1. Deal Snapshot

• Confirm asking price, property type, unit count, and occupancy.
• Identify current rents, market rents, and lease terms.
• Confirm seller motivation and whether creative financing is possible.
• Identify days on market, prior price reductions, and failed contracts if known.

2. Income & Expenses

• Request actual trailing income and expenses, not just a broker pro forma.
• Normalize taxes, insurance, management, repairs, utilities, vacancy, and reserves.
• Confirm who pays utilities and whether billback opportunities exist.
• Stress-test income below the advertised case.

3. Physical Condition

• Estimate immediate repairs and deferred maintenance.
• Flag roof, electrical, plumbing, HVAC, foundation, sewer, and life-safety issues.
• Determine whether renovation assumptions are realistic for the market.
• Include contingency and carrying costs.

4. Market & Operations

• Validate achievable rents using current comparable properties.
• Review vacancy, tenant quality, collections, and lease expiration concentration.
• Check crime, employment, population, and major demand drivers at the neighborhood level.
• Confirm local property-management depth and realistic management cost.

5. Financing & Exit

• Calculate debt service using realistic rates, points, fees, and reserves.
• Confirm DSCR and lender underwriting requirements.
• Model downside, base, and upside cases.
• Identify refinance, hold, seller-finance, and disposition options.
• Know the maximum purchase price before negotiating.