Multifamily & Mixed-Use · 5–100 Units · Under $5M

Know What a Deal Is
Actually Worth
Before You Commit.

Independent pre-offer analysis for investors acquiring 5 to 100 unit multifamily and mixed-use properties. The calculator is only as good as the data you feed it. We verify the data first.

Advertised Cap Rate
7.39%
Seller stated / OM presented
Corrected Cap Rate
5.74%
After benchmark expense normalization
$555K
Overpricing Found
9
Risk Flags Screened
165
BPS Gap Identified
24hr
Turnaround Time
The Problem

The Seller's Numbers
Are Rarely as Clean
as They Look.

Most multifamily buyers open the offering memorandum, copy the stated NOI into a calculator, get a green result, and move forward. The calculator does exactly what it's supposed to — it just had bad data going in.

A management fee understated by $60,000. A vacancy rate listed at zero. A property tax figure that predates a reassessment year. Deferred maintenance that doesn't appear anywhere in the expense stack.

"By the time a buyer finds these issues, they are either walking away from a deal or negotiating under pressure. We find them first."

— Chris Czernisz, OnPath Systems

OnPath Systems applies institutional-grade underwriting rigor to individual investor deals — the same analysis a lender's analyst runs, delivered before you make an offer.

deal_analysis.sh — 3200 Indiana St, Racine WI
// Seller Stated NOI$136,741
// Property3200 Indiana St, Racine WI — 20 Units
$ running analysis...

Insurance$443/unit [BROKER ESTIMATE]
↳ benchmark$800/unit — 45% understated
Repairs & Maintenance$150/unit [BROKER ESTIMATE]
↳ 1979 benchmark$900/unit — 83% understated
Management Fee5% [BELOW FLOOR]
↳ benchmark floor8% of EGI
Expense Stack10 of 12 lines — broker estimates

$ correcting NOI...

Corrected NOI$106,187
Corrected Cap Rate5.74% (was 7.39%)
Fair Value Range$1.25M – $1.42M
Asking Price Gap-$555K overpriced at market cap

→ VERDICT: NO-GO AT $1.85M ASK
Services & Pricing

Built for the
5–100 Unit Buyer.

Three tiers built for the 5 to 100 unit multifamily and mixed-use buyer. All analyses delivered as a full written memo — formatted for lender conversations, LOI preparation, or simply knowing whether to walk.

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Quick Screen
$150
24-hour turnaround
  • Document sufficiency check
  • 9-point risk flag screen
  • Corrected cap rate calculation
  • Go / No-Go verdict
  • Top 3 seller questions
  • Works from OM only
Portfolio Review
$500
48-hour delivery
  • Up to 3 properties
  • Full underwrite on each
  • Comparative ranking
  • 30-min debrief call
  • Revenue optimization review
  • Best use recommendation

Thinking About Selling Your Multifamily?

A pre-listing analysis tells you exactly what a buyer's analyst will find before you set your price publicly — so you go to market with numbers that hold up to scrutiny. Built for the same 5 to 100 unit asset class. Same rigor. Same pricing. Different question.

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Recent Work

What Gets Caught
Inside the OM.

A recent analysis on a 20-unit multifamily building in Racine, WI — listed at $1,850,000 with a 7.39% advertised cap rate. Here is what independent underwriting found inside the seller's own documents.

  • 01
    Repairs & Maintenance at $150/Unit — 83% Below Benchmark The OM stated $3,000/year total R&M on a 45-year-old 1979 building. The defensible benchmark for that vintage is $900/unit — $18,000/year. A single line item correction of $15,000 that any experienced buyer should catch.
  • 02
    Insurance at $443/Unit — 45% Below Benchmark The broker estimated $8,868/year for insurance. The market benchmark for a 20-unit building is $800/unit — $16,000/year. The OM's figure is not supportable by any real insurance quote on a 1979 property.
  • 03
    10 of 12 Expense Lines Are Broker Estimates — Not Actuals The OM's Operating Statement footnotes explicitly disclose that almost the entire expense stack is broker-estimated. The advertised 7.39% cap rate is built on fabricated inputs. Only real estate taxes were grounded in an actual assessment.
  • 04
    Post-Sale Tax Reassessment Could Add $15,000+ to Annual Expenses Wisconsin reassessment upon a $1.85M sale could push assessed value to market price. Applying the current mill rate to $1.85M assessed value yields ~$43,475/year in taxes — a $15,799 increase that reduces corrected NOI from $106K to $90K.
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$555K
Overpricing Gap Identified
Corrected cap rate of 5.74% versus the advertised 7.39% — a 165 basis point gap — produced a corrected fair value of $1.29M against a $1,850,000 asking price.

The expense stack was almost entirely broker-estimated. The seller's own footnotes disclosed it. Most buyers never read the footnotes.
Verdict Breakdown
Flags Triggered 4 of 10 applicable
DSCR (Best Financing) 0.96× — Negative CF
Suggested Offer $1.25M – $1.42M
Final Decision NO-GO AT $1.85M ASK
The Process

Simple. Fast.
No Surprises.

01

Submit Your Deal

Fill out the form with your property details and attach whatever documents you have — OM, rent roll, T12. More documents means higher confidence.

02

Pay & Confirm

Choose your tier and complete payment. You'll receive a confirmation with turnaround time. Analysis begins immediately on receipt.

03

Receive Your Memo

A full written analysis delivered as a PDF. Corrected NOI, risk flags, financing scenarios, offer anchor. Formatted for lender conversations.

04

Negotiate With Confidence

You know what the deal is actually worth, where the seller's numbers diverge, and exactly what to ask before you commit a dollar.

Get Started

Ready to Look
at a Deal?

Send over what you have on your 5 to 100 unit multifamily or mixed-use deal and we'll tell you what it's worth. If you're early in the process and only have a listing sheet, that's fine — we'll tell you exactly what to request from the broker.

Not sure yet? Request the free sample report. We'll send it over and schedule a 15-minute walkthrough — no obligation, no pitch. You'll see exactly what you're getting before you spend a dollar.

Response within 24 hours. Analysis delivered same day for Full Underwrite and Quick Screen tiers.

🌐
Website
onpathsystems.com
Turnaround
Same day to 48 hours depending on tier
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