How We Think
Sample Underwriting Walkthroughs.
We're a new firm — we don't have closed deals to show yet. Instead, here are three illustrative teardowns, modeled on real listings, that demonstrate exactly how we evaluate a property: pass, watch, or buy, with full numbers and reasoning.
Sample: Pass
4BR Mountain-View Cabin
"Looks great on paper. Doesn't pencil at this price."
Deal Inputs
Underwriting (Year 1)
Comp set median; we underwrite to 90% of this.
Conservative vs. 68% comp avg.
38% of gross — STR tax, cleaning, utilities, insurance, PM tech.
0.6% cash-on-cash. Effectively zero.
What We Liked
- +Strong view corridor, walk to attractions
- +Recently updated kitchen & primary bath
- +Listed rental history shows $58K gross — real, not projected
What Concerned Us
- −Seller pricing 18% above comparable sold properties from Q3 2025
- −HOA at $4,200/yr with rumored special assessment for road maintenance
- −Comp set ADR has compressed 6% over trailing 12 months
- −At 7.25% debt, every 5% ADR miss turns this negative
Our Call
If the seller drops to $585K we run it again. At list, we'd need either rates back below 6.5% or a +15% ADR thesis we can't honestly defend. We pass and tell the broker exactly why.
Methodology
The Filters We Run Every Deal Through.
Comp Set Reality
We underwrite to 90% of comp ADR. If the seller's projection assumes top-decile performance Day 1, that's a flag.
Insurance First
Insurance is now the #1 swing variable in coastal and mountain markets. We get a real quote before we get serious.
Cash Buffer
Every deal must hold 6 months of debt service in reserve. No exceptions, regardless of cash-flow projections.
Exit Math
We model a 5-year sale at flat appreciation. If the numbers only work with 4%+ annual appreciation, we pass.
Our First Deals
Founding Partners See Live Underwriting First.
We're sourcing our first deals now. The first three investor partners receive preferred Founding Partner terms — and see every property memo before it's offered more broadly.