September 29, 2026 · Queens / NYC · $8M–$55M
A first screen identifies missing evidence and assumptions that could prevent closing. It does not replace property, legal, tax, engineering or lending diligence.
01 / Buyer Screen · Education
The twelve checks
1. Basis — Include acquisition, capital work, carrying costs and reserves; verify unit and area denominators.
2. Existing cash flow — Reconcile the trailing twelve months (T-12), rent roll and actual collections.
3. Rent / leases — Review increases, concessions, expiry, guarantees and lawful collectible rents.
4. Operating expenses — Verify taxes, insurance, payroll, repairs and utilities against actual bills.
5. Regulation — Confirm lawful use, rent rules, restrictions and outstanding compliance obligations.
6. CapEx — Price required work, timing, permits, disruption and contingency.
7. Debt — Compare proceeds, rate, amortization, maturity, recourse, reserves and extension conditions.
8. DSCR — Divide the stated income measure by annual debt service; identify lender adjustments.
9. Debt Yield — Divide underwritten NOI by the stated loan principal; distinguish senior from total debt.
10. Sponsor — Evaluate relevant experience, post-closing liquidity, reporting and execution capacity.
11. Upside — Identify the mechanism, evidence, cost, timing and responsible party.
12. Exit / refinance — Test proceeds against remaining debt and costs; identify any equity gap.
02 / Buyer Screen · Education
Real upside needs a funded path
Operational improvements, vacancy lease-up, renovation and expense savings need specific evidence and budgets. Unused development rights and zoning require legal and design verification. Better financing after stabilization requires a credible lender case. Keep unsupported rent growth, approvals and cap-rate compression in separate sensitivities.
Research Notes
Scope and interpretation
This is an editorial checklist, not a universal return hurdle, lending standard or property recommendation.