Real Estate Underwriting delivered under one principal.
Institutional three-case real estate underwriting for Central Florida development, value-add, and build-to-rent deals. Downside-first modeling grounded in real GC construction estimates.
The problem we solve.
Most small-deal real estate fails at underwriting — not construction. A pro-forma that relies on a broker's construction number or a spreadsheet-derived rent assumption is a pro-forma that will not survive a hard quarter. Our underwriting starts at the downside case and works up.
What you get when you engage River for real estate underwriting.
Three-case discipline
Downside, base, and upside — each case has explicit construction cost, timeline, rent/sale comps, lease-up pace, financing assumptions, and exit cap rate.
GC-sourced construction input
Our in-house licensed Florida GC prices every line of the project. No speculative per-square-foot numbers.
Comp-anchored revenue
Rent and sales assumptions are tied to dated comps in the specific submarket — not city-level averages.
Sensitivity & break-even
We publish the break-even rent, break-even cap rate, and break-even cost overrun for every deal we recommend.
Written thesis memo
Every underwrite ships with a one-page thesis: what we believe, what could kill it, and how we're positioned if the downside hits.