I own 12 self-storage facilities across 4 states. Every single one started with the same process - a quick filter before I ever opened a spreadsheet.

Early on I made the mistake of underwriting everything that hit my inbox. A broker would send me a deal and I'd spend 8-10 hours building a model only to realize the market was oversupplied or the seller's price made no sense. I was wasting weeks on deals that should've been killed in the first conversation.

Now I run 7 questions before I touch a spreadsheet:

1. What's the supply per capita in the submarket? If it's above 9-10 SF per person, I need a very good reason to keep going.
2. What's the physical occupancy vs. economic occupancy? A facility showing 90% occupied can still have massive upside if half the tenants are paying rates from 5 years ago or 60+ days delinquent. That gap between physical and economic occupancy is where the real money hides.
3. How do current rates compare to comps within a 10-15 mile radius? If they're 20-40% below market, that's real upside I can underwrite. If they're already at market, my growth story gets a lot thinner.
4. What's the revenue concentration risk? One employer town? Military base? Oil field? Not a deal killer but it changes how I underwrite downside.
5. Is the seller motivated? Retirement, health, partnership dispute - these create real deals. If the seller is just "testing the market," I move on.
6. What does the competitive landscape look like? New builds permitted or under construction nearby? A 200-unit facility opening 2 miles away changes everything.
7. Can I get the financials reconciled? If the seller can't provide bank statements, tax returns, and a rent roll that all tell the same story - that's a walk.

If a deal passes all 7, then I underwrite. If it doesn't, I likely move on and save myself a week of work.

The biggest mistake I see from new storage investors is spending all their time on analysis and not enough on filtering. The best deal you'll ever do is the bad deal you didn't waste 40 hours on.

What does your deal screening process look like? Curious what others are filtering for.