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Active Foreclosure — Pre-NOD

Lender has filed a Notice of Default. Owner is 147 days delinquent. Best window to negotiate before auction is scheduled.

Flood Risk

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This 24-unit multifamily property in Killeen, TX presents a compelling distressed acquisition opportunity at $2.85M ($118,750/door). The property is in active pre-foreclosure with Wells Fargo holding a $1.42M note, with $84,200 in default — creating a motivated seller situation 147 days into the default process. At a 6.4% cap rate with RentCast confirming $1,180/mo achievable 2BR rents, the fundamentals support acquisition at or below asking.

At 25% down ($712,500), the deal pencils at a DSCR of 1.31 and 5.8% cash-on-cash using Local PM at 8%. Annual debt service is $154,200 against Lender NOI of $201,960. The 20% down scenario at $570k produces a DSCR of 1.18 — below lender threshold, making 25% the optimal entry point. Warning: scenarios below 15% down have PMI consuming over 22% of monthly cash flow.

RECOMMENDATION: BUY — target $2.6M–$2.7M via direct negotiation with the distressed owner before auction is scheduled. At $2.65M the cap rate improves to 6.9%, DSCR rises to 1.38, and cash-on-cash reaches 7.1% — a compelling risk-adjusted return for a value-add, buy-and-hold strategy in a stable military market. Budget $180k in deferred maintenance and roof work in year one.