Multi-family

Do the units support the purchase?

Rents, vacancy, operating expenses, debt service and coverage on one property — with advertised rent and verified rent roll kept strictly apart.

  1. Find
  2. Analyze
  3. Finance
  4. Acquire
  5. Operate

Learn

How this decision actually works

Small multi-family is bought on income. The order below is what separates a property that carries itself from one that quietly does not.

  1. 01 · Find

    What is actually being sold?

    Unit count, configuration and who pays which utility change the economics more than the price does.

    Verified
    Unit count and building facts from the public record.
    Unknown
    Which units are occupied, and at what rent.
  2. 02 · Analyze

    What does the property earn after it operates?

    Gross rent, other income and a real vacancy assumption produce effective income. Operating expenses come off before any debt is considered.

    Assumed
    Vacancy, management, maintenance and capex reserve.
  3. 03 · Finance

    Does the income cover the debt?

    Debt service coverage decides whether a lender will look at the property, and whether a bad quarter is survivable.

    Assumed
    Rate, term and down payment until a lender confirms them.
  4. 04 · Acquire

    What must be produced at contract?

    Leases, rent roll, estoppels, security-deposit ledger and utility history convert assumptions into facts — or end the deal.

    Unknown
    Collected rent until the rent roll and bank record agree.
  5. 05 · Operate

    What does year two look like?

    Turnover, capital reserves and expense growth decide durability. A first-year number is not a hold.

Find

Find the property

Search active two-to-four unit and small apartment properties, then carry the address into the workspace with your rent and expense assumptions.

  • Ask which utilities are landlord-paid before comparing two buildings on price alone.
  • Advertised rent is a marketing figure. Request the rent roll and leases early.
  • Separately metered units usually operate more predictably than a single master meter.

Already have an address? Enter it in the workspace and every figure below is calculated for that property.

Analyze

What the workspace calculates

The multi-unit workspace runs the cash-flow and cap-rate engine. Rent by unit is used where the system has it; otherwise a modelled average is shown and labelled as one.

  • Units and rent by unit, or modelled average where that is all we have
  • Other income
  • Vacancy
  • Operating expenses
  • Expense ratio
  • Net operating income
  • Cap rate
  • Debt service
  • DSCR
  • Monthly cash flow
  • Cash-on-cash return
  • Price per unit
  • Break-even rent where supported
  • Per-unit capex reserve

Advertised rent and verified rent roll are never merged into one figure.

Open the multi-family workspace

Verify

What has to be established

Income is the asset. This is what has to be established before the return is real.

  • Verified

    Supported by an identified source and reviewed where review is required.

  • Assumed

    A preset, user-entered or analyst-entered figure that is not independently established.

  • Unknown

    Missing, contradictory, stale or not yet established.

  • Rent roll and leasesRequested at contract. Until then, rent is advertised, not collected.Unknown
  • Advertised rentListing or market figure used to model income.Assumed
  • Operating expensesPreset or owner-stated until tax, insurance and utility bills are produced.Assumed
  • Taxes and assessmentMunicipal record.Verified
  • Certificate of occupancy / unit legalityConfirmed with the municipality, never inferred from a listing.Unknown
  • Debt termsProvided by a lender. Nothing here is a quote.Unknown
  • Advertised rent is not collected rent. Leases, a rent roll and bank deposits settle it.
  • A legal unit count is established by the municipality, not by how the building is being used.

Real work

Real projects in progress

One affiliated three-unit rehabilitation project, published and maintained by a separate investment company.

Prosperity PropertiesZ LLC is a separate real-estate investment company. AnalyzeAnyProperty provides independent property-decision tools and licensed real-estate guidance. Project status and facts are maintained by Prosperity PropertiesZ.

Work with Scott

Technology organizes the evidence. Scott reviews the decision.

A licensed real-estate professional reads the property with you, tells you what is missing and what he would do next.

Questions stay attached to your Property Intelligence™ and Buyer Journey.