What belongs in a real deal package

Part 1

Facts vs. hopes

A deal package is often a handful of numbers put together by someone who wants the deal to look good. Reading it well means sorting every line into facts you can verify and estimates someone is guessing.

The more of the package that sits in the estimate bucket, the more cushion the deal needs before anyone talks structure.

Part 2

Full underwriting package (beyond rent / PITI / vacancy)

Use this as a send-list. Not every item applies to every file. What matters is that nothing material is missing when it should be there.

Income and rent evidence

• Current lease(s), including renewals, addenda, and any concessions.
• Rent comps for the same submarket and similar beds/baths/condition (not metro-wide averages).
• Clear label: long-term lease vs. short-term / mid-term assumption, and what supports that path.
• If vacant: marketing plan, days-on-market comps, and a realistic lease-up timeline.

Housing cost stack

• Purchase contract or refinance payoff picture.
• Property taxes (current bill or assessor data). Watch for reassessment after purchase.
• Hazard insurance quote for the subject (not a portfolio average).
• Flood determination and flood insurance quote when required or prudent.
• HOA / condo dues, special assessments, rental restrictions, and estoppel if available.
• Landlord-paid utilities (water, trash, electric common areas) if the owner pays them.

Condition, repairs, and CapEx

• Photo set: exterior, roof line, HVAC, kitchen, baths, floors, electrical panel, water heater.
• Inspection report when you have one.
• Repair bids or a scoped punch list with dollars, not vibes.
• Near-term CapEx notes: roof age, HVAC age, plumbing, foundation concerns.

Title, entity, and borrower picture

• How title will be held (individual vs. LLC / entity) and entity docs (articles, operating agreement, EIN).
• Borrower experience with rentals (count, years, any prior REO or late pays on investment debt).
• Liquidity / reserves picture: where the down payment and reserves live.
• Credit authorization path when you are ready for a full file (we will tell you when).

Sales and valuation support

• Sale comps for similar properties (not just the listing agent’s favorite three).
• If value-add: as-is vs. after-repair assumptions clearly separated.

Part 3

Real-world: thin package vs. complete package

Same made up Oklahoma City area duplex. Same asking price. Different quality of information. Example only.

Part 4

Short-term vs. long-term rent assumptions

If the plan is long-term leases, underwrite long-term comps. If the plan is short-term or mid-term, say so up front and bring occupancy history, platform statements, local rules, HOA limits, and a stress case that assumes lower occupancy. Mixing a short-term rent dream with a long-term expense stack is how deals look perfect until they are not.

Part 5

How we use the package

We rebuild the cash-flow stack from defendable income and real costs. We separate facts from estimates. We ask what you are building toward. Financing options, when they fit, come after that. A DSCR snapshot can be a useful starter. It is not the whole underwrite. See DSCR Basics and Cash Flow.