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Trailing twelve month financial review for Missouri 1031 replacement candidates, reconciling income, expenses, and net operating income before.
Explore
Compare Missouri 1031 replacement candidates against sale comps, rent comps, and cap rates to keep deadline pressure from driving overpayment.
ExplorePreflight Missouri replacement property financing before the 1031 identification deadline with a lender submittal package and closing checklist.
Explore
Track potential boot in a Missouri 1031 exchange with a value and debt ledger, settlement statement reconciliation, and CPA-ready handoff.
ExploreRent roll analysis is the line-item review that turns a listing sheet into a comparable income file. Every unit or suite is checked against lease term, rent, delinquency, and concession history before a candidate is cleared for the identification package. The output is a reconciled figure the exchanger and lender can both rely on, rather than the marketing summary a listing broker provides.
The review reconciles in-place rent against the current lease for each unit, flags month-to-month tenancies, and checks whether stated rents match actual deposits shown on the trailing bank statements or property management ledger. Vacant units are logged with the last-known rent and the time on market, rather than simply marked vacant with no further context.
A unit that shows a rent figure with no corresponding lease on file is treated as unverified income until the lease or deposit history confirms it, since a rent roll is only as reliable as the documents supporting each line.
Utility reimbursements and other ancillary income are checked separately from base rent, since a property that relies heavily on ancillary fees can present a different income picture than one where nearly all income is base rent.
Lease expirations are mapped across a twelve-month forward window so rollover risk is visible before the exchanger commits to a candidate. A property with forty percent of leases expiring in the same quarter carries a different risk profile than one with expirations spread evenly, even at the same in-place rent.
Where expirations cluster tightly, the analysis notes the local re-leasing timeline for that submarket, since a concentration of rollover in a soft submarket carries more risk than the same concentration in a tight one.
Renewal history for existing tenants is checked alongside the expiration schedule, since a property where past tenants have consistently renewed carries a different rollover profile than one with a pattern of turnover at each lease expiration.
The following items are checked on every candidate before the rent roll is treated as reconciled.
A property carrying several months of concessions across recent leases is flagged even when current occupancy looks strong, since the concession-adjusted rent is what actually reaches the owner.
Rent roll benchmarks differ by submarket: a St. Louis metro multifamily rent roll is checked against inner-ring and suburban comparables, while a Columbia or Springfield rent roll is checked against university-adjacent or Ozarks-region comparables. A rent roll that looks strong against the wrong comparable set can hide a candidate that is actually overpriced for its submarket.
Comparable rent data is refreshed for each candidate rather than reused from an earlier file, since submarket rent can shift meaningfully between one exchange search and the next.
Smaller Missouri towns along the I-70 corridor often lack a deep set of directly comparable rent rolls, so those candidates are benchmarked against the closest available comparables with the limitations of that comparison noted plainly.
The finished analysis is attached to the submittal package alongside the lease abstracts and financing terms, so the exchanger, lender, and qualified intermediary are reviewing the same reconciled numbers rather than the raw marketing rent roll from the listing broker.
A short summary page highlights the two or three line items most likely to affect the exchanger's decision, so the full reconciliation supports the conclusion without requiring every reader to work through the raw data first.
Any figure that remains unverified at the time the package is assembled is marked as an open item rather than presented alongside confirmed numbers, so the exchanger always knows which figures still need a follow-up before relying on them.
Stated rents on a marketing rent roll can include units that are behind on payment or vacant with a placeholder figure, so reconciling against deposits or the management ledger confirms the income is real before it factors into the exchange decision. This step is done for every serious candidate, not only ones that look suspicious on paper.
A large share of leases expiring within the same one or two quarters is flagged, since concentrated rollover risk can affect financing terms and near-term income even when current occupancy looks strong. The flag is noted alongside the local re-leasing timeline for context.
Yes. Leases to related parties or below-market insider leases are called out separately, since they can overstate achievable market rent for the unit. Market rent comparables are used instead when projecting post-closing income for those units.
Reconciled net income from the rent roll review is what the lender underwrites against, so the analysis is shared with the financing contact before final loan terms are set. This avoids a late surprise if the lender's own underwriting produces a different income figure.
A rent roll older than thirty days is generally re-requested before final comparison, since occupancy and delinquency status can change quickly between the initial listing and the exchanger's identification decision.