# Underwriting Research

> Research the real-world assumptions behind a multifamily underwriting model — achievable rents, operating expenses, taxes, insurance, construction/hard costs, and available incentives. Use when the user says "check my assumptions," "what should I underwrite for," "research expenses/taxes/insurance/construction costs," or is building/sanity-checking a pro forma. Researches inputs; does not give investment advice.

- Skill: `fusion-data-company/underwriting-research` (Agent Skill)
- Install (CLI): `npx skillmds@latest add fusion-data-company/underwriting-research`
- Raw SKILL.md: https://api.skillmd.com/api/skills/fusion-data-company/underwriting-research/raw
- Safety review: pending
- Works with: Claude Code, Claude.ai, OpenAI Codex
- Category: AI & ML
- Author: Fusion-Data-Company (https://skillmd.com/u/fusion-data-company)
- Updated: 2026-09-17
- Page: https://skillmd.com/skills/fusion-data-company/underwriting-research

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# Underwriting Research

The firm builds its own financial models. This play researches and pressure-tests the **assumptions** that feed the model so they're grounded in market reality and sourced.

## When to use
"What rents can we underwrite?", "research property taxes/insurance in [market]," "what are construction costs running?", "are these expense assumptions reasonable?", "any incentives available here?"

## Assumption areas (research + cite each)
1. **Revenue** — achievable market rents by unit type (pull from market-comp-analysis), realistic stabilized occupancy, loss-to-lease/concessions, other income (parking, pet, fees).
2. **Operating expenses** — submarket OpEx benchmarks per unit; payroll, R&M, marketing, management fee, utilities, G&A.
3. **Property taxes** — local rate/assessment methodology; how new construction is assessed; reassessment risk at stabilization. (Often a major swing factor — research carefully.)
4. **Insurance** — current multifamily insurance cost trend in the market (rising fast in many regions; flag it).
5. **Construction / hard costs** — current $/SF or $/unit ranges for the product type and region; cost trend; long-lead items.
6. **Soft costs & timing** — typical soft-cost load, entitlement/permitting timeline, construction duration, lease-up pace.
7. **Capital markets context** — prevailing construction debt terms and market exit cap rates for the product/market (for the yield-on-cost spread).
8. **Incentives** — TIF, PILOT, tax abatement, opportunity zones, grants, or programs available at the site; eligibility and rough value.

## Method
- For each assumption: give a **researched range** (low / base / high) with sources and dates, not a single guess.
- Compare to any numbers the user already has in their model; flag where their assumption looks aggressive or conservative versus the market, and why.
- Call out the 2–3 assumptions the deal is most sensitive to.

## Output
- An **assumptions memo** saved to the deal folder: each input, the researched range, the source, and a flag (supports / stretch / risk).
- A short "watch these" list of the highest-sensitivity inputs.

## Guardrails
- Research and ranges only — the firm's analysts and principals make the calls. Don't present a recommendation to invest; present the facts to decide.
- Every number sourced + dated; label estimates; note when data is thin.
- Flag legal/tax/securities questions for the right professional.