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    Boutique ShopsCRE BrokersInstitutionalPower Users
    PROMPT LIBRARY

    AI Prompts for Boutique Investment Firms

    Copy any prompt below to use in Excel/ChatGPT, or hit **Run in Chat** to run it directly on the Homecastr interactive forecast map.

    Sections

    01Sourcing & Screening602Core Underwriting & Pro Forma1003Returns & Capital Structure804Due Diligence & Analytical605Asset Management & Portfolio606Scenario & Sensitivity407Reporting408Niche Property Type Models6
    01

    Sourcing & Screening

    BOUT-SCR-01

    5-Minute Deal Screener

    Build a quick deal screening model in Excel. Inputs: purchase price, in-place NOI, expected rent growth rate, hold period (years), exit cap rate, loan amount, interest rate, and amortization. The model should calculate: going-in cap rate, cash-on-cash return in Year 1, levered IRR, unlevered IRR, and equity multiple. Keep it to one sheet with a clean input section at the top and output section below. Color-code inputs in blue and outputs in black. Include a pass/fail indicator based on a user-defined minimum IRR threshold.

    BOUT-SCR-02

    Side-by-Side Deal Comparison

    Build a deal comparison model in Excel that evaluates 3-5 deals side by side. For each deal, input: property name, purchase price, in-place NOI, number of units or SF, projected rent growth rate, exit cap rate, and loan terms. The model should calculate key metrics for each deal (cap rate, price per unit/SF, cash-on-cash, levered IRR, equity multiple) and display them in a comparison table. Include a ranking column that ranks the deals by user-selected criteria (IRR, equity multiple, or cash-on-cash). Highlight the top-ranked deal.

    BOUT-SCR-03

    Value-Add Napkin Model

    Build a quick value-add analysis model in Excel. Inputs: purchase price, current NOI, target post-renovation NOI, renovation budget, timeline to stabilization (months), exit cap rate, and loan terms. The model should calculate: current cap rate, stabilized cap rate on total cost, gross profit (stabilized value minus total cost), equity required, levered IRR assuming a sale at stabilization, and return on cost. Keep it to 15-20 rows - this is a back-of-napkin tool for quickly testing whether a value-add deal pencils.

    BOUT-SCR-04

    Break-Even Occupancy Calculator

    Build a break-even occupancy calculator in Excel. Inputs: purchase price, gross potential rent, operating expense ratio, debt terms (loan amount, rate, amortization). The model should calculate: break-even occupancy to cover operating expenses only, break-even occupancy to cover operating expenses plus debt service, and break-even occupancy to achieve a user-defined minimum cash-on-cash return. Display results clearly and include the current occupancy for comparison to show the margin of safety.

    BOUT-SCR-05

    Land Development Feasibility Model

    Build a simple land development feasibility model in Excel. Inputs: land cost, total buildable SF or units, estimated hard cost per SF, soft cost percentage of hard costs, contingency percentage, target development yield, and market cap rate for the finished product. The model should calculate: total development cost, required stabilized NOI to hit the target development yield, implied rent per SF or per unit, and estimated completed value at the market cap rate. Include a simple go/no-go test: does the estimated value exceed total cost by a user-defined profit margin?

    BOUT-SCR-06

    Offer Price Calculator

    Build an offer price calculator in Excel that reverse-solves for the maximum purchase price. Inputs: target levered IRR, projected Year 1 NOI, NOI growth rate, hold period, exit cap rate, and loan terms (LTV, rate, IO period, amortization). The model should iterate to find the maximum purchase price that still achieves the target IRR. Also show the implied going-in cap rate at that price and the equity required. Include a table showing max price at 3-5 different target IRR levels (e.g., 12%, 15%, 18%, 20%, 25%).

    02

    Core Underwriting & Pro Forma

    BOUT-UW-01

    Multifamily Acquisition Pro Forma (20-100 Units)

    Build a multifamily acquisition pro forma in Excel for a small to midsize property. Input a unit mix with up to 6 unit types (type, unit count, average SF, current rent, market rent). Revenue: gross potential rent from unit mix, vacancy and credit loss, concessions, and other income (laundry, parking, pet rent, application fees). Expenses: line-item operating expenses (property management, insurance, taxes, repairs and maintenance, utilities, admin, landscaping, turnover costs). Below the line: capital reserves and renovation budget (if value-add). Debt service with IO option. Project for 5-7 years. Calculate NOI, cash flow after debt service, levered IRR, equity multiple, and cash-on-cash by year. Keep the model clean - one assumptions sheet and one pro forma sheet.

    BOUT-UW-02

    Small Retail Strip Center Model

    Build an acquisition pro forma in Excel for a small retail strip center with 5-10 tenants. Input a rent roll with: tenant name, SF, base rent per SF, NNN charges, lease expiration, and renewal option (if any). Revenue should model base rent with annual escalations, NNN recovery income, and vacancy on rollover (user inputs months of downtime and market rent for re-leasing). Expense section: gross property-level expenses (taxes, insurance, CAM, management) offset by NNN recoveries to get net landlord cost. Project for 5-7 years. Calculate NOI, cash flow, and returns. Highlight years with multiple lease rollovers as higher-risk periods.

    BOUT-UW-03

    Mixed-Use Acquisition Pro Forma

    Build a mixed-use acquisition model in Excel for a property with ground-floor retail and upper-floor apartments. Two revenue sections: residential (unit mix with rents, vacancy, and other income) and retail (tenant-by-tenant rent roll with NNN structure). Shared expenses allocated between components (user inputs allocation percentages). The model should produce component-level NOI and a consolidated NOI. Debt service on the consolidated cash flow. Calculate blended returns and component-level returns to identify which part of the property is driving (or dragging) performance.

    BOUT-UW-04

    Self-Storage Facility Model

    Build a self-storage acquisition model in Excel. Input a unit mix by size (5x5, 5x10, 10x10, 10x15, 10x20, 10x30) with unit count, monthly rate, and current occupancy for each size category. Revenue: base storage income, seasonal occupancy adjustment (user inputs peak and off-peak occupancy by month or quarter), late fees, insurance fees, and retail/moving supply income. Expenses: management fee, payroll, utilities, insurance, property taxes, repairs, marketing. Below the line: capital reserves. Project for 5 years. Calculate revenue per SF, expense ratio, NOI, and levered returns. Include a rate optimization section showing the revenue impact of raising rates by $5, $10, $15 per unit per month at different assumed move-out rates.

    BOUT-UW-05

    Small Industrial/Flex Model

    Build an acquisition pro forma in Excel for a small industrial or flex building with 3-8 tenants. Input a rent roll with: tenant name, SF, rent per SF, lease type (NNN, modified gross, or gross), escalation terms, and lease expiration. Revenue: base rent with escalations and expense recoveries varying by lease type. Expenses: property-level expenses with recovery percentages based on lease structure. Project for 5 years with rollover assumptions at market rent. Calculate NOI, cash flow, and levered returns. Include a weighted average lease term calculation and a rollover schedule.

    BOUT-UW-06

    Fix-and-Flip Residential Model

    Build a residential fix-and-flip model in Excel. Inputs: purchase price, closing costs, renovation budget (broken into 5-10 line items: kitchen, bathrooms, flooring, paint, exterior, systems, etc.), renovation timeline (months), holding costs during renovation (loan interest, taxes, insurance, utilities), estimated after-repair value (ARV), and sale closing costs. The model should calculate: total investment, gross profit, net profit after all costs, return on investment, annualized ROI (adjusted for hold time), and breakeven ARV (minimum sale price to return capital). Include a sensitivity table showing net profit across renovation cost vs. ARV.

    BOUT-UW-07

    Short-Term Rental Pro Forma

    Build a short-term rental (Airbnb/VRBO) pro forma in Excel. Inputs: purchase price, nightly rate by season (4 seasons with different rates), assumed occupancy by season, cleaning fee per stay, average length of stay, platform fee percentage, property management fee, and furnishing/setup cost. Revenue: nightly income calculated by season, cleaning fee income, minus platform fees. Expenses: management, cleaning costs, utilities, insurance, property taxes, maintenance, supplies replenishment, and WiFi/subscriptions. Debt service on long-term financing. Project for 5 years with user-defined rate growth and occupancy trend. Compare STR income versus long-term rental income on the same property to show the premium (or risk) of the STR strategy.

    BOUT-UW-08

    Mobile Home Park Acquisition Model

    Build a mobile home park acquisition model in Excel. The revenue structure has two components: lot rent (tenant-owned homes - the park collects rent on the land only) and POH rent (park-owned homes - the park collects full rent and is responsible for home maintenance). Inputs: number of lots, occupancy, lot rent, number of POH units, POH rent, and utility billing structure (master-metered vs. sub-metered, with pass-through assumptions). Revenue: lot rent, POH rent, utility reimbursement income, and other income. Expenses: management, maintenance (separate for lots and POH), utilities, insurance, taxes, and POH-specific costs (home repairs, turnover). Include a POH-to-tenant-owned conversion schedule: as homes are sold to tenants, POH rent converts to lot rent (lower gross but higher margin). Project for 7 years and calculate returns under the conversion plan versus keeping POH units.

    BOUT-UW-09

    Small Office Building Pro Forma

    Build an acquisition pro forma in Excel for a small office building with 3-5 tenants. Input the rent roll with: tenant, SF, rent per SF, lease type (full service, modified gross, or NNN), expense stop (if applicable), annual escalation, and lease expiration. Revenue: gross rent, expense pass-throughs (calculated based on each tenant's lease type and expense stop), and parking income. Expenses: detailed operating expenses with separate treatment for above-stop expenses that are recoverable vs. landlord-borne. TI/LC reserves for anticipated rollovers. Project for 5-7 years with rollover to market rent. Calculate NOI, cash flow, and returns.

    BOUT-UW-10

    Condo Conversion Model

    Build a condo conversion analysis model in Excel for a property currently operated as a rental. Inputs: current rent roll (unit mix with rents), current NOI, estimated per-unit condo sale price, conversion costs (legal, marketing, unit upgrades, HOA setup), timeline to sell out, and absorption pace (units sold per month). The model should compare two paths: hold as rental (standard pro forma with sale at exit cap) versus convert and sell (unit-by-unit sellout with revenue and costs over the conversion timeline). For the conversion path, model the blended cash flow as some units still generate rent while unsold, and sales proceeds as units close. Calculate returns for both strategies and the breakeven condo price that makes conversion match the rental hold return.

    03

    Returns & Capital Structure

    BOUT-RET-01

    Simple JV Waterfall

    Build a simple joint venture waterfall model in Excel. Two partners: an LP (capital partner) and a GP (operating partner). Inputs: total equity, GP co-invest percentage, preferred return rate, and promote split above the pref hurdle. The waterfall: first, return of capital to both partners pro rata; second, preferred return to both partners pro rata; third, catch-up to GP; fourth, remaining distributions at the promote split. Input annual operating cash flows and terminal proceeds. Output a year-by-year distribution schedule for each partner, with total IRR and equity multiple for each. Keep the model simple - one sheet, clearly labeled.

    BOUT-RET-02

    Partner Buyout Model

    Build a partner buyout model in Excel. Two partners own a property together with a defined equity split. At a specified buyout date, Partner A wants to buy out Partner B's interest. Inputs: original equity contributions, cash flows distributed to date, current property value estimate, remaining debt balance, and the buyout date. The model should calculate Partner B's theoretical value (based on their share of net equity), Partner B's return if they accept the buyout versus if they hold to disposition, and the fair buyout price. Include a negotiation range: minimum buyout price (Partner B's contributed capital plus accrued pref) and maximum (Partner B's share of current market value).

    BOUT-RET-03

    Syndication Returns Model

    Build a real estate syndication returns model in Excel. Inputs: total equity raise, number of investor tiers (up to 3) with different minimum investments and preferred return rates, GP promote structure, and projected property-level cash flows. The model should distribute cash flows through the waterfall, treating each investor tier separately (higher investment minimums get higher pref rates). Calculate returns for each tier: IRR, equity multiple, and annual distributions. Show GP economics: management fee income, promote income, and co-invest returns separately. Include a capital raise summary showing how much is raised from each tier.

    BOUT-RET-04

    Debt Comparison Model

    Build a debt comparison model in Excel that evaluates 4 loan options side by side: bank loan, agency (Fannie/Freddie), bridge loan, and DSCR loan. For each, input: loan amount (or LTV), interest rate, IO period, amortization, term, prepayment penalty structure, origination fee, and closing costs. The model should calculate for each option: monthly and annual debt service, total interest paid over the loan term, DSCR at origination and through the hold period, levered IRR, equity multiple, and total cost of capital (including fees and penalties if selling before term). Highlight the cheapest option on a total cost basis and the best option for maximizing IRR.

    BOUT-RET-05

    Cash-Out Refinance Model

    Build a cash-out refinance model in Excel. Inputs: current property value, current loan balance, proposed new loan (amount, rate, IO period, amortization), and closing costs. The model should calculate: cash-out proceeds (new loan amount minus current payoff minus closing costs), new monthly and annual debt service, updated DSCR with the higher debt load, and go-forward levered returns on the remaining equity. Include a tax-equivalent analysis: cash-out refi proceeds are not taxable income, so compare to selling and paying capital gains. Show the breakeven: how long must the investor hold post-refi for the new debt terms to be accretive?

    BOUT-RET-06

    1031 Exchange Analysis

    Build a 1031 exchange analysis model in Excel. Inputs: relinquished property sale price, original basis, depreciation taken, closing costs, and capital gains tax rate. The model should calculate the tax liability if selling without an exchange, then model the exchange scenario: the minimum replacement property price to defer all gains, the required equity reinvestment, and the maximum new loan amount. Input a replacement property with its own pro forma assumptions. Compare after-tax returns for three scenarios: sell and pay taxes and reinvest net proceeds, 1031 exchange into the replacement property, and hold the current property.

    BOUT-RET-07

    Preferred Equity Structure Model

    Build a preferred equity model in Excel. A deal has three capital layers: senior debt, preferred equity, and common equity. Inputs: purchase price, senior debt terms, preferred equity amount, pref coupon rate (cash pay vs. PIK), pref participation (percentage of upside above a return threshold, if any), and common equity amount. The model should distribute property-level cash flows through the capital stack: senior debt service first, pref coupon second, residual to common equity. At disposition: senior debt payoff, pref redemption (at par or with participation), residual to common equity. Calculate returns for each layer. Show how common equity returns change as the pref coupon rate and pref participation percentage vary.

    BOUT-RET-08

    BRRRR Model

    Build a BRRRR (Buy, Rehab, Rent, Refinance, Repeat) model in Excel for a single-family rental portfolio strategy. Inputs: purchase price, rehab budget, after-repair value, stabilized monthly rent, operating expenses, initial loan (hard money: rate, term, points), and refinance loan (conventional: LTV on ARV, rate, amortization). The model should calculate: total cash invested (purchase + rehab + holding costs during rehab), cash-out at refi (new loan minus initial loan payoff), net cash remaining in the deal, and cash-on-cash return on the remaining equity from rental income. Include a "repeat" section: if the cash-out covers the equity needed for the next deal, show how many deals can be chained with a starting capital amount.

    04

    Due Diligence & Analytical

    BOUT-DD-01

    Rent Roll Analysis Model

    Build a rent roll analysis model in Excel for a small to midsize property. Input up to 30 tenants or units with: unit/suite, SF or bed/bath, current rent, market rent, lease start, and lease expiration. The model should calculate: loss-to-lease by unit (current rent vs. market), total loss-to-lease for the property, rollover schedule by year (number of units and revenue expiring), occupancy rate, and average rent per unit and per SF. Flag units more than 10% below market rent. Flag leases expiring within 6 months. Keep it simple - this is a tool for quickly assessing a rent roll during initial due diligence.

    BOUT-DD-02

    T-12 Operating Expense Model

    Build a T-12 operating expense analysis model in Excel. Input 12 months of actual line-item operating expenses. The model should calculate: annualized total, per-unit and per-SF metrics for each line, month-over-month trend for each line (is it growing, stable, or declining?), and flag any single month that is more than 25% above the line-item average (indicating a possible one-time expense). Include a normalization section where the user can add back or remove one-time items, adjust the management fee to a market rate, and add or remove owner-specific expenses (e.g., owner's personal insurance). Output the trailed and normalized T-12 NOI.

    BOUT-DD-03

    RUBS Utility Billing Model

    Build a utility billing (RUBS - Ratio Utility Billing System) analysis model in Excel. Inputs: current total utility cost by category (water/sewer, gas, electric, trash), current owner-paid amount, proposed RUBS allocation method (by unit, by SF, by occupant count, or hybrid), and estimated collection rate. The model should calculate: total potential RUBS revenue, net utility cost savings to the owner after implementing RUBS, the impact on NOI and property value (using a cap rate), and the per-unit monthly RUBS charge. Include a comparison of allocation methods to see which generates the most revenue. Show the payback period if there is a setup cost for sub-metering or billing system implementation.

    BOUT-DD-04

    Property Tax Appeal Model

    Build a property tax appeal analysis model in Excel. Inputs: current assessed value, current tax rate, current annual tax bill, comparable property assessments (up to 5 comps with assessed value per SF, per unit, or as cap rate), and appeal costs (attorney fees, appraisal costs). The model should calculate: an estimated fair assessed value based on comps, the projected tax savings if the appeal succeeds, the net savings after appeal costs, and the impact on NOI and property value. Include a breakeven: what reduction in assessed value is needed just to cover the appeal costs? Show the expected value of the appeal given user-estimated probability of success.

    BOUT-DD-05

    Deferred Maintenance Model

    Build a deferred maintenance prioritization model in Excel. Input a list of capital items (up to 15), each with: description, estimated cost, urgency rating (1 = immediate, 2 = within 1 year, 3 = within 3 years, 4 = can defer), and expected rent lift or expense savings if completed. The model should rank items by priority (urgency first, then ROI), calculate total deferred maintenance, produce a recommended phasing schedule (what to do in Year 1, Year 2, Year 3), and calculate the return on each capital investment (rent lift / cost). Sum the total capital needed and compare to the renovation budget in the acquisition model.

    BOUT-DD-06

    Insurance Cost Comparison Model

    Build an insurance cost comparison model in Excel. Input the current policy details (premium, coverage limits, deductibles, covered perils) and up to 3 alternative quotes with the same fields. The model should compare: annual premium, cost per unit or per SF, coverage per dollar of premium, and deductible exposure. Calculate the total cost of risk for each option: premium plus expected out-of-pocket costs given the deductible and estimated claim frequency. Highlight the option with the lowest total cost of risk and the option with the broadest coverage.

    05

    Asset Management & Portfolio

    BOUT-AM-01

    Monthly Property Performance Tracker

    Build a monthly property performance tracker in Excel. Input: monthly budget (revenue and expense line items) and actual monthly results. The model should calculate: month-to-date and year-to-date variance for each line item (dollar and percentage), NOI actual vs. budget, cash flow actual vs. budget, and trailing 3-month trend. Use conditional formatting to flag lines more than 10% below budget. Include a 12-month rolling view that auto-updates as new months are entered.

    BOUT-AM-02

    Value-Add Business Plan Tracker

    Build a value-add business plan tracker in Excel. Inputs: the original business plan assumptions (renovation budget by category, target rent premiums, renovation timeline, and projected stabilized NOI) and actual progress (units renovated, actual costs, actual rent premiums achieved). The model should compare: budget vs. actual renovation cost per unit, target vs. achieved rent premium per unit, planned vs. actual renovation pace, and projected stabilized NOI based on actual results versus the original plan. Recalculate the projected returns based on actual progress versus original underwriting.

    BOUT-AM-03

    Hold/Sell Analysis

    Build a hold/sell analysis model in Excel. Inputs: current property performance (trailing NOI, projected go-forward NOI), current estimated value (broker opinion), remaining debt terms, and projected exit scenarios. The model should compare: sell now (net proceeds, total return since acquisition), hold 1 more year then sell, hold 3 more years then sell, and hold to debt maturity. For each, calculate total IRR and equity multiple since acquisition. Include the opportunity cost of redeploying sale proceeds into a new investment at an assumed reinvestment rate.

    BOUT-AM-04

    Cash Flow Distribution Model

    Build a cash flow distribution model in Excel for a property with multiple investors. Input: each investor's equity contribution (up to 5 investors), the distribution waterfall terms (pref rate, promote split), and actual quarterly cash flows. The model should distribute cash flows according to the waterfall and track: cumulative distributions per investor, remaining preferred return accrual, promote earned by the GP, and each investor's realized IRR and equity multiple to date. Format as a quarterly report that can be sent to investors.

    BOUT-AM-05

    Annual Operating Budget

    Build an annual operating budget model in Excel with monthly columns. Revenue: rent roll projected by month (accounting for known vacancies, scheduled rent increases, and anticipated turnover), other income. Expenses: each operating line item budgeted by month, with notes explaining seasonal variations. Below the line: capital expenditure plan with specific projects and timing. The model should auto-calculate: monthly and annual NOI, expense ratio, comparison to prior year actuals, and comparison to original underwriting. Include a variance threshold - the model flags any line item that the user budgets more than 15% differently than the prior year, requiring a note.

    BOUT-AM-06

    Loan Maturity and Refi Planning Model

    Build a loan maturity planning model in Excel for a small portfolio (up to 5 properties). For each property, input: current loan balance, interest rate, maturity date, prepayment penalty structure, current property value, and current NOI. The model should create a timeline showing when each loan matures, the estimated payoff amount (including any prepayment penalty), the projected property value at maturity, and the maximum new loan amount at market LTV and DSCR. Flag properties where the projected value may not support a full refinance of the current balance (i.e., the borrower needs to bring cash to close the refi). Calculate the total capital needed across the portfolio for all maturities.

    06

    Scenario & Sensitivity

    BOUT-SCEN-01

    Simple Scenario Toggle

    Build a simple three-scenario model in Excel with a dropdown toggle that switches between base case, downside case, and upside case. Each scenario defines: rent growth, expense growth, vacancy, exit cap rate, and interest rate. When the user selects a scenario, the entire pro forma recalculates. Include a summary section that shows all three scenarios side by side regardless of the toggle, so the user can always see the range of outcomes. Keep it clean - one sheet with the toggle at the top.

    BOUT-SCEN-02

    Break-Even Analysis

    Build a break-even analysis model in Excel. Input a base case pro forma. The model should calculate three break-even points: the minimum occupancy to cover all operating expenses and debt service, the minimum rent growth rate over the hold period to achieve the target IRR, and the maximum exit cap rate that still returns the investor's original equity. Display each clearly with the base case assumption alongside the break-even value so the user can see the margin of safety.

    BOUT-SCEN-03

    Fixed vs. Floating Rate Comparison

    Build a fixed vs. floating rate debt analysis model in Excel. Input a base case pro forma and two loan options: a fixed-rate loan and a floating-rate loan (with a spread over a base rate). The model should project debt service under three interest rate paths for the floating option: rates stay flat, rates increase by 100bps per year, and rates decrease by 50bps per year. For each path, calculate DSCR, levered cash flow, and levered IRR. Compare to the fixed-rate option. Include the cost of a rate cap (user input) and show the floating-rate outcomes with the cap in place.

    BOUT-SCEN-04

    Renovation Cost Sensitivity

    Build a renovation cost sensitivity model in Excel for a value-add deal. Input the base case renovation budget and projected rent premiums. The model should test renovation costs at 80%, 100%, and 120% of budget, combined with rent premiums at 80%, 100%, and 120% of target. Output a 3x3 table showing levered IRR at each intersection. Highlight cells that still meet the target IRR and flag cells that fall below the minimum acceptable return. Include a breakeven: at 120% renovation cost, what rent premium percentage is needed to hit the target return?

    07

    Reporting

    BOUT-RPT-01

    Investor Deal Summary

    Build an investor-facing deal summary model in Excel that produces a clean one-page output. Inputs: deal name, property type, location, purchase price, unit count or SF, in-place NOI, equity required, and projected returns. The output page should include: an investment overview table (key facts), a sources and uses table, a simplified 5-year cash flow summary, projected returns (IRR, equity multiple, average cash-on-cash), and a small sensitivity table (IRR across exit cap rate at 3 levels). Format with professional headers, borders, and number formatting. This is meant to be printed or PDF'd and sent to prospective investors.

    BOUT-RPT-02

    Quarterly Investor Update Model

    Build a quarterly investor update model in Excel. Input: property performance data (quarterly NOI actual vs. budget, occupancy, rent per unit trends), capital account data (total equity, distributions to date), and business plan progress (renovation units completed, rent premiums achieved). The model should produce a formatted summary page with: property performance table, variance analysis (actual vs. budget), capital account summary (contributions, distributions, current value), and a brief status section for the business plan. Format for print or PDF.

    BOUT-RPT-03

    Capital Raise Model

    Build a capital raise model in Excel. Inputs: total equity needed, proposed investor terms (minimum investment, preferred return, promote structure), and projected deal-level cash flows. The model should show investor returns at different raise amounts: minimum raise (smallest viable syndication), target raise, and maximum raise (fully subscribed). For each, calculate the LP's projected IRR, equity multiple, and annual cash-on-cash distribution. Include a GP economics section showing the GP's total compensation (fees + promote + co-invest returns) at each raise level.

    BOUT-RPT-04

    Track Record Model

    Build an investment track record model in Excel for pitching new investors. Input up to 10 past deals, each with: property name, type, location, acquisition date, disposition date, purchase price, sale price, equity invested, total distributions, and hold period. The model should calculate for each deal: gross IRR, equity multiple, and annualized cash-on-cash. Then aggregate: average IRR, average equity multiple, weighted average (by equity deployed), total equity invested, total profit, and a win/loss record (deals above vs. below target return). Format as a one-page summary table suitable for an investor presentation.

    08

    Niche Property Type Models

    BOUT-NICHE-01

    Car Wash / Laundromat Acquisition Model

    Build an acquisition model in Excel for a car wash or laundromat. Revenue: number of bays/machines, average revenue per unit per day, and occupancy/utilization rate by day of week. Expense structure: equipment maintenance and replacement schedule (with useful life and replacement cost for each machine), utilities (water, gas, electric - higher than typical CRE), attendant labor (if applicable), insurance, property taxes, and management. Below the line: equipment replacement reserve based on depreciation schedule. Project for 5 years. Calculate NOI, returns, and a breakeven utilization rate.

    BOUT-NICHE-02

    Parking Garage/Lot Model

    Build a parking facility acquisition model in Excel. Revenue: number of spaces, mix of monthly contract vs. transient/hourly, monthly rate for contract spaces, average hourly rate and average hours per transient visit, and utilization rate by type. Include event revenue if applicable (user inputs number of events per year and premium per space). Expenses: attendant/security labor, maintenance, utilities, insurance, taxes, management, and technology/payment systems. Project for 5 years with assumptions for rate increases and utilization trends. Calculate NOI, revenue per space, and levered returns.

    BOUT-NICHE-03

    Medical Office Acquisition Model

    Build a medical office building acquisition model in Excel. The rent roll should capture: tenant name, specialty, SF, rent per SF, lease type, TI allowance provided, lease expiration, and renewal probability. Medical tenants typically have longer leases and higher TI costs than standard office. Revenue should model base rent with escalations, expense recoveries, and rollover with medical-specific TI allowances (typically $40-$80/SF). Expenses: include higher-than-office utility costs and common area maintenance for medical-grade HVAC and waste handling. Calculate NOI, weighted average lease term, TI exposure on rollover, and levered returns.

    BOUT-NICHE-04

    Student Housing Model

    Build a student housing acquisition model in Excel. Revenue is per-bed, not per-unit: input number of units, beds per unit, monthly rent per bed, and lease term (typically 10-12 months aligned to academic year). Model summer vacancy separately (May-August with lower occupancy or short-term rentals). Other income: application fees, furniture rental, parking, and amenity fees. Expenses: higher-than-standard management and turnover costs (full turns annually), marketing (annual lease-up cycle), and utilities (often included in rent). Project for 5 years. Calculate revenue per bed, expense per bed, NOI, and returns. Compare to a conventional multifamily underwriting of the same property.

    BOUT-NICHE-05

    RV Park / Campground Model

    Build an RV park or campground acquisition model in Excel. Revenue: number of sites by type (full hookup, partial hookup, tent), nightly/weekly/monthly rates by type, and seasonal occupancy curve (peak summer, shoulder seasons, winter). Other income: laundry, propane, store/vending, dump station fees, event/rental income. Expenses: utilities (water/sewer/electric - usage-based with metering assumptions), grounds maintenance, management, insurance, taxes, and seasonal labor. Project for 5 years with rate growth and occupancy trend assumptions. Calculate revenue per site, expense ratio, NOI, and returns. Include an expansion analysis: if adding 10 sites at a known cost, what is the incremental return?

    BOUT-NICHE-06

    Hotel/Motel Conversion Model

    Build a conversion feasibility model in Excel that evaluates converting a small hotel or motel to either apartments or short-term rentals. Inputs: current hotel performance (rooms, ADR, occupancy, expenses, NOI), conversion cost for each scenario (apartment renovation cost per unit, STR furnishing cost per unit), and post-conversion revenue assumptions. The model should produce three columns: hold as hotel (status quo pro forma), convert to apartments (conversion cost + apartment pro forma), and convert to STR (conversion cost + STR pro forma). For each, calculate total investment, stabilized NOI, and 5-year levered IRR. Highlight the highest-return strategy.

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    Sections

    01Sourcing & Screening602Core Underwriting & Pro Forma1003Returns & Capital Structure804Due Diligence & Analytical605Asset Management & Portfolio606Scenario & Sensitivity407Reporting408Niche Property Type Models6
    01

    Sourcing & Screening

    BOUT-SCR-01

    5-Minute Deal Screener

    Build a quick deal screening model in Excel. Inputs: purchase price, in-place NOI, expected rent growth rate, hold period (years), exit cap rate, loan amount, interest rate, and amortization. The model should calculate: going-in cap rate, cash-on-cash return in Year 1, levered IRR, unlevered IRR, and equity multiple. Keep it to one sheet with a clean input section at the top and output section below. Color-code inputs in blue and outputs in black. Include a pass/fail indicator based on a user-defined minimum IRR threshold.

    BOUT-SCR-02

    Side-by-Side Deal Comparison

    Build a deal comparison model in Excel that evaluates 3-5 deals side by side. For each deal, input: property name, purchase price, in-place NOI, number of units or SF, projected rent growth rate, exit cap rate, and loan terms. The model should calculate key metrics for each deal (cap rate, price per unit/SF, cash-on-cash, levered IRR, equity multiple) and display them in a comparison table. Include a ranking column that ranks the deals by user-selected criteria (IRR, equity multiple, or cash-on-cash). Highlight the top-ranked deal.

    BOUT-SCR-03

    Value-Add Napkin Model

    Build a quick value-add analysis model in Excel. Inputs: purchase price, current NOI, target post-renovation NOI, renovation budget, timeline to stabilization (months), exit cap rate, and loan terms. The model should calculate: current cap rate, stabilized cap rate on total cost, gross profit (stabilized value minus total cost), equity required, levered IRR assuming a sale at stabilization, and return on cost. Keep it to 15-20 rows - this is a back-of-napkin tool for quickly testing whether a value-add deal pencils.

    BOUT-SCR-04

    Break-Even Occupancy Calculator

    Build a break-even occupancy calculator in Excel. Inputs: purchase price, gross potential rent, operating expense ratio, debt terms (loan amount, rate, amortization). The model should calculate: break-even occupancy to cover operating expenses only, break-even occupancy to cover operating expenses plus debt service, and break-even occupancy to achieve a user-defined minimum cash-on-cash return. Display results clearly and include the current occupancy for comparison to show the margin of safety.

    BOUT-SCR-05

    Land Development Feasibility Model

    Build a simple land development feasibility model in Excel. Inputs: land cost, total buildable SF or units, estimated hard cost per SF, soft cost percentage of hard costs, contingency percentage, target development yield, and market cap rate for the finished product. The model should calculate: total development cost, required stabilized NOI to hit the target development yield, implied rent per SF or per unit, and estimated completed value at the market cap rate. Include a simple go/no-go test: does the estimated value exceed total cost by a user-defined profit margin?

    BOUT-SCR-06

    Offer Price Calculator

    Build an offer price calculator in Excel that reverse-solves for the maximum purchase price. Inputs: target levered IRR, projected Year 1 NOI, NOI growth rate, hold period, exit cap rate, and loan terms (LTV, rate, IO period, amortization). The model should iterate to find the maximum purchase price that still achieves the target IRR. Also show the implied going-in cap rate at that price and the equity required. Include a table showing max price at 3-5 different target IRR levels (e.g., 12%, 15%, 18%, 20%, 25%).

    02

    Core Underwriting & Pro Forma

    BOUT-UW-01

    Multifamily Acquisition Pro Forma (20-100 Units)

    Build a multifamily acquisition pro forma in Excel for a small to midsize property. Input a unit mix with up to 6 unit types (type, unit count, average SF, current rent, market rent). Revenue: gross potential rent from unit mix, vacancy and credit loss, concessions, and other income (laundry, parking, pet rent, application fees). Expenses: line-item operating expenses (property management, insurance, taxes, repairs and maintenance, utilities, admin, landscaping, turnover costs). Below the line: capital reserves and renovation budget (if value-add). Debt service with IO option. Project for 5-7 years. Calculate NOI, cash flow after debt service, levered IRR, equity multiple, and cash-on-cash by year. Keep the model clean - one assumptions sheet and one pro forma sheet.

    BOUT-UW-02

    Small Retail Strip Center Model

    Build an acquisition pro forma in Excel for a small retail strip center with 5-10 tenants. Input a rent roll with: tenant name, SF, base rent per SF, NNN charges, lease expiration, and renewal option (if any). Revenue should model base rent with annual escalations, NNN recovery income, and vacancy on rollover (user inputs months of downtime and market rent for re-leasing). Expense section: gross property-level expenses (taxes, insurance, CAM, management) offset by NNN recoveries to get net landlord cost. Project for 5-7 years. Calculate NOI, cash flow, and returns. Highlight years with multiple lease rollovers as higher-risk periods.

    BOUT-UW-03

    Mixed-Use Acquisition Pro Forma

    Build a mixed-use acquisition model in Excel for a property with ground-floor retail and upper-floor apartments. Two revenue sections: residential (unit mix with rents, vacancy, and other income) and retail (tenant-by-tenant rent roll with NNN structure). Shared expenses allocated between components (user inputs allocation percentages). The model should produce component-level NOI and a consolidated NOI. Debt service on the consolidated cash flow. Calculate blended returns and component-level returns to identify which part of the property is driving (or dragging) performance.

    BOUT-UW-04

    Self-Storage Facility Model

    Build a self-storage acquisition model in Excel. Input a unit mix by size (5x5, 5x10, 10x10, 10x15, 10x20, 10x30) with unit count, monthly rate, and current occupancy for each size category. Revenue: base storage income, seasonal occupancy adjustment (user inputs peak and off-peak occupancy by month or quarter), late fees, insurance fees, and retail/moving supply income. Expenses: management fee, payroll, utilities, insurance, property taxes, repairs, marketing. Below the line: capital reserves. Project for 5 years. Calculate revenue per SF, expense ratio, NOI, and levered returns. Include a rate optimization section showing the revenue impact of raising rates by $5, $10, $15 per unit per month at different assumed move-out rates.

    BOUT-UW-05

    Small Industrial/Flex Model

    Build an acquisition pro forma in Excel for a small industrial or flex building with 3-8 tenants. Input a rent roll with: tenant name, SF, rent per SF, lease type (NNN, modified gross, or gross), escalation terms, and lease expiration. Revenue: base rent with escalations and expense recoveries varying by lease type. Expenses: property-level expenses with recovery percentages based on lease structure. Project for 5 years with rollover assumptions at market rent. Calculate NOI, cash flow, and levered returns. Include a weighted average lease term calculation and a rollover schedule.

    BOUT-UW-06

    Fix-and-Flip Residential Model

    Build a residential fix-and-flip model in Excel. Inputs: purchase price, closing costs, renovation budget (broken into 5-10 line items: kitchen, bathrooms, flooring, paint, exterior, systems, etc.), renovation timeline (months), holding costs during renovation (loan interest, taxes, insurance, utilities), estimated after-repair value (ARV), and sale closing costs. The model should calculate: total investment, gross profit, net profit after all costs, return on investment, annualized ROI (adjusted for hold time), and breakeven ARV (minimum sale price to return capital). Include a sensitivity table showing net profit across renovation cost vs. ARV.

    BOUT-UW-07

    Short-Term Rental Pro Forma

    Build a short-term rental (Airbnb/VRBO) pro forma in Excel. Inputs: purchase price, nightly rate by season (4 seasons with different rates), assumed occupancy by season, cleaning fee per stay, average length of stay, platform fee percentage, property management fee, and furnishing/setup cost. Revenue: nightly income calculated by season, cleaning fee income, minus platform fees. Expenses: management, cleaning costs, utilities, insurance, property taxes, maintenance, supplies replenishment, and WiFi/subscriptions. Debt service on long-term financing. Project for 5 years with user-defined rate growth and occupancy trend. Compare STR income versus long-term rental income on the same property to show the premium (or risk) of the STR strategy.

    BOUT-UW-08

    Mobile Home Park Acquisition Model

    Build a mobile home park acquisition model in Excel. The revenue structure has two components: lot rent (tenant-owned homes - the park collects rent on the land only) and POH rent (park-owned homes - the park collects full rent and is responsible for home maintenance). Inputs: number of lots, occupancy, lot rent, number of POH units, POH rent, and utility billing structure (master-metered vs. sub-metered, with pass-through assumptions). Revenue: lot rent, POH rent, utility reimbursement income, and other income. Expenses: management, maintenance (separate for lots and POH), utilities, insurance, taxes, and POH-specific costs (home repairs, turnover). Include a POH-to-tenant-owned conversion schedule: as homes are sold to tenants, POH rent converts to lot rent (lower gross but higher margin). Project for 7 years and calculate returns under the conversion plan versus keeping POH units.

    BOUT-UW-09

    Small Office Building Pro Forma

    Build an acquisition pro forma in Excel for a small office building with 3-5 tenants. Input the rent roll with: tenant, SF, rent per SF, lease type (full service, modified gross, or NNN), expense stop (if applicable), annual escalation, and lease expiration. Revenue: gross rent, expense pass-throughs (calculated based on each tenant's lease type and expense stop), and parking income. Expenses: detailed operating expenses with separate treatment for above-stop expenses that are recoverable vs. landlord-borne. TI/LC reserves for anticipated rollovers. Project for 5-7 years with rollover to market rent. Calculate NOI, cash flow, and returns.

    BOUT-UW-10

    Condo Conversion Model

    Build a condo conversion analysis model in Excel for a property currently operated as a rental. Inputs: current rent roll (unit mix with rents), current NOI, estimated per-unit condo sale price, conversion costs (legal, marketing, unit upgrades, HOA setup), timeline to sell out, and absorption pace (units sold per month). The model should compare two paths: hold as rental (standard pro forma with sale at exit cap) versus convert and sell (unit-by-unit sellout with revenue and costs over the conversion timeline). For the conversion path, model the blended cash flow as some units still generate rent while unsold, and sales proceeds as units close. Calculate returns for both strategies and the breakeven condo price that makes conversion match the rental hold return.

    03

    Returns & Capital Structure

    BOUT-RET-01

    Simple JV Waterfall

    Build a simple joint venture waterfall model in Excel. Two partners: an LP (capital partner) and a GP (operating partner). Inputs: total equity, GP co-invest percentage, preferred return rate, and promote split above the pref hurdle. The waterfall: first, return of capital to both partners pro rata; second, preferred return to both partners pro rata; third, catch-up to GP; fourth, remaining distributions at the promote split. Input annual operating cash flows and terminal proceeds. Output a year-by-year distribution schedule for each partner, with total IRR and equity multiple for each. Keep the model simple - one sheet, clearly labeled.

    BOUT-RET-02

    Partner Buyout Model

    Build a partner buyout model in Excel. Two partners own a property together with a defined equity split. At a specified buyout date, Partner A wants to buy out Partner B's interest. Inputs: original equity contributions, cash flows distributed to date, current property value estimate, remaining debt balance, and the buyout date. The model should calculate Partner B's theoretical value (based on their share of net equity), Partner B's return if they accept the buyout versus if they hold to disposition, and the fair buyout price. Include a negotiation range: minimum buyout price (Partner B's contributed capital plus accrued pref) and maximum (Partner B's share of current market value).

    BOUT-RET-03

    Syndication Returns Model

    Build a real estate syndication returns model in Excel. Inputs: total equity raise, number of investor tiers (up to 3) with different minimum investments and preferred return rates, GP promote structure, and projected property-level cash flows. The model should distribute cash flows through the waterfall, treating each investor tier separately (higher investment minimums get higher pref rates). Calculate returns for each tier: IRR, equity multiple, and annual distributions. Show GP economics: management fee income, promote income, and co-invest returns separately. Include a capital raise summary showing how much is raised from each tier.

    BOUT-RET-04

    Debt Comparison Model

    Build a debt comparison model in Excel that evaluates 4 loan options side by side: bank loan, agency (Fannie/Freddie), bridge loan, and DSCR loan. For each, input: loan amount (or LTV), interest rate, IO period, amortization, term, prepayment penalty structure, origination fee, and closing costs. The model should calculate for each option: monthly and annual debt service, total interest paid over the loan term, DSCR at origination and through the hold period, levered IRR, equity multiple, and total cost of capital (including fees and penalties if selling before term). Highlight the cheapest option on a total cost basis and the best option for maximizing IRR.

    BOUT-RET-05

    Cash-Out Refinance Model

    Build a cash-out refinance model in Excel. Inputs: current property value, current loan balance, proposed new loan (amount, rate, IO period, amortization), and closing costs. The model should calculate: cash-out proceeds (new loan amount minus current payoff minus closing costs), new monthly and annual debt service, updated DSCR with the higher debt load, and go-forward levered returns on the remaining equity. Include a tax-equivalent analysis: cash-out refi proceeds are not taxable income, so compare to selling and paying capital gains. Show the breakeven: how long must the investor hold post-refi for the new debt terms to be accretive?

    BOUT-RET-06

    1031 Exchange Analysis

    Build a 1031 exchange analysis model in Excel. Inputs: relinquished property sale price, original basis, depreciation taken, closing costs, and capital gains tax rate. The model should calculate the tax liability if selling without an exchange, then model the exchange scenario: the minimum replacement property price to defer all gains, the required equity reinvestment, and the maximum new loan amount. Input a replacement property with its own pro forma assumptions. Compare after-tax returns for three scenarios: sell and pay taxes and reinvest net proceeds, 1031 exchange into the replacement property, and hold the current property.

    BOUT-RET-07

    Preferred Equity Structure Model

    Build a preferred equity model in Excel. A deal has three capital layers: senior debt, preferred equity, and common equity. Inputs: purchase price, senior debt terms, preferred equity amount, pref coupon rate (cash pay vs. PIK), pref participation (percentage of upside above a return threshold, if any), and common equity amount. The model should distribute property-level cash flows through the capital stack: senior debt service first, pref coupon second, residual to common equity. At disposition: senior debt payoff, pref redemption (at par or with participation), residual to common equity. Calculate returns for each layer. Show how common equity returns change as the pref coupon rate and pref participation percentage vary.

    BOUT-RET-08

    BRRRR Model

    Build a BRRRR (Buy, Rehab, Rent, Refinance, Repeat) model in Excel for a single-family rental portfolio strategy. Inputs: purchase price, rehab budget, after-repair value, stabilized monthly rent, operating expenses, initial loan (hard money: rate, term, points), and refinance loan (conventional: LTV on ARV, rate, amortization). The model should calculate: total cash invested (purchase + rehab + holding costs during rehab), cash-out at refi (new loan minus initial loan payoff), net cash remaining in the deal, and cash-on-cash return on the remaining equity from rental income. Include a "repeat" section: if the cash-out covers the equity needed for the next deal, show how many deals can be chained with a starting capital amount.

    04

    Due Diligence & Analytical

    BOUT-DD-01

    Rent Roll Analysis Model

    Build a rent roll analysis model in Excel for a small to midsize property. Input up to 30 tenants or units with: unit/suite, SF or bed/bath, current rent, market rent, lease start, and lease expiration. The model should calculate: loss-to-lease by unit (current rent vs. market), total loss-to-lease for the property, rollover schedule by year (number of units and revenue expiring), occupancy rate, and average rent per unit and per SF. Flag units more than 10% below market rent. Flag leases expiring within 6 months. Keep it simple - this is a tool for quickly assessing a rent roll during initial due diligence.

    BOUT-DD-02

    T-12 Operating Expense Model

    Build a T-12 operating expense analysis model in Excel. Input 12 months of actual line-item operating expenses. The model should calculate: annualized total, per-unit and per-SF metrics for each line, month-over-month trend for each line (is it growing, stable, or declining?), and flag any single month that is more than 25% above the line-item average (indicating a possible one-time expense). Include a normalization section where the user can add back or remove one-time items, adjust the management fee to a market rate, and add or remove owner-specific expenses (e.g., owner's personal insurance). Output the trailed and normalized T-12 NOI.

    BOUT-DD-03

    RUBS Utility Billing Model

    Build a utility billing (RUBS - Ratio Utility Billing System) analysis model in Excel. Inputs: current total utility cost by category (water/sewer, gas, electric, trash), current owner-paid amount, proposed RUBS allocation method (by unit, by SF, by occupant count, or hybrid), and estimated collection rate. The model should calculate: total potential RUBS revenue, net utility cost savings to the owner after implementing RUBS, the impact on NOI and property value (using a cap rate), and the per-unit monthly RUBS charge. Include a comparison of allocation methods to see which generates the most revenue. Show the payback period if there is a setup cost for sub-metering or billing system implementation.

    BOUT-DD-04

    Property Tax Appeal Model

    Build a property tax appeal analysis model in Excel. Inputs: current assessed value, current tax rate, current annual tax bill, comparable property assessments (up to 5 comps with assessed value per SF, per unit, or as cap rate), and appeal costs (attorney fees, appraisal costs). The model should calculate: an estimated fair assessed value based on comps, the projected tax savings if the appeal succeeds, the net savings after appeal costs, and the impact on NOI and property value. Include a breakeven: what reduction in assessed value is needed just to cover the appeal costs? Show the expected value of the appeal given user-estimated probability of success.

    BOUT-DD-05

    Deferred Maintenance Model

    Build a deferred maintenance prioritization model in Excel. Input a list of capital items (up to 15), each with: description, estimated cost, urgency rating (1 = immediate, 2 = within 1 year, 3 = within 3 years, 4 = can defer), and expected rent lift or expense savings if completed. The model should rank items by priority (urgency first, then ROI), calculate total deferred maintenance, produce a recommended phasing schedule (what to do in Year 1, Year 2, Year 3), and calculate the return on each capital investment (rent lift / cost). Sum the total capital needed and compare to the renovation budget in the acquisition model.

    BOUT-DD-06

    Insurance Cost Comparison Model

    Build an insurance cost comparison model in Excel. Input the current policy details (premium, coverage limits, deductibles, covered perils) and up to 3 alternative quotes with the same fields. The model should compare: annual premium, cost per unit or per SF, coverage per dollar of premium, and deductible exposure. Calculate the total cost of risk for each option: premium plus expected out-of-pocket costs given the deductible and estimated claim frequency. Highlight the option with the lowest total cost of risk and the option with the broadest coverage.

    05

    Asset Management & Portfolio

    BOUT-AM-01

    Monthly Property Performance Tracker

    Build a monthly property performance tracker in Excel. Input: monthly budget (revenue and expense line items) and actual monthly results. The model should calculate: month-to-date and year-to-date variance for each line item (dollar and percentage), NOI actual vs. budget, cash flow actual vs. budget, and trailing 3-month trend. Use conditional formatting to flag lines more than 10% below budget. Include a 12-month rolling view that auto-updates as new months are entered.

    BOUT-AM-02

    Value-Add Business Plan Tracker

    Build a value-add business plan tracker in Excel. Inputs: the original business plan assumptions (renovation budget by category, target rent premiums, renovation timeline, and projected stabilized NOI) and actual progress (units renovated, actual costs, actual rent premiums achieved). The model should compare: budget vs. actual renovation cost per unit, target vs. achieved rent premium per unit, planned vs. actual renovation pace, and projected stabilized NOI based on actual results versus the original plan. Recalculate the projected returns based on actual progress versus original underwriting.

    BOUT-AM-03

    Hold/Sell Analysis

    Build a hold/sell analysis model in Excel. Inputs: current property performance (trailing NOI, projected go-forward NOI), current estimated value (broker opinion), remaining debt terms, and projected exit scenarios. The model should compare: sell now (net proceeds, total return since acquisition), hold 1 more year then sell, hold 3 more years then sell, and hold to debt maturity. For each, calculate total IRR and equity multiple since acquisition. Include the opportunity cost of redeploying sale proceeds into a new investment at an assumed reinvestment rate.

    BOUT-AM-04

    Cash Flow Distribution Model

    Build a cash flow distribution model in Excel for a property with multiple investors. Input: each investor's equity contribution (up to 5 investors), the distribution waterfall terms (pref rate, promote split), and actual quarterly cash flows. The model should distribute cash flows according to the waterfall and track: cumulative distributions per investor, remaining preferred return accrual, promote earned by the GP, and each investor's realized IRR and equity multiple to date. Format as a quarterly report that can be sent to investors.

    BOUT-AM-05

    Annual Operating Budget

    Build an annual operating budget model in Excel with monthly columns. Revenue: rent roll projected by month (accounting for known vacancies, scheduled rent increases, and anticipated turnover), other income. Expenses: each operating line item budgeted by month, with notes explaining seasonal variations. Below the line: capital expenditure plan with specific projects and timing. The model should auto-calculate: monthly and annual NOI, expense ratio, comparison to prior year actuals, and comparison to original underwriting. Include a variance threshold - the model flags any line item that the user budgets more than 15% differently than the prior year, requiring a note.

    BOUT-AM-06

    Loan Maturity and Refi Planning Model

    Build a loan maturity planning model in Excel for a small portfolio (up to 5 properties). For each property, input: current loan balance, interest rate, maturity date, prepayment penalty structure, current property value, and current NOI. The model should create a timeline showing when each loan matures, the estimated payoff amount (including any prepayment penalty), the projected property value at maturity, and the maximum new loan amount at market LTV and DSCR. Flag properties where the projected value may not support a full refinance of the current balance (i.e., the borrower needs to bring cash to close the refi). Calculate the total capital needed across the portfolio for all maturities.

    06

    Scenario & Sensitivity

    BOUT-SCEN-01

    Simple Scenario Toggle

    Build a simple three-scenario model in Excel with a dropdown toggle that switches between base case, downside case, and upside case. Each scenario defines: rent growth, expense growth, vacancy, exit cap rate, and interest rate. When the user selects a scenario, the entire pro forma recalculates. Include a summary section that shows all three scenarios side by side regardless of the toggle, so the user can always see the range of outcomes. Keep it clean - one sheet with the toggle at the top.

    BOUT-SCEN-02

    Break-Even Analysis

    Build a break-even analysis model in Excel. Input a base case pro forma. The model should calculate three break-even points: the minimum occupancy to cover all operating expenses and debt service, the minimum rent growth rate over the hold period to achieve the target IRR, and the maximum exit cap rate that still returns the investor's original equity. Display each clearly with the base case assumption alongside the break-even value so the user can see the margin of safety.

    BOUT-SCEN-03

    Fixed vs. Floating Rate Comparison

    Build a fixed vs. floating rate debt analysis model in Excel. Input a base case pro forma and two loan options: a fixed-rate loan and a floating-rate loan (with a spread over a base rate). The model should project debt service under three interest rate paths for the floating option: rates stay flat, rates increase by 100bps per year, and rates decrease by 50bps per year. For each path, calculate DSCR, levered cash flow, and levered IRR. Compare to the fixed-rate option. Include the cost of a rate cap (user input) and show the floating-rate outcomes with the cap in place.

    BOUT-SCEN-04

    Renovation Cost Sensitivity

    Build a renovation cost sensitivity model in Excel for a value-add deal. Input the base case renovation budget and projected rent premiums. The model should test renovation costs at 80%, 100%, and 120% of budget, combined with rent premiums at 80%, 100%, and 120% of target. Output a 3x3 table showing levered IRR at each intersection. Highlight cells that still meet the target IRR and flag cells that fall below the minimum acceptable return. Include a breakeven: at 120% renovation cost, what rent premium percentage is needed to hit the target return?

    07

    Reporting

    BOUT-RPT-01

    Investor Deal Summary

    Build an investor-facing deal summary model in Excel that produces a clean one-page output. Inputs: deal name, property type, location, purchase price, unit count or SF, in-place NOI, equity required, and projected returns. The output page should include: an investment overview table (key facts), a sources and uses table, a simplified 5-year cash flow summary, projected returns (IRR, equity multiple, average cash-on-cash), and a small sensitivity table (IRR across exit cap rate at 3 levels). Format with professional headers, borders, and number formatting. This is meant to be printed or PDF'd and sent to prospective investors.

    BOUT-RPT-02

    Quarterly Investor Update Model

    Build a quarterly investor update model in Excel. Input: property performance data (quarterly NOI actual vs. budget, occupancy, rent per unit trends), capital account data (total equity, distributions to date), and business plan progress (renovation units completed, rent premiums achieved). The model should produce a formatted summary page with: property performance table, variance analysis (actual vs. budget), capital account summary (contributions, distributions, current value), and a brief status section for the business plan. Format for print or PDF.

    BOUT-RPT-03

    Capital Raise Model

    Build a capital raise model in Excel. Inputs: total equity needed, proposed investor terms (minimum investment, preferred return, promote structure), and projected deal-level cash flows. The model should show investor returns at different raise amounts: minimum raise (smallest viable syndication), target raise, and maximum raise (fully subscribed). For each, calculate the LP's projected IRR, equity multiple, and annual cash-on-cash distribution. Include a GP economics section showing the GP's total compensation (fees + promote + co-invest returns) at each raise level.

    BOUT-RPT-04

    Track Record Model

    Build an investment track record model in Excel for pitching new investors. Input up to 10 past deals, each with: property name, type, location, acquisition date, disposition date, purchase price, sale price, equity invested, total distributions, and hold period. The model should calculate for each deal: gross IRR, equity multiple, and annualized cash-on-cash. Then aggregate: average IRR, average equity multiple, weighted average (by equity deployed), total equity invested, total profit, and a win/loss record (deals above vs. below target return). Format as a one-page summary table suitable for an investor presentation.

    08

    Niche Property Type Models

    BOUT-NICHE-01

    Car Wash / Laundromat Acquisition Model

    Build an acquisition model in Excel for a car wash or laundromat. Revenue: number of bays/machines, average revenue per unit per day, and occupancy/utilization rate by day of week. Expense structure: equipment maintenance and replacement schedule (with useful life and replacement cost for each machine), utilities (water, gas, electric - higher than typical CRE), attendant labor (if applicable), insurance, property taxes, and management. Below the line: equipment replacement reserve based on depreciation schedule. Project for 5 years. Calculate NOI, returns, and a breakeven utilization rate.

    BOUT-NICHE-02

    Parking Garage/Lot Model

    Build a parking facility acquisition model in Excel. Revenue: number of spaces, mix of monthly contract vs. transient/hourly, monthly rate for contract spaces, average hourly rate and average hours per transient visit, and utilization rate by type. Include event revenue if applicable (user inputs number of events per year and premium per space). Expenses: attendant/security labor, maintenance, utilities, insurance, taxes, management, and technology/payment systems. Project for 5 years with assumptions for rate increases and utilization trends. Calculate NOI, revenue per space, and levered returns.

    BOUT-NICHE-03

    Medical Office Acquisition Model

    Build a medical office building acquisition model in Excel. The rent roll should capture: tenant name, specialty, SF, rent per SF, lease type, TI allowance provided, lease expiration, and renewal probability. Medical tenants typically have longer leases and higher TI costs than standard office. Revenue should model base rent with escalations, expense recoveries, and rollover with medical-specific TI allowances (typically $40-$80/SF). Expenses: include higher-than-office utility costs and common area maintenance for medical-grade HVAC and waste handling. Calculate NOI, weighted average lease term, TI exposure on rollover, and levered returns.

    BOUT-NICHE-04

    Student Housing Model

    Build a student housing acquisition model in Excel. Revenue is per-bed, not per-unit: input number of units, beds per unit, monthly rent per bed, and lease term (typically 10-12 months aligned to academic year). Model summer vacancy separately (May-August with lower occupancy or short-term rentals). Other income: application fees, furniture rental, parking, and amenity fees. Expenses: higher-than-standard management and turnover costs (full turns annually), marketing (annual lease-up cycle), and utilities (often included in rent). Project for 5 years. Calculate revenue per bed, expense per bed, NOI, and returns. Compare to a conventional multifamily underwriting of the same property.

    BOUT-NICHE-05

    RV Park / Campground Model

    Build an RV park or campground acquisition model in Excel. Revenue: number of sites by type (full hookup, partial hookup, tent), nightly/weekly/monthly rates by type, and seasonal occupancy curve (peak summer, shoulder seasons, winter). Other income: laundry, propane, store/vending, dump station fees, event/rental income. Expenses: utilities (water/sewer/electric - usage-based with metering assumptions), grounds maintenance, management, insurance, taxes, and seasonal labor. Project for 5 years with rate growth and occupancy trend assumptions. Calculate revenue per site, expense ratio, NOI, and returns. Include an expansion analysis: if adding 10 sites at a known cost, what is the incremental return?

    BOUT-NICHE-06

    Hotel/Motel Conversion Model

    Build a conversion feasibility model in Excel that evaluates converting a small hotel or motel to either apartments or short-term rentals. Inputs: current hotel performance (rooms, ADR, occupancy, expenses, NOI), conversion cost for each scenario (apartment renovation cost per unit, STR furnishing cost per unit), and post-conversion revenue assumptions. The model should produce three columns: hold as hotel (status quo pro forma), convert to apartments (conversion cost + apartment pro forma), and convert to STR (conversion cost + STR pro forma). For each, calculate total investment, stabilized NOI, and 5-year levered IRR. Highlight the highest-return strategy.