# Financial DD: Rent Roll, Opex, NOI Normalisation, Capex Plan

> Component slug: `dd-financial-income-verification`. Researched: `2026-05-18T05:45:00Z`. Sources cited: `20`. Token usage: `~41000`.

## 1. Summary (≤3 sentences)

Financial due diligence on income-producing commercial property centres on verifying that reported net operating income (NOI) is genuine, sustainable, and fairly stated—stripping vendor-side optimism through a systematic reconciliation of rent roll to executed leases, 36-month bank statements, and third-party expense invoices. A buyer-adjusted "normalised NOI" then re-adds a vacancy allowance, market-rate management fees, and an annual capital expenditure (capex) reserve, producing the defensible income figure that underpins a cap-rate valuation. Overlaid on this income analysis is a QS-prepared 10-year capital expenditure forecast and a review of debt exit costs (loan assumption or break/defeasance fees) to establish total holding and disposal costs.