Small multifamily, 2 to about 20 units. Rent roll, NOI actual and stabilized, cap rate, DSCR, value per unit, stabilized value, deferred maintenance by unit.
Not an appraisal. Not legal, tax, or lending advice. Public-data underwriting only. Verify the rent roll, leases, expenses, and title with the owner, the county, and a licensed professional before closing. No offer without Jeramie. Offer authorized is false on every run unless a human approval record is attached.
00Try it in 60 seconds
Three steps. No sign-up, no data leaves your browser.
Step 1: Load Sample A with the button below.
Step 2: Change any rent in the rent roll in section 02.
Step 3: Watch NOI, stabilized value, and DSCR move in the sticky results panel and in section 08.
NOI stabilizedN/A
Stabilized valueN/A
DSCR stabilizedN/A
RecommendationHOLD
Completeness 0 percent
01Subject property and rent roll evidence
Address / parcel gate. Confirm the property from at least 2 public sources before any rent is used. A rent roll that cannot be verified is a kill condition, not a discount.
Rent grades, same as Residential v1.1: A is a signed lease in hand. B is a listed rent with a verifiable listing. C is a market rent estimate from a named source. D is a seller claim only, labelled lease proxy, never used as proven income.
02Rent roll, per unit with A-D grades
One row per unit. Actual rent is what is collected now. Market rent is the stabilized rent for that unit from a named source. A vacant unit has actual rent 0 and a market rent. Deferred maintenance is priced per unit in section 06, and the per-unit amounts below must match it.
Unit
Tenant
Actual rent ($/mo)
Market rent ($/mo)
Lease end
Grade
Status
Deferred maint. ($)
Units in rent roll0
Occupied units0
Vacant units0
Vacancy rate (vacant / total)N/A
Scheduled gross rent, actual ($/mo)N/A
Scheduled gross rent, stabilized ($/mo)N/A
Grade D units (seller claim only)0
Deferred maintenance, rent roll totalN/A
03Income and expenses, actual and stabilized
Stabilized means the property at market rents, at the stated vacancy allowance, with expenses at normal run-rate. Actual means today, on the rent roll as it stands. Management is a percent of effective gross income. Every expense line is sourced or marked N/A in the notes.
Gross scheduled rent, actual ($/yr)N/A
Less vacancy loss, actualN/A
Plus other income, actualN/A
Effective gross income, actual (EGI)N/A
Total operating expenses, actualN/A
NOI, actualN/A
Gross scheduled rent, stabilized ($/yr)N/A
Less vacancy loss, stabilizedN/A
Plus other income, stabilizedN/A
Effective gross income, stabilized (EGI)N/A
Total operating expenses, stabilizedN/A
NOI, stabilizedN/A
Figure 1. NOI bridge. The same bridge runs twice: once on actual rents and once on stabilized market rents. Debt service is never an operating expense.
04Cap rate and value
Cap rate needs a source. A cap rate with no source is N/A, and value is N/A. Stabilized value is stabilized NOI divided by the cap rate. Value per unit is stabilized value divided by total units.
NOI, stabilizedN/A
Cap rate usedN/A
Stabilized value (NOI stabilized / cap rate)N/A
Value per unitN/A
Purchase priceN/A
Stabilized value minus purchase priceN/A
Value per unit, at purchase priceN/A
05Debt terms and DSCR
DSCR is NOI divided by annual debt service. Monthly payment uses the standard amortizing formula. State the debt terms exactly; a DSCR on unstated terms is N/A.
Monthly paymentN/A
Annual debt serviceN/A
Loan to value (loan / purchase price)N/A
DSCR, actual NOIN/A
DSCR, stabilized NOIN/A
Break-even occupancy (debt service + expenses, at stabilized gross)N/A
Figure 2. DSCR. The kill condition uses stabilized DSCR: below 1.00 on stabilized NOI is a kill. A DSCR between 1.00 and 1.25 is thin, not comfortable.
06Deferred maintenance by unit
Price deferred maintenance per unit, with the item and the source for each price. The total must match the rent roll total in section 02. Unpriced deferred maintenance is listed as N/A with the missing source named, not as zero.
Unit
Item
Cost ($)
Source
Deferred maintenance totalN/A
Deferred maintenance per unit (total / units)N/A
Rent roll deferred total (section 02)N/A
Totals match?N/A
Warning: deferred maintenance totals do not match between the rent roll and this section. Fix one of them before relying on the total.
07Gates, fail closed
Any gate at fail or hold shows HOLD. Do not round a hold up to a pass.
Gate statusHOLD - gates not verified
Gates passedNone
Gates failed or heldAll
Missing for a GO: address, parcel, total units, rent roll with at least 2 units, cap rate with source, debt terms.
08Results
NOI, actualN/A
NOI, stabilizedN/A
Cap rate (with source)N/A
DSCR, actualN/A
DSCR, stabilizedN/A
Stabilized valueN/A
Value per unitN/A
Deferred maintenance totalN/A
Vacancy rateN/A
RecommendationHOLD
09One-page summary, print this
The deal on one page. Print this section for the file copy. It updates live from the inputs above.
AddressN/A
Parcel IDN/A
UnitsN/A
Vacancy rateN/A
NOI, actualN/A
NOI, stabilizedN/A
Cap rateN/A
DSCR, stabilizedN/A
Stabilized valueN/A
Value per unitN/A
Deferred maintenanceN/A
Confidence0.50
GatesHOLD
RecommendationHOLD
10Receipt
Generated from the inputs above. Offer authorized is always false in this tool. The receipt is evidence, not an offer.
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11How it works / What this is not
Read this before relying on any number on this page.
How it works: confirm the address and parcel from at least 2 public sources, enter the rent roll unit by unit with a grade per unit, enter actual and stabilized income and expenses, enter a sourced cap rate and stated debt terms. The tool computes NOI actual and stabilized, stabilized value, value per unit, DSCR at the stated debt terms, and deferred maintenance by unit. Gates fail closed. A kill means PASS. The receipt records what was entered, what passed, and what was N/A. A share link encodes the whole deal in the URL so someone else can open the same numbers.
What this is not: not an appraisal, not a survey, not legal, tax, or lending advice, and not a replacement for lease review, bank deposit verification, a title commitment, an inspection, or a licensed professional. It does not invent rents, leases, expenses, cap rates, or prices. If a field cannot be verified, it stays N/A. No offer is quoted without Jeramie.
No live data connection. Rents, leases, expenses, cap rates, and debt terms are entered by hand and are only as good as their sources.
No lease review. Grades are self-reported. A grade A unit still needs the signed lease read, and bank deposits checked against the rent roll.
No expense audit. Owner T12s can understate expenses. Taxes, insurance, and utilities should be verified against bills, not the seller summary.
No market rent verification. Market rents need named rent comps with sources. This engine does not fetch them.
No title, lien, or heir check. Title risk is a gate flag here only. Distressed title needs E8.
No physical inspection. Deferred maintenance is an entered estimate, not an inspection report.
Cap rate is an input, not a computed market fact. A wrong cap rate moves value more than any other single input.
Break-even occupancy is a simple arithmetic check at stabilized gross rent. It does not model lease-up timing or rent concessions.
Layout was not eyeballed in a real browser. The page was tested in jsdom only.
13E13 Risk / Kill-Switch
Every engine ends here. A kill is a successful run, not a failed one. If any kill condition fired, the recommendation is PASS.
Kill-switch activeNo
Kill conditions firedNone
Risk flags (not kills)None
RecommendationHOLD
E2 kill conditions, from the contract: rent roll unverifiable; vacancy over 30 percent with no lease-up plan; DSCR below 1.0 on stabilized NOI. Additional manual kills are listed above and fire the same way. A PASS recommendation means do not proceed on the stated terms with the evidence in this run. It does not mean the property is bad. It means the evidence does not support proceeding.