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Deal Analysis and UnderwritingPremium

Advanced Deal Analysis

Monte Carlo thinking, scenario modeling and capital stack analysis for complex deals.

Daniel Okafor, CFADaniel Okafor, CFAHead of Underwriting, Academy Faculty ChairAdvanced 21 lessons 4h 38m 5.0 (1)
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About this course

For investors comfortable with core underwriting. Build downside, base and upside scenarios, analyze mezzanine and preferred equity, and learn how professionals decide which assumptions actually matter.

What you will learn

  • Build three-scenario underwriting models
  • Analyze preferred equity and mezzanine positions
  • Identify the assumptions that drive returns
  • Present risk-adjusted recommendations

Curriculum

8 modules · 21 lessons · 4h 38m

  1. Module 1

    Introduction

    3 lessons

  2. Module 2

    Core Principles

    4 lessons
    • The Four Sources of Real Estate ReturnVideo · 16 min
    • Net Operating Income and Cap RateWritten lesson · 11 min
    • Cash-on-Cash Return and DSCRVideo · 16 min
    • Knowledge CheckQuiz · 7 min

  3. Module 3

    Deal Structure

    3 lessons
    • Choosing a Financing StructureVideo · 16 min
    • Down Payment, Reserves and LeverageWritten lesson · 11 min
    • Ownership Entities and TitleVideo · 16 min

  4. Module 4

    Financial Analysis

    3 lessons
    • Building a Pro FormaVideo · 16 min
    • Estimating Expenses RealisticallyWritten lesson · 11 min
    • Valuation with Comparable Sales and IncomeVideo · 16 min

  5. Module 5

    Risk Management

    2 lessons
    • Identifying Property-Level RisksVideo · 16 min
    • Market and Liquidity RiskWritten lesson · 11 min

  6. Module 6

    Real-World Examples

    2 lessons
    • Example: A Single-Family Rental UnderwrittenVideo · 16 min
    • Example: When the Numbers Look Too GoodWritten lesson · 11 min

  7. Module 7

    Case Study

    2 lessons
    • Case Study: The Midwest DuplexCase study · 18 min
    • Case Study Debrief: What the Numbers MissedWritten lesson · 11 min

  8. Module 8

    Final Assessment

    2 lessons
    • Final AssessmentQuiz · 7 min
    • Applied AssignmentAssignment · 14 min

Your instructor

Daniel Okafor, CFA

Daniel Okafor, CFA

Head of Underwriting, Academy Faculty Chair

A former real estate private equity analyst, Daniel has reviewed thousands of deals. He leads the Academy's deal analysis curriculum and financial modeling standards.

Deal AnalysisUnderwritingFinancial Modeling
All courses by Daniel

Member reviews

  • “Good overview; the risk management module was especially valuable.”

    GGGrant Garrison · Feb 17, 2026

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