NY Estates & Tech

US Real Estate Underwriting Assistant

A guided underwriting tool for US real estate deals. Enter basic property assumptions, add sales and rent comparables, test downside/base/upside scenarios, and generate a decision-ready investment memo.

Start Underwriting Add Market Comps

Guided MVP

Collect Deal Basics

Keep purchase price, rentable area, current occupancy, rent/SF, expenses, capex and debt terms ready.

Input Assumptions

Fill the guided fields. The model turns your inputs into NOI, cash flow, IRR, NPV, DSCR and exit value.

Add Market Evidence

Add 3–4 sales comps and rent comps to test whether price/SF, rent/SF and cap rate assumptions are supportable.

Review Recommendation

Use sensitivity, risk flags and memo output to decide: proceed, renegotiate, monitor or reject.

Need help reviewing your deal?

NY Estates & Tech can assist with DCF modelling, sales/rent comparable analysis, sensitivity testing and investment memo preparation so your decision is easier and better supported.

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1. Deal Inputs

How to use: Enter the property assumptions below. Use decimals for percentages: 0.75 = 75%, 0.05 = 5%, 0.15 = 15%.

Before you start, collect these from your listing broker, OM, rent roll, lease summary or market research:

Purchase price, rentable area and current occupancy.
Current rent/SF or annual rental income.
Operating expenses such as tax, insurance, repairs, utilities and management fee.
Expected capex/renovation/TI costs and hold period.
3–4 nearby sales comps and 3–4 rent comps from the same market or radius.
Debt assumptions: loan-to-value, interest rate and amortization period.

1. Property Details
Basic deal identity: property name, market, asset type, purchase price and rentable area.

Example: Dallas Office Asset, Dallas TX, Office, $1,000,000, 10,000 SF.

2. Income & Operations
Rental assumptions: occupancy, rent/SF, rent growth, vacancy, recoveries and operating expenses.

Example: 75% occupancy, $20/SF/year, 5% rent growth, 12% vacancy.

3. Returns & Financing
Investment assumptions: capex, hold period, exit cap, sale costs, loan, interest rate and target return.

Example: 5-year hold, 8% exit cap, 65% LTV, 7.25% interest, 15% target IRR.

Client Input Guide — Plain English

Purchase Price: The amount paid to buy the property. Example: seller asks $1,000,000.

Rentable Area: Total space that can be rented to tenants. Example: 10,000 SF.

Occupancy: How much of the property is rented. If 75% is rented, enter 0.75.

Rent PSF / Year: Annual rent per square foot. 10,000 SF at $20/SF = $200,000/year before vacancy.

Rent Growth: Expected yearly rent increase. If rent rises 5% yearly, enter 0.05.

Vacancy: Expected income loss from empty space. If 12% rent may be lost, enter 0.12.

Recoveries: Money tenants reimburse for costs like CAM, tax, insurance or common area costs. Enter 0 if unknown.

Operating Expenses: Normal yearly running costs: tax, insurance, repairs, utilities, management and security.

Capex: Big one-time or long-term spend such as renovation, roof, HVAC, tenant improvements or major repairs.

Hold Period: Number of years you plan to own before selling. Example: 5 years.

Exit Cap Rate: Rate used to estimate future sale value. Higher exit cap = lower sale price.

Sale Cost: Broker/legal/closing cost paid when selling. 0.02 = 2% of sale price.

Discount Rate: Required return used to judge today’s value of future cash flows.

Loan to Value: Debt as percentage of purchase price. If bank funds 65%, enter 0.65.

Interest Rate: Annual loan interest cost. If interest is 7.25%, enter 0.0725.

Target IRR: Minimum return goal. If you want at least 15% annual return, enter 0.15.

Terms Clients Usually Find Confusing

NOI: The property’s operating profit after normal expenses, before loan payments and major capex.

Cap Rate: Quick valuation method. If NOI is $80,000 and cap rate is 8%, value is $1,000,000.

Exit Value: Estimated future sale price. Formula: final-year NOI ÷ exit cap rate.

IRR: Yearly return after purchase price, cash flows and sale proceeds.

NPV: Value created above your required return. Positive NPV means the deal may create value.

DSCR: Shows if property income covers loan payments. Above 1.25x is usually healthier.

Equity Multiple: Total money returned ÷ money invested. $160,000 back on $100,000 invested = 1.6x.

Sensitivity: Stress test showing what happens if rent, vacancy, capex or exit cap changes.

Need support? Use this tool for a first-pass indication. For final decision-making, we can assist you with deeper DCF review, market comps validation, sensitivity analysis and investor-ready memo preparation.

2. DCF Model

Flow: Gross Rent → Vacancy → EGI → Opex → NOI → Capex → Debt → Exit Value → Cash Flow.

NOI vs Levered Cash Flow

Risk Flags

Model insight: In real estate DCFs, exit cap, rent growth, vacancy, capex and debt terms usually create the biggest valuation movement.

4. Sensitivity Table

This tests model variation: how levered IRR changes when rent growth and exit cap move.

5A. Manual Sales Comps

How to use: Add 3–4 recently sold properties from the same submarket/radius. The app calculates price/SF, comp cap rate, low/high/mean/median and distance-weighted value indication.

5B. Manual Rent Comps

How to use: Add 3–4 comparable leases/listings. The app tests whether your rent/SF assumption is below market, supportable or aggressive.

6. Investment Memo Output

Build Order + Test Gates

Stage	Pass Condition	Status
DCF Calculator	Gross rent, vacancy, EGI, NOI, capex and cash flow calculate correctly.	Built
KPI Dashboard	IRR, NPV, DSCR, cap rate, price/SF and equity multiple display.	Built
Sensitivity	IRR falls when exit cap rises; IRR rises when rent growth rises.	Built
Manual Comps	Sales comps calculate price/SF and cap rate; rent comps calculate average rent/SF.	Built
RentCast API	Address fetches US property value/rent/comps into tables.	Version 2
Claude Memo	Claude explains returns, risks, sensitivity and recommendation.	Version 2
PDF Export	Memo exports cleanly. Current MVP supports Print / Save PDF.	Basic

Version 2 Roadmap

RentCast API:
Fetch US property data, estimated rent, estimated value, sales comps and rent comps by address.

Claude Memo Generator:
Send DCF, KPIs, comps and sensitivity to Claude to draft an investment memo.

Subscriptions:
Add login, saved deals, premium exports, API comps and AI memo as paid features.