The Tony Stephan Show · Episode #012

New Multifamily Investor Is Buying A 50 Unit Apartment (Deal Breakdown)

With Tony Stephan · February 3, 2026 · 18 min

One of Tony's brand new clients, an entrepreneur who is very liquid and wanted to go big, put an off market 50 unit under contract. The deal is under an NDA, so Tony adjusts some details, but he uses it to teach how he decides deal or no deal.

He starts with number of units, which he compares to a business's number of customers. Then he multiplies units by rent growth. Here there is about $200 of rent growth per unit, which is $10,000 a month or $120,000 a year of new NOI. Divided by a 7% cap rate, that is about $1.7 million of value. His rule for a deal this size is that it must be able to make at least a million dollars. With only $20 of rent growth, the same deal would make about $171,000, and he would pass.

Tony explains why he calls this a light value add, not a heavy repositioning, why bigger deals are not more complicated, and why he still suggests 5 to 25 units for most first deals. He finishes with ancillary income, such as late fees, pet fees, admin and common area fees and utility bill backs, which can add up to 10% of gross rent and a lot of value.

Watch the full episode · Watch on YouTube

Key takeaways

1. Number of units is like a business's number of customers. More units means more income and less risk from one move out.
2. Units multiplied by rent growth tells you how much money is in a deal. You need both.
3. Tony's rule: a deal this size should be able to make at least a million dollars, or it is not worth the capital and the work.
4. Never compromise on location. A broker should give you an honest read on the area and the resident base.
5. Bigger deals are not more complicated, just longer. A large property can come with its own manager and maintenance person.
6. Look for missing ancillary income: late, pet, admin and common area fees and utility bill backs can reach 10% of gross rent.

Chapters

1. 0:00 Analyzing a 50 Unit Deal
2. 1:21 Calculating the Potential NOI
3. 4:19 Location and Risk
4. 8:09 Scaling With Light Value Add
5. 11:30 Ancillary Income

FAQ

What makes this 50 unit a good deal?

Three things Tony checks: a great location near another of his properties, about $200 of rent growth per unit, and no other income on the seller's financials. At $200 per unit the new NOI is $120,000 a year, about $1.7 million of value at a 7% cap rate.

Why does Tony say a 50 unit must make at least a million dollars?

Because of how much capital and work a deal that size ties up. If a deal cannot create at least a million dollars of value, he says the juice is not worth the squeeze. He shows that with only $20 of rent growth the same 50 units would create about $171,000, and he would not buy it.

Should a first deal be this big?

Tony usually recommends 5 to 25 units for a first deal. This client has a lot of entrepreneurial experience and liquidity and wanted to go big. Tony says it is the same process on 5 or 50 units, but the payoff on 50 is much bigger.

How much can ancillary income add?

Tony says other income can contribute up to 10% of gross rent on his properties. On about $60,000 of monthly rent that is about $6,000 a month, or $72,000 a year, which he says is worth about $1.1 million at a 6.5% cap rate.

A New Investor's Off Market 50 Unit: Deal Breakdown

A brand new client, a 50 unit

One of Tony's brand new clients just put an off market 50 unit under contract. The deal is under an NDA, so Tony adjusts some of the details to protect the owner and the client, but the method is real. The client comes in with a lot of entrepreneurial experience, is very liquid and wanted to go big.

Number of units

The first thing Tony teaches is number of units, which he calls the most important number in multifamily. "Number of units is like your business's number of customers." A single family home has one customer; if that person stops paying or moves out, you are 100% vacant. With 50 units, if one person stops paying, 49 still pay. His own trajectory changed when he bought his first 56 unit.

Units times rent growth

The next step is number of units multiplied by rent growth. Here there is about $200 of rent growth per unit. Fifty units times $200 is $10,000 a month of new NOI. Everything in multifamily is annualized, so that is $120,000 a year.

Then the magic formula: new NOI divided by the cap rate equals how much money you make. At a conservative 7% cap rate, $120,000 divided by 0.07 is about $1.7 million. Every dollar of NOI is worth about $14.28.

Tony's rule for a deal this size: it has to be able to make at least a million dollars, or the capital and effort are not worth it. He shows why rent growth matters as much as unit count. If the same 50 units had only $20 of upside, the new NOI would be $12,000 a year, worth about $171,000. "Would you do this deal? No," he says. You would not put a large down payment on a 50 unit to make that.

Location first

The first of his checks is location. "You will always lose money on a bad location." This property is right by one of his other assets, so he knows the area. He adds that multifamily is facing some adversity right now, such as lower credit scores and weaker tenant quality, and that entrepreneurs should see challenge as opportunity. A broker cannot underwrite a deal for you, but should be able to give an unbiased read on the area and the kind of residents it attracts.

Bigger is not more complicated

Tony usually tells students to aim for 5 to 25 units on a first deal. But he points out that raising rents $200 on five units creates about the same work per unit and a fraction of the payoff. This is a light value add BRRRR: raise rents to market and run it better. No major repositioning, no mass evictions, no parking lots and roofs. He does not recommend that kind of deal for a first project, and says he does not want to deal with it anymore either.

When he and Andrea went from 7, 8, 12 and 16 units to a 56 unit, it was not five times harder, just longer; Andrea turned the 56 units in eight months. A 100 unit can even be easier because it comes with a manager and a maintenance person.

Other income

The last check is ancillary income. When a T12 shows only rent and the rents are $200 below market, Tony gets excited. On his properties, other income can reach about 10% of gross rent: late fees, pet fees, admin fees, common area fees and utility bill backs, among others. If a property collects $60,000 a month in rent, that is about $6,000 a month more, $72,000 a year, which he values at about $1.1 million at a 6.5% cap rate.

His checklist: location, rent growth, whether the deal can make the return you need, the magic formula, and other income. "You have to be a problem finder and a problem solver," he says.

Transcript

0:00 My brand new client just put a 50 unit offmarket deal under contract. I want to break the deal down for you, show you what we're looking at. And so you can know how to make a deal or no deal when you're reviewing properties. And first thing I love about this deal and first thing I teach all of my students is number of units. So we'll put this on the screen here. Number of units is the most important number in multifamily real estate because number of units is like your business's number of customers. The more number of customers you have, the more money you can make and technically the safer the deal is. Think about it if you had a business you only have one customer, right? I mean, that's a single family home. It's one customer, right?

0:47 Anything goes wrong with that one customer, they stop paying, they lose their job, they move out. You are effectively at zero. You're 100% vacant. You have zero sources of income. You buy a 50 unit. I mean, this is a banger of a deal. Freaking love it. You have 50 people. You have 50 customers. Okay? If one person stops paying, you still have 49 people paying. Like, it's so safe. It's so secure. Like my multifamily trajectory truly changed when I bought my first 56 unit. Okay, let me show you some of the things we love about the deal. So, and it's under NDA. It's offmarket. So, I am adjusting some of these details here to protect the privacy of the owner, to protect the privacy of our client. But just know that this is you're getting you're getting the most important part because it's all about teaching you how to do this on your own.

1:38 So number one thing we look at is number of units times rent growth. This is why I teach to my students. I want to teach it to you so you can go do this on your own. Number of units times rent growth equals how much money you can make. So let's do for example here. We now know on this deal we have 50 units. Okay. We know we can get as is about $200 of rent growth per unit. Freaking amazing, right? Let's do this math. 50. Pull out your calculator and do this with me. You want to learn multifamily, you need a calculator. Get your calculator. So 50 time 200 is $10,000 of new NOI per month.

2:27 And if you've been following me on the channel, you know NOI divided by cap rate equals how much money you're going to make. So NOI is everything. NOI is just income minus expenses, right? So in this example, we have 50 units, $200 of rental in growth, rental increases. It's 10,000 bucks a month. A month. Remember, everything on multifamily is annualized out. So, we do 10,000 multiplied by 12, it's $120,000 in new NOI. Now, what do we have to do? Let's go back to this magic formula here. We have to do NOI divided by cap rate. We'll show you how much money you can make on a deal.

3:14 On a deal this size, I always tell my students, you need to make at least a million. If you can't make a million dollars, it's probably not going to be the juice isn't worth the squeeze, right? To tie up as much capital as you're going have to tie up with this. When I'm looking at deals this size, when I've looked at deals this size in the past, I say, "I have to make a million dollars." Let me know. If you're buying a 50 unit or if you're buying any type of unit, how much money do you need to make? Let me know. Put in the comment section. So, how much money is he making on this deal? Do it with me. Let's say this deal is going to be conservative. Say a six 7% cap rate. So, let's do 120,000. It's our new NOI. 120,000. Divided by 7% cap rate. So do that math. Tell me how much is that?

4:00 120,000 divided by 0.07. Bam. 1.714 million on this purchase. Not freaking bad. When we were looking at this, we said, Jay, do the deal. We like this. Let's look forward. Let's go deeper into this. Now, let me tell you a little bit more. So, let's recap what you need to know here. So, when you're looking at a deal, remember what your uncle Tonyy's teaching you on YouTube. You need to look at two things. Two things. Well, three things. Number one, you need to look at location. Never compromise on location. If you've been following along on kind of like our podcast series where Andrea and I really get deep into operations, we said there's some potential adversities coming with multifamily right now, right?

4:46 We're seeing credit scores are lower. We're seeing tenant quality isn't as good. All good. That's opportunity. Remember, as entrepreneurs, if you're gonna be on my team, you're gonna be on team Stephan, right? You need to you need to view adversity as opportunity. You need to view challenge as the way to make money, right? All great entrepreneurs have had to go through challenge and adversity. America's first billionaires were created in the early recessions. So, don't think you're going to avoid all the pain and just get straight to the pleasure. We have to go attack challenges and opportunities as ways to make money, right? Especially with multifamily. So, you do not compromise on location. This 50 unit deal has a great location. It's right by one of my other assets. So, I love it. I love it.

5:34 That's why people too really like working with us because we can give them the real world like background, real world experience of hey, this is a good area or not. If you are working with a broker, they need to be able to advise you on the area. A broker can't underwrite a deal for you. That's what a mentor can do. That's what a coach can do. But a broker absolutely has to be able to give you an unbiased opinion on the area when it comes to multifamily, not residential, multifamily, so you can know what type of what type of clientele you're going to be attracting in because you can't compromise on location. You will always lose money on a bad location. It's just factual. Number two, number of units times rent growth. Now, let's say this property only had $20 of rent growth because it's pre-maxed out. Is that is that going to make us a million dollars?

6:21 Let's do that really quick. 50 time 20. 50 multiplied by 20. Should stop saying times. My elementary teachers will be very upset. A,000 multiplied by 12 months is what? $12,000 in new NOI. Not that sexy anymore. 12,000 divided by 0.07. So, divided by that 7% cap rate. Dude, he's only making $171,428. Would you do this deal if it was 50 units but only had $20 of rent growth available? No, we would not do this deal. Like even assume the deal is $5 million bucks and you got to put a million dollar. Are you going to put a million dollars down to make 171,000? No. Absolutely not. Have to deal with managing multifamily?

7:07 No. No. So that's where I disagree with people when they say number of units is the most important number. Well, also rent growth. So, you have to know number of units times rent growth following this equation here to understand that. And then you have to understand the magic formula. The magic formula. Magic formula says for every $1 in new NOI, this is this is so important. So, make sure you understand this. Make sure you get this. $1 new NOI divided by the cap rate equals how much money you're going to make. Okay. So, every $1 divided by a 7% Whoops. 7% cap rate equals what? How much is a dollar worth on a 7% cap rate?

7:54 Dollar divided by 0.07. It's $1428. Powerful. This is what you have to understand. And this is what you have to learn as a multifamily owner and operator. Okay, now we can get into this a little bit. Let me know, is this valuable? Breaking down a deal, an actual deal a student is looking at like real time under contract on working through. Let me know. Is this valuable? Put it in the comment section. Do you have questions about things I'm going through here? Let me know. Put it in the comment section. This way I know how to add to these videos in the future to help you dial it in and make money. Now, how you might be like, "Okay, Tony, how are you going to do this?" So, number one thing I always say we look at when we're looking at a deal is rent growth. Okay, we've already went over that. You get that.

8:40 Something else I want to show you too of why number of units is important and why I always teach my students typically you want to go 5 to 25 units on your first deal. He's coming in with a lot of entrepreneurial experience. He's very liquid as an investor and he wanted to go big, which I love. But you need to look at number of units cuz let's say we had $200 of rent growth but only five units. So 200 * 5, how much is that? That's $1,000 again. Crazy. All over again, right? $1,000 12 months equals what? $12,000. $12,000. You already did this up here on that 7% cap rate equals 177K. Now, not bad on five units to make 177K, but do the same amount of work on 50 units, right?

9:32 Same. It's the same. It's the same concept doing a value. This is what we call the light value ad. You are just raising rents to market value. And there's a couple other things we do here too that I'm going to go over with you in a minute. But this is called the light value ad BRRRR strategy. Talk look, I'm not talking about doing a major reposition here. I'm not talking about turning over 50 units, doing massive upgrades to 50 units. I'm not talking about that this deal is distressed. They're all delinquent. You're going to have to do 50 evictions. You're going to have to do parking lots, roofs, exterior, none of that. I never recommend that on your first deal. Heck, even I don't want to do that. I don't want to deal with that stuff anymore. I've dealt with it before. I don't want to deal with that anymore. I love this light value ad strategy. So understand, you want to buy the biggest deal you can within your comfort level because to do this on five units, five units to raise them $200.

10:25 It's not any more complicated to do it on 50. You just have to be more dialed in with your procedures, your protocols, and your people, right? But it's the same process. It's the same philosophy. Like I learned that when we went from seven units, eight units, 12 units, 16 units, and then boom, we bought that 56 units. It wasn't five times as hard as a 12 unit. It was the same process, just five times as long, right? But not more. It's not more complicated. It's not more complicated. But the payoff is five times bigger. Understand that. That's what that's a really a money's worth moment I want you to take home here. When you go bigger, it's not more complicated. It will take more time. My wife did 56 units in eight months. So, it will take more time, but the payoff is bigger.

11:11 It's not more complicated. I thought bigger deals were more complicated. They're not. I would almost argue they're easier because on a 100 units, we own a 100 unit deal with one partner. We own a 100 units, it comes with a manager and a maintenance person. That's less complicated than 10 units where you have to essentially do it all yourself or subcontract it all out. So, remember that. So, we're obviously looking at rent growth, but something I want to wind up with here is ancillary income. And I talk all about this in my book, The Small Multif Family Bur Method, which you can buy for 20 bucks on Amazon, or you can get a digital download copy for free clicking the link in the description. But what we call other sources of income. So, when you're buying a deal, how I coach my students, like when we get historical financials on a deal, the thing we go straight to is rent growth.

11:59 We look at that first and let's say rent growth is there. Perfect. So now what I go and I look at is I look at their historical financials. So you're going to request or if you work with us, we're going to do this for you. You're going to request a T12 and historical financial statement. Okay? And on this it will say income and it'll show you the rent income. But then I look for is there other income sources? And on this deal, there are not. And that's what makes this deal from the outlooks look like a freaking home run. And if you see this, if you see income, rent, only rent, but they're $200 below market rent for their units, and then you look at their profit and loss statement, or you look at their T12 statement, and you see no other sources of income.

12:58 Come on, team. Come on. You get excited. Buy the buy the building. Buy the building next to it if it's like it. Buy the whole block if you can. Cuz let me show you why. And this is like real world operations. Nobody else talks about this stuff. And if you watch like our podcast episodes, we get into this. Other sources of income for us can contribute up to 10% of gross rental income a month. So let's say we are colle and I've shown you this. I've shown you this on my cash flow breakdowns, right? You've seen it. Go watch my 56 unit breakdown, my 42 unit breakdown. If we're collecting 6,000 60,000 in gross rent, on average, we're collecting at least $6,000 in ancillary income. Freaking substantial.

13:45 These are all the different things we do as managers and operators. I don't have time to get into all of it right now. If you want to learn more about this, you should definitely number one, get my book. It's for free. If you want us to help you install this into your own management company, into your own management system or help you buy a deal and install this properly from the get-go, you know, click the link in the description. You can learn more about our mentorship program to see if it's the right fit for you. More and more we're starting to get people reaching out to us who have 20 units, 25 units, and they're like, I'm doing this so backwards. I need help. And we're just advising them on the management side and then helping them buy more assets. So totally we can help you with all of this. But other sources of ancillary sources of income would be like late fees. So many people don't charge late fees. Pet fees.

14:31 They've got pets living all up in there. Not charging fees. I love my dogs, but if I lived in an apartment, I got to they got to pay a fee. D I'm in California. I'm doing a long-term rental here inside of a hotel and I got to pay a pet fee. It's part of it, right? Admin fees, CAM fees, biggest one is rubs, ratio, utility, billback for utilities, right? These are just some of them. We've got so many more we do. I'm not going to get into all of this in video, but that's what we saw on this. That's what got us stupidly excited. So, when you are looking for a deal, because it's not about me, it's not about my clients, about you right now. When you're looking at a deal, you're looking for those three things. Number one, does it have the location? Okay, let me know.

15:17 Comment below. Is this valuable? Is this making sense? Does it have the location? Number two, do I have that rent growth? Number three, if it's a deal this size, can I make a million dollars? Right? Or if it's smaller, can I make 100 grand, 200 grand, whatever your ratio is, right? This is my ratio. This is what I teach for my client here. Number four, what's that magic formula? $1 divided by NOI or $1 new NOI. $1 of new NOI divided by the cap rate equals how much money I'm going to make. And then number five, is there other income or can I add in other sources of income? Ancillary income beyond rent growth. Everybody just talks about rent growth. Everybody just talks about rent growth.

16:03 It's a big piece of it. But if we can add in another 10% on top of rent growth, oh my god, that's where the freaking money is made, right? Look at that example there. I told you we do about $6,000 on average in just other income per month. 6,000 multiplied by 12 is what? 72,000 I believe. Let's double check my math. 6,000 multiplied by 12 72,000. Boom. 72,000. 72,000 divided by that deal is a 6 and a half cap rate divided by 0065. Do we make 1.1 million that deal is worth 1.1 million more just because of other income beyond rent growth? So this is what our client is going through right now. This is some of the things we look for when we're buying a deal.

16:48 These are some of the things I want to teach you of what to look for when you are buying a deal. Listen, there are deals out there. There are opportunities out there. You just have to know what to look for. You have to be an action taker. You have to be a problem finder and a problem solver. And if you're on our team, if you're watching these YouTubes, if you're part of our community, that's how I want you to be. So, if you enjoyed the video, let me know. Put it in the comment section. Hit the thumbs up. If you didn't like the video, if you disagreed what I'm talking about, dude, let me know. Put it in the comment section because if I don't hear from you, I don't know what's valuable. I don't know the right type of content to make because I want to make these videos as valuable for you as humanly possible. Grab my free book link in the description. If you want us to walk you through this and coach you through this and actually help you find deals like this offmarket freaking screamer of a deal, let us know. Put it in the comment section or click the link in the description to fill out our mentorship coaching program application.

17:39 Till next time, we'll talk soon. Thanks.

Topics: Deal Review, 10+ Units, Off Market, Underwriting

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