The Relm Pro pro-forma is a 10-year financial projection of the property's operating performance, capital needs, and debt-service profile. It's what the Financial section card on every property generates.
Structure
The pro-forma is laid out as a stack of standard line items running across Year 1 through Year 10:
- Income — Gross Potential Rent, Other Income, Vacancy & Concessions → Effective Gross Income.
- Operating Expenses — Taxes, Insurance, Utilities, Repairs & Maintenance, Payroll, Marketing, Management Fee → Total OpEx.
- NOI — Effective Gross Income minus OpEx.
- Capital Items — Capex, Tenant Improvements, Leasing Commissions, one-time inflows.
- Debt Service — Principal + Interest on the modeled loan(s).
- Net Cash Flow (NCF) —
NOI + Capital Items - Debt Service.
A separate panel shows the assumptions driving the model (rent growth, expense growth, vacancy, exit cap rate, debt terms) and a return summary (IRR, equity multiple, DSCR).
What makes it AI-generated
Each line item is built from a combination of:
- Your uploads — the rent roll feeds GPR; a P&L feeds expense baselines; an OM contributes context.
- Public data — taxes from the Taxes section, insurance benchmarks from the asset class and submarket.
- Submarket benchmarks — for line items where uploads or public data are thin, Relm uses asset-class- and submarket-specific benchmarks (rent growth, expense ratios, vacancy).
- Explicit assumptions — the rest. Each assumption carries a rationale and is overridable.
You'll see citation chips and assumption badges on individual cells so you can tell which is which.
NCF formula
NCF = NOI + Capital Items - Debt Service
This is the line you use for IRR / equity multiple math. See Net Cash Flow (NCF) formula.
Generating the model
From the Financial section subpage, click Generate Pro-Forma. Each generation costs one credit on Self-Serve (3/month, banks up to 12). Enterprise is unlimited. See Pro-forma credits.
Generation takes 7–20 minutes. While it runs, a progress display in the section shows which agent is at work.
What the pro-forma is not
- Not an underwriting committee deck. It's the model; you decorate it.
- Not an investor IRR waterfall. It models the property; the structure that pays out to LPs is downstream.
- Not a forever model. Beyond Year 10, you're projecting noise. Use the exit-cap and Year-10 NOI to build terminal value.
If you need a polished investor-ready deliverable for a high-stakes deal, the Relm Report is the human-reviewed version.