Turn the T12 and rent roll into a working multifamily underwrite
Import the operating statement and the rent roll, review every mapped row, reconcile the history against the current leases, build the pro forma on top, and carry the deal through debt, scenarios and an investor-ready report — in one workflow.
Explore a sample multifamily report → A real published report, built on sample deal data.
A T12 and a rent roll are the two documents almost every multifamily deal is underwritten from. The T12 — a trailing twelve-month operating statement — shows the property’s actual income and operating expenses over the previous twelve months. The rent roll is a unit-by-unit snapshot of the current leases: which units, which tenants, at what rent, on what terms.
The T12 shows the operating history. The rent roll shows the current lease picture. A serious multifamily underwrite needs to understand both — and needs them reconciled against each other before either one hardens into an assumption.
DealWorthIt treats the two documents as the start of a workflow rather than the end of a parsing job: import them into a multifamily underwriting workspace, review the mapped data, build the operating model and pro forma from it, analyze the returns, compare scenarios, and share the analysis as a report.
How to read each document, in depth: analyzing a T12 statement · rent roll analysis
Two documents, two different questions
Neither document substitutes for the other. The T12 answers “how has this property been operating?”; the rent roll answers “what is in place right now?” — and the gap between their answers is often where the underwriting actually happens.
What is a T12?
A trailing twelve-month operating statement: the property’s actual income and operating expenses for the last twelve months, usually month by month. It is the closest thing to operating evidence a seller provides.
- Rental income and gross potential rent
- Other income: fees, laundry, parking, utility reimbursements
- Vacancy and concessions, where the statement breaks them out
- Payroll, utilities, repairs and maintenance
- Insurance, property taxes and management
- Other operating expenses
No two T12s follow the same chart of accounts — owners, property managers and accounting systems all format them differently.
What is a rent roll?
A unit- or tenant-level snapshot of current leasing and rental information: what is rented, to whom, at what rent, and until when. It is the evidence for what the property collects today.
- Unit and unit type
- Tenant and occupancy status
- Current in-place rent
- Market or asking rent, where provided
- Lease start and end dates
- Concessions, deposits and delinquency, where present
Rent rolls vary just as much — not every rent roll carries every field, and part of reviewing one is noticing what is missing.
| At a glance | T12 | Rent roll |
|---|---|---|
| Primary view | Historical operations | Current tenant and unit picture |
| Typical period | The prior twelve months | A current snapshot |
| Income | Property-level totals | Unit- and tenant-level detail |
| Expenses | Yes — the operating expense history | Usually limited or none |
| Lease details | Limited | Yes, where provided |
| Used to judge | Historical performance | Occupancy and in-place rents today |
Upload, review, model, analyze, report
The documents are the start of the underwrite, not a shortcut past it. Each stage below is a surface of the multifamily workflow — the same one the multifamily underwriting page documents in full.
1 · Upload
Add the T12 and rent roll to a multifamily underwriting workspace. Document import is a Gold and Diamond feature; on any active plan you can enter the financials manually instead.
2 · Review
DealWorthIt maps the rows into model line items and flags the ones that need a human decision. The mapped data waits for your review — it becomes the model only after you confirm it.
3 · Model
Reconcile the history against the unit mix and in-place rents — vacancy and loss to lease explicit — then set the forward assumptions of the pro forma.
4 · Analyze
Layer the debt and read the returns: NOI, DSCR, debt yield, cash-on-cash, IRR, equity multiple. Save scenarios and compare them side by side.
5 · Report
Turn the analysis into a shareable, investor-ready report a partner, lender or investor can open without an account.
Imported data should be reviewed before you rely on the analysis. That is a designed part of the workflow, not a caveat about it: T12 and rent-roll formats vary across owners, property managers and accounting systems; the same expense hides under different labels; some rows need a judgment call about what they are; and source documents can simply contain errors.
So the import shows its work. Rows are mapped where the mapping is clear and flagged where it is not, mapped totals are validated against the statement rather than accepted on faith, and the result is held for your confirmation before it becomes the model — after which every figure stays editable. Document import can accelerate data entry, but it does not replace underwriting judgment.
What the documents become inside the model
From the T12: a usable operating history
Confirmed T12 rows land as operating line items — gross potential rent, vacancy, other income, controllable and non-controllable expenses — where you can normalize categories, question one-time items, and keep operating expenses separate from the capital and financing items that do not belong in NOI. The judgment calls stay yours; the model keeps them visible.
From the rent roll: the current lease picture
Confirmed rent-roll rows populate the workspace’s unit and lease data: unit mix, occupancy and in-place rents, with vacancy and loss to lease explicit rather than buried in a blended number. That is the evidence for the revenue side of the underwrite — what the property collects today, unit by unit.
The pro forma you build on top
Project rent and expense growth, inflation, lease-up ramp, reserves, exit NOI basis and exit cap over the hold period, and see the cash flow and the equity position in each year. Pro forma projections are a Gold and Diamond feature.
Debt, and what it does to returns
Layer the financing on the same deal — loan-to-value, interest rate, amortization, interest-only period. Operations decide NOI; the debt decides what the equity earns, and DSCR, debt yield, cash-on-cash and IRR all move with it.
Plan details and feature availability live on the pricing page.
A 48-unit example, end to end
A fictional property — call it Sample Apartments, 48 units — shows how the pieces connect. Every figure below is invented for the illustration.
From the T12
| Line item | Trailing 12 months |
|---|---|
| Gross rental income | $720,000 |
| Other income | $36,000 |
| Vacancy and concessions | −$45,000 |
| Operating expenses | −$310,000 |
- Effective operating income: $720,000 + $36,000 − $45,000 = $711,000
- Historical NOI: $711,000 − $310,000 = $401,000
From the rent roll
- 48 units: 44 occupied, 4 vacant — occupancy of 44 ÷ 48 ≈ 91.7%
- Average in-place rent $1,320 — 44 × $1,320 × 12 = $696,960 of annualized in-place rent
That $696,960 does not match the T12’s $720,000 of rental income — and the gap is the point of holding the two documents side by side. Move-outs during the year, rent changes, concession timing or a stale rent-roll page could each explain it; a disciplined underwrite finds out which before setting the revenue assumption. These historical and current figures are the starting point of the analysis, not its conclusion.
Historical, current, pro forma — keep the three apart
Historical performance is not the pro forma. The T12 is historical; the rent roll is a current snapshot; the pro forma is forward-looking underwriting — and keeping the three distinct is what makes a model defensible.
Historical — the T12
What the property actually did over the last twelve months. It is evidence, and it is the starting point — but last year is not automatically next year.
Current — the rent roll
What is in place right now: units, leases, occupancy, in-place rents. A snapshot of today, not a projection of anything.
Pro forma — your assumptions
What you believe could happen going forward, stated as explicit assumptions about rents, vacancy, expenses, financing and exit. A pro forma is an underwriting scenario, not a forecast the property guarantees.
What to question before you trust either document
None of these is automatically an error, and none is an accusation. They are items to investigate — the questions a disciplined underwrite asks before the assumptions get set.
On the T12
- Income that differs materially from the rent roll
- An expense category that looks unusually high or low for the property
- A missing line — management, insurance or payroll someone must be paying
- One-time income or expenses presented as recurring
- Concessions, and where the statement puts them
- Taxes and insurance that will step up under a new owner
On the rent roll
- Vacant units, and how long they have been vacant
- Leases expiring in the next few months
- In-place rents far below the rents being asked for vacant units
- Concessions and delinquency, where the roll shows them
- Missing lease dates or inconsistent unit types
- A rent-roll total that does not reconcile with the T12’s revenue
Scenarios, reports, syndication and teams
Scenarios, not one static model
Save alternative versions of the same deal — a different price, rate, rent assumption or exit — and put them side by side. Silver includes 3 scenarios per deal, Gold 10, Diamond unlimited; side-by-side comparison is a Gold and Diamond feature.
Reports you can hand to a partner
Turn the analysis into a shareable, investor-ready report — a link a partner, lender or end buyer can open without an account. The multifamily deal report and PDF are included on every plan; saving, customizing and managing reports in the Report Center is a Gold and Diamond feature, and a report link you have shared stays viewable. Reports present your underwriting; they are not legal, accounting or offering documents.
Syndication and teams
If the deal includes outside investors, model the capital stack, preferred return, promote tiers and LP/GP distributions on the same underwrite — a Gold and Diamond feature. Team collaboration — shared deals and documents, Admin, Analyst and Viewer roles, an activity log — is a Diamond feature.
See plans and feature availability for current gating. The syndication side in full: real estate syndication software.
Depending on the assumptions and the analysis view, the multifamily model reads out NOI and year-by-year pro forma cash flow, cap rate on your price, DSCR and debt yield, cash-on-cash return, IRR and equity multiple, and a suggested offer price — with a sensitivity grid across rate and exit-cap movement. The documents do not calculate any of that; the model you build and review does.
The metrics themselves are covered in the guides: NOI, cap rate, DSCR and the full underwriting guide. For the category view, see real estate underwriting software.
The same documents, without the spreadsheet plumbing
Excel remains flexible and powerful; the tradeoff is that every deal means rebuilding the same plumbing. DealWorthIt trades some of that flexibility for structure: the documents land in a model built for multifamily, the review stays explicit, and the report comes from the analysis instead of being rebuilt beside it.
The spreadsheet workflow
- Re-key the T12 into a tab, line by line
- Re-type the rent roll as another tab of rows
- Reconcile the two with lookups you maintain yourself
- Build and debug the pro forma formulas per deal
- Duplicate the sheet for every scenario
- Format the report by hand for every audience
The connected workflow
- Import the T12 and review the mapped line items
- Import the rent roll and review the unit and lease data
- History, leases and assumptions in one connected model
- A structured multifamily pro forma with editable assumptions
- Saved scenarios compared side by side
- An investor-ready report generated from the analysis
Who it’s for — and what it isn’t
Built for
- Multifamily investors underwriting acquisitions from seller financials
- Acquisition analysts screening a pipeline of T12s and rent rolls
- Syndicators modeling the deal and the investor economics together
- Operators re-underwriting their own properties against current rent rolls
- Investment teams that need one deal record, not competing spreadsheets
Not a replacement for
- Accounting or bookkeeping software
- Property-management or lease-administration software
- A lender’s underwriting or loan-origination system
- Legal, tax or securities-offering document preparation
- A substitute for reading the source documents yourself
The documents describe the property’s operations; they do not verify the property. Before the operating model hardens into an offer, the platform’s research side puts ownership, tax and assessed values, sales history, comparables and market context next to the same deal.
How that side works: the property research guide · the property finder
DealWorthIt is decision-support software. Source documents, imported figures and model outputs should be reviewed and validated before making investment decisions — the platform organizes the evidence and the arithmetic; the judgment stays yours.
T12 and rent roll analysis, answered
A T12, or trailing twelve-month operating statement, summarizes a property’s actual income and operating expenses over the previous twelve months, usually month by month. Investors read it to see how the property has really been operating — rental and other income, vacancy and concessions where shown, and the full expense history — before deciding what to assume going forward. Charts of accounts vary by owner and manager, so part of analyzing a T12 is normalizing it.
A rent roll is a unit- or tenant-level snapshot of a property’s current leasing: units and unit types, occupancy, in-place rents, market or asking rents where provided, and lease dates. It is the evidence for what the property collects today — a snapshot, not a projection.
Because each answers a question the other cannot. The T12 shows how the property has operated over the past year; the rent roll shows what is in place right now. Reconciling the two — does the statement’s rental income match the roll’s annualized rents, does the vacancy line match the vacant units — is how underwriting assumptions get grounded in evidence instead of hope.
Yes. Upload the operating statement and rent roll to a multifamily underwriting workspace and DealWorthIt maps the rows into model line items — flagging the ones that need a human decision, and leaving every mapped figure editable. Document import is a Gold and Diamond feature; on any active plan you can enter the financials manually instead.
Yes — review is part of the import, not an apology for it. Formats vary, labels differ, and some rows need a judgment call, so the mapped data is held for your review before it becomes the model, and it stays editable afterward. Document import can accelerate data entry, but it does not replace underwriting judgment.
It gives the pro forma its starting point — it does not write it for you. The T12 and rent roll establish the historical and in-place figures; you set the forward assumptions: rent and expense growth, vacancy, reserves, financing and exit. Pro forma projections are a Gold and Diamond feature, and a pro forma is an underwriting scenario, not a forecast the property guarantees.
Depending on the assumptions and the analysis view: NOI and year-by-year cash flow, cap rate on your price, DSCR and debt yield, cash-on-cash return, IRR and equity multiple, and a suggested offer price, with a sensitivity grid across rate and exit-cap movement.
Yes. Save alternative versions of the same deal — a different price, rate, rent assumption or exit — and test them against each other. Silver includes 3 scenarios per deal, Gold 10, Diamond unlimited; side-by-side comparison is a Gold and Diamond feature.
Yes. The multifamily deal report and PDF are included on every plan — a shareable, investor-ready report a partner, lender or investor can open without an account. Saving, customizing and managing reports in the Report Center is a Gold and Diamond feature. Reports present your underwriting and its assumptions; they are not legal, accounting or securities offering documents.
No. A T12 is historical — what the property actually did. A pro forma is forward-looking underwriting — what you assume it could do under your ownership. Brokers often present the two side by side; treating the pro forma as evidence is one of the most common underwriting mistakes a T12 exists to correct.
Underwrite the next deal from its own documents
Import the T12 and rent roll, review what they say, build the pro forma you can defend, and hand your partners a report — from one platform.