Seven real runs, start to finish

A pre-war multifamily, from the address alone (sample)

Вопрос

No seller package yet. Is the building worth a model, and what should the model start from?

What we were given

The address.

Что вернулось

Year 1 NOI of $171,703, a 4.29% going-in cap rate at the last recorded sale, and a 12-sheet workbook with live formulas.

What it changed

The model starts from dated figures, and the desk goes into the first seller call with four questions already written: the unit count (21 or 26), the lien flag, the zoning letter and the recertification.

Engine run 26021. Each case is one real run of the Реалист engine on a Реалист test account; the run number and completion date are under the case. Figures are as the run returned them; addresses and names are withheld.

A 50-unit loft conversion: which part of the NOI the file supports

Вопрос

The broker’s in-place NOI looked rich. Credit needed to know how much of the lift the seller’s own documents support.

What we were given

The broker OM, the January rent roll and the trailing twelve months.

Что вернулось

A lender NOI of $517,544 against the broker’s $614,475, line by line, each figure with its page or cell.

What it changed

The $147,595 a year between the broker’s in-place NOI and the trailing actual is laid out line by line: insurance, maintenance and contract services are cuts the T-12 does not support. How much of it a loan carries stays the credit team’s call.

A fire-damaged retail lot: what may be built, and how much fits

Вопрос

What may legally be built on the lot under today’s rules, and does a redevelopment pencil?

What we were given

The address.

Что вернулось

Floor area ratio binds at 31,500 SF on a 21,000 SF lot; height and setbacks alone would allow 82,000 SF. A test scheme of 26 homes over shops, and a workbook in which the land value moves when an input changes.

What it changed

Capacity is set by floor area, not height: a scheme drawn to the height limit would be about 2.6 times too large (82,000 ÷ 31,500).

A listed 156-unit apartment property: what it is worth today

Вопрос

An owner needs an as-is value, the supportable loan and a refinance-or-sell view on a property listed as 156 apartments.

What we were given

The address.

Что вернулось

The records show 3.24 acres of land and no building standing: the 156 units are a planned project. Value as is: $2,640,000 to $3,000,000, anchored on the site’s recorded sale of $2,639,816 ($16,923 per approved unit) and the asking price of $3,000,000.

What it changed

The listing’s 156 units are caught before anyone builds a model on them. With no rent yet, an income approach cannot carry the value, so the opinion rests on the site, and the owner’s refinance test is run on the finished building, not on today’s.

Engine run 26655, completed 29 Oct 2026. Each case is one real run of the Реалист engine on a Реалист test account; the run number and completion date are under the case. Figures are as the run returned them; addresses and names are withheld.

Three vacant pads, one side-by-side for a drive-thru prototype

Вопрос

A broker’s shortlist of three vacant pads. Which of them fits a 2,800 SF drive-thru with a 12-car stack and 35 stalls, before anyone visits?

What we were given

One typed message: the three pads and the prototype. No files.

Что вернулось

A side-by-side comparison, a live Excel workbook, a site-rules report and a deck in 49 minutes: 161 records and 84 pages read, 94 figures each with its source, 9 red flags and 7 open items.

What it changed

Drainage takes the most land: after the prototype, the building line and the pond, the tightest pad keeps 16,216 SF and the roomiest 25,656 SF. The team walks in knowing which pad the pond decides. The choice of site stays with them.

Engine run 26177, completed 16 Oct 2026. Each case is one real run of the Реалист engine on a Реалист test account; the run number and completion date are under the case. Figures are as the run returned them; addresses and names are withheld.

Six files on their way to committee, every item checked

Вопрос

A development package was going to the investment committee. Do the OM, the model and the memo agree with each other and with the market?

What we were given

Six files: the OM, the deal model, the memo and three more.

Что вернулось

1,788 figures, formulas and statements checked, 876 formulas recomputed by code, 14 cross-file checks: 6 red flags and 46 items to review, marked on a copy of the files, in about 78 minutes.

What it changed

The memo says 74 units per acre, the model says 100. That is caught before committee, together with every figure built on the wrong one.

Engine run 26147. Each case is one real run of the Реалист engine on a Реалист test account; the run number and completion date are under the case. Figures are as the run returned them; addresses and names are withheld.

Texas loans coming due: a refinancing list for a brokerage

Вопрос

Which commercial loans in Texas mature in the next 24 months, and on which buildings, before anyone else calls the owner?

What we were given

The territory and the window.

Что вернулось

260 loans maturing in 24 months, 76 of them in Houston, $4.5 billion coming due.

What it changed

A call list with the property, the balance, the maturity date and the owner on every row, refreshed every week.