Houses that rent like units
A build-to-rent community is a rent roll whose units are houses. Altyst underwrites it on the same per-unit engine as multifamily: home types as the unit mix, monthly rents in place and at market, one debt stack over the community.
The community as a unit mix
Three-bed cottages and four-bed detached homes are rows in the mix, each with a count, an in-place rent, and a market rent. Loss-to-lease, concessions, and bad debt behave exactly as they do on an apartment deal, because it is the same machinery underneath.
- Home types as unit-mix rows at $/month
- In-place vs market rents with loss-to-lease
- Reserves and a per-home renovation on a turn schedule
Still dirt? Underwrite the build
A project that has not delivered yet is a land deal with houses at the end, and that is how to run it: construction budget and carry draw on your schedule, lease-up absorbs to stabilization, and the exit capitalizes the stabilized NOI.
- Construction budget, carry, and draw schedule
- Lease-up absorption to stabilization
- Development profit and margin on total cost
Keep exploring
Underwrite your next deal in Altyst
Bring the documents you already have.