It's arithmetic and attention. Most buyers just don't want to invest the time.

Every major system has a lifespan. Every replacement has a cost. Your job is to know both.

Roof: 20–25 years. If it's 18 years old, you don't have a working roof, you have a countdown clock. Price it accordingly.

HVAC: 15–20 years. Water heater: 10–12 years. Electrical panel: know the age, know the amperage, know what an upgrade runs in your market. Plumbing: cast iron and galvanized have an expiration date whether anyone tells you or not.

For each system, age, expected lifespan, replacement cost. What's due in the next 3–5 years comes off the price or goes into reserves before you close. Not after.

This is the work that separates investors who scale from investors who stall out after their second deal wondering why the numbers never match the pro forma.

It's not that hard. It just requires you to slow down long enough to do it right.

The contractor estimate doesn't do this for you. The inspection report doesn't do this for you. This one is on you, or whoever you trust to walk the property with you.

What's your process for deferred maintenance when you're underwriting? Curious how people are handling it at scale.