Disciplined Investment in Essential Housing
FOCS Properties targets Section 8 single-family rental homes in Ohio workforce housing markets with federally backed rent, long-tenure tenants, and conservative underwriting for qualified capital partners.
Key market statistics
Families on a Section 8 voucher waitlist nationwide, representing demand that significantly exceeds participating landlord supply.
Average Section 8 tenant stay, compared to approximately 1.5 years for market-rate renters, creating structural long-term tenancy.
Of the voucher portion paid directly by the local Public Housing Authority on the first of each month.
Cap rate on our most recent Dayton acquisition, before leverage. Representative of target market pricing.
* Cap rates are property-specific and not indicative of future returns. All investments involve risk.
Why Section 8. Why Ohio. Why Now.
A basic human need, federally backed income, recession-stable demand, and a supply gap that has been building for decades.
A Foundational Human Need
Food, shelter, heat. Rent is the last bill people stop paying. The Section 8 Housing Choice Voucher program targets essential housing, not discretionary spending. That is the demand floor we underwrite to.
Federally Backed Rental Income
HUD sets Fair Market Rents annually. The voucher portion, typically 70 to 90% of rent, is paid directly to the landlord by the local Public Housing Authority on the first of every month, regardless of market conditions.
Recession-Stable Demand
Voucher-backed rental demand does not track the business cycle. Affordable housing shortage intensified through the last two downturns. In our target markets, waitlists span years, not weeks.
Why Ohio
Acquisition cost basis that pencils at conservative rents. Population stability in target metros. A regulatory environment that is not hostile to compliant landlords. Housing authorities with open waitlists and real-time, observable demand. Regional institutional buyers have largely exited single-family, creating a less competitive acquisition environment.
Why Now
HUD reset Fair Market Rents upward following 2023 inflation adjustments, improving cash-on-cash yields on compliant properties. Single-family homes priced under $100,000 in target neighborhoods face limited institutional competition. The combination of improved rents, reduced competition, and persistent voucher demand may create a favorable acquisition window for disciplined operators.
Durable Demand. Federal Support. Structural Shortage.
The Section 8 Housing Choice Voucher program creates a distinct rental income profile that experienced operators seek to leverage.
Households on the Cuyahoga Metropolitan Housing Authority waitlist. Demand that is not correlated to economic cycles.
Before a voucher is issued in most of our target Ohio markets. Once placed, tenants are highly motivated to maintain good standing.
Typical Fair Market Rent for a 3-bedroom in Dayton. HUD adjusts FMRs annually to reflect local market conditions.
Active Housing Choice Vouchers nationwide. The program has remained funded across multiple administrations and economic cycles.
Government-supported income, structurally long-term tenants, and a supply-demand imbalance that most investors have not looked at closely enough.
The Opportunity for Experienced Operators
Section 8 housing requires real operational expertise. NSPIRE inspections, PHA relationships, turnover protocols, and compliance management are not passive activities. That operational barrier is also a competitive moat for experienced teams who build the right infrastructure.
Important Risk Disclosures
Investment in rental real estate involves material risks including property vacancy, tenant default, property damage, changes to HUD or PHA program rules, inspection failures, and local market deterioration. Past performance is not indicative of future results. All investments involve risk, including possible loss of principal. Any investment opportunity is available only to qualified investors through appropriate offering documents.
How We Source, Underwrite, and Operate
Every property passes the same filters. Every operating decision has a cost-per-door the team can defend to investors.
Market Selection
We target Ohio metros where voucher demand measurably outstrips participating landlord supply, where waitlists are long, PHAs are well-funded, and acquisition pricing still pencils at conservative rents.
Neighborhood Screening
Neighborhood-level analysis for school scores, crime trends, proximity to employment corridors, and owner-occupancy ratios. We avoid areas in structural decline regardless of acquisition cost.
Property Acquisition
Deals sourced through direct-to-PHA relationships, a curated broker network, and on-market listings filtered by rent-to-price ratio. All-in basis underwrites closing costs and a light turnover budget before any purchase.
Rehab and NSPIRE Compliance
Properties are brought to NSPIRE inspection standard before leasing. Scope is limited to what is necessary, not over-improved. Compliant from day one means a faster leasing timeline and lower vacancy risk.
Leasing and Voucher Alignment
Qualified tenant screening, HAP contract execution with the local PHA, and lease commencement coordinated to minimize days-vacant. PHA coordination is handled in-house, not delegated.
Property Management
Local property manager on a percentage-based fee structure. Turnover playbook targets under 14 days. Annual audits of each property. We maintain conservative reserve levels on a per-property basis.
Asset Management and Investor Reporting
Monthly performance reporting to limited partners, including occupancy, collections, maintenance spend, and capex variance. Quarterly calls. Annual appraisals. The information flow that institutional investors expect.
Risks We Monitor
- NSPIRE inspection failures and unexpected capex requirements
- PHA funding timing and administrative delays
- Tenant-caused damage above normal wear and tear
- HUD rule changes or Fair Market Rent adjustments
- Single-market or single-PHA concentration
How We Mitigate Them
- Annual third-party inspections before any scheduled PHA review
- Two vetted property managers per market with a backup activated within 48 hours if needed
- Portfolio hard cap of 25% in any single metro
- Underwriting based on current FMRs only, without assuming future increases
- PHA relationships spread across multiple housing authorities
Built for Qualified Capital Partners
FOCS Properties seeks to align with investors who understand real estate fundamentals, value operational discipline, and have a patient capital perspective.
High-Net-Worth Individuals
Accredited investors seeking real asset exposure with a durable income thesis. Section 8 single-family housing may provide attractive risk-adjusted income relative to more correlated asset classes, without the complexity of direct property ownership.
Family Offices
Family office capital focused on private real estate with meaningful downside protection. The federal backing of voucher income, combined with low acquisition basis in stabilized Ohio markets, may offer the kind of asymmetric risk profile that family office investment committees find compelling.
Institutional Real Estate Investors
Experienced allocators seeking workforce and affordable housing exposure through a disciplined operating partner. FOCS Properties offers institutional-grade reporting, conservative underwriting, and operational depth that most early-stage real estate sponsors do not.
Strategic Capital Partners
Real estate operators, regional banks, community development financial institutions, and mission-aligned capital seeking to participate in the affordable housing market through a disciplined single-family platform with a clear operational playbook.
We work with qualified investors who have reviewed the full offering documents, understand the risks, and have a multi-year time horizon. We are not optimizing for volume. We are optimizing for the right partners.
Two Managing Partners. Real Operating Lineage.
Felipe ran the operations side of 20M+ sqft of commercial and residential real estate. Claudio comes from institutional private equity and family-office capital formation.
Felipe Olmeta
Managing Partner, Operations and Acquisitions
15+ years in commercial and residential real estate operations. Previously served as Head of Operations at Centennial Properties, overseeing 3.5M sqft of Class A office in South Florida and building the regional operating team and inspection protocols. As Senior Director of Residential at CP Group, he ran a $2B+ portfolio of 200 properties in New York, with direct accountability for leasing velocity, capital expenditures, and resident experience. Earlier asset management roles at Bradford Allen spanned a 20M+ sqft multi-state portfolio of office, industrial, and mixed-use assets with institutional LP reporting across multiple fund structures. At FOCS, Felipe oversees acquisitions, underwriting, property operations, and LP reporting.
LinkedIn
Claudio Sorrentino
Managing Partner, Capital Formation and Strategy
Institutional private-equity background with direct experience sourcing and underwriting mid-market real estate transactions. Prior roles spanning deal origination, investor relations, and portfolio-level asset management. At FOCS, Claudio leads capital formation, investor relations, and market selection strategy.
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Investment opportunities involve risk, including possible loss of principal. Returns are not guaranteed. Any investment in FOCS Properties funds is available only to accredited investors through appropriate private offering documents. This website does not constitute an offer to sell or solicit an offer to buy any security. Past performance is not indicative of future results.