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.
