The 12 checks
- GRV is supported. Every per-unit price has a recent comparable sale behind it.
- Net realisation is correct. Selling costs and GST are netted off GRV before profit is calculated.
- Construction rate is current. Backed by a current QS estimate or your last similar build.
- Contingency is included. 5–7.5% on construction at minimum.
- Statutory contributions are right. Pulled from the current schedule, not last year's.
- Finance costs include the full program. Not just the construction loan period.
- DM fee is treated consistently. Either in TDC or out, be explicit.
- Profit on cost and margin both stated. Both clear hurdles, not just one.
- Cashflow is monthly. Annual is too coarse for peak debt and IRR.
- Peak debt fits the facility. With headroom, not at the limit.
- Equity IRR is annualised. Not a confused profit-on-equity ratio.
- Sensitivities are run. ±5% on revenue, ±5% on cost, +100bps on rate, 3-month delay.