Lot 29 Capital — Multifamily Underwriter

Lane One · Personal Portfolio

Small multifamily, cash or DSCR.

2-4 unit deals you take down personally. Flip optionality or hold for rental income with BRRRR refi math. Florida operating cost loaded honestly. Insurance, tax reassessment, hurricane reserve included.

Quick presets:

Deal inputs

Acquisition + Rehab

Acquisition price ($)

Units (total)

City

Rehab budget ($)

Light cosmetic to medium scope. Anthony or independent contractor.

Closing + holding costs ($)

Title, transfer, insurance binder, 60-day carry.

Current rent / unit ($/mo)

Trailing 3 months actual, not asking.

Market rent / unit post-rehab ($/mo)

Strategy

Operating costs (Florida-loaded)

Annual

Property tax — post-reassessment ($/yr)

FL reassesses at sale. Often 2-3× prior owner's bill. Estimate at 2.0% of acquisition.

Insurance ($/yr)

FL multifamily insurance is brutal. $4-8K typical for 2-4 unit.

Property mgmt (% of revenue)

Flat-fee PM or 8-10% if outsourced. 0% if self-managed.

Vacancy + collections (%)

Maintenance reserve ($/unit/yr)

Capex reserve ($/unit/yr)

Roof, HVAC, water heater amortized.

Utilities ($/yr, owner-paid)

Water/sewer + common area only.

Hurricane reserve ($/yr)

Deductible coverage. Often $10K-$25K per event in FL. Reserve annually.

Refi scenario

If BRRRR strategy

Stabilized ARV ($)

Based on stabilized NOI ÷ market cap rate. Verify against duplex/triplex comps.

Refi LTV (%)

Refi rate (%)

DSCR loan, 30-yr amort.

Refi closing costs ($)

Lane Two · GP Portfolio Builder

Mid-market multifamily, syndicated.

5-20 unit value-add deals where Lot 29 is GP and LPs fund the equity. Pro forma underwriting with full rent roll, value-add capex schedule, GP/LP waterfall. The lane that builds your sponsor track record.

Operational reality check This lane requires (1) a property management relationship or in-house PM hire, (2) a repeatable equity raise process through Align Equity Group, and (3) a rehab GC for unit turns at scale (Anthony is built for ground-up custom, not unit-by-unit turns). The underwriter below is the analytical chassis. Without the operational stack, the deals you model here aren't executable. Build the ops in parallel.

Property basics

Acquisition

Property name

Address

Unit count

Year built

Acquisition price ($)

Price per unit ($)

Closing costs ($)

Hold period (years)

Rent roll (per unit type)

Configure unit mix

Type

Unit Mix

Count

Current $/mo

Market $/mo

Loss-to-Lease

—

Other income / yr ($)

Laundry, parking, late fees, RUBS.

Vacancy + collections (%)

Concessions (%)

Bad debt (%)

Operating expenses

Stabilized year

Property tax (annual $)

FL reassessment at sale. Estimate at 2.0% of acquisition.

Insurance (annual $)

$1,500-2,500/unit/yr typical for FL multifamily post-2022.

Property mgmt (% of EGI)

Repairs + maintenance ($/unit/yr)

Utilities (owner) ($/unit/yr)

Payroll / admin ($/yr)

Maintenance tech share, leasing.

Marketing + leasing ($/yr)

Other / contingency (% of OpEx)

Capex reserve ($/unit/yr)

Hurricane reserve (% of revenue)

Value-add capex + business plan

Interior renovation $/unit

Exterior + common areas ($)

Reno timeline (months to complete all units)

Stabilization (months from acq to full lease)

Debt + capital stack

Loan type

Agency requires 5+ units. SBL goes up to ~$7.5M. Bridge for heavy lift.

LTV (%)

Interest rate (%)

Amortization (years)

Interest-only period (months)

Loan term (years)

Origination + fees (% of loan)

DSCR floor required by lender

GP / LP waterfall

LP preferred return (%)

Tier 1 split: LP / GP after pref

Tier 2 IRR hurdle (%)

Tier 2 split above hurdle

Acquisition fee (% of price)

Asset management fee (% of EGI)

GP co-invest (% of equity)

Disposition fee (% of sale)

Exit assumptions

Exit cap rate (%)

Be honest. Don't compress.

Cost of sale (%)

Rent growth — base (%/yr)

Expense growth (%/yr)

Lane Three · Fund Vehicle

Institutional Class B, full chassis.

50-300+ unit Class B value-add. The aspirational lane. Full institutional underwriting with T-12 financials, multi-tier waterfall, multi-year pro forma, sensitivity stress test. Build the muscle now, execute when you have the track record.

Reality check, read this This is the chassis. The execution path is years out for primary GP. Faster (12-24 months) as co-GP with an established multifamily operator on your first deal. Build the dashboard so when you see these deals on Crexi or via broker BOVs, you can evaluate them seriously. Don't underwrite to look smart. Underwrite to be honest. Carlyle's reputation is that the deals they take to LPs actually deliver what they projected. Build to that standard.

Asset summary

Property name

Submarket

Unit count

Year built / renovated

Acquisition price ($)

Price per unit ($)

Going-in cap rate (%)

Closing costs ($)

Hold period (years)

Class

Total acres

Asset density (units/acre)

T-12 financials (seller actuals)

As reported

T-12 effective gross income ($)

T-12 operating expenses ($)

T-12 NOI ($)

T-12 expense ratio (%)

Occupancy (T-12 avg, %)

Avg rent / unit / month ($)

Market rent / unit / month ($)

Loss-to-lease (%)

Year 1 stabilized pro forma

Sponsor underwrite

Yr1 GPR ($)

Gross potential rent at market.

Yr1 vacancy + concessions (%)

Yr1 other income ($)

Yr1 bad debt + loss (%)

Yr1 prop tax ($)

FL reassessment at sale. ~1.85% of acquisition.

Yr1 insurance ($)

$2,250/unit typical post-2022.

Yr1 mgmt + payroll ($)

Yr1 R&M + utilities ($)

Yr1 marketing + admin ($)

Yr1 capex reserve ($/unit)

Yr1 hurricane reserve ($)

Yr1 other ($)

Value-add business plan

Interior renovation $/unit (premium tier)

Exterior + amenities ($)

Reno program length (months)

Rent premium per renovated unit ($/mo)

Capital stack

Senior debt type

Senior LTV / LTC (%)

Senior rate (%)

Senior amort (years)

Senior interest-only (months)

Loan term (years)

Origination + fees (% of loan)

DSCR floor

Preferred equity ($)

Mezzanine layer. Zero if straight common.

Pref equity rate (%)

Pref equity term (years)

GP co-invest (% of common equity)

Multi-tier waterfall

European, tiered

LP preferred return (%)

Tier 1 split: LP/GP above pref

Tier 2 IRR hurdle (%)

Tier 2 split: LP/GP

Tier 3 IRR hurdle (%)

Tier 3 split: LP/GP

Acquisition fee (% of price)

AM fee (% of EGI)

Disposition fee (% of sale)

Refi fee (% of refi proceeds, optional)

Growth + exit assumptions

Rent growth Yr 1-3 (%/yr)

Higher during value-add execution.

Rent growth Yr 4+ (%/yr)

Long-run trend.

Expense growth (%/yr)

Insurance growth (%/yr)

FL specific. Outpaces general.

Exit cap rate (%)

+50 bps over going-in is conservative discipline.

Cost of sale (%)

Refi at month X (0 = no refi)

Refi LTV (%)

Lot 29 Multifamily

Small multifamily, cash or DSCR.

Deal inputs

Operating costs (Florida-loaded)

Refi scenario

Underwrite results

Stabilized NOI breakdown

Risk register

Mid-market multifamily, syndicated.

Property basics

Rent roll (per unit type)

Operating expenses

Value-add capex + business plan

Debt + capital stack

GP / LP waterfall

Exit assumptions

Deal analysis

Pro forma summary

Capital stack

Waterfall distribution

Sensitivity grid

Risk register

Institutional Class B, full chassis.

Asset summary

T-12 financials (seller actuals)

Year 1 stabilized pro forma

Value-add business plan

Capital stack

Multi-tier waterfall

Growth + exit assumptions

Deal memo

Multi-year pro forma

Capital stack

Waterfall distribution

Sensitivity stress test

Risk register