When the data didn't tell the whole story.

Real engagements where Relm's diligence surfaced the risk standard listings and tax data missed — and gave the buyer a basis to price it, negotiate it, or walk away.

Real Relm engagements; identifying details anonymized.

Isometric illustration of a mixed-use walk-up building with a floor-plan blueprint layer floating above one mismatched upper floor.

Certificate of Occupancy

A 50-year-old CO mismatch hiding in plain sight

Mixed-use walk-up · Queens, NY · 7 units

The only Certificate of Occupancy on file — issued in 1970 — authorized a two-family home with one store. The building was running more than triple the permitted apartments and double the commercial units.

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Isometric illustration of a fenced vacant lot beside a stack of sealed legal documents, evoking liens and violations on raw land.

Violations & Liens

A vacant lot carrying half a million dollars in hidden obligations

Vacant infill land · Bronx, NY · 3 tax lots

What was marketed as one buildable lot was three tax lots with a never-lifted stop-work order, ten active violations, an IRS lien against a deceased co-owner, and roughly $424,000 in tax arrears.

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Isometric illustration of a wooded parcel divided by dashed subdivision lines with three gated checkpoints along a path.

Entitlement Risk

An LP pulls back from a subdivision after the real risk picture emerges

Vacant land · Somerset County, NJ · 6.7-acre parcel

A 100%+ projected return rested on three independent approvals all clearing in one compressed window. Stress-testing the cap rate alone pushed residual land value below the target exit price.

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