Rent Roll

The rent roll is the primary document for verifying a property's income. It should show: unit number, tenant name, lease start and end date, monthly rent, security deposit amount, and current payment status (current, late, or vacant). In due diligence, verify the rent roll against actual lease copies and bank statements showing rent deposits. Discrepancies between the rent roll and bank deposits indicate uncollected rent or inflated income claims. For seller-financed acquisitions, an accurate rent roll is essential for calculating true NOI and justifying note terms. If the seller cannot provide a clean rent roll, that is a due diligence red flag.