Underwrite a Deal You Can Defend
Import the seller's numbers, test the debt and partner returns, and build one underwriting you can confidently defend to lenders and investors.
- One complete Pro+ deal free
- Revise it forever
- No credit card required
Pencil it in AI. Prove it in DealStory.
Built for the deals operators are underwriting now
- RV Parks
- Mobile Home Parks
- Multifamily
- Co-Living
Need another asset class? Tell us what you’re underwriting. We add new templates based on operator needs.
Clint — man alive, using DealStory & Claude.ai underwriting is a GAME changer. I'm doing so many things that only six months ago would have taken me ages. Thank you!!!
AI can give you an answer. A serious deal requires numbers you can defend.
AI is excellent for exploring a deal and getting a fast first pencil. But when a lender challenges the assumptions or an investor asks how the returns were calculated, you need more than a convincing response.
AI answers shift with the prompt
Ask twice and you may get two methodologies. Expenses change, reserves disappear, and the authoritative version gets lost in the conversation.
Spreadsheets break and multiply
Broken references, copied formulas, and multiple versions leave everyone wondering which numbers are current.
Real money brings real scrutiny
Lenders and partners don't ask only for the answer. They ask to see the assumptions and understand how the model works.
Three steps to an underwriting you can hand over
Bring in the seller's numbers
Upload the P&L, paste your AI analysis, or enter the numbers yourself. DealStory structures the income and expenses and flags items that deserve a closer look.
Model the complete deal
Normalize operations, test the debt, add reserves, structure partner capital, and compare scenarios to see what the property can actually support.
Bring everyone into one deal
Give your team, lender, or partners one underwriting — with the assumptions, documents, comments, and history together in one place.
Walk into the conversation knowing your numbers hold up.
Every view, scenario, and report is built from the same assumptions — including loan-by-loan debt service, the seller carry, reserves, and each partner’s share — so you can explain the deal, answer questions, and revise the model without rebuilding it.
“Don’t fall in love with the park. Fall in love with the numbers.”
A $7.2M ask at 35% down. Year 1 coverage lands at 1.02× — under the lender’s 1.25× line — and the whole year distributes $9,269 across six partners. By Year 3, when the seller carry starts amortizing, cash flow after debt service goes negative and coverage slips to 0.97×. Nobody is getting rich here, and DealStory says so out loud before the lender does.
The other side of the coin: sometimes the seller is the one who needs to see this.
A bank isn’t lending on coverage under 1.25×. Once insurance, property taxes, payroll, and reserves are right-sized, this deal pencils at 1.02× at the asking price. Now the conversation isn’t “your offer is too low” — it’s “here is the price a lender will actually finance.” The numbers make the case, so you don’t have to be the villain.
- Know what price the deal can actually support.
- See the year coverage breaks — before you sign.
- Show lenders and partners exactly how you got there.
Make DealStory the system of record for the deal.
Bring free and paid members into the same team workspace. Everyone works from the same underwriting, supporting documents, comments, and team history — without reconstructing the deal from spreadsheets, email threads, text messages, and disconnected AI conversations.
- Shared underwritingEveryone sees the same assumptions, financing, scenarios, and returns — not separate spreadsheet versions.
- Supporting documentsKeep the seller’s P&L, offering memorandum, reports, and other deal documents with the underwriting they support.
- Comments and decisionsCapture questions, observations, and team discussions in the context of the deal.
- Deal historyGive team members a record of what changed, who contributed, and how the deal evolved.
Invite the people involved in the deal without requiring every participant to purchase the same subscription before they can collaborate.
When someone joins the deal, they don’t have to ask, “Where is everything?”
The underwriting, documents, conversations, and history are already there.
Everything you need when the deal moves beyond the first pencil
Know what the property earns
Model the property's real operating performance instead of accepting the seller's presentation at face value.
Know how the deal gets funded
Build the complete capital stack and see whether every use of funds has an actual source.
Know what every partner receives
Model contributions and distributions so partner returns reconcile to the deal's actual cash.
Know what happens next
Test the future of the deal using the same assumptions and calculations as the operating model.
DealStory Underwriting Education
Don’t just fill in the underwriting models. Understand the deal.
DealStory’s free Underwriting 101 library explains the concepts behind the numbers in plain language—from reading the seller’s P&L to understanding what is actually available to pay the bank.
- Reading a Pro Forma and P&L
- Revenue, COGS and Expenses
- NOI and CFADS
- Debt Service and DSCR
- Operating and CapEx Reserves
- Partnerships, Waterfalls and Seller Financing
Additional lessons cover AI-assisted underwriting, discretionary expenses, effective gross income, balance sheets, and deeper deal structures.
Give new team members a shared vocabulary for the underwriting they are reviewing.
No paid underwriting plan required.
The real Underwriting 101 library — organized lessons with worked examples, not glossary definitions.
One model. Visible assumptions. Consistent calculations.
DealStory cannot know whether the seller told the truth about payroll. It can make the math consistent, expose every assumption, and surface the places where the deal does not work.
- Consistent calculationsThe same formulas throughout the model.
- Visible assumptionsEvery input is on screen and editable.
- Built-in checksFunding gaps, coverage issues, and reserve shortfalls are surfaced.
- One system of recordYour underwriting, documents, comments, and team history stay connected to the same deal.
Trusted by operators underwriting real deals
We underwrote three opportunities in minutes instead of days.
Racing a 1031 deadline, DealStory made it fast and intuitive.
Using DealStory & Claude.ai underwriting is a GAME changer.
I'm doing so many things that only six months ago would have taken me ages. Thank you!!!
The underwriting tools and contact management are thoughtfully designed.
What truly sets DealStory apart is how engaged the team is with its users.
Your First Complete Deal Is on Us
Build one complete Pro+ underwriting and keep working on it for as long as you need. Revise the assumptions, test new financing, and update your offer without losing access to the deal.
Invite your team so everyone can review the same deal, supporting documents, comments, and history.
Your free account also includes the complete Underwriting 101 education library.
This is not a limited trial or a stripped-down calculator.
Upgrade only when you are ready to underwrite your next opportunity.
Start free. Upgrade on your second deal.
The upgrade trigger is simple: your next opportunity.
Your first complete Pro+ underwriting
- One complete Pro+ deal
- Unlimited revisions to that deal
- Shareable underwriting report
- Create or join a deal team
- Shared documents, comments, and history
- Free Underwriting 101 education library
- Leads, pipeline, and Connect Card included
Unlimited underwriting
- Underwrite every opportunity
- Compare multiple scenarios
- Model partners, waterfalls, and promotes
- Build teams around every active deal
- Keep your entire deal pipeline in one system
Deals happen through people. Keep those relationships in DealStory.
Every free account also includes your professional Connect Card and relationship tools.
Have a Deal You’re Looking at Right Now?
Bring in the seller's numbers, test the financing and returns, and find out what the property can actually support.
Underwrite one complete Pro+ deal free. Revise it forever.
Your next deal is
one conversation away.
Bring us your next RV park deal. Spend an hour with the founder — Pro+ unlocked, working through it together. You'll leave with a verified model and a clear sense of whether your deal makes sense. Then send us your revised numbers — we'll review them async.
Our current sessions are focused on RV parks — but the platform works for MHP, co-living, and multi-family too. Templates available.
If we get on the call and you're not yet ready, we'll give you focused homework and reschedule. We'd rather give you 20 useful minutes than waste 60.— Clint Carter, Founder · DealStory
