Fleet age and utilization is the underwriting question
Pull the rental log by asset. Healthy rental businesses run fleet utilization at 60–75% across the season; under 50% is a sign of either too much fleet or weak customer demand. Each rental asset has a service-life curve which is typically 5–8 years for hard-use equipment, longer for occasional-use party rentals. If the seller has been deferring replacement, your first two years include significant capex. Walk through the yard with someone who knows the equipment and verify age, hours, and condition.