Multifamily underwriting

The spreadsheet is the export.
Not the workspace.

Pencil is a purpose-built workspace for underwriting apartment deals. Import any rent roll or T12, model in structured line items that cannot break, and hand your committee a live-formula workbook it can interrogate.

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14 days free. No card. Your deals export anytime.

Alder Flats96 units · Pro Formapurple = editable
Historical Operations
Pro Forma
Projection
T12
T3
In-Place
Year 1
Year 2
Gross Scheduled Rent
1,584,210
1,610,400
1,622,900
1,672,800
1,723,000
Vacancy Loss
(95,050)
(88,570)
(81,145)
(83,640)
(86,150)
Other Income
96,400
98,100
99,000
101,900
105,000
Effective Gross Income
1,585,560
1,619,930
1,640,755
1,691,060
1,741,850
Total Operating Expenses
(601,320)
(608,900)
(612,400)
(620,560)
(639,180)
Net Operating Income
984,240
1,011,030
1,028,355
1,070,500
1,102,670
Levered IRR
14.5%
Equity Multiple
2.08x
Yr 1 DSCR
1.31
±1 bp
IRR agreement when replicating real institutional broker models
790+
live Excel formulas in a single exported workbook, zero broken references
1 file
from emailed rent roll to a working model: drop it in, any format

Intake

Drop in the file you were emailed.

Property managers export rent rolls and operating statements in hundreds of formats: Excel, CSV, scanned PDF, two-row headers, charge codes, subtotal traps. Pencil reads them all into clean, structured rows, keeps the original lines as an audit trail, and remembers how your shop maps each GL account. Rehab trackers and retail rent rolls too.

march_rent_roll.xlsxt12_operating.pdfrehab_tracker_v7.xlsx
structured, source-linked rows
UnitTypeSFIn-PlaceMarket
1011BR/1BA6501,4251,495
1022BR/2BA9801,8901,975
1031BR/1BA6501,4101,495

Engine

Line items, not cell references.

Every number in a Pencil model is a first-class line item in a dependency graph, around seventy of them in a standard deal. Change market rent and the recompute flows through vacancy, EGI, NOI, debt service, and IRR in order. Nothing to drag, nothing to break, full undo. Purple means editable, everywhere.

Market RentGSREGINOILevered IRR
Change one input and only its dependents recompute, in order.
No #REF!, no orphaned formulas, no silent breakage.
Fifty levels of undo. Named versions for every scenario.

Output

The workbook your committee expects.

One click exports a branded six-sheet model: Cover, Pro Forma, Assumptions, Rent Roll, Historicals, Returns. Every operating line is a real formula. IRR computes natively. Change an exit cap or a growth rate in Excel and the whole model recalculates, because the export is built from the same graph you underwrote in.

fx=IRR(Returns!C42:J42)
CoverPro FormaAssumptionsRent RollHistoricalsReturns
Levered and unlevered cash flows feed a native IRR(). Exit value, debt service, and every operating row stay live. Edit a driver on the Assumptions sheet and the model recalculates in Excel, no add-in required.

Teams

One workspace for the whole shop.

Shared deals

Everyone on the team works the same pipeline. Invite by link, assign roles.

GL memory

Classify a line item once and Pencil maps it the same way on every future statement.

Your chart of accounts

Reproduce your shop's exact operating statement layout: names, groupings, subtotals.

Portfolios

Blend levered cash flows across deals for portfolio-level IRR and equity multiple.

Underwrite the next deal in Pencil.

Full access for 14 days, including a seeded demo deal you can break.

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