Agree

How is the local job market, rent comparation, utlity structure, road condition? Problity to stablize or is the occupancy going down the hill. What is the problem in tenants? How many deferred capital investment and repariment? Everyone cook their book to show a 12% cap, so your number and his number will be sure not the same. If they have expense ratio at 35% but put it as 15%, they surely will get 12% and higher cap. A lot of deals on loopnet have >12% but most are not true. Anyway, Due diligence is the only way to go.