Underwriting notes
Practical notes on rent roll analysis, NOI reconciliation, and OM diligence. Everything here comes from defects we've caught on real deal packages and pinned in our test suite.
Loss-to-lease is two numbers, not one
Headline LTL tells you the gap between in-place and market rent. It doesn't tell you whether you can collect it. The split between recoverable and locked LTL is what actually moves valuation — and it requires tenure data most rent rolls don't disclose.
Every operating statement has three NOIs
Reported, clean operating, and normalized operating NOI are three different numbers, and the gap between them is where deals get mispriced. How to rebuild each one, when to anchor on which, and the mixed-basis trap that inflates going-in cap rates.
A rent roll analysis checklist: 7 things buyers miss
Seven checks that catch most of the mispricing in small-to-mid multifamily packages: income definitions, ancillary income, unit-count denominators, tax reassessment, reserves, the GRM cross-check, and banked rent.