Intermediate

Build NOI from a raw rent roll, including the capital expenditure line most people miss

Use cap rates three ways: as a yield, a pricing tool, and going-in against exit

Screen fast with GRM, then cross-check it against cap rate and DCF

Inspect the building and price the fixes: roof, HVAC, plumbing, electrical, and a 5-year CapEx plan

Verify the numbers with estoppels, the T12, and the tax bill, and catch ghost income

Clear title and survey: Schedule B exceptions, zoning, and the certificate of occupancy

Read gross, NNN, and modified gross leases side by side, including expense stops and base-year math

Work the rent: fixed against CPI escalations, percentage rent, free rent, and TI

Audit CAM: what it includes, gross-ups, caps, and the annual reconciliation

Size a loan on LTV and DSCR, and how each one caps your proceeds

Stress-test DSCR for rate and vacancy, and back-solve the equity you need

Match the debt to the deal: agency, CMBS, bank, life company, and bridge

Know who touches your deal and how each one gets paid: brokers, attorney, PM, lender, title

Use a broker for market intelligence and read what they must disclose

Identify the PSA clauses worth fighting, and read an ALTA settlement statement line by line

Work the three layers that set returns: macro, metro, and submarket

Read the metro on jobs, migration, and affordability, and score it from public data

Tell vacancy from availability and gross from net absorption, and read what each one tells you about market health