The Generate Pro-Forma action runs Relm's financial agent against the property and produces the full 10-year model. This page explains what the agent does and what each line item is anchored on.
When to generate
Generate the pro-forma after Deep Research 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.
What the agent does
When you click Generate:
- Read the property state — basic facts, taxes, units, comps, area stats.
- Read your uploads — rent roll (for GPR 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 — fill each pro-forma row across all 10 years.
- Tag every value with a citation or assumption rationale.
- Compute returns — IRR, equity multiple, DSCR.
The output is written into the property's state and the Financial section becomes interactive.
What each line item is anchored on
- Gross Potential Rent (GPR) — sum of in-place rents from the rent roll, grown forward by the rent-growth assumption.
- Other Income — taken from the P&L if present; otherwise modeled as a small percent of GPR consistent with asset-class benchmarks.
- Vacancy & Concessions — submarket vacancy trajectory + concession patterns from listing data.
- 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 & Maintenance — per-unit-per-year benchmark for the asset class and vintage.
- Payroll — per-unit benchmark, scaled by property size.
- Marketing — small percent of GPR.
- Management Fee — typically 3.0–3.5% of EGI (configurable).
- Capex — vintage-aware capex reserve (older properties get higher reserves).
- Debt Service — assumes a default loan structure unless you override (interest rate, LTV, IO period, amortization).
Default debt assumptions
Relm seeds debt with conservative defaults:
- LTV — 65%
- Interest rate — current market rate for the asset class
- Interest-only period — 0 years
- Amortization — 30 years
These are starting points. Override them to match the term sheet you're underwriting against.
Default exit assumptions
- Exit cap rate — submarket median + a 25–50 bps spread (cap rate expansion)
- Hold period — Year 10
- Selling costs — 1.5% of gross sale price
Override these if your underwriting horizon or assumptions are different.
Re-generating
You can re-generate the pro-forma at any time. Each re-generation costs a credit on Self-Serve. Manual overrides are preserved via merge by default — 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.