2020–2022 · prior property management · Revenue declining, 2022 net operating income collapsed to $19K
→
2023–2025 · LongStreet Property Management · Revenue up every year, net operating income avg $157K
prior pm
2020 Revenue
$383K
NOI: $33K
COVID year
prior pm
2021 Revenue
$453K
NOI: $131K
ERAP funds inflated
prior pm
2022 Revenue
$420K
NOI: $19K
↓ Near breakeven
LongStreet Yr 1
2023 Revenue
$488K
NOI: $172K
↑ +$68K vs 2022
LongStreet Yr 2
2024 Revenue
$531K
NOI: $148K
$53K capex invested
LongStreet Yr 3
2025 Revenue
$547K
NOI: $151K*
↑ 8× vs 2022's $19K
How these figures are calculated: All net operating income figures are normalized to the same basis — after mortgage, property tax, and insurance — so every year is directly comparable. The prior PM included mortgage as a below-the-line item; LSPM includes it inside operating expenses. 2021 revenue was unusually elevated by ~$61K in one-time Emergency Rental Assistance Program (ERAP) payments. 2025 net operating income adjusted for $73K in owner-direct tax/insurance payments not reflected in AppFolio.
Revenue & normalized net operating income — 6 year history
Revenue
NOI — prior pm
NOI — LSPM yr 1
NOI — LSPM yr 2
NOI — LSPM yr 3
Apples-to-apples: Net operating income shown after mortgage, property tax, and insurance in all years.
Prior PM's 2021 revenue includes ~$61K in one-time ERAP (Emergency Rental Assistance Program) payments.
2025 net operating income adjusted down $73K for owner-direct tax & insurance not captured in AppFolio.
Monthly Net Operating Income — LSPM years (2023–2025)
2023
2024
2025
"
We are down around 20–30% from peak pricing in 2021. It's honestly a really good testament to your management that you've been able to hold your value steady while increasing the NOI.
— Jack S, Commercial Real Estate Broker in Portland
What drove the LSPM turnaround
1
Revenue recovered and kept growing
After the prior PM's $33K revenue decline in 2022, LSPM grew it $68K in year one — then kept growing to $547K by 2025
2
Utility cost recovery
$50K billed back to tenants in 2025 vs. near-zero under prior management — a structural income improvement
3
Strategic capex in 2023–24
$53K in targeted turnovers cleared years of deferred maintenance, improving unit quality and reducing future repair spend
✓
Property value held flat in a down market
Independent appraiser confirmed value held while comparable Portland properties fell 20–30% from 2021 peak
Why the owner left the prior PM
!
NOI collapsed to $19K in 2022
After mortgage, tax, and insurance — a 30-unit complex generated just $19K for the owner. Prior year buoyed by one-time ERAP payments
!
Late property tax payment
Annual tax bill paid late, generating a large penalty the owner had to absorb directly
!
Code misinterpretation
Mandated full electrical outlet replacement on every turnover, inflating costs unnecessarily on each vacancy
!
No value protection strategy
Without active management intervention, appraiser projected a 20–30% property value decline consistent with the broader market
