REAL ESTATE · BOSTON METRO · MULTIFAMILY & RESIDENTIAL
The Numbers Behind the Building.
Two kinds of real estate. For multifamily investors and developers, I run the underwriting — actual P&Ls, cap rate, cash-on-cash, the full deal model. For residential buyers and sellers, I do the agent work — comps, market reads, offer strategy, transaction discipline. Different work, same standard.
Multifamily: Underwriting Is the Whole Job
The Boston multifamily market doesn't reward instinct. It rewards math. Rents that look 8% under-market on paper might be 8% under-market in reality — or they might be Section-8 contracts that re-rate in 18 months. A 5.5 cap looks fine until you realize the seller's expense line is missing $14k of true operating cost. The difference between a deal and a no-deal isn't the building. It's the spreadsheet behind it.
I work alongside investors and developers — small portfolio operators, ground-up developers, 1031 exchangers — on the part of the transaction most agents skip. We pull the actual operating P&L, model the rent roll, stress-test the financing, run the cash-on-cash at year one and year five, and price the value-add scenarios. The goal isn't to find a deal. The goal is to know exactly what you're buying.
What I Dig Into — On the Multifamily Side
CAP RATE ANALYSIS
Trailing 12, current, and stabilized. Adjusted for true expenses, vacancy assumptions, and the in-place rent gap. Not the marketing flyer number.
CASH-ON-CASH RETURN
What the deal actually pays you on the cash you put in. Year-one and year-five projections, debt-service included, before tax considerations.
OPERATING PRO FORMA
Line-by-line P&L: rent roll, vacancy, taxes, insurance, water/sewer, trash, repairs, capex reserve, management. Every assumption defended.
DEBT & DSCR STRESS TEST
Loan sizing, DSCR at current and stressed rates, refi exposure. What happens to the deal if rates move 100bps before stabilization.
VALUE-ADD MODELING
Renovation budget, post-reno rent lift, lease-up timeline, return on cost. Whether the value-add story is real or wishful.
EXIT STRATEGY & IRR
Hold period, exit cap assumption, sale costs, levered IRR. The number that matters when you compare this deal against everything else on your desk.
Residential: Sharp Agent Work
For single-family homes, condos, and owner-occupant buyers, the work is different. The financial side of a primary residence — what you can afford, your monthly payment, down-payment strategy — lives with your mortgage person, not with me.
What you get from me on the residential side is real comp data instead of vibes, a clear read on the neighborhood and the current market, offer strategy that actually wins in this environment, and transaction discipline through inspection, negotiation, and closing. Standard agent scope, done with the same care I bring to the multifamily side.
Tools & Market Reading
Two free resources for clients on either side — investor or homeowner.
RE Pulse covers Fed moves, mortgage rates, and Massachusetts real estate data each month. The calculators run cap rate, cash-on-cash, and DSCR scenarios for investor deals.
Frequently Asked
Who do you work with?
Two distinct client groups. Residential buyers and sellers — single-family, condo, owner-occupant — who want a sharp agent for the standard transaction. Multifamily investors and developers — small portfolio operators, ground-up developers, 1031 exchangers — who want the underwriting done properly: real P&Ls, defensible cap rates, stress-tested assumptions.
Do you run financial analysis for residential buyers too?
No. The deal-level financial work — affordability, monthly payment, down-payment strategy — is your mortgage person's job, and they're better positioned to do it than your agent. On the residential side, my work is what an excellent agent should bring: comp analysis, neighborhood and market read, offer strategy, and transaction discipline. The P&L underwriting is multifamily-specific.
Are you a buyer's agent, a seller's agent, or both?
Both, depending on the engagement. I represent buyers and sellers across residential and multifamily, and 1031 exchangers timing identification windows. Same posture in every case — get to the right number, then run the transaction cleanly.
Do you handle the full transaction or just the analysis?
Full transaction. On multifamily, the underwriting is the differentiator, but offer strategy, inspection negotiation, lender coordination, and closing are all part of the engagement. On residential, the agent work is the engagement.
How do we get started?
Reach out via the contact form. Whether you're listing a home, looking to buy, evaluating an investment deal, or weighing whether now is the right time to make a move — initial consultation is free, and I'll come back with a real read on your situation.
About
Miglena Georgieva. Started her FP&A career at Avanade and Microsoft, then deepened it in financial services running FP&A — corporate-grade planning, forecasting, and variance analysis. That foundation is what powers the multifamily underwriting work: same discipline applied to investor real estate, where the difference between a deal and a no-deal lives in the assumptions.
On the residential side, the same instinct shows up differently — sharper comp work, harder-edged offer strategy, less hand-waving. LinkedIn.
or email directly: mg@jtbd.online