The A.CRE All-in-One (Ai1) Model for Underwriting Real Estate

All-in-One (Ai1) Model for Underwriting Development and Acquisitions (Updated July 2025)

Spencer Burton — Thu, 03 Jul 2025 12:00:30 +0000

As many of you recall, in 2015 I set out to build an Excel alternative to the widely-used (and now discontinued) ARGUS DCF. With career moves and a lot of other A.CRE-related side projects, this undertaking has been slow going. Alas, in 2016 I released the first beta-version of the model – my All-in-One (Ai1) […]

The post All-in-One (Ai1) Model for Underwriting Development and Acquisitions (Updated July 2025) appeared first on Adventures in CRE.

Hold-Sell Analysis in Real Estate (Updated June 2024)

Spencer Burton — Fri, 28 Jun 2024 16:30:54 +0000

In course 3 of our A.CRE Accelerator, we use a case study that revolves around a hold-sell (i.e. hold vs sell) analysis scenario to teach the anatomy of the real estate DCF. In that scenario, the student is an asset manager working for an open-end core fund. The fund is trying to determine whether it […]

The post Hold-Sell Analysis in Real Estate (Updated June 2024) appeared first on Adventures in CRE.

All-in-One (Ai1) Walkthrough #2 – Office, Retail, Industrial Rent Roll Tab

Spencer Burton — Mon, 16 Mar 2020 21:29:23 +0000

This walkthrough, our second in the series, will detail how to use the office/retail/industrial rent roll (see ORI-RR Tab). The rent roll tab is arguably the most important, and most complex, tab in the All-in-One model. Below we post a video of the walkthrough together with a brief description of the key components of this tab. Video […]

The post All-in-One (Ai1) Walkthrough #2 – Office, Retail, Industrial Rent Roll Tab appeared first on Adventures in CRE.

Modeling a Mortgage Loan Assumption Using the All-in-One

Spencer Burton — Sun, 26 Jan 2020 20:42:24 +0000

I recently had a discussion in the All-in-One support forum about how to model a mortgage loan assumption using my All-in-One Model for Underwriting Acquisitions and Development. Prior to version 0.77, this required manually overriding various calculation cells (i.e. black font cells). So I updated the model to make handling assumable debt more intuitive. In […]

The post Modeling a Mortgage Loan Assumption Using the All-in-One appeared first on Adventures in CRE.

All-in-One (Ai1) Walkthrough #1 – Permanent Debt Tab (Updated Nov 2019)

Spencer Burton — Thu, 21 Nov 2019 01:23:47 +0000

In an effort to provide greater instruction on how to use our All-in-One Underwriting Tool for Real Estate Development and Acquisition, we’ve developed a series of walkthrough videos and posts on the methodology behind the various components of the model. This walkthrough, our first in the series, will detail how the Permanent Debt Module is […]

The post All-in-One (Ai1) Walkthrough #1 – Permanent Debt Tab (Updated Nov 2019) appeared first on Adventures in CRE.

Quick Tutorial: Add Line Items to OpSt Sheet in All-in-One

Spencer Burton — Mon, 11 Feb 2019 01:31:33 +0000

I was recently asked the question whether it’s possible to add more other income or operating expense line items to the MF-OpSt or ORI-OpSt worksheets in my All-in-One Model for Underwriting Acquisitions and Development. Short answer is: out of the box this is not supported. Or in other words, there’s not a button you can […]

The post Quick Tutorial: Add Line Items to OpSt Sheet in All-in-One appeared first on Adventures in CRE.

Understanding Treatment of Time 0 in the All-in-One Model

Spencer Burton — Sat, 25 Aug 2018 19:31:34 +0000

I received a very astute question/concern from a user of our All-in-One(Ai1) model in our Ai1 Support Forum late last month. I initially set out to answer the question in writing, but the more I thought about my response, the more I concluded a video was necessary to fully explain the methodology here. Below find a […]

The post Understanding Treatment of Time 0 in the All-in-One Model appeared first on Adventures in CRE.

All-in-One (Ai1) Walkthrough #10 – Underwriting a Value-Add Office Investment

Spencer Burton — Thu, 05 Oct 2017 02:23:08 +0000

This walkthrough, our tenth in the series, takes you through the entire process of underwriting a hypothetical office value-add opportunity using the All-in-One (Ai1) Model. This walkthrough comes as a response to a question we recently received in the Ai1 Support Forum. Here is the question: We are exploring the route of acquiring a value […]

The post All-in-One (Ai1) Walkthrough #10 – Underwriting a Value-Add Office Investment appeared first on Adventures in CRE.

All-in-One (Ai1) Walkthrough #9 – Print Mode and the IRR Matrix Report

Spencer Burton — Sun, 27 Aug 2017 23:53:08 +0000

This walkthrough, our ninth in the series, touches on the newly added (beta v0.5.3) ‘Print Mode’ and IRR Matrix Report in our All-in-One (Ai1) model. Print mode further enhances the printability of the model, while the IRR Matrix Report adds another tool to help you assess prospective investments. Video Walkthrough – Using ‘Print Mode’ Video Walkthrough […]

The post All-in-One (Ai1) Walkthrough #9 – Print Mode and the IRR Matrix Report appeared first on Adventures in CRE.

All-in-One (Ai1) Walkthrough #8 – Tenancy Analysis Report for Office, Retail, and Industrial

Spencer Burton — Sat, 12 Aug 2017 16:55:19 +0000

This walkthrough, our eight in the series, explains how the Tenancy Analysis report for office, retail, and industrial real estate underwriting works in our All-in-One (Ai1) model. The Tenancy Analysis report includes a tenant rollover schedule, a graph illustrating cumulative expiration of net rentable area by year, a summary of weighted average lease term and remaining […]

The post All-in-One (Ai1) Walkthrough #8 – Tenancy Analysis Report for Office, Retail, and Industrial appeared first on Adventures in CRE.

New Support Forum for the All-in-One (Ai1) Underwriting Model

Spencer Burton — Fri, 14 Jul 2017 03:47:12 +0000

Since releasing the first beta version of the All-in-One Underwriting Model, we’ve fielded hundreds of emails related to the model. Inquiries range from questions to feature requests to thank yous. We welcome the chance to interact with our readers, and acknowledge that the model will only become as good as the feedback we receive from […]

The post New Support Forum for the All-in-One (Ai1) Underwriting Model appeared first on Adventures in CRE.

All-in-One (Ai1) Walkthrough #7 – Ground Lease Valuation Module

Spencer Burton — Wed, 14 Jun 2017 16:23:22 +0000

This walkthrough, our seventh in the series, explains how the Ground Lease Valuation Module works and how to implement this tool into your analysis. The All-in-One Model includes two methods to account for a ground lease. The first is to simply include the ground lease payments in the operating expenses (above NOI), thus reducing the value […]

The post All-in-One (Ai1) Walkthrough #7 – Ground Lease Valuation Module appeared first on Adventures in CRE.

All-in-One (Ai1) Walkthrough #6 – Underwriting a Hypothetical Multifamily Acquisition

Spencer Burton — Thu, 25 May 2017 16:11:43 +0000

This walkthrough, our sixth in the series, takes you through the entire process of underwriting an apartment acquisition opportunity using the All-in-One Model’s new multifamily module. I’ve created hypothetical assumptions for this exercise written out in PDF format (download link below) and then use those assumptions to assess an appropriate purchase price for this opportunity. […]

The post All-in-One (Ai1) Walkthrough #6 – Underwriting a Hypothetical Multifamily Acquisition appeared first on Adventures in CRE.

A Note About The Limitations of Microsoft Excel in Modeling Real Estate

Spencer Burton — Sat, 22 Apr 2017 18:17:29 +0000

I think its important to point out that my All-in-One (Ai1) Underwriting Model for Real Estate Development and Acquisition is not a surefire replacement for your non-Excel valuation/underwriting solutions. In fact, it’s likely you (or your employer) chose to use another tool in large part because of Excel limitations in real estate modeling. And Excel […]

The post A Note About The Limitations of Microsoft Excel in Modeling Real Estate appeared first on Adventures in CRE.

All-in-One (Ai1) Walkthrough #5 – The Residual Land Value Calculation Module

Spencer Burton — Sat, 15 Apr 2017 16:15:57 +0000

This walkthrough, our fifth in the series, explains how the Residual Land Value Calculation module works and how to implement this tool into your analysis. You might recall, a few months back we discussed the concept of residual land value and shared a basic residual land value model. This module expands on the concepts discussed in that […]

The post All-in-One (Ai1) Walkthrough #5 – The Residual Land Value Calculation Module appeared first on Adventures in CRE.