🔍 What I Look for When Scouting New Multifamily Deals

Out riding around KC today looking at a few multifamily properties—some listed, some off-market. Figured I’d share my thought process when doing these site visits.

Even when a property doesn’t have full financials yet, I’m still asking key questions like:

📍Is this submarket worth betting on?

📈 Will the area support a solid 3–7 year business plan?

🏢 And if the numbers do check out later… is the asset itself even worth it?

When I say financials, I’m referring to:

• A T12 (Trailing 12-month P&L)

• A Rent Roll

You need both to underwrite properly. But let’s say you’re just driving by and can’t get inside yet — here’s what I’m scanning for from the exterior:

• Roof condition (look for patches, sagging, wear)

• Foundation cracks or uneven settling

• Windows (broken seals, dry caulk, fogged glass)

• Siding quality (damaged, outdated, missing pieces)

• Gutters and drainage

• HVAC units (old, missing, rusted?)

• Landscaping (clean or neglected?)

• Parking lot condition (potholes, striping, etc.)

Even without access to the interior, you can gather a TON from just walking the exterior with a critical eye.

Last thought:

"If you’re just now starting to look for a deal… you’re probably already 6–9 months behind."

@Chris Jackson

Keep the deal funnel moving even when you’re not actively buying. Keep brokers engaged. Give feedback. Stay in the flow.

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