When the Appraisal Brings a Knife to a Cap Rate Fight
Broker: LOI signed, lender soft-circled; we're cruising Appraiser: Pulled 50-mile comps and a 2009 C-store—value feels right 🤡 Lender IC: DSCR 1.24 ≠ 1.25; circle back after tenants invent GDP Me at 2:59am: T-12 yoga in Excel—delete snow removal, NOI levitates 🧮
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