Beautiful townhome project in the close-in Spring Branch area. The community is in good condition with ample drive-by and curb appeal. It has 113 attached garages (at no charge) and 38 carports. All garages received new roofs from 2003 to 2005. Great Spring Branch public schools. Park-like setting. Large unit sizes are ideal for a condo conversion in the opinion of the broker. End units have wood burning fireplaces. The exterior was repainted in 2005 and an irrigation system was installed in the front of the property. Most appliances were replaced in 1996. Note that water, gas and electric income is shown as an offset to the utility expenses in the operating statement. The loan is potentially resizeable. There appears to be N.O.I. upside potential by capturing a greater percentage of the water and sewer bills.