455 & 475 NE Underwood Ave — Bend, OR
Two separate residential 4-plex properties (not commercial) purchased individually by Robert and Aaron, then cross-deeded 50/50. Managed as a combined 8-unit portfolio. Sold together to a single buyer after ~14 month hold.
Combined purchase
$1,648,000
Combined sale
$1,899,000
Hold period
~14 months (LTCG)
Combined net to sellers
$418,185
Tax classification: Each property is a residential 4-plex (2BR/1BA units, ~750 SF). Title was held personally (Robert A. Schneider Trust / Aaron M. Krinsky) — NOT in HTC LLC. Rent flowed through HTC Selco as a collection account only. For 2024, report on personal Schedule E, not Form 1065. Depreciation: 27.5-year residential; recapture hits on 2025 sale return.
455 NE Underwood Ave — Robert's property
Purchase — Dec 22, 2023
| Escrow | WT0258011 · Western Title · Diane Ingersoll-Thorp |
| Purchase price | $800,000 |
| Mortgage | $600,000 — PennyMac / Vision Mortgage · 4.254% points ($25,524) |
| Robert wire to escrow | $250,000 (12/20/23) |
| Seller credit | $16,000 |
| Refund to buyer | $29,536.78 |
| Net cash in | $220,463.22 |
| Title at close | Robert A. Schneider Trust, dated Oct 20, 2022 |
| Insurance | Country Mutual · $1,613/yr |
| Seller | Peck Family Enterprises Inc. |
Sale — Feb 10, 2025
| Escrow | WT0270008 · Western Title |
| Sale price | $949,500 |
| Seller credit | $7,500 |
| Commission (5%) | $47,475 (2.5% each side) |
| Title/escrow fees | $3,519 |
| Mortgage payoff (PennyMac) | $598,748 |
| Net to sellers | $294,148.41 |
| Robert 50% | $147,074.21 → Chase personal |
| Aaron 50% | $147,074.20 → HTC Selco |
| Buyer | The Wiseman Family Trust (dated 6/10/2016) |
475 NE Underwood Ave — Aaron's property
Purchase — Dec 22, 2023
| Escrow | WT0257406 · Western Title |
| Purchase price | $848,000 |
| Mortgage | $763,200 — FHA / Vision Mortgage · 7.86% points ($59,988) |
| Cash to close | $20,000 earnest + $45,000 cash + $45,000 gift |
| Seller credit | $48,000 |
| Refund to buyer | $2,407.12 |
| Net cash in | ~$140,000 |
| Title at close | Aaron M. Krinsky |
| Insurance | Country Mutual · $1,613/yr |
| Seller | Peck Family Enterprises Inc. |
Sale — Feb 10, 2025
| Escrow | WT0270006 · Western Title |
| Sale price | $949,500 |
| Seller credit | $7,500 + $1,200 (Unit 8) |
| Commission (5%) | $47,475 |
| Title/escrow fees | $3,337 |
| Mortgage payoff (Mr. Cooper) | $767,689 (UPB $753,357 @ 5.250%) |
| Net to sellers | $124,037.04 |
| Robert 50% | $62,018.52 → Chase personal |
| Aaron 50% | $62,018.52 → HTC Selco |
Cross-deeds & ownership structure
Properties purchased separately under different financing. Cross-deeds executed Dec 26, 2023 to create 50/50 joint ownership:
| Dec 26, 2023 | Aaron signed deed adding Robert to 455 NE Underwood (recorded same day) |
| Dec 26, 2023 | Docs sent for Robert to sign adding Aaron to 475 NE Underwood (required notarization + $108 recording fee) |
Tax note: Cross-deeds are §721-style TIC, not a gift, not a sale. Needs a contemporaneous memo from Dunn Carney to document intent. Without it, IRS could recharacterize as taxable exchange.
Combined operations — Jan 2024 to Feb 2025
PM: A Superior Property Management (Kristen & Daniel Vance, 225 NW Franklin Ave Suite A, Bend, OR 97703). 8 units managed as "Underwood 8-Plex." Bank account: HTC Selco Credit Union.
Rent roll (Dec 2024)
| Unit | Address | Tenant | Rent | Lease |
|---|---|---|---|---|
| 1 | 455 | Debra Heinz | $1,595 | M-to-M |
| 2 | 455 | Amber Goemaat | $1,595 | 6/17/25 |
| 3 | 455 | Deanna Rivera | $1,540 | M-to-M |
| 4 | 455 | Mary Keating | $1,210 | M-to-M |
| 5 | 475 | Peter Schramm | $1,705 | M-to-M |
| 6 | 475 | Rachel Hartford | $1,595 | M-to-M |
| 7 | 475 | VACANT | ||
| 8 | 475 | Santos/Noemi Portillo | $1,800 | 5/17/25 |
Financial summary (combined)
| Item | Amount | Note |
|---|---|---|
| Gross rental income | $109,452.63 | Total hold period, via Selco ACH |
| Robert PennyMac mortgage | ($49,791.17) | 4 personal + 7 Selco payments |
| Aaron Mr. Cooper mortgage | ($60,945.96) | 11 payments from Selco |
| Remodel (Selco) | ($12,964.53) | — |
| Remodel (Robert personal) | ($12,000) | Alfredo's Tile $8,500 + WRC $3,500 |
| Remodel (Aaron personal) | (~$15,000) | No receipts (Robert 9/7/26) |
| Insurance | ($1,585) | Country Financial 12/26/24 |
| Electrical | ($10,915) | Northside Electric 2/1/25 |
| Plumbing | ($370.53) | Einstein Pros 4/23/24 |
Combined deal summary
| Robert | Aaron | Combined | |
|---|---|---|---|
| Purchase (own property) | $800,000 | $848,000 | $1,648,000 |
| Sale price (each property) | $949,500 | $949,500 | $1,899,000 |
| Net cash invested | ($220,463) | (~$140,000) | (~$360,463) |
| Sale proceeds (50/50) | $209,092.73 | $209,092.72 | $418,185.45 |
| Mortgage payments | ($49,791) | ($60,946) | ($110,737) |
| Personal remodel | ($12,000) | (~$15,000) | (~$27,000) |
| Cash-on-cash (ex-rents) | ($11,370) | $69,093 | — |
Cash-on-cash does not account for: rental income allocation (assumed 50/50 but unverified at bank level), operating expenses through Selco, equity from principal reduction, or Robert's $12K Zelle to Aaron (Jan 2025). Tax gain/loss requires CPA depreciation calc.
Tax treatment
| Hold period | ~14 months → long-term capital gains |
| 2024 filing | Not filed (confirmed Robert 9/7/26). Report on personal Schedule E, 50/50. |
| 2025 sale | LTCG + unrecaptured §1250 for 14-month depreciation. 1099-S issued. |
| 1031 exchange | Not applicable — Feb 2025 sale → Dec 2025 Wilt close = ~10 months, exceeds 180-day window. |
| Superior 1099 | Unknown payee name/EIN — pull IRS transcript + Superior owner packet. |
| Cross-deed memo | Needed from Dunn Carney to document §721-style TIC treatment. |
Key people
| Person | Role |
|---|---|
| Chandra Bath | Broker — NineBark Real Estate · 541-527-2800 |
| Kristen & Daniel Vance | PM — A Superior Property Management |
| Diane Ingersoll-Thorp | Escrow — Western Title |
| Wiseman Family Trust | Buyer (126 Hames Rd, Corralitos, CA 95076) |
Documents needed for tax prep
| Doc | Status | Who |
|---|---|---|
| 455 Underwood final seller statement | In hand (Western Title) | — |
| 475 Underwood final seller statement | In hand (Western Title) | — |
| Superior Property Management owner packets / 1099 | In Drive, need to confirm payee EIN | Lorenzo |
| Owner_1099_2024.pdf | In Personal Taxes 2024 | — |
| Owner_1099_2025.pdf | In Personal Taxes 2025 | — |
| Underwood appraisal | In Personal Taxes 2024 | — |
| Deal summary PDF | In HTC Finance / SPV1 report shortcuts | — |
| PennyMac 1098 (2024) | Missing | Lender portal |
| Mr. Cooper 1098 (2024) | Missing | Lender portal |
| Aaron $15k bank export | Missing — no receipts | Aaron |
| Cross-deed contemporaneous memo | Never created | Dunn Carney |
| IRS/OR transcripts for Robert + HTC EIN | Need 4506-T signatures | Robert + Lorenzo |
Updates
Sep 7, 2026 · Warren 🏦
Complete rewrite. Properties detailed separately with verified settlement statement numbers. Clarified as residential (not commercial). Robert confirmed: 2024 returns not filed, Aaron ~$15k personal with no receipts. Filing position: personal Schedule E 50/50.
May 13, 2026 · Warren 🏦
Initial deal profile from Gmail sweep and Selco analysis.