/ Underwriting

Does this deal work at this price?

Scored, stress-tested, and built on comparables that were opened and read.

From 1 credit · No credit card

What lands in your inbox10 sections
  1. 01Executive summary
  2. 02Location & micro-market
  3. 03Property & building
  4. 04Renovation & value-add (if planned)
  5. 05Pricing vs. market
  6. 06Rental & yield outlook
  7. 07Legal, ownership & tax
  8. 08Supply, demand & macro
  9. 09Risk register
  10. 10Recommendation
Reads & cites
DDpropertyHipflatFazWazDotPropertyLivinginsiderBaaniaCBREKnight FrankREICBank of Thailand
/ How it works

Property in, memo out, about two minutes

The arithmetic is done for you. The judgement stays yours.

  1. 01

    Add the property

    Paste a listing link or type the address, price and size. Anything you leave blank the analysis will flag rather than quietly guess.

  2. 02

    Set your money

    Deposit, loan terms, hold period and exit assumptions. These are what make it your underwriting rather than a generic yield calculation.

  3. 03

    Run it, then argue with it

    Atlas researches the market, verifies each comparable against its live listing and writes the memo. Move any assumption afterwards and every figure follows.

No card required to start. Nothing is charged until you run an analysis.

Return model
Conditional buyScore 78 / 100
78
IRR11.4%
5-year hold
Cash-on-cash6.2%
Year 1
DSCR1.32
Comfortable
Break-even occ.68%
Headroom 27pp
Net cash by yearYr 5 includes exit
12345

Sample analysis. Every input (rent, vacancy, costs, loan terms, exit yield) is yours, and the whole model recomputes when you move one.

/ The model

Arithmetic, not opinion

Every figure is computed from your leverage and hold period before the model writes a word. Run the same deal twice and you get the same answer.

  • Every figure traces to an input you can see and change
  • Thai transfer costs and taxes are in the cashflow, not a footnote
  • Scenarios run against the same model, not a separate estimate
/ The deliverable

An investment memo, not a score card

Ten sections, every market figure attributed, and a recommendation that takes a position.

A score and a verdict

Every memo ends with Buy, Conditional or Pass, a fair-value range, and the two or three negotiation points that would change the answer. An analysis that will not commit is not much use.

Thai law, tax and transfer costs

Title deed grade and what it means for a mortgage, the Treasury Department appraised value, the transfer-cost stack a sale actually incurs, and the ownership route open to a foreign buyer.

An analyst you can question

Disagree with a rent assumption? Change it and the whole model moves. Ask why a comparable was used and it will tell you which page it read.

The number that matters is the one after it breaks

A headline yield means little if two rate hikes sink it. This shows where cover runs out.

Base case
11.4%IRR
DSCR1.32

As underwritten

Rates +2%
8.1%IRR
DSCR1.08

Still services debt

Rent -10%
7.6%IRR
DSCR1.04

Thin cover

3 mo. vacant
6.2%IRR
DSCR0.94

Below 1.0, needs reserve

Sample analysis. Every assumption is yours to change, and the model recomputes as you move it.

/ Verified, not generated

The comparables are real. We check.

Every comparable is re-read on the page behind its link, so the card and the listing agree.

  • Opens the actual listing page for every comparable
  • Reads price and size off that page, not from memory
  • Measures true distance from your deal, street by street
  • Drops anything it cannot confirm, even if that means fewer comps
Verification log LIVE
3 Bedroom House, Suthep
THB 15.2M · 214 sqm
comp #2
fetch listing page200 OK
read price on pageTHB 15.2M
read area on page214 sqm
distance to your deal0.27 km
comp #4 · page unreachabledropped
0 invented listings

Every comparable, plotted and priced

Each pin is a listing Atlas opened, read and measured from your deal. Hover one.

Atlas5 verified · 0.4 km radius
Your deal · 72K
Illustrative map · sample data
/ The exported document

Every page of a real investment memo

This is the file the app produced, printed by the same code that runs when you press Download.

Open the full PDF
PDF · 12 pages · 1248 KBTwo Stories house, Nimman12 August 2026
/ What it costs

Pay per analysis, not per seat

See the plans
1credits
Quick read

A fast scored take on whether the deal is worth a closer look. Under a minute.

2credits
Researched memo

The full ten-section memo with verified comparables and cited sources. About two minutes.

15credits
Deep pass

Reads more sources and reasons over them for longer, for a deal worth the extra minutes.

Credits come with every plan, including the free one, and do not expire within your billing period. A property can be re-analysed as often as you like. You are charged for the run, not the property.

Frequently asked questions

A transparent model, not the AI. IRR, cash-on-cash, DSCR, break-even occupancy and the year-by-year cashflow are computed from your leverage, hold period and exit assumptions. The model writes the analysis around those figures; it never produces them.

That is the point of it. Rent, vacancy, operating costs, loan terms, growth and exit yield are all yours to set, and every figure in the memo recomputes when you move one. If you disagree with an assumption, the disagreement is a number you can change rather than an argument with a chatbot.

Every one is fetched from a live Thai portal and re-read on the page behind the link before it reaches your report. If a listing cannot be opened, or its price and size cannot be confirmed, it is dropped rather than shown. You will sometimes see fewer comparables as a result; you will not see invented ones.

A quick read costs 1 credit and returns in under a minute. A researched memo costs 2 and takes about two minutes. The deepest pass, which reads more sources and reasons over them for longer, costs 15 and can take several minutes.

Yes. Every memo covers the title deed grade and what it means for a mortgage, the Treasury Department appraised value, the transfer costs a sale actually incurs, and the ownership route open to a foreign buyer: freehold within the condominium quota, leasehold, or a Thai company.

No. Estlla is analytical tooling that helps you underwrite and stress-test deals faster. It is not personalised investment advice, and it does not replace your own due diligence or a professional you pay for judgement.