What happens to property value when cap rates and NOI start moving in opposite directions—and how should investors prepare for that?

In this episode, Angel Williams speaks with Rich Neuharth and Moses Lucero about the realities of underwriting in multifamily investing. They break down cap rates, NOI (Net Operating Income), and the complex relationship between market forces and property performance. Rich walks through examples that clarify how small shifts in cap rates can drastically affect valuations and explains why mindset and transparency matter in underwriting. Angel challenges the assumptions with sharp questions, leading to a clear discussion of how to stress-test deals, factor in risk, and use underwriting tools responsibly.

[00:01 - 04:30] Cap Rates in Action

• How a $1 ...