MF Acquistion-What are the most important items on your due diligence list?

[Tod R.]

While discussing multifamily investing, the question was asked what are the most important issues when doing due diligence. When we analyze potential deals we look at:
*Last 3 yrs financial statements, occupancy, concessions.
*We do market surveys(actual visits as a "potential renter") on competing complexes to see what the potential market rents and occupancy we could achieve.
*Make the contract subject to an acceptable property condition report. Determine what deferred maintenance and improvements are necessary to achieve our targeted market rents.
*Create our projections based on the above information to determine loan amount and sales price.

What am I missing?