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 is the pre-LOI workbench. Open a property and the model is already there — per-floor rent rolls, neighborhood benchmark cap rates, conservative opex defaults. 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.
Vacancy, taxes, insurance, maintenance, management fee, utilities, reserves per SF, deferred capex, design investment, LTV, rate, amortization, IO years, exit cap, hold period, rent growth, expense growth. All explicit, all editable, all client-side. Move a slider and NOI, IRR, cash-on-cash, and the verdict update 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 is a deterministic underwriting engine — no simulation, no Monte Carlo by default. Just the standard institutional model: per-floor rent collapses to NOI, NOI gets stress-tested against benchmarks and financing, and the verdict aggregates the answer. The operator sees the model, not the math.
Per-floor rentable square footage × per-floor $/SF for the active use mix → gross potential rent. Apply vacancy (5% commercial / 3% residential / 4% mixed, all adjustable) → effective gross income. The operator overrides any floor's $/SF directly; the preset is the starting point, not the ceiling.
Property taxes, insurance, maintenance (building-age multiplier for pre-1950 stock), management as a % of EGI, utilities, reserves per SF, deferred capex as a one-time hit. EGI − OpEx = NOI. Implied cap = NOI ÷ ask price — compared against the neighborhood benchmark band loaded with the property. Above the band: supported. Below: stretched.
LTV × ask = debt. Rate, amortization, and IO years drive debt service. NOI − debt service = levered cash flow. Exit cap on a stabilized NOI projects the sale; hold period sets the IRR. The verdict score aggregates implied cap, cash-on-cash, IRR, and design sensitivity into a single composite read.
REALIST is a browser-based console. Two surfaces: a listings grid that summarizes every active underwriting file, and a per-property console that opens with the model fully loaded. The console is the workbench; the listings are the file cabinet.
Every active property as a tile. Each tile shows the hero image, address, submarket, ask price, total SF, $/SF, and current implied cap. Status tags — active, watch, pass, placeholder — color-code the surface so the operator scans the pipeline at a glance. Aggregate stats at the top: active count, total ask, average $/SF, average cap. Click a tile to open the console.
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 · Response within two business days