Physical page, with an optional printed label or bounding box.
Method and evidence
How the acquisition pre-review works
The prototype turns one multifamily deal package into a reviewable set of fields, calculations, and questions. Every reported value is tied to an input, a formula, or an explicit reason that the value is unavailable.
Use the result as a pre-review. A completed report means the checks that had enough information ran. It does not mean the property is safe, financeable, fairly valued, or a good investment.
1. Scope and inputs
V0.1 is limited to one ordinary US multifamily asset, USD, English source material, and a buyer-side early review. The accepted package is an Offering Memorandum, Rent Roll, T12 operating statement, Lease Summary, and Loan Term Sheet in PDF, XLSX, CSV, or DOCX form.
File extension selects the technical reader; document contents provide the business-type candidate. A person can confirm or correct the candidate before it becomes a reviewed input. The online page only demonstrates parsing. Full field confirmation, calculations, findings, and report export run in the local prototype.
2. Canonical field and evidence chain
Candidate values are mapped into a common CRE schema. The raw value stays available beside the normalized value, unit, currency, period, basis, review state, and source. Conflicting candidates remain visible until a person selects one; a bulk confirmation action does not silently resolve a conflict.
Evidence keeps the document hash, excerpt hash, extraction method, and a format-specific locator:
XLSX
Sheet name and cell or range, including hidden-row status where relevant.
CSV
Logical record range and the relevant column names.
DOCX
Paragraph or table, row, and cell position. Native page numbers may be unavailable.
3. Financial calculation rules
| Metric | Rule | What blocks it |
|---|---|---|
| NOI | EGI − property operating expenses. EGI follows the source presentation: gross waterfall or net revenue. | Missing or non-contiguous T12, unresolved classification, mixed assets, or unknown currency. |
| Cap rate | specified NOI ÷ price basis. The report names whether the basis is asking price or an entered purchase price. | No positive price basis or no supported NOI. |
| Screening DSCR | trailing actual NOI ÷ specified 12-month debt service. A historical numerator and a scheduled debt plan are labelled as a screening proxy. | Unsupported loan structure, missing payment window, or non-positive debt service. |
| Occupancy | Physical and leased occupancy are separate. The tool does not infer occupancy from rent alone. | Unknown unit status, inconsistent unit counts, or mixed area bases. |
| Rent PSF | Annualized in-place face base rent divided by the same units’ rentable square feet. | Missing rent or area, or an area basis that cannot be compared. |
Calculations use Decimal arithmetic and keep unrounded inputs until display. Missing values are not replaced with zero. A dependent metric becomes partial or blocked when a required field is missing, invalid, or unresolved.
4. Findings and review states
Rules look for missing documents, rent roll duplicates and date issues, income and expense changes, lease-summary signals, debt constraints, and source conflicts. Each finding records its rule, severity, status, business impact, next action, limitations, and evidence or missing-document coverage.
RED means the item needs priority review. YELLOW means a clarification or supporting document is needed. INFO records useful context. A rule that did not run is marked not_tested; a clean rule is not an investment rating.
5. Boundaries
The prototype does not provide valuation, investment, legal, lending, or buy/no-buy advice. PSA, title, survey, Phase I/PCA conclusions, market-rent estimates, complex debt underwriting, CRM, marketplace, and persistent hosted deal workspaces are outside V0.1.
Read the factual FAQ or see how the public demo handles files.