RH LTR Fund II

Strategy

Buy below replacement cost. Rent for yield. Sell into strength.

The fund acquires undervalued single-family homes in the Columbia, SC metro, targeting off-market properties it can purchase and renovate for under $125,000 and rent above $1,400 per month — creating equity at acquisition and income at lease-up.

Acquire off-market

Sourced through channels built over a decade in the market, at discounts to fair market value that are difficult to achieve on-market.

Renovate to rent-ready

Floors, kitchens, mechanicals, and roofs where needed — brought to a condition that holds tenants and appraises.

Hold for cash flow

Rent-to-cost ratios above 1.15% support debt service with margin, rather than relying on appreciation to carry the return.

The Market

Columbia, South Carolina

South Carolina has the fastest-growing population per capita in the United States — outpacing even Florida and Texas on a per-person basis. Columbia is its capital, where state government, healthcare, the university, and a manufacturing build-out meet a severe shortage of entry-level housing.

#18

Best U.S. housing market for 2026, with 7.2% projected price growth (Realtor.com)

+2.9%

Columbia rent growth in 2025, while U.S. rents fell 2.1%

45%

Below 2016 levels — housing inventory remains severely constrained

$214K

Average 3-bedroom price in Columbia vs. $339K nationally

Scout Motors

A $2B EV plant projected to create more than 4,000 permanent jobs, acting as a catalyst for suburban housing demand.

Brookfield · V.C. Summer

A $2.7B investment to revive the abandoned nuclear project in neighboring Fairfield County.

University of South Carolina

Roughly 15 colleges and universities anchor the metro, supporting tens of thousands of stable jobs.

Why Entry-Level

Rent yields compress as prices rise.

Renters can afford a relatively narrow band of monthly rent, so rents do not scale with price. The result is that cheaper homes produce structurally better yields — which is where this fund operates.

Restoration Homes acquisitions Typical market range

Home price band	Typical rent-to-price ratio
$100K – $175K — the fund's range	0.9 – 1.2%
$250K – $350K	0.70 – 0.85%
$400K and above	0.55 – 0.65%

A non-discretionary asset

Demand for shelter holds through recessions far better than demand for offices, retail, or luxury goods.

A replacement-cost floor

Construction costs are up more than 40% since 2020, putting a rising floor under the value of existing homes.

Lower volatility

Single-family rents and values do not move 20% in a quarter the way equities can.

The Flywheel

Each dollar buys more than one house.

The fund does not spend $3.5 million once. It buys a home, renovates it, leases it, refinances it into long-term debt, and puts the freed-up capital straight into the next home — about four homes a month for two years, until the portfolio reaches 100.

BUYOff-market entry-level homes at an average purchase price of $63,716, financed with a bridge loan that covers both the purchase and the renovation.
RENOVATE$58,886 of work on average — roofs, mechanicals, kitchens, floors. All-in at $122,602 against a $167,250 after-repair value.
RENTLeased at $1,447 a month on average, underwritten at 5% vacancy with third-party management in place.
REFINANCEA 7.00% portfolio loan retires the bridge, locks in long-term fixed debt, and returns capital to the fund.
REPEATThat capital buys the next homes. The portfolio compounds to 100 without asking investors for more money.

Sample Properties

Real acquisitions. Real numbers.

Homes acquired and renovated by Restoration Homes in the Columbia and Sumter, SC markets — the same sourcing, scope, and underwriting the fund will run.

Property	Purchase	Renovation	All-in	ARV	Discount	Rent
3521 Baywater Dr, Columbia, SC	$65,000	$54,687	$119,687	$155,000	22.8%	$1,475
429 Greenlake Dr, Hopkins, SC	$90,000	$50,905	$140,905	$205,000	31.3%	$1,500
4416 Revelstoke Dr, Columbia, SC	$85,000	$78,658	$163,658	$200,000	18.2%	$1,925
186 Stonewood Dr, W. Columbia, SC	$89,600	$51,983	$141,583	$205,000	30.9%	$1,575
219 S Guignard Dr, Sumter, SC	$64,000	$68,479	$132,479	$170,000	22.1%	$1,375
379 Curtis Dr, Sumter, SC	$72,000	$31,316	$103,316	$145,000	28.7%	$1,375
451 Loring Dr, Sumter, SC	$22,719	$68,542	$91,261	$133,000	31.4%	$1,175

Individual properties acquired by Restoration Homes. Shown to illustrate sourcing and renovation scope; they are not fund assets and are not representative of every acquisition. Past results do not indicate future performance.

Track Record

The founders have run this playbook before.

From 2015 to 2020, the founders of Restoration Homes operated the Alder Somerset II Fund — the same strategy, in a market at a nearly identical price point to Columbia today.

Return generated for investors at exit in October 2020

$3.38M

Capital raised for Alder Somerset II

100

Single-family homes acquired in Cobb and Paulding counties, metro Atlanta

$123K

Average all-in cost in 2015 Atlanta — against $122.6K in Columbia today

Alder Somerset II was a separate prior fund with different terms, market conditions, and investors. Its results are not a projection of, or a guarantee regarding, RH LTR Fund II.

Projected Returns

What the model projects.

Every figure on this page comes straight out of the fund’s underwriting model: a $3.5 million raise across 100 homes, held roughly three and a half years and sold to retail buyers beginning December 2029. These are projections built on the assumptions listed at the bottom of this section. They are not guarantees, they are not a promise of any particular result, and actual performance will differ.

26.5%

Projected investor IRR, annualized

1.78×

Projected equity multiple on invested capital

$6.24M

Total projected distributions to investors

$682,500

Cash paid out quarterly during the hold

How the money comes back

Investors are made whole before Restoration Homes participates in any profit. The order below is the fund’s distribution waterfall, with the dollar amounts the model projects on a $3.5 million raise.

Return of invested capital

Every dollar contributed is returned to investors first. Restoration Homes takes no share of profits until this is paid in full.

$3,500,000

Quarterly dividends during the hold

Distributions begin once the initial 12-month purchase period is complete and continue through the hold. The dividend pool is split 80% to investors, 20% to the sponsor.

$682,500

Investors’ 80% of the profit above capital

After capital is returned, the model projects $2,568,634 of residual profit at disposition. Investors receive 80% of it. Restoration Homes receives the remaining 20% — $513,727 — as carried interest.

$2,054,907

Total projected to investors

$3.5 million of capital returned plus $2.74 million of profit — a 1.78× multiple on invested capital over roughly three and a half years.

$6,237,407

Two ways the portfolio can be sold

The projections above assume a retail disposition — homes sold individually to owner-occupants and small investors over a six-month window. The alternative is a bulk sale of the whole portfolio to a single institutional buyer, which closes faster but at a discount to market value. The model runs both.

Exit scenario	Investor IRR	Equity multiple	Total to investors	Profit above capital
Retail disposition — sold home by home	26.5%	1.78×	$6,237,407	$2,737,407
Bulk sale — one institutional buyer, 3.5% discount	25.4%	1.74×	$6,097,038	$2,597,038

What these projections assume

$3,500,000 raised; 100 homes acquired over 24 months at four per month
$63,716 average purchase price and $58,886 average renovation — $122,602 all-in
$167,250 average after-repair value — a 26.7% discount at acquisition
$1,447 average starting rent, escalating 5% annually
5% vacancy, 10% third-party property management, 5% annual expense growth
Bridge financing at 10.5% during renovation, refinanced into a 7.00% portfolio loan
A $1,000,000 second-position facility at 10%, drawn only as needed
2.5% annual home price appreciation — conservative for the Columbia market
Sponsor fees of 5% of purchase, 10% of renovation, 1% of sale, and 20% carried interest
Disposition beginning December 2029 over a six-month retail sale window

Read these as projections, not expectations

Real estate returns depend on interest rates, home prices, rents, renovation costs, and the pace at which homes can be bought and sold — none of which the fund controls. A modest miss on any one of them changes the outcome materially. The full assumption set, risk factors, and fee disclosures are in the fund’s Private Placement Memorandum, which is the only document you should rely on in deciding whether to invest. Figures on this page are drawn from the fund’s underwriting model dated July 2026 and are subject to revision.

Fund Structure

Every fee, stated up front.

Restoration Homes and its affiliates are paid at disclosed, market-rate fees. Each is spelled out in the fund's Private Placement Memorandum, along with all related-party arrangements.

Acquisition

Of purchase price, paid at acquisition.

Renovation

10%

Of renovation cost, on each home.

Disposition

Of sale price, at exit.

Carried interest

20%

Of profits above returned capital. Dividends split 80/20 in favor of investors.

Management

Experienced leadership.

Adam Slipakoff

CEO · Fund Management

Corporate attorney specializing in venture capital and M&A
Co-founder of the $20M Alder Somerset Fund, 300% investor exit
15+ years building SFR portfolios
B.S. Finance, University of Florida; JD, Levin College of Law; MBA, Warrington

Alex Fisher

CIO · Acquisitions & Sales

Licensed broker in SC, NC & GA
3,000+ single-family homes acquired for investors since 2017
Specializes in off-market acquisitions
Scaled acquisitions for investors and PE firms from 250 to 2,000+ homes in 18 months
B.S. Finance, University of South Carolina

Jordan Shutts

COO · Asset Management

Licensed agent in SC, NC & GA
Former underwriting director at an institutional SFR firm
Builds the software that runs the fund — underwriting, construction, and owner reporting
B.S. Accounting, SUNY Oswego; MBA, Clemson University

Next Step

Request the offering materials.

Tell us where to send the Private Placement Memorandum and subscription documents, and we will follow up personally.

Important Disclosures

This website is informational only. It does not constitute an offer to sell, or the solicitation of an offer to buy, any security, and it is not a recommendation regarding any investment. Any offering of securities in RH LTR Fund II, LLC will be made only to verified accredited investors, in jurisdictions where lawful, and solely pursuant to a Private Placement Memorandum, operating agreement, and subscription documents. Prospective investors should read those documents in full, including the risk factors, before investing.

This site contains forward-looking statements based on management's current expectations, assumptions, and beliefs. Words such as “target,” “projected,” “expect,” “estimate,” and similar terms identify such statements. Forward-looking statements are not guarantees. Actual results may differ materially as a result of factors including but not limited to real estate market conditions, interest rates, construction and labor costs, vacancy, tenant credit, financing availability, and regulatory change. Readers should not place undue reliance on them.

Real estate investments are illiquid and speculative, and involve a risk of loss, including loss of the entire amount invested. Distributions are not guaranteed and may be suspended. Leverage magnifies both gains and losses. Past performance — including the results of Alder Somerset II or any property shown on this site — is not indicative of future results and should not be relied upon as a projection of this fund.

Construction, renovation, and property management services may be provided by entities affiliated with Restoration Homes. All related-party transactions and associated fees are disclosed in the fund's Private Placement Memorandum.