Neuruh - Evidence-first underwriting - Engine E6

Self-Storage Underwriting Engine

Unit mix, occupancy, street rates, stabilized NOI, expansion upside, remote-management potential, and break-even occupancy for a self-storage facility.

Versionv1.0
Date2026-11-04
StatusEngine E6 of 12 - Active
LineageCodex V2 App. B, E6 + Residential v1.1 gates + E1 pattern
Not an appraisal. Not a survey. Not legal, tax, or lending advice. Public-data underwriting only. Verify the parcel, occupancy, rates, title, and zoning with the county, the rent roll, and a licensed professional before closing. No offer without Jeramie. Offer authorized is false on every run unless a human approval record is attached.

00Try it in 60 seconds

Three steps. No sign-up, no data leaves your browser.

  1. Step 1: Load Sample A with the button below.
  2. Step 2: Change the stabilized occupancy in section 05.
  3. Step 3: Watch stabilized NOI, value, and break-even occupancy move in the sticky results panel at the top.
Stabilized NOIN/A
Break-even occupancyN/A
Value at cap rateN/A
RecommendationHOLD
Completeness 0 percent
Missing for a GO: parcel, address, unit mix, occupancy verification, at least 2 street-rate sources, stabilized occupancy, operating expenses, cap rate.

01Subject facility and parcel gate

Address / parcel gate. Confirm the facility and parcel from at least 2 public sources before any rate or occupancy number is used. An unverified parcel means HOLD.

02Unit mix

Every row is one unit type. Count, occupied, and street rate are required for a row to count. Occupied can never exceed count. Street rates here are the subject facility rates; competitor rates go in section 04.

Unit typeSize (SF per unit)UnitsOccupiedStreet rate ($/mo)Auto: monthly PGIAuto: monthly actual rent
Total unitsN/A
Total occupied unitsN/A
Occupancy, from unit mixN/A
Total rentable SFN/A
Potential gross income, monthly (100 percent occupancy at street rates)N/A
Potential gross income, annualN/A
Actual gross rent, monthly (occupied units at street rates)N/A
Actual gross rent, annualN/A
Vacancy loss at current occupancy, annual (PGI minus actual rent)N/A

03Occupancy evidence

Occupancy kill condition: occupancy is unverifiable. A rent roll in hand is evidence. An owner statement alone is a claim, not proof. Unverified means the kill-switch in section E13 fires and the recommendation is PASS.

04Street rates, competitor evidence

Street-rate kill condition: street rates from a single source. You need usable rate comps from at least 2 distinct sources. A row is usable only when facility, unit size, rate, source name, source date, and source reference are all filled. Do not use the subject facility as its own competitor comp.

Competitor facilityUnit sizeStreet rate ($/mo)Source nameSource dateSource referenceAuto: usable?
Usable rate comps0
Distinct rate sources0
Distinct source namesNone
Competitor street-rate range ($/mo)N/A
Subject street-rate range, from unit mix ($/mo)N/A
Rate checkAdd at least 3 usable rate comps from at least 2 distinct sources.

05Stabilized NOI and value

Deterministic math. Stabilized gross rent is PGI times stabilized occupancy. Stabilized EGI adds other income. NOI is EGI minus operating expenses. Value is NOI divided by the cap rate. No line is invented: a missing expense is N/A, and a missing cap rate leaves value N/A.

Stabilized GPR = PGI annual x Stabilized occupancy
Stabilized EGI = Stabilized GPR + Other income
Stabilized NOI = Stabilized EGI - Total operating expenses
Value = Stabilized NOI / Cap rate
Break-even occupancy = (Total operating expenses - Other income) / PGI annual

Operating expenses, annual ($)

Stabilized gross rent, annualN/A
Stabilized EGI, annualN/A
Actual EGI, annual (actual rent + other income)N/A
Total operating expenses, annualN/A
Operating expense ratio (opex / stabilized EGI)N/A
Actual NOI, annualN/A
Stabilized NOI, annualN/A
Stabilized NOI per unit, annualN/A
Stabilized NOI per rentable SF, annualN/A
Value at cap rateN/A
Break-even occupancyN/A
Break-even rent, monthly (at current occupancy)N/A
Figure 1. Stabilized income waterfall, Sample A (synthetic). PGI $338,400.00, less vacancy at 10 percent $33,840.00, plus other income $6,000.00, equals EGI $310,560.00, less operating expenses $86,000.00, equals stabilized NOI $224,560.00.
PGI $338,400 Less vacancy $33,840 Plus other income $6,000 EGI $310,560 Less opex $86,000 Stabilized NOI $224,560
Figure 2. Break-even occupancy scale. Sample A (synthetic) breaks even at 23.64 percent occupancy. The stabilized occupancy is 90.00 percent. The gap between the two is the operating cushion. The live marker below moves with the current deal.
0% 50% 100% Break-even: N/A. Stabilized: N/A.

06Expansion upside

Expansion is priced only on land or space that is actually buildable and permitted, or marked N/A. Added rent uses the stabilized occupancy from section 05. Yield on cost is added NOI divided by expansion cost.

Added annual rent = Expansion units x Avg monthly rate x 12 x Stabilized occupancy
Added NOI = Added annual rent - Added operating expenses
Yield on cost = Added NOI / Expansion cost
Added annual rent at stabilized occupancyN/A
Added operating expensesN/A
Added NOI, annualN/A
Expansion cost per new unitN/A
Yield on costN/A
Expansion statusEnter expansion units, rate, cost, and expense percent.

07Remote-management potential

Score is the count of remote-ready systems in place divided by 6. Cost saving is onsite management cost minus remote management cost. A high score with no cost saving is a capability note, not a profit claim.

Remote-ready systems in place0 of 6
Remote readiness scoreN/A
Annual management cost savingN/A
Remote verdictCheck the remote systems in place above.

08Gates, fail closed

Any gate at fail or hold shows HOLD. Do not round a hold up to a pass. Gates are set by the operator after checking the evidence, not by the math.

Gate statusHOLD - gates not verified
Gates passedNone
Gates failed or heldAll
Missing for a GO: parcel, address, unit mix, occupancy verification, at least 2 street-rate sources, stabilized occupancy, operating expenses, cap rate.

E13Risk / Kill-Switch

Every engine ends here. A kill is a successful run, not a failed one. Recommendation on a kill is PASS. Do not soften it. Offer authorized is always false.

Kill-switch activeNo
Kill reasonsNone
Risk flagsNone
RecommendationHOLD

10One-page summary, print this

The deal on one page. Print this section for the file copy. It updates live from the inputs above.

FacilityN/A
AddressN/A
Parcel IDN/A
Total units / occupiedN/A
OccupancyN/A
PGI, annualN/A
Stabilized NOI, annualN/A
Value at cap rateN/A
Break-even occupancyN/A
Expansion added NOIN/A
Remote readinessN/A
Confidence0.50
GatesHOLD
RecommendationHOLD

11Receipt

Generated from the inputs above. Offer authorized is always false in this tool. The receipt is evidence, not an offer.

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12How it works / What this is not

Read this before relying on any number on this page.

How it works: confirm the facility and parcel from at least 2 public sources, enter the unit mix from the rent roll, verify occupancy from the rent roll, collect competitor street rates from at least 2 distinct sources, then let the tool compute PGI, stabilized EGI, stabilized NOI, value at the stated cap rate, and break-even occupancy from the exact formulas in section 05. Expansion and remote management are priced separately and never folded into stabilized NOI. A share link encodes the whole deal in the URL so someone else can open the same numbers.

What this is not: not an appraisal, not a survey, not legal, tax, or lending advice, and not a replacement for county verification, a title commitment, a rent roll audit, or a licensed professional. It does not invent occupancy, rates, comps, or prices. If a field cannot be verified, it stays N/A. A PASS does not mean the facility is bad. It means the evidence in this run does not support proceeding. No offer is quoted without Jeramie.

Honest gaps and limits: break-even occupancy treats operating expenses as fixed at the entered level, so it understates break-even if expenses rise with occupancy. Stabilized NOI uses street rates for occupied units, not collected rent, so delinquency and concessions are not in the rent line; delinquency is recorded in section 03 as a flag, not deducted. Expansion yield uses a single expense percent and no lease-up timeline. Remote readiness is a systems count, not a guarantee that remote management will work at this site. Cap rate is an input, not a market finding; a wrong cap rate moves value directly. Layout was not eyeballed in a real browser.

Related modules: Real Estate Agent hub, Residential Underwriting Engine, E1 Land and Zoning Unlock.