Building a Large Multifamily Underwriting Model in Public

[Gabe Goudreau]

Hello everyone,

After sharing a small multifamily deal analyzer here recently and receiving some helpful feedback, I’ve been working on a more advanced underwriting model for larger value-add multifamily projects and wanted to share a quick preview as I continue refining it.

The goal has been to maintain a clean, user-friendly structure while allowing for more detailed, real-world analysis. This version incorporates:

• - Value-add renovation underwriting

• - Dynamic rent and expense assumptions

• - Refinance logic and DSCR testing

• - A full 10-year proforma with key return metrics

• - Deal dashboard with key return metrics and indicators of success

I’m attaching a screenshot of the inputs and dashboard page so you can get a sense of how it’s structured.

For those actively underwriting multifamily deals, I’d be interested to hear:
What do you wish most models handled better in practice?

Happy to share more context with anyone who finds this useful.