The Generate Pro-Forma action runs Relm's financial agents against the property and produces the full 10-year model. On the Financial page, the same action is Run Financial Analysis (and Re-Run Analysis once a model exists). This page explains what the agents do and what each line item is anchored on.
When to generate
Generate the pro-forma after the Intel Report has populated Basic Info, Taxes, Comps, Units, Area Stats, and (when present) Documents. Generating before those are settled produces a thinner model with more assumed values.
Relm won't start an AI pro-forma until the Intel Report has produced the basics it reads (basic info, taxes, and area stats) — until then, the button says Run Intel Report first. While an Intel Report is still running, the Financial card offers Run automatically when ready, which starts the pro-forma as soon as the research finishes.
What the agent does
When you click Generate:
- Research a cap rate for the property from comparable sales and market data.
- Read the property data — basic facts, taxes, units, comps, area stats.
- Read your uploads — rent roll (for gross potential income and unit mix), P&L / T-12 (for expense baselines), OM (for context).
- Pull submarket benchmarks — rent growth, vacancy, expense ratios for the asset class in this submarket.
- Build line items — one agent per line item fills each of the 18 pro-forma rows across all 10 years.
- Tag every value with its sources and reasoning.
- Check the result and compute the metrics — NOI, debt service, DSCR, cash flow, property value, cash-on-cash, and equity multiple. If a check fails, the model is flagged These figures need review.
The output is written into the property's state and the Financial section becomes interactive.
What each line item is anchored on
- Gross Potential Income — your rent roll when you've uploaded one; otherwise market rents for comparable units. Grown forward by the rent-growth assumption.
- Other Income — taken from the P&L if present; otherwise modeled as a small percent of gross potential income consistent with asset-class benchmarks.
- Vacancy & Collection Loss — submarket vacancy and new-supply trends.
- Credit Loss — expected bad debt, evictions, and concessions for the asset and market.
- Property Taxes — from the Taxes section's most recent bill, grown by the reassessment-cadence-aware tax growth assumption.
- Insurance — asset-class + geography benchmark (Florida coastal multifamily is very different from Midwest garden multifamily).
- Utilities — from the P&L if present; otherwise per-unit benchmark.
- Repairs and Maintenance — benchmarks for the asset class and building age.
- Management Fees — from your P&L or management agreement if uploaded; otherwise a market-typical percentage of EGI.
- Leasing, Legal, Accounting, Engineering, Marketing, and Consulting Fees, and Services — benchmarks scaled to the property's size, amenities, and local market.
- Reserves for Replacements — an annual reserve for roofs, HVAC, elevators, and other major systems (older properties get higher reserves).
- Debt Service — calculated from your financing inputs (purchase price, down payment, interest rate, loan term).
Default debt assumptions
Relm seeds the Cap Rate & Financing panel with these defaults:
- Purchase price — blank until you enter it; until then, Relm estimates the property's value from market data (or from NOI and the cap rate)
- Down payment — 40% (a 60% loan-to-value)
- Interest rate — 6.5%
- Loan term — 30 years, fully amortizing (there's no interest-only period)
- Closing costs — 2% of purchase price
- Tax rate — 25% effective income tax, used for after-tax cash flow
These are starting points. Override them to match the term sheet you're underwriting against.
Cap rate and exit
- Cap rate — researched for this property (the recommended rate in Cap Rate & Financing) and used to value the property each year (NOI ÷ cap rate). You can apply your own; if it looks out of range for the property, Relm adds a short advisory note — your number stands.
- Exit — the model runs ten years and doesn't include a sale: there's no hold-period setting, selling costs, or sale proceeds.
Re-generating
You can re-run the pro-forma at any time with Re-Run Analysis on the Financial page. On Self-Serve, each re-generation is charged in credits when it completes, based on what it delivers. A re-run replaces the whole model — including cells you edited and your financing inputs — and Relm doesn't ask first, so use Export Excel beforehand if you want to keep your version. See Manual edits & assumptions.
What the agent does not do
- Doesn't model your equity waterfall. GPLP/LP splits, promote, prefs — that's downstream.
- Doesn't underwrite tax abatements. If a deal has a 421-a, 421-g, PILOT, or freeport abatement, you'll need to override the tax line.
- Doesn't model construction draw schedules or development pro-formas — Relm Pro is built for stabilized acquisitions.