Appraiser-grade underwriting
in three inputs.
Address. Purchase price. Renovation budget. The engine geocodes the subject, pulls market rents and cap rates, builds the stabilized pro forma, and backs out to as-is using the same Appraisal Institute math licensed appraisers use. Cascade waterfall report renders in real time.
/engine/ on this same host. Open it directly: open in new tab ↗
Methodology
CBRE H1 2025 cap rate survey + MSA overlay · FY 2026 HUD Fair Market Rents · Appraisal Institute back-out (hard renovation, soft costs at 12%, lost rent during construction, OpEx shortfall during lease-up, marketing & leasing commissions, entrepreneurial incentive at 15% of cost subtotal). Every line in the cascade shows its formula.
For the full methodology spec see research/appraisal_methodology.md in the project repo. The engine is deterministic — the same inputs always produce the same valuation.