All-in-One Model for Underwriting - Guide to Getting Started [New]

Why It Matters

The guide accelerates onboarding and scenario setup for underwriting teams while clarifying crucial input conventions and macro workflows to avoid errors; however, users must actively customize inputs and may get better results from purpose‑built models for specific asset types. Robust tutorials and team support reduce implementation risk and speed adoption.

Summary

The video introduces the All‑in‑One underwriting model (version 0.9) — a long‑evolved, modular Excel/acrobat workbook with decades of iterative updates and extensive tutorial support. It explains the model’s structure, including color conventions (blue = required inputs, orange = estimated values you should review, black = fixed), macro dependencies, and how modules (e.g., development, multifamily, office/industrial) turn on or off based on inputs like development length and property type. The presenter emphasizes navigation, version notes, troubleshooting steps for enabling macros, and available support from a team that accepts feature requests. He warns that the model is a broad “jack‑of‑all‑trades” template and that specialized, targeted models may be preferable for niche use cases.

Original Description

An updated guide to getting started with the All-in-One Model for Underwriting Acquisitions and Development. Now on version 0.9, this model has seen over 100 updates since it was first built over a decade ago. Download the latest version of the model:

00:00 - Introduction

00:19 - History and Background of the Model

01:22 - Versions Tab Overview

02:00 - Troubleshooting Macros and Important Links

03:15 - A.CRE Model Formatting Conventions

03:50 - Jack of All Trades Note and Other Models

04:32 - Summary Tab Overview

05:03 - Enabling the Development Module

06:02 - Timing Inputs and Operations Begin Date

07:05 - Orange Font Cells Explained

07:45 - Include Modules: ORI and Multifamily

08:36 - Navigation: Hiding and Showing Tabs

09:33 - Valuation Scenarios: Acquisition vs. Valuation

10:34 - Rate Matrix: Cap Rate and Discount Rate Grid

11:33 - Annual Cap Rate Change Assumption

12:34 - Summary Tab Returns and Debt Metrics

14:23 - Partnership Returns and Waterfall Toggle

15:26 - Property Cash Flow and Permanent Debt Tabs

16:39 - IRR Matrix

17:12 - Equity Cash Flow and Double Promote

18:05 - Tenant Analysis and ORI Module

18:40 - Multifamily Settings and Chart of Accounts

19:20 - Multifamily Operating Statement and Rent Roll Tab

20:41 - ORI Operating Statement and Rent Roll Tab

22:19 - Development Module: Sources, Uses, and Budget

23:32 - Closing Remarks

History: Over a decade ago, this model began as a personal challenge to prove that the type of modeling done in Argus could be replicated in Excel. After multiple versions and hundreds of updates, it evolved from a private project into one of the most widely used free underwriting tools in commercial real estate. Now sitting at version 0.9, it continues to be updated based on feedback from users across the industry.

To read more and download the model, visit: https://www.adventuresincre.com/all-in-one-underwriting-model-for-real-estate-development-and-acquisition/

To view other tutorials for this model, visit: https://www.adventuresincre.com/re-modeling/excel-models/a-cre-all-in-one-model/

Learn to build institutional-quality models of your own: https://www.adventuresincre.com/accelerator/

View all of the models in our Library of Real Estate Excel models: https://www.adventuresincre.com/library-real-estate-excel-models/

SUBSCRIBE: https://www.youtube.com/user/sburtonhome?sub_confirmation=1