Capital
Underwriting the Nairobi apartment
22 May 202611 min readBy Raphael Mwito
Editorial illustration / Capital
A practical way to move from rent anecdotes and glossy comparables to a defensible residential investment view.
Real estate decisions often look linear when presented after the fact. Land was found, a concept was prepared, capital was raised, and a building appeared. In practice, each step changes the meaning and viability of the others.
The useful work is therefore not simply to complete a checklist. It is to keep the project's assumptions connected: market evidence to design, design to cost, cost to finance, and finance to the experience of the final user.
A strong development case is a coherent argument about a place, expressed through numbers.
That coherence is the central discipline explored throughout The Development Playbook.