Forward the OM. Get back a model you can defend.
Underwritr reads the offering memo, builds the full proforma, and shows where every number came from. Built for small multifamily acquisitions teams and independent sponsors.
| Seller’s stated NOI | $255,000 |
|---|---|
| Modeled NOI, net of reserves | $228,087 |
| Difference | ($26,913) |
| Expense estimate gap | ($18,913) |
| CapEx reserve convention | ($8,000) |
The offering memo is written to sell the deal. You have to defend it.
Small acquisitions teams and independent sponsors hit the same three problems on every deal. Here’s how Underwritr handles each one.
The OM’s numbers are the broker’s numbers.
Brokers quote NOI before replacement reserves, with light expense estimates. On our 20-unit sample, the OM claims $255,000 NOI, a 7.97% cap rate at the asking price.
Underwritr models NOI net of reserves and reconciles the seller’s number line by line. The same deal comes out at $228,087, a 7.13% cap. Price it on the OM’s cap rate and you’d overpay by about $338K.
See the reconciliationEvery OM costs an afternoon in Excel.
You pass on most deals, but you only know which ones after keying in the rent roll, the T-12 and the financing. Small teams can’t give every OM that time, so good deals slip past unread.
Forward the OM or drop in the PDF. Unit mix, rents, taxes and financing are extracted, and a full ten-year proforma is built in minutes, so you can screen every deal that comes in.
How teams screen OMsNobody can say where a number came from.
When a lender or LP asks why insurance is $1,200 a unit, the answer is buried in a template three deals old. A category that was never filled in quietly counts as zero.
Every figure is tagged Stated or Estimated, with its basis written out. All expense categories are always present, so a missing one is flagged instead of counted as zero, and estimates you haven’t reviewed are counted before you share.
Download the sample modelMove the assumptions. See whether the deal holds up.
Real engine output from a 20-unit building built in 1975. The address is made up; the numbers aren’t. Adjust the price, rents and financing, then download the model as a working Excel file.
Excel file. Every figure is a live formula, with its source in the next column.
| Year 1 | Source | Amount |
|---|---|---|
| Gross potential rent StatedOM rent roll | StatedOM rent roll | $463,200 |
| Vacancy (5.00%) | ($23,160) | |
| Effective gross income | $440,040 | |
| Real estate taxes StatedOM p.12 | StatedOM p.12 | ($89,951) |
| Insurance Estimated$1,200/unit/yr | Estimated$1,200/unit/yr | ($24,000) |
| Repairs & maintenance Estimated$1,500/unit/yr, 1950–1979 stock | Estimated$1,500/unit/yr, 1950–1979 stock | ($30,000) |
| Water & sewer Estimated$900/unit/yr, owner-paid | Estimated$900/unit/yr, owner-paid | ($18,000) |
| Remaining categories Itemized in the full model | Itemized in the full model | ($42,002) |
| Operating expenses | ($203,953) | |
| CapEx reserves $400/unit/yr convention | $400/unit/yr convention | ($8,000) |
| Net operating income | $228,087 | |
| Debt service 6.75%, 30-year amortization | 6.75%, 30-year amortization | ($186,796) |
| Cash flow | $41,291 |
3 estimates not reviewed.
Loan is 75.00% of price. Cash-on-cash is cash flow over $864,000 of equity: the 25.00% down payment plus 2.00% closing costs. The full engine run puts the 5-year IRR at 13.70%.
After the first pass: scenarios, exports and the waterfall
Model every outcome
Test financing, renovation, and exit assumptions side by side against the same property. Exit cap defaults to going-in plus 10bps per year of hold, so no cap rate compression is assumed.
| Metric | Base case | Upside | Downside |
|---|---|---|---|
| 5-year IRR | 13.70% | 16.90% | 9.80% |
| Cash-on-cash | 4.78% | 5.60% | 3.90% |
| DSCR | 1.22x | 1.29x | 1.15x |
Exit cap: going-in plus 10bps per year of hold.
Export reports for lenders and LPs
Branded PDF and Excel exports for lenders, LPs, and investment committee.
- 1Executive summary
- 210-year proforma projections
- 3Scenario comparison
- 4Waterfall distribution
- 5Key metrics and charts
Also included: GP/LP waterfall modeling, deal pipeline, investor tracking, team access, and renovation and refinance scenarios.
Questions
Underwritr is purpose-built for multifamily real estate: apartments, student housing, and mixed-use properties with residential units. We support any unit count from small 4-plexes to 500+ unit complexes.
A general model will read the document and give you numbers. It will not tell you which figure came from page 12 and which one it invented, it will not apply the same conventions to the next deal, and its arithmetic is not checked. Underwritr extracts with AI and calculates with deterministic code, then verifies every identity before showing you anything: cap rate against NOI and price, EGI against gross rent and vacancy, distributions against available cash.
Missing categories are estimated from market benchmarks and labeled as estimates, with the basis shown. They are never recorded as zero. A silent zero is how an expense ratio ends up at 23% on a building where it should be 45%.
Create a base deal with your primary assumptions, then duplicate it into scenarios. Each scenario can override any input: purchase price, rent growth, exit cap rate, financing terms, and more. Compare scenarios side by side against the same property.
The waterfall module lets you model GP/LP equity structures with preferred returns (simple or compound accrual), catch-up provisions, and multi-tier promote splits based on IRR or equity multiple hurdles. It calculates exactly how cash flows and sale proceeds are distributed to each party, with separate LP/GP IRR and equity multiples.
No. Every deal exports to Excel and PDF. Use Underwritr to get from document to a defensible first pass, then take it wherever you work.
Yes. Deals belong to your company, not to you personally, with role-based access for your team.
Yes. The pipeline view is a board with columns for draft, active, under review, closed, and dead. Move deals between stages and see your full portfolio in one place.
Yes. You can model a refinance event at any year in your hold period. Set the refi amount, new interest rate, and amortization schedule, and the proceeds and updated debt service flow into your multi-year cash flow projections.
Underwritr is invite-only while we onboard teams directly. Use the Request access form and we will be in touch by email to set your company up.
The seller said $255,000. The building makes $228,087.
Every OM comes with the seller’s NOI. Forward your next one and find out what the property actually earns before you write the LOI.