Most CapEx programs run late and over budget for the same three reasons. Not because the GC was bad. Because the scope was finalized after the calendar got tight, the inspection items weren’t flagged on the walkthrough, and the paperwork didn’t satisfy the lender on the first submission.
This is the checklist we walk asset managers through when they bring us in for a portfolio scope across Metro Atlanta.
1. The walkthrough has to happen in Q3, not Q4
The single biggest cost driver on a CapEx program is when the scope gets finalized. By Q4, the GC bench is already booked for Q1 starts. Material lead times stretch. The unit turn calendar collides with lease renewals.
Walk every property by August. Document the roof, envelope, mechanical, common-area, and unit-interior scope before the budget locks. The buildings that pass inspection on the first attempt are the ones where the scope was clear in October, not February.
2. Inspection items get documented separately from cosmetic items
Most CapEx scopes bury the inspection-driven work inside the cosmetic line items. That’s how you end up paying for unit turn paint and discovering, on day three, that the GFCI count doesn’t meet current code.
Separate the inspection-required items from the cosmetic items on the scope sheet. Get an electrical, mechanical, and ADA pass on every building before the budget goes to ownership. The cost is small compared to the change orders that show up mid-job.
3. ADA retrofits are the most-skipped, most-expensive late find
ADA compliance is the line item most asset managers underweight on older buildings. The buildings that need it most are the 1980s and earlier multifamily product across Metro Atlanta, which is most of the value-add inventory.
Common required retrofits on older Atlanta multifamily:
- Path-of-travel grading and ramps at building entries
- Bathroom clearances and grab-bar mounts in accessible units
- Common-area signage and tactile elements
- Pool and amenity area access
- Parking stall count and van-accessible stall placement
The cost range varies, but the pattern is consistent: a retrofit caught during CapEx planning is a fraction of the cost of one caught during a sale due diligence or a fair housing complaint.
4. The paperwork has to satisfy the lender on the first submission
The bonded, insured, and licensed paperwork your asset manager or lender needs on file is not optional, and it should not be a follow-up email. The standard on most institutional multifamily projects:
- Active GC license with the state
- $2M general liability minimum
- Performance bond on the project value
- Workers’ comp certificate
- Lien waivers on each progress draw
- Final inspection sign-off
If the GC can’t put all six on the table at contract signing, the project will slow down at every draw.
5. The timeline has to be written, not verbal
Verbal timelines slip. Written timelines hold both sides accountable. The minimum a written CapEx timeline should include:
- Mobilization date by building
- Scope completion date by trade
- Inspection submission date
- Lien waiver and draw schedule
- Punch list walkthrough date
- Final inspection date
If the GC won’t commit to these in writing on day one, the calendar isn’t real.
6. The punch list gets walked before the crew demobilizes
The single most common cause of a CapEx job slipping into the next month is a punch list discovered after the crew has already left the site. Mobilizing a crew back to a property to chase punch items costs three to five times what it costs to walk the punch before demob.
Walk the punch list with the GC, the PM, and the asset manager before the final inspection is scheduled. Document with photos. Sign off in writing.
What 345 CARES does for the asset managers we work with
We do this checklist as a service. Property walkthrough, scope documentation, inspection-item flagging, ADA pass, written timeline, and the paperwork your lender needs at signing. We’re a licensed GC in Georgia, bonded, with $2M general liability, and we hold NAHB and Atlanta Apartment Association membership.
We work with PMs and asset managers across Metro Atlanta on multifamily renovations, CapEx programs, tenant build-outs, and ADA retrofits. The standard is pass inspection on the first attempt.
If your 2027 CapEx is still a budget number and not a documented walkthrough, that’s the work for this quarter.
Request a property walkthrough. info@345cares.com
