For institutional real estate teams

Form an opinion,not a spreadsheet

Basecase turns raw Rent Rolls and T12s into a fully populated institutional model in minutes — so your hours go to judgment, not data entry.

Your first 2 deals are free. No demo call, no annual contract.

basecase — deals / basecase-apartments / overview
Basecase deal Overview: Basecase Apartments, 334 units — Levered IRR 26.6%, Equity MOIC 2.30x, investment thesis and key assumptions
Not a black box

A full IC-grade model — GP/LP waterfall, sensitivities, debt sizing — delivered as real Excel with live formulas. Audit any cell. Maintained by us.

Encrypted in transit and at rest

TLS in transit, AES-256 at rest. Row-level security on every table holding customer data.

Your data stays yours

Deal files are never used to train models. Delete a deal, it's gone — files and derivatives.

Ready on day one

No implementation project. No training sessions. Open Basecase, drop your files, get a model back in minutes.

The problem

Every deal starts the same way: hours of cleanup before anyone can form an opinion.

You open a Rent Roll, a trailing twelve, maybe a market survey. None of them match. None of them reconcile. By the time the model is actually populated, the afternoon is gone — and the real work, the judgment work, hasn’t started.

Basecase does the cleanup. You do the thinking.

The math on one deal

Where the
afternoon goes

Data prep that used to eat an afternoon drops to a cup of coffee — and the hours come back as judgment, not overtime.

TaskBy handWith Basecase
Re-key the rent roll, unit by unit60–90 minparsed for you
Tie out the T12 until it reconciles45–60 minreconciled for you
Populate the model — with MTM and sign conventions handled60–90 minpopulated for you
Build and maintain the template itselfa standing projectships with Basecase
The mechanical 80%≈ 4 hoursminutes
Form an opinion — the work that moves the dealwhatever’s leftthe whole afternoon

A typical first pass on a mid-size multifamily deal · your first 2 deals are free — time it yourself

Workbench

Pressure-test the deal,
side by side

Every assumption editable per scenario, every return recomputed in seconds. Scenarios are a sandbox — nothing touches your saved deal until you promote one.

Downsidesandbox
Exit cap6.25%· edited
Rent growth Y12.5%· edited
Levered IRR15.0%
−3.9 pts vs base
Equity MOIC1.86x−0.29
Basesaved deal
Exit cap5.75%
Rent growth Y13.0%
Levered IRR18.9%
the underwriting
Equity MOIC2.15x
Upsidesandbox
Exit cap5.25%· edited
Rent growth Y13.5%· edited
Levered IRR22.8%
+3.9 pts vs base
Equity MOIC2.41x+0.26
Returns pulled from this deal’s sensitivity grid · recomputed in secondsDeltas: improve · decline
Three steps

Upload. Review. Decide.

Basecase handles the first 80% of every underwrite — the mechanical part — so your hours go to judgment, not cleanup.

01

Drop your files

A Rent Roll and a T12, in whatever shape they arrived. PDF, Excel, scan — parsed and reconciled in minutes.

Rent_Roll_Q2.pdf✓ parsed
T12_2024.xlsx✓ reconciled
Parsed · reconciled · ready

Handles Yardi, RealPage, Entrata, AppFolio, OneSite, MRI, ResMan, Buildium — and the hand-built ones.

02

Review your assumptions

Every input on one screen — rent growth, vacancy, exit cap, debt terms. Defaults where you want them, overrides where you don’t.

assumptionseditable
Editable assumptions grid: rent growth by year, vacancy, exit cap, hold period — with per-scenario overrides

Untouched defaults stay visibly muted — reviewers see exactly what the analyst changed.

03

Get your model

A populated .xlsm with live formulas — waterfall, debt sizing, and the sensitivity grid your IC will ask for first.

Sensitivity · Levered IRR.xlsm · populated
5.50%
5.75%
6.00%
2.5%
19.8
18.2
16.6
3.0%
20.5
18.9
17.3
3.5%
21.2
19.6
18.0

Base case highlighted · every formula live — audit any cell.

One-page Basecase IC memo for a 334-unit Phoenix deal: levered IRR 26.6%, equity MOIC 2.30x, capital stack, sources and uses, exit cap × NOI sensitivity grid, hold-period cash flows, and two fired risk flags
The memo

The model for you.
The memo for your IC.

Every run ends in two artifacts. The .xlsm you work in — and a one-page memo for the room: returns from deal gross to LP net, sources and uses, the sensitivity grid, the hold-period cash flows, and any assumption that trips a risk rule, flagged with the rule that fired.

Source files and run date are stamped at the foot of the page. The numbers carry their receipts.

Who it’s for

Built for everyone who touches the deal

For acquisitions

First-look numbers
by lunch

Screen more deals without hiring. Parse, model, and share a base case before the broker's teaser is cold.

For brokers

A ready-to-model
deal package

Hand buyers a clean Rent Roll, clean T12, and a model that already ties. Fewer diligence loops, faster closes.

For lenders

Size debt
the same day

DSCR, debt yield, and stress cases on the same underwriting the sponsor gave you — without rebuilding the model.

For LPs

Kick the tires
without the cleanup

Pressure-test sponsor assumptions on your own terms. Sensitivity tables and downside cases on demand.

A note from the founder
“I underwrite multifamily deals for a living, and I run every one of them through Basecase — it’s the tool I built because I was tired of losing afternoons to reformatting rent rolls. The work that actually moves a deal — pressure-testing assumptions, knowing a submarket, arguing about exit caps — is work software can’t do. Everything before it is work software should do. So I built that, and I use it every day.”
Zack Rall
Founder, Basecase · Multifamily underwriter, Phoenix, AZ

Start with
your next deal

Open Basecase, drop a Rent Roll and a T12, get an IC-grade model back in minutes. Your first deal is the only onboarding you need.