A rent roll is a snapshot. Closing is the moment you actually inherit the building.
When I underwrite a multifamily property, I care about the rent roll. But I have learned to care just as much about what happens between the day we first see that rent roll and the day we close.
A tenant can give notice. A unit can turn vacant. A lease can expire. A seller can fill a vacancy with terms that do not fit the business plan. None of those changes necessarily kills a deal, but they can change the cash flow you inherit on day one.
That is why I do not treat occupancy as a box we check once during due diligence. I want an updated rent roll before closing, confirmation of move-ins and move-outs, current balances, lease status, and a clear picture of which units will actually be producing income when ownership transfers.
At 24 Pearl, vacancy and tenant rollover were part of the operating plan from the beginning. The lesson was simple: underwriting tells you what a property can support. Closing-day occupancy tells you what you actually have to operate.
For a small multifamily deal, one or two units can materially change the first few months. I would rather understand that change before closing than explain it afterward.
Owners, brokers, partners, and investors can reach Black Pine directly.