Appraisal Came In At Vibes Only

Broker: It’s a $12M deal at a 5.5 cap Appraiser: Pulled 3 comps from 2016 and a goat farm—calls it $9.2M Lender: DSCR 1.25, interest-only? LOL, proceeds cut, come back with more cash Me: Sweat equity? More like sweat + actual equity 😅 Seller: Price firm, 10-day close, hard at LOI, no retrades—good talk