VillaTerras MultiFamily Multiplyer

Multifamily Value-Add Underwriting

Property & Operating Assumptions

Purchase Price ($) Total Units Monthly In-Place Rent T12 ($/unit) Monthly Stabilized Rent ($/unit) Monthly Other Income ($/unit) Vacancy & Collection Loss (% of GPR) Management Fee (% of EGI) Property Tax Rate (% of value) Annual Expense Growth (%) Annual Income Growth (%) Hold Period (years) Exit Costs (% of sale)

Operating Expenses (Annual, per Unit)

Payroll & G&A ($) Utilities ($) R&M / Contract Services ($) Sales & Marketing ($) Insurance ($) Replacement Reserves ($)

Financing (Acquisition / Bridge)

LTV (%) Interest Rate (Annual, %) Amortization (years) Interest-Only Period (years) Loan Fees (% of Loan) Closing Costs (% of Price) Initial CapEx (Year 1, $)

Sensitivity Controls

Rent Start ($/unit/mo) Rent Step ($) Rent Columns (count) Exit Cap Start (%) Exit Cap Step (bps) Exit Cap Rows (count)

Operating Summary (Stabilized)

Post-Renovation Rent × Exit Cap Sensitivity (cell shows IRR | MOIC)

Notes: DSCR/IRR are estimates from simplified year-by-year cash flows with IO→amortizing debt switch, market-level growth, and sale proceeds of NOI_t+1/Exit Cap less selling costs & loan payoff. Adjust assumptions above.

Multifamily Value-Add Underwriting

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Multifamily Value-Add Underwriting

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