The first read on every OM, with every number traced to its page.

Playgent reads the offering memorandums you send. Each figure is cited to the page it came from, the math is recomputed, the fine print comes into the open, and you get a verdict against the criteria you give it.

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Cedar Hollow ApartmentsOffering memorandum

Operating statement (T-12)

Gross potential rent$612,000
Vacancy and credit loss (5%)($30,600)
Effective gross income$581,400
Operating expenses*($262,860)
Net operating income$318,540

*Real estate taxes shown at the seller's current assessed value.

4
Dig further until taxes are re-underwritten

Ties to the rent roll on p.6. 7.50% cap at the $4.25M ask.

Taxes will reset after a sale. Ask the broker for an estimate at the new price.

The full treatment on each OM you send.

Each one comes back as a single teardown: the facts with their sources, the math redone from those facts, and a call on whether the deal is worth your afternoon.

An honest fact sheet

Every value is tied to the page it came from, so you can check it in seconds. If the OM doesn't state it, the sheet says so instead of guessing. If two pages disagree, you see both.

Asking price$4,250,000p.2
Units32p.2, 6
NOI, trailing 12$318,540p.4
Year built1978 or 1981p.3, 9

Math done in code

Cap rate, price per unit, expense ratio and rent against the OM's own comps on every deal, plus DSCR and LTV when the OM states the debt. Broker projections are labeled as projections.

Cap rate, actuals7.50%
Price per unit$132,813
Expense ratio45.2%
Rent vs. the OM's comps12% above

A verdict, not a summary

Pursue, dig further or pass, judged against the criteria you send, with the risks and the broker questions already written.

Linden RowPursue
Cedar HollowDig further
Marlowe CommonsPass
Plus broker questions, ready to send

Sample deals. Names and numbers are made up.

You send the OM. The teardown comes back.

1

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2

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3

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