NOI reconciliation
Broker T-12 and pro forma beside the underwritten stabilized year, at the asking price. Every adjustment is explained in the basis column.
Broker to underwritten NOI
Stabilized NOI, step by step. Hover a bar for the driver.
Underwriting adjustments
Each adjustment is on by default. Click one to accept the broker's assumption instead and see what conceding it is worth in the negotiation.
Operating history
Monthly trailing-twelve detail. The last three months, annualized, against the full year.
Monthly EGI and NOI
Revenue loss, % of GPR
Rent roll
In-place rents by unit against the comparable set and the broker's pro forma rent.
Lease expirations
Unit map
Every unit, grouped by building. Hover or tab to a unit for detail.
Valuation & returns
Max bid by exit cap and renovated rent
Each cell is the lower of the yield and IRR tests, and names the one that binds. Outlined cells clear the asking price; underlined is the current case. Click a cell to apply it.
Offer explorer
Drag the slider or the chart to test any offer. The returns table and cash flow follow.
What moves the max bid
Change in max bid when each assumption moves by the amount shown. Click a bar to apply that case.
Hold-period cash flow at your offer
Red flags & diligence
Rules-based flags from the reconciliation, ranked by severity, with the stabilized NOI at stake.
Questions for the broker
Extracted terms & sources
Every number the model uses, as extracted from the document. Click a source to see it highlighted in the OM. Edit any value to override it; the screen reruns instantly.
Document integrity checks
Source document
Underwriting standards
The house rules applied to every OM. Change one and the whole screen updates.
Method: rents stabilize at the comparable-set average per unit type (adjustable), vacancy and credit loss at the greater of the house standard and the pro forma, and unproven income (for example a utility billing program not yet in place) is credited only in part. Property taxes reset to the purchase price times the assessment ratio and tax rate. Insurance, repairs and payroll are floored at per-unit standards; management at a minimum percentage of income; reserves are always included. The max bid is the lower of two tests: the price at which stabilized NOI over all-in cost (price, closing, renovation and contingency) equals the target yield, and the price at which the levered IRR equals its target. Returns use annual cash flows: NOI ramps from the underwritten in-place year to the stabilized year over the stabilization period, renovation is spent on the same schedule, rents and expenses grow from year 2, and the asset sells at the end of the hold on forward NOI at the exit cap. Debt is a fixed-rate interest-only loan sized at the lower of the LTV and a DSCR on in-place NOI at a 30-year amortizing constant. The sample offering memorandum, property, broker and comparables are fictional. Built by Michael C. Garcia.