Investor-grade underwriting of your multifamily deal — and the price at which it actually supports YOUR constraints. In writing, before you sign the LOI.
Underwrite My Deal$150 screen · $350 full · $600 with negotiation backup · 24–48 hr turnaround
It will never tell you the seller quietly cut insurance below their own actuals, or that the “upgraded” units earn zero premium on the seller's own rent schedule. We will. Every place the seller's numbers don't hold up — flagged, in writing, with sources.
Who's behind this
Michael Tadros is the principal of E&S Properties, a Newtown, CT multifamily acquisition firm. Pencil This runs the same underwriting discipline — the House Rules methodology, independent market research, and Maximum Allowable Offer analysis — that E&S applies to its own pipeline of roughly 250 deals underwritten per year, backed by 10 years in multifamily real estate.
Institutional-grade underwriting, finally within reach for smaller operators.
A full professional underwrite is a day or two of an analyst's time per deal — or a pricey software subscription that still makes you do the analysis yourself, with pricing hidden behind “book a demo.” The E&S team built Pencil This to change that: serious deal analysis, done for you, at a transparent price that's right here on the page. No email gate. No quote request. Just the real numbers.
How we deliver this in 48 hours
Here's exactly how we do it, because you should know. Over 10 years and roughly 250 deals underwritten a year, we built a rigorous methodology for evaluating multifamily acquisitions — our House Rules. For the past year, we've spent that experience teaching a state-of-the-art AI system to underwrite the way we do: guided by our custom rules, our instructions, and a curated knowledge base built from real deals. It's the same system we use on our own acquisitions.
The system pulls and cross-references current market data — rents, cap rates, comps, submarket trends — at a breadth and speed no manual process can match. Nothing gets skipped because someone ran out of hours.
This isn't a generic chatbot guessing at your deal. We've spent a year narrowing and directing how it reasons — our methodology, our guardrails, our knowledge base — so it evaluates your property by the same disciplined standard we apply to our own money. Not a black box. A system we built, on rails we set.
The system does the analysis; an experienced operator reviews every report, makes the judgment calls, and personally releases it. You get automation's speed and consistency with an underwriter's accountability.
This is how serious underwriting gets done now — and it's why we can deliver institutional-grade analysis in 48 hours at a price that's printed right on this page.
Pricing · See the work
Every sample below is the same property — a 56-unit, 1967–72 garden community in Greensboro, North Carolina, listed at $5,250,000. Real seller documents, real market research, names withheld. Read them in order and you can watch the analysis go deeper, and the seller's story come apart.
Complete reports. Real deal, anonymized. No email required.
The $150 screen valued it at $3,810,155. The $350 underwrite put the ceiling at $2,669,179.
Same property, same documents — the difference is depth. The $1,140,976 between them is what the deeper pass is for: the screen takes the seller's income at face value; the Full rebuilds every expense line from named comps and finds nine places the seller's own numbers don't hold up.
$150
Is this worth another hour of my time?
Screening Valuation ≈ $3.81M — a soft, seller-side first pass. The ask sits ~38% above it.
$350
What is it actually worth, and where is the seller wrong?
Nine flags. Payroll and reserves booked at $0 — the property's own 2023 statements booked $28,155 of payroll — on a property with 6 vacant units, plus a tax line still on the seller's stale basis. MAO $2,669,179 — ~49% below the ask.
$600
What do I offer, and where do I walk?
Open at $2,417,179. Every move bought only with findings. Ceiling $2,669,179 — above that, walk.
The sample shows sections 21–23 — the negotiation layer only. The delivered Deal Partner is the complete report with these sections included.
How It Works
1
Address, asking price, rent roll, T12, plus five 60-second questions — a few more only if your structure needs them. Built on YOUR structure, never a generic one.
2
The same rigor we apply to our own acquisitions. Your documents are cross-checked; every seller projection independently re-underwritten from named market sources.
3
Real numbers, a recommendation, and the leverage points, as an editable Word document. Turnaround runs from complete intake — materials plus the five answers — not from payment.
Frequently Asked Questions
Property address, asking/guidance price, the rent roll, and — for Full Underwriting and Deal Partner — the T12 and offering memorandum. Plus five quick intake questions about your goals. The turnaround clock starts once we have everything.
Quick Screen in 24 hours; Full Underwriting and Deal Partner in 48 hours, from complete intake.
Yes, proudly — and here's the honest version. We spent a year teaching a state-of-the-art system to underwrite by our own decade-old methodology: our rules, our guardrails, our knowledge base. It researches and analyzes at a speed and breadth no manual process matches, and an experienced operator reviews and personally releases every report. It's not a generic chatbot and it's not a black box — it's a system we built, on rails we set, checked by a human who underwrites for a living. It's the same system we use on our own deals. (See “A decade of underwriting, taught to a machine.”)
Completely. Your analysis is never shared or reused, and it never appears in anyone else's work. NDA and non-circumvent terms are available on request.
The report shows its work — every assumption is stated and sourced, so you can see exactly how we got there. Deal Partner includes a revision round if terms change; Full Underwriting re-runs are available at a flat rate.
We make it right. Every number in your report is taken from your documents, computed from stated assumptions, or anchored to a named source — so every number can be checked. If we misread a document, made a calculation error, or cited a source for something it doesn't say, we correct and re-issue at no charge. Market judgment calls like the cap-rate anchor are stated with their source; bring us published market evidence we didn't consider and we'll re-run with it at no charge. If we can't make it right — or can't underwrite your deal at all — you receive a full refund. Full refund policy.
Michael Tadros, principal of E&S Properties, a multifamily acquisition firm — the same underwriting we run on our own deals. (See “Who's behind this.”)
No — and be wary of anyone who does. We give you rigorous, honest numbers and flag the risks; the decision to offer is always yours.
More rigor than any calculator. Less than half the real cost of a freelance analyst. A rounding error against one bad deal.
Does it pencil? Know before you offer.
Underwrite My Deal