All of this is widely variable even outside of these figures.

More often than not when I come across an Evolve property the photos are sub-par (too much HDR- looks like a cartoon/ impossible to judge depth), and the revenue management leaves tons of cash on the table compared to revenue optimized comps in that same market (they either set the price too low sacrificing revenue, or too high sacrificing occupancy)With these two variables out of sync it often equates to tens of thousands of dollars left on the table.

The I/R on the property at the time was a variable rate and in mid/late 2021, we refinanced and received a 30yr fixed rate at 5.875%.

Your variable expenses will go way up and way down based on the condition of the asset. 

There are too many variables to tell you exactly what you should do. 

If you know 2 of these variables you can solve for the last one.

In that case, there are two variables 1) The property cost-seg itself and 2) The way in which the operating agreement of the partnership flows through losses to the LPs. 

Usually the biggest variable is the cost of construction or missing the mark at the end sales estimate in my experience.

There really is to many variables going off the previous owner's numbers.

Rehabbing is a huge learning curve and there are so many variables.