Deal audit

What changed

A deal you have finished can now be checked against itself. The audit looks for the errors that keep turning up in real models: suites named after the property rather than the unit, rent that does not reconcile to the schedule behind it, dates that cannot both be true, and operating expenses sitting on the wrong side of the NOI line.

Each finding points at the thing that produced it, so fixing one is a matter of opening the suite or the expense line rather than hunting for which number moved.

Why it matters

Every one of these is cheap to fix while the model is still yours and expensive once somebody else has found it. The cost of a mis-stated NOI is rarely the number — it is that the next figure the reader checks gets checked twice as hard.

What it does not do

It checks the model for internal consistency. It does not tell you whether your assumptions are right: a market rent, an exit cap or a renewal probability can be wrong and still be perfectly consistent, and that is a judgement the audit deliberately leaves to you.