This One Line Item Exposes Bad Broker Packages Look at this underwriting screenshot. Repairs & Maintenance: $408 per unit on a 1970s property. That's not just wrong—it's laughable. But this appears in broker packages constantly. Always has. Our Underwriting Process: Focus on comps to identify rent/fee upside Grid out payroll: salaries, load factor, bonuses, benefits, overtime Use seller's utility costs (after we verify them) Analyze unusual site costs (alarm systems, special services) Adjust taxes & insurance to reality—they're always light in packages Calculate R&M based on age, last rehab, and actual condition Critical Math: Every $1 of excess expense costs you $16-18 at sale (cap rate impact). That "cheap" $5/unit monthly service? It's costing you $1,000+ per unit at exit. Brokers want to make sales. I don't blame them. But if you're buying, your underwriting better be bulletproof. Real estate deals are like lobster pots—easy to enter, hard to escape without getting boiled alive in bad markets. Build your models line by line. Use YOUR numbers, not theirs. The gap between broker packages and reality will shock you.