Cap Rate Catfish: When 'Pro Forma' Uses a Beauty Filter
- ricklahkar
- May 16
- 1 min read
Expectation: 6.25% cap, turnkey Reality: CAM 'TBD', roof 'historic', DSCR doing limbo at 1.15x Lender: Underwrite at SOFR+whiplash and add a meteor vacancy test Me: Fighting circular refs in a 32-tab model like it's Mortal Excel š§®šµāš«
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