Free playbook for multi-family investors and acquisitions teams

The Complete Claude Playbook: Multi-Family Underwriting

A broker drops a 40-page OM with a rent roll spread across three differently-formatted tabs and a pro-forma where everything goes right. You have until Friday to come back with a number. So does everyone else on the blast. This playbook is the system that gets you there first.

The spread isn't in the offering memo, it's buried in the rent roll, and your edge is reading the truth faster than the next buyer. Inside, in one PDF: the four-stage engine, the normalization rules that restate the seller's NOI, the signal library, the scoring model, and the honest ceilings — built to run on Claude. The re-keying grind it replaces is where most apartment buyers lose the week.

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Who this is for

If your pipeline depends on pricing OMs before the broker's window closes, the constraint is throughput. This removes throughput as the constraint.

Acquisitions teams

You know your buy box cold. What you don't have is the analyst-hours to rekey every rent roll and T-12 before you can even price the deal.

Value-add operators

Most apartment deals die on the spreadsheet, correctly. The engine gets each OM to a real trailing NOI fast, so you kill the bad ones and chase the one that pencils.

Funds and family offices

One analyst, several target submarkets. Underwrite every OM to a defensible number in hours, because the first credible LOI usually controls the deal.

The four-stage engine

Intake, Normalize, Model, Decide — four chained stages, not one mega-prompt. When a broker's rent-roll format breaks the parse, you rerun one stage, not the whole deal. The signal library and the honest ceiling sit underneath every score.

Intake the OM, T-12, and rent roll

OMs, broker emails, and off-market parcels land in one place. The agent extracts the deal facts — unit count, year built, submarket, asking, in-place rents, and the loan being assumed or paid off.

Normalize to a real trailing NOI

Fold the OM, T-12, and rent roll into one comparable model. Strip the one-time items dressed into NOI, restate to a real trailing NOI, true-up taxes and insurance to a buyer's basis, and reconcile the rent roll against the income statement.

Model the value-add and size agency debt

Run the reposition — renovate, push rents, refi or sell — size the agency loan, and stress DSCR and exit cap against today's rate. Rate and rent-growth assumptions stay visible and sensitized, never buried.

Decide with a ranked pipeline + IC memo

A ranked deal pipeline, a drafted IC memo, the LOI math, and a debt-maturity watchlist. You reach a defensible number in hours instead of days, while the broker's window is still open.

The underwriting signal library

Additive, explainable signals you tune against your own closed deals: loss-to-lease and concessions in the rent roll, expense ratios and the property-tax line that resets on sale in the T-12, and assumable below-market agency debt or an expiring rate cap in the public debt record.

The honest ceiling, built in

The seller's T-12 and rent roll are marketing documents until proven. The engine sharpens your going-in read; it never replaces the lease audit, the estoppels, and the physical walk that turn the underwriting number into the true number — that work happens after the LOI, by humans.

How to run it

Start in conversation mode today: a Claude project, the playbook's prompts, and one broker OM. Agent mode is the production configuration that turns the inbox into an OM-to-IC-memo pipeline, and the prompt suite doubles as its specification if you have an engineer.

Claude

Project, conversation mode

No code

Claude Code

Agent mode

Dev env

Your underwriting model

The agent fills it

Any

Your first run

Drop a broker's OM, T-12, and rent roll into a Claude project, and open the intake stage:

You are underwriting a multi-family acquisition from broker documents.

OFFERING MEMO: [paste or attach the OM]
T-12: [attach the trailing-twelve operating statement]
RENT ROLL: [attach the rent roll]

First, restate the deal facts you extracted — unit count, year built,
submarket, asking price, in-place rents, and the loan being assumed
or paid off — so I can correct any misread before you normalize a
single number.

The playbook walks all four stages, including the normalization rules that restate the seller's NOI and the human checkpoints — the lease audit, the broker call, the equity raise — that the engine never touches.

Built around your acquisitions.

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