Order — Pencil This Underwriting

Your tier

Quick Screen — $150 · 24 hours Full Underwriting — $350 · 48 hours Deal Partner — $600 · 48 hours + call within 3 days

The deal Property address *

Full street address — we check the deal against county public records before analysis begins.

Asking price or pricing guidance * Unit count *

Where the report goes Name *

Email * Phone *

Financing

How are you financing this? *

All cash. No debt. I have terms. A quoted loan, a seller-carry offer, or LOI terms. Assumable debt on the property. Conventional, not yet quoted.

Return target

What return do you need? *

If you'd rather we apply a risk-tiered default, choose that — we'll label it as a default in the report. Choose more than one and we solve all of them; the tightest binds.

Cash-on-cash floor

IRR hurdle

Yield target

Apply your default for this risk profile

Cash & hold How much cash can you deploy into this deal — in total? *

This is not just the down payment. It needs to cover the down payment, closing costs, any buyer-side fee, the full renovation budget, and an operating reserve. If the number you have in mind is only the down payment, this is the question that will make the analysis wrong.

How long do you plan to hold? *

We derive the stabilization timeline from the deal's own facts and reconcile it against your intention. If they disagree, the report says so.

Buyer profile

Are you buying this yourself or raising capital? *

Solo buyer — own balance sheet Syndicating — raising outside capital

Your fee and waterfall structure. Without this, LP returns can't be shown net of fees — and net-of-fee LP returns are the only ones that matter to your investors.

Acquisition fee (% of purchase price) * Asset management fee (% of EGI, or $/unit) * Disposition fee (%) Preferred return (%) * Pref: cumulative or non-cumulative? * Pref: compounding? *

Promote / waterfall tiers * GP co-invest (% of equity)

Exit structure

This is not a preference — it is an input to the offer ceiling. On a refinance-out structure the ceiling can be materially lower than a sale ceiling for the same building.

What is the plan for the asset? * Assumed sale year *

An indefinite hold has no terminal cash flow, and therefore no IRR and no equity multiple. If you intend to hold, give us the horizon your offering underwrites to. Without it, the LP IRR in your own offering is undefined.

Documents

Rent roll *

A unit mix with in-place rents works too.

Rent roll — as-of date * I don't know

Required with upload — or check "I don't know."

T12 (trailing 12-month operating statement)

T12 — period end date I don't know

Required with upload — or check "I don't know."

Offering memorandum / broker package

OM — date I don't know

Optional — skip if the date is on the document.

Loan quote / financing docs Additional documents

Anything else that helps — P&L, survey, inspection report, tax bill, photos, prior appraisal, etc.

Accepted: PDF, XLSX, XLS, CSV, DOCX, PNG, JPG · up to 25 MB per file, 40 MB total. Bigger file? Email it to hello@pencilthisunderwriting.com.

We keep your documents and deal data for 30 days after delivery — so re-runs and upgrades are quick — then permanently delete them. Privacy Policy

Most deals underwrite straight through. For unusual or complex structures, we may come back with a clarifying question or two before we finalize — because getting the structure right matters more than getting it fast.

If we get something wrong, we make it right at no charge. If we can't make it right — or can't underwrite your deal at all — you receive a full refund. Refund policy.

Send the deal.