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Underwrite on what a property actually earned.
Short, practical guides to the documents that decide a multifamily deal: the T-12, the rent roll, and the offering memorandum. No jargon for its own sake, real worked numbers, and a free tool at the end of each.
What is a T-12 in commercial real estate?
The trailing-twelve statement, line by line, and why a quarter point of cap rate moves price by six figures.
Read the guideHow to analyze a T-12, step by step
The five-step buyer workflow with one worked example carried from rent roll reconciliation to verified NOI and price.
Read the guideThe 15 T-12 anomaly detectors
The exact checks every listing passes before it goes live: thresholds, severity, and why each pattern matters.
Read the guideT-12 vs proforma
Actuals versus projection on one property, and how to tell a fair adjustment from an unsupported one.
Read the guideHow to read a rent roll
What each column means, and the four checks that reconcile a rent roll against the T-12's collected income.
Read the guideOffering memorandum red flags
An interactive checklist of the places where OM marketing math diverges from the ledger, with the dollar impact of each.
Read the guideHow to verify a T-12
The five checks a T-12 has to pass before it can list, and what a good written disclosure looks like when one flags.
Read the guideThe multifamily T-12 template
A free blank T-12 you can download and fill from your management software, plus an annotated sample showing what buyers flag.
Read the guideStart with your own numbers
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