Research notes for property investors

Yield, debt, and valuation notes written for real decisions.

The BrickRatio blog focuses on the parts of underwriting that change outcomes: rent quality, financing pressure, and the discipline required when brokers present optimistic comps.

Current editorial focus

Our March series follows a simple question: what assumptions deserve the most skepticism before a deal reaches formal due diligence.

3 published notesWritten by sector specialists
Tall apartment buildings in a city Yield

What a stable cap rate really tells you about rent quality

Hannah Pierce examines why apparent yield strength can evaporate when rent quality is thin and vacancy assumptions are too polite.

March 10, 2026Hannah Pierce
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Mortgage documents and calculator on a desk Mortgage Risk

Stress-testing debt before your lender does it for you

Martin Hale breaks down how repayment structure, reserve policy, and rate resets reshape the monthly survivability of a leveraged asset.

March 13, 2026Martin Hale
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Analyst reviewing a valuation report Valuation

When a good-looking multiple hides a weak cashflow profile

Evelyn Ross explains why valuation confidence should rise from operating evidence, not from a fashionable multiple on a sales sheet.

March 16, 2026Evelyn Ross
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