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Deal Analysis and Underwriting

Institutional underwriting methods adapted for individual investors.

Daniel Okafor, CFADaniel Okafor, CFAHead of Underwriting, Academy Faculty ChairIntermediate 21 lessons 3h 57m 4.6 (13)
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Members-only course. This course is included with club membership.

About this course

The underwriting standard used throughout the Academy. Build a full underwriting model, verify seller-provided numbers, underwrite to realistic exit assumptions and present a deal clearly to partners or lenders.

What you will learn

  • Normalize a trailing-12 operating statement
  • Underwrite rent growth, expenses and exit cap rates
  • Calculate IRR, equity multiple and DSCR
  • Prepare an investment memo

Curriculum

8 modules · 21 lessons · 3h 57m

  1. Module 1

    Introduction

    3 lessons

  2. Module 2

    Core Principles

    4 lessons
    • The Four Sources of Real Estate ReturnVideo · 14 min
    • Net Operating Income and Cap RateWritten lesson · 9 min
    • Cash-on-Cash Return and DSCRVideo · 14 min
    • Knowledge CheckQuiz · 6 min

  3. Module 3

    Deal Structure

    3 lessons
    • Choosing a Financing StructureVideo · 14 min
    • Down Payment, Reserves and LeverageWritten lesson · 9 min
    • Ownership Entities and TitleVideo · 14 min

  4. Module 4

    Financial Analysis

    3 lessons
    • Building a Pro FormaVideo · 14 min
    • Estimating Expenses RealisticallyWritten lesson · 9 min
    • Valuation with Comparable Sales and IncomeVideo · 14 min

  5. Module 5

    Risk Management

    2 lessons
    • Identifying Property-Level RisksVideo · 14 min
    • Market and Liquidity RiskWritten lesson · 9 min

  6. Module 6

    Real-World Examples

    2 lessons
    • Example: A Single-Family Rental UnderwrittenVideo · 14 min
    • Example: When the Numbers Look Too GoodWritten lesson · 9 min

  7. Module 7

    Case Study

    2 lessons
    • Case Study: The Midwest DuplexCase study · 15 min
    • Case Study Debrief: What the Numbers MissedWritten lesson · 9 min

  8. Module 8

    Final Assessment

    2 lessons
    • Final AssessmentQuiz · 6 min
    • Applied AssignmentAssignment · 12 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

Downloads included

  • Real Estate Deal AnalyzerXLSX · included with the course

Member reviews

  • “Great instructor. I rebuilt my underwriting model after the financial analysis module.”

    GIGloria Irving · Aug 25, 2026

  • “Professional, concise and free of hype. Recommended for any member.”

    HZHarper Zimmerman · Apr 8, 2026

  • “Solid course. I would have liked one more real-world example.”

    OCOlivia Castellano · Sep 13, 2025

  • “Clear, practical and immediately useful. The worked examples made the numbers click.”

    WSWesley Sato · Sep 12, 2025

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