Underwriting投资测算

Your assumptions, placed against sales that actually closed. Put in what you are assuming about this building and each number is located in the recorded sales around it — then the model runs the full cash flow, the exit, and the sensitivity around your own figures. 把你的假设摆到真实成交旁边。填入你对这栋楼的假设，每一个数字先在它周边的已登记成交里定位 —— 然后模型再跑完整现金流、退出与围绕你自己数字的敏感性。

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. Editable fields are yours; the rest are model defaults. Anything marked Model default is neither this building's record nor this market's number — change those to the terms you can actually get. 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，其余为模型代填。凡标着模型默认的，既不是这栋楼的记录，也不是这个市场的数 —— 请按你实际能拿到的条件改。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

Results测算结果

Run on your figures where the model accepts them; everything else it assumed for you, and says so below. 你填的数字里，模型采纳的那几项已经用上；其余由模型代填，下面逐条列出。

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

Cash Flow by Year — Acquisition to Exit逐年现金流 —— 从收购到退出

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。

Sensitivity to Two Assumptions双变量敏感性

Pick any two assumptions. Everything else stays exactly as you set it; these two move two 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

Assumptions supplied by the model由模型代填的假设

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 拿来比的是这个子市场近 12 季真实成交；该子市场不足 10 笔时，退到它所属的大区。计数就是计数，不是概率。租金涨幅与空置率取自该大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。

Every assumption above now carries the record it was checked against. That is the end of the chain: market, valuation, underwriting — for a building, and for a house. 上面每一条假设，现在都带着它被对照过的那份记录。这条链到此走完：市场、估值、投资测算 —— 对一栋楼是这样，对一套房也是这样。