Currently optimized for New Jersey / NJHMFA assumptions. Use this as a preliminary feasibility screen; state-specific rules should be confirmed before investment decisions.
Total Apartments
Search only include studio and 1B units, skips any unit with rent > $6,000 or sqft > 2000 or dollar per sqft > $8
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Total Units
Search only include studio and 1B units, skips any unit with rent > $6,000 or sqft > 2000 or dollar per sqft > $8
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Nearby Median Rent
Raw nearby comp metric. First compute each apartment building's median eligible studio/1B rent, then take the median across buildings. This is a market summary, not the Smart Rent model input. Smart Rent uses the lowest available rent per building for each unit type, then applies class and distance adjustments.
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Median Price / Sqft
Median of medians by apartment: first compute each apartment's median rent/sqft across its units, then take the median across apartments.
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Score factors and hard thresholds are separated in the evidence list. Hover a section icon to highlight its mapped points and search radius, expand a section to inspect parsed places, and click map points for name, address, distance, and source query.
Hard Filters
Warnings
Environmental Risk β Details
Screening in progressβ¦
Opportunity Zone β Details
Logs the deal in the pipeline now with empty underwriting β compute an offer and re-push later to fill in the numbers.
Populates room mix, rents, cap rate, and opex from defaults β edit any field and recalculate.
Quick Underwriting
Each scenario is fully independent (rent / cap rate / opex / mix) so you can stress test different assumptions.
Edit any field, then Recalculate.
Uses the scenario you tagged with Use for offer. Construction cost is auto-populated; tweak assumptions and re-solve. Target LP IRR default 20% (18% for extended-stay).
Offer Price Calculation
Selected Scenario
Total unitsβ
Studio / 1B / 2Bβ
Studio rentβ
1-Bed rentβ
2-Bed rentβ
Blended avg rentβ
Cap rateβ
Opexβ
NOI (annual)β
Construction Budget Calculator (expert-input model, updates live)
β strict-code
Studio (Γ 0)ββ
1-Bed (Γ 0)ββ
2-Bed (Γ 0)ββ
W/D (Γ 0)$3,800/unitβ
Common area $3,000/roomβ
Energy upgrade (strict-code)$4,000/unitβ
Total constructionβ/unit blendedβ
Underwriting assumptions
Return targets
Senior debt (bridge)
Additional Capital Tranches β optional; pref equity / seller note / mezzanine, beyond the senior loan and common equity
Waterfall
Defaults match the engine's standard promote (American, 8% pref, 20% hurdle, 20/50 splits). These terms drive the LP IRR and the offer solvers.
Refinance
IO DSCR sizing
Full P&I DSCR sizing
25-yr amortization
Hold & timing
Growth
This is an Opportunity Zone deal. Do you want to switch to Opportunity Zone modeling?
OZ mode uses a fixed 10-year (120-month) hold.
Development cost
Closing & financing
or
Offer Priceβ
Returns
LP IRRafter promoteβ
Levered IRR to the LP (limited partner) over a 7-year hold, AFTER
the GP promote β 8% preferred return, then 80/20 to a 20% LP-IRR
hurdle, then 50/50 β from the SAME monthly capital-stack engine as
Detailed Underwriting (refi ~Year 2, sale Year 7), only
the lease-up ramp turned off. Preferred equity and the
second-position note are served first; Solve max offer
targets this LP IRR.
β
Equivalent Non-OZ LP IRR
β
The pre-tax LP IRR a comparable NON-OZ deal would need to leave the investor
equally well off after tax β crediting this OZ deal for its tax-free exit
gain, no depreciation recapture, and deploying pre-tax (deferred) dollars. The
LP IRR above is unchanged by OZ mode. The equivalent equity multiple is the pre-tax multiple a fully taxable investment must deliver for the investor to keep the same after-tax dollars per dollar of rolled-in gain. The IRR carries the deferral's time value; the equity multiple carries the dollar magnitude.
β
Equivalent Non-OZ LP Equity Multipleβ
Deal IRR pre-promote, whole dealβ
Equity MultipleLPβ
LP Capital Back at RefiLP refi cash ÷ LP equityβ
Yield on Cost
βStabilized NOI / Total Capitalized Cost where denominator = purchase price + renovation
+ closing costs + interest reserve / operating
deficit reserve + impact fees
(plus DD cost, acquisition fee, and working
capital β all included in the actual
denominator).
β
Cap Rate Deltaβ
Granted LP Economics
Granted LP Unitsβ
Initial Ownership (Paid / Granted)β
Final Ownership (Paid / Granted)β
Granted LP Distributionsβ
Property economics
NOI (annual)β
Stabilized Valueβ
Value Creation stab value β total costβ
Exit Sale Price Yr 7β
Sources & Uses
Uses
Purchase Priceβ
Construction / Renovationβ
Development Cost working capital, DD, impact, otherβ
Acquisition Fee % of purchase + renoβ
Seller JV Upfront paid to seller at closeβ
Closing & Financing title, lender & legalβ
Interest Reserve reserved monthsβ
Total Usesβ
Sources
Senior Loan 1st mortgageβ
Additional Capital Tranchesβ
Common (LP) Equity to raiseβ
Total Sourcesβ
Senior Loan ÷ Total Cost LTCβ
Refinance
Refinance Proceeds new loan at refiβ
Refi Cash Out net of payoffsβ
Seller JV Take β
GP (You) net of sellerβ
β οΈ Over-Financed no equity at riskβ
β οΈ Cash-In Refi sponsor must contributeβ
Sensitivity Analysis β Stabilized Appraised Value
Generate Letter of Intent
Edit any section, then Download or Email. The logo, letterhead and signature blocks stay fixed.
Generate CaaS Proposal
Optional adjustments
This proposal has a warning that needs your acknowledgement. It is
built but has not been saved.
Load saved underwriting
Saved detailed underwritings load first (most recent on top β loading replaces current inputs). Below them, assumptions from a prior single-asset / batch analysis can be applied as a starting point.
Underwriting Notes
Capture what you think of this underwriting β what you like,
what worries you, follow-ups, etc. Saved alongside the
current scenario + offer-calc snapshot.