IV · Underwrite
Underwriting analyst
Build-readyWhat can we pay, and what breaks the deal?
Output → Auditable pro forma with sized debt, a sensitivity grid, and a maximum price you can defend
Northgate Apartments · base case
184 units · value-add multifamilyInputs from lease abstract 2026-07-22 and comp set v9Recomputed 2026-07-27 07:58 PT
Base-case answer
- Maximum price
- $23.4M
- Levered IRR
- 16.2%
- Equity multiple
- 1.94x
- In-place DSCR
- 1.28x
Defensible ceiling, fees excluded
Base scenario, 5-yr hold
Base scenario
floor 1.20x
At sized debt
Operating model
Every line carries its basis. Facts come from documents, calculations from the model, assumptions from a named person.
Five-year NOI ramp · base
| Year | Occupancy | Revenue | NOI | Basis |
|---|---|---|---|---|
1 | 88% | $3.61M | $1.92M | T-12 actualsStatement pages 1-4 |
2 | 91% | $3.94M | $2.18M | Renovation ramp60 units turned |
3 | 94% | $4.28M | $2.46M | StabilizedComp-set rents |
5 | 94% | $4.55M | $2.64M | 3.0% growthE. Vasquez assumption |
Exit at 5.25% cap on year-5 NOI · $50.3M gross
Assumption register
The one open item is real: renovation cost is an OM estimate until the PCA lands. The model flags it instead of absorbing it.
| Item | Value | Kind | Source |
|---|---|---|---|
In-place NOI | $1.92M | Fact | T-12 · pages 1-4 |
Stabilized NOI | $2.46M | Calculation | Model v3.2 · operating case |
Exit cap rate | 5.25% | Assumption | Comp set v9 · 6 verified sales |
Renovation scope | $18.5k/unit | Pending verification | OM estimate · PCA due Aug 2R. Patel · fieldwork booked |
34 registered · 33 verified · 1 pending
Deterministic synthetic records. The property, comps, and lender quotes are fabricated for the sample transaction.