Before any offer, every property goes through 13 criteria: we read every document, reconcile the seller's numbers with the supporting documents, normalize the expenses, run three financing scenarios with every ratio, and deliver a clear verdict, GO or NO GO. The initial analysis is free of charge.
A listing sheet is a sales document: potential income in big print, partial expenses, a multiplier calculated on both. The number that makes you buy is never the one that makes you lose money. That one hides in a non-indexed lease, an insurance premium that doubled, a roof “repainted” in 2019. The grid is there so nothing gets forgotten, deal after deal.
Leases and annexes, rent increase notices, tax bills, insurance policies, energy and maintenance invoices, certificate of location, inspection reports, the seller's financial statements. Not a summary, not the listing: the documents.
Every stated income must match a signed lease, every expense an invoice or a bill. A 5% gap on income is roughly $55,000 less in value at a GRM of 12.
We analyze with what comes in today, and we quantify the path to market rent: how many units are below market, by how much, and how fast that can legally change.
Taxes, insurance at the price of a new policy, common-area energy, maintenance, vacancy reserve, management: the expenses are rebuilt as if you were the owner, not carried over from the seller.
Down payment, amortization, conventional or insured loan, residential or commercial from 5 units: we calculate with what you can actually get, with our partner mortgage brokers.
As presented, normalized to reality, stabilized after optimization. For each: GRM, NIM, cap rate, debt coverage, price per door, cash flow per door.
Cash flow, principal paydown (the share of the loan repaid by your tenants) and appreciation (an assumption, never a certainty), quantified separately. A return that rests entirely on appreciation is a bet.
Every deal has a tipping point: roof, a tenant at $600, insurability, zoning. We name it, we quantify it, and we decide: GO or NO GO. If it's GO, at what price.
Before negotiating, a buyer's ceiling price: 0.85 times the value given by the normalized income in the realistic scenario. Above it, the return only holds up through appreciation.
Insurability, compliance (units or work without permits), financing (coverage ratio), rents (a pending TAL case). Any one of them can cancel out the rest.
What the city allows: adding a unit, densifying, changing the use, subdividing. Checked against the zoning by-law, not “according to the seller”.
Future income is projected with the TAL reference rate, not with the market. Catching up happens mostly at tenant turnover, and we estimate it conservatively.
A good property is bought with the next one in mind: when does it free up enough capital at refinancing to fund the down payment on the next one? That's the IPG cycle.
A PDF document with the reconciled numbers, normalized expenses, three scenarios with every ratio, the return broken down, the deciding issue, the verdict and the ceiling price. The same template we apply to portfolios and plexes presented under a confidentiality agreement.
Nothing for the initial analysis. We're paid through brokerage when a transaction closes. If we tell you NO GO, we've earned nothing, and that's fine: the next deal will be better.
Send it to us: we run the 13 criteria, free of charge and with no commitment. And if it isn't worth an offer, you'll know before you go see it.
Have this property analyzed Get off-market propertiesTo go further: the full article on the 13-criteria grid, the Off-market properties page to receive the ones that match your criteria, and the IPG ecosystem for what comes after the purchase.
A quick first read after the call, then the complete analysis within a few business days of receiving the documents. The timeline mostly depends on how long the seller takes to provide them.
Yes. Send us the listing and whatever documents you have, through the calculator form or by email.
No. Financing is part of the analysis, and our partner mortgage brokers can help you.
No. It gives an order of magnitude in 30 seconds with simplified assumptions. The analysis replaces every assumption with a document.
Nothing for the initial analysis. We're paid through brokerage when a transaction closes. If we tell you NO GO, we've earned nothing, and that's fine.