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 successI’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?

as others here have indicated, commercial is a pretty big world and like most things there are trends. 

When working with 1 i-group, that has been mentioned thought this thread, and market forces indicated a shift in things where our market share projected a potential of hitting as high a 4%, all acquisition operations were paused in that market area. 

The gentlemen above indicated he did close on a loan with them and got the funding.

💫 As we head into 2026, these zip codes stand out not only for low vacancy, but also for continued growth, infrastructure investment, and tenant demand—key indicators for long-term rental performance.📍 Top Performing Zip Codes (Low Vacancy):• 28278 – 7% | Steele Creek: Ongoing residential growth, proximity to Lake Wylie, and continued commercial expansion along South Tryon• 28083 – 8% | Kannapolis: Downtown revitalization, Cannon Ballers Stadium district, and proximity to the NC Research Campus• 28211 – 8% | South Charlotte: Highly populated area with consistent redevelopment near Cotswold & SouthPark• 28092 – 8% | Lincolnton: Growing commuter appeal, new housing developments, and regional manufacturing growth• 28105 – 9% | Matthews: Historic downtown investment, retail expansion, and steady owner-to-renter demand• 28079 – 9% | Indian Trail: Rapid population growth, infrastructure improvements, and retail/commercial expansion• 28262 – 9% | University City: Light rail access, university-driven demand, mixed-use development, and job growth corridor💫 Low vacancy + active development = strong rental fundamentals.

I say this even though my occupancy for each unit for last Oct was at least 4x what the OP indicated and my most popular unit was 90%.My view is the extra revenue on a well run San Diego STR is just enough to justify the effort and elevated risk as owners that can purchase STRs in San Diego.  

.* (BP Monitoring please Note I do not own or benefit in any way from any of the following companies)Video: About Tulsa (from City of Tulsa)Retail Housing Sales Report: Jan 2020 Median Report (from local Tulsa Realtors)Rental Indicators: 25 US Cities Where Rents Increasing the Fastest No. 9 Tulsa & No. 11 Oklahoma City (from Business Insider online)More Tulsa Market/Economy Info: (from other various sources listed)“What Others Say”• No. 5 among top-10 U.S. cities where the average renter can afford to live alone (SmartAsset.com 2019)• No. 1 City Among Top 25 Most Affordable Cities to Live & Work 2019 (BusinessStudent.com 2018)• No. 1 U.S. city where incomes are growing the fastest (GOBankingRates.com 2017)• No. 3 among top U.S.

You may think some of the items have life beyond the depreciation period which is true but many of the cap ex items have lifespans less than the depreciation period   So the irs is not indicating that money does not exist but realizing those expenses do exist and is a cost of owning a rental unit   They have decided instead of you writing off full value of the expenses when they occur that you can depreciate the expense starting with the full value of the structure at purchase.

I believe it was less than $400 for a many week course (my rough guess is it was 10 weeks but if someone indicated it was 15 weeks I would believe them)Good luck 

This data provides an external reality check.​Red Flags That Should Stop Your Investment ImmediatelyCertain patterns indicate that the pro forma is unreliable:No sensitivity analysis provided.