Underwriter - Multifamily Housing

BH Management Services, LLC; Austin (TX); On-site; USD 110,000 - 150,000; Full time

Job summary

BH Management, LLC, a leading multifamily owner-operator, seeks a finance-focused professional to join its investment analysis team in Austin. You will analyze unlevered/levered returns, IRR, cash-on-cash, and cap rates, while evaluating operating metrics and capital needs to support acquisitions and asset management.

Responsibilities include scenario analysis, market intelligence, debt assessment, and preparation of investment memoranda.

Qualifications

• Advanced Excel and financial modeling proficiency with clear documentation.
• Experience with multifamily real estate analytics and underwriting.
• Ability to validate outputs against source data and investment standards.

Responsibilities

• Analyze returns, IRR, cash-on-cash, cap rates, and exit scenarios.
• Evaluate operating metrics: occupancy, concessions, delinquencies, and expenses.
• Translate business plans into phased cash flows and underwriting assumptions.
• Build base/upside/downside scenarios and stress test key drivers.
• Perform market intelligence on submarkets, rents, and demand drivers.
• Assess debt and capital structure options including financing terms.
• Support due diligence and prepare investment memoranda and materials.
• Collaborate with cross-functional teams to reflect executable plans.

Skills

Advanced Excel

Financial modeling

AI tools

Data analytics

Education

Bachelor's degree in finance or real estate

Tools

CoStar

Yardi

RealPage

ARGUS Enterprise

Power BI

Tableau

Job description

BH Management, LLC is a people-first multifamily owner and operator that grew from a small startup into one of the nation's largest commercial real estate companies. Today, BH manages over 100,000 units, employs over 2,800 people, owns its processes in-house, and is praised by Fortune Magazine as the “Best Workplace for Women,” “Best Workplace for Millennials,” and “Best Workplaces for Diversity.” Powered by innovation and a can-do attitude, BH improves daily, striving to construct a smarter way to live, invest, manage, and grow.

Responsibilities

• Analyze unlevered and levered returns, IRR, equity multiple, cash-on-cash return, cap rates, yield on cost, debt-service coverage, breakeven occupancy, and exit scenarios.
• Operating analysis - Normalize trailing operating statements; evaluate occupancy, loss-to-lease, concessions, bad debt, delinquency, other income, payroll, repairs and maintenance, utilities, taxes, insurance, management fees, and replacement reserves.
• Business plan assessment - Evaluate renovation scope, rent premiums, unit turn timing, lease up assumptions, operating efficiencies, capital requirements, and execution constraints. Translate the business plan into phased cash flows and measurable underwriting assumptions.
• Scenario and downside analysis - Build base, upside, and downside cases; stress test rent growth, occupancy, collections, expense inflation, renovation pace, interest rates, financing proceeds, cap rates, and exit timing.
• Market and competitive intelligence - Assess submarket supply and demand, deliveries, absorption, rent and occupancy trends, concessions, comparable properties, employment drivers, demographics, taxes, insurance conditions, and regulatory or physical risks relevant to the investment thesis.
• Debt and capital structure - Evaluate agency, bank, bridge, and other financing alternatives as applicable, including proceeds, pricing, amortization, interest‑only periods, reserves, covenants, prepayment provisions, extension terms, and refinance risk.
• Due diligence - Support financial, operational, physical, environmental, legal, tax, insurance, and third‑party diligence. Maintain an assumption and issue log, resolve data discrepancies, quantify identified risks, and update the underwriting as findings emerge.
• Investment communication - Prepare concise investment memoranda, approval materials, model outputs, and presentations that explain the thesis, key assumptions, sensitivities, risks, mitigants, and recommended decisions.
• Cross‑functional partnership - Partner with Acquisitions, Capital Markets, Asset Management, Property Operations, Construction, Accounting, Legal, Risk, and other internal stakeholders to ensure assumptions reflect executable operating plans and current financing conditions.
• Post‑close learning - Compare original underwriting with actual operating performance, document variance drivers, and incorporate lessons learned into assumptions, templates, screening criteria, and future investment decisions.
• Data and process discipline - Maintain organized deal files, version control, comparable databases, assumption libraries, and pipeline records.
• AI, Automation, and Data Expectation s
• AI‑enabled workflow - Use approved AI and automation tools to assist with offering memorandum review, rent roll and T‑12 extraction, data normalization, comparable property research, issue spotting, first pass scenario generation, and drafting of investment narratives.
• Validation - Reconcile AI‑assisted outputs to source documents and approved models; Prompting and workflow design - Create clear, reusable instructions, templates, and quality checks that improve the consistency and speed of analytical workflows.
• Data governance and confidentiality - Use approved systems and follow company requirements for handling confidential, proprietary, personal, lender, broker, and transaction data.
• Analytical fluency - Work effectively with structured and unstructured data and use modern reporting and visualization tools to identify patterns, exceptions, and decision relevant insights.
• Continuous learning - Stay current on evolving AI capabilities, multifamily data sources, modeling practices, and underwriting risks; Bachelor’s degree in finance, real estate, economics, accounting, business, data analytics, or a related field. 2-5 years of experience in multifamily underwriting, acquisitions, commercial real estate, real estate private equity, lending, valuation, asset management, or investment analysis.

Qualifications

• Advanced Excel and financial modeling capability, including cash‑flow modeling, sensitivity analysis, data validation, model auditing, and clear documentation of assumptions.
• Strong command of multifamily operating statements, rent rolls, property valuation, investment return metrics, debt sizing, and capital structure analysis.
• Ability to use AI‑assisted tools responsibly and to validate outputs against source data, approved methodologies, and investment standards.
• Strong written and verbal communication skills, including the ability to present complex analysis in a concise, decision oriented format.
• Experience with value‑add underwriting, renovation programs, property‑level operating models, and post‑acquisition variance analysis.
• Experience with real estate and analytics platforms such as CoStar, Yardi, RealPage, ARGUS Enterprise, Power BI, Tableau, or comparable tools.
• Experience improving underwriting workflows through AI, data extraction, automation, standardized templates, or low‑code tools.
• CCIM, CFA, CPA, MAI, graduate real estate/finance degree, or other relevant designation.

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