Real estate underwriting, built for deal teams.

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PRO-FORMA TERMINAL // REALTIME

Asset Class Model Class-A Logistics Hub • Single-Tenant NNN

Acquisition Basis $12.50M

Underwritten Entry Capitalization

In-Place Cap Rate 5.75%

Unlevered Entry Yield on Cost

10-Yr Levered IRR

18.4%

↑ +3.4% vs Hurdle

Equity MOIC

2.72x

$11.9M Total Dist.

DSCR Covenant

1.45x

Healthy (≥1.30x)

10-Yr Cash Flow & Cumulative Capital Recovery

$11.88M Returned

Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 (Exit)

Senior Debt: 65% LTV • 5.75% Fixed • 30-Yr Amort

Inside the app

A look at the underwriting workspace, scenario comparison, and deal sharing.

Active Underwriting Session • APN: 191331-43417 (Yakima County GIS Verified)

2239 Longfibre Rd Logistics Center

30,675 Sq Ft • 0.70 Acres • M-1 Light Industrial Zoning

$1,850,000 Basis 18.2% Net IRR

Debt & Financing Parameters

Debt Structure

Traditional Fixed-Rate Senior 1st

LTV Ratio 75.0%

Interest Rate 6.50%

Amortization 30 Years

Closing Date Nov 2026

Senior Loan Amount: $1,387,500

Initial Sponsor Equity: $462,500

Live 10-Year Pro-Forma Cash Flow Engine Values in USD ($) • Verified County Benchmark

Metric	Year 1	Year 3	Year 5	Year 7	Year 10 (Exit)
Gross Potential Rent	$185,000	$196,266	$208,218	$220,899	$241,382
Net Operating Income (NOI)	$136,900	$145,237	$154,082	$163,465	$178,623
Annual Debt Service	($88,800)	($88,800)	($88,800)	($88,800)	($88,800)
Net Levered Cash Flow	$48,100	$56,437	$65,282	$74,665	$1,398,623

Models for four property types

Each property type has its own assumptions and formulas. Pick one to see how it works.

Property type 1

Single-Family Residential (BRRRR & ARV)

Built for fix-and-flip, buy-and-hold, and single-family rental (SFR) portfolios.

ARV Equity Creation 1% Maint. Friction Mid-Hold Refi

SFR 5-Year Cash Flow Pro-Forma All values in USD ($)

Line Item	Year 1	Year 2	Year 3 (Refi)	Year 4	Year 5 (Exit)
Gross Market Rent	$38,400	$39,552	$40,738	$41,960	$43,219
Maintenance Reserve (1%)	($3,850)	($3,965)	($4,084)	($4,207)	($4,333)
Net Operating Income (NOI)	$27,420	$28,310	$29,228	$30,175	$31,152
BRRRR Cash-Out Event	—	—	+$87,500	—	—
Net Investor Cash Flow	$9,620	$10,110	$98,028	$11,145	$218,650

Formulas

ARV_Equity_Lift = ARV - (PurchasePrice + Total_CapEx_Rehab)

Refi_Proceeds = (ARV × Refi_LTV) - SeniorDebt_AmortizedBalance

Maintenance_Friction = 0.01 × Appraised_PropertyValue

Automatically isolates forced appreciation from market appreciation. Accounts for leasing friction and vacancy turnover upon tenant renewal cycles.

Property type 2

Multi-Unit Residential (2 to 200+ Units)

Multifamily modeling with Fannie Mae economic vacancy constraints and tiered property management scaling.

5% Fannie Mae Floor Per-Door Metrics Tiered Mgmt Fees

48-Unit Multifamily Pro-Forma (Per Door Breakdown) 48 Doors • Class B+ Complex

Line Item	Per Door / Mo	Year 1 Total	Year 2 Total	Year 3 Total	Year 5 (Exit)
Gross Potential Rent (GPR)	$1,650	$950,400	$978,912	$1,008,279	$1,070,050
Fannie Mae Vacancy Floor (5.0%)	($82.50)	($47,520)	($48,946)	($50,414)	($53,503)
Tiered Property Mgmt (5.5%)	($86.21)	($49,658)	($51,148)	($52,683)	($55,910)
Stabilized NOI	$1,022	$588,622	$612,410	$637,180	$689,450

Formulas

Effective_Gross_Income = GrossRent × (1 - MAX(Physical_Vacancy, 0.05)) + AncillaryIncome

Per_Door_NOI = Total_NOI / Total_Door_Count

Management_Scale = Units > 50 ? 5.0% : (Units > 16 ? 6.5% : 8.0%)

Enforces strict underwriting covenants mandated by agency lenders (Fannie Mae & Freddie Mac), preventing over-optimistic vacancy assumptions.

Property type 3

Commercial Real Estate (NNN & Modified Gross)

Designed for retail strip centers, medical office buildings, and light industrial flex parks with pass-through CAM mechanics.

NNN CAM Pass-Through Linear Cap Rate Step Debt Yield Covenant

Triple Net (NNN) Expense Recovery & Reimbursements 32,000 Sqft Industrial Flex

Line Item	Year 1	Year 2	Year 3	Year 5	Year 7 (Exit)
Base Rental Income ($24/sqft)	$768,000	$787,200	$806,880	$847,627	$890,523
NNN CAM + Tax Reimbursements	+$144,000	+$148,320	+$152,770	+$162,074	+$171,944
Gross Operating Expenses	($152,000)	($156,560)	($161,257)	($171,077)	($181,495)
Net Operating Income	$760,000	$778,960	$798,393	$838,624	$880,972

Formulas

NNN_Recoveries = Taxes + Insurance + Common_Area_Maintenance (CAM)

Linear_Cap_Step = ExitCap_Base + (HoldYears × 0.05%)

Debt_Yield_Covenant = (Year1_NOI / Senior_Loan_Amount) ≥ 9.50%

Automatically computes CMBS Debt Yield checks and linear cap-rate expansion to protect investors against terminal liquidity compression.

Property type 4

Self-Storage Facilities (Automated & Manned)

Underwrite mini-storage and climate-controlled portfolios by square footage or unit count.

Sqft vs Unit Underwriting Automated OpEx ($1.85/sqft) 5% Promo Concession

55,000 NRA Sqft Self-Storage Pro-Forma 450 Climate & Drive-Up Units

Line Item	Year 1	Year 2	Year 3	Year 4	Year 5 (Exit)
Gross Potential Rent ($1.75/sqft/mo)	$1,155,000	$1,189,650	$1,225,340	$1,262,100	$1,299,963
Promotional Concession (5.0%)	($57,750)	($47,586)	($36,760)	($25,242)	($25,999)
Ancillary (Locks, Admin & Insurance)	+$62,400	+$65,520	+$68,796	+$72,236	+$75,848
Net Operating Income (NOI)	$812,400	$858,210	$903,140	$948,700	$995,200

Formulas

Storage_GPR = Net_Rentable_Sqft × Rate_Per_Sqft × 12

Concession_Deduction = GPR × 0.05 × (1 - LeaseUpProgress)

Automated_OpEx_Rate = IsAutomatedKiosk ? $1.85/sqft : $3.95/sqft

Incorporates tenant move-in discount burn-down curves, tenant property protection insurance commissions, and uncrewed kiosk cost savings.

How the numbers work

Pro-formas, debt schedules, and risk simulations are calculated from your inputs as you edit them.

Pro-formas and scenarios

Ten-year pro-formas, debt amortization schedules and covenant tests recalculate as you change inputs. Save scenarios and compare them against each other.

Monte Carlo simulation

Runs 1,000 simulations that vary cap rates, rent growth and interest rates, and shows the range of likely returns.

Deal memos

Turn a finished underwriting into a printable investment memo or slide deck.

Tax depreciation

27.5-year residential and 39-year commercial MACRS schedules, with optional bonus depreciation and recapture at exit.

Deal sharing

Share a deal by email with viewer or editor access. Everyone works from the same live model instead of passing spreadsheets around.

Privacy

Your pro-formas and deal records are private to your account unless you choose to share them.

Pricing

MathTree is free today, with no limit on deals. Paid plans are coming.

Free

Everything you need to underwrite and share a deal.

$0

✓Up to 10 properties
Unlimited deals until other plans are rolled out
✓Single-family, multifamily, commercial and self-storage models
✓10-year pro-formas and DSCR
✓Scenario comparison
✓Deal sharing and collaboration

Advanced

Coming soon

For investors with larger portfolios.

TBD

✓More than 10 properties
✓Everything in Free

Enterprise

Coming soon

For teams that underwrite together.

Per seat

✓Priced per team member
✓Everything in Advanced

Sources	Amount	Uses	Amount
Senior Debt (75% LTV)	$1,387,500	Purchase Price	$1,850,000
Sponsor Equity Contribution	$462,500	Closing & Financing Costs	$37,500
Total Sources	$1,887,500	Total Uses	$1,887,500

Exit Cap	Terminal Value	Net Exit Proceeds	10-Yr Levered IRR	MOIC
6.50% (Bull)	$2,875,000	$1,842,000	21.6%	2.78x
7.00% (Base)	$2,670,000	$1,637,000	18.2%	2.35x
7.50% (Bear)	$2,490,000	$1,457,000	15.4%	2.01x

Real estate underwriting, built for deal teams.

Inside the app

2239 Longfibre Rd Logistics Center

Prospective Scenario Timeline & Impact Diffing

Primary Baseline Model

+50 bps Rate Sensitivity

Aggressive $1.70M Offer

Share "2239 Longfibre Rd Logistics Center"

Models for four property types

Single-Family Residential (BRRRR & ARV)

Multi-Unit Residential (2 to 200+ Units)

Commercial Real Estate (NNN & Modified Gross)

Self-Storage Facilities (Automated & Manned)

How the numbers work

Pro-formas and scenarios

Monte Carlo simulation

Deal memos

Tax depreciation

Deal sharing

Privacy

Pricing

Free

Advanced

Enterprise

Try it on your next deal.