Income Approach Math That Survives Cross-Examination
Solsten is institutional-grade DCF and income capitalization software built for the appraisers who defend their work. In review, in court, in front of a credit committee. Every assumption is labeled, every calculation is documented, and the full methodology is public.
The problem with the tools most appraisers reach for
Excel is a maintenance liability. Every workbook is a snowflake. A junior analyst's shortcut becomes a cross-examination problem two years later. Nobody remembers what cell M47 was calculating.
ARGUS Enterprise is priced for institutional portfolios. For a mid-market valuation assignment, it is often overkill and off-budget.
Solsten is a third option. Institutional-grade math, transparent methodology, defensible documentation, priced for the assignments most appraisers actually work.
Built for how appraisers actually work
- Independent MAI appraisers working mid-market assignments where enterprise tools do not pencil.
- Litigation and expert witness engagements where every assumption may be defended under cross-examination.
- Bank appraisers and review appraisers who need institutional-quality documentation without institutional software cost.
- Valuation firms building consistent junior analyst workflows across the team.
Full DCF projection
Rent roll, market rent, vacancy, expense inflation, and terminal value modeled year by year over the hold period. Every assumption visible and editable.
Exit scenarios in parallel
Model year-5, year-7, and year-10 exits side by side. Compare exit cap rates, gross proceeds, and return metrics for reconciliation and sensitivity.
Recovery documentation
NNN, base year stop, modified gross, and stop-based recoveries with full documentation of the pool, calculation, and escalation path.
Public methodology
Read exactly how Solsten calculates NOI, DSCR, IRR, exit value, and every intermediate number. No black box. No proprietary secrets.
Exit scenarios modeled in parallel
Terminal value is where a lot of income approach conclusions get thin. Solsten models multiple exit years side by side, so you can reconcile between them and defend the year you chose.
Every exit year shows its own exit cap rate, gross proceeds, unlevered and levered return metrics, and any loan maturity flags. Sensitivity analysis is the default, not an extra step.
Recovery documentation that traces every dollar
Recoveries are one of the most common places income approach math goes sideways. Solsten documents the pool, the calculation, and the escalation path so every recovery dollar traces back to the tenant, the expense, and the year.
NNN, base year stop, modified gross, and stop-based structures all handled with the same transparency. No hidden formulas. No external workbook dependencies.
What Solsten is not
Being honest matters more than marketing. Solsten is not a full appraisal report generator. It does not produce a USPAP-compliant narrative report, and it does not handle the sales comparison approach or the cost approach.
Solsten is a rigorous income approach engine that sits alongside your existing report software. If you use ClickForms, SFREP, a-la mode, or your own report template, Solsten replaces the Excel model in your income approach section.
FAQs for appraisers
Does Solsten replace my appraisal report software?
No. Solsten replaces the Excel model in your income approach section. Your existing report software (ClickForms, SFREP, a-la mode, or your own template) still handles the narrative, sales comparison, and cost approach. Solsten sits alongside your report software as the income capitalization engine.
Is Solsten output USPAP-compliant?
Solsten produces income approach output that supports USPAP-compliant reporting. Solsten itself does not certify a final appraisal report. Your professional judgment and your report-writing process govern USPAP compliance.
Can I use Solsten for expert witness work?
Yes. Every assumption is labeled and traceable. The full calculation methodology is public at solstencre.com/how-solsten-calculates. Solsten was built for defensibility under scrutiny, which is exactly the use case an expert witness engagement demands.
How does Solsten handle recovery modeling?
Solsten supports NNN, base year stop, modified gross, and stop-based recoveries. Every recovery number traces back to the tenant, the underlying expense pool, the escalation path, and the year. No hidden formulas and no external workbook dependencies.
What can I export?
Solsten produces three PDF exports: a full Offering Memorandum, a Joint Venture packet, and an Investor packet. Each includes the underlying assumptions and calculation output. Appraisers typically attach the OM export as workpaper backing for the income approach section of their report.
See the math for yourself
Methodology Transparency
Read exactly how Solsten calculates NOI, DSCR, IRR, exit value, and every intermediate number.
DCF Analysis Deep Dive
A walkthrough of how Solsten structures multi-year cash flow projection and terminal value modeling.
Sample OM
A full offering memorandum built entirely in Solsten. See what the output looks like end to end.