This is not a proposal pretending the answers are already known. It exposes the evolving work: source-backed facts, uncertain fields, market evidence, operating costs, hypotheses, decision gates and the specific places where owner knowledge can change the direction.
2408 Crestwood is now underwritten from the executed document: $1,800/month through April 30, 2027, with taxes, utilities, insurance obligations and substantial ordinary repair responsibility shifted to the tenant.
Current correspondence shows October non-renewal/cancellation exposure. Replacement work is acknowledged by the broker, but no replacement binder has yet been located.
Current leases, utility-property lists, insurance notices and vendor invoices are being cross-reconciled before asking Dean to fill gaps already knowable from the record corpus.
Recovered invoices now anchor actual plumbing, sewer and HVAC costs instead of pretending the planning reserve is an observed expense history.
The presentation-style concept was rejected. This became an observatory into ongoing research, modeling and owner participation.
| Unit / address | Class | Evidence state | Rent evidence | Current note |
|---|---|---|---|---|
| 2408 Crestwood Dr | Commercial office | EXECUTED LEASE | $1,800 | Tenant bears taxes/utilities + substantial repair responsibility |
| 2510 Crestwood Dr | Residential | ACTIVE / RECENT COST RECORD | — | Current insurance + 2026 plumbing evidence; rent/lease still to reconcile |
| 2627 Forest View | Residential | CURRENT LEASE | $850 | 3BR/2BA; July 2026 lease recovered |
| 2630 Forest View | Residential | CURRENT INSURANCE RECORD | — | Rent/lease still to reconcile |
| 2635 Parkdale | Residential | CURRENT INSURANCE RECORD | — | Rent/lease still to reconcile |
| 2640 Kingsland | Residential | RECENT 2026 PROPERTY RECORD | — | Recent insurer-photo activity; rent/lease still to reconcile |
| 2642 Holly Hills | Residential | LEASE HISTORY | $1,200* | 2025 lease; *current paid rent not yet verified |
| 2646 Crestwood Dr | Residential | JULY 2026 RENT EVIDENCE | $1,200 ask | 3BR/2BA; 2-car garage; full basement |
| 2670 Crestwood Apt 1 | Residential apartment | ACTIVE ROSTER | — | Current rent to reconcile |
| 2670 Crestwood Apt 2 | Residential apartment | ACTIVE ROSTER | — | Current rent to reconcile |
| 2670 Crestwood Apt 3 | Residential apartment | ACTIVE ROSTER | — | Current rent to reconcile |
| 2670 Crestwood Apt 4 | Residential apartment | ACTIVE 2026 RECORD | — | Recent rent-assistance + HVAC evidence; current rent to reconcile |
Both appear in older portfolio records. The current 11-residential count and newer evidence no longer allow both to remain in the active roster without exceeding the confirmed total. Their disposition must be proven rather than guessed.
The first pass is records-first: leases, insurance schedules, utilities, repair invoices, rent correspondence and title evidence. Owner input is reserved for contradictions or facts the records cannot answer.
| ID | Class | Subject | Finding | Basis |
|---|---|---|---|---|
| E-01 | CONFIRMED | Portfolio count | 12 rental units: 11 residential + 1 unrelated-business commercial office; debt service is $0. | Owner-confirmed portfolio state |
| E-02 | EXECUTED LEASE | 2408 Crestwood | $1,800/month ($21,600/year); current lease runs to April 30, 2027. | Executed commercial lease |
| E-03 | EXECUTED LEASE | Commercial expense allocation | Tenant pays real-estate taxes, utilities, liability/business-interruption insurance and substantial ordinary building/system repair obligations. | Executed commercial lease |
| E-04 | CURRENT LEASE | 2627 Forest View | $850/month; July 2026–July 2027 term; tenant pays utilities/services. | July 2026 residential lease |
| E-05 | RENT EVIDENCE | 2646 Crestwood | 3BR/2BA, 2-car garage, full basement advertised at $1,200/month in late July 2026. | Owner rental availability record |
| E-06 | RENT EVIDENCE | 2670 Crestwood apartment | 2BR/1.5BA apartment advertised at $650/month in late July 2026; exact unit/current occupancy still being reconciled. | Owner rental availability record |
| E-07 | LEASE HISTORY | 2642 Holly Hills | 2025 lease was $1,200/month with a 5% successive-renewal clause; current paid rent is not yet treated as verified. | 2025 lease |
| E-08 | OPERATING COST | Recent plumbing/HVAC | Recovered July records include $450 sewer work at 2670, $506.69 plumbing across 2627/2510, and $275 HVAC work at 2670 Apt 4. | Vendor invoices |
| E-09 | RISK | Insurance continuity | October 2026 non-renewal/cancellation is a real near-term operating constraint; replacement coverage is being pursued but a binder has not been located. | Current broker/insurer correspondence |
| E-10 | MARKET | 3BR/2BA houses | Current stronger Poplar Bluff examples are asking roughly $1,600–$1,700/month; this is evidence of upside potential, not a blanket rent schedule. | Zillow + local PM listings · Aug 2026 |
| E-11 | LEGAL/TAX | SMLLC baseline | Default disregarded SMLLC remains the lowest recurring tax/admin-drag holding structure under current facts. | IRS + Missouri DOR / SOS research |
Live asking-rent evidence for stronger 3BR single-family stock.
Citywide sanity check only—not a property rent schedule.
Local rent-setting, screening, maintenance coordination and owner reporting capabilities.
LLC governance and filing reference.
Property-management licensing / operating reference.
Market context for renewal strategy after square footage is resolved.
Known 3BR/2BA local asks now make the rent-normalization hypothesis economically credible. Property-specific comps and turnover costs still determine the real answer.
The executed lease shifts taxes, utilities and substantial ordinary repair responsibility to the tenant. Paying a full residential-style percentage for the same workload may destroy value.
But insurance continuity now becomes a prerequisite to title-transfer timing, not an administrative afterthought.
Tenant quality, vacancy, make-ready, leasing fees and repair history can make a lower stable rent economically superior.
Leader: member-managed Missouri SMLLC, default disregarded taxation.
Full-service residential + separately priced commercial administration is now the leading procurement design.
Each house/apartment receives a target band and turnover-risk calculation.
Current lease remains a known $21,600/year revenue stream through April 2027.
Coverage continuity has become a hard operational gate before deed transfer.
Defines what the manager may authorize without owner contact.
Generic percentages will be replaced by trailing actual spend once enough invoices are reconstructed.
“Million Property Holdings, LLC” remains a working name only.
Is the long-term intent to keep all current rental assets unless one stops making economic sense, or should sale/refinance remain in the option set?
When a good long-term tenant is materially under market, how much weight should retention receive versus a faster move toward market rent?
Which decisions must always remain personally approved: tenant selection, rent changes, repairs over a threshold, evictions, capital replacements, commercial renewals?
What non-emergency dollar amount should a manager be able to spend without first obtaining owner approval?
Should the portfolio hold a formal repair/capital reserve as a percentage of collections, a fixed minimum cash balance, or both?
Should the legal holding company preserve the Million Family Rentals name or use a neutral holding-company name?
Has anything been amended, extended or informally changed in the 2408 Crestwood commercial arrangement since the executed lease?
Confirm whether 2645 Crestwood and 796 Hwy W are sold, converted, owner-used, otherwise removed from rental service, or still part of the portfolio.
The synthesis is now downstream of actual leases, insurance records, repair invoices and current market evidence—not just broad rental averages.
Twelve rental units are debt-free. The portfolio has no mortgage hurdle before operating costs, reserves, management and owner profit.
At least some legacy 3BR/2BA pricing appears materially below current stronger-market asking rents. The opportunity is real enough to investigate property-by-property, not enough to justify blanket increases.
2408 Crestwood produces $21,600/year contractual rent while shifting taxes, utilities and substantial ordinary repair obligations to the business tenant.
The likely best design is full-service residential management with the commercial unit separately priced according to its much lighter owner workload.
Replacement property insurance must be bound and priced before the ownership/title architecture can safely advance.
Collections cover management, real repairs, capital reserves, insurance, taxes, owner-paid services and administration—and still leave durable positive owner cash without requiring one family member to be the operating system.