> ## Documentation Index
> Fetch the complete documentation index at: https://docs.propilotapp.com/llms.txt
> Use this file to discover all available pages before exploring further.
# Open & Price Basis
> Open the Deal Calculator, choose Rental or Flip, pick a price basis, set the ARV source, and switch rent sources including Section 8 (HUD).
The price basis decides which price every other number in the Deal Calculator is built on.
Open a property, then in [Financial Analysis](/features/property-details/financial-analysis)
click the **Deal Calculator** card.
**Key things to know**
* **Rental** and **Flip** are separate analyses: each mode remembers its own targets, forecast, and inputs.
* **Max Offer (Target)** flips the question around: instead of returns at a price, it solves the most you can pay for the return you want. Financing never affects that price.
* Rent sources: **Current** (actual rent), **Est.** (market estimate), **Section 8** (HUD rent for the area), and **What if** (your number). Entering a Current Rent auto-selects **Current**.
* In Flip mode the rent source is grayed out - rent plays no role in flip math.
In the property's **Financial Analysis**, click the **Deal Calculator** card. The card
shows a snapshot of the current analysis; the modal opens the full editor.
Toggle **Rental** / **Flip** in the header. KPI cards, panels, and targets all switch with
the mode, and each mode keeps its own values. Admins can click the pin next to the toggle
to make the selected mode the organization default for new analyses.
Use the segmented control to pick **List**, **What if**, or **Offer**, or click **Max Offer
(Target)** in its own panel to the right. The selected price flows into every cost,
financing, and return calculation. Admins can click the pin on the Price Basis card to lock
that choice as the organization default.
For flips and sale scenarios pick the **ARV** source; for rentals pick the **Rent Source**.
Both update the outputs immediately.
## Pinning organization defaults
Next to the **Rental** / **Flip** toggle and on the **Price Basis** card, a pin icon lets
admins set the organization default without leaving the calculator:
1. Select the mode or price basis you want.
2. Click the pin. A short panel explains what will change.
3. Confirm with **Pin …**. The pin fills when that choice is already the default.
Only **List** and **Max Offer (Target)** can be pinned as the default price basis - the pin
hides while **Offer** or **What if** is selected, since those are per-deal choices.
Pinned defaults apply only to new analyses with no saved mode or price basis. Properties that
already have a saved analysis keep their own choice. Non-admins can open the pin for details
but cannot change the default. Default mode and price basis are managed only from these pins,
and default ROI targets from the gear icon in the Max Offer (Target) panel - none of these
live on a settings page.
## Price basis options
| Basis | What it uses |
| ---------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **List** | The MLS list price. |
| **Offer** | Your **My Offer** amount. Grayed out until an offer exists on the property. |
| **Max Offer (Target)** | Reverse-solves the maximum purchase price for a return you set. It sits in its own panel to the right of the other options, and its price and return stay visible even when another basis is selected, so you can always see how far the current price is from your max offer. The price itself is read-only; you edit the return below it. |
| **What if** | A custom price you type in. What-if results are highlighted so you can tell them apart from real-price analysis. |
## How Max Offer (Target) works
With **Max Offer (Target)** selected, you enter the return you want and ProPilot solves for
the most you can pay:
* **Flip:** set a target **ROI** percent or toggle to a target **Profit** in dollars. The
solve accounts for rehab, buying costs, holding costs, and selling costs.
* **Rental:** set a target annual **ROI** percent (rentals are percent-only). The solve
accounts for monthly expenses, rehab, and buying costs, and ignores "Planning to Sell".
Scenarios come in two flavors, explained in the info tooltip next to the Max Offer panel:
| Scenario | What it includes |
| -------- | ----------------------------------------------------------------------------------------------------------------------------------------- |
| **ARV** | A quick target from raw ARV: rehab and buying costs only. Percent means profit margin off the ARV; dollars means profit. |
| **ROI** | The full target: rental uses annual net return on investment; flip uses return on total project cost including holding and selling costs. |
Financing is excluded from every Max Offer solve - loan payments and loan closing costs never
move the price. Each mode's ROI/profit values (and the percent-or-dollar choice) persist
independently, so your flip settings survive switching to Rental and back.
Admins set the default ROI target values with the **gear icon** in the Max Offer (Target)
panel.
## ARV source
For flips, refinance scenarios, and rentals with "Planning to Sell" enabled, pick where the
after-repair value comes from:
| Source | What it uses |
| ------------- | ---------------------------------------------------------------------------------------------------------------------------- |
| **Comps** | The ARV calculated from comparable sales - see [Comps](/features/comps). |
| **Appraised** | An appraised value you enter. Retired - it only appears on deals that already use it, and switching away removes the option. |
| **What if** | A custom ARV you type in. |
## Rent source
For rentals, pick which rent drives income, cash flow, and percent-based expenses:
| Source | What it uses | Availability |
| ------------- | -------------------------------------------------------- | ------------------------------------------------------------------------ |
| **Current** | The actual rent if the property is occupied. | Requires the property to be marked Occupied with a Current Rent entered. |
| **Est.** | The market rent estimate from rent comps. | Available when an estimate exists. |
| **Section 8** | HUD rent data for the property's area and bedroom count. | Available once HUD rent is loaded for the property. |
| **What if** | A custom monthly rent you type in. | Always. |
Switching sources:
In Rental mode, find **Rent Source** near the Price Basis and ARV selectors.
Click **Current**, **Est.**, **Section 8**, or **What if**. The rent value below the
control updates, and all rental outputs recalculate.
Enter a monthly dollar amount; everything recalculates as you type.
A few automatic behaviors worth knowing:
* Entering a **Current Rent** auto-selects **Current** as the rent source.
* Marking the property vacant switches the source to **Est.**
* If your saved source has no data on a property (for example no estimate), the calculator
falls back to the best available source instead of showing a blank.
### About Section 8 rent
Section 8 rent comes from HUD Fair Market Rent data. ProPilot uses the ZIP-level Small Area
rent for the property's ZIP code when available, and falls back to the county or metro-level
rent otherwise. The rate is matched to the property's bedroom count (studio through four
bedrooms; larger homes use the four-bedroom rate) for the current HUD fiscal year.
## Common questions
Add a **My Offer** amount on the property first. The Offer basis activates once an offer
exists.
Set your ROI percent (or profit for flips) and make sure the inputs the solver needs are
valid: ARV for flips, rent and expenses for rentals. The price fills in as soon as the
solve has what it needs.
Max Offer solving intentionally excludes financing, including loan closing costs. Only
property-level inputs (rehab, buying costs, expenses, ARV, rent) move the price.
On some properties the saved rent source is unavailable (for example no rent estimate
exists), so the calculator falls back to the best source with data - which can be Section 8
when HUD rent is the only rent available. Pick a different source to override it.
**Current** requires the property to be marked Occupied with a Current Rent value. Enter
the rent and it auto-selects.
You are in Flip mode. Rent has no effect on flip math, so the control is locked until you
switch to Rental.
No. It is HUD's published Fair Market Rent for the area and bedroom count - a strong
underwriting reference, but actual approved rents are determined by the local housing
authority for each lease.