Deal · Portfolio Roll-Up · WHI-2401
12 properties · 1,415 units · 1.87M sqft
Should we underwrite this deal — and at what price?
Total est. leakage
$-30.71M
Risk-adjusted
$-19.96M
Diligence health
67%
The story
The portfolio is generating $25.95M of NOI at a 61.1% margin, but $1.16M of maintenance traces to emergency dispatches and repeat repairs. Aged HVAC is the dominant capital risk; utility anomalies and vendor underperformance compound the OpEx drag.
What it means
At today's 5.50% cap, the avoidable spend alone equates to $21.05M of property value. Layer in the $7.13M of replacement exposure and the NOI story is structurally weaker than the T-12 suggests.
How to address
Reserve against the HVAC cliff, restructure the bottom-quartile vendor relationships, and deploy leak-detection on the flagged risers. Greenlight the top investment case — payback is inside the current hold period.
6 findings · $-30.71M total leakage · 5 need action
Dot = Critical· Needs attention· Informational· Resolved