Drop in the OM, the T-12, whatever the listing sent, and watch us find what's buried in the numbers.
01Your documents
Drop the deal files here
The OM/brochure, financials, rent roll, etc. The OM plus a T-12 or P&L is the winning combo · PDF, PowerPoint, Word, image, spreadsheets, or a .zip of them
That's the file limit for one deal, everything attached will be read.
Crexi, LoopNet, or a broker page, we'll pull the numbers straight from it. *Some sites block automated readers or hide details behind a login; if the link fails or the address is missing, paste the listing text instead.
02Financing inputs
Adjust these inputs if necessary (optional, if not entered, they're pulled from your documents or sensible defaults)
Income & expenses are pulled from your OM and T-12/P&L.
Your first look at every deal is free. No signup required.
Seller numbers, straight up
Computed from the seller's numbers exactly as presented, before any normalization.
We read your documents, just need a price
Instant and free, this reuses what we already read, so it doesn't re-scan the documents or use one of your deals.
No street address found in the documents
Location research stays city-generic without it. Paste the property address and the underwriting researches the real neighborhood.
NOI
?Net Operating Income, what the property earns after all operating expenses are paid, before any loan payments. Every other number is built on this one.
-
What's left after expenses
Cap Rate
?NOI divided by the purchase price, the return you'd earn if you paid all cash, no loan. Compare it to what similar properties in the area sell for.
-
Return if you paid cash
DSCR
?Debt Service Coverage Ratio: NOI divided by the annual loan payments. At 1.35x the property earns $1.35 for every $1.00 it owes the bank. Below 1.35x, most lenders walk.
-
Covers the loan payment
Cash-on-Cash
?Year-one profit divided by the cash you actually put in at closing, the real return on your money, the number to compare against any other investment.
-
Return on your down payment
Net Profit / yr
?What's left each year after every expense AND the loan payments are made, pre-tax cash in your pocket from year one.
-
In your pocket, pre-tax
⚠
Don't trust these numbers yet
The metrics above are the seller's story, exactly as presented. The NOI needs to be normalized, real management costs, CapEx reserves, and verified occupancy, before you can trust any verdict. Learn the methodology
🔒 Underwriting Alert: Red Flags & Anomalies Found in this Deal.
Your free account unlocks the normalized underwriting below: our verdict, three ways to structure the offer, every red flag, and exactly what to request next. 5 full underwrites free.
No credit card. Takes about 20 seconds. Already have an account?
⚡ Deal snapshot
📍 The location
Judgment calls on this deal
The decisions that most shaped these numbers, what they rest on, and the one document that settles each.
How we normalized the numbers
What this property really costs to run under new ownership, every adjustment shown with its reason.
NOI as presented
-
NOI normalized
-
Occupancy used
-
Int rate used
-
Adjustments appear here after the underwriting run.
Assumptions in use (expand to view)
Three ways to structure your offer
The offers span the financing spectrum: Offer 1 is conventional bank financing, Offer 3 is the seller as the only lender, and Offer 2 blends the two. Each is a suggested offer at the highest price that structure supports under your targets, unless you stated your own offer above, which is underwritten exactly as given.
Offer 1
Maximum Allowable Offer
Conventional bank financing
$1,690,000
75% LTV · 30-year amortization
Down payment: $422,500
Keeps DSCR comfortably above 1.5x
The safest number if you're using a lender.
Offer 2
MAO with Partial Seller Carry
Bank note + seller second
$1,760,000
65% bank / 15% seller carry at 6%
Down payment: $352,000
Less cash in, seller gets closer to ask
Usually the win-win, lead with this one.
Offer 3
Full Ask, Full Seller Carry
No bank involved
$1,850,000
10% down, seller carries the rest at 5.5%
Down payment: $185,000
Seller earns interest instead of a taxable lump sum
Best when the seller values income over a lump sum.
The Deal Verdict
Can you make it work at your targets?
🟢This is a great deal for after an initial look
Strong immediate metrics, the income supports the price with room to spare.
(Optional) Adjust & re-run , instant and free: offers and verdict recompute without re-reading the documents
Second lien (optional, seller carry, for example, leave blank to let the engine choose the structure)
Top risks
Researched for this specific property and market, ranked by impact on your debt coverage.
Risk research appears here after the underwriting run.
Red flags in the financials
The full flag list appears here after the underwriting run.
Generating quality underwriting for you…
Normalizing the expenses, structuring three offers, and researching this market's risks. Usually about two minutes.
💡 Tip
Your underwriting is ready.
Verdict, offer structures, red flags, and your next-request checklist, free for your first 5 deals.
What to ask for next
Got your hands on any of these? Drop them in the upload zone at the top and re-run the analysis, the verdict sharpens with every document.
Talk it through with the underwriter
Ask why any adjustment was made.
That's your 3 questions on this deal.
The one-pager sums the whole deal on a single page, free on every plan. Changing an input and clicking Analyze recomputes instantly, no re-read, no extra deal.
Stress Tests
At 8.5% your DSCR drops to 1.31x. If the county reassesses at sale, taxes jump to…
Expense Benchmarker
Insurance is 34% below the county median for this asset class. Payroll is…
Investor tools
Stress-test the debt and benchmark every expense line against the market.
AI can occasionally slip up and misread a number, especially on scanned pages and messy tables. The Start over button sends the same documents through a completely fresh read, free for the same property. Saved deals reload with every number, document, and photo intact, your pipeline in one place.
Ready to move on this one?
Draft the letter of intent or build the full package, under your company name.
★ The Dealmaker Suite
·
The documents that close deals, built from this deal's own numbers: the lender package, the investor pitch, the live Excel model, and a private negotiation playbook for this exact property and seller.
Frequently asked questions
Quick answers, and the underwriter chat inside every deal can answer anything else.
Getting started
What do I need to run my first deal?
Any one of these works: the offering memorandum (PDF), the listing text pasted in, or a Crexi/LoopNet link. For the sharpest underwriting, add the T-12 and a rent roll, that combination verifies income and occupancy against actuals. Your first look is free, no account needed.
Can I see a full demo before I run a deal?
Yes, two cuts. shows the whole flow at speed; covers every feature, documents in through the report suite. Both players have chapters so you can jump to any section.
Where can I learn the full underwriting methodology?
There's a free 39-minute training and workshop, "How to Underwrite an RV Park Deal": why most investors get it wrong, underwriting your own deals, five quick screening hacks, structuring the offer, and a complete tool demo. Watch it on YouTube (opens in a new tab; chapters included).
What's the difference between the instant check and the full underwriting?
The instant check runs the seller's numbers exactly as presented, five key metrics and a red-flag count. The full underwriting (free account) is where the real work happens: expenses normalized, occupancy verified, risks researched for your county, three offer structures, and a verdict.
How long does an analysis take?
About two minutes, documents to done. The instant check on the seller's numbers comes back first, then the full underwriting finishes while it researches your market's cap rate, taxes, and insurance live. Reports generate in seconds after that, except the negotiation playbook, which reasons through your deal for a minute or two.
How do I start my next deal?
Click + Start a New Deal (it appears once a deal is on screen). It clears the whole workspace so nothing from the last deal carries over. If you want to keep the current deal, hit "Save this deal to my pipeline" first, you can reload it anytime.
My OM has the financials pasted in as pictures. Will they be read?
Yes. Pages with little selectable text are detected automatically and sent for AI reading, table by table, cell by cell. When a picture and the text disagree on a figure, the picture wins, it's the pasted source table, and the conflict is noted in your Analysis Log.
The listing link failed, or the address didn't come through. What do I do?
Some listing sites block automated readers or hide details behind a login. Paste the listing text into the paste box instead, that always works. If the property's street address still isn't in the documents, a highlighted box asks for it before the underwriting runs; enter it and the location research targets the exact neighborhood instead of the metro.
How do I switch between light and dark mode?
Click the sun/moon icon in the header, next to the navigation. The app opens in light mode by default; your choice is remembered on that device and wins from then on.
The numbers
Why is your NOI lower than the seller's?
Because we count the costs the seller's books leave out: a management fee even if they self-manage, a capital reserve, realistic repairs, trailing occupancy instead of the peak-season figure, and the property-tax bill you'd actually pay. Every adjusted line is shown in gold with a plain-English reason, that's the value-add, not a bug.
Why three offers, and what do they mean?
They're the bounds of the financing spectrum. Offer 1 is fully conventional: bank loan, cash down, seller paid in full at closing. Offer 3 is the opposite bound: the seller acts as the only lender. Offer 2 blends the two, a bank first lien plus a seller-carried second. Each is a suggested offer, priced at the highest number that structure supports while clearing your DSCR and cash-on-cash targets (that's the "MAO", maximum allowable offer). If you describe your own offer in the structure box before analyzing, that exact offer is underwritten as given, at your price, even if it doesn't clear, and it opens your negotiation playbook.
I disagree with one of the adjustments. What do I do?
Tell the underwriter chat, "use the actual R&M of $18,000 from last year's P&L", and it recalculates. Or use Adjust & re-run for price, rate, and occupancy overrides. In the Excel model, just type over any yellow cell; everything recomputes live.
Where did the occupancy number come from?
The highest-quality source available: a rent roll beats everything (we annualize it and compute revenue-based occupancy), then trailing actuals, then the stated figure. We keep the seller's claim and the verified number, the gap between them is negotiation evidence.
Why didn't my property taxes jump at reassessment?
Because reassessment alone doesn't mean an increase. We check three things: whether the county reassesses on sale, whether your state even discloses sale prices (many don't, the assessor can't chase a price they never see), and what the current bill implies about assessed value. The rationale cites the county rule either way.
How exactly are property taxes normalized?
By expected value, not a flat jump to the sale-price bill. We start from the current bill, research how your county behaves at a sale (does it reassess, does the state disclose prices, how strong is the protest culture), and carry the current bill plus that probability's share of the step-up to the projected post-sale bill. The line's rationale shows the arithmetic so you can audit it, and the stress panel always shows the full reassessed bill as the worst case. If the financials have no tax line, we research the actual current bill from county records; when it can't be found, the full at-price estimate is carried, the conservative direction.
Why was insurance normalized above the seller's premium?
When research says an increase is likely in your region (hail, coastal, wildfire, carrier exits), the likely increase is carried into the base numbers, because premiums reset at your first renewal, inside year one of ownership. The stress panel then shows only what could go beyond that, so the risk is never counted twice.
How is the CapEx reserve set?
From what the property physically is, not a one-size percentage, wear tracks the asset, not the rent level. RV parks price per site, stepped up for amenities, cabins, and private well/septic systems. Mobile home parks price per lot plus a real figure for every park-owned home. Apartments and houses price per unit by age band, plus named big-ticket systems like flat roofs and boilers. The line's rationale lists the drivers and the math. It is capped at 10% of income so reserves never unrealistically crush NOI; when the justified schedule runs past the cap, the underwriting says so and suggests asking the seller for a CapEx credit at closing. If the documents don't reveal the drivers, a percentage of income is used as the fallback, and you can set your own figure in the underwriter chat.
Can I change the DSCR and cash-on-cash targets?
Yes, they're your bar, not ours. The defaults are 1.35x DSCR and 10% cash-on-cash. Set your own in ⚙ Defaults, or just tell the underwriter chat ("use a 1.25 DSCR target", "lower my CoC target to 9%") and every offer's pass/fail and the verdict re-grade to your numbers on the spot. Say "revert to the original underwriting" any time to undo chat changes.
The listing shows no income figures. Can it still be underwritten?
Yes, for single-family and small residential deals the engine estimates income from researched market rent for that location and size, and it is loudly labeled as an estimate with a flag, since no seller financials back it. Treat the result as a screening read and verify with actual leases before you offer.
Can I override the asking price or interest rate?
Yes, anything you type in "Adjust these inputs" wins everywhere: the math, every report, the Excel model. A rate quoted by your lender always beats the researched market rate.
What does "MAO" mean on the offers?
Maximum Allowable Offer, the highest price at which that structure still clears your DSCR and cash-on-cash targets. Offers 1 and 2 are MAO-priced; Offer 3 runs at the full ask with the seller as the bank. When a structure can't clear at any price, the card says "No MAO" instead of pretending, and tells you exactly what would fix it, usually how much less debt the deal needs.
Why is Offer 2 recommended instead of Offer 1?
Because the listing shows a seller-financing signal, "owner will carry," "flexible terms," long days on market. When terms are on the table, the carry structure usually gets you a better deal at the same price. No signal, and Offer 1 leads; if both miss the targets, Offer 3.
Creative structures (advanced)
The seller wants financing but demands a big down payment. Can I do a Morby (the "stack method")?
Yes. Take the big down payment the seller is demanding and finance it as a first lien; the seller-financed portion moves to second position. Roll the closing costs into the seller note and you're into the deal with zero out of pocket. Two musts: the first-lien lender has to know about and permit the junior lien, disclose the stack, and get your attorney's eyes on it. Model it here with the Excel model's levers: 1st Loan LTV for the financed down payment, 2nd Loan LTV for the carry, and the Cost of Capital row prices any borrowed cash at interest-only.
What's an SBA 504 stack?
A two-piece government structure for owner-operated properties (RV parks and campgrounds qualify): a bank loan at up to ~50% of value, plus a CDC/SBA piece behind it at up to ~40%, you bring roughly 10% down. The CDC portion carries a fixed, below-market rate. For underwriting, treat the bank piece as your first lien and the CDC piece as the second, the Excel model's two-lien levers map onto it directly.
What about SBA 7(a) with a seller standby note?
A 7(a) can reach ~85-90% of the project for an owner-operator, needing ~10% equity injection, and the SBA allows a seller note on full standby (no payments for a period) to cover part of that injection. Done right, your cash in the deal can shrink to ~5%. The trade-off: personal guarantees and a slower close.
The seller has an assumable loan, or is offering a set dollar amount of financing. How do I underwrite that?
Describe it in the offer structure box in the seller's own terms, for example "First lien is assumable at 5.5% with a $3,670,000 balance, seller will finance $600,000 in second position at 5%, the rest is down payment." Offer 2 holds those dollar amounts fixed while it walks the price, your down payment absorbs every price move, and the card speaks in dollars: what you assume, what the seller carries, and the true maximum offer under that exact financing. If the fixed debt can't clear your DSCR at any price, the card says No MAO and quantifies how much debt reduction would clear it, which is your negotiating number.
What's "subject-to" (sub-to)?
You take the deed and simply keep paying the seller's existing mortgage, the loan stays in their name. It shines when their rate is far below today's market. The risk to respect: most loans carry a due-on-sale clause the lender could invoke, so structure it with an attorney who's done these.
What's a wrap-around?
The seller keeps their existing loan and carries one bigger note that "wraps" it. You make one payment to the seller; they keep paying their bank and pocket the spread. It's seller financing that works even when the seller still owes money, same due-on-sale caution as sub-to.
What's a master lease with option (MLO)?
Control without buying yet: you lease the entire property with the right to operate and sublease it, plus an option to purchase at a set price. Perfect when the current financials can't support the debt, you run your value-add plan, season the income, then buy or refinance at the stronger numbers.
The seller is pricing upside they haven't built. What's an earn-out?
When a seller says "you could add pads, you could raise rates" and wants to be paid for it up front, don't argue, restructure. Pay most of the price now for the property that exists, and reserve the balance as an earn-out: it gets added to the seller note's principal only when the promised value-add is actually achieved (occupancy hits the target, the pads get permitted, the rate increase sticks). Underwrite at the lower as-is price, that's the only deal that exists today; the earn-out is tomorrow's deal, priced when it's real. The seller gets full credit for their vision; you only pay for it when it shows up in the income.
How do I model these structures in the underwriting?
Right in the offer engine, Offer 2 is the stack slot: down payment + bank first lien + seller second always total 100%, so a Morby is simply Offer 2 at 0% down (financed first lien, carry in second) and an SBA 504 is Offer 2 at 10% down / 50% bank / 40% CDC-as-second. Describe the structure in "Enter your recommended offer structure" (e.g. "0% down stack method, seller carries 70% in second at 6%") and the underwriting builds Offer 2 to that exact spec, it gets the ★ when it clears your targets. Don't have one in mind? The underwriting reads the deal's facts and the negotiation playbook recommends the structure that fits. Fine-tune afterward in the Excel model's levers (down %, both lien LTVs, both rates, cost of capital) or ask the underwriter chat for variations.
Documents & branding
Which reports come with which paid plans?
The shareable one-pager is free on every plan. The full underwriting report is Investor and up. The Dealmaker Suite, lender memo, investor deck, live Excel model with pro-forma tabs, and the private negotiation playbook, comes with Dealmaker. All of them are generated from the same confirmed numbers.
Can my documents carry my company's branding?
Yes. Drop your PowerPoint template, brand guide, letterhead, website file, or logo into ⚙ Defaults → brand kit, imports stack, so add files anytime. Every document that reaches a lender or investor carries your identity, never ours.
Will the lender memo reveal my seller-financing strategy?
Never. The lender memo presents a clean first-lien request only, mentioning carry, side agreements, or your offer ladder is hard-blocked and every memo is scanned before delivery. Your negotiation playbook stays private to you, and the investor deck discloses the full capital stack, because your investors must see it.
Why do written sections read a little differently between runs?
The math is deterministic, same inputs, same NOI, same DSCR, same offers, every time. The narrative prose (memo paragraphs, playbook wording) is written by AI and varies like an analyst's drafting: same facts, different sentences. That's expected, not an error.
Can I change the numbers in the Excel model?
That's the point of it. Yellow cells are inputs, type over them and the whole workbook recomputes, colors included. Blue cells are linked across tabs; overtype one to decouple it. Gold rows mark the lines we normalized.
Where do rehab costs and upfront reserves go?
In the Excel model, it's fully customizable. Add rehab budgets, upfront CapEx or operating reserves to the closing costs or the capital raise in the Sources & Uses, and the workbook recomputes cash-at-close, returns, and the pro-forma around them. The LOI can also roll closing costs and reserves into the seller-carry note, check "Include closing costs in seller carry" when drafting it. The underwriting's own CapEx line is different: that's an annual reserve inside NOI, not your one-time budget at close.
Account & saved deals
What does "Save this deal to my pipeline" actually keep?
Everything needed to reload the deal on any device and pick up where you left off: the analysis, the full underwriting, your inputs and targets, chat conversation and its applied changes, property photos, and the exact text of the documents that were read, so re-analyzing later needs nothing re-attached. The one exception is scanned or photo-only pages, which can't be stored as text; their file names are kept so you know what to re-attach.
What counts against my monthly deal allowance?
Each new property you underwrite. Re-analyzing the same property, including with added or updated documents, never uses a second deal. Adjust & re-run, the underwriter chat, and generating documents don't touch the meter either.
What happens to my deal data?
Your documents are processed to produce your analysis and are never shared or used for anything else. Saved deals live in your account. We retain anonymized metadata about analyses, the asset type, location at the state and county level, pricing figures, and the tool's results, to understand usage and improve the product; that metadata is not linked to your name or email, and your uploaded documents are never used for analytics. Separately, for general website traffic we use Google Analytics, which sets cookies to measure page visits; you can opt out through your browser or Google's opt-out add-on. Full details are in our Privacy Policy.
Does my deal counter refresh after the trial period?
Yes. Whatever you use during the 7-day trial never counts against your first paid month: the moment your trial converts to a paid subscription, your deal counter resets to the full allowance for your plan. After that it refreshes on the 1st of every month.
What if I want to add documents to a deal and come back to it later?
Save the deal to your pipeline. When you load it later, on any device, the text of your original documents comes back with it, so there's nothing to re-attach: drop in the new documents (the rent roll the seller finally sent, an updated T-12) and hit Re-analyze. The engine reads everything together, old and new, and the same property never uses a second deal. One exception: scanned or photo-only pages can't be stored as text, so if a document was images of financials, re-attach that file for the fresh read.
Where do I get help?
For a specific deal's numbers, use the underwriter chat inside that deal, it explains any figure, redoes any adjustment, and answers methodology questions ("why does DSCR matter?"). For anything about using the product, ask the assistant at the bottom of this page. It can reach a person if it can't help.
Still have a question?
Ask the assistant about plans, billing, files, or your account. It answers from the guide above; if it can't, it'll help you reach a person.
Still need a person? Email us, we'll get right back to you.
Analysis log
Your underwriting defaults
Every underwriting and re-run uses these thresholds.
Cost of capital: if you borrow your down payment (HELOC, margin, partner note), its annual interest is added to debt service in every DSCR and cash-flow calculation.
Your brand kit · white-labels the lender memo, full report, deck & Excel
White-label branding is a Dealmaker feature, upgrade to put your identity on every external document.
Your company name replaces "RVP Underwriter" in the top bar and on every document you generate — report, one-pager, deck, Excel, lender memo, playbook.
brand guide · letterhead · slide template · webpage / CSS · logo, pick several at once, or add more later: new files refine the kit, they never wipe it
Logo
Up to two options per role come from your brand files. Click a swatch's ring to make it the active one — three actives drive the skin and the documents.
gold
gray
light blue
a whole look as one file, load a curated kit or move yours between accounts
Any Google Fonts name, typed exactly. Like the colors, fonts take effect on "Preview look" or "Apply & save" (they skin the platform and carry into your branded documents). Blank = the standard typeface.
Platform skin · the whole app wears the brand kit above, live as you adjust
Your documents to lenders and investors carry your identity, never ours.
My deals
Saved underwritings, load one to pick up where you left off.
Before you write the LOI
How did this deal come to you? The right first move depends on it.
Educational guidance only, the decision is always yours.
Which structure goes in the letter?
The terms, prefilled from the offer, adjust as negotiated
Non-binding template. Have your attorney review before sending, this is a starting point, not legal advice.
Choose a format for the document
Lender deal memo
A clean first-lien financing request under your company name. Seller-side terms stay private.
Which structure should the lender see?
Only the first-lien (bank) portion appears, seller carry stays private. To change price, rate, or terms first, use "Adjust & re-run" or the underwriter chat.
Property photos (up to 3, lenders expect them)
No photos? The memo still generates, photos just make it land better.
Have your lender relationships review terms, this memo is a starting document, not a loan application.
2-minute demo · documents to offers
Use the chapters inside the player to jump straight to the underwriting, offers, or reports.
Plans & pricing
Every plan runs the same institutional underwriting methodology. The difference is how much of the work it does for you.
Features
Analyst
Free
your first 5 deals
Know in 2 minutes whether a listing deserves your weekend.
Most popular with bird-dogs
Investor
$99/mo
billed monthly
For the active investor: re-run any offer, stress the downside, send the LOI.
Dealmaker
$249/mo
billed monthly
Every deal ships with a pre-populated Excel model and pro-formas, a lender memo, an investor deck, and a negotiation playbook.
Always free · no account, no email
The instant deal analysis on the seller's numbers (NOI, cap rate, DSCR, cash-on-cash, net profit) · the quick screens (1% rule, GRM, expense ratio) · the 10-step guide · the calculators · and the full RV park underwriting training.
Not ready to subscribe?A one-time Deal Pack unlocks the complete document suite for a single property: the full underwriting report with stress tests and value-add, the Excel model, the negotiation playbook, the partner deck, the lender-ready deal memo, and the LOI. Yours to regenerate for that property anytime.
$149/deal
The 7-day trial needs a card to start, and you can cancel anytime before it ends with no charge. The Excel model's capital-raise pro-formas are exclusive to Dealmaker. Paid deal meters reset on the 1st of each month; the free account's first 5 deals are a one-time allowance.
Create your free account
Full underwriting on your first 5 deals, free: the verdict, offer structures, red flags, and next steps.
