Underwriting calculator for apartment deals. Enter purchase price, unit mix, rents, expenses and financing. Get net operating income, cap rate, cash on cash return and debt service coverage instantly.
Free. No signup, no download, nothing stored. Built by Rod Khleif, who has owned and managed over 2,000 apartment units.
Income − vacancy − operating expenses
The number every valuation rests on. Load a real management fee and a replacement reserve or it is fiction.
NOI ÷ purchase price
Unlevered yield, and how this deal compares to what similar buildings trade at. Only as honest as the NOI beneath it.
Annual cash flow after debt ÷ cash in
What your actual money earns. Moves sharply with financing terms.
NOI ÷ annual debt service
Lenders typically want 1.25 or better. Thin coverage means the deal is fragile to a vacancy spike.
Run every property three times. Once with the seller’s numbers, once with numbers you rebuilt from source documents, and once with a downside case where occupancy drops five points and expenses run ten percent over.
If the deal only works in the first version, it is the seller’s deal and not yours.
Two habits matter more than the arithmetic. Never inherit an offering memorandum’s expense load, and set an exit cap rate 50 to 75 basis points wider than your going in rate. Assuming the next buyer pays a tighter rate than you did is speculation, not underwriting.
This analyzer is built for speed. It tells you whether a property deserves an hour of your time, which is what you need when reviewing a lot of deals. It will not handle a renovation schedule across 24 months, a complex debt structure, or a unit mix with many floor plans. Once a property clears this screen, move it into a full model before you make an offer.
The full process is in the step by step underwriting guide. For what to verify once a property is under contract, see the seven core due diligence questions. Terms are defined in the multifamily glossary, and ten ways to find good multifamily deals covers sourcing.
Is this multifamily deal analyzer free?
Yes. It runs in your browser with no signup, no download and no cost. Enter your numbers and the results appear immediately.
What numbers do I need before I start?
Purchase price, unit count and rents, operating expenses, and financing assumptions covering down payment, interest rate and amortization. Start with listing estimates and refine once you have real statements.
What is a good cap rate for a multifamily property?
It depends on market, asset class and condition. Compare against what similar buildings in that submarket actually trade at rather than a universal target. A higher cap rate generally signals more perceived risk, not a better deal.
See this article for more info: What is a Good Cap Rate for Multifamily?
What cash on cash return should I look for?
That depends on your cost of capital and your alternatives. What matters more is whether the return still holds in a downside case with lower occupancy and higher expenses.
Can I use this for due diligence on an apartment building?
Use it to screen properties and sanity check a seller’s numbers, which is part of early due diligence. Formal due diligence goes further and includes financial documents, physical inspection, lease audit and market verification.
See this article for more info: Multifamily Due Diligence
Does the analyzer save my numbers?
No. It calculates in your browser and nothing is stored, so record your inputs separately if you want to compare properties later.