Multifamily Acquisition Underwriting with LP/GP Equity Waterfall

Unit mix with in-place and renovated rents, units to renovate and cost per unit: rent premium, return on cost, payback months and renovation budget

Trailing-12 income and expense lines with a growth rate each, projected one year forward

Five-year proforma NOI: in-place rent plus phased renovation premiums, loss to lease, vacancy, other income, management fee, reserves, and a bridge from T-12 NOI to Year 1 NOI

Loan sizing at the lowest of your LTV, DSCR and debt-yield limits with the binding constraint named, interest-only then amortizing debt service and loan balance

Sale at the end of year 5 at an exit cap rate, then levered IRR, equity multiple and cash-on-cash by year

Two-hurdle LP/GP waterfall on annual cash flows: preferred return, then 70/30, then 50/50 (all percentages editable) with LP and GP IRR and equity multiple

Exit cap rate sensitivity: sale value, net proceeds, levered IRR and equity multiple at five cap rates around your base case

Sponsor dashboard with Year 1 and stabilized NOI, loan, equity, returns and the unit mix with in-place versus post-renovation rent