Working through underwriting on a stabilized small multifamily portfolio in the Des Moines / Ames, IA market, and pressure-testing different capital stack and refinance paths.Deal context:Asset: 29-unit multifamily portfolioSubmarket: Student housing near ISUOccupancy: 100% in-place2024 NOI: ~$239K (actual)Status: Off-market, pre-LOICapital structure being evaluated:Conventional bank debt at acquisition (conservative leverage)Equity structured cleanly (no complex JV or promote layers)In-place cash flow maintained during holdRefinance window: 12–36 months to simplify the stack and optimize long-term debtThe goal is to avoid high-cost short-term capital on an already stabilized asset, while keeping DSCR strong and flexibility high for the refi.Curious how others in this group are seeing:Conventional vs. bridge execution on stabilized MF todayRefi seasoning requirements lenders are actually enforcingStructures that preserve cash flow while remaining refi-friendlyOpen to comparing notes with anyone actively lending on or structuring similar deals in the Midwest.Best,Eduardo Cambil

For condos at ~$35k each, most CPAs will use a simplified approach (engineering-based percentages, builder cost data, or IRS guidance like the Cost Seg Audit Technique Guide) rather than a full study.

My goal is to create things that are genuinely useful for the community as I learn alongside you.I’m building this journey with my husband, who’s a real estate agent, so we’re combining on-the-ground market knowledge with data and tech.Looking forward to learning from everyone here and connecting with other investors, agents, and builders!

Quote from @Gia Barber: Looking for some advice….We have one unit with no pets but the second unit we are testing the waters and allowing one small dog.

Then I cross reference with actual lease data from similar deals I've done or investors I know in the market.

While the operator initially projected strong returns, the fund has failed to pay distributions for over two years, and several key performance metrics have declined sharply.Key Performance Data (as of Q4 2025 Report):Occupancy Collapse: Occupancy has dropped from 97.5% at acquisition to 78.1%.Net Operating Income (NOI) Decline: Annualized NOI has fallen from $3,323,252 at acquisition to $2,525,046—a nearly 25% decrease.Loan Non-Compliance: The portfolio’s Debt Service Coverage Ratio (DSCR) is currently 1.10x, which is below the 1.25x covenant required by the lender.Lender Cash Sweep: Due to the covenant breach, the lender has initiated a mandatory cash sweep.

Regarding your first block in the flow chart, what data points do you use or find helpful to determine the inflation comparison?

This will help you identify location, size of house and max price you should pay based on different variables.If you put this data into a spreadsheet you can play with the numbers for "what if" scenarios.If you find some low producers that just need a remodel, professional pictures or some added amenities you might be able to reach out to these owners and see if you can find a burnt out STR owner that would rather sell, then you make the changes you see they need to improve the rental house's numbers.

That data helps you make smarter acquisition decisions and avoid underestimating expenses. 

The easy deals do not test your systems or your discipline.