Stop Relying on Spreadsheets to Underwrite, Ep. 767

In this week’s solo episode, John Casmon steps away from guest interviews to break down one of the most misunderstood topics in multifamily investing: underwriting. After speaking at the Big Deal Summit in Columbus, John shares the real-world framework he uses to analyze deals—not just in spreadsheets, but in practice. From setting clear investment criteria to identifying operational inefficiencies, John walks through how successful investors combine vision, market insight, and execution to drive lasting results.

Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here.

Key Takeaways

• Underwriting isn’t about the spreadsheet—it’s about the vision, people, and execution

• Always define your buy box and end goals before analyzing numbers

• Focus on markets with both macro strength and micro-level renter desirability

• Investors don’t pay premiums for plumbing or electric—focus on visible value

• Operational inefficiencies are gold if you know how to identify and fix them

• Don’t assume you can operate better than a seasoned owner without proof

• Stress test your assumptions: What happens if the plan breaks?

Topics

The Real Goal of Underwriting

• Spreadsheets don’t reflect operations—real estate is about people, not numbers

• Get clarity on what kind of asset and community you’re trying to build

Defining Your Buy Box

• Understand your own criteria before chasing ROI or IRR

• Why Cincinnati and surrounding markets meet John’s standards for long-term growth

Macro and Micro Market Selection

• How renter desirability shapes submarket selection

• Population growth ≠ renter demand—context matters

Value-Add the Right Way

• Tenants won’t pay more for new pipes—focus on kitchens, lighting, appliances

• Target properties with updated mechanicals so your upgrades actually add value

Operational Inefficiencies to Look For

• Low occupancy, slow turn times, bloated expenses, and misaligned staffing

• Why seasoned operators aren’t always “mismanaging”—stay humble

Creating vs. Assuming Value

• Ask questions before opening a spreadsheet—what is the business plan?

• Don’t guess your way through the numbers; know what levers create value

Stress Testing the Deal

• Underwrite break-even points and failure scenarios

• Real story: How one business plan unraveled when resident profiles clashed

Final Thoughts on Strategy

• Vision before budget—start with what you want to create

• IRR matters, but timing and exit assumptions often fail

• Know your buyer—plan your renovations around future investor demand

📢 Announcement: Learn about our Apartment Investing Mastermind here.

Next Steps

• Join John’s investor community at casmoncapital.com

• Download the free guide: 7 Questions Every Passive Investor Should Ask

• Revisit your underwriting process using John’s value-first framework

Thank you for joining us for another great episode! If you’re enjoying the show, please LEAVE A RATING OR REVIEW, and be sure to hit that subscribe button so you don’t miss an episode.