Heavy · Scout
Off-market discovery · every asset class
Scout.The off-market machine.
Drop a screenshot of any map — one block, one neighborhood, one entire metro — and Scout reads every address, underwrites every property, and surfaces the ones that are underpriced, mismanaged, or distressed. Multifamily, office, retail, industrial, hospitality, land — every asset class, every workflow. The off-market deals where 19–24% IRR is hiding in plain sight.
The magic moment
Drop a screenshot. Scout finds the off-market.
No address list. No CSV upload. No broker relationship to pre-arrange. Just a picture of a map. Scout reads every visible address, runs full multifamily underwriting on each, and returns the ones where vacancy can be cut, rents can be lifted, and IRR lands in the 19–24% band post-CapEx.
/ Step 01
Read every address
Vision OCR pulls every address visible in the screenshot. Apartment complexes, mid-rise multifamily, garden-style portfolios, value-add opportunities — nothing skipped, nothing assumed.
/ Step 02
Underwrite each one
Scout runs a full multifamily underwrite on every property: estimated NOI, current vacancy, in-place vs market rent, post-CapEx rent lift potential, projected IRR. All without a single broker call.
/ Step 03
Surface the off-market
Scout ranks the properties by deliverable IRR, attaches a full DD pack and value-add thesis to each, and tells you the bid price that lands you in the 19–24% IRR band. The rest is filtered out.
01
How Scout works
Four stages, end-to-end. From screenshot to off-market bid letter.
01
/ Capture
Drop a map screenshot
Google Maps, Apple Maps, satellite view, custom market boundary, broker tearsheet — any image with addresses on it. Drag, drop, done. No manual address entry, no upload of CSVs.
02
/ Read & resolve
Every address, identified
Vision OCR reads visible addresses; geocoding fills in the rest from coordinates and parcel boundaries. Scout resolves to county tax-roll IDs, isolates multifamily by zoning & recorded use, and locks each parcel.
03
/ Underwrite at scale
Multifamily underwrite, in parallel
Scout runs full multifamily underwriting on every property simultaneously. NOI, vacancy, in-place vs market rent, CapEx requirement, projected post-stabilisation IRR. Hundreds of full underwrites in the time a human takes for one.
04
/ Surface & price
The off-market shortlist
Only the addresses where the math actually works survive the filter — with vacancy reducible, rents liftable post-CapEx, and IRR landing in the 19–24% band. Each comes with a full DD pack, value-add thesis, and bid price.
02
Worked example · multifamily lens
One screenshot of SouthEnd, Charlotte. Five off-market multifamily deals — 22 minutes.
Below: an actual scan output, run with the multifamily lens applied. Same engine works for every other asset class — office, retail, industrial, hospitality, healthcare, land, half-built, niche — on every workflow side: investor, developer, lender, owner. Multifamily is just the lens we’ve picked here for clarity. Scout returns 1,247 addresses read, 487 multifamily filtered, the 5 strongest off-market opportunities surfaced.
Scout output · SouthEnd Charlotte NC · 487 multifamily underwrites
Multifamily underwritten
487
in 22 min
Off-market signals detected
28
5.7% of universe
Above 19% target IRR
5
5.7% deal-ready, with bid prices
Combined deal size
$316M
5.7% across the shortlist
Top 5 off-market multifamily — surfaced
Asset · thesisVacancyRent / unitList → BidProjected IRR
01
186-unit garden-style · Park Rd corridor
Off-market · absentee owner · 18% vacancy · 2008-vintage, no reno since 2015
Reduce
18%→5%
Rent lift
$1,420→$1,775
Bid price
$48M→$42M
Projected IRR
21.8%02
312-unit mid-rise · South End / Tryon
Off-market · legacy owner · 14% vacancy · full interior reno opportunity (only 38% renovated)
Reduce
14%→4%
Rent lift
$1,840→$2,300
Bid price
$84M→$77M
Projected IRR
22.4%03
248-unit Class B+ · Wilkinson Blvd corridor
Distressed · loan maturity Q3 2026 · 21% vacancy · deferred capex stack identified
Reduce
20%→5%
Rent lift
$1,520→$1,890
Bid price
$74M→$68M
Projected IRR
22.1%04
204-unit garden-style · East Boulevard
Off-market · partnership dispute filing · 12% vacancy · underamenitised vs sub-market peers
Reduce
12%→4%
Rent lift
$1,610→$2,005
Bid price
$58M→$52M
Projected IRR
19.6%05
156-unit boutique mid-rise · NoDa
Off-market · owner age signal (probate-likely) · 16% vacancy · rents 22% under corridor median
Reduce
16%→5%
Rent lift
$1,720→$2,150
Bid price
$82M→$77M
Projected IRR
23.2%Five off-market multifamily assets. Vacancy cut by 8–16 points. Rents lifted ~25% post-CapEx. Combined IRR profile of
19.6–24.1% IRR
No analyst team. No broker mandate. No paid pipeline. One screenshot, 22 minutes, and a $316M off-market multifamily pipeline at the IRR profile most funds spend a quarter trying to source. Five thesis-grade deals, each with a clear vacancy-reduction and rent-lift play, none of them on the open market.
03
What Scout detects · 12 signal families
The off-market signals that other tools miss — because they don’t know where to look.
Scout doesn’t just compare list price to market. It checks twelve families of distress, mismanagement, and upside signals on every property — pulled from public registries, primary records, and paid feeds that no general-purpose AI can access. Below: each signal, the data Scout actually verifies, and where it sources it.
↓
Mispriced & underpriced
Listed below verified market clearing price — from comp depth, recent sale velocity, and the parcel-level cap-rate evidence Scout keeps current.
- Cap-rate vs sub-market comps (last 6 mo)
- Price/door vs vintage-matched peers
- Days on market & price-cut velocity
- Seller acquisition basis & hold period
Sources: commercial property data · recorded mortgages · sale comps
$
Below-market rents
In-place rents 15–30% below corridor median. The gap that becomes the rent-lift story, post-CapEx. The faster the gap closes, the higher the IRR.
- In-place rent / sqft vs verified market
- Rent trajectory last 36 months
- Concession depth & lease-up incentives
- Renewal increase pattern by unit type
Sources: commercial property data · rent rolls
High vacancy & weak lease-up
Stabilised vacancy 12–25% when peers run 4–7%. The acquirer who fixes operations gets the spread between current and stabilised NOI for free.
- Listed-vacant unit count + duration
- Lease-up velocity vs sub-market
- Concession use & days-on-market by unit
- Move-out rate & renewal failures
Sources: listing platforms · satellite imagery · utility data
Bad reviews & weak management
Tenant reviews flag broken AC, slow maintenance response, harassment, deposit disputes. Rating below 3.0, complaint volume rising. The current owner is hemorrhaging tenants — the next owner harvests the renewal.
- Review aggregate score & trajectory (24 mo)
- Maintenance complaint frequency
- Owner / PM response rate & tone
- Better Business Bureau filings & ratings
Sources: Google · Yelp · ApartmentRatings · BBB · Reddit
Bad debt & tenant defaults
Eviction filings cluster at the property. Bad-debt expense above 4% of EGI. Rent collection below 94%. The owner is bleeding cashflow that a competent operator could recover within 12 months.
- Eviction filings count & trajectory
- Late-payment cure-period litigation
- Magistrate court small-claims volume
- Reported bad-debt vs sub-market median
Sources: county magistrate court · eviction lab · CCAP
Refi pressure & loan maturity
Loan maturity inside 18 months. DSCR below 1.20. Owner paying current coupon on a sub-3% rate that won’t survive refi. The math has already broken — the seller doesn’t know it yet.
- Recorded mortgage maturity dates
- Original coupon vs current refi spread
- Implied DSCR at current vs refi rate
- Mezz / pref equity layer recorded
Sources: recorder of deeds · CMBS · rate & spread feeds
Foreclosure & default filings
Notice of default, lis pendens, tax-lien sales, defaulted notes, owner Chapter 11. The seller may be smiling on the call — but the public record has already started the clock.
- NOD & lis pendens filings, current
- Tax delinquency & lien sale history
- Owner / SPV bankruptcy filings (PACER)
- Mechanic’s liens & UCC defaults
Sources: county clerks · PACER · tax assessor
Deferred CapEx & aging stack
Roof past useful life, HVAC end-of-life, parking lot crumbling, only 38% of units renovated. The seller priced it as stabilised; Scout prices it including the CapEx the next owner will be writing checks for.
- Building age + last permit-pulled reno year
- % of units with renovation permits
- Roof / HVAC / boiler age estimates
- Code-enforcement notices & open violations
Sources: building permits · code enforcement · satellite
Owner-driven catalysts
Owner age 78+, deceased-owner probate filings, divorce decrees, partnership disputes, GP-LP litigation, distressed mortgage at maturity. Personal events that quietly turn into forced multifamily sales.
- Owner / GP age & estate-planning filings
- Probate court openings & trust transfers
- Divorce decree & QDRO property notes
- Partnership dissolution & LP litigation
Sources: probate court · vital records · civil court · SOS
Long hold & stale capital stack
Owned 14+ years. Original LP fund past its term. Depreciation recapture overhang. GP under quiet pressure to deliver liquidity. The conversation needs an opener — Scout gives you the opener.
- Acquisition basis vs current market value
- LP fund vintage & remaining term
- Depreciation recapture liability est.
- Cost-segregation study age & benefit run-out
Sources: recorded title chain · SOS GP filings · SEC Form D
Tenant-mix & concentration
Section 8 voucher concentration above sub-market norms, employer concentration on a single Fortune 1000 anchor that’s laying off, student-housing exposure to a campus losing enrollment. The risk that doesn’t show in the OM.
- Voucher / subsidised-tenant share by unit
- Census-tract employer concentration index
- Local layoff & WARN-Act notices
- Campus enrollment trend (if applicable)
Sources: HUD CHAS · BLS · WARN registry · IPEDS
↗
Upzoning & regulatory upside
Recent code amendment lifted density. New transit corridor approved. Opportunity-zone overlay still active. ADU rights granted. The parcel is priced as the prior use — before the seller catches up.
- Land Development Code amendments (24 mo)
- Transit GIS & planned-corridor overlays
- OZ census tract eligibility & deadlines
- ADU / density-bonus permitting changes
Sources: city planning portals · LDC · transit GIS · OZ tracts
04
What Scout covers
Any asset class. Any workflow. Investor, developer, lender — same engine.
The multifamily worked example above is exactly that — an example. Scout’s engine works on every income-producing asset class, every land parcel, every half-built site, and every workflow on either side of the deal table. Drop a screenshot. Pick the lens. Get the off-market shortlist.
/ Coverage by asset class
◆
Multifamily & residential
Garden-style, mid-rise, high-rise, BTR & SFR portfolios, student, senior, co-living, manufactured housing. Vacancy reduction, rent lift post-CapEx, lease-up acceleration — the value-add playbook quantified parcel by parcel.
Output: NOI · vacancy · rent gap · CapEx · bid · IRR.
◆
Office & flex
Class A, B, C office, medical office, flex / R&D, suburban office parks, single-tenant headquarters. Repositioning, tenant-mix upgrade, conversion plays (office-to-residential, office-to-medical).
Output: WALT · rollover · repo CapEx · conversion RLV · bid · IRR.
◆
Retail & mixed-use
Strip centers, grocery-anchored retail, power centers, lifestyle centers, single-tenant NNN, urban mixed-use. Anchor risk, co-tenancy, lease re-negotiation upside, density redevelopment.
Output: tenant credit · rollover · redev RLV · bid · IRR.
◆
Industrial & logistics
Bulk distribution, last-mile, cold storage, light industrial, truck terminals, IOS (industrial outdoor storage). Below-market rents to current logistics demand, cross-dock conversion, expansion land plays.
Output: clear height · below-market spread · CapEx · bid · IRR.
◆
Hospitality & healthcare
Limited-service, full-service, extended-stay, boutique hotels. Skilled nursing, assisted living, medical office buildings, ambulatory surgery centers. Reflag plays, brand conversions, operator change underwriting.
Output: RevPAR / occupancy · reflag CapEx · bid · IRR.
◆
Specialty & niche
Self-storage, data centers, life sciences, infrastructure-like real estate, ground-leased fee positions, parking, marina, manufactured-housing communities. Asset classes that didn’t have a name three years ago — and the ones nobody’s priced yet.
Output: scenario-specific underwrite · comp depth · bid · IRR.
◆
Land & development sites
Vacant parcels, undeveloped acreage, infill lots, redevelopment candidates, agricultural-to-urban transitions. Full RLV underwrites against current zoning, recent code amendments, infrastructure access, entitlement constraints.
Output: by-right yield · RLV per door / sqft · entitlement risk · bid.
◆
Half-built & stalled
Stopped construction, expired permits, broken JVs, distressed development debt, OZ deadline pressure. Cost-to-complete underwriting, time-to-stabilisation, the discounted basis at which finishing the project actually pays.
Output: cost-to-complete · finish-and-flip RLV · bid · IRR.
/ Coverage by workflow
Same screenshot. Different lens. Scout reconfigures itself depending on which side of the table you sit on — and surfaces the off-market opportunities that fit your specific workflow.
◆
For investors
Buy-box-filtered off-market acquisitions across every asset class. Underpriced stabilised assets, value-add plays, distressed and forced-seller candidates, GP-LP buyout opportunities. Each comes with bid price, full DD, and IRR projection.
Surfaces: stabilised buys · value-add · distressed · secondary LP positions.
◆
For developers
Land sites priced at the prior use, recently upzoned parcels, half-built projects with motivated sellers, assemblage opportunities along densifying corridors, OZ-eligible parcels with clock pressure. Full RLV underwrite at every stage.
Surfaces: land · upzoned parcels · stalled projects · assemblages.
◆
For lenders
Refi-ready borrowers approaching loan maturity, distressed-debt acquisition pipeline, NPL portfolios, performing assets at risk of distress. Scout pre-screens credit risk and surfaces who’ll need debt — before they call a loan broker.
Surfaces: refi pipeline · distressed debt · NPL pools · CMBS risk.
◆
For owners & landlords
Adjacent assemblage targets, expansion-land plays, sub-market acquisitions to scale operating efficiency, off-market portfolio adds. Heavy maps the parcels around your existing footprint and surfaces the ones that compound the platform.
Surfaces: adjacent buys · portfolio adds · sub-market expansion.
GeographyWorks anywhere
Works anywhere
a parcel exists.
United States/Canada/UK/Germany/France/Spain/Italy/Netherlands/Poland/UAE/Saudi Arabia/Mexico/Brazil/Türkiye/Japan/Australia/Singapore
Local registries, local language, local zoning law, local rent dynamics. Scout adapts to the data of record in each jurisdiction — and the hunt for off-market multifamily translates without losing precision. Drop a screenshot of Berlin, Mexico City, Riyadh, or Phoenix. Same engine. Same answer.
05
Speed
What used to take a quarter — in the time it takes to drink coffee.
Traditional sourcing
90days
Analyst team. Broker calls. Manual underwrites.
A team of two analysts working a target market: pulling broker tearsheets, cold-emailing owners, building rough underwrites, narrowing to a shortlist. Three months. Often nine on-market deals on the radar at the end. Two of them survive deeper diligence. None of them off-market.
Heavy · Scout
22minutes
One screenshot. Off-market shortlist with bid prices.
Drop the map. Scout reads 1,000+ addresses, runs full multifamily underwrites in parallel, attaches DD packs and bid prices to the strongest 5–25 off-market candidates, and returns them with 19–24% IRR theses ready to act on. The pipeline a quarter used to build — before lunch.
The bottom line
The off-market deals are out there.
Scout finds them.
Stop spending quarters chasing broker pipelines and on-market sales. Drop a screenshot. Get the off-market multifamily that moves the fund — before anyone else sees it.
Bring us a deal you already closed
We run it through Titleman and show your team the finished work next to their own.