Practical guides for small multifamily investors. Permits, taxes, flood zones, debt service, and market-specific research notes.
Twelve things to check before you submit an offer on an apartment building. Public-records-based research that catches what brokers don't disclose and lenders don't bother checking.
The current tax bill on the OM is for the current owner, not for you. Here's how to model the post-sale tax bump in TX, FL, AZ, NC, PA, and other multifamily markets, with worked examples.
Brokers love to advertise 'fully renovated' apartment buildings. Here's how to find out what was actually permitted, and what the seller skipped, before you make an offer.
Miami-Dade has the highest insurance premiums and the most complex regulatory environment of any US multifamily market. Surfside changed everything. Here's how the local rules shape pre-offer underwriting.
Philadelphia multifamily underwriting is unique within Pennsylvania. OPA annual reassessment, L&I rental licensing, ROW certificate, and the 10-year tax abatement program all shape the deal differently than the rest of PA.
Fulton, DeKalb, and Cobb each operate differently on assessments and appeals. The Atlanta-specific items that should drive your pre-offer underwriting, from the property tax appeal freeze to the BeltLine submarket effect.
Houston has the same aggressive Texas property tax reassessment as Dallas, plus the largest floodplain exposure of any major US multifamily market and a deed-restriction system that fills in for the lack of zoning.
Annual reassessment, no income tax, aggressive DCAD after sale, and MUDs in the suburbs. The DFW-specific pre-offer underwriting items that matter most.
Mecklenburg County reappraises every 4 years and your purchase doesn't trigger a reassessment. Here's how to model Charlotte multifamily underwriting around the reappraisal cycle, plus the per-unit solid waste fee that catches buyers off-guard.
Arizona's Limited Property Value system caps annual assessment growth at 5%, which makes Phoenix multifamily underwriting fundamentally different from Texas or Florida. Here's how to model it correctly.
Tampa Bay multifamily underwriting in 2026 is dominated by post-hurricane insurance pricing. Florida's 10% non-homestead assessment cap creates a structural tax escalator. Here's how to model both correctly.
DSCR and debt service stress testing for small multifamily. How to model rate and LTV scenarios pre-offer, what your lender actually wants to see, and the breakeven occupancy that tells you whether the deal really works.
Orlando multifamily underwriting differs from coastal Florida in important ways. Lower hurricane exposure than Tampa or Miami, but the tourism economy concentrates risk in specific submarkets. This is the local context that matters.
Jacksonville offers many of Florida's cash-flow advantages with materially lower hurricane and insurance exposure than South Florida. The Duval-specific underwriting items that matter.
Raleigh multifamily sits in one of the strongest US white-collar growth markets, with Wake County's 4-year reappraisal cycle defining the tax math. Here's what to check before bidding.
FEMA flood zone designation drives your insurance cost, your buyer pool at exit, and in some cases whether a lender will even close. Here's how to check, what the zones mean, and what to do with the result.
Durham County operates on its own reappraisal cycle, separate from Wake. The local pre-offer items that distinguish Durham underwriting from Raleigh, even within the same metro.
Louisville is one of the most cash-flow-friendly multifamily markets in the US, but Kentucky's quadrennial tax cycle and the consolidated Jefferson County government create local underwriting quirks. Here's what to check.
Lexington multifamily is a stable, university-anchored cash-flow market with modest growth and a few local quirks worth knowing before bidding.