A Deal Review can check the package behind a hold-or-sell call in hours, with the decision still yours. In one measured run, a Deal Review of a 120-unit multifamily package took 49 minutes, checked 1,453 figures, formulas and statements across three files, and returned 7 red flags and 34 items to review. The memorandum's NOI was $283,311 above the T-12 it cited, and the stated returns of 14.8% and 1.92x came back as 8.87% and 1.50x when the model was recalculated. Below are six questions owners and asset managers ask, answered first, then the run behind them.
Written by the Titleman team with AI assistance (Claude). Reviewed by the Titleman review desk. The run was made on a Titleman QA account on October 15, 2026, on a sample package of three files with no client data and no address. It was an acquisition package (a seller's memorandum, a T-12 with rent roll, and a buyer's model), not an owner's hold-or-sell case. We have not run an owner's own hold-or-sell and do not claim one. The six questions are the ones this page chose to answer; every figure is from the run or is arithmetic on its figures. This is a method for checking a package, not an appraisal, investment advice or a recommendation to hold or sell.
Six questions owners ask before a hold-or-sell call
1. Can I rely on the NOI in the package behind my hold-or-sell decision?
Only if it ties to the T-12 it cites. In the run, the memorandum stated trailing-12 NOI of $1,312,400 (6.08% on the $21,600,000 guidance price). The T-12 it cites totals $1,029,089 (4.76%). The $283,311 gap is the expense line: $678,555 in the memorandum, $961,866 on the T-12, or 34.1% of effective gross income against 48.3%. Income agreed at $1,990,955 in both, so the whole gap sat in expenses. That leaves one question for whoever wrote the number: what is in the $283,311?
2. Is the property as full as the package says?
Count the occupied units on the dated rent roll. The memorandum said 96.0% occupied, and "occupancy above 95% for eight quarters". The rent roll of 30 September 2026 showed 110 of 120 units occupied, 91.7%. The T-12 vacancy line was 8.0% of gross potential rent for the year. Average in-place rent was $1,515 in the memorandum and $1,458.23 on the rent roll, below the $1,495 market average the memorandum itself quotes.
3. Do the returns in the model hold up?
Recompute them; do not read them. The memorandum's returns were a 14.8% levered IRR and 1.92x. The model, as saved, returned 11.27% and 1.68x. The reason is a stale cell: the loan was saved at $15,120,000, while its own formula (65% of $21,600,000) gives $14,040,000. Debt service, equity and returns all carried the stale value. Recalculated, the model returned 8.87% and 1.50x. Its in-place NOI of $1,290,000, labeled T-12, matched neither document.
4. Does the NOI still cover the debt?
On the memorandum's NOI, a $14,040,000 loan at 6.25% over 30 years (debt service $1,037,360 a year) covered 1.27x. On the T-12 NOI it covered 0.99x, a debt yield of 7.33%. The rate sheet in the run asked 1.35x at 65% loan-to-value, so the test was not met on the T-12. The gap came from the NOI, not the rate. For a refinance or a sale to a buyer who finances, this is the number a lender will recompute first. See the NOI gap and DSCR worked example.
5. Are the assumptions behind the case realistic?
Growth and vacancy are inputs the author controls. The model assumed 3% rent growth a year against market forecasts of 0.5% (2026), 1.0% (2027) and 2.3% (2028). It assumed 5.0% vacancy and credit loss against 10.8% lost on the T-12. Both lift the projected NOI, and both flatter a hold case and a sale price alike. The run marked each as a red flag with the forecast and the cell beside it.
6. How long does it take, and what does it leave open?
The run took 49 minutes, from three uploaded files to the delivered answer, on 15 October 2026. It covered 1,453 figures, formulas and statements in three files; code recomputed all 568 formulas. It returned 7 red flags and 34 items to review, each marked on a copy of the files. It left open what no file could settle: with no address in any file, records on the property, recorded sales and competitors were not checked, and the review says so. Lease files, the ledger and the loan documents would close the rest.
The run behind the answers
The input was a sample 120-unit garden multifamily community in a Sun Belt suburb, as three files: a three-page offering memorandum, a T-12 operating statement (October 2025 to September 2026) with the 30 September 2026 rent roll, and a one-sheet underwriting model. The request was to check every figure and every claim, recompute every formula, tie the memorandum to the rent roll and the T-12, and tie the model to both.
| What came back | What it was |
|---|---|
| Time from files to answer | 49 minutes |
| Figures, formulas and statements found | 1,453, all checked |
| Formulas recomputed by code | 568 |
| Red flags | 7 |
| Items to review | 34 |
Every figure comes back marked verified, to review or red flag, with its place in the file, on a copy of your files.
Hold or sell: what the same checks mean for an owner
The sample was a buyer's package, but the ties are the ones any hold-or-sell case rests on. A sale price is NOI divided by a cap rate, so the NOI behind a pricing deck decides the price. A hold case is a model, so its loan, vacancy and growth cells decide the return. A refinance is a coverage test, so the T-12 NOI decides the proceeds. A broker's pricing deck, your own T-12 and rent roll, and your own model are three documents that should agree with each other. The run shows what it looks like when they do not: three documents, three different NOI figures.
What this does not tell you
- That anyone acted in bad faith. A gap shows that two documents disagree. The explanation may be innocent, such as a one-time cost in the T-12.
- Whether to hold or sell. The checks tell you which numbers hold up, not what the property is worth or what you should do.
- How long your review will take. 49 minutes is one run on one three-file package. We have no median for Deal Review runs, and we did not time a hand review, so this page states no saving.
- What the files could not show. With no address in any file, records on the property, recorded sales, competitors and new supply were not checked.
Frequently asked questions
How long does a Deal Review of a 120-unit multifamily package take? In the run on this page it took 49 minutes from the three uploaded files to the delivered answer. It is one measured run, and we have no median for Deal Review runs, so treat 49 minutes as a single data point. We did not time the same review done by hand, so this page states no saving.
Can a Deal Review tell an owner whether to hold or sell? No. It tells you which numbers in the package hold up and which do not, each marked on a copy of your files. The hold-or-sell decision, the price and the return you need stay with you and your committee. The run on this page checked an acquisition package, not an owner's hold-or-sell case.
What files does a Deal Review of a multifamily property need? The run on this page used three files: the offering memorandum, the T-12 operating statement with the rent roll, and the underwriting model. The review ties the memorandum to the rent roll and the T-12, then ties the model to both. Send the documents behind your own decision.
What does a Deal Review not check? Anything the files and the property address do not support. No file in the run carried an address, so records on title, liens, permits, taxes and flood, recorded sales, competitors and new supply were not checked. The review lists these as not checked, so you know what is still open.
Send one deal
To have every material figure in your own memorandum, rent roll, T-12 and model marked verified, to review or red flag on a copy of your files, request a demo. For the six checks on the same package from the buyer's side, see how to check the numbers in an offering memorandum, and for the wider list, what a Deal Review catches before you sign.