Lura LIHTC apartment near East Fortworth

[Sanjoy V.]

Is it wise to invest in a LURA restricted Multifamily? It has 3 years left on LURA. On a busy street, but the rents still seem on the low side and not even up to what the Lura restricted rents are. Currently operates at around 6% cap, some degree of remodelling has already been done so not sure if there is any immediate upside value add deal in this. Think need to verify why the rents are still this low, and only play in this is to resell it when close to Lura expiring and the fact that rents can be raised to market? It may take a while to slowly have previous tenants leave after lura expires and then fill with new tenants; but with Lura tentnats in there, will there be difficulty attracting new tenants?