1 Property Information
Building Profile
Total spaces on property
Class B
Source: walkscore.com
Lower = safer. Enter a score (1=safest, 100=most dangerous) or select the rating above.
📍 Profile Summary
Class: —
Walk: —
Crime: —
2 Purchase Assumptions
Reference only — auto-filled from OM import. Not used in the financial model; records the broker's stated cap rate for comparison.
Reference only — auto-filled from OM / Rent Roll. Vacancy loss flows from the Income & Vacancy section, not this field.
Includes lender origination fee, title, attorney, transfer taxes. Flows into Total Uses on Sources & Uses.
Cash set aside at closing for unexpected repairs/vacancies. Shown in Total Uses; partially returned at sale (set "Reserves Returned %" below).
Annual capital reserve funded per unit — typically $250–350 for Class B/C. Required by most lenders; deducted above the line from NOI to get CF from Operations.
Annual % increase in the CapEx reserve amount each year. 0% = flat reserve; 2–3% = inflation-adjusted growth.
One-time immediate repair cost — flows into Total Uses alongside renovation. Separate from annual CapEx reserves.
3 Exit Assumptions
4 Debt Structure
| Amount | % | Interest Rate | I/O (Years) | |
|---|---|---|---|---|
| Loan Amount (Initial) | — | — | % | mo |
| Additional Loan Amount | 0% | % | — | |
| Total Equity Required | — | — | — | |
| Total Capital Stack | — | 100% | DSCR: — |
Loan-to-Value — percentage of purchase price covered by the initial loan. Determines Loan Amount (Initial).
Origination/points fee charged by the lender on the initial loan. Added to total closing costs.
Number of years to fully pay down the loan principal. Determines your monthly P&I payment.
5 Refinance (Optional)
Include Refinance in Model
6 Unit Mix & Renovation Strategy
Enter up to 6 unit types. Renovated Rent = Market Rent + Premium.
| Unit Type | Beds | Baths | Avg SF | # Units | In-Place Rent /Unit/Mo | Market Rent /Unit/Mo |
Reno Units | Cost/Unit ($) ↓ from Improvements |
Rent Premium /Unit/Mo | Reno ROI |
|---|---|---|---|---|---|---|---|---|---|---|
| Avg / Total | — | — | 0 | $0 | $0 | 0 | $0 | $0 | 0% |
Renovation Schedule
Months after closing when renovation begins. Use 1 for immediate start; 2–3 allows time for post-close setup and contractor mobilization.
Total months to complete all unit renovations across the portfolio. Longer duration means more downtime vacancy is modeled over that period.
Months each unit is offline (vacant) while being renovated. Used to calculate renovation downtime vacancy loss in the income model.
One-time exterior improvement budget — parking lot, paint, landscaping, signage, roofing, etc. Added to Total Uses alongside per-unit interior costs.
Buffer above your interior + exterior renovation budget for unexpected costs. 10–15% is industry standard. Applied to the total renovation cost.
Improvements — Per Unit Cost Breakdown
Optional detailed breakdown — enter cost per unit for each line item and the total will auto-fill the Cost/Unit column in Unit Mix above. If you already entered costs directly in Unit Mix, leave this blank; the Total Renovation Budget below will reflect those unit mix values.
| Description | Cost / Unit ($) |
|---|---|
| Flooring (Wood Vinyl/Carpet) | |
| Counter Tops | |
| Cabinet Re-face | |
| Blinds (2 in. Wood Faux) | |
| Kitchen Faucet | |
| Interior Doors | |
| Accent Wall | |
| Appliances | |
| Minor Updates | |
| Other 1 | |
| Other 2 | |
| Other 3 | |
| Other 4 | |
| Other 5 | |
| Other 6 | |
| Misc | |
| Renovation Cost Per Unit | $0 |
| × Units Renovating | 0 |
| Total Renovation Budget | $0 |
Value-Add Return Analysis
Total Reno Spend
—
NOI Uplift / Yr
—
Stabilized Value Created
—
Yield on Cost
7 Income & Vacancy Assumptions
Underwriting Assumptions by Year Group
Vacancy % and Concessions auto-fill from T12 import (applied to Yr 1–2). Adjust other groups as needed for your hold period.
| Assumption (% of GPR) | Yr 1–2 | Yr 3–5 | Yr 6–8 | Yr 9–10 |
|---|---|---|---|---|
| Vacancy Loss % | ||||
| Bad Debt % | ||||
| Concessions % | ||||
| Rent Escalator % | ||||
| Other Income Escalator % | ||||
| Expense Escalator % | ||||
Additional Loss Factors
Difference between market rent and in-place (scheduled) rents. Represents rent upside not yet captured because current leases are below market. Applied as a % loss each year until leases roll to market. Typical range: 1–4%.
Downtime during renovation
Other Income
RUBS = Ratio Utility Billing System — utility costs billed back to tenants (water, trash, sewer). Enter the average $ per unit per month you expect to collect.
Additional revenue per unit per month beyond rent and RUBS — e.g., laundry, parking, storage, pet fees, valet trash. Enter a blended $/unit/mo estimate.
Stabilization
The year when the property reaches full occupancy and market rents after renovation. Before this year, renovation downtime vacancy is applied. Year 2 is typical for value-add deals; Year 3+ for larger overhauls.
8 Operating Expenses ($/unit/year)
Staffed property — on-site employees
If imported from T12, this reflects the previous owner's actual payroll — a historical number. Use the Payroll Detail section below to enter your projected staffing costs. Editing the detail will automatically replace this value.
ⓘ These are the seller's taxes. Tax assessments vary by state — check with your state tax appraiser to confirm whether taxes will be reassessed upon sale of the asset.
Expense escalators are set per year group in Section 7 (Income & Vacancy Assumptions).
Payroll Detail — Employee Compensation
Your projected staffing costs. When filled in, the total automatically replaces the Payroll $/unit/yr field above — including any T12-imported value.
| Role | Hourly Rate ($) | Hrs/Wk | # Employees | Annual Cost ($) |
|---|---|---|---|---|
| Custodial Personnel | $0 | |||
| Leasing / Mgmt Personnel | $0 | |||
| Maintenance Personnel | $0 | |||
| Admin | $0 | |||
| Porter | $0 | |||
| Other | $0 | |||
| Total Employee Compensation | $0 | |||
Other Employee Costs
| Item | Rate | Basis | Annual Cost ($) | |
|---|---|---|---|---|
| Health Insurance (net, $/employee/mo) | $/emp/mo | $0 | ||
| Employee Benefits – Other ($/employee/mo) | $/emp/mo | $0 | ||
| Processing & HR Compliance ($/employee/mo) | $/emp/mo | $0 | ||
| Payroll Taxes | % of comp | $0 | ||
| Workers Comp | % of comp | $0 | ||
| Total Payroll Related Costs | $0 | |||
| Total Annual Payroll | $0 | |||
| Per Unit / Year | $0 | |||
Property Tax Calculator
Works for any state. Enter your county's assessment ratio and millage rate. Total auto-fills Property Taxes $/unit/yr above.
| Item | Input / Value |
|---|---|
| Purchase Price ($) | Auto-fills from offer price |
| Assessment Ratio (%) | % of purchase price taxing authority uses |
| Assessed Value ($) | $0 |
| Millage Rate (per $1,000 assessed) | e.g. 19.92 means $19.92 per $1,000 |
| Gross Annual Tax ($) | $0 |
| Prompt Payment Discount (%) | |
| Non-Ad Valorem / Other Assessments ($) | Flat fees for water, fire, sewer districts |
| Total Annual Property Tax | $0 |
| Per Unit / Year | $0 |
9 Deal Structure & Fees
Equity Waterfall
GP gets the remaining %
Fees
Sponsor fee for overseeing renovations. Calculated as % of total renovation cost (all units × reno cost/unit).
GP sponsor fee on the refinance loan amount — a one-time earn at the refi event. Separate from the Lender Loan Fee in the Debt section, which goes to the bank.
KPI Targets (for benchmarking)
Your minimum acceptable average annual cash-on-cash return for LP investors. The KPI Scorecard flags the deal if CoC falls below this threshold.
Minimum acceptable internal rate of return for LP investors, accounting for both annual distributions and sale proceeds. Scorecard and sensitivity table use this as the pass threshold.
Target equity multiple — total LP distributions ÷ LP equity invested. 1.65x means LPs get $1.65 back for every $1 invested. Scorecard flags deals below this.
Minimum Debt Service Coverage Ratio (NOI ÷ Debt Service) for Year 1. Most lenders require 1.20–1.25x. Below this threshold the deal is flagged as high-risk in the scorecard.
Target LP average annual return — total LP profit ÷ LP equity ÷ hold period. Blends cash flow and sale proceeds into a simple annualized return. The KPI chip turns green above this threshold.
Minimum going-in cap rate (Year 1 NOI ÷ purchase price) for Max Bid calculation. Used by ⚡ Calculate Max Bid to backsolve the highest price at which your target cap rate is still met.
10 Seller's Data & Deal Timeline
Seller Information
Deal History
| Item | Value | Calculated |
|---|---|---|
| Seller's Purchase Date | When they bought it | |
| Seller's Purchase Price ($) | Their original cost | |
| Sale Date (Your Closing) | Expected close date | |
| Sale Price ($) | Auto-fills from offer price | — |
| Estimated Remaining Debt ($) | Their loan payoff | |
| Estimated Seller Equity | — | Sale Price − Debt |
| Hold Period | — | Purchase → Sale |
| ROI on Equity on Sale | — | |
ROI = RATE formula: annualized return on seller's equity from purchase price to net sale proceeds.
Deal Dates Timeline
Set the LOI date. Each subsequent milestone auto-calculates based on editable day offsets.
| Milestone | Days from Previous | Calculated Date |
|---|---|---|
| LOI Signed | — | |
| PSA Executed | days | — |
| Due Diligence Period | days | — |
| Financing Commitment | days | — |
| Closing | days | — |
| Lease Modifications optional | days | — |
LOI → CLOSE
—
days to close
📋 Rent Roll
⚪ Not Verified
Total Units
—
Occupied
—
Vacant
—
On Notice
—
Occupancy %
—
GPR / Mo
—
Avg In-Place Rent
—
Avg Market Rent (GPR)
—
Proven 90% Eff. Rent
—
Expired Leases
—
| Unit | Type | SF | Status | Resident | Market Rent | Rent | RUBS | Pet | Other | Total Charges | Balance | Move-In | Lease End |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Upload a Rent Roll to populate this table | |||||||||||||
Upload a Rent Roll to populate floor plan summary
📈 T12 / T3 Statement
⚪ Not Verified
GPR (T12)
—
Vacancy Loss
—
Bad Debt
—
Net Rental Income
—
Total Revenue
—
Total Expenses
—
NOI (T12)
—
NOI (T3 Ann.)
—
| Line Item | Monthly Data | T12 Total | T3 Ann. | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Upload a T12 Statement to populate this table | ||||||||||||||
Multifamily Underwriting Report
★ Sources & Uses
Sources
Uses
★ Returns Summary
Cash Flow Waterfall
Exit / Sale Waterfall
★ KPI Scorecard
🎯 Deal Scorecard
Pass/fail validation against your target return thresholds. All targets are set in the Deal Structure section.
Run the calculator to populate the scorecard.
★ Rent Analysis
Run the calculator to populate rent analysis.
★ Sponsor (GP) Cash Flows
Run the calculator to populate sponsor cash flows.
★ Loan Amortization Schedule
Run the calculator to populate amortization schedule.
★ 10-Year Proforma Model
★ IRR Sensitivity Analysis
LP IRR sensitivity by Exit Cap Rate (columns) and Sale Year (rows). Baseline highlighted in blue.
LP Equity Multiple (EMx) Sensitivity by Exit Cap Rate (columns) and Sale Year (rows)
📋 Tax Reference
⚠️ Disclaimer: This section reflects U.S. federal tax law only and does not account for state, local, or international tax regulations. This section is for reference and estimation purposes only. Tax treatment varies based on your income, filing status, investment structure, and applicable law. These figures are not tax advice. Consult a licensed CPA or tax attorney before making decisions based on this information.
Check your county assessor or HUD-1 for the land/improvement split. Typical: 15–35%.
Run the calculator to populate tax reference.
🔍 Market Research
🔍
Agent 3 — Market Intelligence
Loading property…
Submarket / Neighborhood:
📊 AI Market Intelligence
🤖 Claude estimate · verify with CoStar
📊 Market Rents vs. Your Deal
| Unit Type | In-Place Avg Rent | Your Market Rent | Market Research Rate | Gap vs. Your Market |
|---|---|---|---|---|
| Fill the Unit Mix & Rents section first, then enter market rates to see comparison. | ||||
↑ Enter researched market rates in the fourth column. Gap shows rent upside (+) or risk (−) vs. your underwritten market rent.
📄 OM Broker Rent Comparables
🔍 RentCast Independent Rent Estimates
vs. OM broker comps — flags large discrepancies
📈 Submarket Fundamentals
Market Vacancy Rate
% — local submarket avg
12-Mo Rent Growth
% — trailing 12 months
3-Year Avg Rent Growth
% annual average
Going-In Cap Rate Range
to
% range in submarket
Avg Price / Unit
$ — recent comparable sales
Avg Days on Market
days — MF listings
Supply Pipeline
units delivering next 12 mo
Market Trend
📊
Agent 4 — Comp Analysis
Add comps below via Import Docs or manually, then run analysis to score quality and check pricing.
📊 Comp Pool Analysis
—
🤖 Agent 4 · Claude
Subject Price / Unit
—
your deal
Comp Avg Price / Unit
—
—
Pricing Gap
—
vs comp set
Cap Rate (Subject)
—
—
🏘 Recent Comparable Sales
📝 Enter your comps below — placeholder addresses shown are not real sales. Use Rentcast (button above) or OM comps to populate, or type manually.
| Address | Class | Units | Sale Price | Price / Unit | Cap Rate | NOI (Annual) | Sale Date |
|---|---|---|---|---|---|---|---|
Cap Rate and NOI data make MF comps actionable for commercial valuation. AI will populate this automatically at deployment.
👥 Demographics Snapshot
City / Metro Population
current estimate
Population Growth Rate
% annual
Median HH Income
$
Unemployment Rate
%
Migration Trend
Top Employers / Drivers
🚩 Market Risk Flags
Enter market data above to generate risk flags.
🗺 Comparable Sales Map
📍 Subject Property + Commercial Comps
Fill in the comps table above, then click Geocoding to plot them on the map.
Subject Property
Comparable Sale
Powered by OpenStreetMap — no API key required
🧰 Tools & Checklist
Quick pass/fail based on your current calculator inputs. Fix inputs first, then come here to screen.
Use this checklist during your physical property inspection. Check off each item as you go.
Exterior & Curb Appeal
Interior & Units
Mechanical & Systems
Management & Operations
Steps to execute from LOI to close. Track your progress.
Due Diligence Phase
Financing Phase
Closing Phase
🎯 Pitch Deck
Generate a professional investor pitch deck from your live deal data — no account needed, works everywhere. Preview it, edit it with AI, then download as PDF or PPTX.
Opens a full preview. Use the AI bar inside to make edits, then download PDF or PPTX — no account needed.
📄 PDF
Fixed layout — looks identical on every device and every screen. Best for emailing investors or printing for a meeting. Cannot be edited after download.
📊 PPTX
Fully editable in PowerPoint or Google Slides. Best when you want to customize slides, swap in property photos, or co-edit with a partner before sharing.
🏗 Deal Structures
Not sure which structure fits your deal? Tap any card for a full breakdown — then open the calculator to see how it compares to a standard purchase using your deal data.
Best when