How often do you find the stated Net Operating Incomes or Cap Rates on Loopnet are accurate? (I know this can't be answered definitively.)
I'm looking into multi-family homes.  I was hoping someone who has experience on Loopnet could tell me if (very generally) those figures are at all accurate. Should I totally ignore them, should I expect them to be inflated by a general percentage, etc?

Edit:  I very much appreciate everyone's answers.  Thank you.
[{"id": "cpw8qwg", "text": "They tend to be reasonably accurate. Most states because of property taxes the purchase price of properties are public information.  That coupled with the fact that \"most\" properties are marketed and hence at some point provide financials and these financials find their way to costar and LoopNet and RCA. Also sometimes they just called the buyer or seller and ask. I have been asked. They say they are calling to confirm - in my experience they are usually close or close enough. \nI work for a private equity group have purchased over $2b in real estate, including $200m last year. Mostly in Multifamily and hotels. ", "replies": [{"id": "cqgutfp", "text": "&gt; They tend to be reasonably accurate.\n\nReasonably, i.e. within 5-20%. Almost everyone tries to hide something somewhere, no matter the property size. You can never rely on Broker numbers, but they are often a good starting point. \n\nAs others have pointed out, Brokers' pro formas could have 95% occupancy when the property is 70%, they could assume a national insurance program that huge operators may have (economies of scale that you may not achieve), they may have no or low replacement reserves, you name it. \n\nTl;dr- I've seen broker pro-formas, on average, overestimate rents or rent growth by 5-10%, and underestimate expenses by about 5%, for multifamily properties.\n\n", "replies": [], "depth": 2}], "depth": 1}, {"id": "cpwapc1", "text": "They never include vacancy or maintenance in my experience. ", "replies": [], "depth": 1}, {"id": "cpwcbeq", "text": "I typically try to find out their gross and do my own calculations for estimated NOI. ", "replies": [], "depth": 1}, {"id": "cpwkfhd", "text": "ALOT of listings put forth pro-forma numbers (what the property can do at 100% occupancy)  It's kinda of silly as that is not what you are buying.  Even if the numbers are accurate they usually are in the positive light (ie-some expenses are missing)", "replies": [], "depth": 1}, {"id": "cpwltw7", "text": "It really just depends.  They can be wildly off or slightly optimistic.  That information comes from the person selling it so keep that in mind.....\n\nI use them as a rough guide for a first look.  If it progresses more than that you should request a pro forma etc and make your own adjustments.", "replies": [], "depth": 1}, {"id": "cpx439v", "text": "I rarely see mistakes on LoopNet but I see lots of mistakes on MLS listings. I hate to sound elitist but I tend to only see mistakes on financials (expenses, NOI, Cap Rate/GRM) when a residential broker lists a multi-family property without really understanding the product type.  \n\nSource:I'm a Multi-family broker who regularly uses LoopNetfor my listings and watches MLS for market activity.", "replies": [], "depth": 1}, {"id": "cqazg0c", "text": "Ask the listing broker.  Look through the proforma to see if expenses are reasonable.  Occupancy should be calculated at 95%, since thats what the bank is going to do when you get financing.\nCheck craigslist to confirm that rents are within reasonable market rates.  If you're investing in a different geographic area survey area rental agencies for their feelings on whether the housing market is tight or not.  \nsource I'm a RE broker who does only commercial re in a small market.  ", "replies": [], "depth": 1}]