Multifamily Underwriting Software
Most multifamily underwriting still happens in spreadsheets. You get an offering memo from a broker, open Excel, and spend the next 2-3 hours transcribing numbers, building formulas, and cross-checking your work. Dealyze replaces that entire process: upload the PDF, and AI extracts the data and runs the full underwriting model automatically.
Underwriting software takes raw deal data — income, expenses, asking price, loan terms, unit count — and turns it into the metrics investors use to make buy/pass decisions: net operating income (NOI), cap rate, debt service coverage ratio (DSCR), cash-on-cash return, and internal rate of return (IRR).
The traditional approach is a spreadsheet. You build (or buy) an Excel template, manually enter every number from the broker's documents, and let the formulas run. This works, but it has three problems:
1. It's slow. A thorough underwriting takes 2-4 hours per deal when you include data entry, formula verification, and sensitivity analysis. If you're screening 15-20 deals a month, that's a part-time job.
2. It's error-prone. Every number you type is a chance to make a mistake. Transposing digits, putting a monthly number where an annual number goes, or missing an expense line item — these errors compound through the model and can make a bad deal look good.
3. It doesn't scale. The investor who screens the most deals finds the best deals. If each screening takes half a day, you're capped at how many opportunities you can evaluate.
Traditional underwriting tools — spreadsheets, DealCheck, ARGUS — still require you to manually enter data. They automate the calculations but not the data entry. The data entry is where most of the time goes.
AI-powered underwriting software reads the source documents directly. Instead of you transcribing numbers from a PDF into a form, the AI processes the PDF pages as images, identifies the financial data, and extracts structured fields: gross potential rent, vacancy rate, each expense line item, asking price, unit mix, and more.
This matters most when you're screening deals at volume. The investor who can evaluate 20 OMs in an afternoon has a structural advantage over the investor who evaluates 3.
Upload any offering memo, T12, or rent roll as a PDF. Up to 50+ pages.
AI reads the document, classifies it, and extracts 27+ financial fields automatically.
Full underwriting model runs instantly. Review, adjust assumptions, and re-run.
Property info (name, address, year built, unit count), income (gross potential rent, vacancy rate, other income), expenses (management fee, insurance, taxes, repairs, utilities, and every other line item), asking price, and unit-level rent roll data when available.
The extraction uses a multi-pass pipeline. First, it classifies the document type (OM, T12, rent roll). Then it extracts data using prompts tailored to that document type. If key fields are missing after the first pass, it automatically re-scans for financial data on additional pages. Every extracted field includes a confidence score.
The underwriting model is deterministic — no AI involved in the math. It calculates:
Income: Gross potential rent, vacancy loss, effective gross income (with other income)
Expenses: Total operating expenses, management fee (% of EGI), capex reserves ($/unit), expense ratio
Returns: NOI, cap rate, price per unit, gross rent multiplier (GRM)
Debt: Monthly debt service (amortizing loan), DSCR, cash-on-cash return
Projections: 5-year IRR with 3% annual growth assumption, break-even occupancy
Analysis: Go / Caution / No-Go verdict, A-F grade, plain-English flags, vacancy sensitivity (3-15%), rent sensitivity (-10% to +10%)
Every report includes vacancy and rent growth sensitivity tables. See how NOI, cash-on-cash, and DSCR change across scenarios without changing a single input.
Composite grade based on cap rate, DSCR, and cash-on-cash return. Quickly triage which deals from a broker blast deserve deeper analysis.
Every extracted value is visible and editable. Change the vacancy rate, loan terms, or expense assumptions and re-run the model instantly.
Download a 3-sheet Excel workbook (summary, assumptions, sensitivity) to share with partners, lenders, or keep in your deal files.
All your analyzed deals in one place. Track deal flow, compare grades, and revisit past analyses without re-uploading.
Plain-English flags explain what the numbers mean: "DSCR of 1.08 leaves thin margin above debt service" or "Cap rate 200bps above market — investigate."
Syndicators and fund managers who screen dozens of offerings per month and need to quickly separate signal from noise. The deal grade and sensitivity tables make triage fast.
Independent investors scaling from their first 4-plex to 20+ unit properties, who know the fundamentals but don't want to build and maintain complex spreadsheets.
Brokers and acquisitions teams who need to quickly validate deal economics before presenting to investors or investment committees.
New multifamily investors who understand the concepts but want a tool that handles the math correctly while they build experience reading deals.
Free trial: 1 analysis, no account required, no credit card. Upload any PDF and see the full report.
Starter — $29/month: 5 analyses per month. Best for investors screening a handful of deals.
Pro — $49/month: 25 analyses per month. Built for active investors, syndicators, and acquisitions teams screening deal flow at volume.
Both paid plans include full sensitivity analysis, deal grading, Excel export, and deal dashboard. Cancel anytime.
Upload any offering memo, T12, or rent roll. Get the full underwriting report — NOI, cap rate, DSCR, cash-on-cash, IRR, deal grade, and sensitivity tables — in under 2 minutes.