BTR Development Model

◆ BTR Development Model — Through Stabilization & Hold

⊕ Import pro forma / cost budget (optional) ▾

◆ Project Overview

Project Name

Total Units

Avg Unit Size (SF)

Market

Hold Period (yrs)

◆ Land & Development Costs

Land Cost ($M)

Hard Costs / SF ($)

Soft Costs (% Hard)

Contingency (% Hard)

Construction Period (mo)

Lease-Up Period (mo)

◆ Construction Financing

Construction LTC (%)

Construction Rate (%)

Perm Loan LTV (%)

Perm Rate (%)

◆ Revenue Assumptions

Stabilized Rent/Mo ($)

Stabilized Occupancy (%)

Other Income/Unit/Mo ($)

Annual Rent Growth (%)

◆ Operating Expenses

OpEx/Unit/Mo ($)

OpEx Growth (%)

CapEx Reserve/Unit/Mo ($)

Mgmt Fee (% EGR)

◆ Exit Assumptions

Exit Cap Rate (%)

Selling Costs (%)

◆ Free Rent / Concessions (Lease-Up)

Free Rent Weeks/Unit

Concession Period (mo)

◆ Releasing Costs

Annual Turnover Rate (%)

Releasing Cost/Unit ($)

Downtime Between Leases (days)

Leasing Comm (% of 1st mo)

◆ Equity Structure

GP Split (%)

Pref Return (%)

Promote (%)

◆ Scenario Presets

🏗

BTR Development Model

Enter project assumptions and click Run. The model covers land acquisition through construction, lease-up, stabilization, and hold to exit.

—

Development Timeline

Total Capitalization

Key Return Metrics

Sources & Uses

Development Cost Summary

Development Cost Budget

Debt Summary

Construction Loan

Lease-Up Assumptions

Stabilized Year Pro Forma

Multi-Year Cash Flow (Year 1 through Hold)

Exit Valuation

Unlevered vs Levered Returns

Return Attribution

Equity Waterfall

Institutional Sensitivity — Rent, Construction Cost & Exit Cap

IRR Sensitivity — Exit Cap Rate vs Rent Growth

Break-Even Occupancy

—

Break-even occupancy (covers debt service)

Below this occupancy level, the project does not cover its debt service obligations from operations.

Ask Olesya

Workflow Copilot · EPPS.AI

Built by an operator. Underwriting · Reporting · Development · Advisory

Olesya Epps · Founder, Epps.ai
Institutional Real Estate · Operator-built AI workflows

▾

Olesya Epps

Workflow Copilot · EPPS.AI Institutional Real Estate Operator-built AI Workflows

About Epps.ai →

Ask Olesya

Hi — I'm Olesya, your Workflow Copilot.

Trained on Epps.ai workflows and real-world real estate operating practices, I can help you navigate underwriting, reporting, development, and investment workflows.

What are you working on today?