Redlands Underwriting Script
Add the Skill File to Your AI
Before using any prompt on this page, you need to load the Redlands Underwriting Script skill into your AI assistant. This activates the Redlands-specific deal logic, pricing rules, and output format.
- Click Download Skill File (.skill) above
- Open your AI assistant (Manus or compatible)
- Upload or attach the .skill file to your session
- Confirm it loaded — the AI will acknowledge the Redlands Underwriting Script
- Now copy and paste any prompt below to get a full underwriting memo
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The Redlands Underwriting Script turns commercial property leads into practical pricing guidance. The goal is not to create a perfect appraisal. The goal is to decide whether Redlands should pursue the deal, what price to anchor, what price not to exceed, what assignment fee to protect, what buyer type to test, and what facts need to be verified before an LOI or buyer blast.
The skill reads a Property Research Agent handoff, broker notes, a flyer, an OM, a rent roll summary, CoStar or LoopNet text, seller call notes, buyer feedback, or a basic property fact pattern. It then organizes the information into a Redlands-style underwriting memo with the key outputs a caller can act on.
Core rule: Never pretend weak data is strong data. If building size, land size, rent, occupancy, zoning, condition, access, or seller price is uncertain, the output will show a range, a discrepancy table, and a diligence list — not a single false-precision answer.
Every full underwriting memo includes these outputs. You can also request any single output using the focused prompts in the Output-Specific section below.
| Output | What It Tells You |
|---|---|
| Deal Verdict | Pursue, pursue only below price, buyer check first, research more, send LOI, or pass. |
| MAO / Max Contract Price | The highest contract price Redlands should consider while protecting wholesale spread and buyer economics. |
| Opening Offer | A lower but defensible first offer that creates negotiation room. |
| Walk-Away Price | The price where Redlands stops unless a buyer confirms a higher number. |
| Assignment Fee Target | Minimum acceptable fee and target fee. |
| Buyer Price Range | What an end buyer may rationally pay based on the facts and assumptions. |
| Seller Narrative | Plain-English language the broker can use with the seller or listing broker. |
| Tenant / Buyer Strategy | Likely buyers or tenant types ranked by fit, with broker action for each tier. |
| Risk Register | Issues that can kill the deal or reduce profit, ranked by severity with mitigation steps. |
| Due Diligence Checklist | Exact documents, photos, and confirmations needed before LOI, contract, or buyer blast. |
| Next Action | One clear, specific step to take today. |
Use the script when the lead has enough information to price, or when a price conversation itself is the next important step. A lead does not need to be perfect — it needs enough substance that underwriting can separate facts from assumptions.
| Situation | Use It? | Why |
|---|---|---|
| Seller gave a price or price range | Yes | Test whether the seller's number leaves room for a buyer and assignment fee. |
| Broker has a flyer, OM, rent roll, or CoStar text | Yes | Extract facts, model scenarios, and identify gaps. |
| Property is vacant and seller is motivated | Yes | Price based on buyer value, lease-up costs, repairs, and risk. |
| Buyer already gave a possible number | Yes | Work backward from buyer price to max contract price. |
| Broker needs LOI support | Yes | Turn underwriting into an offer range, seller narrative, and diligence conditions. |
| Only an address is known | Not yet | Use the Property Research Agent first. |
| Zoning, size, occupancy, and use are all unknown | Not yet | Research first, or ask for a rough range with major disclaimers. |
| Seller is cold and will not discuss price | Usually no | A call strategy or research brief is more useful than deep underwriting. |
Good prompts produce good underwriting. Collect as many of these items as possible before asking for a full memo. If something is unknown, say it is unknown — do not guess without labeling it as a guess.
| Item | Why It Matters | Example Broker Note |
|---|---|---|
| Address and submarket | Needed for market context and buyer fit. | "123 Main St, near I-10." |
| Property type | Determines model type. | "Older flex building with small office and yard." |
| Building SF | Needed for rent, $/SF, repair estimates, and buyer basis. | "Seller says 14,800 SF, not verified." |
| Land size | Important for yard, parking, coverage, and land value. | "1.4 acres per seller." |
| Occupancy | Determines income model versus vacant model. | "Vacant since prior owner-user moved out." |
| Current rent roll or NOI | Required for income-producing assets. | "Three tenants, $18,400/month total, leases not reviewed." |
| Seller price or expectation | Determines whether pursuit is viable. | "Seller wants around $1.4M but may be flexible." |
| Condition | Drives capex and risk discount. | "Roof age unknown, office is dated, warehouse looks usable." |
| Access and physical features | Drives buyer demand. | "Three roll-up doors, 16-foot clear, limited street frontage." |
| Parking and yard | Critical for retail, office, medical, auto, contractor, and flex uses. | "Fenced rear yard, parking count unknown." |
| Zoning or permitted use | Critical for land, outdoor storage, auto, contractor, and redevelopment. | "Zoning unknown, seller says light industrial uses nearby." |
| Buyer feedback | Can override desk assumptions if credible. | "Local contractor buyer says they might pay up to $1.2M if roof checks out." |
| Motivation clues | Helps shape seller narrative. | "Seller inherited it and does not want to lease it." |
The script begins by classifying the deal type. That classification matters because the wrong model produces a misleading answer. A vacant building should not be priced by applying a cap rate to current NOI because there is no current NOI. A land deal should not be priced like a stabilized income property.
| Deal Type | Signal | Primary Framework |
|---|---|---|
| Income-producing, tenanted | Rent roll, leases, meaningful current NOI | Current NOI, stabilized NOI, cap-rate value, buyer yield. |
| Value-add, partially vacant | Some tenants, vacancy, under-market rent | Stabilized NOI less lease-up, capex, carry, buyer profit, and assignment fee. |
| Vacant building / repositioning | No tenants or no reliable current income | Buyer value, lease-up costs, repairs, carry, and wholesale spread. |
| Commercial land | Land only, yard, redevelopment, excess land | Land comps or use value less entitlement and site risk. |
| Owner-user target | Functional building where a business may pay more than an investor | Owner-user value less repairs, assignment fee, and execution cushion. |
| Wholesale assignment | Redlands will not renovate or hold | End-buyer value less assignment fee and safety margin. |
The skill follows a consistent order of operations. You do not need to do the math yourself, but understanding the sequence helps you provide the right inputs and read the output correctly.
Classify the Deal
The skill decides which underwriting model applies. Provide property type, occupancy, seller price, and buyer context.
Extract and Verify Facts
The skill separates verified facts, input-provided facts, assumptions, and unknowns. Label what is verified versus what came from the seller.
Research or Estimate Market Context
The skill uses rent, vacancy, cap rate, and sale comp assumptions when available. Provide CoStar, LoopNet, broker report, or comp notes if you have them.
Assess Physical and Access Issues
The skill flags parking, frontage, loading, yard, access, visibility, condition, and zoning. Provide photos, aerial observations, or drive-by notes.
Build Pricing Scenarios
The skill produces conservative, base, and upside pricing. Tell the skill whether the goal is rough triage or a formal memo.
Recommend Action
The skill gives MAO, opening offer, walk-away, assignment fee, buyer range, and next action. Use the output to decide whether to call, ask for docs, buyer check, send LOI, or pass.
Use this when you have enough information for a complete underwriting request. Replace all bracketed fields with your actual property details.
Use the Redlands Underwriting Script. Property: [address or property name] Property type: [retail / flex / industrial / office / land / mixed-use / unknown] Building SF: [amount, and whether verified or seller-provided] Land size: [amount, and whether verified or seller-provided] Occupancy: [vacant / partially occupied / fully occupied / unknown] Seller price or expectation: [amount or unknown] Income data: [rent roll, NOI, rent PSF, lease terms, or no rent data] Condition notes: [roof, HVAC, parking, access, frontage, loading, yard, photos, or unknown] Market or comp notes: [CoStar, LoopNet, broker comps, buyer feedback, or none] Buyer context: [known buyer, likely buyer types, buyer price feedback, or none] Motivation clues: [why seller may sell, call notes, urgency, ownership issue, or unknown] Please produce a Redlands underwriting memo with: 1. Executive verdict 2. Source data and confidence 3. Valuation framework 4. Pricing scenarios 5. MAO / max contract price 6. Opening offer 7. Walk-away price 8. Target assignment fee 9. Buyer price range 10. Seller narrative 11. Tenant / buyer strategy 12. Risk register 13. Due diligence checklist 14. Next action Be conservative where facts are weak. Separate verified facts, seller-provided facts, and assumptions.
Use this when you are on or right after a seller call and need quick guidance. Gives you the key numbers and next step without a full memo.
Use the Redlands Underwriting Script for quick triage. Here are the facts: [paste short notes]. Seller price: [amount or unknown]. Big unknowns: [list unknowns]. Decision needed: Should we pursue, buyer check first, research more, send LOI, or pass? Give me only: 1. Deal verdict 2. Rough MAO range 3. Opening offer 4. Walk-away price 5. Target assignment fee 6. Three biggest risks 7. What to ask the seller next 8. Simple seller narrative
Use the prompt that matches your deal type. Replace the bracketed fields with your actual property details. The more specific your inputs, the more actionable the output.
Use when there is no rent roll and no reliable current income.
Use the Redlands Underwriting Script. Vacant building lead: [address]. Property is [building SF] SF on [land size]. Seller price: [amount]. Condition: [roof, HVAC, access, yard, doors, clear height]. Possible buyer types are [owner-user, contractor, warehouse user, investor, redevelopment]. Please underwrite this as a vacant building / wholesale assignment. Give me buyer value range, MAO, opening offer, walk-away price, target assignment fee, seller narrative, buyer strategy, risk register, and due diligence checklist.
Use when some tenants are in place but vacancy or below-market rent creates upside.
Use the Redlands Underwriting Script. Partially occupied value-add property: [address]. Building is [SF] on [land size]. Occupancy: [X]% occupied. Current rent: [amount/month or PSF]. Vacant space: [SF]. Market rent assumption from our notes is [rent PSF], but treat it as an assumption. Seller price: [amount]. Underwrite current income versus stabilized income. Give Redlands MAO, opening offer, walk-away, assignment fee, buyer range, seller narrative, risk register, and due diligence checklist.
Use when the property has meaningful current income and a rent roll.
Use the Redlands Underwriting Script. Income-producing property: [address]. Property is [SF] and [property type]. It is fully occupied. Rent roll: [summary of tenants, rents, lease terms, expiration dates]. Seller price: [amount]. Please underwrite current NOI, going-in cap rate, stabilized NOI if applicable, buyer yield, MAO, opening offer, walk-away price, assignment fee, seller narrative, risk register, and due diligence checklist.
Use for vacant land, yard sites, excess land, redevelopment sites, and teardown opportunities.
Use the Redlands Underwriting Script. Commercial land lead: [address or parcel]. Land size is [acres or SF]. Seller wants [price]. Zoning: [known or unknown]. Utilities: [available / unknown]. Access: [description]. Intended use or likely buyer: [contractor yard, redevelopment, outdoor storage, etc.]. Please underwrite this as a land model. Give gross land value range, risk-adjusted land value, MAO, opening offer, walk-away price, assignment fee, buyer strategy, risk register, and due diligence checklist.
Use when a business user may pay more than an investor because they need the building for operations.
Use the Redlands Underwriting Script. Owner-user target: [address]. Building is [SF] on [land size]. It is [vacant / occupied]. Seller price: [amount]. Condition: [notes]. Likely owner-users are [contractors, medical, auto, trades, church, school, warehouse user, etc.]. Please value this from an owner-user and wholesale assignment perspective. Give owner-user value range, MAO, opening offer, walk-away price, assignment fee, buyer strategy, risk register, and due diligence checklist.
Use when a buyer has already said what they may pay. Work backward from their number.
Use the Redlands Underwriting Script. Buyer-backstopped wholesale scenario. Property: [address]. Buyer says they may pay [amount] if [condition or contingency]. Property facts: [building SF, land size, condition, occupancy, seller price]. Work backward from the buyer's likely price. Tell me the max contract price, ideal opening offer, walk-away price, target assignment fee, and what conditions need to be true for the buyer's number to hold.
Use when you suspect the deal does not work at the seller's number.
Use the Redlands Underwriting Script. I need a pass-or-pursue recommendation. Property: [address]. Seller wants [price]. Property facts: [SF, land, occupancy, condition, buyer context]. Please show whether the deal works for Redlands. Give conservative, base, and upside scenarios. If it does not work at the seller's price, tell me what price would make it viable and what the seller would need to accept.
Use when the seller seems motivated but the facts are incomplete.
Use the Redlands Underwriting Script for a rough range only. Seller seems motivated, but the data is incomplete. Property: [address]. Known facts: [list what you know]. Unknown: [list what is missing]. Please do not overstate confidence. Give a rough Redlands price range, likely deal type, the three most important unknowns, and what to ask the seller next to make underwriting viable.
Use when you are close to making an offer and need the underwriting translated into LOI strategy.
Use the Redlands Underwriting Script for LOI support. Property: [address]. Latest underwriting says Redlands MAO is [amount], target contract price is [amount], walk-away is [amount]. New or updated facts: [any changes since last underwriting]. Please prepare an LOI strategy with opening price, target price, walk-away conditions, key contingencies, and a brief seller call script to accompany the offer.
Use after a seller, broker, or buyer conversation changes the facts.
Use the Redlands Underwriting Script to update the recommendation. Previous underwriting: [paste prior verdict, MAO, and walk-away]. New information from call: [what changed — seller dropped price, buyer confirmed interest, condition issue discovered, etc.]. Please update the deal verdict, MAO, opening offer, walk-away price, assignment fee, and next action based on the new information.
Use when you have a rent roll but need help identifying what matters.
Use the Redlands Underwriting Script to review this rent roll. Property: [address]. Building SF: [SF]. Seller asking price: [price]. Rent roll: [paste rent roll or summarize tenants, rents, lease terms, expiration dates]. Please summarize current income, estimate current NOI if possible, identify weak leases, flag rollover risk, estimate stabilized NOI, and give MAO, opening offer, walk-away price, and assignment fee.
Use when you have a flyer or offering memorandum to analyze.
Use the Redlands Underwriting Script on this broker flyer / OM. I am pasting the flyer text below. Extract the facts, separate marketing claims from verified data, identify gaps, and produce a Redlands underwriting memo with deal verdict, MAO, opening offer, walk-away price, assignment fee, buyer strategy, risk register, and due diligence checklist. Flyer / OM text: [paste text here]
Use after visiting the property to update assumptions with physical observations.
Use the Redlands Underwriting Script and incorporate these drive-by notes. Property: [address]. Previous facts: [known facts]. Drive-by notes: [visibility, access, condition, signage, parking, yard, loading, neighboring uses, anything notable]. Please update the underwriting assumptions, buyer strategy, pricing range, risks, and due diligence checklist based on what was observed.
Use before sending a property to buyers to confirm the deal is ready to shop.
Use the Redlands Underwriting Script for buyer blast readiness. Property: [address]. Proposed contract price is [price]. Target assignment fee is [amount]. Property facts: [SF, land, occupancy, condition, seller price, buyer feedback]. Tell me whether this is ready to shop to buyers. If yes, give the buyer-facing property summary and suggested asking price. If no, tell me what is missing or needs to be resolved first.
Use when you have several leads and need to know which ones deserve underwriting time.
Use the Redlands Underwriting Script for quick triage on these commercial leads. For each lead, classify the deal type, estimate whether it is worth pursuing, identify the biggest unknown, and give a one-sentence next step. Leads: 1. [lead summary] 2. [lead summary] 3. [lead summary] 4. [lead summary] 5. [lead summary] Keep it concise and rank the leads by Redlands wholesale potential.
When you do not need a full memo, use these focused prompts to get one specific output quickly.
| You Need | Use This Prompt |
|---|---|
| Quick MAO | "Use the Redlands Underwriting Script. Based on these facts, give me a rough MAO, opening offer, walk-away price, and target assignment fee. Label all weak assumptions." |
| Seller narrative | "Use the Redlands Underwriting Script. Write a plain-English seller narrative explaining why our offer is below their ask, based on vacancy, capex, lease-up, and buyer risk." |
| Buyer price range | "Use the Redlands Underwriting Script. Estimate what buyers may pay for this property and show conservative, base, and upside buyer value ranges." |
| Risk register | "Use the Redlands Underwriting Script. Build a risk register for this property and rank risks by severity, with mitigation steps before LOI." |
| Due diligence list | "Use the Redlands Underwriting Script. Give me the exact diligence checklist needed before we submit an LOI or shop this deal." |
| Buyer strategy | "Use the Redlands Underwriting Script. Rank the likely buyer types by probability and explain who we should call first." |
| LOI price strategy | "Use the Redlands Underwriting Script. Turn this underwriting into an LOI strategy with opening price, target price, walk-away, contingencies, and seller call script." |
| Pass memo | "Use the Redlands Underwriting Script. Tell me if this is a pass and write a concise explanation of what would need to change for it to become viable." |
The best brokers use the skill as a decision partner, not a replacement for judgment. The output gets stronger when you provide real facts, call out uncertainty, and ask for a specific business decision.
Do
- Say what is verified and what is seller-provided
- Include the seller's exact words when possible
- Include buyer feedback even if informal
- Ask for opening offer, target price, and walk-away
- Ask for the biggest assumption that could break the deal
- Use the conservative case when facts are weak
Don't
- Ask only "What is this worth?"
- Hide missing data or leave unknowns out
- Use stabilized value as today's offer price
- Apply cap rates to vacant buildings
- Chase seller price without buyer confirmation
- Treat county assessed value as market value
Use these starting points when explaining your offer to a seller. The skill can also generate custom call language — just ask for it in your prompt.
| Situation | What to Say |
|---|---|
| Vacant building | "We like the property, but because it is vacant, the buyer has to price in repairs, downtime, and the risk of finding the right user. If the roof and systems check out, we may be able to sharpen the number, but we cannot price it like a stabilized income property today." |
| Partially occupied retail | "The upside is there, but the buyer still has to lease the vacant space, fund tenant improvements, and verify the leases. Our number has to reflect today's income and the cost to reach the upside." |
| Land with uncertain zoning | "Land value depends on what a buyer can legally do with it. We need to verify zoning, access, utilities, drainage, and whether the intended use is allowed." |
| Seller price too high | "I do not want to waste your time. Based on the current facts, our number is going to be below your ask because the buyer has to account for risk and still have a reason to close. Is the seller open to a number in this range?" |
| Buyer-backstopped deal | "We may have a buyer fit, but their number depends on condition and diligence. We need to contract at a price that leaves room for the buyer's risk and our assignment fee." |
Before sending an LOI, raising price, or shopping a deal, run through this checklist against the memo output.
| Check | Question to Ask |
|---|---|
| Correct model | Did the skill use the right framework for vacant, income, land, owner-user, or buyer-backstopped deal? |
| Confidence | Are weak facts clearly labeled? |
| Seller price | Does the seller's price leave room for buyer economics and Redlands assignment fee? |
| Buyer demand | Is the buyer pool real or assumed? |
| Physical issues | Are parking, access, frontage, roof, loading, yard, and zoning addressed? |
| Walk-away | Is there a clear number where Redlands stops? |
| Assignment fee | Is the target fee protected in the math? |
| Diligence | Are the deal-breaking unknowns listed before LOI? |
| Next action | Is the recommended next step specific enough to execute today? |
Quick reference for every situation.
This guide is for internal Redlands workflow training and deal triage. All underwriting outputs should be treated as estimates until verified through due diligence, seller documents, buyer feedback, and professional review where appropriate.