Multifamily underwriting, written down
Frameworks, checklists, and the reasoning behind the numbers. Written for people who screen deals for a living, not for search engines.
- 5 min readUnderwritingFundamentals
How to Underwrite a Multifamily Deal: A 7-Step Framework
A practical, repeatable framework for underwriting a multifamily acquisition, from rebuilding NOI off the T12 through sizing debt, modeling the business plan, and pressure-testing the exit.
Read the post → - 5 min readReturnsFundamentals
Cap Rate vs. Cash-on-Cash vs. IRR: Which Metric Actually Matters
Four return metrics answer four different questions, and using the wrong one is how deals get mispriced. A practical guide to when cap rate, cash-on-cash, IRR, and equity multiple each apply.
Read the post → - 4 min readUnderwritingDue Diligence
How to Read a T12: 9 Red Flags in Multifamily Financials
The trailing twelve is the primary evidence base for underwriting a multifamily acquisition. Here are the nine things experienced buyers look for, and what each one usually means.
Read the post → - 3 min readReturnsRisk
Your Exit Cap Rate Is Doing More Work Than Your Business Plan
The exit cap rate applies to the largest cash flow in a real estate model and is a pure assumption about a future market. Here is how much it moves returns, and how to underwrite it honestly.
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