Cap Rate Catfish: OM Expectations vs Post-DD Reality
Broker: It's a clean value-add Lender: Need 3 more rent rolls, 2 more T-12s, and your childhood credit score Client: Can we hit 7 cap day one with 90% LTC and free TI? Me at 2:03 AM in Excel: adds 'lease-up by vibes' cell, model still #DIV/0! šš§®
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