Coliving, underwritten honestly.

#1

Ask for RevPAB by month per building — not blended occupancy averages. Strong operators produce it in an afternoon.

#2

Rebuild break-even occupancy yourself with the fixed/variable split. If the operator can't provide the split, the model is decoration.

#3

Net effective rent, not headline rent: one incentive-heavy quarter makes headline-based revenue lines fiction.

#4

Compliance register, current: licences, gas, electrical, fire. Diligence surprises here reprice deals late — or kill them.

#5

Ramp-up cash in the model: buildings don't open full. If stabilisation cash isn't a line item, someone is planning to raise it from you later, unlabelled.

#6

Which operating model owns which cash flow: lease arbitrage, management fees and ownership economics don't blend — decks that mix them deserve the extra hour of unpicking.