"Normalized vs. raw cash flow"

Rescover's analysis can present cash flow two ways, and the toggle lives on the APOD table.

Normalized spreads irregular costs evenly across the projection. Vacancy is normalized by dividing expected vacant days by the average length of stay and pricing them at the daily rental rate; leasing commissions spread across each year. Use it for long-term projections and for comparing properties on equal footing.

Raw puts costs where they actually land: the full leasing commission and startup vacancy hit year one, with later years clean unless you say otherwise. Use it to understand what the first year really costs you in cash.

Which to use

Both views are the same deal and the same totals, arranged differently. Normalized answers "what does a typical year look like?" Raw answers "what will this actually cost me up front?" Serious underwriting glances at both: the first for the long game, the second for the check you'll write in year one.

Switching the toggle changes only the cash flow presentation; the other metrics are unaffected.