Short answer: if you are a two- or three-person acquisitions team underwriting office, retail, or industrial deals with limited analyst capacity, Moraine builds a 10-year DCF directly from the OM, rent roll, and operating statement, links every extracted number to its source page, and exports Excel your IC can open. Individual is $300 per month, month-to-month, after a free 14-day evaluation (no card, no automatic charge). The honest limits: no multifamily, no PDF export, no live multi-user editing, and a qualified underwriter still reviews open items before IC.
Compare the total job a small team must cover
A lower subscription is useful only if the output fits your approval process. Decide whether the immediate need is PDF extraction, a working DCF, a house Excel workbook or a required native ARGUS file. Avoid paying for two systems that leave the same reconciliation work undone.
| Cost or constraint | What to establish before subscribing |
|---|---|
| Software scope | Modeling subscription versus separately priced full diligence |
| Team access | Actual users, roles and review handoffs; Moraine has no live multi-user editing today |
| Setup | Mapping, presets, onboarding and any incumbent model you retain |
| Output | Whether the committee or lender accepts XLSX or requires another format |
| Analyst effort | Time to reconcile, correct, review and prepare the final exhibits |
Moraine Individual is $300/month for one user; Team starts at $1,500/month for five users. Full diligence is separately $3,000/property. Use one known deal during the free 14-day evaluation, record review time and corrections, and inspect the export before deciding. Full pricing and ARGUS alternatives.
Why small teams end up here
A small team needs to decide which opportunities deserve a full underwriting review. Evaluate tools on the work required to reach that decision: preparing inputs, checking lease economics, running cases and producing the requested deliverable. Include training and review time when comparing an existing model, a new platform or an outsourced analyst.
I spent ten years on the buy side. The bottleneck on a lean team was never judgment. It was getting from an OM to a model good enough to argue about. Moraine is built to shorten that part.
Who this is for, and who it isn’t
This is for you if:
- You run or staff a small acquisitions team at a PE fund, REIT, family office, or independent sponsor, and you underwrite office, retail, or industrial.
- You need institutional-grade underwriting (lease-level rent steps, recoveries, market leasing assumptions, debt, waterfall) in a shared acquisition workflow.
- You want to screen more OMs and go deep only on the ones that survive.
This isn’t for you if:
- Your deals are multifamily, hotel, self-storage, or single-family.
- Several analysts need to edit the same model simultaneously. There is no live multi-user editing today.
- Your IC requires a formatted PDF package out of the box. This report workflow exports XLSX.
- Your procurement requires an issued SOC 2 Type II report today. The management assertion letter is complete; the audit report has not been issued.
The workflow, step by step
1. Log every deal in one place. The Acquisition pipeline is the first screen. Upload OM creates a deal row from a PDF; Rent roll + statement builds from one current rent roll and one operating statement; Add deal logs one by hand. Each row’s status tells you the next move: Ready to build, Building model, Review required, Model ready.
2. Build and walk away. Click Build. You can leave the page while it builds. When the row reads Model ready, it also shows its open-item count (for example, blockers and advisories) so you know how much review is waiting.
3. Review, don’t re-key. The model opens on the intake report: census tiles, three tie-outs against the document’s stated figures (extracted rent, reconstructed recoveries, NOI), and open items with Jump links to the exact input that needs a decision. The Model trust chip in the top bar goes from RED toward GREEN as you work them down.
4. Apply your house view. Save your market leasing assumptions as a firm preset and apply them to the next deal. Set exit cap, growth, vacancy, and financing on Assumptions. Every edit recalculates the full model; the IRR in the scenario bar moves as you type.
5. Use the agent for the tedious edits. Type “waive admin fees for all inline tenants” or “add tenant Starbucks, 2,400 SF at $42 NNN” into the agent bar. It returns a changeset with each edit shown before and after; accept items individually or all at once, and one undo reverses the whole changeset.
6. Stress it. Scenarios puts Base, Downside, and any case you create side by side, each column a full engine run. Sensitivity gives a two-axis IRR grid where every cell is a complete model run, not an interpolation.
7. Export for IC. Compose a package in Export (Deal Snapshot, Annual Cash Flow, Rent Roll, Debt Schedule, Sensitivity Matrix, Source Lineage & Warnings) and export an XLSX workbook. Lock the model first if the workbook is going to committee.
Pricing, integrations, and limits that apply
- Trial: 14 days of unlimited underwriting with Excel exports, starting when the first usable model is ready. No card, no automatic charge.
- Individual: $300 per month for unlimited underwriting models, scenarios, Excel exports, the full report catalog, and the modeling agent. Month-to-month.
- Team: from $1,500/month for five users, with shared seats, centralized billing, and standard onboarding.
- Institutional: from $75,000/year for up to 10 users, unlimited first-pass underwriting, 15 diligence transactions, guided onboarding, and two legacy-model conversions. Enterprise: custom annual pricing, including SSO/SAML.
- Due diligence suite: $3,000 one-time per deal, separate from Individual, for the deals that get to LOI.
- Integrations: imports supported ARGUS Enterprise Excel report packages you are authorized to upload and process; exports XLSX reports for spreadsheet review and IC preparation. No native Yardi or MRI connectors.
- Limits: office, retail, and industrial only. Underwriting exports are XLSX, not PDF. No live multi-user editing; team members and roles are managed by your Moraine contact. Moraine will not infer lease status the documents don’t state.
- Security: documents are never used to train Moraine’s or third-party models; firm data is isolated at the database level.
How this compares
ARGUS Enterprise. Consider the current product when your team wants its modeling workflow or your counterparty requires a native ARGUS deliverable. Moraine supports a separate acquisition model with XLSX reports; spreadsheet report imports and exports do not establish native compatibility or matching calculations.
Excel templates. Free and flexible, with no audit trail from a cell back to the lease. Moraine’s Inspector traces any value to its formula and source page.
An outsourced or new hire analyst. Adds capacity, and adds a model you have to check. Our Moraine vs hiring analysts comparison covers that tradeoff. For the broader market, see our ARGUS software guide and CRE underwriting automation roundup.
Put your next OM through it
The fastest way to judge the fit is to build a deal you already underwrote by hand and compare.
Start a free trial → 14 days of unlimited underwriting with Excel exports, starting when the first usable model is ready. No card, no automatic charge.