Broker vs Lender vs Appraiser: Cap Rate Hunger Games (CRE Edition)

Broker: It’s a stabilized 6-cap, tenant is "as good as Amazon"—trust the pro forma 😂 Lender: DSCR works if your 2019 T-12 shows 2025 rent today and expenses take a nap Appraiser: Indicated value... somewhere between land and the neighbor’s food truck Me at 2:07 a.m.: Finds $0.11 CAM typo → deal dies, but at least my Excel has conditional formatting 😵‍💫