Pro Forma AI vs ARGUS vs Excel

Looking for the best real estate underwriting software? Here's an honest comparison to help you choose the right tool for your investment strategy.

📊 Feature-by-feature comparison 💰 Transparent pricing ⚡ Updated December 2025
Full Comparison

Side-by-side feature comparison

Every feature that matters for real estate underwriting

Feature Excel ARGUS Enterprise Pro Forma AI
💰 Pricing & Access
Annual Cost ~$150-400/yr (Microsoft 365) $5,000-15,000/yr per seat $1,000/yr (Annual plan)
Team Seats Included 1 per license 1 (additional seats extra) 2-10 included
Free Trial 30 days Demo only (sales call required) ✅ Yes, 1 free analysis
Contract Length Month-to-month Annual commitment required ✅ Cancel anytime
⚡ Speed & Efficiency
Time to Build Pro Forma 4-6 hours (from scratch) 1-2 hours ✅ 15 minutes
Learning Curve Moderate (formulas) Steep (certification available) ✅ Instant — no training
Setup Time Hours (build templates) Days (training + setup) ✅ Start in 2 minutes
📊 Analysis Features
Monte Carlo Simulations ❌ Not available ❌ Not available ✅ 20,000 scenarios
LP/GP Waterfall Calculator Manual (error-prone) Basic support ✅ Full promote tiers, pref, catch-up
Sensitivity Analysis Data tables (manual) Scenario manager ✅ Interactive heatmaps
Value-Add Modeling Manual formulas Basic ✅ Per-unit reno, rent bumps, timelines
For-Sale Development Build from scratch ✅ Supported ✅ Lot sales, absorption schedules
Multi-Tier Debt Manual ✅ Supported ✅ Senior + Mezz built-in
Quick Calculators Build your own ❌ Not included ✅ Per-unit, NOI→Price, presets
Pro Expense Breakdown Manual line items ✅ Detailed ✅ Tax, mgmt fee %, reserves/unit
🤖 AI & Automation
AI PDF Import (OM Parser) ❌ Manual data entry ❌ Manual data entry ✅ Upload PDF → Auto-extract
Listing URL Import ❌ Copy/paste manually ❌ Not available ✅ LoopNet, Crexi auto-fill
Market Defaults ❌ Research yourself Limited ✅ 20+ markets pre-filled
☁️ Platform & Accessibility
Cloud-Based ❌ Desktop files ⚠️ ARGUS Cloud (extra cost) ✅ 100% cloud, any device
Mobile Access ❌ Desktop only ❌ Desktop app ✅ Phone, tablet, laptop
Collaboration Share files Share reports ✅ Team workspaces
📄 Output & Reports
PDF Reports Print to PDF ✅ Professional ✅ Branded, investor-ready
Excel Export ✅ Native Export only ✅ Full model data
Custom Branding Manual formatting Limited ✅ Logo + company name
🛡️ Reliability & Support
Formula Errors ⚠️ High risk (copy/paste breaks) ✅ Low ✅ Battle-tested, no formulas
Support ❌ None (DIY) 💰 Paid extra ✅ Included

The Verdict: Pro Forma AI Wins

99% of the capabilities at 3% of the cost, with Monte Carlo simulations that neither Excel nor ARGUS offers.

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Recommendations

Which tool is right for you?

Honest recommendations based on your situation

Excel

Best for: DIY analysts who love formulas

  • You already have complex custom templates
  • You enjoy building models from scratch
  • You have unlimited time for each deal
  • You don't need risk analysis or team collaboration

Pro Forma AI

Best for: Individual investors, syndicators, boutique firms

  • You analyze 5+ deals per month
  • You want Monte Carlo risk analysis
  • You need LP/GP waterfall modeling
  • You want speed without sacrificing quality
  • You're budget-conscious but need professional tools

ARGUS

Best for: Large institutions with big budgets

  • Your firm already uses ARGUS company-wide
  • You need specific ARGUS file compatibility
  • Budget is not a constraint ($15K+/seat)
  • You have time for certification training
FAQ

Common questions

Can I switch from ARGUS to Pro Forma AI?

Yes! Many of our users switched from ARGUS and reduced their costs by 95% while gaining Monte Carlo simulations. The learning curve is near-zero — you can be analyzing your first deal in under 5 minutes.

Is Pro Forma AI accurate enough for institutional investors?

Absolutely. Our calculations are battle-tested and produce identical results to Excel and ARGUS. Plus, with Monte Carlo simulations, you actually get more insight into risk-adjusted returns than either competitor.

What if I need to export to Excel?

No problem — we offer full Excel export with all your model data. You can download your pro forma as an .xlsx file anytime for further analysis or to share with partners who prefer spreadsheets.

Do you offer enterprise pricing for larger teams?

Yes. Our Lifetime plan includes 10 team seats. For larger teams or white-label needs, contact us at alejandro@proforma.ai for custom enterprise pricing.

How does the AI PDF import work?

Upload an Offering Memorandum (OM) PDF and our AI extracts purchase price, rent roll, cap rate, expenses, and other key data automatically. You review and adjust as needed before running your analysis.

What property types do you support?

Pro Forma AI supports multifamily, office, retail, industrial, mixed-use, and for-sale land development. We have 20+ market defaults built in for quick analysis.

"I used to spend 4 hours per deal in Excel. Now I analyze 3 deals before lunch. Pro Forma AI's Monte Carlo simulation alone is worth 10x the price — it's the only tool that shows me my true risk profile."
Real Estate Investor 230+ deals analyzed

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