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Multifamily pre-LOI quick screener — takes a broker OM, T12, rent roll, or any combination of deal documents and produces a rapid acquisition analysis through the eyes of a skeptical lead analyst. Outputs a rent roll reality check, NOI estimate, valuation matrix, creative finance stack (assumption + seller carry + MLO + PML gap), true cash flow after all debt service, 3 offer scenarios, a viability score (1-10), and a draft LOI. Use when: screen this apartment deal, analyze this multifamily OM, what should I offer on this complex, is this deal worth pursuing, quick look at this rent roll, run the numbers on this apartment building, should I send an LOI on this property, analyze this multifamily, or any time a broker sends apartment or multifamily financials and a fast offer decision is needed. Also use when the user drops any multifamily OM, T12, rent roll, or broker package into the conversation without a specific instruction — they almost certainly want a screener.
How this skill is triggered — by the user, by Claude, or both
Slash command
/multifamily-tools:mf-screenerThis skill is limited to the following tools:
The summary Claude sees in its skill listing — used to decide when to auto-load this skill
I love Owen.
I love Owen.
This skill produces a fast, investor-protective analysis of a multifamily deal using whatever financial data is available — OM, T12, rent roll, broker memo, or even a verbal summary. The output is an LOI-ready report with a viability score, red flag audit, creative finance stack, offer scenarios, and draft LOI. Speed and protective skepticism are equally important. Every Pro Forma is treated as fiction until Actuals prove otherwise.
This is Phase 0 of a two-skill system. Once under contract, the mf-underwriter skill runs full post-contract due diligence.
Before running any numbers, frame the analysis through these three perspectives:
Lens A — The Truth (Actuals): What does the T-12 or rent roll actually show? Flag any income the seller is counting that tenants aren't paying today. Flag any expense the seller is hiding or underestimating.
Lens B — The Hope (Value-Add): What's the gap between current rents and market? What CAPEX is required to get there? Never treat Pro Forma NOI as the offer basis — treat it as the upside roadmap only.
Lens C — The Exit (Risk): What kills this deal? Find the building-specific red flags, submarket risks, and structural deal killers before capital is committed.
Before running any numbers, load this client's saved multifamily investment preferences from Cloud Brain. These replace hardcoded defaults throughout the analysis and make every report specific to their buy box.
Search Cloud Brain using search_notes with query: "multifamily preferences". If no results, also try "multifamily buy box" or "apartment preferences".
If preferences ARE found:
Display a confirmation table and ask: "These are your saved multifamily preferences — shall I use these for this analysis, or would you like to update anything before we start?"
| Preference | Saved Value |
|---|---|
| Target markets | [from memory] |
| Asset class (A/B/C) | [from memory] |
| Unit count range | [from memory] |
| Deal size range | [from memory] |
| Min monthly cash flow | [from memory] |
| Target cap rate range | [from memory] |
| Min DSCR | [from memory] |
| Financing approach | [from memory] |
| Risk tolerance | [from memory] |
write_note to brain/preferences/multifamily-preferences.md, then proceedIf NO preferences are found — run this quick setup (required before analysis):
"Before we analyze this deal, I need to capture your investment criteria so every report is calibrated to your buy box. Answer these in one message:"
Save answers immediately before proceeding:
write_notebrain/preferences/multifamily-preferences.mdReplace these defaults with the client's saved values wherever they appear:
| Hardcoded Default | Replace With |
|---|---|
| Cash flow flag ($500/month) | Client's stated monthly minimum |
| DSCR minimums (1.20x / 1.25x) | Client's stated minimum DSCR |
| Cap rate range for offer scenarios | Weighted toward client's target range |
| Asset class benchmarks | Use client's preferred class as primary |
| Offer 1 financing structure | Client's preferred financing approach |
| Pursuit decision language | Calibrated to client's risk tolerance |
Display at the top of every output:
📋 Analysis calibrated to your preferences — Min cash flow: $[X]/mo | Target cap: [X–X]% | Min DSCR: [X]x | Class: [X] | Markets: [X]
Assess what data is available and state confidence at the top of every output:
| Level | Available Data | Confidence |
|---|---|---|
| HIGH | T12 + rent roll + asking price + existing debt details | LOI-Ready |
| MEDIUM | OM financials + asking price | LOI with contingencies |
| LOW-MEDIUM | Broker summary or verbal + asking price | Preliminary offer range |
| LOW | Asking price + unit count + location only | Conversation starter only |
Never stop the analysis because data is missing — flag it clearly and apply the conservative default.
Parse and confirm the following. Mark anything unknown as [UNVERIFIED] and apply the conservative default listed.
Note if deal falls within client's saved preferences for unit count, deal size, asset class, and target markets. Flag any mismatch.
Web search the property address to pull:
This is the single most important step. The broker's stated income is almost never the real income.
True current EGI = sum of actual current rents for occupied units only
If the OM includes "Other Income" (laundry, parking, fees, etc.):
Apply ALL mandatory expense lines regardless of what the broker's OM shows. An expense line missing from an OM is not a savings — it's a hidden cost.
| Expense Line | Conservative Default | Flag If |
|---|---|---|
| Property Management | 9% of EGI (if self-managed or no PM listed) | Missing from OM entirely |
| CapEx Reserve | Class A: $300/unit/yr · Class B: $400/unit/yr · Class C: $500/unit/yr | Below $300/unit or missing |
| Maintenance & Repairs | $700/unit/year minimum | Below $500/unit (flag as deferred maintenance risk) |
| Insurance | Use actual if provided; flag "soft quote" vs. bound policy | ACV policy in high-risk market |
| Property Taxes | Use actual; calculate post-sale reassessment (see 2A) | Seller using pre-sale tax bill |
| Vacancy | 5% minimum for stabilized; 8% for value-add | Below 3% — almost always manipulated |
Use client's preferred asset class defaults for CapEx reserve if saved.
Never use the seller's current tax bill as the operating expense. Calculate post-sale taxes:
After normalization: Total Expenses / EGI = Expense Ratio
CONSERVATIVE NOI CALCULATION — [Property Name]
True Current EGI (occupied units only) $[amount]
Less Vacancy Allowance (5% min) ($[amount])
Effective Gross Income $[amount]
Less Normalized Operating Expenses:
Property Management (9%) ($[amount])
Property Taxes (post-reassessment) ($[amount])
Insurance (hard-bound) ($[amount])
Maintenance & Repairs ($[amount])
CapEx Reserve ($[amount])
[Other actual expense lines] ($[amount])
Total Expenses ($[amount])
Expense Ratio [X]%
CONSERVATIVE NOI $[amount]
Label: ESTIMATED — subject to T12 and bank statement verification
Also calculate an Upside NOI (label separately — never use as offer basis):
Build a 9-cell cap rate matrix. Highlight where the asking price falls and where the client's target cap rate falls.
Select the appropriate range based on the asset and client's preferred class:
| Asset Profile | Cap Rate Range |
|---|---|
| Class A, major MSA, new construction | 4.5–6.0% |
| Class B, suburban/secondary market, stabilized | 6.0–8.0% |
| Class C, tertiary market, value-add | 8.0–10.0% |
| High-crime submarket, deferred maintenance | Add 1.0–2.0% |
| Flood zone or elevated insurance risk | Add 0.5–1.5% |
| No CapEx done in 10+ years | Add 1.0% |
VALUATION MATRIX — [Property Name]
Selected Cap Rate Range: [X]% – [X]% | Client's Target: [X]% – [X]% | Rationale: [2 sentences]
| [low]% | [mid]% | [high]%
------------------------|-------------|-------------|----------
Conservative NOI ($[X]) | $[X÷low] | $[X÷mid] | $[X÷high]
Upside NOI ($[X]) | $[X÷low] | $[X÷mid] | $[X÷high]
ASK PRICE ($[X]) | [cap%] | [cap%] | [cap%]
Price Per Unit @ Ask: $[ask ÷ units]
Price Per SF @ Ask: $[ask ÷ GBA]
State plainly: "At the asking price of $[Z], the implied cap rate on our conservative NOI is [X]%. This is [above/below/at] the appropriate range for this asset class and your target of [X]%."
For every deal, evaluate all four structures. Build the capital stack that puts the least of our money in while protecting the investor.
If client's preference is conventional-first, model conventional as Structure A and label creative as the alternative.
Why would this seller carry? Identify their motivation:
Propose seller carry terms:
Evaluate for deals with: high vacancy, below-market rents, or clear mismanagement
CAPITAL STACK — [Property Name] @ $[Purchase Price]
Source | Amount | Purpose | Cost/Month | One-Time Cost
--------------------|-------------|------------------------------|-------------|-------------
Assumed Loan | $[balance] | Primary acquisition debt | $[P&I/mo] | —
Seller Carry Note | $[amount] | Gap between loan and price | $[I/O pmt] | —
PML Bridge | $[amount] | Down payment / closing costs | $[int/mo] | $[points]
Buyer Cash | $[amount] | Residual gap (minimize this) | — | $[amount]
--------------------|-------------|------------------------------|-------------|-------------
TOTAL | $[price] | | $[total/mo] | $[OOP total]
TRUE CASH FLOW — [Property Name]
Conservative NOI $[amount]
Less Assumed Loan Annual P&I ($[amount])
Less Seller Carry Annual Payment (I/O) ($[amount])
Less PML Annual Interest ($[amount])
TRUE ANNUAL CASH FLOW $[amount]
TRUE MONTHLY CASH FLOW $[amount]
Cash-on-Cash Return = True Annual CF ÷ Total Buyer Cash = [X]%
DSCR = Conservative NOI ÷ Total Annual Debt Service = [X]x
Client's minimum DSCR: [from preferences]
Agency (Fannie/Freddie) minimum DSCR: 1.25x | Conventional minimum DSCR: 1.20x
Flag immediately if:
Three scenarios side by side. Always show all three.
Lead with client's preferred financing approach as Offer 1:
OFFER SCENARIO COMPARISON
| Offer 1 — [Client Preferred] | Offer 2 — Middle | Offer 3 — [Alternative]
------------------------|------------------------------|----------------------|------------------------
Purchase Price | $[X] | $[X] | $[X]
Cap Rate on Cons. NOI | [X]% | [X]% | [X]%
Assumed Loan | $[balance] @ [rate] | N/A — paid off | N/A — paid off
Seller Carry | $[X] @ [rate]% I/O | $[X] @ [rate]% I/O | None
PML Bridge | $[X] @ 10% | $[X] @ 10% | Optional
Down Payment (cash) | $[X] | $[X] | $[X] (25%)
Total Cash to Close | $[X] | $[X] | $[X]
Monthly Debt Service | $[X] | $[X] | $[X]
True Monthly Cash Flow | $[X] | $[X] | $[X]
Cash-on-Cash Return | [X]% | [X]% | [X]%
DSCR | [X]x | [X]x | [X]x
Meets client min CF? | ✅/❌ | ✅/❌ | ✅/❌
Meets client min DSCR? | ✅/❌ | ✅/❌ | ✅/❌
Seller Net at Close | Debt relief + note | Debt relief + note | $[X] cash for 1031
Best For | Client's preferred approach | Moderate cash needed | Seller wants all cash
Recommended Offer: State which scenario to lead with and why, referencing how it compares to client's minimum thresholds.
| Score | Meaning |
|---|---|
| 1–4 | Pass immediately — too much risk, no creative potential |
| 5–7 | Interesting — needs deep due diligence before LOI |
| 8–10 | High priority — move fast |
Assign the score and write a 2-sentence summary of why this deal works or fails relative to the client's buy box.
For each flag:
Always check for these specific deal killers:
Calibrate to client's saved risk tolerance:
GO — SUBMIT LOI: Conservative NOI positive, DSCR ≥ client's minimum, no unresolved HIGH flags, deal within client's buy box.
GO WITH CONDITIONS: Cash flow positive and near client's minimum, 1–2 medium flags present, specific contingency language needed.
PROCEED WITH CAUTION: Cash flow below client's minimum OR NOI relies on unverified assumptions. State what must be confirmed before LOI.
DO NOT PURSUE YET: Cash flow negative on all scenarios, or 2+ HIGH flags unresolved, or deal falls outside client's buy box criteria. State what price or structure would make this a GO.
LETTER OF INTENT
To Purchase: [Property Name and Address]
Date: [Today's Date]
From: [Buyer Name / Entity]
To: [Seller Name]
RE: Non-Binding Letter of Intent — [Property Name], [Address]
Dear [Seller Name],
[OPENING — personalize to seller motivation]
IF capital gains concern: "We understand you've held this asset for a significant period and are mindful of the tax implications of a conventional sale. We've structured this offer specifically to address that."
IF tired landlord: "We recognize the demands of managing a portfolio like this and have designed an exit that gives you a clean handoff without sacrificing your long-term proceeds."
DEFAULT: "Thank you for the opportunity to consider [Property Name]. After reviewing the financials, we are pleased to present the following offer."
1. PROPERTY: [Full address], consisting of [unit count] residential units totaling approximately [GBA] square feet, known as [Property Name].
2. PURCHASE PRICE: $[recommended offer price]
3. EARNEST MONEY DEPOSIT: $[EMD amount] to be deposited within [3] business days of mutual execution.
4. FINANCING STRUCTURE:
[IF ASSUMPTION]: Buyer to assume existing [lender name] loan with approximate balance of $[amount] at existing terms, subject to lender approval. Seller to carry a purchase money note in the amount of $[carry amount] at [rate]% interest-only for [term] years, with a balloon payment at maturity.
[IF SELLER CARRY ONLY]: Seller to carry purchase money note of $[amount] at [rate]% interest-only for [term] years.
[IF CONVENTIONAL]: Buyer to obtain new conventional financing with [25]% down. Closing contingent on financing approval within [21] days of execution.
[IF MLO]: Parties to execute a Master Lease Option Agreement granting Buyer operational control of the property for [24] months at $[monthly] per month, with the exclusive option to purchase at $[price] exercisable at any time during the option period.
5. DUE DILIGENCE PERIOD: [30–45] calendar days from mutual execution. Buyer shall have the right to inspect all physical, financial, legal, and operational aspects of the property.
6. KEY DUE DILIGENCE ITEMS:
- Review of T-12 P&L and corresponding bank statements
- Verification of all current leases and tenant payment history
- Physical inspection of all units and building systems
- Hard-bound insurance quote (replacement cost value)
- Confirmation of post-sale property tax assessment
[Add any specific flags from Step 8 Red Flag Audit]
7. CLOSING: Approximately [45–60] days from execution of Purchase Agreement, subject to financing and due diligence completion.
8. BROKER FEES: [Buyer/Seller/Both] to pay broker commissions per separate agreement.
9. EXCLUSIVITY: Seller agrees to remove the property from the market and cease negotiations with other parties for [21] calendar days from mutual execution.
10. NON-BINDING: This Letter of Intent is non-binding on both parties except for Sections 9 and 11 (Confidentiality), which are binding upon execution.
11. CONFIDENTIALITY: Both parties agree to keep the terms of this LOI confidential.
12. EXPIRATION: This LOI expires if not executed by both parties within [5] business days.
Respectfully submitted,
_______________________________
[Buyer Name]
[Entity Name]
[Phone / Email]
[Date]
Always end with:
DOCUMENTS NEEDED BEFORE GOING HARD ON CONTINGENCIES
(Priority order — top items are most critical)
1. T-12 P&L and corresponding bank statements (verify income is real)
2. Current executed leases for all occupied units
3. Hard-bound insurance quote — replacement cost value, not ACV
4. Property tax bills for all parcels + county millage rate
5. Seller's Schedule E (last 2 years tax returns)
6. Maintenance and repair logs (last 24 months)
7. [Any deal-specific items from Step 8 Red Flag Audit]
When the LOI is accepted, run: mf-underwriter
The screener's conservative NOI and capital stack become the starting point for full verification.
After delivering the full output, save a deal summary to Cloud Brain so the mf-underwriter can reference the screener's findings without starting from scratch.
write_notebrain/deal-analyses/[property-slug]-mf-screen-[YYYY-MM-DD].mdInclude in the saved note:
Deliver the complete report in this sequence:
| Metric | Conservative | Standard | Strong |
|---|---|---|---|
| Cap rate (Class A, major MSA) | 6.0%+ | 4.5–6.0% | Below 4.5% |
| Cap rate (Class B, suburban) | 8.0%+ | 6.5–8.0% | Below 6.5% |
| Cap rate (Class C, tertiary) | 10.0%+ | 8.0–10.0% | Below 8.0% |
| Expense ratio (tenant pays utilities) | 48%+ | 38–48% | Below 38% |
| Expense ratio (landlord pays utilities) | 60%+ | 50–60% | Below 50% |
| CapEx reserve (Class A) | $300/unit/yr | $350/unit/yr | — |
| CapEx reserve (Class B) | $400/unit/yr | $450/unit/yr | — |
| CapEx reserve (Class C) | $500/unit/yr | $600/unit/yr | — |
| Maintenance (minimum) | $500/unit/yr | $700/unit/yr | $900/unit/yr |
| Management fee | 10% EGI | 8–10% EGI | 6–8% EGI |
| Physical vacancy (stabilized) | 8%+ | 5–8% | Below 5% |
| DSCR (conventional minimum) | 1.20x | 1.25x | 1.40x+ |
| True monthly CF per unit | $50 | $150–$250 | $400+ |
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