How to Screen Apartment Deals Fast and Know When to Say No
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To screen apartment deals fast, write down your buy box (market, unit range, price range, plan), list the facts that make you stop, and run a rough check on income, expenses and debt before you build a full model. Most listings should get a no in minutes. The few that pass earn the hours of underwriting, a site visit and an offer.
Rules and practices are as of October 2026.
What goes in a buy box?
Your market and submarkets, a range of unit counts, a price range, property age and class, and your business plan (stable, value-add). It should match your team and the equity your friends and followers could provide. See property classes and value-add business plans.
What are good kill criteria?
Criteria are personal, but common ones include:
- Outside your target markets or unit range.
- Rents or expenses that cannot be verified.
- Deferred maintenance you cannot afford to fix.
- A loan or structure you cannot get.
- A price that only works with aggressive rent growth.
- Local rules that limit rent changes; see rent control laws.
- Seller who will not share a rent roll or T-12.
Write the list once and use it every time.
How do I run a rough check?
Take the stated income and expenses, replace them with your own estimates, and compute net operating income. Then check three things: the price compared with similar sales, the loan payment compared with income, and the equity you would need. If the deal needs a rent jump to pay its debt, it does not pass. Use break-even occupancy and cap rate basics for the first pass.
What should I do with the deals that pass?
Request the rent roll and T-12, build a full model with a downside case, visit the building (see the property tour checklist), and call a lender. A deal is real only after you can explain every assumption to an investor.
How do I avoid falling in love with a deal?
Set a time limit for each stage. If a stage ends without enough information, pass. Ask a partner or adviser to challenge your assumptions. Review what you passed on and why, so you recognize patterns. A deal you pass on does not cost you money, but a bad deal you close can cost your investors theirs.
How does this help friends and followers?
Followers do not need to see every listing you reviewed. They benefit when the deal you bring has been through a disciplined filter, and you can describe it. A consistent process is also something an investor can ask about; see how investors vet a deal.
How DoorRaise fits in
Screening happens before DoorRaise. Once you pick a deal, DoorRaise forms the LLC, prepares offering documents, runs escrow at Enterprise Bank & Trust, with wire-only funding under Reg D, and keeps investor records. It is for apartment buildings with 5 or more units. Fees are $1,500 to set up (due when you submit the deal, non-refundable), then $5,000 a year from closing (only if the deal closes). See DoorRaise live calls for Q&A sessions with followers.
FAQ
How many deals should I screen?
As many as it takes to find one that fits. Do not set a quota that pushes you to accept a poor one.
What numbers matter most in a rough check?
Net operating income, debt payment, price and the equity required.
Should I pass on every deal with problems?
No. Many good deals have issues. Pass when you cannot price the problem.
Can I use software to screen?
Yes, as a helper, but check the data yourself.
Sources
This article is general information, not legal advice. Talk to a securities attorney about your deal and about what you must disclose. DoorRaise is not a law firm, broker-dealer, investment adviser or funding portal.