💼 Deal
Real Estate · Multi-Unit
SOLD Feb 2025
455 & 475 NE Underwood Ave — Bend, OR
8-unit multi-family residential · 50/50 Robert Schneider + Aaron Krinsky · ~14 month hold · sold Feb 2025
Purchase Financing
~$2.5M total
Robert Net Cost
~$282K
Hold Period
~14 months
Status
SOLD — Closed
Deal Sections
Property Overview›
| Addresses | 455 NE Underwood Ave + 475 NE Underwood Ave, Bend, OR 97701 |
| Type | Multi-unit residential · 8 apartments (2BR/1BA, ~750 SF each) |
| Ownership | 50/50 — Robert Schneider + Aaron Krinsky |
| Acquired | ~December 2023 (Robert wire confirmed Dec 20, 2023) |
| Sold | February 7–10, 2025 · Buyer: The Wiseman Family Trust |
| Hold Period | ~14 months (qualifies for long-term capital gains rate) |
| Broker | Chandra Bath, NineBark Real Estate (chandrajbath@gmail.com · 541-527-2800) |
| Property Manager | Kristen Vance, A Superior Property Management (rentaroundbend.com) |
| Escrow (sale) | Western Title & Escrow, Bend OR · Diane Ingersoll-Thorp |
Purchase Financing (~$2.5M total)›
| Source | Amount | Notes |
|---|---|---|
| Sam Mortgage (primary) | ~$500,000 | Primary institutional lender |
| Krinsky family loans | ~$875,000 | Multiple tranches — came in at SPV1 funding stage, NOT at Underwood purchase |
| Robert (personal) | $220,463 | Escrow $250K → refund +$29,537 → net ($220,463) |
| Aaron (personal) | $140,000 | Purchase escrow contribution |
| Short-term bridge (Derek, Hani, Mark, Ivan) | ~$750,000 | Private lenders, short-term |
| Mama Krinsky equity | $150,000 | Family equity contribution |
| Rob LOC | $40,175 | Line of credit draw |
| Total estimated | ~$2,675,000 | Approximate — purchase price unknown (PDFs unread) |
⚠️ Exact purchase price unknown — "475 seller SS.pdf" and "455 seller SS.pdf" settlement statements exist but were not read. Escrow confirmed 50/50 proceeds split.
Robert's Contributions & Returns›
Robert's Cash Out
| Purchase escrow | ($250,000) |
| Escrow refund | +$29,537 |
| Net purchase cost | ($220,463) |
| Remodel/operating (personal) | ($12,000) |
| Mortgage payments (via Selco) | ($49,791) |
| Total Robert invested | ~($282,254) |
Robert's Sale Proceeds (partial — PDFs unread)
| From 455 escrow | $62,019 |
| From 475 escrow | Unknown — PDF not read |
| Net gain/loss | Cannot be calculated — full sale price unknown |
Operations (~Jan 2024 – Feb 2025)›
| Gross rental income | $109,453 (from Selco HTC account) |
| Remodel expenses (Selco) | ($12,965) |
| Remodel expenses (Robert personal) | ($12,000) |
| Mortgage payments — Aaron via Selco | ~($60,000) |
| Mortgage payments — Robert via Selco | ~($49,791) |
| HTC total operating expenses | ($92,497) |
| Pre-sale electrical panel repairs | Unknown (Juniper Electric, Jan–Feb 2025) |
Property management: Kristen Vance coordinated key handoff to Wiseman Family Trust. Final property closeout paid April 10, 2025.
Tax Treatment›
| Hold period | ~14 months — qualifies for long-term capital gains rate |
| Sale year | 2025 (recorded Feb 7–10, 2025) — hits 2025 tax return |
| 1031 exchange into Wilt Rd? | Unlikely — Feb 2025 sale → Dec 2025 Wilt Rd close = ~10 months, exceeds 180-day ID/close window |
| Depreciation recapture | Need to calculate — 14-month hold of 8-unit residential has recapture exposure |
| Krinsky family loans | Came in at SPV1 funding stage — NOT Underwood purchase financing. Don't conflate. |
Open Issues›
| Priority | Issue | Action |
|---|---|---|
| HIGH | Full sale price unknown — settlement PDFs not read | Get 455 and 475 seller settlement statements from Western Title or Diane Ingersoll-Thorp |
| HIGH | Net gain/loss cannot be calculated without sale price | Pull settlement statements → provide to CPA for 2025 return |
| MED | Depreciation recapture calculation needed | CPA to calculate based on 14-month hold, confirmed purchase price, and any depreciation taken |
| MED | 50/50 proceeds split vs actual capital contributions unclear | Robert contributed more via mortgage payments — verify against escrow statement |
| MED | Purchase price and acquisition date unknown | Dec 2023 is approximate from wire record. Get original purchase closing docs. |
Updates›
May 13, 2026 · Warren 🏦
Deal profile populated from Warren's Gmail sweep and Selco HTC account analysis. Critical gap: sale price unknown because settlement PDFs were not machine-readable. Robert needs to pull 455/475 seller settlement statements from Western Title to complete the P&L and provide to CPA for 2025 tax return. A 1099-S would have been issued — CPA needs to see that.