Underwriting投资测算

Your assumptions, checked against sales that actually closed. Not another return calculator: put in what you are assuming, and we will tell you where each number sits in the sales recorded around this building. 对照真实成交检验你的假设。这里不算收益率 —— 把你的假设填进来，我们告诉你每一个数字在这栋楼周边真实成交过的价格里站在什么位置。

This is a real example. To run your own building, pick one on the valuation page first — it hands this page the coordinates. 这是一个真实例子。想算你自己那栋楼，先去估值页选一栋 —— 坐标由那一页带过来。

The building这栋楼

Units单元数

Asking price $要价 $

In-place rent $/mo (all units)在手月租金合计 $

Your assumptions你的假设

Everything the model runs on, in one place. Boxes you can change are yours; the rest the engine assumed. Where we hold a record to compare against, the last column says where your number sits in it. 模型跑起来靠的全部假设，都在这一张表里。带输入框的是你能改的，其余是引擎替你假设的。凡是我们有真实成交可对照的，最后一列告诉你这个数站在什么位置。

Assumption项	Value你的值	Source来源	Against the record对照记录

What the numbers come out at算出来是什么

Run on your figures where the engine accepts them; everything else it assumed for you, and says so below. 你填的数字里，引擎认的那几项已经用上；其余是它替你假设的，下面逐条列出。

Measure指标	Value数值	Where it comes from这个数从哪来

Where the money goes, year by year这笔钱逐年怎么走

One table, top to bottom: what you put in at close, what the building earns each year, and what comes back when you sell. Scroll sideways for later years; the line item and the hold-period total stay put. 一张表从上到下走完一笔投资：成交时投进去多少、每年赚回多少、卖出时拿回多少。年份可以左右滑，左边的科目与持有期合计固定不动。

What moves the answer什么会改变这个答案

Pick any two assumptions. Everything else stays exactly as you set it; these two move five steps either side of your own figure. 任选两项假设。其余全部保持你设定的样子，只有这两项在你自己的数字两侧各走两档。

Across横轴 Down纵轴

What the engine decided for you引擎替你判断了什么

How to read this.怎么读这张表。 The exit cap is compared against sales that closed in the last 12 quarters in this submarket — or, when that submarket has fewer than 10 such sales, in its wider cluster. Counts are counts, not probabilities. Rent growth and vacancy come from the latest measured quarter for the cluster, not a forecast. We hold no benchmark for operating expenses or loan pricing, so those two rows say so rather than guess. Everything here describes position, not merit. 退出 cap 拿来比的是这个片区近 12 季真实成交；该片区不足 10 笔时，退到它所属的大片区。计数就是计数，不是概率。租金涨幅与空置率取自该大片区最近一个**实测**季度，不是预测。运营费用与贷款利率我们没有基准，所以那两行直说没有，而不是猜一个。全部只描述位置，不评价好坏。

This panel places one building's assumptions next to what its submarket has recorded. The residential path asks the same thing of a single home — what it returns if you hold it, against not buying at all. 这一段把一栋楼的假设摆在它所属片区的实际记录旁边。住宅那条路对一套房问同样的问题 —— 持有它能拿到什么，以及和干脆不买相比差多少。