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LIHTC Feasibility Calculator
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
Refinance
IO DSCR sizing
Full P&I DSCR sizing
25-year amortization; 10-year term display only
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.
β
Deal IRR pre-promote, whole dealβ
Equity Multiple LPβ
LP Capital Back at Refi LP 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
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
Generate Letter of Intent
Edit any section, then Download or Email. The logo, letterhead and signature blocks stay fixed.
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.