Modern apartment building with blue and white siding next to a landscaped path and pond under clear blue sky.

Multifamily Acquisition

Ready to Test Your Skills?

You're about to complete the TFA Analyst Skill Test—a practical underwriting assessment built directly from our production multifamily model. This test evaluates your ability to work with real deal assumptions, build logical financial models, and derive accurate investment metrics.

What to Expect:

  • 2-4 hours to complete

  • Focus on model construction, formula logic, and financial analysis

  • Open-book—use references and tools as you would in practice

This assessment shows us how you think through underwriting problems. Take your time, and work through it the way you'd approach a real engagement.

Download the Model

What’s Inside the Model

Inputs

  • Main Inputs – Centralized tab for all deal-level assumptions.

  • Reno Inputs – Major renovation and repositioning assumptions.

  • T-12 Deposit (Optional) – Drop in trailing-12 income/expense data for reference.

  • Rent Roll Deposit (Optional) – Import rent roll details for unit mix and renovation tracking.

Outputs

  • Investor Report – A concise, presentation-ready overview with returns and highlights.

  • Summary – Snapshot of deal metrics, valuation, and investor returns.

  • Sources & Uses – Capital structure overview with broad renovation analysis.

  • Unit Mix – In-place vs. pro forma unit mix with rent growth assumptions.

  • Comp Analysis – Rent and sales comps to benchmark underwriting assumptions.

  • Cash Flows – Full monthly-to-annual cash flow engine, both nominal and per-unit.

Calculations

  • Equity Waterfall – GP/LP distribution mechanics with customizable structures.

  • CALC – Renovation Schedule – Renovation timelines and cost modeling for non-renovated vs. renovated units.

  • CALC – Financing – Senior debt, renovation loan, and refinancing assumptions with integrated schedules.

  • SOFR Rate Drop – Insert prevailing SOFR curve

Key Features

Acquisition-Focused Design

Tailored for buyers evaluating multifamily properties with retail or office components.

Value-Add & Renovation Capabilities

Model repositioning scenarios with customizable renovation schedules and assumptions.

Detailed Investor Reporting

Generate presentation-ready reports that highlight key returns, investment rationale, and metrics.

Debt & Equity Structures

Fully integrated financing, including fixed and floating rate senior loans, renovation loans, refinances, and equity waterfall modeling.

Scenario Flexibility

Test in-place vs. pro forma unit mixes, comp-driven rent growth, and various sources and uses of funds.

Samples

Input Fields

Spreadsheet displaying real estate acquisition details, rent growth assumptions, expense growth assumptions, and debt assumptions for a property named "Testing Place". Includes data on apartment count, purchase price, cap rates, occupancy, and financial metrics.

T12 Deposit Sheet

Spreadsheet showing monthly pro forma cash flows with categories like gross potential rent, adjusted GPR, net rental income, and effective gross income. Dates range from January 2025 to December 2025, with specific financial figures listed under each month.

Rent Roll Deposit Sheet

Spreadsheet showing a rent roll with columns for occupancy, building unit, unit type, net square feet, unit status, resident, market rent, charge codes, scheduled charges, and lease details. Includes specific details such as unit numbers, square footage, resident names, rental fees, and lease periods.

Cash Flows Sheet

Screenshot of a financial spreadsheet showing rental revenue and other income data over several months, with columns representing different dates and rows for different income categories and adjustments. The spreadsheet includes a SUMIF formula at the top and displays financial figures in blue and red text, with navigation tabs at the bottom.

Renovation Inputs

Spreadsheet displaying renovation costs, budgets, and project scopes for various unit types. Details include kitchen appliances and flooring, cost estimates, percentage of potential upgrades, and realized rental premiums.

Investment Summary

Multifamily acquisition summary report showing property details, lease return metrics, renovation details, disposition details, timeline, property valuation, market rent, gross income, net operating income, operating expenses, and cap rate analysis for a real estate project.