REAL ESTATE ASSETS

3 Months Ended

Mar. 31, 2023

Real Estate [Abstract]

REAL ESTATE ASSETS

5. REAL ESTATE ASSETS

As of March 31, 2023 and December 31, 2022, real estate assets consisted of the following:

	March 31, 2023		December 31, 2022
Construction in Progress	$	17,987,471	$	15,506,572
Land Held for Development		7,943,126		7,943,126
Rental Properties, net		31,641,452		31,169,031
Total Real Estate Assets	$	57,572,049	$	54,618,729

Single family residential properties

As of March 31, 2023 and December 31, 2022, the Company owned 132 Single Family Residential Properties (“SFRs”). The Company’s aggregate investment in those SFRs was $31 million. Depreciation expense was $243,702 and $140,635 in the three months ended March 31, 2023 and 2022, respectively. These homes are located in Montgomery and Harris Counties, Texas.

The following table presents the summary of our SRFs as of March 31, 2023:

	Number of Homes		Aggregate investment		Average Investment per Home
SFRs		132	$	31,641,452	$	239,708