This process involves analyzing various financial and non-financial factors, including the property's market, location, physical condition, income, expenses, and debt. Here are some steps you can follow to underwrite a multifamily property:

• Gather information about the property: This includes the property's location, physical characteristics, unit mix, rental rates, and any recent capital improvements.
• Analyze the market: Look at factors such as supply and demand for rental properties, population demographics, and the local economy.
• Review the property's financial statements: This includes the income statement, balance sheet, and cash flow statement. Look for trends in revenue, expenses, and occupancy.
• Calculate key financial ratios: These include the capitalization rate, debt service coverage ratio, and loan-to-value ratio. These ratios will help you understand the property's financial performance and risk profile.
• Assess the property's physical condition: Consider the age and condition of the building and its systems, as well as any necessary repairs or upgrades.

Based on your analysis, decide whether the property is a good investment and whether to proceed with the acquisition.