Part-Time Multifamily Underwriter
Contract / 1099 · Remote · Ongoing Multi-State Development Pipeline
We're a multifamily developer with an active pipeline of projects across multiple states, and we need an experienced underwriter to help us decide — deal by deal — whether each opportunity is a go or no-go. This is a part-time, contract engagement, ideal for an underwriter, acquisitions analyst, or CRE finance professional who wants project-based work on the side. For each site, you'll build (or pressure-test) the underwriting model, stress the assumptions, and give us a clear, defensible recommendation.
WHAT YOU'LL DO
• Build or review detailed multifamily underwriting models in Excel (development pro forma, sources & uses, cash flows, debt sizing, returns).
• Underwrite ground-up business plans: hard and soft costs, site work and utility connections, construction timeline, and lease-up / absorption assumptions.
• Get up to speed quickly on each new market — pull and analyze rent comps, sales comps, and submarket trends; sanity-check achievable rents, vacancy, and expense ratios wherever the site is.
• Run sensitivity and scenario analysis on the key drivers (rent growth, exit cap, interest rate, construction cost, lease-up pace).
• Calculate and interpret the metrics that matter: unlevered / levered IRR, cash-on-cash, equity multiple, DSCR, debt yield, and yield-on-cost vs. market cap rate.
• Summarize your findings in a concise memo or short deck with a clear go / no-go recommendation and the assumptions behind it.
WHAT WE'RE LOOKING FOR
• Prior multifamily underwriting experience (development, acquisitions, lending, or brokerage). 3+ years preferred.
• A track record underwriting deals across different markets — able to ramp on an unfamiliar submarket fast and source your own data.
• Strong command of multifamily fundamentals and CRE financial metrics.
• Advanced Excel modeling — able to build clean, auditable models from scratch.
• Comfort sourcing and interpreting market data (CoStar, Yardi Matrix, Apartments.com, or similar a plus).
• ARGUS Enterprise a plus, not required.
• Independent, detail-oriented, and able to hit a defined timeline.
THE DETAILS
• Type: Part-time, contract / 1099 — ongoing, deal-by-deal work across an active multi-state pipeline.
• Location: Remote.
• Time Commitment: Varies by deal - 25to30 hours per week.
• Compensation: $30/hr.
TO APPLY
Reply with (1) a short note on your multifamily underwriting background, (2) a sample model or deal you've worked on (redacted is fine), and (3) your rate, along with your updated resume.
