What documents should be checked first?

Start with the Offering Memorandum, rent roll, trailing twelve-month operating statement, lease summary, and loan term sheet. Record which document is present, its period, and its source location.

What does a cap rate check tell you?

A cap rate check compares a specified NOI to a named price basis. It is a screening calculation; it does not establish market value or an investment recommendation.

What should happen when documents conflict?

Keep both candidates visible, cite each source, mark the field as a conflict, and block dependent metrics until a person resolves it.

Free working checklist

Multifamily acquisition pre-review checklist

Use this as a first pass over one ordinary US multifamily acquisition package. The goal is to expose missing support and questions early, before a deeper underwriting or legal review.

Keep the evidence attached. A number without a document, period, unit, and source location is a lead for review, not a verified input.

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1. Confirm the source pack

Source	Check first	Record
Offering Memorandum	Asset identity, unit count, asking price, stated NOI, assumptions	Page and section for each field
Rent roll	Unit count, status, area, face rent, lease dates, concessions	Sheet, row, and column or record range
T12	Period, revenue presentation, operating expenses, one-time items	Sheet and cell/range or page
Lease summary	Expirations, options, delinquencies, deposits, unusual terms	Paragraph, table, or page
Loan term sheet	Principal, rate, amortization, maturity, DSCR or debt-yield constraints	Page and named term

2. Run the core screening checks

NOI

Effective gross income − property operating expenses. Keep the T12 presentation and period visible. Do not silently classify an unclear item.

Cap rate

Specified NOI ÷ named price basis. State whether the denominator is asking price or an entered purchase price.

Screening DSCR

Trailing actual NOI ÷ specified 12-month debt service. Label a historical numerator against a scheduled debt plan as a screening proxy.

Occupancy

Keep physical and leased occupancy separate. A rent amount alone does not prove a unit is occupied.

Rent PSF

Annualized in-place face rent ÷ the same units' rentable area. Keep the area basis consistent.

Collected rent

Compare collected rent with billed or scheduled rent when the source supports both. Explain the period and denominator.

3. Look for review triggers

Unit IDs repeat, disappear, or change between the rent roll and the stated unit count.
Lease end dates cluster in one period or fall outside the stated review date.
Rent, area, occupancy, or expense totals do not reconcile across sources.
T12 income or expense lines change sharply without a stated operational reason.
Debt terms are incomplete, contain a maturity or extension constraint, or use a structure the screening rule does not support.
A calculation is shown without a source page, sheet/cell, record range, or document period.

4. Write the next action

Each issue should end with a concrete request: obtain the missing month, reconcile a unit count, confirm the expense classification, ask for the lease exhibit, or have a qualified reviewer resolve the conflicting candidates. A clean check only means the rule ran within the supplied scope.

5. What this checklist does not decide

This page does not provide valuation, investment, legal, lending, or buy/no-buy advice. It does not replace title, survey, environmental, property-condition, tax, insurance, or legal review. It is a source-first pre-review aid.

Ready to test the workflow? Use the public parser with a synthetic or non-confidential file. The request is transient, and the public demo returns only document type, parse status, evidence count, and warnings.

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