1 rich Libsyn https://www.libsyn.com 90 600 One line item change — property taxes — turned a 22% IRR into a negative 10%. That’s what happens when investors skip the fundamentals. In this solo episode, Mark Kenney walks through the core concepts every multifamily investor needs before they underwrite their next deal: cap rates, economic vacancy, income growth assumptions, and the specific red flags that reveal a pro forma built to sell rather than reflect reality. In this episode you will learn: • The real deal example: how one property tax adjustment flipped a 22.7% IRR to negative 10% — without changing anything else • Cap rates explained clearly — the three versions investors need to know and why the in-place cap rate is often misleading • Economic vacancy broken down — the four components, why they’re not created equal, and which one is hardest to fix • Loss to lease: why it’s Mark’s favorite vacancy metric — and when it’s being used to inflate a deal • Why 100% unit renovation in year one is almost never realistic — and why you actually don’t want it • The utility bill-back staging red flag: how to spot a pro forma that shows full RUBS income from day one This is the pre-flight checklist for anyone evaluating a multifamily deal in today’s market. Join us at our next event at https://thinkmultifamily.com/event Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify. &amp;nbsp; Read the full podcast shownotes, timestamps, resources, and key insights from this episode here: Podcast Show Notes Think Multifamily Podcast https://thinkmultifamily.com <iframe title="Libsyn Player" style="border: none" src="//html5-player.libsyn.com/embed/episode/id/26288100/height/90/theme/custom/thumbnail/yes/direction/forward/render-playlist/no/custom-color/88AA3C/" height="90" width="600" scrolling="no" allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen></iframe> https://assets.libsyn.com/secure/item/26288100