A coin laundromat was listed at $525K based on $145K in cash flow.

But: ❌ Revenue was based on seller estimates—not meter reports
❌ Owner collected all coins, did the cleaning, and fixed machines
❌ Lease was far below market with 2 years remaining
❌ CapEx ignored aging machines and faulty change kiosk

✅ Normalized FCF: ~$42K
✅ Final valuation: ~$260K based on adjusted revenue and real replacement costs

📌 The lender didn’t rinse and repeat—they re-ran the numbers.