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Assumptions

Deal

NameAddressMarketAsset class

Acquisition

Purchase price$Closing costsⓘ%Capital planⓘ$Funded at closeⓘ%Acquisition feeⓘ%Operating reserve$

Rent Roll100 units

Unit type	Qty	SF	In place	Market

Renovation paceⓘ%Renovation cost$Vacancy%Bad debt%Concessions%Other income ($/unit/mo)ⓘ$

Operating Expenses

Reassess taxes on saleⓘEffective mill rateⓘ%Insurance$Utilities$Repairs & maintenance$Payroll$General & administrative$Marketing & leasing$Contract services$Management feeⓘ%Reserves ($/unit/yr)ⓘ$

Growth & Exit

Rent growth%Expense growth%Hold periodyrsExit cap rateⓘ%Selling costs%

Senior Debt

Use debtMax LTV%Max LTC%Min DSCRⓘMin debt yield%Interest rate%AmortizationyrsInterest onlymoOrigination fee%

Mezzanine / Preferred

Add a gap trancheⓘCombined LTV%Coupon%Paid in cashⓘ%

Equity & Waterfall

Outside investor shareⓘ%Asset management feeⓘ%Disposition fee%

Promote Tiers

Up to LP IRR	LP	GP
%		10
%		20
%		30
Residual		40

Each tier is capped where the LP’s IRR reaches its hurdle. The first tier is pari passu, so return of capital and the pref are paid before any promote.

Untitled Multifamily Deal

Multifamily · $16,500,000 · 5 yrs hold · printed 8/28/2026

Untitled Multifamily Deal

Multifamily · $16,500,000 · 5 yrs hold

LP IRR

16.3%

after promote

LP Multiple

2.09x

5 yrs

Going-in Cap

6.33%

exit 5.75%

Yield on Cost

7.44%

stabilized / total cost

Min DSCR

1.56x

worst year

Equity Required

$6.94M

LP $6.25M

Deal Score

Clears on Minimum DSCR; watch Average Cash-on-Cash.

80/ 100B

LP IRR16.27%16.8 / 22
Target 15.00% · Outside investor return after the promote. Class target is 15%.
LP Equity Multiple2.09x10.5 / 12
Target 1.80x · Dollars back per dollar in over a 5-year hold.
Average Cash-on-Cash2.80%3.9 / 12
Target 6.00% · Operating distributions only, excluding the sale.
Minimum DSCR1.56x11.6 / 12
Target 1.25x · Lowest coverage in any year of the hold.
Year 1 Debt Yield9.74%6.2 / 8
Target 9.00% · NOI over loan balance — what the lender recovers if it takes the asset back.
Going-in Cap vs Market0.83%8.7 / 10
Target 0.00% · Market cap for this class is 5.50%. Positive means buying at a discount.
Yield on Cost vs Exit Cap1.69%9.3 / 10
Target 0.75% · The margin created by the business plan. Thin spread means the deal is a bet on the exit.
Break-even Occupancy72.85%7.5 / 8
Target 85.00% · Occupancy needed to cover operating expenses and debt service.
Loss to Lease (rent upside)15.39%5.3 / 6
Target 8.00% · Meaningful gap between in-place and market rent.

Capital Stack

Loan sized by loan-to-value — the tightest of the four lender tests.

61%

35%

Layer	Amount	Share	Cost
Senior Debt	$10,725,000	60.7%	6.25%
LP Equity (Outside Investor)	$6,248,025	35.4%	—
GP Equity (Sponsor Co-Invest)	$694,225	3.9%	—
Total capitalization	$17,667,250	100.0%	—

Loan to value: 65.0%
Loan to cost: 60.7%
Year 1 DSCR: 1.56x
Year 1 debt yield: 9.74%

Returns

	IRR	Multiple	Avg cash-on-cash	Profit
Unlevered	12.0%	1.70x	5.5%	$12.3M
Levered (deal)	17.5%	2.20x	2.8%	$8.43M
LP — outside investor	16.3%	2.09x	2.8%	$6.88M
GP — sponsor	26.7%	3.20x	2.8%	$1.54M

Break-even occupancy: 72.9%
Yield on cost vs exit cap: 1.69%
Price / unit: $165,000
Rent / price: 1.03%

Note Every figure on this page is produced by the model from the assumptions on the left. It is an underwriting tool, not investment advice or an appraisal — verify rents, expenses, taxes and debt terms against the actuals before committing capital.