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47-Point Real Estate Deal Killer Checklist

Before you sign on any investment property, run through every item.
Catch the deal killers BEFORE they catch you.

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"I almost signed on a 'great deal' in Memphis. Pulled up the checklist — item 23 flagged the high crime stats I'd missed. Walked away. Three months later I found a better property. This checklist paid for itself on the first deal."

— Marcus T., BRRRR investor, Dallas TX

What You Get

✓ 47-point checklist covering acquisition, rehab, rental, and refinance risks

✓ Deal-breaker section — 18 instant walk-away signals

✓ Soft warning section — 15 items that need negotiation or contingency

✓ BRRRR-specific section — refinance viability checks

✓ Print-ready PDF + Excel spreadsheet (check boxes, auto-score)

✓ Free updates — download whenever you need it

🚫 INSTANT WALK-AWAY SIGNALS (18 Deal Killers)

Property & Market

✗ Cap rate below 5% after all expenses modeled realistically

✗ Neighborhood crime stats higher than 1 in 200 annual violent crime rate

✗ Vacancy rates above 10% in comparable properties (check Rentometer, Zillow)

✗ Roof age exceeds 15 years with no seller concession for replacement

✗ Foundation issues — cracks, settling, water intrusion history

✗ ARV estimate relies on highest comparable sale rather than median

✗ City inspection flagged code violations not disclosed in seller disclosures

✗ Rent-controlled or rent-stabilized property with below-market tenants

Numbers & Financing

✗ Cash-on-cash return below your minimum threshold (typically <8%)

✗ Rehab estimate less than 70% of the actual median for comparable scoped projects

✗ Refinance amount doesn't cover 100% of total cash invested (BRRRR fail)

✗ DSCR below 1.20 — most lenders won't refinance below this threshold

✗ Hard money rate + points exceed 14% all-in effective annual cost

✗ Interest-only period shorter than estimated rehab timeline

✗ Property doesn't qualify for standard financing after renovation (land use issues)

✗ HOA or special assessments not disclosed (often $5,000–$50,000)

✗ Flood zone designation that requires mandatory insurance (X-zone preferred)

✗ Chain of title issues or easement that limits rental use

⚠️ NEGOTIATE OR CONTINGENCY (15 Soft Warnings)

! Property needs cosmetic updates — negotiate 5-10% below arv_renovated_cost * 0.7

! Single-tenant dependency (one income source for complex) — negotiate vacancy contingency

! Property manager takes 10%+ of rent — model with and without to verify deal holds

! Section 8 tenants currently in place — verify lease renewal rates

! Recent cap rate compression in neighborhood — may affect refi LTV

! Age of major systems (HVAC 12+ years, water heater 8+ years) — negotiate seller credit

! Rent increases limited by local rent control ordinance

! Non-owner-occupied financing required — verify lender experience with investment property refi

! Multi-state property — verify state landlord-tenant law, eviction timeline, and tax implications

! Property has deferred maintenance — get contractor bid before close, negotiate credit

! Seller has owned less than 2 years — short-term capital gains may apply

! Property near end of lease term — verify tenant plans to renew

! Recent layoffs in local major employer — vacancy risk elevated

! Building permit history shows unpermitted work — requires remediation

! Insurance quote not obtained before signing — get binder beforeratified contract

🏦 BRRRR-SPECIFIC CHECKS (14 Refinance Viability)

✗ ARV × 75% − refi closing costs − existing loan balance = negative (no cash-out scenario)

✗ Post-refi DSCR below 1.0 — payment shock from interest-only to amortizing loan

✗ Property type ineligible for standard refi (single-family, 1-4 units OK; condotels typically not)

! Appraisal coming in below ARV estimate — always model 10% haircut scenario

! Cash-out proceeds don't cover total cash invested — model with and without

! Interest rate environment: model at +2% to stress-test refi cash-out

! Lender overlay: some banks won't lend in specific zip codes or property ages

! BRRRR timeline: 6-9 months from purchase to refi close — model holding costs accordingly

! Renter credit quality — evictions on record affect tenant screening at scale

! Property management setup: self-manage vs. PM rate changes cash flow materially

! Insurance in investment property name vs. landlord policy — compliance issue

! First loan payoff must be negotiated in purchase contract — soft prepay OK

! Title insurance: confirm no windseed/windstorm exclusion in coastal counties

! Utility transfers: non-owneroccupied accounts may have deposit requirements

"I save this checklist as a PDF on my phone. Before every offer, I go through it. It's caught three major issues that would have cost me thousands. I recommend it to everyone I coach."

— Jennifer R., real estate investor, Houston TX

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