Our Scope
The Line We Don’t Cross.
What we do
We re-underwrite the real estate
We rebuild the property-level model from the ground up: the actual leases, real operating expenses, the property taxes a new owner inherits, true vacancy, and every debt scenario.
Then we tell you whether the property supports the numbers the offering projects, and where it doesn’t.
What we don’t do
We don’t evaluate the offering
We don’t opine on the sponsor, the fund structure, the tax treatment, or whether you should participate. That is not our lane and it is not what is missing from your file.
What is missing is an independent read on the building. That is the part we do.
We don’t tell you whether to invest. We tell you whether the building supports the numbers in the offering.
The Clock
A Deadline Is A Constraint, Not An Excuse.
45 and 180
The exchange clock is the reason most buyers skip this
A 1031 exchange gives you 45 days to identify and 180 to close. Sponsors know that clock, and pressure to commit before the work is done is the most common reason a buyer accepts a marketed number without testing it.
A full re-underwrite takes us 48 hours. It fits inside the identification window with room left, and inside almost any subscription deadline a sponsor sets.
What We Test
Four Things The Offering Won’t Show You.
The rent roll
The leases behind the distribution
A projected distribution is only as good as the leases under it. We check term, escalations, options, tenant credit, and who is actually paying versus who is listed.
Triple net
Triple net is not one thing
NNN, modified gross, and absolute net get used loosely in offering materials. The lease language decides who absorbs rising taxes, insurance, and roof and structure, and it can move going-in yield by more than a point.
The expense stack
What the new owner actually pays
Property taxes reset on sale and the assessor reprices to the purchase price. Management and replacement reserves are frequently absent from the marketed stack. We model the expenses the buyer inherits.
Debt and exit
Where the return actually comes from
We run the loan terms and the exit-cap assumption to separate return earned from operations from return that depends on an assumed sale years out.
One deal, three corrections
North Naples, FL — industrial flex, 4,170 SF
6.75% → 4.75%
Marketed cap rate, re-underwritten
$108K → $76.6K
Seller NOI, re-underwritten
1.16× → 0.82×
DSCR at the asking price
Verdict: Walk Away. The building did not cover its own debt at the asking price.
What You Get
One Memo. One Verdict.
The memo
One page, one verdict
Proceed, Conditional, or Walk Away, and the four things that moved it. Proceed means proceed with further due diligence, not that the deal is safe.
The model
The full working file
The complete model behind the verdict. Every assumption is visible and every figure traces to a source, so you or your CPA can check the arithmetic line by line.
48-hour turnaround · Free during our launch period · No card required