Real Estate Financial Model

Choose your strategy and underwrite it live. Build for Sale solves how many lots you must presell to break even and own the rest free & clear, then projects returns over the natural sellout horizon set by your build pace; Build for Rent projects NOI and exit value across 3, 5, 7, 10 & 15-year holds. Export any scenario to PDF or CSV.

Working on: Unsaved project

Saved names are stamped automatically as YYYY-MM-DD · Name [Stage] so the newest version always sorts to the bottom and is easy to audit. Sign in to sync projects to the cloud and open them on any computer; signed out, projects are saved only in this browser (use Export/Import to move them).

How naming works

Every save is named YYYY-MM-DD · Name [Stage] automatically — you never type the date.

  • Save As — type just the base name; today's date is added in front and the selected Stage is added at the end.
  • Save — re-stamps today's date on the loaded project and replaces any older date, so each project carries exactly one date that reflects its latest save.
  • The Stage dropdown sets the lifecycle tag applied on save. Change it and Save to advance a deal; use Save As instead if you want to keep the prior stage as a snapshot.

Because the ISO date leads, the list sorts chronologically — the newest version of each deal sits at the bottom of its group, so the current model is easy to spot.

Stages: Entitlement (zoning/permits, plan still changing) → Shovel Ready (approved, pre-construction baseline) → Vertical Construction (building, actuals-informed) → Lease Up (delivered, absorption & stabilized exit).

Development Assumptions

Updates live as you type

Project Info

Generates a live, cited market study for your address and product mix, then builds and downloads a luxury investor/lender deck — no copy/paste required.

Deck photos — swap in your real project images (optional)

Each slot ships with a labeled stock photo. Upload your own to replace it before generating — the deck uses whatever is shown here.

Project Intake (upload drawings, plats & contracts — AI auto-fills the workbook)
Pull from Google Drive (optional) Checking…
Site & Program
Presales
Presold Lots (editable list — set lots & price per lot for each tranche/buyer)
LabelLots$ / lot
Earnest Deposit Schedule (set how much earnest lands & when)
Amount ($)MonthProj. Yr
Amenities
Amenities (editable list — set cost & when each amenity is built)
LabelCost ($)MonthProj. Yr
Spec-Build Schedule

Build ADDITIONAL units of a product on speculation, with their own start, build window, and a custom days-to-sell lag (not the standard 30 days). Toggle a product on, then add a spec batch for it. Spec units are counted once — on top of the normal product counts.

Spec Batches
ProductUnitsMonthProj. YrBuild mo.Days to sell
Product — Townhomes
Product — 3 Bedroom
Product — 4 Bedroom
Product — Duplexes
Product — Other
Apartment / Condo Product
Unit-Type Mix (editable — add 1/2/3/4-bed rows; build cost on ALL units, sale revenue on the SOLD share)
Bed typeUnitsSq ftBuild $/sfSale $/sf
Build / Delivery Schedule

Schedule each phase by product, the month and project year construction begins, and how many months the build takes. Counts here are builds (structures): a duplex is one build (it sells as two doors, but you schedule it as a single structure). Hard build cost is spread across the build window on a draw curve (heavy at the front, light through the middle, with a closing draw at the end); the sale closes 30 days after the build completes. See the timing note below for how the sale month is calculated.

ProductBuildsStart monthStart yearBuild months

The down payment is an advance of the sale price — it is pulled forward from each build's closeout to the month construction begins, and that build's closeout lump is reduced by the same amount. Builders Risk is likewise paid up front at each build start (proportional to build size). Total revenue, net profit, and the builders-risk total are unchanged — only the timing of the cash shifts.

Land & Infrastructure
Amount ($)MonthProj. Yr
Off-site improvements (editable list — set cost & when each is built)
LabelCost ($)MonthProj. Yr
All-In Lot Cost (land + infrastructure)

Pre-financing total cost — excludes carry interest, soft costs & financing.

Costs & Capital
Equity (sources)

Total equity is the sum of three sources. The model turns that sum into an equity % of total project cost, and all three sources reduce the financed (debt) amount and carry interest. Land lift auto-fills from your entitlement value (shovel-ready value − land cost); edit it if you want to credit a different figure.

Investor Waterfall

Model outside capital ahead of the ownership group. The GP investor is paid first, then the LP investor, and whatever net profit remains flows to the ownership group. Each investor's expected return can be a fixed dollar amount or a percent of their capital, and either a one-time total over the hold or an annualized figure applied across the sellout period.

Sponsor Fee
Ongoing Expenses (dev overhead)

These are the project’s ongoing development expenses. Each is its own line item in the monthly capital stack — the grid auto-spreads every total evenly across the active-build window (month 1 through the last scheduled delivery) and drops to $0 once construction ends and the project is just waiting on presold lot closings. Override any month directly in the capital-stack grid below.

Amount ($)MonthProj. Yr
Amount ($)MonthProj. Yr
Amount ($)MonthProj. Yr
Amount ($)MonthProj. Yr
Amount ($)MonthProj. Yr
Amount ($)MonthProj. Yr
See computed results ↓

Financial Model

Live results

Hold period

Year-by-Year Pro Forma

Annual projection over the selected hold period

Per-Product P&L

Build cost, gross sales, basis share, and net profit for each kept product

Returns by Hold Period

Net profit, project return, and equity multiple at each horizon