Research Lab
Research before conversation.
Original, dated research from RHF Research, derived from the October 30, 2026 Arizona white paper. Sponsor-prepared; not independent appraisal, legal opinion or clinical recommendation.
Featured publication · Research edition 1.0
Arizona Recovery Housing Real Estate: A Regional Atlas and an Operating Thesis
October 30, 2026 · approx. 90 min read · HTML summary and PDF download
6 publications
UnderwritingLandlord and operator: who owns, who operates, who collects rentSeparating the real estate from the recovery program is the first discipline of the strategy.6 min read UnderwritingA long lease is not a credit ratingLease length describes a promise. Tenant credit describes the ability to keep it.7 min read RegulationArizona licensing and the separate local-use reviewA state license and a city's land-use rules are different gates. Both must be open.8 min read PortfolioExit value: lease income and alternative-use valuePlan for two valuations from the first day: the leased income stream and the building without its tenant.6 min read Capital structureFixed rates still need debt coverage and tenant performanceFixing the rate removes one risk. It does not pay the mortgage.6 min read PortfolioTenant concentration: common control versus seller sourcingSeveral LLCs can be one credit. Measure exposure by control, guarantees and shared funding — not by entity count.5 min read