What’s the biggest red flag you’ve seen in a SaaS listing?

For me, it’s when the numbers look great at first glance, but once you dig in, the "MRR" turns out to be heavily dependent on a single customer or a short-term contract that could disappear overnight. Another major warning sign is when sellers can’t clearly explain churn, customer acquisition, or retention, or say things like "we don’t really track that," which usually means the fundamentals aren’t as healthy as the headline metrics suggest.

I’m also wary of listings that claim the product is "fully automated," yet rely on the founder handling sales, support, and ops for dozens of hours each week, or businesses generating solid revenue but lacking proper documentation, clean code ownership, or clear processes.

What’s the one thing you’ve seen in a SaaS listing that immediately made you step back or walk away?