Multifamily underwriting is available now · Other asset classes are in beta Learn More

Cactus

CRE underwriting. A clearer deal.

  1. 01 Upload your documents

    Thousands of financial data points.

  2. 02 Cactus does the analysis

    Cactus

    Extract · Reconcile · Analyze

    ~30 mintypical
    Market intelligence

  3. 03 Explore the report

    SAMPLE MULTIFAMILY REPORT Cactus valuation$37.4M$36M–$39M range · 400 unitsGoing-in cap6.25%Valuation NOI$2.34MLevered IRR7.57%Open report

Three ways to get your analysis.

Start your underwriting in ChatGPT, from your inbox, or in Cactus.

In ChatGPT

Add Cactus in ChatGPT and follow the prompts to connect your account. In a new chat, select Cactus, attach your documents, and ask for an underwriting report.

Open ChatGPT (opens in a new tab)

Email in. Email out.

Send your OM, rent roll, and T-12 as attachments to deal@trycactus.com. Ask for an underwriting analysis, and Cactus emails back the results and a link to the full report.

Email your documents

In the web app

Sign in at ai.trycactus.com, upload your property documents, and start your underwriting. Review the report, adjust assumptions, and download the Excel model in one place.

Open Cactus

This is what you get.

The full story of a deal, from property value to buyer returns.

Property value

A valuation range, cap rate, and the assumptions behind the price.

Example valuation
$37.4M

$36M–$39M range · 6.25% cap rate

Income & NOI

Rents, vacancy, and the bridge from historical income to valuation NOI.

Valuation NOI
$2.34M

From $2.41M in normalized T-12 NOI

The cost story

Operating expenses, line by line. See what costs the most and why.

Annual operating expenses
$2.20M

Property tax is the largest: $659.1K

Buyer returns

Financing, cash flow, and projected returns at the modeled purchase price.

Levered IRR
7.57%

7-year hold · 1.58× equity multiple

Actual figures from our 400-unit multifamily example.

See a full report example (opens in a new tab)

Built for the work behind the decision.

The model is yours to keep.

Download the complete Excel model with working formulas. Review the inputs, follow the calculations, and keep working in the spreadsheet your team already knows.

Editable inputs. Working formulas. Multiple tabs.
Open the report to download Excel (opens in a new tab)
Cactus downloadable Excel model showing working formulas, inputs, and a returns summary
Example Excel output · download from the report

Put the market behind your assumptions.

Cactus matches your property’s financial inputs with relevant market data, including rental comparables and operating benchmarks. Review the evidence and choose the assumptions that drive your underwriting.

Market-informed. Editable. Ready for your review.
Your propertyMarket data
In-place rentsRental comparables
Vacancy assumptionsLocal occupancy
Operating expensesMarket benchmarks
Evidence connected. You make the call.

Less copying. More understanding.

Turn PDFs and spreadsheets into structured property financials. Cactus extracts units, rents, income, and expenses from your OM, T-12, and rent roll, then reconciles the figures across documents.

Source references stay connected to the numbers.
Example source documents: an offering memorandum, a twelve-month financial statement, and a rent roll
OM + T-12 + rent rollStructured financials

CRE underwriting, explained.

Does automated underwriting make the investment decision?

No. Automation helps prepare and connect the evidence, calculations, and report. Your team decides which assumptions are supportable and whether the risk and projected return fit its investment criteria.

What documents can I bring?

Start with an offering memorandum, current rent roll, T-12, and supporting financial statements. Cactus works with PDF, Excel, and CSV deal materials. Include reporting dates and identify missing months or conflicting versions. Multifamily is supported today; other asset classes are in beta.

Which assumptions does my team control?

Review the historical-to-forward NOI bridge, rent growth, vacancy, concessions, taxes, insurance, financing, hold period, and exit cap rate. Separate document facts from assumptions. Market evidence supports a choice; it does not remove the need to choose and explain it.

How do we evaluate accuracy?

Bring a deal your team has already reviewed. Reconcile units, occupied units, annual income, operating expenses, and source periods against that known package. Then compare the model calculations and sensitivities using the same assumptions. We do not publish a universal accuracy percentage: document quality and missing evidence affect the result.

What requires human review before sharing?

Your team checks extraction exceptions, reconciles conflicting documents, approves assumptions, and reviews the financial results and open diligence questions. A generated report is a starting point for that review. Projected returns are conditional estimates, not guaranteed outcomes.

Bring a deal you already know.

Compare the documents, assumptions, and report with your team’s own analysis.

Sign UpSign In
Read the underwriting guides →Explore property valuation →
Sign Up