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Underwrite on what a property actually earned.
Short, practical guides to the documents that decide a multifamily deal: the T-12, the rent roll, and the offering memorandum. No jargon for its own sake, real worked numbers, and a free tool at the end of each.
How to underwrite an apartment deal
The full six-step sequence on one 24-unit property: gather the actuals, reconcile, normalize NOI, screen red flags, split actuals from proforma, then value it and size the debt.
Read the guideWhat is a T-12 in commercial real estate?
The trailing-twelve statement, line by line, and why a quarter point of cap rate moves price by six figures.
Read the guideHow to analyze a T-12, step by step
The five-step buyer workflow with one worked example carried from rent roll reconciliation to verified NOI and price.
Read the guideThe 15 T-12 anomaly detectors
The exact checks every listing passes before it goes live: thresholds, severity, and why each pattern matters.
Read the guideT-12 vs proforma
Actuals versus projection on one property, and how to tell a fair adjustment from an unsupported one.
Read the guideHow to read a rent roll
What each column means, and the four checks that reconcile a rent roll against the T-12's collected income.
Read the guideOffering memorandum red flags
An interactive checklist of the places where OM marketing math diverges from the ledger, with the dollar impact of each.
Read the guideHow to verify a T-12
The five checks a T-12 has to pass before it can list, and what a good written disclosure looks like when one flags.
Read the guideThe multifamily T-12 template
A free blank T-12 you can download and fill from your management software, plus an annotated sample showing what buyers flag.
Read the guideThe multifamily rent roll template
A free rent roll you can download and fill unit by unit, plus the worksheet that reconciles it to the T-12's collected rental income.
Read the guideHow a DSCR calculator sizes a multifamily loan
DSCR, the loan constant, and the max loan, worked on verified NOI, plus what a proforma-inflated NOI does to loan proceeds.
Read the guideLoss to lease, explained (with a reconciler)
Why loss to lease is upside, not a loss, and how it differs from vacancy, concessions, and bad debt. Free five-bucket reconciler.
Read the guideRTOM vs Crexi
A fair side by side: a broad CRE listings and auction marketplace versus a multifamily-only marketplace computed from screened T-12 actuals, and when each is the better choice.
Read the guideStart with your own numbers
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