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v3.25.0.1

RENTAL PROPERTIES - Debt (Details) |  |  |  | 12 Months Ended |
--- | --- | --- | --- | --- | ---
Oct. 14, 2022 USD ($) | Jun. 16, 2022 USD ($) property | Nov. 30, 2021 USD ($) property | Dec. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 15, 2022 USD ($)
Debt Instrument |  |  |  |  |  |  |
Mortgage amount |  | $ 80,284,000 |  |  |  |  | $ 37,065,000
Payment of debt |  |  |  | $ 2,834,166 | $ 2,685,691 | $ 2,283,733 |
Mortgage prepayment penalties |  | 834,544 |  |  |  |  |
Line of credit |  |  |  | 0 | $ 0 |  |
Proceeds of mortgage notes payable |  |  |  |  |  | $ 41,889,433 |
Extending the maturity until October 14, 2032 |  |  |  |  |  |  |
Debt Instrument |  |  |  |  |  |  |
Existing loan amount |  |  |  | $ 5,935,643 |  |  |
Extending the maturity until October 14, 2032 | Modification agreement with Brookline Bank. |  |  |  |  |  |  |
Debt Instrument |  |  |  |  |  |  |
Interest rate (as a percent) | 4.60% |  |  |  |  |  |
Variable interest rate spread | 1.70% |  |  |  |  |  |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | us-gaap:SecuredOvernightFinancingRateSofrMember |  |  |  |  |  |
Interest only term | 2 years |  |  |  |  |  |
Term of debt | 30 years |  |  |  |  |  |
Additional earnout | $ 1,495,454 |  |  |  |  |  |
Debt service coverage ratio | 1.35 |  |  |  |  |  |
Threshold percentage of Loan to Value | 65.00% |  |  |  |  |  |
Facility Agreement |  |  |  |  |  |  |
Debt Instrument |  |  |  |  |  |  |
Mortgage amount |  | $ 80,284,000 | $ 156,000,000 |  |  |  |
Interest rate (as a percent) |  | 4.33% | 2.97% |  |  |  |
Payment of debt |  | $ 37,065,000 | $ 65,305,000 |  |  |  |
Number of properties in which borrowing amount collateralized | property |  | 4 | 11 |  |  |  |
Mortgage prepayment penalties |  | $ 834,000 | $ 2,700,000 |  |  |  |
Line of credit |  |  | $ 89,000,000 |  |  |  |
Proceeds of mortgage notes payable |  | $ 42,404,000 |  |  |  |  |
Facility Agreement | Modification agreement with Brookline Bank. |  |  |  |  |  |  |
Debt Instrument |  |  |  |  |  |  |
Interest rate (as a percent) | 4.60% |  |  |  |  |  |
Variable interest rate spread | 1.70% |  |  |  |  |  |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | us-gaap:SecuredOvernightFinancingRateSofrMember |  |  |  |  |  |
Existing loan amount | $ 5,935,643 |  |  |  |  |  |
Interest only term | 2 years |  |  |  |  |  |
Term of debt | 30 years |  |  |  |  |  |
Additional earnout | $ 149,545 |  |  |  |  |  |
Debt service coverage ratio | 1.35 |  |  |  |  |  |
Threshold percentage of Loan to Value | 65.00% |  |  |  |  |  |

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- Definition Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-4 + Details
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- Definition The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)(a)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1 + Details
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- Definition Amount of cash outflow for cost from early extinguishment and prepayment of debt. Includes, but is not limited to, third-party cost, premium paid, and other fee paid to lender directly for debt extinguishment or debt prepayment. Excludes accrued interest. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 15 -Subparagraph (g) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15 + Details
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