Learning Center · Topic
Underwriting
How we evaluate small-to-mid-size multifamily deals: T-12 review, capex reserves, true operating expenses, and the math behind a clean offer.
Articles in Underwriting
3 articles
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Article Underwriting
What is a 60/40 equity deal in real estate?
In a 60/40 equity JV deal, a capital partner owns 60% and the operating partner owns 40% of a property. Returns and tax benefits split by that ratio. Kallpa structures these as direct two-party JVs, not pooled syndications.
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Article Underwriting
Selling a Wichita duplex to a cash buyer
Cash buyers price Wichita duplexes using income, not Zillow estimates. At $1,050 per door per month (illustrative), income-approach value lands near $140,000-$170,000 depending on condition, expenses, and the cap rate applied.
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Article Underwriting
How we underwrite a 5-to-50-unit multifamily deal in 30 minutes
When a seller calls about a property, we can usually tell whether there's a deal in 30 minutes. Address, unit count, current rents. The math is rent roll minus realistic vacancy minus true operating expenses minus capex reserve, divided by a market-appropriate cap rate. Brokers pad each line. We don't.
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