Reading a Rent Roll Like an Underwriter
The document that tells you what you're really buying.
The rent roll is the ground truth of a multifamily deal. Sellers present a clean version; underwriters read the messy reality between the lines.
Look for the Tells
Check lease expiration clustering, the gap between in-place and market rent, concession patterns, and how many units are 'down.' A roll full of month-to-month tenants at below-market rents is either an opportunity or a warning.
Never underwrite the seller's stated rents. Underwrite the rents the roll can actually prove.
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