Understanding how real estate value is created • Income-based valuation and how NOI drives pricing • Cap rates, rent rolls, unit mix, and identifying true upside • Building a pro forma from T-12 financials • Projecting income and expenses with disciplined assumptions • Translating operating performance into investment value

Evaluating performance across the full investment lifecycle • Discounted Cash Flow (DCF) modeling fundamentals • Projecting future cash flows and exit assumptions • IRR, Cash-on-Cash, Equity Multiple, NPV, and PV explained • Underwriting debt: agency loans, bridge loans, refinances • Using leverage strategically while managing risk (LTV, DSCR)

Applying underwriting concepts to a real-world multifamily asset • Underwriting a stabilized 200-unit property in a Midwest market • Analyzing rent rolls, operating expenses, and value-add potential • Debt sizing, return metrics, and sensitivity analysis • Evaluating risk vs. reward in a non-coastal market • Interpreting results as both sponsor and investor

Learn the intricacies of an office/industrial lease-up • Modeling a complex commercial deal in a high-growth market • Commercial lease structures and CAM considerations • Tenant improvements, leasing commissions, and downtime • Financing challenges unique to commercial assets • Stress-testing assumptions and exit scenarios

How deals are structured between sponsors and investors • Common equity vs. preferred equity structures • Pari passu equity, preferred returns, and waterfall models • Promote structures and alignment of interests • What investors look for in deals, sponsors, and partnerships • Modeling refinance and sale scenarios within partnership structures