Noah AhdootMy Resume

The model

Run the numbers.

Two stripped-down versions of the models I build: levered returns on an acquisition, and how a lender sizes the loan against them. Move any assumption; everything recalculates in your browser. The deal is hypothetical, and none of it is investment advice.

Hypothetical deal24-unit walk-up$12.0M$500K / unit

Scenarios

Assumptions

Entry
5.50%
Operations
3.00%
Debt
60%
6.250%
Exit
5.75%
5 years

Simplified on purpose: year-one NOI of $660K growing at one rate, a 30-year amortizing loan, 2% costs in and out, and a sale priced off the following year’s NOI. Not a real deal, and not investment advice.

Levered IRR
7.6%
Equity multiple
1.42x
Year-one cash-on-cash
2.5%
Year-one DSCR
1.24x

Negative leverage

The property yields 5.39% on all-in cost, but debt service runs 7.39% of the loan a year. Borrowing drags year-one cash-on-cash to 2.54%, so the return has to come from growth and the exit.

Where the money comes back fromover a 5-year hold
Equity in $5.0M
Cash flow after debt
$844K
Sale, after loan payoff
$6.32M
Share from the sale
88%

Levered IRR sensitivity

Rows flex NOI growth, columns flex exit cap, everything else held. The outlined cell is your base case. Click a cell to adopt it.

  1. < 0%
  2. 0–4
  3. 4–8
  4. 8–12
  5. 12–16
  6. 16–20
  7. 20%+
Growth ↓Exit cap →5.25%5.50%5.75%6.00%6.25%
1.0%
2.0%
3.0%
4.0%
5.0%

Cash flow to equity

$ in thousands

Year012345
NOI–660680700721743
Debt service–(532)(532)(532)(532)(532)
Net sale proceeds–––––6,320
To equity(5,040)1281481681896,531