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 January 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 →Browse the Full Library
Every Ai1 walkthrough and topic-specific tutorial, grouped by skill. Open any section and work through what matters for your deals.
01
Foundational Walkthroughs
Watch these in order. Everything else builds on them.
3 resources
Foundational Walkthroughs
02
Debt & Financing
How loans, amortization, and interest calculations work in the model.
5 resources
Debt & Financing
03
Equity & Returns
Waterfall structures, IRR hurdles, preferred returns, and scenario analysis.
6 resources
Equity & Returns
04
Valuation & Analysis
Income approach, residual land value, hold-sell decisions, and IRR matrices.
5 resources
Valuation & Analysis
Advanced Walkthroughs & Case Studies
Topical walkthroughs and full case studies for when you’re ready to push further.
01
Advanced Walkthroughs & Case Studies
All remaining walkthroughs plus two full case studies with video solutions.
13 resources
Advanced Walkthroughs & Case Studies
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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