Deferred maintenance per key

Definition

The repair backlog divided across the rooms, which is what a buyer is really pricing.

Why It Matters

Roof, HVAC units, parking lot and rooms all age at once in this format, and the backlog is normally the largest number in the deal after the purchase price. Spreading it across the room count makes it comparable with the per-key price the seller is asking. Walk every room, price the work with a contractor, divide by keys, and read the result against what similar properties traded for.