What We Are Looking For.
We are actively acquiring land, redevelopment opportunities, and residential assets throughout Utah County.
Land & Teardowns
Multifamily
Student Housing
Value-Add
Infill lots, corner lots and older homes with redevelopment opportunities
4-20+ units, value-add or stabilized opportunities
Properties neer BYU, UVU, and major transportation corridors
Properties with proven upside through renovation or repositioning
Know the Deal Before You Buy It.
A great real estate opportunity can look completely different once the numbers are fully underwritten.
At Heeren Residential, we underwrite real estate opportunities for developers, investors, and property owners who need a clear understanding of the risks, returns, and feasibility of a deal before committing capital.
Our underwriting process is built from an operator's perspective. We don't just run numbers, we evaluate whether the project actually works.
Our Underwriting Process
Acquisition Analysis
We establish the true basis of the deal.
This includes purchase price, closing costs, financing assumptions, acquisition costs, and any additional expenses required to acquire the property.
Market & Revenue Analysis
We determine realistic exit values and income potential.
We determine realistic exit values and income potential using comparable sales, rental comps, market conditions, and project-specific assumptions.
For development projects, we analyze the potential unit mix, sale prices, rents, absorption, and exit strategy.
Development & Construction Costs
We build a detailed project budget covering the costs required to take the project from acquisition through completion.
Depending on the project, this can include:
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Site work
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Construction
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Utilities
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Architecture & engineering
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Permitting
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Impact fees
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Financing costs
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Developer costs
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Contingencies
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Sales and marketing
Financing & Capital Structure
We model the capital stack and determine how financing affects the overall project.
This can include debt, equity, investor capital, interest costs, loan fees, and draw schedules.
Returns Analysis
We calculate the metrics that matter to investors and developers.
Depending on the project, these may include:
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Total Project Cost
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Gross Revenue
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Net Revenue
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Gross Profit
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Net Profit
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Development Margin
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ROI
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Equity Multiple
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IRR
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Cash-on-Cash Return
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Break-Even Analysis
Sensitivity & Risk Analysis
Base-case projections are only part of the story.
We stress-test the deal to understand what happens if:
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Construction costs increase
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Sale prices decrease
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Rents underperform
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The project takes longer than expected
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Interest rates increase
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The acquisition price changes
This allows you to understand how much room for error the deal actually has.
From "Looks Good" to "Actually Works."
You don't need to be a full-time developer to have access to institutional-style deal analysis.
Whether you're an experienced developer evaluating your next acquisition, an investor reviewing an opportunity, or an owner trying to understand the development potential of a property, we can provide an independent underwriting perspective.
Our experience as active real estate operators allows us to look beyond the headline numbers and evaluate the practical feasibility of the project.
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Have a property, lot, or development opportunity you're considering?
Send us the deal.
We'll help you understand the numbers, identify the key risks, and determine whether the opportunity deserves a closer look.