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NOI (annual)
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Cash Flow (annual)
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DSCR
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Cap Rate
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Cash-on-Cash
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Deal Basics
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Property type
MF ยท SFH ยท Retail ยท Office ยท Industrial
Multifamily
Single-family
Retail
Office
Industrial
Sets typical defaults for vacancy & expenses.
Lease type
NNN ยท MG ยท Gross
NNN
Modified Gross
Gross
NNN: tenant pays most opex; MG/Gross: landlord pays some/all.
Units
Used for $/door.
Square footage (SF)
Used for $/SF.
Purchase price ($)
Contract price.
Income
Monthly rent ($)
Total scheduled rent per month.
Other income / month ($)
Parking, laundry, reimbursements, etc.
Vacancy (%)
Economic vacancy allowance.
Expenses
Expense mode
Ratio (%)
Advanced (itemized)
Use a simple ratio or itemize below.
Expense ratio (%)
MF 35โ50%, SFH 20โ30%, Retail 15โ25% (starting points).
Taxes / mo ($)
Annualized in results.
Insurance / mo ($)
Annualized in results.
Utilities / mo ($)
Owner-paid utilities only.
Repairs/CapEx reserve / mo ($)
Ongoing reserve; not upfront CapEx.
Mgmt fee (% of EGI)
Typical 5โ10%.
HOA/Other / mo ($)
HOA, landscaping, security, etc.
Financing & Transaction
Loan type
Amortizing
Interest Only
I/O lowers payment, no principal reduction.
Interest rate (% APR)
APR.
Term (years)
Amortization period.
I/O period (months)
Months of interest-only.
Down payment (%)
Equity at close; lowers leverage.
Closing costs (%)
Typical 2โ4% of price.
Upfront CapEx / Renovation ($)
One-time improvements at/after closing.
Projection Assumptions
Rent growth / yr (%)
Other income growth / yr (%)
Opex growth / yr (%)
Exit cap rate (%)
Targets
Min DSCR
Common lender floor โฅ 1.20ร.
Min Cash-on-Cash (%)
Investor hurdle.
Max LTV (%)
Loan-to-value limit.
DSCR โ
Sample
Underwrite in Pro
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Persistence
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Results (Year-1)
Upfront cash invested
Loan amount
Monthly debt service
Annual debt service
Effective Gross Income (EGI)
Operating expenses
NOI
Cash flow
DSCR
Cap rate
Cash-on-Cash
Break-even occupancy
LTV (Loan / Price)
LTC (Loan /(Price+CapEx+Closing))
Price / Unit
Price / SF
Value-Add Simulator
What if we upgrade?
Years out (1โ10)
Horizon to measure NOI lift & value.
Units affected
How many units get the upgrades.
Rent uplift / unit / mo ($)
Renovations, finishes, etc.
Amenities & other / unit / mo ($)
Appliances, valet trash, parking.
Extra opex / mo (total) ($)
New servicing costs, utilities, etc.
CapEx (one-time) ($)
Renovation budget to enable uplift.
Cap rate for value (%)
Used to convert NOI lift to value.
Grow uplift w/ rent growth
If checked, uplift compounds at rent growth.
Added NOI (Yr-1 of uplift)
Added NOI (Target Year)
Implied Value Added
Payback (yrs est.)
10-Year Projection
Assumes constant vacancy & loan rate; I/O transitions are handled per year.
Year
EGI
Opex
NOI
Debt
CF
DSCR
Value @ Exit Cap
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