Excel · 10 tabs · blank, ready for your numbersFill the yellow cells
The 8 steps from Sunday
By hand, or with a hand
Some of you will be happy carrying out this due diligence by hand, and I recommend it, at least for your first few deals. It's how you learn what the numbers are telling you.
If you'd like a hand doing it more productively, that's why I built relea. Start from an OM, a PDF, an address, or a Redfin, Zillow or Crexi link, and relea automates all 8 steps and writes the assessment for you. You underwrite far more deals, and find the diamond in the haystack.
Simon Asselin Founder of relea, real estate investor since 2004
StepBy handrelea does it
1GatherWhat do I actually know?
By handRetype the listing and OM into a spreadsheet.
releaPaste a listing link, drop an OM, rent roll, T-12 or inspection report, or just enter an address. No retyping.
2RentsWhat could it earn?
By handPull comps from three or four sites and guess a number.
releareleaRent prices each unit type as a p25 to p75 range from live inventory, with the comps visible.
3ExpensesWhat does it really cost to run?
By handBuild the P&L line by line from rules of thumb.
releaAn itemized P&L, current and stabilized, with Census vacancy for the tract instead of a flat 5%.
4VerifyDoes the record match the listing?
By handLook up the assessor, treasurer and recorder yourself.
releaPulls the county record, models taxes at your price rather than the seller's bill, and flags where the listing and the county disagree.
5InspectWhat will nobody mention?
By handDig through page 17 of the OM and guess the CapEx.
releaFlags who pays each utility, prices CapEx with ranges and urgency, ranks risks by severity, and writes the DD checklist.
6MeasureDoes it hit my buy box?
By handRecalculate everything every time the rate changes.
releaNOI, cap rate, cash-on-cash, DSCR, IRR and equity multiple in a live model that recalculates on every edit.
7UpsideWhere can I create income?
By handCompare each rent to market, one unit at a time.
releaA stabilized view with the gap to market rent, unit by unit.
8OfferWhat should I pay?
By handWork out sale-to-list, weigh the motivation signals, and pull the seller's mortgage from the Clerk.
releareleaOffer writes a recommended bid from local sale-to-list with every adjustment named, plus the seller's estimated leftover mortgage.
About 3 minutes per deal instead of 3 hours, so you evaluate more deals and show up first with a credible offer. Export to PDF or Excel, or share the live analysis with a partner or lender.
Inside relea
Two models of our own. One complete underwriting.
releaOfferbeta
A recommended bid that shows its work
$412,5004.0% above asking
Local sale-to-list, 102.6%+$10,312
Share selling above list, 51%+$3,966
Porch repair, permit required−$1,550
Est. leftover mortgageLikely clears
Illustrative Chicago listing
Starts from local sale-to-list, not a flat haircut
Names every seller, market and condition adjustment, with the figure behind it
Estimates what's left on the seller's mortgage
On three real listings: 15% below ask in metro Atlanta, 10% below on a Columbus duplex, 4% above in Chicago. Three analyses, not typical results.
releaRent
Market rent from live listings, not a guess
$1,450/mo2BR market rent
p25 $1,380p75 $1,560
1BR market range$1,120 to $1,260
3BR market range$1,690 to $1,880
18 comps within half a mile, each one visible
A p25 to p75 range for each unit type, from live rental inventory
The comps are on the page, so you can check them
About 5x the usable comps per property in testing
In testing, within 0.7% to 3.5% of actual signed lease rents.
releathe whole model
The blind spots, flagged before you offer
Blind-spot scan
Taxes modeled at your price
Owner pays heat and water
Listing says 4 units, county says 3
CapEx priced from building age
NOI · cap rate · DSCR · cash-on-cash · IRR, live
County record, with taxes at your price rather than the seller's bill
Census vacancy for the tract, owner-paid utilities, CapEx with cost ranges
A live model: every number editable and traceable to its source
Export to PDF or Excel, or share the live analysis with a partner or lender.
releaRent and releaOffer are in every analysis, on every plan, including Free.
Simon Asselin has owned many rental units for over 20 years across 5+ states, and spent his career as a technologist. He built relea out of his own underwriting workflow, the same one he walked through on Sunday.
35% off relea's then-current list price for as long as you keep a continuous subscription. Prices exclude applicable taxes. Cancel anytime.
You are enrolling through Chicago Creative Investors Association's member benefit. We confirm your enrollment to CCIA and share your name, email, plan, and amounts paid so it can verify the payments it receives. We never share your deal data or your activity in relea.
Chicago Creative Investors Association receives compensation when members subscribe to relea through this offer.
How to redeem
Start free from this page. The member discount attaches to your new account automatically. No code needed.
Underwrite your first 3 listings free. No credit card.
Upgrade whenever you're ready. Your Plans page already shows member pricing.
Already have a relea account? Email support@relea.ai and we'll apply member pricing.Fallback code at checkout: CCIA35
Questions
Straight answers
Anything else? Email support@relea.ai. We reply within one business day.
Is the discount really for life?
Yes, for as long as you keep a continuous subscription. If you cancel and come back later, it doesn't automatically return.
Does it stack with annual billing?
Yes. On annual you pay about 48% less than the monthly list price.
What does the free plan include?
3 listings, no credit card, with releaRent and releaOffer in every analysis.
How does releaOffer pick a number?
It starts from what homes in that ZIP close at against ask, then adjusts for seller motivation, the local market and condition, and shows every adjustment. It's a starting point for your own judgment.
Can I cancel anytime?
Yes. Change or cancel your plan anytime from your Plans page.
What does CCIA see about me?
Nothing if you only request the kit. If you join through this page, we confirm your enrollment to CCIA and share your name, email, plan, and amounts paid so it can verify the payments it receives. We never share your deal data or your activity in relea.
Get the kit. Then run your own deal.
Start free with member pricing already applied. 3 listings, no credit card.
