of writing: the prior owner had moved $66,000 of repairs below the NOI line.
A note on the numbers
One of our buildings shows negative NOI growth over the seller's reported figures — because the seller's books excluded a management fee and any vacancy allowance. Another carries a mark rather than a sale behind it, and we say so.
Any operator can pick their four best deals. The record is only worth something if the same standard applies to the rest of them.