Use Claude Code to build real estate underwriting spreadsheets

A commercial real estate developer used Claude Code to replace outsourced Argus work with custom Excel underwriting models.

Done with Claude Codeยท Intermediateยท Jun 2026

What they did
A solo developer and syndicator started using Claude Code to assemble their own Excel underwriting tools instead of depending on outside Argus analysts. They first built a discounted cash flow model for a single-tenant industrial asset, then broadened it to a multi-tenant industrial version and began reshaping it for retail. Claude Code was used to encode the deal math around tenant schedules, expense recoveries, vacancy gaps, lease extensions, rental input assumptions, capital improvements, broker fees, financing, sale scenarios, and scenario testing.
How it went
They said the finished models were getting close to Argus for the kinds of deals they handle, while letting them tailor the process to how they already underwrite. The biggest gain they pointed to was faster turnaround: minutes rather than hours or days. They also said Argus can still be relevant for institutional, very large, or heavily templated work.
Tips
Even with a working spreadsheet, you should verify the formulas and stress-test the outputs yourself. This is best for people who already know the underwriting rules they want the agent to follow.

Try it yourself with Claude Code

I run a [commercial real estate development and syndication] business and want help creating an Excel underwriting model for [property type]. First, outline the main inputs, calculations, and outputs for a deal like [single-tenant industrial / multi-tenant industrial / retail]. Then build the spreadsheet logic for items such as [rent schedules, expense recoveries, vacancy periods, lease extensions, rental assumptions, capital improvements, broker fees, debt terms, sale proceeds, and sensitivity cases] using one example deal. Explain what each part is doing, and show me how to reuse the model for the next deal. Before you change any existing file, pause and ask me to approve it.

Fill in the [brackets]. Agents can make mistakes, so review anything before it is sent, paid or deleted.

Read the original on reddit.com โ†—

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