The Rent Roll Audit Most Investors Skip (And Pay For Later)
The Core Problem
Investors run the cap rate and cash-on-cash, then close. But the rent roll — who's paying, how much, on what terms, and whether they're actually current — is where the real risk lives. A 'fully leased' building with three tenants on month-to-month agreements at above-market rents is a vacancy bomb.
The numbers looked fine. The leases weren't.
The Solution Framework
A rent roll audit asks four questions per tenant: lease term remaining, rent vs market, payment history, and lease type. The answers tell you whether the income is stable, declining, or about to vanish. You adjust the offer based on reality, not the seller's pro forma.
You underwrite the income, not just the building.
How ProSystemHub Solves This
Real Estate System Pro's deal analyzer and portfolio dashboard let you log tenant terms, track lease expirations, and compare rent against the estimator. The portfolio dashboard flags upcoming vacancies before they're emergencies.
You see the roll, not just the rent.
Action Steps
1. Request the full rent roll before offer, not after. 2. Audit each tenant's term, rate, and history. 3. Compare rents to the Rent Estimator. 4. Adjust your offer for lease risk, not just cap rate.
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