Sample Reports — Underwriting Analyst

8 properties. 1,842 units. Analyzed in one session.

Sample Data

Properties

Total Units

Avg 230 units/property

Wtd Avg Occupancy

vs 94% national avg

Portfolio NOI

6.4% avg cap rate

Avg Rent/Unit

$1.42/SF

Unit Mix

Studio 15%

1BR 42%

2BR 32%

3BR 11%

Studio (276 units)$1,050/mo avg

1BR (774 units)$1,220/mo avg

2BR (589 units)$1,410/mo avg

3BR (203 units)$1,680/mo avg

Portfolio Returns

Gross Potential Rent$28.4M

Vacancy Loss (6.9%)($1.96M)

Effective Gross Income$26.4M

Operating Expenses (41%)($10.8M)

Net Operating Income$12.8M

Portfolio Value (at 6.4% cap)$200M

Avg Price per Unit$108,600

Avg Price per SF$142

Rent Growth Sensitivity

Scenario	Year 1 NOI	Year 3 NOI	5-Year IRR	Impact
Base case (3% growth)	$12.8M	$14.0M	16.2%	—
Rent growth 1%	$12.8M	$13.2M	12.8%	-340bps IRR
Rent growth 5%	$12.8M	$14.8M	19.4%	+320bps IRR
Occupancy drops to 90%	$12.0M	$13.1M	13.1%	-310bps IRR
Expenses +5% (insurance, taxes)	$12.3M	$13.4M	14.8%	-140bps IRR

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