Archer Starter & Starter+ — The 2.0 Model

Starter+ is Archer's 2.0 multifamily underwriting model. It's a complete underwriting model that runs a clean deal without a training call, built on top of the same Archer engine that powers parsing, comps, and tax estimates across the platform — and structured so you can customize it into your firm's BYOM template.

The "+" stands for +BYOM (Bring Your Own Model) — the upgrade from using Archer's model as-is to making it yours.

The Archer model lineup

Archer clients have three model options, organized by generation and tier (Lite vs Pro):

Most teams use Starter+ for everyday underwriting — quick screens, standard deals, broker analyses — and reach for the 1.0 Standard Model only for complex situations that require its specific institutional features.

Note: New Archer clients will see only Starter / Starter+ as their default model option. The 1.0 Standard Model remains available for existing clients with workflows built around it.

What's included in Starter+

• Annual multifamily pro forma with full chart of accounts (income and expenses)
• Rent roll and unit mix with 30/60/90-day recent leases, future leases, and comp range
• T12 financials with full Custom COA support and T3/T6/T12 windows
• Comps — rent, expense (now aligned to your Custom COA), and sale
• Renovation modeling with month-by-month schedule, ROC, and renovation IRR
• Up to two loans — Loan 1, optional Loan 2, and Refinance — with I/O period, amortization, and DSCR/LTV constraints
• IRR or Equity Multiple waterfall with four hurdle tiers, configurable on Setup
• Sensitivities across purchase price, rent, renovation cost, exit cap, hold period
• Printable one-pager outputs — Investment Summary, Property CF, Equity CF, Sources & Uses, Debt Summary, Reno Summary, Hist vs. Yr1 — formatted to drop into an IC memo
• Live Investment Returns (Levered IRR, Unlevered IRR, Equity Multiple, Cash-on-Cash) shown directly on the Setup tab
• Tax estimates auto-populated from Archer's tax comp database
• Growth rate defaults from comp-based market data
• Archer Connection tab that keeps the model linked to the Archer platform for data refresh
• Custom COA mapping — full in-app and in-model COA customization
• BYOM upload — upload your customized version as your firm's standard template

What's not in Starter+ (use the 1.0 Standard Model)

A handful of advanced features are intentionally not in Starter+. They're kept simple to keep formulas readable. If your deal needs any of these, the 1.0 Standard Model handles them natively.

• Monthly granularity — Starter+ is annual. The Standard Model offers up to three years of monthly granularity natively.

• Renovation drawdown facility — renovation capital is pre-funded at closing in Starter+. The Standard Model includes the drawdown facility for capital programs.

• Predictive renovation plan — the Standard Model auto-populates a recommended renovation plan based on Archer's data. In Starter+, you configure the renovation plan manually on the Reno Plan tab.

• In-Excel parsing — the Standard Model can parse rent rolls and T12s directly from inside Excel. In Starter+, parsing happens in the Archer web app first, and the parsed data refreshes into the model.

• Multi-property consolidation — Starter+ is a single-property model.
• Preferred equity sliver — Starter+ does not natively model preferred equity tranches.

Getting started in Starter+

1. Generate the model. Log in to the Archer web app at app.archer.re, go to your property, and select Archer Starter+ as your template. Archer creates a fresh workbook with your property name, address, Archer ID, parsed rent roll, and parsed T12 already loaded.

⚠️ Always generate a fresh model from the web app for each new deal. Don't copy a previous deal's file — the Archer Connection identifiers are property-specific.

2. Configure assumptions on Setup. Setup is the dashboard. Set purchase price, hold period, exit cap, equity split, loan terms, and waterfall hurdles. Live returns (Levered IRR, Equity Multiple, Cash-on-Cash) display at the top of Setup as you adjust assumptions.

3. Review Unit Mix and Pro Forma. Confirm market rents per floor plan on Unit Mix. Review growth assumptions and COA lines on Proforma.

4. Set up renovation (if applicable). Toggle the Reno Plan ON, set renovation start year, duration, cost per unit, and rent uplift. ROC and renovation IRR calculate automatically.

5. Review outputs. Setup shows your headline returns. The output tabs are formatted as printable one-pagers ready for an IC memo.

For a complete tab-by-tab walkthrough, see the Starter+ User Guide.

Customizing Starter+

What you can change with care

Starter+ is built to be modified. The same care that applies to any Excel model applies here: when you change something on a setup, input, or calculation tab, verify that downstream outputs are still linked correctly.

• Output tabs. Output tabs are terminal — they pull from upstream and feed nothing. Delete them, replace them, add new ones with no risk to upstream calculations.
• Calculation logic. Modifying logic on calculation tabs is fully supported. Inserting rows, deleting rows, and changing formulas is fine — just confirm that outputs that reference those rows still point where you want them to.
• Sensitivity variables and step sizes. Set on Setup.
• Waterfall hurdles, equity splits, promote method. All inputs on Setup and Waterfall.
• Hold period. The model resizes outputs automatically.

What requires our assistance

Some changes affect the connection between your model and the Archer data engine. To make sure those stay in sync, the following changes are handled together with our team rather than self-serve:

• Chart of Accounts changes. Adding, removing, renaming, or remapping COA rows. Email support@archer.re or talk to your account manager.
• Proforma structure changes. Modifications to the Proforma tab structure (rows, sections, mappings to Cash_Flow).
• Adding monthly granularity. Possible but requires restructuring Cash_Flow, Debt, and outputs. The 1.0 Standard Model handles monthly granularity natively — that may be the better path if you need it consistently.

When you're ready for any of these changes, reach out and we'll work through them with you.

What will break the model

• Deleting or renaming the Archer_Connection tab or any named range inside it.
• Typing over black-font formula cells. Blue = your input. Black = calculated formula. Yellow = Archer flagged this for your attention.

Download the Starter Model to build your BYOM

If you want to turn Starter+ into your firm's BYOM template, the first step is downloading a clean copy of the Starter Model to customize.

1. Sign in to Archer at app.archer.re.

2. Open Settings. Click your username in the top right of the web app, then select Settings from the dropdown.

3. Download the Starter Model. From the Settings menu, choose Download Starter Model. Archer will generate a clean copy of the Starter Model template — the same chassis used for every Starter+ underwrite, with no property data populated.

4. Customize. Open the file in Excel and adapt it to match your firm's process:

• Replace any output tab with your firm's IC summary, LP report, or executive summary format
• Swap in your firm's waterfall structure
• Modify calculation logic where your firm's approach differs from Archer's defaults
• Add or remove components — keep what works, replace what doesn't

When you customize calculation logic, take care to verify that downstream output tabs are still correctly linked — the same care you'd apply to any model your team modifies.

5. Need to update the Chart of Accounts or Proforma? Talk to your Archer team — Custom COA mapping and Proforma changes are handled with our assistance to keep your model and the Archer data engine aligned. Email support@archer.re or reach out to your account manager.

6. Upload as your BYOM. Once your customized model is ready, upload it through Settings → Model Templates (see the next section). From that point forward, every Archer underwrite in your account populates your model — your COA, your outputs, your waterfall — automatically.

Uploading your customized model as your BYOM

Once you've adapted Starter+ to your firm's standards, you can upload it as your BYOM template.

Steps:

1. In the Archer web app, go to Settings → Model Templates.
2. Upload your modified .xlsm file.
3. Archer validates the Archer_Connection tab to confirm named ranges are intact.
4. Your customized model becomes the default template for future underwrites in your account.
5. Archer's automation populates the input tabs the same way it does in Starter+. Your custom assumptions and outputs are untouched.

How many BYOM templates can my account have?

Your Pro plan includes one BYOM template slot by default. When you upload a new BYOM, it replaces your current template as the account default.

If your firm needs multiple BYOM templates — for example, different templates for different deal types, asset classes, or teams — additional template slots are available for a set fee. Talk to your account team and we'll set that up for you.

Already have more than one BYOM today? Existing accounts with multiple BYOM templates are grandfathered — your current setup continues to work, no change required.

The 1.0 Standard Model remains the right tool for deals that genuinely need:

• Monthly granularity in the pro forma (LP reporting timing, loan covenants, complex stabilization timing)
• A renovation drawdown facility instead of pre-funded capital
• Multi-property consolidation
• Preferred equity tranches
• Multi-loan institutional capital structures

For most teams, this is roughly 10% of deals.

Need help?

Reach out to your Archer success manager or email support@archer.re.

For the video walkthrough, see the Starter+ Arcade walkthrough.

For the interactive deep-dive on how Starter+ works, see underwrite.archer.re.