Platform · Reference
Every term that appears in a 3Y report, defined once and consistently. Search, jump by letter, or scroll.
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3Y's calculated goal-supported price for a specific property and goal — the goal-convergent price applied to that property.
A market estimate asks "what might others pay?" The 3Y Estimate asks "what price does your selected goal support?" It gives investors a disciplined target for underwriting, negotiation, and due diligence.
3Y's 0–100 location signal reflecting housing, rental, economic, urban, climate, and safety conditions around a property.
Separate from the 3Y Estimate™. The Location Score describes surrounding market support and location risk; the 3Y Estimate calculates the goal-convergent price supported by the deal's financial profile and the investor's selected goal.
The Census Bureau's rolling demographic and economic survey, and the primary data source behind 3Y's tract-level analytics.
The federal source for wages, employment, and inflation data behind 3Y's local labor signals.
The total cash you put into a deal at acquisition — down payment, closing costs, and make-ready combined.
The annual unlevered yield a property produces based on its net operating income and price.
Annual pre-tax cashflow as a percentage of total cash invested — the leverage-aware return on the dollars you actually put down.
Monthly net cashflow per unit using the 3Y Estimate™ — one of the three selectable investor goals.
A subdivision of a county, typically 1,200–8,000 people, designed to be relatively homogeneous in population and economic conditions.
The standard geographic unit for ACS data and for 3Y location scoring. Tracts are statistical constructs, not administrative or community boundaries, and are kept stable across decennial Census cycles to support comparison over time.
One-time fees paid at acquisition — title, escrow, recording, lender, transfer taxes, prorations.
Typically 2–5% of price. Often underestimated by new investors and rolled into total investment when computing yield.
Net operating income divided by annual debt service — a measure of how comfortably property income covers loan payments.
A possible future path for an investment property, such as holding, refinancing, or selling.
Projections become more useful when they help an investor think about what the property may make possible next — without guaranteeing future value, financing, or sale proceeds.
Federal hazard designations for flood risk and how 3Y surfaces them in property reports.
The Federal Housing Finance Agency's repeat-sale price index, the source for 3Y's metro and state appreciation signals.
The price supported by a stated investment goal — yield, cash flow, or DSCR target — under the current assumptions.
A reverse valuation lens beside market estimates. Most tools work forward: input price, output yield. 3Y works in reverse: input goal, output the price the modeled assumptions support. When applied to a specific property, the goal-convergent price is reported as the 3Y Estimate.
Price divided by annual gross rent — a fast pre-expense screening ratio.
A recency-adjusted annual property value growth assumption based on recent and longer-term tract-level FHFA price trends.
An adaptive local geography around the property's census tract, generally targeting 12,000 residents within a five-mile walk.
Used to resolve local context for 3Y Location Score™ without requiring a fixed number of census tracts or pretending a fixed radius means the same thing everywhere.
Upfront cost to prepare a property or units for occupancy — distinct from value-add renovation.
An estimated price based on outside market evidence, such as comparable sales or an applied market cap rate.
Market estimates describe external pricing context. Goal-convergent valuation solves for the price an investor's goal can support.
ACS-published midpoint of household incomes in a geography — the foundation for affordability math.
Concentric 1-, 3-, and 5-mile rings around the property.
Used in 3Y reports to show how population, households, and rental demand change with distance from the property. Distinct from Local Area, which is a single adaptive radius rather than fixed rings.
Net Operating Income. Gross rent minus operating expenses, before debt service.
The baseline of property economics. Cap rate, DSCR, and most yield metrics start here.
Modeled net operating income divided by the purchase price used in the analysis.
A property-level income-yield measure before financing. Useful for understanding operating performance, but not a complete investment decision.
Operating expenses as a share of gross income — what proportion of rental income gets eaten by costs.
Five-year change in population for a geography, sourced from ACS — the demand-side input behind long-horizon projections.
Share of residents below the federal poverty line — used in 3Y location scoring as a structural risk indicator.
The reduction in remaining loan principal as scheduled mortgage payments repay debt over time.
Principal paydown can build an owner's capital position, but it is not spendable cash unless accessed through a refinance or sale.
A recency-adjusted local rent-growth assumption blending 3-year and 8-year HUD Small Area Fair Market Rent trends.
Share of typical income spent on rent — a measure of affordability and rent-growth headroom.
The estimated cost to rebuild a structure today — used by insurance and as a sanity floor on price.
A simplified broad-market buy-and-hold benchmark used to give 3Y return projections familiar context.
In 3Y reports, the stock market comparison is not a guarantee, investment recommendation, or prediction of future market performance. It is a plain-language benchmark based on the common long-term investing idea that broad U.S. equity returns have historically been near the high single digits to low double digits, which can roughly double money over an 8–10 year window.
Monthly effective rent as a share of asking price — a quick screen at the price in front of the investor.
Purchase price plus closing costs plus make-ready.
The number that should drive yield calculations, not price alone.
Expected share of rent lost to vacancy — an operational input distinct from the Census vacant ratio.
Census-published share of housing units classified vacant.
Includes seasonal, transitional, and long-term vacant — a different measure than rental vacancy. High vacant ratios in non-resort markets often signal demand weakness.
Coastal counties where standard property insurance excludes wind damage, requiring separate coverage through state pools or specialty carriers.
A USPS delivery boundary — useful for mail, weak for analytics.