Physical Needs Assessments The purpose of the Physical Needs Assessment is to report any outstanding maintenance issues, to determine any short-term replacement of capital items, to compile a 5 year Reserve for Replacement Schedule and last but not least, to establish a baseline from which to monitor the maintenance and condition of each unit and each property. The Physical Needs Assessment will encompass: A complete and thorough physical inspection of each unit. A complete and thorough inspection of each building exterior, all common areas and grounds. The Physical Needs Assessment will provide the following, by property: A report on any health and life safety issues that must be repaired immediately. A report on deferred maintenance items by unit with a corresponding work order report. A 5-year Reserve for Replacement report, for incorporation into each property's annual budget. A report by unit of findings for placement in each unit's maintenance file.