A live underwriting console for prime real estate, commercial and residential. Run the NOI, leverage the cap rate, stress-test the design lever, and see what a property is really worth before signing an LOI.
REALIST ships pre-loaded, not blank, the full listing set for every state it covers is already in the console, every property already underwritten and already carrying a verdict before you open a file. Per-floor rent rolls, neighborhood benchmark cap rates, conservative opex defaults, all there on open. Edit any lever, vacancy, financing, exit cap, design capex, and NOI, cash-on-cash, IRR, and the verdict score recompute live. Three use-mix presets (commercial · residential · mixed), a cap-rate sweep, a financing-stress tab, and a design-uplift lever cover the questions an underwriter asks before signing. Every assumption visible. No black box. Live at realist.solutions.
Real estate underwriting at the deal-level is bottlenecked by setup. A first-pass model in Excel takes a day to build, a week to argue over, and ages the moment any assumption shifts. By the time the spreadsheet is defensible, the seller has moved on. REALIST collapses that loop: the property opens already underwritten with conservative defaults, every lever explicit, every recompute instant. The operator argues with the levers, not with the model.
Open the property file. The model is already loaded, per-floor rent assumptions, conservative opex, neighborhood benchmark cap rate. The operator reads the offering memorandum with the verdict score already on screen. No spreadsheet build, no broken formulas, no analyst-week before the first opinion.
Every assumption behind the model, income, expenses, financing, exit, is a visible, editable input, not a buried constant. All explicit, all editable, all client-side. Move a slider and the return picture updates in the same frame.
Commercial, residential, mixed-use, each with its own per-floor $/SF, vacancy assumption, and design-uplift sensitivity. Toggle between presets to see how the same asset reads as an office play vs. a multi-family conversion vs. a mixed-use repositioning. The right strategy declares itself.
A repositioning is the difference between a stabilized buy and a value-add play. REALIST exposes the lever, design capex in, rent uplift out, sensitivity tuned per use mix. Residential typically captures less of the uplift than commercial in the same building; the model reflects that, doesn't paper over it.
The cap-rate sweep plots implied value across a range of exit caps. Financing stress walks LTV, rate, and amortization through downside scenarios. Vacancy stress shows the break-even occupancy on any use mix. The operator leaves the console knowing which assumption matters most, not what the base case looks like.
The verdict score is a navigation aid. It tells the operator where the asset lands in its own risk-return surface, supported, stretched, or aggressive, given the inputs on screen. The decision still belongs to the operator. The model carries the math; the investor owns the signature.
REALIST runs the same underwriting discipline an institutional desk would, income, costs, financing, and a verdict, on every property, every time. The operator sees the model, not the math.
REALIST builds the income line from the building itself, its actual floor plan and use mix, not a broker's assumption, and applies realistic vacancy for the asset type. Every input stays overridable: if you know the market better than the preset does, your number wins.
Every real operating cost gets modeled against the market the building actually sits in, taxes, insurance, upkeep, reserves, the age of the structure itself. What's left is weighed against how comparable buildings nearby actually trade, so you know whether the asking price is supported or stretched before you're past the first page of the OM.
Run the deal through financing and REALIST shows what an investor actually walks away with, the real levered return, not the seller's pro forma. Every scenario resolves to one verdict: supported, stretched, or aggressive. A decisive read, not another spreadsheet to interpret.
REALIST is a browser-based console. Two surfaces: a listings grid pre-loaded with every property in the state's coverage, already underwritten, and a per-property console that opens with the model fully loaded. The console is the workbench; the listings are the file cabinet.
Every property in the state's coverage as a tile, not a blank pipeline the operator has to fill first. Each tile shows the hero image, address, submarket, ask price, total SF, $/SF, and an implied cap that's already computed. Status tags, active, watch, pass, placeholder - color-code the surface so the operator scans the market at a glance. Aggregate stats at the top: active count, total ask, average $/SF, average cap. Click a tile to open the console, the property is already underwritten; the operator is reading the answer, not waiting for one.
Hero band with address, file tag, chip row, and neighborhood narrative. Below: the model surface itself, a left rail of editable inputs (rent roll, opex, financing, design lever, exit assumptions), a center spine of computed outputs (NOI, implied cap, levered cash-on-cash, IRR, verdict), and a right rail of stress views (cap-rate sweep, financing stress, design sensitivity). Every recompute is client-side, no round-trip latency.
Single decision-maker, two or three brokers feeding deals, no analyst staff to model each name. REALIST collapses the "is this worth a second look" loop from days to minutes, and produces a defendable view for the family's investment committee.
Funds running ten to fifty deals a year, with one or two analysts splitting modeling time across the pipeline. REALIST is the first-pass workbench, every property gets underwritten the same way, with the same defaults, before the analyst spends a week on the detailed model.
An operator with three to twenty buildings, looking at acquisitions, refinancings, and repositioning opportunities. REALIST is the underwriting tool that travels with them, on the laptop at the broker meeting, on the phone at the site visit, on the kitchen table with the OM open.
Live at realist.solutions · Private deployments via the engagement desk