Document Review

You Have The Offering Memorandum.

Now Have It Read.

Send whatever you were given — offering memorandum, rent roll, T-12, pro forma. We rebuild the model from the ground up against public records and comparable assets, then return a one-page memo with a verdict: Proceed, Conditional, or Walk Away. Free during our launch period.

Document Review

You Have The Offering Memorandum.

Now Have It Read.

Send whatever you were given — offering memorandum, rent roll, T-12, pro forma. We rebuild the model from the ground up against public records and comparable assets, then return a one-page memo with a verdict: Proceed, Conditional, or Walk Away. Free during our launch period.

Document Review

You Have The Offering Memorandum.

Now Have It Read.

Send whatever you were given — offering memorandum, rent roll, T-12, pro forma. We rebuild the model from the ground up against public records and comparable assets, then return a one-page memo with a verdict: Proceed, Conditional, or Walk Away. Free during our launch period.

What To Send

Four Documents. That Is The Whole Ask.

Offering memorandum

The marketed story

We read it for what it asserts, then test every assertion against a source that is not the seller.

Rent roll

Who is actually in the building

Term, rate, escalations, options, and who is month-to-month. We check the roll against public lease records where they exist.

T-12

Twelve months of real history

The actual operating record. We compare it to the pro forma line by line and flag every gap between the two.

Pro forma

The projection

We rebuild it with real expenses, true vacancy, and the property taxes a new owner inherits rather than the ones the seller pays.

If you don’t have all four, send what you have. We’ll tell you what is missing and whether it changes the read.

The Four Redlines

Where Marketed Numbers Usually Break.

Redline 01

Post-sale property-tax reassessment

Taxes reset on sale. The assessor reprices to your purchase price, not the seller’s basis. It is the single most common error in marketed deals, and it lands entirely on the buyer.

Redline 02

Understated vacancy

Marketed vacancy is often the property’s best quarter rather than the submarket’s real number. We use market data and the actual lease expiry schedule instead.

Redline 03

Omitted management and reserves

Two line items almost never in the marketed expense stack and always in yours. Adding them back moves NOI further than most buyers expect.

Redline 04

Overstated reimbursements

NNN, modified gross, and absolute net get used loosely in listings. The lease language decides who absorbs rising taxes, insurance, and roof and structure.

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.

How It Works

Four Steps. Forty-Eight Hours.

01

Send the file

Send the documents you were given. We confirm scope, sign the engagement agreement, and start the same day.

01

Send the file

Send the documents you were given. We confirm scope, sign the engagement agreement, and start the same day.

02

Rebuild the model

We reconstruct the deal from the ground up — real expenses, true vacancy, and every debt scenario.

02

Rebuild the model

We reconstruct the deal from the ground up — real expenses, true vacancy, and every debt scenario.

03

Pressure-test

Full sensitivity on rate, rent, and exit assumptions, with every figure checked against public records.

03

Pressure-test

Full sensitivity on rate, rent, and exit assumptions, with every figure checked against public records.

04

Get the verdict

Within 48 hours: Proceed, Conditional, or Walk Away, with the complete working model behind it.

04

Get the verdict

Within 48 hours: Proceed, Conditional, or Walk Away, with the complete working model behind it.

Start Here

Send The Deal. We’ll Read It For Free.

We don’t tell you whether to invest. We tell you whether the building supports the numbers in the offering.

Analyze a Deal — Free

Analyze a Deal — Free

48-hour turnaround · Free during our launch period · No card required