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Start with NOI: cap rate is NOI divided by value, but NOI quality - actual versus seller-projected or stabilized - changes every underwriting answer. Read the post for a disciplined framework and underwriting lens; read the article.
Start with NOI: cap rate is NOI divided by value, but NOI quality - actual versus seller-projected or stabilized - changes every underwriting answer. Read the post for a disciplined framework and underwriting lens; read the article.
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