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Deal Analysis and UnderwritingMembers Only

How to Analyze a Real Estate Deal

A repeatable framework for deciding in under an hour whether a deal deserves a closer look.

Daniel Okafor, CFADaniel Okafor, CFAHead of Underwriting, Academy Faculty ChairBeginner 14 lessons 1h 46m 4.0 (2)
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Members-only course. This course is included with club membership.

About this course

Learn the screening process experienced investors use to move quickly and avoid emotional decisions. Covers the one-page deal summary, key ratios, market checks and the questions to ask sellers and brokers.

What you will learn

  • Screen deals with a one-page summary
  • Use the 1% rule, GRM and cap rate appropriately
  • Spot red flags in listings and seller financials
  • Decide when to walk away

Curriculum

8 modules · 14 lessons · 1h 46m

  1. Module 1

    Introduction

    2 lessons

  2. Module 2

    Core Principles

    2 lessons
    • The Four Sources of Real Estate ReturnVideo · 9 min
    • Net Operating Income and Cap RateWritten lesson · 6 min

  3. Module 3

    Deal Structure

    2 lessons
    • Choosing a Financing StructureVideo · 9 min
    • Down Payment, Reserves and LeverageWritten lesson · 6 min

  4. Module 4

    Financial Analysis

    2 lessons
    • Building a Pro FormaVideo · 9 min
    • Estimating Expenses RealisticallyWritten lesson · 6 min

  5. Module 5

    Risk Management

    2 lessons
    • Identifying Property-Level RisksVideo · 9 min
    • Market and Liquidity RiskWritten lesson · 6 min

  6. Module 6

    Real-World Examples

    1 lessons
    • Example: A Single-Family Rental UnderwrittenVideo · 9 min

  7. Module 7

    Case Study

    1 lessons
    • Case Study: The Midwest DuplexCase study · 10 min

  8. Module 8

    Final Assessment

    2 lessons
    • Final AssessmentQuiz · 4 min
    • Applied AssignmentAssignment · 8 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

  • “Changed how I evaluate every deal I look at.”

    WSWesley Sato · May 29, 2026

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

    DNDana Nakamura · Apr 12, 2026

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