Start with net income, not brochure rent. Rome yield expectations depend on asset type and quality: prime high-street retail is much tighter, with PwC Q1 2026 data showing Milan and Rome prime high-street yields around 3.70%, while weaker locations need higher returns for tenant and liquidity risk. Review the registered lease, tenant covenant, payment history, indexation, break rights, guarantees, service charges, capex, zoning and condominium limits. A supermarket, medical office, restaurant and office are different risks. Trevi Elite underwrites rent durability and exit liquidity together.