Build a first-pass underwrite by sequencing income, expenses, value, and debt checks.
The first screen You have a rent roll, a broker NOI, and an asking price. You do not yet have diligence files. The risk is forming a value opinion before rebuilding the operating math. PDCA for underwriting Plan the sequence, do rough math, check fragility, act on the next data ask. The first pass should expose the few assumptions that can change the decision. Shortcut Ask price -> gut feel Act with a data request or pass. Sequence beats speed when early math drives later judgment. 01 Income 02 NOI 03 Value and debt Step 1 The rent roll totals…
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