You didn’t do anything wrong, but there are two options for modeling value-add in the All-in-One. The first is to use the Development Module, which assumes short-term debt (i.e. construction financing) to get the property to stabilization and accounts for all project costs in the Sources table on the Summary tab. The second, which is simpler, does not use the Development Module and instead CapEx is modeled in the operating cash flow. The downside to this option, is that debt is not necessarily used to fund the value-add project costs and the Sources on the Summary tab are only for the acquisition (i.e. time zero). However, total equity required is tracked on the ‘Equity CF’ tab (cell D13) when using the second option.