Investment Analysis • Deal Underwriting

Underwriting Your Way
to Ownership

The master pre-offer analysis that consolidates what your investment calculators do in isolation — into a single, structured workflow. Enter a property once. Walk out with NOI, DSCR, Cap Rate, Cash-on-Cash, risk flags, and a max offer price.

Property IdentificationAddress, type, units, year built, purchase price
Income AnalysisGSR, vacancy allowance, effective gross income
Operating ExpensesTaxes, insurance, management, reserves — with benchmarks
Risk FlagsGreen / yellow / red on DSCR, Cap Rate, Break-Even, and more
7 Auto-MetricsNOI, Cap Rate, DSCR, CoC, GRM, Break-Even, Price/Unit
Deal Summary CardOne-page branded PDF export with agent personalization

Deal Underwriting Worksheet

Complete analysis — no account required

Offline Underwriting Model (Excel)

Full 10-year DCF, sensitivity matrices, Monte Carlo risk scoring, and T-12 rent roll — works without internet. Edit the blue cells on Property Inputs; everything cascades automatically.

7 Sheets 10-Yr DCF IRR & NPV Monte Carlo .xlsx
Download .xlsx

No AI required. The online worksheet runs locally in your browser. The Excel model works fully offline — take it on a flight, edit at a showing, or share with your lender. Export branded PDFs with your name, brokerage, and contact info.

If you are wondering why both are offered — the online tool answers “should I make an offer?” and the Excel model answers “should I close this deal and what are my 10-year returns?”

Deal Underwriting Worksheet

Complete each section below. The worksheet calculates NOI, DSCR, Cap Rate, Cash-on-Cash Return, and risk flags — then tells you the maximum you should pay.

1

Property Identification

Basic property facts — used in the PDF header and metrics

$
%

Conventional investment: 20–30%

%

Typical: 2–4% of purchase price

2

Income Analysis

Gross scheduled rent, vacancy allowance, and other income

$

Annual GSR: calculating...

$

Laundry, parking, storage, pet fees

%

Multifamily typical: 5–10%

SFR 5% MF 7% Class C 10%
3

Operating Expenses

Enter annual figures. Use benchmarks for items you don't have exact numbers for.

$
$
SFR $1,200 MF $3,200
%

% of effective gross income

SFR 8% MF 6% Self: 10%
$

Per unit, per year

New $800 Avg $1,200 Older $1,800
$

Per unit, per year. Roof, HVAC, etc.

New $600 Avg $1,000 Older $1,500
$

Water, sewer, trash if owner-paid

$

HOA, landscaping, legal, accounting

4

Financing Details

Loan structure for DSCR and cash flow calculations

%

Current investment property rates: 7–8%

yrs
15-yr 20-yr 25-yr 30-yr
5

Your Investment Targets

Used to back-calculate the maximum price you should pay

%

Max offer = NOI ÷ Target Cap Rate

%

Max offer = solved from CoC equation

Lenders typically require ≥ 1.20

A

Deal Grade: A

Exceptional — all metrics exceed thresholds

0 red flags • 0 yellow flags

Net Operating Income
—
Annual income after all operating expenses
Cap Rate
—
NOI ÷ Purchase Price
DSCR
—
NOI ÷ Annual Debt Service
Cash-on-Cash Return
—
Annual cash flow ÷ Cash invested
Gross Rent Multiplier
—
Price ÷ Annual gross rent
Break-Even Occupancy
—
Occupancy needed to cover all costs

Income Summary

Gross Scheduled Rent—
Other Annual Income—
Vacancy Loss—
Effective Gross Income—

Expense Summary

Property Taxes—
Insurance—
Management—
Maintenance + CapEx—
Utilities + Other—
Total OpEx (Ratio)—

Debt Service

Loan Amount—
Monthly P&I Payment—
Annual Debt Service—
Total Cash Invested—
Annual Cash Flow—

Per-Unit Performance

Price Per Unit—
Monthly Rent Per Unit—
NOI Per Unit (Annual)—
Cash Flow Per Unit (Mo)—
Expense Ratio—
Risk Flag Assessment

Maximum Offer Price Analysis

By Target Cap Rate

—
NOI ÷ 8% cap rate
—

By Target Cash-on-Cash

—
Solved for 8% CoC with current loan terms
—

If the asking price exceeds both max offer figures, this deal does not meet your investment targets at the current price. Use these numbers as negotiating anchors.

Visual Breakdown

Income vs. Expenses vs. Cash Flow

Operating Expense Breakdown

Disclaimer: This worksheet is for educational and analytical purposes only. It does not constitute financial, legal, investment, or tax advice. All projections are estimates based on inputs provided. Actual results will vary based on market conditions, property-specific factors, financing availability, and other variables. Consult a licensed real estate professional, attorney, and CPA before making any investment decision.