50% expense rule
Broker math is a hallucination. We rebuild NOI with a 50% expense floor, then add back owner trucks, excess salary, and one-time CapEx so you see Adjusted EBITDA, not a story.
Unmetered utility bleed
A $120,000 annual utility glitch, recaptured by sub-metering, is about $1.5M of forced value at an 8% exit cap. The master bill is not “the cost of doing business.” It is a leak.
Seller carry / holdbacks
If the leach field fails the Saturday-night test, we do not pretend. We price a $50k–$100k septic holdback or structure carry so the seller is not trapped and the buyer is not eating a bomb.
The 4 D’s
Death, divorce, disability, desire to retire. Life-stage fatigue is often the real listing. We structure a clean exit — cash, hybrid, or full carry — without carving up what you built.