Underwriting sheet
Run the numbers before the emotion.
Five ways to buy the same building. Change the strategy and the whole sheet changes with it — every figure recalculates as you type, and the verdict is scored against our published buy box.
Pipeline
Deals you have run
Saved in this browser only — nothing is uploaded anywhere. Clearing your browser data clears the pipeline, so export the CSV if it matters. Tick two or more in the Cmp column to stand them next to each other.
How each number is calculated
- MAO (max allowable offer) uses the 70% rule: 70% of after-repair value, minus the rehab budget. It is a screening number, not a valuation.
- Mortgage payment is standard amortization on principal, rate, and term. Taxes and insurance are handled separately as operating expenses, not escrowed into the payment.
- NOI is effective gross income minus operating expenses. Debt service is never an operating expense, so NOI does not change when financing changes.
- Cap rate is NOI divided by total basis (purchase plus rehab), not just the purchase price.
- Cash-on-cash is annual pre-tax cash flow divided by total cash out of pocket — down payment, rehab, closing costs, and furnishing.
- Co-living rent is per room, per week, times 52, before occupancy. PadSplit's cut is modelled in two parts: the ongoing percentage of what you collect, and the first ten days of each new member's rent — so the platform bill rises with turnover, not just with rent. Shorter average tenancies cost you more even at the same occupancy.
- Co-living utilities are entered as a flat monthly figure because the landlord carries them. They are the line most likely to run over, and nothing here caps them.
- DSCR is NOI divided by annual debt service. Most commercial lenders want 1.20–1.30 or better.
- Vacancy, maintenance, CapEx, and management are taken as percentages of gross scheduled income, which is the conservative way to do it.
- Flip carrying costs run for the full holding period, including the months the house sits on the market after the work is done.
- Furnishing on the short-term sheet is entered at retail, then multiplied by our wholesale cost basis — that gap is the Hughes Living advantage, shown as its own line.
- Comparisons recalculate each saved deal from its stored inputs rather than replaying the figures as they stood on the day it was saved, so a side-by-side always uses the formulas above. Only rows whose better direction is unambiguous are marked, and no row is marked when a deal leaves it blank.
- Everything here is an estimate. Verify taxes with the county, insurance with a carrier, rent with real comps, and rehab with a contractor who has walked the property.