Quick execution rep from this morning using Paul’s framework.

Logged a 30-unit Southeast multifamily into our acquisition desk.

Stated numbers:• Low-7 cap on paper• Older vintage• Not fully stabilized

Cap math checks — but yield is thin for the age and risk.

Reverse-engineering value at more realistic caps immediately showed price inflation.

Verdict: not a retail buy.

This is either a structure/value-add play or a clean pass — no hope underwriting.

Biggest takeaway (again):“Find what the seller needs and make that offer — or walk.”

Appreciate the reminder that discipline > deal count.

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