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Cardone Capital Framework · Multifamily Underwriting
Investigative Properties · powered by JFH Group
Underwriting Terminal · Live
Run the numbers. Get the verdict.
A private deal desk for multifamily acquisitions. Enter the deal, watch the engine underwrite income, expenses, NOI, debt and returns against the five Cardone Capital rules — then it tells you to do the deal, watch it, or pass on it.
Underwriting
Reconciling income & vacancy
Tabulating operating expenses
Resolving net operating income
Sizing debt service & coverage
Projecting returns & IRR
🏢Property
$
$
$
%
🏦Financing & Cash In
%
%
yr
% of price (typ. 2-4%)
%
upfront renovation $
$
💸Annual Expenses
%
$
Typical $50-100/unit/mo. Original template's $800 was ~10x too high.
$
%
$
$
📈Projection & Exit
%
%
yr
= entry cap rate
🎯Goal
$
Verdict
PASS ON IT
1 of 5 Cardone rules passed
ANNUAL CASH FLOW
$7,093
$591/mo · $30/unit/mo
Cap Rate
5.97%
✗ FAIL
Cash-on-Cash
1.03%
on total cash in
✗ FAIL
DSCR
1.05
✗ FAIL
GRM
7.4
✓ PASS
CF / Unit / Mo
$30
✗ FAIL
Price / Unit
$125,000
Below market = win
💰True Cash Invested
Down Payment$625,000
Closing Costs$62,500
Rehab / Initial CapEx$0
Total Cash Invested$687,500
CoC (total cash in)1.03%
CoC (down only)1.13%
Cash-on-Cash is based on total cash invested (down + closing + rehab), the truer return. Down-only is shown for reference.
Income
Gross Rent$336,000
Other Income$6,000
Gross Income$342,000
Vacancy Loss-$17,100
Effective Gross Income$324,900
Operating Expenses
Property Taxes$30,000
Insurance$8,000
Maintenance$15,600
Prop. Management$25,992
Utilities$48,000
CapEx Reserve$48,000
NOI$149,308
Annual Debt Service($142,215)
🚀5-Year Projection & Returns
5-Yr IRR
9.88%
Equity Multiple
1.58x
Total Profit
$399,553
Net Sale Proceeds
$989,843
| Year | EGI | OpEx | NOI | Cash Flow |
|---|---|---|---|---|
| Yr 1 | $324,900 | $175,592 | $149,308 | $7,093 |
| Yr 2 | $334,647 | $179,362 | $155,285 | $13,070 |
| Yr 3 | $344,686 | $183,230 | $161,457 | $19,241 |
| Yr 4 | $355,027 | $187,198 | $167,829 | $25,613 |
| Yr 5 | $365,678 | $191,270 | $174,408 | $32,192 |
| Exit @ 5.97% | Sale $2,920,265 − 6% − loan $1,755,206 | Net $989,843 | ||
IRR uses the full cash-flow series: −$687,500 invested, 5 years of cash flow, plus net sale proceeds at exit (final-year NOI ÷ exit cap, less 6% selling costs and remaining loan balance).
📋Cardone Rules Checklist
✗
Cap Rate ≥ 6% (Minimum Yield)
Actual: 5.97% · Target: ≥ 6%
✗
Cash-on-Cash ≥ 10% (Equity Return)
Actual: 1.03% · Target: ≥ 10%
✗
DSCR ≥ 1.25 (Debt Coverage)
Actual: 1.05 · Target: ≥ 1.25
✓
GRM ≤ 12 (Price vs. Rent)
Actual: 7.4 · Target: ≤ 12
✗
Cash Flow ≥ $100/Unit/Month
Actual: $30 · Target: ≥ $100
$500K/Year Freedom Goal
This Deal Produces
$7,093
Deals Like This Needed
71
1.4% of goal per deal
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