About the All-in-One (Ai1) Model
The All-in-One is A.CRE’s flagship Excel model — used by thousands of CRE professionals to underwrite both development and acquisition deals across apartment, office, retail, industrial, and self storage property types.
It includes a permanent debt module, equity waterfall, rate matrix, residual land value calculator, tenancy analysis, ground lease valuation, and print-ready reporting. Last updated May 2026.
New to the All-in-One? Watch this first.
A quick video tour of the Ai1 model from Spencer himself. Then follow the three steps below to get productive fast.
Then follow these three steps
Read the Guide to Using A.CRE Financial Models
How every model is structured (blue = input, black = output) and how to navigate them.
Read the Guide →Read Best Practices in Real Estate Financial Modeling
The conventions institutional firms actually use. This will make every A.CRE model feel familiar.
Read the Article →Pick a walkthrough below based on your deal type
Apartment deal? Start with Walkthrough #6. Office or retail? Walkthrough #2. Not sure? Try the AI assistant.
Pick a topic below →The Definitive Guide to Microsoft Excel for Real Estate
The functions, features, and shortcuts that come up most in real estate financial modeling. Every example is in a real estate context. If you’re already strong in Excel, it’s a good reference to have open. If you’re still getting comfortable, it’s the place to start.
Read the Guide →Walkthrough #2 — Office, Retail, Industrial Rent Roll Tab
If you’re underwriting an office, retail, or industrial deal, the rent roll is where everything begins. This walkthrough covers how the All-in-One’s rent roll tab handles lease expirations, tenant rollovers, and compounding escalations in one tab.
Watch the Walkthrough →Hold-Sell Analysis in Real Estate
You’ve modeled the acquisition and projected the cash flows. But what if holding longer or selling sooner produces a better risk-adjusted return? This tutorial walks through how to build a hold-sell analysis and pressure-test the assumptions that drive the decision.
Read the Tutorial →Modeling a Mortgage Loan Assumption Using the All-in-One
Sometimes the seller locked in a rate that’s significantly better than what’s available today. This walkthrough shows you how to model a loan assumption in the All-in-One, carrying the existing loan’s amortization schedule and terms through your cash flows alongside any new financing.
Watch the Walkthrough →All Tutorials by Topic
Twenty-seven step-by-step video tutorials and supplemental resources organized by topic. Open a section and work through what matters for your deal.
Getting Started
Guide to Getting Started with the All-in-One Model
Spencer’s overview of the model’s structure, tabs, and workflow. Watch this first before diving into the topic-specific tutorials below.
Walkthrough #1 — Permanent Debt Module
The first in the walkthrough series. Covers how the permanent debt module works and how to set up your debt assumptions in the model.
Understanding Treatment of Time 0 in the All-in-One Model
How the model handles period 0 cash flows. Important to understand before entering assumptions — especially for acquisitions where closing and first cash flow happen in different periods.
Read the Article →Underwriting a Deal
Walkthrough #6 — Underwriting a Hypothetical Multifamily Acquisition
Full end-to-end walkthrough of a hypothetical apartment acquisition using the All-in-One model — from entering rent roll and expense assumptions through reading the IRR and equity multiple output.
Walkthrough #3 — Modeling a Hypothetical Retail Development
Full walkthrough of a hypothetical retail development deal from beginning assumptions through return metrics and sensitivity analysis.
Walkthrough #10 — Underwriting a Value-Add Office Investment
Full walkthrough of underwriting a hypothetical office value-add opportunity, including lease-up assumptions, capital expenditures, and exit cap rate sensitivity.
Watch Me Solve a REPE Technical Interview Modeling Test
Spencer solves a timed real estate private equity technical interview modeling test using Excel — applying the same acquisition underwriting skills used in the All-in-One model.
Model Modules
Walkthrough #2 — Office, Retail & Industrial Rent Roll Tab
Detailed walkthrough of the ORI rent roll tab — arguably the most important and complex tab in the model. Covers tenant inputs, lease rollover assumptions, and how the rent roll flows into the operating statement.
Walkthrough #4 — The Rate Matrix Module
How to use the Rate Matrix module for scenario and sensitivity analysis on rent growth, vacancy, and exit cap assumptions.
Walkthrough #5 — Residual Land Value Module
How to use the built-in Residual Land Value module. Activate via toggle on the Summary tab, set your target return metric, and the module back-solves the maximum land price for your deal.
Walkthrough #7 — Ground Lease Valuation Module
How the Ground Lease Valuation Module works and how to implement it in your analysis for properties subject to ground leases.
Walkthrough #8 — Tenancy Analysis Report
The Tenancy Analysis report for office, retail, and industrial underwriting. Covers tenant rollover schedule, lease expiration stacking, and how to read the output for leasing risk analysis.
Walkthrough #9 — Print Mode
How to use Print Mode and the IRR Matrix Report added in v0.5.3 of the model, including how to set up the matrix and read the hold-period return grid.
Quick Tutorial — Add Line Items to the OpSt Sheet
How to add more income or operating expense line items to the MF-OpSt or ORI-OpSt worksheets without breaking the existing formulas.
Modeling a Mortgage Loan Assumption Using the All-in-One
How to model a mortgage loan assumption scenario in the All-in-One model — taking over an existing loan at its current balance and rate rather than originating new financing at closing.
Debt & Financing
Real Estate Debt Module in Excel
Standalone debt module walkthrough for real estate modeling. Covers I/O periods, amortization schedules, and how to link a standalone debt module into a broader pro forma.
3-Tiered Acquisition Debt Module
Build a 3-tier debt module in Excel — choose interest-only months, amortization period, and total term for each tier. Supports 30/360, Actual/360, and Actual/365 day-count conventions.
Advanced Mortgage Amortization Module
Walkthrough of the Advanced Mortgage Amortization Module — including balloon payments, partial-period interest, and how to stress-test debt service coverage at different rate scenarios.
30/360, Actual/365, and Actual/360 — How Lenders Calculate Interest on CRE Loans
How each interest calculation convention works and why they produce different amounts on the same loan balance. Directly relevant to the debt module inputs in the All-in-One.
Read the Article →Watch Me Build a Dynamic Mortgage Amortization Table in Excel
Spencer builds a dynamic mortgage amortization table from scratch in Excel — showing every formula step, from periodic payment to running balance to total interest paid.
Equity & Returns
Real Estate Equity Waterfall Model — IRR and Equity Multiple Hurdles
Walkthrough of an equity waterfall model with both IRR and equity multiple hurdles — how to structure the tiers, calculate preferred returns, and split promote above each hurdle.
Real Estate Equity Waterfall Model with Catch-Up and Clawback
Equity waterfall model including catch-up and clawback provisions — how the catch-up allows the GP to reach its target promote share faster before splitting further distributions with the LP.
4-Tier Equity Multiple Waterfall — Download and Watch Me Build
Spencer builds a 4-tier equity multiple waterfall from scratch — showing how equity multiple hurdles work and how to structure distributions differently from IRR-based waterfalls.
Watch Me Build a Basic Real Estate Equity Waterfall Model
Builds a 3-tier equity waterfall from scratch in Excel — covering preferred returns, promote splits, IRR hurdle rates, and the formula logic that drives each tier.
Scenario Analysis Using the Equity Waterfall Model
How to set up and run scenario analysis on an equity waterfall model — toggling assumptions across base, upside, and downside cases to stress-test GP and LP returns.
Timing of Preferred Return vs. Return of Capital in an Equity Waterfall with IRR Hurdles
Conceptual breakdown of the ordering mechanics — does return of capital come before or after preferred return, and how does that sequencing affect IRR hurdle calculations?
Read the Article →Valuation & Analysis
A.CRE 101 — How to Use the Income Capitalization Approach
How the income capitalization approach works for valuing income-producing property — from stabilized NOI to cap rate selection to concluded value. The foundational valuation method behind the All-in-One’s exit pricing.
Calculate Residual Land Value in Excel
Step-by-step tutorial on calculating the maximum land price by working backward from stabilized value and target return. Directly applicable to the Residual Land Value module in the All-in-One.
Hold-Sell Analysis in Real Estate
Framework for analyzing whether to hold or sell a property — comparing the IRR of holding for additional years against the IRR of selling now. Directly applicable to the Hold-Sell spotlight case in the All-in-One.
Build an IRR Matrix for Real Estate in Excel
How to build an IRR sensitivity matrix from scratch in Excel.
Could You Be Exiting Too Early? Don’t Forget to Analyze Your Reinvestment Rate
Why your reinvestment rate assumption matters when deciding when to exit — and how to factor it into a hold-sell decision alongside the standard IRR comparison.
Read the Article →Case Studies
Case Study #1 — Presidio (Multifamily Acquisition)
150-unit luxury apartment at 60% occupancy. Acquire, lease up, refinance at stabilization, sell in year 7. Full solution from Spencer and Michael — A.CRE’s flagship practice case study.
View Case Study → Case StudyCase Study #7 — The Cellon Group (Asset Management Analyst Test)
Apartment asset management analyst test case study. Apply the All-in-One’s hold-period analysis and asset management skills in a realistic analyst-test format. Full solution included.
View Case Study →Frequently Asked Questions
What property types does the All-in-One Model support?
The All-in-One (Ai1) Model supports office, retail, industrial, apartment, and self storage properties. It handles development, acquisition, and asset management analysis in a single workbook.
Is the All-in-One Model free to download?
Yes. The All-in-One Model is free. Download it from the Adventures in CRE website through a free checkout.
How is the All-in-One Model different from the property-specific models?
The All-in-One Model is a Swiss Army knife — it handles multiple property types and analysis types in one workbook. Property-specific models like the Apartment Development Model go deeper on a single use case with more specialized features.
What is the A.CRE Accelerator?
The A.CRE Accelerator is a paid program where you learn to build institutional-quality real estate financial models from scratch alongside Spencer Burton. It includes 17 case-based courses, on-demand video with real-world case studies, and active student-instructor Q&A.
How often is the All-in-One Model updated?
The All-in-One Model is regularly maintained and updated by Spencer Burton.
✓ 30+ tutorial articles & videos
✓ 15 practice case studies
✓ AI model assistant
× Structured curriculum
× Live mentorship
× Graded assignments
× Certificate of completion
× Private community
✓ 17 case-based courses
✓ Live mentorship sessions
✓ Graded modeling assignments
✓ Specialty endorsements
✓ Certificate of completion
✓ 2,700+ member community
✓ Job placement support
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