The OM shows an actual NOI of $377K.

I own 2 props om Renick.

Based on suggestions by @Daniel Han and @Arn Cenedella implying or stating that the magic number was just a 10% IRR alone, I went back to my whiteboard and worked through even more scenarios.This time, I resolved to only use figures stated in nearly every OM distributed - the total amount of Raised Equity and the predicted Distributable Cash.

Many brokers do not prepare their OMs accurately, often the data reported are incorrect and an expert knowledge of the target area on the part of the investor ( or the agent) is essential in spotting a deal that's hidden in the weeds.Additionally, manoeuvring within a mediocre deal can turn it on it's head.

Prioritize the questions that align with your investment values and see if things check out in the sponsor's OM. 

Not surprisingly many of the OM's I get do not include it in their pro forma.  

This is where you need to be wise, not only to the OM, but also to the area you chose to invest. 

I recommend you start by spending the next couple of months scouring every deal available on loopnet and Crexi, and studying every OM you can get your hands on.Commercial brokers generally paint a prettier picture than reality on their OMs, but you can still learn a lot from them in terms of how to underwrite a deal and market demographics.Once you get through this phase, pick a class.

Well Steve, I can't speak for your experience, but, the majority of multifamily and commercial deals, that I look at, if they have any kind of obvious upside and/or value add component have deal sheets, marketing packages, and/or OM's WITH pro-forma.

The OM is a good start and keep in mind the message it is designed to send to you as the buyer.