Property Analytics
Proptics turns first-pass real estate deal review into traceable numbers.
Model Desk, our first product, takes an asset class, a deal type and a set of core assumptions and calculates returns, debt coverage and sensitivity on a single screen. The results carry over into a live-formula Excel model and a review summary deck.
Add your deal documents by kind
- XLSX
- CSV
Click a slot or drop files onto it. Add only what you have.
Open document import in Model Desk
Adding documents works on a wide (desktop) screen. On this screen you can view an example first.
Files you add never leave this device. No server receives them, and only the values you pick go into the deal.Files you add never leave this device. Only the values you pick go into the deal, and values are shared with Proptics only if you choose to. How documents are handled
- No sign-up. It runs in your browser.
- Calculation happens in this browser, and deal inputs are never sent to a server.Calculation happens in this browser. Inputs are sent only if you choose value contribution, and only the values you picked.
- Model Desk and its outputs are currently in Korean.
Illustrative example
Mid-size office acquisition, business district
Loading the calculation engine
- Levered IRR (pre-tax)
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- Equity multiple
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- Minimum DSCR
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- Debt service
- Fees and reserves
- Cash to equity
- Not covered by NOI
Show the calculation
| Year | NOI | Debt service | Fees and reserves | Cash flow to equity |
|---|
An illustrative example, not actual transaction figures. Move a value and the same engine that powers Model Desk recalculates in this browser.
- 7 × 37 asset classes and 3 deal typesAll 21 combinations are calculated
- 0Deal inputs sent to a serverInputs sent without your choiceCalculation stays in the browserValues are shared only if you choose to
- 488Excel recalculation cases0 mismatches in the latest run
- 1,079Automated testsRun before every release
Problem
The first numbers on a deal are still built by hand and copied by hand
A new deal usually starts from a blank spreadsheet or the file from the last deal. More recently, a draft may come from a conversational AI. Either way, there are gaps to close before the numbers can be used in investment review.
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The model is rebuilt for every deal
Each change in asset class or deal structure means a new sheet or an old file reworked. The first numbers take time, and a reworked file tends to carry assumptions left over from the previous deal.
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The basis for assumptions is not kept in the file
Only the author knows which values came from documents and which were entered by convention. When the person changes or time passes, the same number is hard to explain again.
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Numbers written by AI are hard to check
A conversational AI drafts quickly, but it can give different numbers for the same question, and its formulas are hard to follow through to the end. Some organizations cannot upload deal documents to an outside service at all.
Three ways to do the same job
| Compared on | A spreadsheet built by hand | General-purpose conversational AI | Model Desk |
|---|---|---|---|
| Time to first result | A spreadsheet built by handAs long as it takes to build the sheet | General-purpose conversational AIA draft after a few questions | Model DeskAs soon as the required assumptions are in |
| Formulas | A spreadsheet built by handDiffer by author and by file | General-purpose conversational AICan change from one answer to the next | Model DeskFixed, so the same inputs give the same result |
| Basis for assumptions | A spreadsheet built by handDepends on the author's notes | General-purpose conversational AIStays inside the conversation | Model DeskKept in the file as a ledger and source notes |
| Where deal data sits | A spreadsheet built by handOn your PC | General-purpose conversational AIOn the provider's servers | Model DeskInside your browser |
| Continuing in Excel | A spreadsheet built by handIt is the file itself | General-purpose conversational AIValues have to be copied across | Model DeskDownloads as a live-formula model |
| Complex deal structures | A spreadsheet built by handAnything can be built | General-purpose conversational AIHelps as far as a draft | Model DeskCalculates the supported structures, and the rest continues in the downloaded workbook |
Model Desk is not meant to replace spreadsheets or conversational AI. It produces the first numbers with fixed formulas and makes the work that follows easier to hand over to both.
Model Desk
The first-pass review of a new deal, on a single screen
Model Desk is for sizing up a deal's return profile and debt capacity quickly, then handing the calculation off to Excel to continue the work. It does not replace a full investment committee model.
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01
Pick an asset class and a deal type
Choose one of seven asset classes, from office to data center, and acquisition, development or refinance. Only the inputs that combination needs are shown.
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02
Enter the required assumptions
Depending on the combination there are 7 to 13 required inputs. Results appear the moment they are complete, and the remaining inputs can be filled in as needed.
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03
Carry on in Excel and reports
Download the formula-driven Excel model, the review summary deck and a one-page A4 summary for the next stage of review.
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One-screen review
Change an assumption on the left and the headline metrics, deal timeline, sensitivity and scenarios on the same screen redraw. The change from the previous values is shown alongside.
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Two lenses: equity investor and lender
The same deal is read through the equity investor's returns and the lender's DSCR, LTV, ICR and debt yield. Model Desk solves backward for the purchase price that meets a target IRR and the vacancy a lender covenant can withstand.
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A live-formula Excel model
The downloaded workbook is a formula model: edit the assumptions sheet and every calculation sheet recalculates. A checks sheet confirms that totals tie out and match the app's values.
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Reports with the same numbers
The review summary deck, the one-page A4 summary and the summary text are produced from the same numbers as the screen. Every file carries a build identifier, so it is clear which version calculated it.
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Reference ranges with sources
For inputs that are hard to pin down, Model Desk shows reference ranges that come with a source and an as-of date. A suggestion never enters the calculation automatically, and any value taken from one is recorded in the ledger.
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Saving and sharing
Keep deals in this browser and compare two or three side by side. Pass the same view on with a share link, a QR code or a read-only link.
Built for these moments
The numbers checked first depend on where you sit in the deal.
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Investment and asset management
Size up the return profile the day the deal arrives
Solve backward for the purchase price that meets a target IRR, and use sensitivity and scenarios to see the range of the assumptions. The downloaded workbook becomes the starting point for the next model.
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Lenders and debt arrangers
Read the same deal for debt capacity
Switch to the lender lens to see the covenant checks with year-by-year DSCR and ICR, LTV and debt yield, and solve backward for the vacancy the covenant can withstand.
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Developers
From land cost through to returns after completion
The development combination calculates total project cost and capitalized interest from land cost, construction cost and project finance terms, then follows operations and sale after completion in one flow. For-sale (presale) projects are not covered.
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Advisors and brokers
Produce material that explains the structure
Show the structure with an illustrative example, then pass on the same view with a share link and a one-page A4 summary. Tenant names in the rent roll are masked by default on export.
Illustrative examples by asset class
Each asset class calculates operating income differently. Choose a deal type to open that combination's illustrative example in Model Desk.
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OFFICE
Office
Office buildings, with rent and service charges on leasable area and rent-free periods
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LOGISTICS
Logistics
Logistics facilities, with rents by ambient and cold storage share and master-lease status
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OFFICETEL
Officetel
Rental officetels, modeled per unit on deposit, monthly rent and service income
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RENTAL HOUSING
Rental housing
Rental housing with capped rent increases, including registered rental housing
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HOTEL
Hotel
Hotels, modeled on ADR, occupancy and GOP with operator fees
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RETAIL
Retail
Retail assets, combining fixed rent with turnover rent
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DATA CENTER
Data center
Data centers, with rent per kW of IT capacity and pass-through of power costs
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YOUR DEAL
Your deal
Start from blank inputs, without an example. Inputs are saved only in this browser.
AI and engine
The calculation engine produces the numbers. AI helps with the work around them.
A number used in investment review should be the same every time for the same inputs, and it should be possible to follow how it was produced. So Proptics keeps calculation and AI in separate places.
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01
Reading documents
Recognition engine
Finds candidate values for the assumptions in offering memoranda, development budgets, rent rolls and market materials, and shows each with its location in the source. Where a value is missing, it proposes one only when a basis can be stated, such as a formula or market comparables. The user chooses what goes in.
Available now
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Setting assumptions
The user
Fill in the required inputs, and for those that are hard to pin down, consult reference ranges that come with a source. Values supplied by the app are recorded in the ledger.
Available now
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Calculation
Calculation engine
Returns and debt metrics are calculated with fixed formulas. No AI model is called, and the same inputs always give the same result.
Available now
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04
Outputs
Calculation engine
The live-formula Excel model, the review summary deck and the one-page A4 summary are produced from the same numbers as the screen.
Available now
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Continuing with AI
The user's own AI tool
Download a work instruction that carries the formulas and the sheet design, and paste it into a spreadsheet AI to have it build a formula model. Three levels of depth are available.
Available now
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AI does not calculate the metrics
Levered IRR, DSCR, LTV and the other metrics all come from the calculation engine. The formulas are fixed, and automated tests compare them with hand-calculated expected values.
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This version does not connect to any AI service
The page sends no requests to any other service, AI services included.The page sends no requests to AI services. The only outbound request is the value contribution you choose to make. What goes to an AI tool is for the user to decide after reading the downloaded instruction.
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Code written with AI ships only after verification
The product's code is written with an AI coding tool, and only builds that pass every automated test and the Excel recalculation check are released.
Principles
Four principles for handling numbers
A number used in investment review should come with an account of where it came from. Proptics products keep the following principles on screen and in every output.
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01
We do not make up numbers
If an assumption that drives NOI is blank, Model Desk does not fill it with zero or a default. It puts the calculation on hold, says which input is missing, and calculates once it is filled in.
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02
We keep the basis on record
Values the app supplied or treated as zero are listed in a ledger of applied defaults together with their basis, and the same ledger travels into the Excel model and the deck. Reference ranges are included only when they have a source and an as-of date.
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Your data does not leave the browserNothing leaves without your choice
Calculation finishes inside the browser and inputs are not sent to a server.Calculation finishes inside the browser. Files are never sent, and values are sent only if you choose value contribution. The libraries behind the Excel, PowerPoint and QR outputs ship with the app, as do the fonts, so nothing is requested from elsewhere.
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We state exactly what was checked
For each combination, the screen and the outputs state by grade how it was checked and how far. What could not be checked is stated in the same place.
Verification
We publish how the calculations were checked
The same checks run before every release, and what was checked is reported separately from what was not. The figures below are from the most recent run.
- The recalculation check compares the screen with the downloaded file using tooling in the same repository. It is not independent third-party verification.
- All 21 combinations have been reconciled with a reference model written separately from the engine, and 3 of them with another calculation tool as well. The reference model was written by the app developer, so it is not external verification, and it does not cover deals with a rent roll applied.
- The scope checked for each combination, and what it leaves out, is stated on the Model Desk results screen and in its outputs.
- Automated tests
- 1,079 tests
- Expected values come from hand calculations and from reference models written separately from the engine.
- Excel recalculation check
- 488 cases
- The formulas in the downloaded workbook are recalculated and compared with the on-screen values. Mismatches: 0.
- Single-input change check
- 899 changes
- Inputs are changed one at a time to confirm that the Excel formulas follow.
Verification level by combination
- 3Reconciled with another calculation tool
- 18Reconciled with a separate reference model
- 0Hand-calculated unit tests only
| Asset class | Acquisition | Development | Refinance |
|---|---|---|---|
| Office | Other tool | Reference model | Lender metrics only |
| Logistics | Other tool | Reference model | Reference model |
| Officetel | Reference model | Reference model | Reference model |
| Rental housing | Reference model | Reference model | Reference model |
| Hotel | Reference model | Reference model | Reference model |
| Retail | Reference model | Reference model | Reference model |
| Data center | Reference model | Reference model | Reference model |
Other tool means the whole combination was reconciled with another calculation tool, and reference model with a model written separately from the engine. The three other-tool combinations were reconciled with the reference model too. For office refinance, only the lender metrics were reconciled. The reference model was written by the app developer and is not external verification.
Security
Deal data does not leave the browserDeal files do not leave the browser
There is no server that receives inputs. Calculation, storage and file generation all finish inside the browser, and security headers block outbound connections.Calculation, storage and file generation all finish inside the browser. The only thing that goes out is the values you choose to contribute, and security headers block every connection except that one.
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The browser blocks outbound connectionsThe browser blocks every connection but one
With the security headers from the release bundle applied, scripts on the page cannot connect to any address. The statement that inputs are not sent anywhere is enforced by the browser. Open the Network tab of the developer tools and add a document: the only requests are for the page and its library files, and none carries the document out.With the security headers from the release bundle applied, scripts on the page can connect only to the one address that receives value contributions. Open the Network tab of the developer tools and add a document: the only requests are for the page and its library files, plus a single request to that address if you chose value contribution.
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No requests to other origins
The libraries that produce the Excel, PowerPoint and QR outputs ship with the app, as do the fonts. No analytics or advertising scripts are included.
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Storage stays in this browser
Deals are kept in the browser's storage and backed up as a JSON file. A share link carries the assumptions inside the address and uploads nothing to a server.
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It can be installed in-house
Copy the static file bundle to an internal web server. There is no server program, database or account, and it works without an internet connection. Per-file checksums and a summary of the release checks are included.
How added documents are handled. An IM, a development budget or a rent roll is read inside the browser by fixed rules and is not kept after it is read. A file added on this page stays inside this browser only while it is passed to the Model Desk screen and is deleted the moment that screen receives it. If the browser closes midway, it is deleted the next time this site opens. What remains is the values you put into the deal and their source notes.
Values are shared only if you choose to. Each time you apply values in the document import you can choose to send the values you picked and the kinds of documents to Proptics storage. Files, file names, the deal name and tenant names are not sent. You can see exactly what will be sent beforehand, and withdraw it later from the same browser.
This does not mean a security certification has been obtained. The address of a share link contains the assumptions unencrypted, so choose its recipients with care. Checked on Chromium-based browsers (Chrome and Edge). Firefox and Safari have not been checked.
Company
Proptics
The name joins Property and Analytics. In the logo, the square stands for the asset, and the diagonal line and dot inside it for the eye that reads it.
- Company
- Proptics
- Field
- Analysis software for commercial real estate investment
- Product
- Model Desk
- Contact
What we do
Proptics makes analysis tools for commercial real estate investment review. The aim is for a practitioner who has just received a deal to confirm returns and debt capacity from a handful of assumptions, and to carry that calculation straight into Excel and reporting.
How we build
Every metric is calculated with fixed formulas, so the same inputs always give the same result. No AI model is called during calculation. The product's code and verification tooling are developed with Anthropic's Claude Code, and only builds that pass the pre-release checks are shipped.
So far
- 2024-02FoundedThe company was founded and registered as a business in Korea.
- 2026-09-241.0.0First release, with calculation for 21 combinations, the formula-driven Excel model, the review summary deck, share links, sensitivity and goal seek.
- 2026-10-021.0.1Blank inputs are no longer filled with numbers. The ledger of applied defaults and the verification level now appear on screen and in the outputs.
- 2026-10-051.1.0The one-screen review desk. Change an assumption and the results on the same screen redraw.
- 2026-10-081.2.0Reference ranges for inputs, with 63 entries that carry a source and an as-of date.
- 2026-10-091.3.0The company home page opened in Korean and English.
- 2026-10-101.4.0Document import. Reads candidate values from offering memoranda, development budgets, rent rolls and market materials, and proposes missing values only where a basis can be stated.
- 2026-10-101.5.0Construction periods in development deals are now modeled by the month. All 21 combinations were reconciled against a separately written reference model.
- 2026-10-111.6.0Deal documents can be added on the home page. Added files never leave the device.
- 2026-10-111.7.0Documents are added by kind, in five slots: IM or business plan, feasibility model, rent roll, market report and other documents.
- 2026-10-111.8.0Optional value contribution was added. Values are sent only if you choose to, files are never sent, and it is off by default.
In preparation
- Lender review packA lender-side package with a year-by-year repayment table and interest rate and vacancy stress cases.Planned
- Refinancing alternativesSeveral sets of loan terms compared side by side on net proceeds and debt capacity.Planned
- AI review assistantDrafts a review memo and answers questions from the calculated results. It quotes only the engine's values, and it runs only when the user turns it on.Under review
Questions
What reviewers ask first
What has not been checked, and where the tool does not fit, is stated as it is.
How do you know the calculations are right?
Expected values in the automated tests come from hand calculations and from reference models written separately from the engine. A check that recalculates the formulas in the downloaded workbook and compares them with the screen also runs before every release. All 21 combinations have been reconciled with the reference model, and 3 of them with another calculation tool. The reference model was written by the app developer, and there has been no independent third-party verification. The scope checked for each combination is in the table in the verification section and on the Model Desk results screen.
Where is the deal information I enter stored?
Only in this browser's storage. It is not sent to a server, andValues are sent to Proptics only if you choose value contribution and nothing else is sent to a server, and to move it to another device you back it up as a JSON file and import it there. When you create a share link, the assumptions are carried inside the link address.
Does AI calculate the numbers?
No. Every metric comes from the calculation engine and its fixed formulas, and this version calls no AI service. The one point of contact with AI is the work instruction you can download, and you decide which AI tool receives it.
How is this different from a spreadsheet model built by hand?
Model Desk is for the first-pass review. It produces the first numbers quickly with fixed formulas and hands them over as a live-formula workbook so the work can continue there. It does not replace a full investment committee model. The Excel files have been opened and checked in Microsoft 365 Excel on Windows.
Which deals is it not suited to?
For-sale (presale) development projects, structures where a bridge loan is refinanced into the main project finance loan, construction spending curves, detailed drawdown sequencing across several loans, currency hedging and VAT are not covered. The model is annual by default, with semiannual and monthly periods available. What each combination leaves out is stated on the results screen.
Can it be installed inside our organization?
Yes. It is a bundle of static files, so copying the folder to an internal web server is enough. The bundle includes an installation guide, sample security headers and per-file checksums.
Start with an illustrative example
It opens without sign-up or installation. Edit the example's values, or clear them and enter your own deal.
Model Desk and its outputs are currently in Korean.