How should multifamily deals really be underwritten in 2026?

In this live LSCRE podcast, we break down how we are underwriting multifamily real estate today and the critical mistakes investors and sponsors don’t realize until years 3–5.

This episode covers real-world underwriting decisions we’re making right now, including:

Why underwriting mistakes don’t show up in year one

Cash flow vs IRR (and how cash flow can be manipulated)

The hidden risk of in-the-money interest rate caps

How location repricing is changing acquisitions

True rents, fees, and concessions (what most people miss)

Why most “value-add” deals don’t work in today’s market

Loaded ICR vs DSCR and how we evaluate debt risk

What real multifamily distress actually looks like

How LSCRE is positioning acquisitions for long-term cash flow

We also answer live investor questions and explain how these principles apply to a real multifamily acquisition we just closed.

Learn more about LSCRE:
www.lscre.com