It's been slowly picking up over the past 4 weeks, most likely due to the slight drop in interest rates.

If values drop a more modest 12.5% HALF your equity is wiped out.  

Not all units will be dropped at once, they are being phased 10-12 at a time over a couple years.A couple of initial questions:1.

Cash now, maybe refi late next year if rates drop below 6% (I expect by Dec 2026 5.5% or lower with the new fed coming next summer). 

Scale only works if each asset meets the same bar.Model approachI built my own underwriting model, but many solid templates exist online now.Key focus areas• Purchase basis (true landed cost) vs comp set• Rehab scope and sensitivity• Rent comps and lease-up timing• OpEx realism (maintenance, turns, taxes, insurance, management)• Debt structure and stress tests• DSCR and breakeven occupancy• IRR, equity multiple, unlevered and levered yield• Market concentration vs diversification• Hold period assumptions• Refinancing and interest-rate exposure• Lease absorption• Downside stress tests (rent drops, tax increases, insurance shocks, rates, vacancy)How I use it• Every deal goes through base, downside, and worst-case underwriting.• Comps and cost assumptions get cross-checked across multiple sources.• I separate the “investor story” from “spreadsheet reality.”

Land has all the utilities and is in residential and zoned mixed commercial/ multi family Can you drop the address? 

Hoping they were dropped without incident.  

Breaking down financing/carrying costs makes total sense - that’s come up a few times now.The sensitivity analysis is interesting - so being able to test ‘what if ARV drops 10%’ or ‘what if rehab goes 20% over budget’?

You can drop PMI without a refi- although you'll likely pay a slighly higher rate, you'll be ahead of the game by not having to throw $8K at a refi in three years. 

It’s maturing.And for smart investors, that’s the best possible environment.A balanced market gives you the ability to:Buy without panicNegotiate like an adultFind motivated sellersAdd value intentionallyBuild a portfolio based on fundamentals, not frothIf you’ve been waiting on the sidelines hoping for a huge drop—don’t.