Investment Criteria 🎯

• Asset Type: Class B/C multifamily (40–200 units); select small-bay industrial
   
• Vintage: Approx. 1985–2010 (flexible with bones & location)
   
• Markets: Austin • DFW • Houston • San Antonio (Texas-first)
   
• Business Plan: Light-to-moderate value-add (interiors, curb appeal, ops)
   
• Seller Profile: Out-of-state, long-term holders, mom-and-pop, or non-core
   
• Deal Size: Middle-market; price-per-unit/value vs. replacement cost
   
• Hold Period: Flexible; driven by operations and market conditions
   
• Debt: Conservative leverage; sensitivity-tested to rate scenarios
  We prioritize durable demand, reasonable capital plans, and execution we control.

• Heavy development risk without experienced partners
   
• Poor fundamentals (obsolescence, chronic crime, environmental flags)
   
• Uncompensated risk (thin cap-ex, aggressive rent assumptions)
   
• “Hope underwriting” dependent on perfect timing

Fast “No” List

• Material floodplain issues without mitigation
   
• Deferred maintenance beyond plan budget
   
• Incoherent rent roll / missing T-12 with no remedy
   
• Unrealistic timelines or non-responsive sellers

• Austin: Innovation hub with steady in-migration. Focus on access, schools, and employer diversity.
   
• DFW: Scale & logistics strengths. Target submarkets with transport access and ops upside.
   
• Houston: Energy/medical/port economy. Prioritize flood resilience & job proximity.
   
• San Antonio: Stable demand, value orientation, and pro-business climate.
   

• Quick form: Broker/Owner Name, Email, Company, Phone, Property Name, City, Notes/OM link
   
• Or email contactus@harshacapital.com