What Happened to RealData?
Effective April 30, 2026, RealData discontinued all new sales of its commercial real estate financial modeling software. After May 30, 2026, the company stated it would no longer respond to new support requests. After 40 years serving the SMB commercial real estate market, RealData has exited the business entirely.
For acquisitions analysts, syndicators, and CRE investment firms that relied on RealData's per-model pricing ($295–$495 per model) as the structured middle ground between free downloads and enterprise ARGUS licenses, this leaves a significant gap. The only remaining structured alternative — ARGUS Enterprise — starts at approximately $10,000 per user per year, a cost structure designed for REITs and institutional asset managers, not a 5-person acquisitions team.
The RealData Gap: What Made It Valuable
RealData succeeded because it occupied a specific price tier with a specific value proposition: professionally built Excel models, available for one-time purchase, with enough methodology documentation that you could put the outputs in front of a lender or LP without a full manual audit. The free model ecosystem (Adventures in CRE, Vertex42, PropRise) doesn't replicate that combination. Free models are widely used and widely valued, but they ship without brand accountability for accuracy, without methodology documentation, and without any buyer relationship when something is wrong.
RealData buyers weren't paying $295 per model because they couldn't find free alternatives. They were paying because the free alternatives didn't meet the standard their LPs and lenders required.
The Best RealData Alternatives in 2026
1. YieldSheets (yieldsheets.com) — Recommended
YieldSheets is a purpose-built replacement for RealData's SMB catalog. The catalog includes 19 institutional-grade CRE financial models — multifamily, commercial, development, equity waterfall, BRRRR, STR, hotel, self-storage, debt fund, fund and syndication, and more — at one-time prices from $79 to $299.
Every YieldSheets model ships as a fully unlocked Excel (.xlsx) file with methodology documentation explaining the calculation approach, key assumptions, and model structure. Core and premium tier models include a model walkthrough guide. The Complete Kit ($299) bundles all 19 models — putting the per-model cost below RealData's historical floor price on a per-model basis for a complete catalog replacement.
Entry-tier models at $79–$99 and the flagship Multifamily Sheet at $149 are priced below RealData's per-model pricing, making the switch straightforward for former RealData customers who need a single model to start.
2. Adventures in CRE (adventuresincre.com) — Free, well-known, limited accountability
Adventures in CRE distributes 154+ Excel models on a pay-what-you-are-able basis, meaning every model is accessible for free. The library is well-documented relative to other free sources, and A.CRE has strong brand recognition in the CRE analyst community.
The limitation for RealData users is that A.CRE's models ship without brand accountability for accuracy — the site explicitly advises users to verify formulas and methodology before basing investment decisions on any model. For presentations to LPs and lenders where the output needs to be defensible, that uncertainty is the product's weak point. A.CRE is the right tool for learning and exploration; it's a different product than a professionally documented single-brand model store.
3. ARGUS Enterprise — Enterprise tier, not a practical replacement for SMB
ARGUS Enterprise is the institutional standard for large CRE portfolio underwriting. It's built for REITs, large private equity funds, and institutional asset managers operating at scale. The total cost of ownership starts at approximately $10,000 per year for small firms and increases substantially for larger organizations.
For a 1–50 person CRE investment firm that was using RealData at $295–$495 per model, ARGUS represents a 10–30× annual cost increase, a steep learning curve, and an IT procurement process. It's the right tool for the firms it was built for. It's not a practical replacement for the SMB tier.
4. Anonymous marketplaces (eFinancialModels, Flevy, Eloquens) — Wide inventory, no brand accountability
Multi-vendor marketplaces sell CRE financial models in the $15–$299 range from a variety of authors. The inventory is wide. The quality is inconsistent and difficult to evaluate before purchase. Models ship from unknown authors with no ongoing brand accountability for methodology accuracy.
For buyers who were using RealData specifically because they needed a named brand they could cite to LPs and lenders, anonymous marketplaces don't solve that problem.
What RealData Customers Should Do Now
If you were a RealData customer and need a replacement, the cleanest path is a catalog-level switch rather than model-by-model replacement. The Complete Kit at YieldSheets ($299) covers every asset class RealData served — multifamily, commercial, development, and more — under a single brand with methodology documentation per model.
If you only underwrite one or two asset classes, starting with the specific model you need (The Multifamily Sheet at $149, The Waterfall Model at $199, or an entry-tier specialist at $79–$99) and expanding from there keeps the initial cost below RealData's historical per-model price.
The free 3-tab Starter Pro Forma is available at yieldsheets.com/lead-magnet — it's a good way to validate model quality before committing to a paid purchase.
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