1 Property Information
2 Purchase Assumptions
3 Exit Assumptions
4 Acquisition Loan
5 Refinance (Optional)
Include Refinance in Model
6 Unit Mix & Renovation Strategy
Enter up to 5 unit types. Leave rows blank if unused. Renovated Rent = Market Rent + Premium.
| Unit Type | Beds | Avg SF | # Units | In-Place Rent /Unit/Mo |
Market Rent /Unit/Mo |
Units to Renovate |
Cost/Unit ($) | Rent Premium /Unit/Mo |
1yr Reno ROI |
|---|---|---|---|---|---|---|---|---|---|
| Avg / Total | 0 | 0 | 0 | $0 | $0 | 0 | $0 | $0 | 0% |
Renovation Schedule
7 Income & Vacancy Assumptions
Vacancy & Loss (% of GPR)
% of GPR during renovation
% of GPR after stabilization
Other Income
Growth Rates
8 Operating Expenses ($/unit/year, unless noted)
Expense Growth Rates
9 Deal Structure & Fees
Equity Waterfall
GP gets the remaining %
Fees
KPI Targets (for benchmarking)
Multifamily Underwriting Report
★ Sources & Uses
Sources
Uses
★ Returns Summary
Cash Flow Waterfall
Exit / Sale Waterfall
★ KPI Scorecard
★ 10-Year Proforma Model
★ IRR Sensitivity Analysis
LP IRR sensitivity by Exit Cap Rate (columns) and Sale Year (rows). Baseline is highlighted in blue.
LP CoC Sensitivity by Exit Cap Rate
★ Rent Stack Analysis
Detailed rent analysis showing in-place vs. market rents by unit type and renovation opportunity.
★ Sponsor Cash Flows
Operating Cash Flow Distribution (Years 1-10)
Sale Proceeds Distribution (Exit Year)
★ Loan Amortization Schedule
Primary Loan Amortization
★ Commercial Real Estate Glossary
★ Property Tour Guide
💡 How to use this guide: Start with the Broker Questions before you schedule a tour. Use the on-site phases when you arrive. Take photos (sound off) and notes throughout — they'll fight off "deal merge" later.
📞 Phase 0: Broker Initial Questions (Before the Tour)
Ask these during your first call with the broker — before you visit or make an offer.
📋 Property Basics to Confirm
- Property address
- Asking price
- Number of units
- Current average rent/month
- Broker name & contact
🕐 Market Timing
- When did the property last trade?
- What was the previous selling price?
- Were you on that deal?
- How long has it been on market?
🎯 Seller Intelligence
- Why is the seller selling?
- What will motivate the seller besides price?
- Who is the buyer for this product — institution, syndicator, or investor?
🏦 Deal Dynamics
- What is your debt underwriting for this property? Does it benefit me to use it?
- How many offers do you expect? How many are real?
- What do you have listed or off-market that I should know about?
✅ What the Broker Likes
- What do you like most about this deal?
- How would you rate the location?
⚠️ What the Broker Doesn't Like
- What do you like least about this deal?
- Who is their biggest competitor in the area?
🚗 Phase 1: Arrival & Drive Through
WHAT TO DO
- Arrive early
- Drive around the surrounding neighborhood
- Drive around the demand drivers
- Visit 3–5 most relevant rent comps — pretend you're looking for an apartment. Gather brochures.
- Visit the police station and ask about area crime
- Drive through the property
OBSERVATIONS & QUESTIONS
- Are there a lot of cars in the parking lot? Should there be (time of day)?
- Condition of the cars
- Trash areas clean?
- Landscaping trimmed, neat, and clean?
- Fencing in good condition?
- Is there loitering? Homeless people nearby?
- Are the demand drivers really there and appear to be successful businesses?
- Are the neighboring homes neat and clean or unkept?
- Take as many notes as you can about the condition of the property
🏢 Phase 2: Common Areas
WHAT TO DO
- Go to the leasing office and wait for the broker
- Be pleasant, always
- Be careful what you say around tenants and prospects
- Allow the broker to guide you around the property
- View all amenities
- Take pictures (sound off)
- Make as many observations as you can
- Let the broker or on-site person talk — listen!
QUESTIONS TO ASK ON-SITE
- Compliment the manager
- How many units are currently vacant?
- How much are end-of-month delinquencies?
- How many evictions in the last year (approx.)?
- What do residents love most about the property?
- What is your biggest challenge?
- Where do you get most of your residents from?
- Who is your biggest competitor?
- What is your most common work order?
- If you could, what improvements would you make?
- Do you think the team would want to stay?
- Note condition of roofs, parking lot, paint, balconies, amenities, stairs — everything you can see
🚪 Phase 3: Units
WHAT TO DO
- Ask to see the nicest AND worst unit (assure them even the best properties have bad move-outs)
- Try to see each major floor plan
- Note condition of appliances, fixtures, flooring, bathrooms
- Take pictures (sound off)
OBSERVATIONS & QUESTIONS
- Are the units humid or have an odor?
- Windows in good condition? Clean?
- Note ceiling height
- Are the units I've seen representative of the rest of the property? Similar appliances, cabinets, flooring?
- What's the difference between classic and renovated units?
- Are your planned improvements possible (e.g. adding in-unit laundry)?
- Any pest infestations?
- Any mold or ceiling discoloration?
🤝 Phase 4: Wrap Up
WHAT TO DO
- End the tour at the leasing office (usually)
- Thank the on-site team for their time
- Try to exchange business cards
- Drive through the property, neighborhood, and demand drivers again on your way out — you'll see them differently now
- Take lots of notes after you leave — photos and notes will help you fight off "Deal Merge"
FINAL QUESTIONS
- Ask the broker if there's anything important you haven't seen
- Confirm you have the latest rent roll and financials
- Ask the broker if there's anything about the neighborhood or demand drivers you should see on your way out
⚠️ "Deal Merge" is when multiple properties start to blend together in your memory. Your notes and photos are the only thing that keep them separate.
★ Multifamily Deal Execution Checklist
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★ Small Deal Checklist — Duplex · Triplex · Quadplex
🏠 This checklist is for smaller residential purchases (2–4 units) — buying with a conventional loan, possibly house-hacking, no syndication or investor partners required. Simpler process, faster closings, and a great way to start building your portfolio.
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