Cap Rate Says 6%, Taxes Say Hold My Beer
Broker: Pro forma NOI is spotless, 6% cap! Lender: Cool—send T-12, rent roll, estoppels, SNDA, Phase I, and your weekend. Client: We close Friday at 3% bridge, 75% LTC, right? My 1031 timer is coughing. Me: Argus says go, DSCR says no; county just reassessed taxes mid-Excel 🧮 Plot twist: 1987 dry cleaner next door; proceeds haircut, hairline gone 😵💫
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