Checking your session…
Back40
Underwriting engine
Not Financial Advice
Ground-up 4–12 unit build — NOI ÷ cap rate value, bank-financing spread, and a site-capacity zoning check.
Site Capacity — What Will This Lot Support?
Bank Financing — the "two spreadsheet" method
If you plan to sell instead of hold
Est. equity created (12 mo. hold)
$0
Stabilized value minus all-in cost
Site Capacity VerdictWhichever of the three caps is lowest is your real ceiling — that's usually parking or lot coverage, not the density number on the zoning map.
—
Max units — density cap0
Max units — coverage + height envelope0
Max units — parking0
Max units this lot supports0
Units you're underwriting above0
Income
Gross potential rent / yr$0
Less vacancy$0
Effective gross income$0
Operating expenses$0
Net operating income (NOI)$0
Value
NOI ÷ cap rate—
Stabilized value$0
Cost to build
Building sf (incl. common area)0 sf
Hard + soft cost$0
Land$0
Demolition / removal$0
Construction interest carry$0
Total project cost$0
$ / door value
$0
$ / door cost
$0
Yield on cost
0%
Bank Financing
Execution budget (your real cost)$0
Retail (bank) budget$0
Bank loan (LTC × retail budget)$0
Equity bank sees at closing$0
Cash needed out of pocket$0
Exit Strategy — Resale vs Hold
If Sold (net of closing costs)
Stabilized value$0
Less selling / closing costs$0
Less execution cost$0
Net profit if sold$0
Subject Property
$
$
$
$
Comps → ARV
Enter recently sold comps to set ARV (after-repair value), and active/on-market listings as a sanity check on where the market's heading. Ask me to pull comps for a specific address and I'll search and fill these in for you.
Sold comps
| Sold price | SF | $/sf |
|---|
Avg $/sf (sold)$0
Active / on-market
| List price | SF | $/sf |
|---|
Avg $/sf (active)$0
$
Hard Money Financing
Est. net profit at ARV
$0
Resale price minus all-in cost and selling costs
—
70% Rule Check
ARV$0
ARV × 70%$0
Less rehab budget$0
Max allowable offer$0
Your purchase price$0
Room under/over MAO$0
Total Project Cost
Purchase price$0
Rehab budget$0
EMD / other$0
Holding costs (monthly × months)$0
HML points + interest$0
Total project cost$0
Financing
HML loan amount (LTV × ARV)$0
HML points cost$0
HML interest cost (term)$0
Cash needed to close$0
Exit Strategy — Resale vs Fix & Hold
Resale price (ARV)$0
Less commission + closing$0
Net proceeds$0
Profit as % of cost
0%
$/sf all-in
$0
$/sf ARV
$0
Subject Lot / Address
$
Comps → Resale PriceRule of thumb from the transcripts: below ~$285/sf in resale comps, there's little to no profitability in a spec build. $300+/sf is where the margin starts working.
Underwrite like the bank: they'll pull comps and price your resale at the average $/sf, not your best-case number. Enter recent sold comps of homes similar in size/finish in the immediate area. Ask me to pull comps for a specific address and I'll fill these in.
| Sold price | SF | $/sf |
|---|
Avg $/sf (sold comps)$0
Buildable Envelope — What Fits On This Lot?
Build Cost & Financing
Exit Strategy — How You Get Out
Bank Underwriting (After-Build Value)
Est. profit after exit (net of selling costs)
$0
Resale price minus commission/closing minus all-in project cost
Buildable Size Verdict
—
Lot area0 sf
Buildable envelope (setbacks)0 sf
Max footprint (coverage cap)0 sf
Max footprint (binding)0 sf
Max total SF at allowed height0 sf
Stories needed for your target size—
Resale Value (Comps-Based)
Avg $/sf × subject sf—
Resale price$0
Land Check
Max affordable land (resale × %)$0
Actual land price (whole parcel)$0
Room under/over max land$0
Total Project Cost
Land (whole parcel)$0
Build cost (sf × $/sf)$0
Closing costs$0
Construction interest carry$0
Total project cost$0
Exit — After-Build Value & What You Keep
Resale price (after build)$0
Less resale commission + closing$0
Less total project cost$0
Net profit after exit$0
Bank Financing
Financeable pool (resale × LTV)$0
Cash needed out of pocket$0
Profit margin
0%
$/sf build cost
$0
$/sf resale
$0
Best scenario profit
$0
—
Site & Purchase
$
Lot Scenarios
Exit Strategy — Sell Lots vs Hold & Lease
Best-scenario lots to sell0
Total sale revenue$0
Less total development cost$0
Sell profit$0
Portfolio annual cash flow
$0
—
Portfolio AssumptionsThese apply to every property below unless you're modeling very different deal terms — for acquisition of existing (not ground-up) property, so vacancy and opex run higher than new construction: 35–50% opex ratio is normal for stabilized or older rentals, vs. the 20% used in the New Build mode.
Properties
Portfolio Rollup
Total Units
0
Total Purchase Price
$0
Total Cash Invested
$0
Total NOI
$0
Blended Cap Rate
0%
Total Annual Debt Service
$0
Portfolio Cash-on-Cash
0%
Portfolio DSCR
0.00
Exit Strategy — Hold vs Sell
Total NOI / yr$0
Less annual debt service$0
Net cash flow / yr$0
Net cash flow / mo$0
Cash on Cash0%
Expenses (per unit / year unless noted)
$
$
$
$
Valuation, Financing & Fees
Hold Period & Simplified Proforma
Simplified vs. the source napkin's year-by-year rate grid: one flat rent-growth % and one flat expense-growth % are applied every year of the hold, starting from Year 1 proforma income/expenses (value-add fully reflected from Year 1). Vacancy % stays constant at the rate set above for every year.
Max Allowable Offer
$0
Target cost basis minus renovation + contingency budget
—
Ideal Purchase Price — Cap Rate Method
This is the plain cap-rate valuation — Current NOI ÷ Valuation Cap Rate, nothing else. Max Allowable Offer above is a stricter, more realistic ceiling (the lowest of its three tests), so it's usually below this number. Use MAO as your real max offer; use this one as a quick gut-check against the raw cap rate math a broker or a simple BOV is usually quoting.
$0
Current NOI ÷ Valuation Cap Rate (8.0%)
—
Rent Roll & Value-Add
Current gross potential rent (GPR)$0
Delta increase /unit$0
Value-add income /yr$0
Proforma potential rental income$0
Value add (capitalized)$0
Rent $/sf/mo$0.00
First-Year Operating Statement
CurrentProforma
Potential gross income$0$0
Vacancy & credit loss$0$0
Effective gross income$0$0
Total expenses$0$0
Net operating income (NOI)$0$0
Operating margin0%0%
Value & Max Allowable Offer
Stabilized value at cap rate (= ideal purchase price, above)$0
Asking vs. stabilized value0%
Asking price /unit$0
Value /unit at cap rate$0
Renovations + contingency$0
Total cost basis (target basis % × value)$0
Max Allowable Offer — Three Tests
MAO — Cost Basis test$0
MAO — DSCR test (loan/LTV crossover)$0
MAO — Target ROI test (CoC ≥ target)$0
Max Allowable Offer (lowest/binding)$0
Binding test—
Room under/over asking$0
Earnest deposit$0
Financing (LTV vs. DSCR)
Loan amount (LTV × MAO)$0
Loan amount (DSCR-sized)$0
Max loan amount$0
Initial equity (cash to close)$0
Acquisition fee$0
Total cash invested$0
Monthly debt service$0
Annual debt service$0
Cash-on-cash return
0%
DSCR (current NOI)
0.00
Cap rate /door
$0
Exit Strategy — Hold vs Sell (Year 5)
| Year | PGI | NOI | Cash flow |
|---|
Max Allowable Offer
$0
Target CoC
0%
Deal type
Building
$
Revenue & Operations
$
Value & Financing
Est. equity created (stabilized)
$0
Stabilized value minus all-in cost
Site Capacity
Lot size0 sf
Max footprint (coverage cap)0 sf
Gross building sf (footprint × stories)0 sf
Net rentable sf0 sf
Revenue
Gross potential rent / yr$0
Less vacancy / economic loss$0
Plus ancillary income$0
Effective gross income$0
Operating expenses$0
Net operating income (NOI)$0
Value
NOI ÷ cap rate—
Stabilized value$0
Cost to Build
Build cost (rentable sf × $/sf)$0
Land$0
Construction interest carry$0
Total project cost$0
Purchase & Costs
Financing
Bank loan (LTC × total cost)$0
Cash needed out of pocket$0
$/sf value
$0
$/sf cost
$0
Yield on cost
0%
Exit Strategy — Sell at Cap Rate vs Hold
Sale value (NOI ÷ cap)$0
Less all-in cost$0
Profit (equity created)$0
Revenue (NNN structure)
$
$
Operating Costs (landlord-paid)
$
Financing
%
Year-1 cash-on-cash (levered)
$0
Year-1 cash flow ÷ total equity in the deal
Revenue & NOI
Gross base rent / yr (sqft × $/sf)$0
NNN pass-throughs (reimbursed)$0
Less vacancy / credit loss$0
Effective gross income$0
Management fee$0
Reserves / capex$0
Net operating income (NOI)$0
Valuation & Capital
Unlevered cap rate (NOI ÷ price)—
Price per sqft$0
Loan amount (LTV × price)$0
Equity (price + acq costs − loan)$0
Annual debt service$0
Year-1 cash flow (NOI − DS)$0
Debt service coverage (DSCR)—
Leverage spread (cap − interest rate)—
Cash-on-cash
0%
DSCR
—
Leverage spread
—
Exit Strategy — Hold (Cash Flow) vs Sell at Cap Rate
Net operating income / yr$0
Less annual debt service$0
Net cash flow / yr$0
Net cash flow / mo$0
Cash on Cash0%
RV Park Build
$
$
Revenue & Operations
$
Value & Financing
Est. equity created (stabilized)
$0
Stabilized value minus all-in cost
Site Capacity
Developable area0 sf
Total sites (density × developable ac)0
Revenue
Gross potential rent / yr$0
Less vacancy / economic loss$0
Plus ancillary income$0
Effective gross income$0
Operating expenses$0
Net operating income (NOI)$0
Value
NOI ÷ cap rate—
Stabilized value$0
Cost to Build
Build cost (sites × cost/site)$0
Site improvements + amenities$0
Land$0
Construction interest carry$0
Total project cost$0
Financing
Bank loan (LTC × total cost)$0
Cash needed out of pocket$0
$/site value
$0
$/site cost
$0
Yield on cost
0%
Exit Strategy — Hold (Cash Flow) vs Sell at Cap Rate
Net operating income / yr$0
Less annual debt service$0
Net cash flow / yr$0
Net cash flow / mo$0
Cash on Cash0%
Loan Terms
$
$
Monthly payment (P&I, post interest-only)
$0
—
Summary
Interest-only payment (if applicable)$0
Total interest paid to balloon/payoff$0
Total of payments to balloon/payoff$0
Remaining balance at balloon$0
Payoff date (months)
0
Interest saved vs. no extra pmt
$0
Amortization Schedule (first 12 + every 12th month)
| Mo. | Payment | Principal | Interest | Balance |
|---|
Subject-To / Takeover Loan
You take over the existing mortgage subject-to (no new loan) on a property the current owner wants off their hands. Enter what you must bring to catch the loan up + take it over, the money still owed, and the rent — the calculator tells you if the rent covers the payment so it cash-flows.
$
$
$
$
$
$
Monthly loan payment (P&I)
$0
—
Exit Strategy — Hold vs Seller Finance / Resale
Cash-Flow Verdict
Monthly cash flow−$0
—
Cash to close (EMD + down payment + cure/arrears + 3% closing)$0
Down payment as % of loan balance0%
Cash-on-cash return
—
Debt coverage ratio (rent ÷ payment)
—
How this works
Cash to close = what you bring to the table (down payment + back payments owed + a 3% estimate of up-front closing/title costs). Monthly payment is the P&I on the remaining balance at the stated rate/term. Cash flow = rent − payment − other monthly costs. To make it cash flow you want that number positive; if rent can't cover the payment, no amount of down payment changes the monthly math — you'd be subsidizing it every month. Always confirm the true loan balance, rate, arrears, and remaining term from the lender before relying on this.
Subject Property
A "slow flip" isn't a renovation flip — it's note arbitrage. You buy the property on one note (from a private lender or the seller), then immediately resell it to a retail buyer on a second, separate seller-financed note at better terms. You pocket the down-payment spread, the monthly payment spread while both notes run, then the buyer's entire payment as pure profit once your own note is paid off.
Buy Side — Your Note
$
$
$
Sell Side — Buyer's Note
$
$
$
$
Tax + Insurance Escrow & Goal
$
$
Total profit over full term
$0
Phase 1 + phase 2 cash flow, plus down-payment spread
—
Down Payment Spread
Your down payment (out)$0
Buyer's down payment (in)$0
Down payment spread$0
The Two Notes
Your noteBuyer's note
Financed amount$0$0
Rate0%0%
Term (years)00
Monthly P&I$0$0
Buyer's total incl. escrow$0
Monthly tax + insurance escrow held$0
Cash Flow — Phase 1 (Years 1–5, both notes active)
In (from buyer)$0
Out (to your lender)$0
Less escrow held$0
Net monthly cash flow$0
Net annual cash flow$0
Cash Flow — Phase 2 (Years 6–15, your note paid off)
In (from buyer)$0
Less escrow held$0
Net monthly cash flow$0
Net annual cash flow$0
Totals Over Full Term
Total paid to your lender$0
Total received from buyer (+ down)$0
Total profit$0
Deals needed for goal
0
Monthly goal
$0
Phase 2 covers goal in
—
Exit Strategy — Note Arbitrage
Cash required up front (down payment)$0
Total profit over full term (cash basis)$0
You buy the property outright with cash, then resell on a seller-financed note. Every buyer payment after down is pure return — no lender payment to service.
Your Note — Amortization (first 12 + every 12th month)
| Mo. | Payment | Principal | Interest | Balance |
|---|
Buyer's Note — Amortization (first 12 + every 12th month)
| Mo. | Payment | Principal | Interest | Balance |
|---|
Save & Share This UnderwriteExcel downloads a workbook with separate tabs for Multifamily and Flip deals, every input and output as its own column. CSV downloads one flat file — in Google Sheets, use File → Import → Upload and pick "Insert new sheet," or just drag the CSV into a Google Drive folder and open it (Drive auto-converts it to a Sheet). Print / Save as PDF gives you a clean one-page summary of whichever calculator is currently open, sliders hidden — use your browser's "Save as PDF" option in the print dialog to email or text it.
No saved underwrites yet — fill out either calculator above, name it, and click "Save This Underwrite." Saved deals live in this browser tab and are cleared on refresh, so export to Excel/CSV to keep them permanently.
AirtableUses the Airtable connection saved once on the Settings page — nothing to re-enter here. Create one Airtable table with these exact column names: Deal Name (text), Deal Type (single select or text), Date Saved (text), Headline (text), Details (long text). "Details" holds every field for that deal as readable JSON.
Not connected yet — set up your Airtable connection on Settings →
© 2026 Rural Haven Properties