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Is NGN 9,039,000 an asking rent or supported by completed leases for comparable 4-bed flats? Also, is the unit furnished? Those details affect both the initial outlay and turnover costs. A conservative vacancy percentage is useful, but it can still understate the impact if each tenant change...

One point needs confirming: is 7.10% genuinely fixed for the entire 30 years, or is it a 30-year loan with a shorter initial fixed period? Those are very different exposures. If it is fixed for all 30 years, rate-reset risk during the term is not the main concern; early-repayment restrictions...

Respondents should include a precise neighbourhood rather than simply saying Lagos, plus the nearest relevant transport route or point. That would make the access claim meaningful without assuming everyone has the same commute.

I’d turn the remaining work into three numbers: verified annual rent collectible by the landlord, realistic annual operating cash outflow, and total capital committed. Then keep a separate downside case for turnover, a major repair and the specific regulatory concern. The required net yield is...