FIELD GUIDE 01 · RENTAL ACQUISITION

Build your investment Criteria before the listing changes the rules.

A property should not pass or fail in the abstract. It should be screened against rules that reflect what the investor is trying to accomplish, what the investor cannot risk, and what still needs evidence.

01 / DEFINE THE INVESTMENT JOB

Start with the decision the property must support.

“Find a good deal” is too vague to screen consistently.

Name the primary job first: durable current cash flow, a learning-sized first acquisition, lower operating complexity, a specific portfolio role, or another explicit objective. Then name what the property is not expected to do. A clear job prevents unrelated upside stories from becoming accidental justification.

OPERATOR QUESTION

If this property performs exactly as modeled—but never gets easier, rents never jump, and appreciation is unknown—does it still do the job?

02 / SET HARD CONSTRAINTS

Decide which boundaries are allowed to end the screen.

Hard constraints should be few, explicit, and observable. If a rule can always be waived when the listing is exciting, it is not functioning as a constraint.

PROPERTYGeography, unit count, use, condition, or complexity
CAPITALMaximum cash deployed and minimum liquidity remaining
OPERATIONSManagement burden, rehabilitation tolerance, and owner-paid obligations
FINANCINGLoan type, leverage range, and conditions that require a fresh quote
TIMINGOffer, inspection, financing, and closing windows the investor can execute
EVIDENCEFacts that must be documented before a rule may clear

03 / CHOOSE FINANCIAL RULES

Use thresholds to expose tradeoffs—not manufacture certainty.

Rule typeQuestion it answersCommon failure
Capital requiredCan this acquisition be completed within the available capital envelope?Ignoring closing costs or immediate work
Post-close reservesHow much liquidity remains after the modeled acquisition?Treating unused credit as cash reserves
Monthly cash flowDoes modeled income cover operating costs, reserves, management, and debt?Leaving out costs because they are not billed monthly
Debt-service coverageHow much modeled operating income covers modeled debt service?Using an unstated income or expense basis
Cash-on-cash returnWhat modeled annual cash flow is produced by modeled cash invested?Comparing results built from different capital definitions

A threshold should identify what needs to change or be verified. It does not turn incomplete inputs into a recommendation.

04 / DEFINE THE EVIDENCE STANDARD

Do not let an estimate quietly become a fact.

01Observed or documented

A lease, tax record, insurance quote, inspection finding, or another reviewable source.

02Estimated

Useful context derived from imperfect evidence and kept visibly provisional.

03Assumed

An investor-controlled planning input that can be changed without rewriting the source evidence.

04Unknown

A gap that remains open until evidence is found; unknown should not silently become zero.

CRITERIA IN THE PRODUCT

Criteria become more useful when they survive the calculation.

DealLens keeps the saved rules next to potential matches and the resulting Financial Screen. The interface shown here uses synthetic demonstration properties—not live inventory.

Open the full product capture
Synthetic DealLens workspace showing investment Criteria, saved searches, and three potential matches
Current DealLens UI · synthetic demonstration data

05 / USE THE RULES IN ORDER

Turn Criteria into a repeatable first screen.

  1. Record property identity and source evidence.Keep listing statements, public facts, estimates, and investor inputs distinguishable.
  2. Apply hard constraints first.A property that cannot fit the mandate does not need optimistic fine-tuning.
  3. Run the financial screen.Use one visible set of financing, income, expense, reserve, and capital assumptions.
  4. Name the first material constraint.Start the next question where the investor’s rules first stop clearing.
  5. Change one input at a time.Use sensitivity to learn what drives the result instead of stacking favorable changes.
  6. Write the diligence plan.A clear initial screen identifies what deserves verification; it does not replace verification.
  7. Preserve the decision.Save the evidence, assumptions, rules, result, and open questions used at that moment.

06 / CRITERIA WORKSHEET

Write a one-page mandate before screening the next property.

PRIMARY JOB

What must this property contribute to the portfolio?

PROPERTY BOUNDARY

Which geography, property type, unit shape, condition, and complexity fit?

CAPITAL BOUNDARY

What is the maximum deployment, and what liquidity must remain?

FINANCIAL RULES

Which modeled cash flow, coverage, return, or other thresholds matter—and why?

EVIDENCE REQUIRED

Which facts must be documented before the first screen can clear?

AUTOMATIC DILIGENCE

Which lease, physical, insurance, title, zoning, financing, and operating questions always remain?

Keep the first version short. A mandate that cannot be remembered or applied consistently is too complicated for a first screen.

PUT THE RULES TO WORK

Build your Criteria, then test a property.

DealLens connects the investor’s rules to evidence, deterministic underwriting, the first constraint, What-if, diligence, and a saved decision record.

Build your Criteria in DealLens