# Getting Started with Underwrite > A step-by-step walkthrough for new users — from entering an address to reading your investment report and exporting it for lenders. Canonical: https://www.underwriteapp.com/learn/getting-started Underwrite turns a Zillow or Redfin listing URL into a complete short-term rental investment package — financial model, comp analysis, renovation scope, and investor pitch deck. This guide walks you through every step, from signing up to exporting your report. --- ## Step 1 — Sign up and claim your free credits Go to **www.underwriteapp.com** and click **Get started free**. Sign up with your email or Google account — no credit card is required. When your account is created you can: - **Start with Quick Screen for free** — a 30-second revenue and metrics snapshot - **Use 1 free Full Analysis on signup** — go deeper on the first property you want to review more closely A banner at the top of the dashboard reminds you of your remaining credits. Your free Full Analysis credit expires only when you use it, not on a timer. > **Tip:** The first time you log in you'll see a short guided tour of the dashboard. It only takes a minute and highlights where to find your reports, compare properties, and browse market data. --- ## Step 2 — Run your first analysis ### 2a — Find a property listing Open [Zillow](https://www.zillow.com) or [Redfin](https://www.redfin.com) and navigate to any property detail page. Copy the full URL from your browser's address bar. *Example:* `https://www.zillow.com/homedetails/123-Main-St-Denver-CO-80203/12345678_zpid/` Search result pages won't work — Underwrite needs the individual listing URL. ### 2b — Choose an analysis mode From the sidebar, click **New Analysis**. You'll see two options: | Mode | Time | Cost | Best for | |------|------|------|----------| | **Quick Screen** | ~30 seconds | Always free | Quickly filtering a property before committing to a deeper look | | **Full Analysis** | 10–20 minutes | 1 credit ($79) | Properties you're seriously considering — delivers the full investment package | **Quick Screen** gives you: a revenue estimate, key metrics (CoC, cap rate, NOI, occupancy), a Pass/Proceed verdict, and a comp overview. **Full Analysis** gives you everything in Quick Screen plus: a 10-year DCF financial model, conservative/base/optimistic revenue scenarios, an 8-slide investor pitch deck, a line-item renovation scope, AI-generated before/after renders, a marketing plan, a tax impact summary, and comparable property data from Airbnb and VRBO. ### 2c — Fill in the details (Full Analysis only) If you selected Full Analysis, complete the configuration fields: - **Property type** — Single family, condo, townhouse, cabin/retreat, or multi-family. This determines which comps Underwrite matches your property against. - **Investment strategy** — Buy & hold STR, fix & flip to STR, new construction STR, or convert from long-term rental. Selecting fix & flip or new construction unlocks renovation tier modeling. - **Renovation budget** *(optional)* — Enter a dollar amount if you plan to renovate. Underwrite will model two renovation tiers (moderate and optimized) and compare their returns. - **Additional notes** *(optional)* — Anything that might affect the analysis: unusual amenities, planned ADU conversion, specific target market, etc. Click **Start analysis** when ready. ### 2d — Watch the pipeline A progress page shows you the analysis pipeline in real time: 1. **Scraping** — Fetching property details from Zillow or Redfin 2. **Comps** — Pulling STR comps from Airbnb and VRBO across multiple seasons 3. **Market** — Analyzing market conditions and submarket dynamics 4. **Financial** — Building the 10-year financial model 5. **AI Scope** — Writing the narrative, investment thesis, and renovation scope 6. **AI Marketing** — Creating the listing strategy and channel plan 7. **Renders** — Generating before/after renovation visualizations STR tips rotate on screen while you wait. When the pipeline finishes, you're automatically redirected to your report. --- ## Step 3 — Read your report The report opens with an **Investment Summary** card — your at-a-glance verdict. ### The verdict badge The badge (Strong Buy / Buy / Hold / Pass) is the top-line recommendation. It combines cash-on-cash return, cap rate, revenue upside, renovation efficiency, market strength, and entry price vs. comps into a 0–100 score. Above 70 is typically a strong opportunity. ### Key metrics The summary card shows six metrics in two rows: **Row 1 — Primary returns** - **Cash-on-Cash Return (CoC)** — Annual pre-tax cash flow ÷ total cash invested (down payment + closing costs + furnishing). This is your levered, Year 1 yield on the money you actually put in. Targets for STRs at current rates are 8–12%. - **Cap Rate** — Net Operating Income ÷ purchase price. This is the financing-agnostic yield — what you'd earn if you paid all cash. Useful for comparing properties across different financing scenarios. Good STR cap rates: 5–7% in coastal markets, 8–12% in secondary markets. - **Annual Revenue** — Projected gross revenue in Year 1 (base scenario). **Row 2 — Supporting metrics** - **10-Year IRR** — Annualized return over a 10-year hold, accounting for appreciation, cash flow, and equity paydown. - **Est. Occupancy** — Projected occupancy rate, with a confidence indicator based on how many comparable listings were matched. - **List Price** — The property's current asking price. ### The P&L flow strip Below the metrics you'll see a horizontal flow: **Gross Revenue → Operating Expenses → NOI → DSCR** - **NOI (Net Operating Income)** = Gross Revenue − Operating Expenses (before debt service). This is what the property earns regardless of how it's financed. - **DSCR (Debt Service Coverage Ratio)** = NOI ÷ Annual Debt Service. Banks typically require ≥ 1.25x for an investment loan. The number is color-coded: green (≥ 1.25x), gold (≥ 1.0x), red (< 1.0x — the property can't cover its mortgage from STR income alone). --- ## Step 4 — Understand the revenue ranges (Full Analysis) Below the summary card, Full Analysis reports show a three-column **Revenue Range**: | Scenario | What it means | |----------|---------------| | **Conservative** | Lower-occupancy, lower-ADR estimate. Assumes higher competition and weaker execution. | | **Base** | Most likely outcome based on market and comp data. This is the primary scenario. | | **Optimistic** | Upper-bound estimate. Assumes strong listing quality, active pricing management, and favorable market conditions. | Each column shows: gross revenue, NOI, cash-on-cash return, and occupancy for that scenario. The base scenario feeds all downstream tabs. > **How to use this:** If the conservative scenario still delivers a CoC return you're happy with, you have a margin of safety. If you need optimistic conditions to make the deal work, that's a signal to negotiate harder on price. --- ## Step 5 — Explore the analysis tabs The report has nine tabs. Here's what each one contains: | Tab | What's inside | |-----|---------------| | **Report** | Investment summary, verdict, P&L flow, market risk, regulatory overview, investment thesis | | **Financial Model** | 10-year pro forma, scenario comparison table, revenue playground (live sliders), debt scenario panel, offer calculator, exit strategy | | **Renders** | AI-generated before/after renovation visualizations | | **Pitch Deck** | 8-slide investor presentation, ready to share with partners or lenders | | **Comps** | Map of comparable Airbnb listings, comp metrics, submarket analysis | | **Marketing Plan** | Listing strategy, pricing approach, channel mix, brand positioning | | **Reno Scope** | Line-item renovation cost breakdown by room/category | | **Tax Impact** | Depreciation schedule, passive loss rules, 1031 exchange notes | | **Raw Data** | JSON dump of all property and comp data for your own modeling | ### Using the Revenue Playground Inside the **Financial Model** tab, the Revenue Playground lets you stress-test the numbers with live sliders: - Drag **Annual Revenue**, **Operating Expenses**, **Occupancy %**, and **ADR** to see how changes flow through to NOI, cash flow, CoC, and cap rate — all recalculated in real time. - The **Debt Scenario Panel** next to it lets you adjust down payment %, mortgage rate, and loan term to see the impact on DSCR and cash-on-cash return. ### Using the Offer Calculator Also in the **Financial Model** tab — enter your **target CoC return %** and **target cap rate %** and the Offer Calculator tells you the maximum price you should pay, the down payment required, and the monthly debt service at that price. --- ## Step 6 — Export your report The export options are in the top bar of any report. Click the share/export icon to open the menu: | Option | What it does | Who it's for | |--------|-------------|--------------| | **Share Link** | Generates a token-protected public URL | Partners, co-investors, advisors | | **Export PDF** | Opens a print dialog for a clean single-page PDF | Lenders, partners | | **Export CSV** | Downloads a spreadsheet with the summary, 12-month pro forma, expense breakdown, and comp data | Your own modeling in Excel or Google Sheets | | **Print** | Opens the browser print dialog | Quick hard copy | > **Note:** PDF and CSV export require a paid plan. Free users will see an upgrade prompt. **For lender packages:** The Pitch Deck tab contains an 8-slide presentation that includes the key financials, market context, and investment thesis. Share the public link with lenders who need a summary without giving access to your full account. --- ## Step 7 — Save and compare properties All completed analyses are automatically saved to your **Reports** page (accessible from the sidebar). From there you can: - Click any row to re-open the full report - Delete analyses you no longer need ### Comparing multiple deals Navigate to **Compare** in the sidebar. Select 2–4 properties from your saved analyses. The comparison table shows every key metric side-by-side — CoC, cap rate, IRR, revenue, occupancy, NOI, ADR, and break-even occupancy — with the winner in each category highlighted. ### Browsing markets The **Markets** page lets you search and filter hundreds of STR markets by regulation status, region, health score, and financial performance. Click any market for a deep dive, or navigate to **Markets → Compare** to run a side-by-side comparison of up to four markets before deciding where to focus your search. --- ## What to do next - **Found a strong deal?** Share the report link with your lender and use the Pitch Deck tab to brief partners. - **Still shopping?** Use Quick Screen to filter properties fast — it costs nothing and takes 30 seconds per property. - **Want to understand the numbers?** Read the [cap rate guide](/learn/what-is-cap-rate) and [cash-on-cash return guide](/learn/cash-on-cash-return) in the Learn section. - **Questions?** Visit [Help](/help) or email [support@underwriteapp.com](mailto:support@underwriteapp.com).