Does the investment still make sense when you look underneath it?

Location, access, parking, building condition, functionality, layout, site, zoning, current use, future use, building systems and releasability can all matter.

Ask what income exists, who pays it, whether it is contractual, how long it lasts, what is recoverable, what is actually collected and whether it is sustainable.

Understand how much lease term remains, what happens when it ends, how rent changes, what renewal rights exist, who is obligated to pay and what guarantees or other security support the obligation.

Property taxes, insurance, repairs, maintenance, management, utilities, common-area costs and other operating expenses need consistent treatment.

Understand the loan, interest rate, debt service, leverage, amortization, term, renewal risk, covenants and the investor's own capital structure.

Roof, HVAC, parking lot, building envelope, electrical, plumbing, site work and tenant improvements may not appear in a simple NOI calculation.

Replacement rent, vacancy, tenant demand, competing space, incentives, leasing commissions, tenant improvements, development and employment can all affect the investment when income changes.

Ask what happens if the tenant weakens or leaves, the lease expires, a major system fails, debt costs more at renewal or replacement rent and buyer demand are weaker.

Model lower rent, six months of vacancy, higher expenses, a higher interest rate at renewal, a major capital expenditure and a higher exit cap rate.

Consider available capital, financing, time horizon, liquidity, management burden, risk tolerance, concentration, future plans and what else the investor could do with the same money.

The goal is not to prove the property is good. The goal is to understand whether it makes sense for this investor.