the seller told states that rents have been kept artificially low ("landlord generosity"). Should I ascertain what's the property's actual trailing 12-month NOI, and what does that come out to as a DSCR against the $825K loan? As the number might definitively show thin the margin is?

Really appreciate you pressure-testing this — these are exactly the right questions and honestly ones I need to get hard answers on before going further. On the lease structure: I don't have confirmed NNN status or term lengths yet — that's on me to pull from the broker before I go any further on price. I'll be asking specifically for the actual lease abstracts (not just the OM summary) to see who's NNN, who's on a modified gross deal, and where each tenant sits in their term vs. any renewal options. On the anchor tenant risk: fair pushback. My gut read matches yours — if the seller's story is "landlord generosity," the more likely story is he tried to push rents to market, hit resistance, and backed off rather than risk vacancy on a property he was already planning to exit free and clear. That's a very different risk profile than genuine below-market rent with real upside. On float capacity: that's the one I need to sit with honestly rather than answer reflexively. At 60% LTV the debt service is fixed regardless of what happens to income, so I want to actually model what the property cash flows like if the anchor left and stayed vacant for 6-12 months, not just at current in-place rents. If that scenario doesn't pencil without me personally covering the gap for an extended stretch, that's a real problem, not a hypothetical one. Given all that — what would you consider the minimum diligence before this stops being a maybe? Lease abstracts + a realistic re-tenanting timeline for this submarket, or is there something else you'd want nailed down first?