The model is created primarily as a teaching tool to assist students in understanding and incorporating
risk metrics during the valuation of real estate investments. To use the tool, a basic background in real
estate principles and statistics is needed, similar to that found in most real estate investment courses at
the undergraduate or graduate level. The remainder of the paper is organized into several sections
including an overview of relevant literate, a general description of the model and individual components,
a brief discussion on the deterministic equations used to generate outputs, and a description of the
simulation process and corresponding probabilistic metrics, tables and graphs.