Commercial real estate underwriting guides from Solsten CRE: rent rolls, T-12s, NOI, DSCR, recoveries, waterfalls, and the software that models them.https://solstencre.com/en-ushttps://solstencre.com/blog/argus-enterprise-end-of-life-dates/https://solstencre.com/blog/argus-enterprise-end-of-life-dates/ARGUS Enterprise version 13 comes off ARGUS Cloud on 31 December 2026. Here are the dates Altus published, what each one changes in practice, and what your options are if you are still on it.Tue, 15 Sep 2026 00:00:00 GMTIndustry Analysisargusargus enterpriseend of lifemigrationCRE softwarecommercial real estatehttps://solstencre.com/blog/cre-sensitivity-analysis-guide/https://solstencre.com/blog/cre-sensitivity-analysis-guide/How to stress-test commercial real estate underwriting assumptions — exit cap rate, rent growth, expense inflation, DSCR at breakeven. Complete guide with worked examples and common mistakes.Mon, 20 Jul 2026 00:00:00 GMTCRE Educationsensitivity analysisstress testcre underwritingcap rateIRRrisk scoringcommercial real estateproformahttps://solstencre.com/blog/best-free-appraisal-software/https://solstencre.com/blog/best-free-appraisal-software/Independent 2026 review of the top free commercial real estate appraisal software — Anow, Aloft, Solsten and more. Real accuracy tests, honest pros & cons.Sun, 05 Jul 2026 00:00:00 GMTIndustry Analysisappraisal softwareCRE toolsfree softwareproperty valuation2026commercial real estatehttps://solstencre.com/blog/top-10-portfolio-management-software/https://solstencre.com/blog/top-10-portfolio-management-software/10 CRE portfolio platforms compared: Solsten, ARGUS, MRI, AppFolio and more. Investment analytics + LP/GP waterfalls vs. property operations, side by side.Sun, 05 Jul 2026 00:00:00 GMTIndustry Analysisportfolio managementCRE softwareinvestment analyticsLP reportingdistribution waterfalls2026software comparisoncommercial real estatehttps://solstencre.com/blog/offering-memorandum-template-guide/https://solstencre.com/blog/offering-memorandum-template-guide/A section-by-section guide to building a professional commercial real estate offering memorandum — with real OM screenshots showing what buyers expect to see on the cover, in the pricing summary, rent roll, and demographics pages.Thu, 02 Jul 2026 00:00:00 GMTTutorialsoffering memorandumOM templatecommercial real estatebrokeragelisting brokerCRE marketingdeal marketinghttps://solstencre.com/blog/load-bearing-math-ai-cre-underwriting/https://solstencre.com/blog/load-bearing-math-ai-cre-underwriting/AI is transforming how CRE professionals research, draft, and summarize. But underwriting, debt sizing, waterfall distributions, and LP reporting need engineered software — not generated paragraphs. Here's why.Thu, 07 May 2026 00:00:00 GMTIndustry AnalysisAIcommercial real estateunderwritingproptechdue diligencedeterministic softwarehttps://solstencre.com/blog/commercial-real-estate-operating-expenses-guide/https://solstencre.com/blog/commercial-real-estate-operating-expenses-guide/A complete guide to CRE operating expenses — categories, fixed vs. variable, below-the-line items, and how expense modeling affects your NOI, DSCR, and investment returns.Sun, 12 Apr 2026 00:00:00 GMTCRE Educationoperating expensesNOIcommercial real estateexpense modelingfixed vs variableproperty managementunderwritingopexhttps://solstencre.com/blog/effective-gross-income-egi-guide/https://solstencre.com/blog/effective-gross-income-egi-guide/Understand Effective Gross Income (EGI) in CRE — how it's calculated, why it matters more than PGI, and how vacancy, credit loss, and other income affect your underwriting.Sun, 12 Apr 2026 00:00:00 GMTCRE EducationEGIeffective gross incomePGIvacancycommercial real estateunderwritingrevenuerent rollhttps://solstencre.com/blog/how-to-analyze-a-rent-roll/https://solstencre.com/blog/how-to-analyze-a-rent-roll/Learn how to read and analyze a commercial real estate rent roll — what to look for, red flags to catch, key metrics to calculate, and how rent roll analysis feeds your proforma.Thu, 02 Apr 2026 00:00:00 GMTCRE Educationrent rolltenant analysisunderwritinglease analysisoccupancycommercial real estateCRE educationhttps://solstencre.com/blog/how-to-read-analyze-t12-operating-statement/https://solstencre.com/blog/how-to-read-analyze-t12-operating-statement/Complete guide to reading a T-12 (trailing twelve months) operating statement for commercial real estate — line-by-line breakdown, red flags, normalization techniques, and how to turn a T-12 into proforma assumptions.Wed, 01 Apr 2026 00:00:00 GMTCRE EducationT-12operating statementoperating expensesunderwritingNOIexpense analysiscommercial real estatehttps://solstencre.com/blog/real-estate-waterfall-distributions-explained/https://solstencre.com/blog/real-estate-waterfall-distributions-explained/Complete guide to real estate waterfall distribution structures — how GP/LP splits work, preferred returns, catch-up provisions, promote tiers, and how to model waterfall economics for commercial real estate deals.Mon, 30 Mar 2026 00:00:00 GMTCRE Educationwaterfall distributionGP LPpreferred returnpromotecatch-upequity waterfallcommercial real estateinvestment structurehttps://solstencre.com/blog/asset-management-variance-reporting-guide/https://solstencre.com/blog/asset-management-variance-reporting-guide/A practical guide to commercial real estate asset management software, including projected vs actual analysis, lease rollover visibility, and how to isolate variance drivers by period.Sun, 29 Mar 2026 00:00:00 GMTCRE Educationasset managementvariance reportingprojected vs actualcommercial real estate softwarelease rolloverNOI reportinghttps://solstencre.com/blog/commercial-real-estate-acquisitions-workflow-software/https://solstencre.com/blog/commercial-real-estate-acquisitions-workflow-software/A practical guide to commercial real estate acquisition workflow software, including the capabilities acquisitions analysts need for deterministic underwriting, scenario analysis, and cleaner investment committee reporting.Sun, 29 Mar 2026 00:00:00 GMTCRE Educationacquisitions analystcommercial real estate softwareunderwriting workflowdeal screeninginvestment committeeCRE acquisitionshttps://solstencre.com/blog/how-real-estate-students-should-learn-underwriting/https://solstencre.com/blog/how-real-estate-students-should-learn-underwriting/A practical guide for real estate students and faculty on learning commercial real estate underwriting through integrated models, scenario analysis, and production-style workflows instead of isolated spreadsheet exercises.Sun, 29 Mar 2026 00:00:00 GMTCRE Educationreal estate studentsunderwriting educationcommercial real estate softwarereal estate modelingMSREMREDhttps://solstencre.com/blog/commercial-real-estate-due-diligence-checklist/https://solstencre.com/blog/commercial-real-estate-due-diligence-checklist/Complete CRE due diligence checklist covering financial, physical, legal, environmental, and market verification — what to request, what to analyze, and what kills deals.Sat, 28 Mar 2026 00:00:00 GMTCRE Educationdue diligenceacquisitionunderwritingchecklistcommercial real estateproperty inspectionclosinghttps://solstencre.com/blog/how-to-underwrite-value-add-commercial-property/https://solstencre.com/blog/how-to-underwrite-value-add-commercial-property/Step-by-step guide to underwriting value-add commercial real estate — how to model renovation costs, lease-up timelines, rent bumps, and calculate risk-adjusted returns for repositioning deals.Thu, 26 Mar 2026 00:00:00 GMTTutorialsvalue-addunderwritingrepositioningrenovationlease-upIRRcommercial real estateCRE tutorialhttps://solstencre.com/blog/commercial-real-estate-loan-types-guide/https://solstencre.com/blog/commercial-real-estate-loan-types-guide/Complete guide to CRE loan types — permanent loans, bridge loans, construction financing, mezzanine debt, CMBS, SBA 504, and how to choose the right structure for your deal.Tue, 24 Mar 2026 00:00:00 GMTCRE EducationCRE financingcommercial loansbridge loanconstruction loanCMBSmezzaninedebtcommercial real estateSBA 504https://solstencre.com/blog/preferred-return-real-estate-explained/https://solstencre.com/blog/preferred-return-real-estate-explained/Deep dive into preferred return mechanics in CRE — simple vs compound accrual, catch-up provisions, lookback clauses, and worked examples showing exactly how preferred return affects investor distributions.Sun, 22 Mar 2026 00:00:00 GMTCRE Educationpreferred returnGP LPwaterfall distributioncatch-upequity waterfallIRRinvestor returnscommercial real estatehttps://solstencre.com/blog/nnn-lease-recovery-analysis-guide/https://solstencre.com/blog/nnn-lease-recovery-analysis-guide/Complete guide to NNN (Triple Net) lease recovery analysis — how expense pass-throughs work, Base Year Stop vs Modified Gross vs Net leases, calculation examples, and common underwriting mistakes.Thu, 19 Mar 2026 00:00:00 GMTCRE EducationNNN leasetriple netexpense recoveryoperating expensesbase year stopmodified grossCAM chargescommercial leaseunderwritinghttps://solstencre.com/blog/argus-vs-solsten/https://solstencre.com/blog/argus-vs-solsten/Detailed feature-by-feature comparison of ARGUS Enterprise and Solsten for CRE analysis. See where each platform excels, pricing differences, and which is right for your workflow.Sat, 07 Mar 2026 00:00:00 GMTIndustry AnalysisarguscomparisonproformaCRE softwarecommercial real estatehttps://solstencre.com/blog/free-tools-income-property-valuation/https://solstencre.com/blog/free-tools-income-property-valuation/A practical walkthrough of NOI, cap rate, and DSCR math for income properties, worked through Solsten's free tier — the free CRE valuation platform for investors who want institutional math without ARGUS pricing.Wed, 12 Nov 2025 00:00:00 GMTCRE Educationproperty valuationNOIcap rateDSCRfree toolsincome propertiescommercial real estatehttps://solstencre.com/blog/best-valuation-tools-cap-rate-calculators/https://solstencre.com/blog/best-valuation-tools-cap-rate-calculators/A deep dive into the best commercial property valuation tools and cap rate calculators for 2026, plus how to choose between value-add and core-plus investment strategies.Thu, 16 Oct 2025 00:00:00 GMTIndustry Analysisvaluation toolscap ratevalue-addcore-plusCRE software2025commercial real estatehttps://solstencre.com/blog/dscr-commercial-real-estate-guide/https://solstencre.com/blog/dscr-commercial-real-estate-guide/How to calculate DSCR for commercial real estate loans: the formula, current lender minimums (1.20×–1.40×), what happens below 1.0, and proven ways to improve coverage before closing.Sat, 20 Sep 2025 00:00:00 GMTCRE EducationDSCRdebt service coverage ratiocommercial real estatelendingfinancingNOIloan underwritinghttps://solstencre.com/blog/how-to-build-a-real-estate-proforma/https://solstencre.com/blog/how-to-build-a-real-estate-proforma/Learn how to build a commercial real estate proforma from scratch — revenue projections, expense modeling, NOI, debt service, cash flow, and return metrics explained with examples.Mon, 15 Sep 2025 00:00:00 GMTCRE Educationproformafinancial modelingcommercial real estateNOIIRRcash flowoperating statementunderwritinghttps://solstencre.com/blog/what-is-noi-commercial-real-estate/https://solstencre.com/blog/what-is-noi-commercial-real-estate/Net Operating Income (NOI) explained — formula, calculation examples, what to include and exclude, and how NOI drives cap rates, debt sizing, and property valuation.Wed, 10 Sep 2025 00:00:00 GMTCRE EducationNOInet operating incomecommercial real estateproperty valuationcap rateDSCRoperating expenseshttps://solstencre.com/blog/mastering-irr-and-npv/https://solstencre.com/blog/mastering-irr-and-npv/A complete guide to IRR and NPV for real estate investors — formulas, step-by-step examples, MIRR, WACC, sensitivity analysis, and when to trust which metric.Thu, 28 Aug 2025 00:00:00 GMTCRE EducationIRRNPVWACCDCFinvestment analysisMIRRfinancial modelingcommercial real estatehttps://solstencre.com/blog/best-free-valuation-tools/https://solstencre.com/blog/best-free-valuation-tools/We tested 8 free commercial property valuation tools. What each free tier really includes, where the paywalls hide, and a side-by-side comparison table.Sat, 02 Aug 2025 00:00:00 GMTIndustry Analysisvaluation toolsCRE softwarefree toolscap rate calculator2026commercial real estatehttps://solstencre.com/blog/hiring-a-property-manager/https://solstencre.com/blog/hiring-a-property-manager/A comprehensive guide to finding, evaluating, and hiring a property manager — 9 traits to look for, interview questions to ask, and red flags to watch for.Sat, 18 Jun 2022 00:00:00 GMTCRE Educationproperty managementlandlord tipshiringdue diligencecommercial real estateCRE educationhttps://solstencre.com/blog/tips-to-succeed-in-real-estate-investments/https://solstencre.com/blog/tips-to-succeed-in-real-estate-investments/6 practical tips for real estate investors — from timing and cash flow analysis to finding mentors and using modern tools to make data-driven investment decisions.Fri, 03 Jun 2022 00:00:00 GMTCRE Educationinvesting tipsreal estate strategybeginner guidecash flowcommercial real estateCRE educationhttps://solstencre.com/blog/cap-rates-do-they-really-matter/https://solstencre.com/blog/cap-rates-do-they-really-matter/Cap rates are the most used metric in CRE — but relying on them alone is dangerous. Learn what cap rates miss and which metrics give you the full picture.Wed, 04 May 2022 00:00:00 GMTCRE Educationcap rateinvestment metricsreal estate analysisNOIvaluationcommercial real estatehttps://solstencre.com/blog/cash-on-cash-return/https://solstencre.com/blog/cash-on-cash-return/Cash-on-cash return is annual pre-tax cash flow divided by total cash invested. This guide walks through the formula, a step-by-step CRE example, and what counts as a good benchmark.Mon, 04 Apr 2022 00:00:00 GMTCRE Educationcash-on-cash returninvestment metricsreal estate analysisROIcommercial real estateCRE educationhttps://solstencre.com/blog/what-does-a-good-irr-look-like/https://solstencre.com/blog/what-does-a-good-irr-look-like/Learn what internal rate of return (IRR) means for commercial real estate, the difference between levered and unlevered IRR, and what ranges smart investors target.Fri, 04 Mar 2022 00:00:00 GMTCRE EducationIRRinvestment metricsreal estate analysislevered returnscommercial real estateCRE education