It is often helpful to create, analyze and compare different scenarios, strategies and outcomes when evaluating an investment property.
For example, you may want to consider and compare:
The "best", "likely" and "worst" outcomes for the same property
Different financing strategies, loan terms, or buying with cash vs. with financing
Purchasing a property at different price points
How different scopes of rehab work will affect your profits and returns
A long-term rental strategy vs. a short-term or Airbnb approach
DealCheck provides a quick workflow you can use to help you accomplish this:
Step 1: Add a New Property
If you haven't already done so, first add the property you'd like to analyze to your dashboard, either by importing its data or entering it manually:
Next, make sure you've filled out as much information on the Purchase Worksheet page as possible to save you time later:
Step 2: Create a Copy for Each Scenario
Now that you have your property all set up, open the quick action menu on the left side, and click the Copy button to create a copy of this property:
Next, go to the Purchase Worksheet page and tweak the deal parameters as needed to reflect a different scenario or strategy you'd like to analyze.
You may also want to rename the duplicate property you just created on its Property Description page to help you remember which scenario it represents:
Repeat this step and create a copy of this property for each of the different scenarios or strategies you'd like to analyze and compare.
Once you're done, you should have several copies of the same property with slight variations or tweaks to their deal parameters.
Step 3: Compare the Different Scenarios Side-By-Side
Now that you have several copies of the property for the different scenarios, you can view their Property Analysis pages for a detailed breakdown of your profit and investment returns in each case.
You can also compare them side-by-side to help you see the differences and pick the most profitable approach.
To do this, navigate to one of the properties and click the Compare button from the quick action menu on the left side:
And add the other properties to the comparison table by selecting them using the drop-down menu at the top right:
After you've analyzed and compared the different strategies and scenarios, you can delete all property copies except for the one you'd like to proceed with.
Alternatively, you can archive or tag them to keep them as a reference for later.
Note: the above screenshots were taken from our website, but the same features can be found in our iOS and Android apps as well.